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We have performed well in a difficult environment, while increasing our focus on supporting the sale of Boeing products and services.

BOEING CAPITAL CORPORATION:
SPECIALIZED KNOWLEDGE AND EXPERTISE SUPPORTING BOEING SALES AROUND THE WORLD
Photo of: Aircraft financing support from Boeing Capital has helped AirTran Airways become a leading low-cost carrier.
Aircraft financing support from Boeing Capital has helped AirTran Airways become a leading low-cost carrier. In addition to providing financing for Boeing products and services, Boeing Capital works with our other business units and their customers to identify, arrange and structure financial solutions.

Boeing Capital Corporation offers financial solutions on a global basis, arranging, structuring and providing financing for our customers. Working together with our business units, Boeing Capital combines specialized experience and expertise in financing and strong customer knowledge with the financial strength and global reach of The Boeing Company.

Year in Review Our performance in 2003 was a mixed story. Operationally, earnings were affected by the need to increase reserves. This reflected the continuing impact of the worldwide commercial aviation downturn on asset values and lease rates. However, Boeing Capital has consistently maintained profitability during this unprecedented period, contributing $143 million in pre-tax earnings and $953 million in operating cash flow.

Our financial profile remains strong. Our debt-to-earnings ratio dropped below 5x, liquidity was further enhanced, and we retained our premier bond ratings.

We supported the delivery of more than 130 aircraft from Boeing Commercial Airplanes by both arranging and providing financing. We were also successful in selling or leasing 46 airplanes owned by Boeing Capital, significantly reducing the number of airplanes on the ground. Additionally, we provided support to Boeing Integrated Defense Systems, including assistance in the sale of Apache helicopters to Greece and leasing C-40 transports to the U.S. Air Force.

Future Outlook The changing nature of the airline industry presents significant opportunities for Boeing Capital to create value. By developing financing discriminators, we give Commercial Airplanes the potential to realize billions of dollars in new business opportunities. Structuring innovative financing solutions for Integrated Defense Systems will enable major space and defense programs to transition from concept to reality.

Working actively to reenergize the financial markets and provide necessary third-party financing will help multiply value for the business units. As an active participant in addressing the challenges facing global air travel, Boeing Capital is helping shape the next operating paradigm for the air travel industry.

Boeing Capital is well positioned to create value for Boeing customers and shareholders by further leveraging our knowledge of Boeing products and services, our considerable expertise and experience in financing and our growing global reach.