Flight Systems (Sikorsky, Hamilton Sundstrand) 11, % 1,465 1, % 13.6% 8 (5) BAE Systems (UK) 21,348 19,097 31, % 1,215 3, %

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1 TOP 100 ranking Rank (08) Company (country) Aero sales ($m) Total sales ($m) Operating result ($m) Operating margin Capital ROCE (%) Personnel Sales per employee ($) Comments Division growth* employed headcount growth 2009 growth 1 (2) Boeing (USA) 68,281 60,909 68, % 2,096 3, % 6.5% 29, % 17.2% 157, % 434, % Acquired assets and operations of Vought Aircraft Industries South Carolina Commercial Airplanes 34, % , % 4.2% facility in July 2009 Boeing Defense, Space & Security 33, % 3,299 3, % 10.1% Acquired outstanding 50% stake of Global Aeronautica in December 2009 Boeing Military Aircraft 14, % 1,513 1, % 9.6% Network and Space Systems 10, % 839 1, % 9.1% Global Services & Support 8, % % 12.5% Boeing Capital Corp/Other/Accounting differences % % -78.1% 2 (1) EADS (Netherlands) 59,544 63,308 59, % , % 6.4% 52, % 7.0% 119, % 498, % Airbus Commercial 36, % 505 3, % 8.6% EBIT affected by A400M provision and foreign exchange effects Airbus Military 3, % -2, % -17.9% Acquired 80% stake in Euroheli and 60% of All Nipon Airways helicopter Eurocopter 6, % % 6.5% maintenance business (Asia) in October 2009 Defence and Security Systems 7, % % 7.0% Space (Astrium) 6, % % 5.4% Other Business (and HQ) 1, % % 4.9% 3 (3) Lockheed Martin (USA) 45,189 42,731 45, % 4,466 5, % 12.0% 24, % 22.4% 136, % 332, % Acquired Universal Systems & Technology (interactive training and simulation) and Aeronautics 12, % 1,577 1, % 12.5% Gyrocam Services (gyrostabilised optical surveillance systems) Electronic Systems 12, % 1,595 1, % 13.0% IS&GS (Information Systems & Global Services) 12, % 1,011 1, % 9.3% Space Systems 8, % % 11.9% 4 (6) General Dynamics (USA) 31,981 29,300 31, % 3,675 3, % 12.5% 20, % 20.3% 91, % 348, % Acquired AxleTech International (supplier of axles for specialty trucks and military Aerospace 5, % 707 1, % 18.5% vehicles) into Combat Systems in December 2008 Combat Systems 9, % 1,262 1, % 13.6% Marine Systems 6, % % 9.4% Information Systems and Technology 10, % 1,151 1, % 10.7% Corporate (4) Northrop Grumman (USA) 27,542 26,170 33, % 2, % -0.8% 23, % -1.2% 120, % 279, % Acquired Sonoma Photonics and assets from Swift Engineering s Killer Bee Aerospace Systems 10, % 1, % 4.2% unmanned air systems product line in April 2009 included in the Aerospace Electronic Systems 7, % % 13.4% segment Information Systems 8, % % 7.7% Shipbuilding 6, % 299-2, % -37.5% Technical Services 2, % % 5.7% Intersegment eliminations -1, % 8.9% 6 (8) Raytheon (USA) 24,881 23,174 24, % 3,042 2, % 11.3% 18, % 14.6% 75, % 331, % Acquired BBN Technologies (C3I systems) Integrated Defence Systems 5, % % 16.9% Intelligence and Information Systems 3, % % 8.1% Missile Systems 5, % % 10.8% Network Centric Systems 4, % % 12.7% Space and Airborne Systems 4, % % 13.3% Technical Services 3, % % 6.7% Corporate and Eliminations -1, % 21.3% 7 (7) United Technologies (USA) 24,494 25,616 52, % 6,465 7, % 12.8% 37, % 20.6% 206, % 256, % Engines (Pratt & Whitney) 12, % 1,835 2, % 15.1%

