Analyst Certification

The following analysts hereby certify that their views about the companies and their securities discussed in this appearance are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this appearance: Heidi Wood.

Important US Regulatory Disclosures on Subject Companies

The information and opinions in this report were prepared by Morgan Stanley & Co. Incorporated and its affiliates (collectively, "Morgan Stanley").

As of December 31, 2004, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in this report: DRS Technologies, L-3 Communications, United Technologies, Goodrich Corp, Northrop Grumman Corp., Raytheon, Lockheed Martin Corp..

Within the last 12 months, Morgan Stanley managed or co-managed a public offering of securities of L-3 Communications.

Within the last 12 months, Morgan Stanley has received compensation for investment banking services from EADS, L-3 Communications, Raytheon, Boeing Company, Lockheed Martin Corp..

In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from BAE SYSTEMS, EADS, Embraer, Rockwell Collins, DRS Technologies, L-3 Communications, United Technologies, Goodrich Corp, Northrop Grumman Corp., Raytheon, General Dynamics, Boeing Company, Lockheed Martin Corp..

Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from BAE SYSTEMS, EADS, General Dynamics, Boeing Company, Lockheed Martin Corp..

Within the last 12 months, Morgan Stanley has provided or is providing investment banking services to, or has an investment banking client relationship with, the following companies covered in this report: BAE SYSTEMS, EADS, Embraer, Rockwell Collins, DRS Technologies, L-3 Communications, United Technologies, Goodrich Corp, Northrop Grumman Corp., Raytheon, General Dynamics, Boeing Company, Lockheed Martin Corp..

Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide services or has a client relationship with the following companies covered in this report: BAE SYSTEMS, EADS, United Technologies, Goodrich Corp, Northrop Grumman Corp., Raytheon, General Dynamics, Boeing Company, Lockheed Martin Corp..

The research analysts, strategists, or research associates principally responsible for the preparation of this research report have received compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues.

An employee or director of Morgan Stanley & Co. Incorporated and/or Morgan Stanley DW Inc. is a director of BAE SYSTEMS.