Exhibit 10 Airbus Development Expenditure by Year ($ millions) Key Assumptions as of 2008 General Assumptions as of 2000 Required Investment as of 2000 ($millions) Investment R&D Expenditure Capital Expenditures Working Capital Total Source ORIGINAL ASSUMPTIONS Discount Rate Assumptions (a) Key Assumptions as of 2008 Price per Plane US$225 Number of Planes Operating Margin in millions 44 Risk-free Rate Asset Beta 18.0% Risk Premium Discount Rate 6.0% 0.84 6.0% 11.0% 10-year US Treasury yield (p. 8) Price per Plane US$225 in millions Number of Planes 44 Operating Margin 18.0% Calculated by CAPM General Assumptions as of 2000 Inflation Rate 2.0% Tax Rate 38.0% Research & Development US$11,000 Capital Expenditures US$1,000 Working Capital US$1,000 Inflation Rate Tax Rate 0.0% 38.0% Discount Rate Assumptions (a) Risk-free Rate 6.0% Asset Beta 0.84 Risk Premium Discount Rate 10-year US Treasury yield (p. 8) 6.0% 11.0% Calculated by CAPM 2001 2002 2003 2004 2005 2006 2007 US$1,100 US$2,200 0 250 150 US$2,200 350 300 US$2,200 350 300 US$1,320 50 200 US$880 US$660 0 0 50 0 US$1,100 US$2,600 US$2,850 US$2,850 US$1,570 US$930 US$660 Dresdner Kleinwort Benson, Aerospace and Defense Report, May 8, 2000. cumulative investment R&D Expenditure Capital Expenditures Working Capital 2008 Total US$440 US$11,000 0 US$1,000 DESCRIPTION 0 US$1,000 US$440 US$13,000 Change the values in YELLOW one by one. Look at movements in B56 (Present Value Investment) B73 Present Value B75 NPV 2001 US$1,100 2002 0 US$3,300 US$250 0 US$150 US$450 2003 2004 US$5,500 US$7,700 US$600 US$950 US$750 2005 US$9,020 US$1,000 US$950 2006 US$9,900 US$1,000 US$1,000 2007 US$10,560 US$1,000 US$1,000 2008 US$11,000 US$1,000 US$1,000 cashflows (a) R&D Expenditure depreciation (b) EBIT Taxes c @38% EBIAT +depreciation (b) 2001 2002 2003 2004 2005 -US$1,100-US$2,200 -US$2,200 -US$2,200 -US$1,320 US$0 -US$25 -US$60 -US$95 -US$100 -US$1,100 -US$2,225 -US$2,260 -US$2,295 -US$1,420 -US$418 -US$846 -US$859 -US$872 -US$540 -US$372 -US$682 -US$1,380 -US$1,401 -US$1,423 -US$880 -US$608 2006 -US$880 2007 -US$660 2008 -US$440 -US$100 -US$100 -US$100 -US$980 -US$760 -US$540 -US$289 -US$205 -US$471 -US$335 US$0 -US$25 -US$60 -US$95 -capital expenditure (d) -incr in net working capital Free cash flow calculations depreciation for ten years US$0 US$250 US$350 US$350 US$0 US$150 US$300 US$300 US$200 -US$682 -US$1,755 -US$1,991 -US$1,978 -US$1,030 -US$658 250/10 250/10+350/250/10+350/2005 onward deoreciation equals capital expenditure -US$100 -US$100 US$50 US$100 US$50 -US$100 -US$100 US$100 US$0 -US$471 US$100 US$0 -US$335 discount rate 11% 2000 2002 2003 discount rate 11% disocunt factor Present value investment -Total 2001 2004 2005 2006 2007 1/(1+11%) 1/(1+11%)^21/(1+11%)^3 1/(1+11%)^4 1/(1+11%)^5 1/(1+11%)^6| 1/(1+11%)^7| 0.90 0.81 0.73 0.66 0.59 0.53 -US$614 -US$1,423 -US$1,454 -US$1,301 -US$610 -US$351 2008 0.48 -US$226 -US$6,125 A3XX sales Revenues Price per plane Number of planes Operating margin operating profit depeciation adj (f) Adj. opearting profit Tax cash flow (g) Growing perpetuity 0.18 38.0% value in 2007 (h) present value 6,201 net present value US$76 US$12,908 1/(1+11%)^8 formula 0.43 calculation result -US$145 US$9,900 US$225 44 US$1,782 100 US$1,882 -US$715 US$1,167