2 Flight Systems (Sikorsky, Hamilton Sundstrand) 11, % 1,465 1, % 13.6% 8 (5) BAE Systems (UK) 21,348 19,097 31, % 1,215 3, % 10.2% 20, % 11.4% 98, % 324, % Acquired Advanced Ceramics Research (global unmanned aircraft systems) in 2009 Electronics, Intelligence & Support 8, % 1,157 1, % 12.4% Acquired MTC Technologies (USA), Tenix Defence (Australia) and Detica in 2008 Land & Armaments 10, % % 5.6% Programmes & Support 8, % 1,022 1, % 16.6% International Businesses 4, % % 15.2% HQ & other businesses % % -54.0% 9 (9) Finmeccanica (Italy) 20,778 17,613 25, % 1,936 1, % 8.0% 19, % 9.4% 73, % 345, % Acquired US Group DRS Technologies (defence and Aeronautics 3, % % 9.7% security electronics) in October 2008 Space 1, % % 6.2% Helicopters 4, % % 11.3% Defence and Security Electronics 9, % % 8.2% Defence Systems 1, % % 10.4% Energy 2, % % 9.2% Transportation 2, % % 6.3% Other activities % % -39.1% Eliminations (11) General Electric (USA) 18,728 19, , % 15,435 23, % 13.0% 602, % 4.1% 304, % 515, % Technology infrastructure - Aviation 11 (13) L-3 Communications (USA) 15,615 14,901 15, % 1,656 1, % 10.5% 12, % 13.2% 67, % 233, % Acquired Chesapeake Sciences (data acqusition systems for military application) C3 and ISR 3, % % 9.6% Government Services 4, % % 9.9% Aircraft Modernization and Maintenance 2, % % 9.1% Electronic Systems 5, % % 12.0% 12 (12) Safran (France) 14,528 15,114 14, % 922 1, % 7.9% 12, % 11.8% 54, % 264, % Divested communications business in 2008 Aerospace Propulsion 7, % % 10.2% Acquired 81% of GE s Homeland Protection and Motorola s biometrics businesses Aircraft Equipment 3, % % 2.2% Defence 1, % % 3.9% Security 1, % % 25.9% Holding % % % 13 (14) Honeywell International (USA) 10,763 12,650 30, % 3,437 4, % 11.7% 24, % 18.4% 122, % 253, % Aerospace International 10, % 1,893 2, % 18.2% 14 (15) Rolls-Royce (UK) 10,124 11,480 15, % 1,831 1, % 9.3% 14, % 9.6% 38, % 409, % Acquired outstanding shares in Europea Microfusioni Aerospaziali (precision Civil Aerospace 6, % 769 1, % 12.6% components for aircraft engines) Defence Aerospace 3, % % 13.2% 15 (10) Thales (France) 9,925 10,481 17, % 72 1, % 5.9% 9, % 12.9% 64, % 278, % Aerospace/Space 5, % % 5.0% EBIT is impacted by PPA (purchase price allocation) adjustments, reducing it by Defence 8, % % 9.8% 99 million in 2009 Security 4, % % 5.4% Others and divested businesses % % -20.8% PPA (17) Bombardier (Canada) 9,357 9,965 19, % 1,098 1, % 7.2% 9, % 16.3% 28, % 670, % Aerospace 9, % % 9.0% 17 (16) Textron (USA) 8,061 10,369 10, % 311 1, % 9.1% 16, % 8.4% 32, % 328, % Bell 2, % % 9.8% Cessna 3, % % 16.0% Textron Systems 1, % % 13.4% 18 (18) Goodrich (USA) 6,686 7,062 6, % 929 1, % 15.6% 7, % 19.5% 24, % 278, % Acquired Cloud Cap Technology and Atlantic Inertial Systems Actuation and Landing Systems 2, % % 11.5% Nacelles and Interior Systems 2, % % 26.1% Electronic Systems 1, % % 13.7% Corporate expenses (19) ITT (USA) 6,585 6,757 10, % 909 1, % 10.3% 8, % 18.8% 40, % 271, % Fluid Technology 3, % % 12.2% Defense Electronics and Services 6, % % 11.6% Motion & Flow Control 1, % % 12.1% Eliminations % %

3 20 (20) Embraer (Brazil) 5,466 6,335 5, % % 8.5% 5, % 10.5% 16, % 324, % Commercial Aviation 3, % % 6.6% Defence % % 12.2% Executive Aviation % % 7.0% Aviation Services % % 18.8% Others % % 19.6% 21 (22) Mitsubishi Heavy Industries (Japan) 5,343 5,089 31, % 701 1, % 3.1% 28, % 4.2% Aerospace 5, % % -2.0% 22 (24) Alliant Techsystems (USA) 4,808 4,583 4, % % 8.4% 3, % 15.0% 18, % 267, % Acquired Eagle Industries in March 2009 Armament Systems 2, % % 9.9% Space Systems 1, % % 4.9% Mission Systems 1, % % 12.6% Corporate (21) Dassault Aviation (France) 4,757 5,484 4, % % 11.9% 6, % 10.4% 12, % 