The following table sets forth the composition of EADS’ consolidated financial liabilities, including both short-and long-term debt, as of 31^st December 2006:

The outstanding balance of financial liabilities increased from €5.1 billion at 31^st December 2005 to €5.8 billion at 31^st December 2006. Financial liabilities include liabilities connected with sales financing transactions, which totalled €1,702 million at 31^st December 2006. See “Sales Financing”. Of this total, €480 million bore interest at a fixed rate of 9.88% while the remainder bore interest primarily at variable rates.

EMTN Programme. In 2003, EADS launched a €3 billion Euro Medium Term Note (“EMTN”) Programme. It conducted an initial €1.0 billion issue of notes maturing in 2010 and bearing interest at 4.625% (effective interest rate: 4.686%), which was later swapped into a variable rate of three-month EURIBOR plus 1.02%. It then issued an additional €0.5 billion of notes maturing in 2018 and bearing interest at 5.5% (effective interest rate: 5.6%), which was swapped during 2005 into a variable rate of three-month EURIBOR plus 1.81%.

European Investment Bank Loan. In 2004, the European Investment Bank granted a long-term loan to EADS in the amount of U.S.$421 million at an interest rate of 5.1% (effective interest rate: 5.1%).

Commercial Paper Programme. EADS regularly issues commercial paper on a rolling basis, under a so-called “billet de trésorerie” programme. This commercial paper bears interest at fixed or floating rates with individual maturities ranging from 1 day to 12 months. As of 31 December 2006, the average interest rate on these borrowings was 3.3%. The issued volume at 31 December 2006 amounted to €1,137 million. The programme has been in place since 2003 and has a maximum authorised volume limit of €2 billion.