389, % Acquired shares in Thales (from Alcatel-Lucent and Defence 1, % GIMD), increasing its interest to 26% Falcon (executive jet) 3, % 24 (26) Harris (USA) 4,755 4,470 5, % % 10.7% 3, % 16.0% 15, % 347, % Defense Communications and Electronics 2, % % 32.5% Government Communications Systems 2, % % 11.2% 25 (23) Rockwell Collins (USA) 4,470 4,769 4, % % 20.4% 3, % 40.5% 19, % 231, % Government Systems 2, % % 20.5% Commercial Systems 1, % % 23.3% 26 (29) Spirit AeroSystems Holdings (USA) 4,079 3,772 4, % % 10.8% 3, % 13.4% 13, % 299, % Fuselage Systems 2, % % 16.4% Propulsion Systems 1, % % 15.7% Wing Systems 1, % % 10.4% All other % % 1.1% Unallocated corporate and r&d (25) MTU Aero Engines (Germany) 3,630 3,986 3, % % 9.1% 2, % 16.2% 7, % 473, % Acquired 19.3% stake in Middle East Propulsion OEM: Commercial and Military 2, % Disposed of group of assets deriving from MTU Aero Engines North America part MRO: Commercial Maintenance 1, % of the OEM segment in May 2009 Other consolidated entities (27) Saab (Sweden) 3,512 3,914 3, % % 0.7% 1, % 1.3% 13, % 244, % Acquired remaining stake of TietoSaab Systems Defense and Security Solutions 1, % % 7.8% (Security and Defense) in June 2009 Systems and Products 1, % % 8.3% Acquired Airdrome Holdings in September 2008 Aeronautics % % -20.7% Corporate and Eliminations % -9.2% 29 (32) Hawker Beechcraft (USA) 3,199 3,547 3, % % 4.0% 2, % 4.3% 7, % 444, % 30 (33) Zodiac (France) 3,067 2,948 3, % % 11.7% 2, % 13.8% 17, % 175, % Aerosafety & Technology % % 13.2% Aircraft Systems % % 10.4% Cabin Interiors 1, % % 12.1% Corporate (28) Alcoa (USA) 3,000 3,900 18, % -1,028 1, % 4.5% 33, % 3.9% 59, % 312, % Aerospace 3, % % 22.1% Aerospace is a reported market segment, not an operating division 32 (30) Precision Castparts (USA) 2,991 3,607 5, % 1,503 1, % 23.3% 6, % 28.0% 18, % 303, % Acquired Carlton Forge works (seamless rolled rings for critical aerospace Aerospace 2, % applications) and Arcturus Manufacturing in September (35) Cobham (UK) 2,976 2,757 2, % % 8.8% 2, % 10.6% 12, % 243, % Avionics and Surveillance % Defence Electronic Systems 1, % Mission Systems % Aviation Services % Other activities 1 Interco (34) Ishikawajima-Harima (Japan) 2,957 2,890 13, % % 1.9% 6, % 4.3% Aero-Engines & Space Operations 2, % % 3.8% 35 (31) Israel Aerospace Industries (Israel ) 2,881 3,585 2, % % 3.8% % 42.2% 36 (36) Elbit Systems (Israel) 2,832 2,638 2, % % 9.4% 1, % 15.4% 11, % 252, % Acquired BVR Systems (development of training, simulations and debriefing

4 Airborne Systems % systems for air, sea and ground forces) in November 2009 Land Systems % C4ISR Systems 1, % Electro-optics % Other % 37 (37) Avio (Italy) 2,367 2,420 2, % % 8.4% 4, % 4.4% 4, % 482, % Aeroengines 1, % % 13.4% Space % % 14.1% AvioService % % 1.7% Other activities (38) Hindustan Aeronautics (India) 2,337 2,368 2, % % 22.5% 39 (44) GKN (UK) 2,318 1,859 6, % % 4.4% 4, % 7.2% 38, % 182, % Acquired Filton Aerostructures in January 2009 Aerospace 2, % % 10.5% 40 (42) Kawasaki Heavy Industries (Japan) 2,018 1,994 12, % % 2.1% 7, % 5.0% 32, ,112 Aerospace 2, % % -2.1% 41 (41) B/E Aerospace (USA) 1,938 2,110 1, % % -1.7% 2, % -1.5% 5, % 352, % Consumables Management % % -21.8% Commercial Aircraft % % 6.9% Business Jet % % 13.6% 42 (45) Parker Hannifin (USA) 1,883 1,838 10, % 793 1, % 11.7% 7, % 17.4% 51, % 199, % Aerospace 1, % % 13.6% 43 (47) Vought Aircraft Industries (USA) 1,878 1,775 1, % % 8.3% % 13.0% 5, % 318, % Acquired by Triumph in June (39) Meggitt (UK) 1,794 2,157 1, % % 14.8% 4, % 5.5% 7, % 249, % Aerospace 1, % % 30.2% Sensing Systems % % 17.4% Defence Systems % % 14.6% Exceptional items (43) Teledyne Technologies (USA) 1,765 1,893 1, % % 10.0% 1, % 15.4% 8, ,926 Acquired assets of marine sensor product line and Electronics and Communications 1, % remaining 14.1% of Ocean Design Engineered Systems % Aerospace Engines and Components % Energy and Power Systems % 46 (40) BBA Group (UK) 1,686 2,145 1, % % 9.1% 1, % 8.2% 9, % 173, % Flight Support Group 1, % % 9.2% Aftermarket Services and Systems % % 12.3% Corporate Exceptional items (46) Eaton (USA) 1,602 1,811 11, % 444 1, % 8.2% 13, % 9.7% 70, ,614 Aerospace 1, % % 15.6% 48 (50) Ruag (Switzerland) 1,562 1,419 1, % % 3.7% % 6.0% 7, % 207, % Acquired space business unit of OC Oerlikon, Hungary s MFS 2000 and 36% GEKE Schutztechnik 49 (48) Esterline (USA) 1,425 1,483 1, % % 11.1% 2, % 10.2% 8, % 160, % Acquired NMC (light weight fasteners) in December 2008 and Racal Acoustics Avionics & Control % % 12.7% Global (communication equipment for defence and avionics); divested Muirhead Sensors & Systems % % 11.3% Aero and Traxsys Input Products Advanced Materials % % 16.1% Corporate (49) CAE (Canada) 1,337 1,477 1, % % 18.4% 1, % 17.2% 7, % 190, % Acquired Bell Alliant s Defense, Security and Aerospace division and Seaweed Systems (embedded graphic solutions for the military and aerospace market) Civil % % 19.1% Acquired Sabena Flight Academy and Academia Aeronautica de Evora Military % % 17.5% Restructuring charge (52) Triumph Group (USA) 1,295 1,240 1, % % 12.2% 1, % 11.8% 5, % 216, % Acquired Vought Aircraft Industries in June 2010 Aerospace Systems 1, % % 17.0% Aftermarket Services % % 4.2% Other corporate % % 52 (51) Singapore Technologies Engineering (Singapore) 1,287 1,369 3, % % 10.0% 2, % 20.1% 20, % 190, % Acquired Precision Products Singapore (aerospace casting and mould tools), 33% Aerospace 1, % % 13.2% stake in Singapore air shows and events 53 (53) Orbital Sciences (USA) 1,125 1,169 1, % % 7.2% % 14.2% 3, % 306, %

5 Launch Vehicles and Advanced Programs % % 7.4% Satellites and Related Space Systems % % 7.6% Advanced Space Programs % % 6.4% 54 (66) Kongsberg (Norway) 1, , % % 9.4% % 23.3% 5, % 404, % Defence Systems % % 3.7% Protech Systems % % 12.5% Other activities % % -7.5% 55 (54) Panasonic (Japan) 1,068 1,136 82, % -4,087 4, % 4.8% 47, % 8.9% 292, % 283, % Panasonic Avionics 56 (56) Volvo (Sweden) 1,020 1,156 28, % -2,223 2, % 5.2% 27, % 7.3% 90, % 316, % Aero 1, % % 4.7% 57 (61) Ultra Electronics (UK) 1, , % % 15.0% % 20.2% Acquired Tisys (airport IT systems) and Xerion (digital glass cockpit displays) Aircraft and Vehicle Systems % Information and Power Systems % Tactical and Sonar Systems % 58 (65) Fuji Heavy Industries (Japan) , % % -0.4% 7, % -1.0% Aerospace % % 1.9% 59 (64) Loral Space & Communications (USA) % % -0.7% % -0.9% 2, % 413, % Satellite Services Satellite Manufacturing % % -0.7% 60 (57) Liebherr (Switzerland) 980 1,021 9, % 32, ,622 Aerospace SAS (59) Indra (Spain) 948 1,001 3, % % 11.4% 1, % 28.9% 26, % 133, % Defence & Security % Transport & Traffic % 62 (62) Moog (USA) , % % 10.8% % 11.1% 10, % 184, % Acquired the GE Actuation Division and Fernau Avionics Aircraft Controls % % 8.2% Space & Defense controls % % 11.6% 63 (67) Korea Aerospace Industries (South Korea) % % 8.7% % 11.0% 2, , (55) Sequa (USA) 900 1,132 1, % Aerospace 65 (58) Hexcel (USA) 853 1,020 1, % % 9.9% 1, % 13.3% Commercial Aerospace % Space and Defence % 66 (63) Stork (Netherlands) , % % 5.1% 2, % 4.5% 13, % 171, % Fokker Aerospace % % 4.4% 67 (71) GenCorp (USA) % % 3.5% % 3.4% 3, % 259, % Aerospace and Defence % % 10.8% 68 (75) Chemring (UK) % % 20.9% % 17.0% 3, % 234, % 69 (72) TransDigm Group (USA) % % 41.9% 2, % 13.8% 2, % 381, % Acquired assets of Dukes (valves), GE Aviation s starter generation and ignition system business, Actuant s power control business and Woodward Governor s valve business 70 (91) Woodward Governor (USA) , % % 14.3% 1, % 23.7% 5, % 252, % Acquisitions of MPC Products and HR Textron Aerospace and Defence market % 71 (70) Ball (USA) , % % 7.8% 5, % 13.1% 14, % 520, % Aerospace and technologies % % 10.2% 72 (73) ITP (Spain) % % 8.6% % 8.5% 2, % 248, % Acquired aerospace and manufacturing branch of Alstom power in Dec (85) FLIR Systems (USA) , % % 26.4% 1, % 26.6% 2, % 551, % In 2009, acquired outstanding stock of Salvador Imaging, OmniTech Partners and Government Systems % % 41.1% certain assets of Infrared Korea 74 (79) Amphenol (USA) , % % 19.5% 2, % 26.8% 32, % 88, % Aerospace (74) Umeco (UK) % % 8.4% % 9.5% 1, % 411, % Acquired IPM in December 2008 Supply Chain % % 4.9% Composites % % 12.7% 76 (60) Latécoère (France) 625 1, % % 4.7% % 5.2% 77 (81) Magellan Aerospace (Canada) % % 5.3% % 11.5% Acquired outstanding shares of Verdict Aerospace Components in February (76) Aeroflex (USA) % % -11.5% 1, % -5.2% 2, ,963 Acquired VI Technology (independent automatic test systems) in March 2009 and Airflyte Electronics (custom engineered slip rings)

6 79 (77) Crane (USA) , % % 7.6% 2, % 8.8% 10, % 219, % Aerospace & Electronics % % 8.5% 80 (80) Pilatus (Switzerland) % % 8.3% 1, % 429, % 81 (83) Heico (USA) % % 18.2% % 17.8% Acquired VPT (power converters and electronic products for A&D industries) and Flight Support Group % % 18.6% the Secom product of Dukane (aircraft and marine underwater locator beacons) Electronic Technologies Group % % 26.5% 82 (87) SKF (Sweden) , % 419 1, % 12.2% 4, % 18.4% 41, % 178, % Acquired remaining 49% share of SKF Polyseal in April 2009 Aerospace % 83 (88) Kaman (USA) , % % 5.2% % 11.2% 4, % 284, % Aerospace % % 12.9% 84 (84) Senior (UK) % % 10.6% % 15.4% 4, % 176, % Aerospace % % 14.2% 85 (78) PAIG (UK) % 86 (69) Firth Rixson (UK) % % 16.8% 1, % 8.8% 1, % 463, % 87 (82) LISI (France) % % 11.7% % 16.2% 6, % 146, % Aerospace % % 20.6% 88 (89) Curtiss-Wright (USA) , % % 10.7% 1, % 12.4% 7, % 238, % Acquired Skyquest (supplier of aircraft video displays Motion Control (aerospace component) % and airborne video/radar converters) Metal Treatment (aerospace component) % 89 (93) Ducommun (USA) % % 4.5% % 6.6% 1, % 230, % Acquired DynaBil Industries in December 2008 (provider of titanium and aluminium structural components for commerical and military aerospace applications) 90 (90) JAMCO (Japan) % % 1.8% % 2.7% 2, , (94) Ladish (USA) % % 8.4% % 9.4% 1, ,621 Aerospace Components % Jet Engines % 92 (96) Asco Aerospace (Belgium) % 93 (100) Diehl Aerospace (Germany) % 1, % 238, % 94 (92) Doncasters (UK) , % % 4.3% 1, % 2.8% 4, % 228, % Aerospace % 95 (new) Denel (South Africa) % % -6.1% % -11.3% 5, % 91, % Aerospace % % -10.9% 96 (new) Hampson Industries (UK) % % -1.2% % -0.8% 1, % 164, % Disposal of non-core machining businesses in August 2009 Aerospace Components & Structures % % -14.2% Aerospace Composites & Transparencies % % 23.4% 97 (new) Heroux Devtek (Canada) % % 10.2% % 11.2% Acquired Eagle Tool (precision machined components for military aerospace) Landing Gear % Aerostructure % Aircraft Engine Components 1 0.0% 98 (99) Garmin (USA) , % % 24.7% 3, % 35.1% 8, % 349, % Aviation % % 36.3% 99 (new) Martin-Baker (UK) % % 14.6% % 54.0% 100 (new) Terma (Denmark) % % 7.0% % 10.8% 1, % 164,857 *Excludes currency impacts. SOURCE: PricewaterhouseCoopers DATA SOURCE THE TOP 100 was compiled by aerospace experts at Pricewaterhouse Coopers. The information used in preparing this report has been obtained solely from company annual reports, public filings and other publicly available information. PwC has not sought to establish the reliability of this information and has not verified such information. Accordingly, no representation or warranty (whether express or implied) is given by PwC as to the accuracy of this information. COMPANY/DIVISIONS The top line of the financial figures refers to consolidated results for the overall group, including non-aerospace businesses. The divisional figures are for those businesses that are fully or largely concerned with aerospace. Groups have been ranked by their aerospace sales in 2009, calculated from those divisions that operate primarily in the industry. Sectors involved with aircraft, aeroengines, avionics, missiles, space and aerostructures are largely straightforward, but telecommunications, networkcentric, and C4I systems and some overhaul operations are included only where these are largely concerned with aerospace activities. Satellite services have been excluded wherever possible, as have companies and divisions that derive more than 50% of their revenues from services such as leasing. Where acquisitions were made within the accounting period, pro-forma accounts have been used for the 12-month consolidated performance. Joint ventures have been included in the financials. Inter-segment sales are excluded from operating results and profits for divisions where possible. However, when not possible, each divisional result has been presented inclusive of interdivision sales, resulting in aerospace revenues greater than group sales. Where applicable, divisions of some companies have been reappraised and removed as they are assessed as not having any aerospace content. In such cases 2008 revenues have also been restated. EXCHANGE RATES An average exchange rate for the period 1 January 2009 to 31 December 2009 has been used for all non-us companies, regardless of fiscal year definitions. The percentage changes in financial figures are given in local currency terms to avoid unnecessary distortions. COUNTRY All companies have been listed by country of headquarters or incorporation, independent of production or operating territories. OPERATING RESULTS Generally taken as the profit (or loss) before interest, tax and exceptional items and after deduction of depreciation. The measure gives a generally accepted guide to a business s operational performance. Discontinued or discontinuing operations are included where they fall in fiscal year 2009 for that business. RETURN ON CAPITAL EMPLOYED (ROCE) Calculated as earnings before interest expense, taxes, unusual items and minority interests divided by yearend total assets less year-end noninterest-bearing current liabilities.