Friday January 15, 2021 15 January 2021

NEWS BITES - NORTH AMERICA

The Boeing Company (NYSE:BA), the NYSE's largest Aerospace company by market cap, has dropped $5.59 (2.7%) from its previous trading session to close at $204.32. Compared with the S&P 500 Index which fell 27.3 points (0.7%) in the day, the relative price change was -1.9%. Today the stock traded at its four-day low of $204.20.

The price is at a discount of 4.9% to the 1-month Volume Weighted Average Price (VWAP) of $214.90. This may appeal as a value proposition.

There were 11,103,300 shares worth $2.3 billion traded today. The volume was 0.4 times the average daily trading volume of 30.2 million shares.

TODAY'S INSTITUTIONAL NEWS FROM Q4 2020 REPORTS TOP BY TRANSACTION VALUE:

Gateway Investment Advisers LLC books some of its profits in Boeing

Gateway Investment Advisers LLC decreased its net position in Boeing by 13,376 shares (or 6.6%) in Q4/2020.

In SEC filings for Q3/2020, Gateway Investment Advisers LLC (CIK:0001114618) was ranked 105 out of 1641 institutional shareholders of Boeing (NYSE:BA). During the quarter the Volume Weighted Average Price (VWAP) of Boeing was USD195.02, valuing the 13,376 shares at USD2.6 million.

At December 31 Gateway Investment Advisers LLC held 188,365 Boeing shares worth USD36.7 million.

Bullish Turning Point

Williams % R

The stock is oversold according to the Williams % R indicator of -84.0, suggesting the price is close to its 14-day low. The Williams % R was previously -56.9.

BA Stock Dashboard [traded in US Dollar, USD]

Jan 15 close $204.32 Shares Outstanding 564,529,686

Ave Daily Volume 30,249,941 shares No. Held by Institutions 286,817,522

52-Week Range (In USD) 89.00 - 347.89 % of shares outstanding 50.8%

Dividend Yield 1% Market Cap $115.3 billion

Sector Aerospace

Primary Exchange and Other Listings: Trading Currency and Volume

Exchange Ticker Currency Last ADVT Vol % of Total Today's VI

New York BA USD 204.32 30,031,939 99.8 0.4

Xetra BCO EUR 170.9 27,933 0.1 0.6

London BOE USD 207.93 52,852 0.1 0.1

Total 100.00

1 USD= 1.2214 EUR;

ADVT= Avg. Daily Volume of Trading; VI= Volume Index (1 is avg)

BA Financials Summary: EPS fell to -$1.12 in FY2019

+ Net profit slumped from a loss of $10.5 billion in FY2018 to a loss of $636 million in FY2019.

+ Earnings Per Share (EPS) fell from $18.05 in FY2018 to -$1.12 in FY2019.

Year ended Dec FY2019 FY2018 FY2017

Sales ($ B) 76.6 101.1 94

Pretax ($ B) (2.3) 11.6 10.1

Net ($) (636M) 10.5B 8.5B

EPS ($) (1.12) 18.05 14.03

INDEX

SECTION 1 Recent News

SECTION 2 Corporate Profile and Independent Ratings

SECTION 3 Today's Bearish Signals

SECTION 4 Ongoing Bearish Parameters

SECTION 5 Today's Bullish Signals

SECTION 6 Ongoing Bullish Parameters

SECTION 7 Insider Buying and Ownership

SECTION 8 Patents

SECTION 9 Financials

SECTION 10 Peer Group Analysis & Ranking

SECTION 11 Q3/2020 Institutional Shareholder Activity

SECTION 12 News Archives (Dec 2018 - Sep 2020)

Glossary

DATA DOWNLOAD CENTER

BA: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:

+ PRICE VOLUME - 5-YEAR HISTORY

+ FINANCIALS - 10-YEAR HISTORY [INCLUDING Q3/2020]:

+ INSTITUTIONAL SHAREHOLDERS - CATEGORISED AND COMPLETE LIST OF 1641 INSTITUTIONS AS AT Sep 30, 2020:

+ PEER COMPARISON - STOCK IN AEROSPACE SECTOR AND STOCK IN INDICES

+ PATENTS - CATEGORISED LIST OF 5-YEAR HISTORY OF 7546 [INCLUDING 21 IN CURRENT WEEK]:

BA: LINKS IN HTML TO FURTHER INFORMATION:

+ NEWS ARCHIVES - BA PAST 3 YEARS IN HTML:

+ PRICE VOLUME CHARTS IN HTML

SECTION 1 Recent News

1.1 FY 2020

Boeing tumbles 34% in 2020, in bottom 11% of the market

The Boeing Company (NYSE:BA), the NYSE's largest Aerospace company by market cap, has tumbled $109.77 (or 33.9%) in 2020 to close at $214.06. Compared with the S&P 500 Index which has risen 16.3% in 2020, this is a relative price change of -50.2%.

The stock has underperformed 90% of NYSE-listed stocks in 2020. Market Capitalization has slumped by $62.5 billion to $120.8 billion.

Average daily volume of 26.4 million shares in 2020 was 4.9 times the average daily volume in 2019.

1.2 Institutional News [Updated January 15, 2021]

Top 20 Institutions increasing their holdings in Boeing shares [Q4/2020]

Institution Name (CIK) Rank on Sep 30, 2020 Sep 30, 2020 Dec 31, 2020 Increase % *Today's Market Value $ million

Huntington National Bank (0000049205) 134 139,701 164,220 17.6 34.5

Cacti Asset Management (0001452208) 126 151,731 158,231 4.3 33.2

Sowell Financial Services (0001633697) 271 41,167 41,957 1.9 8.8

IFM Investors (0001698246) 291 35,582 41,443 16.5 8.7

Louisiana State Employees Retirement System (0001537191) 348 26,900 32,900 22.3 6.9

Symphony Financial (0001800687) 1139 2,549 27,100 963.2 5.7

First Citizens Bank & Trust Co (0001092203) 366 24,997 26,074 4.3 5.5

Kmg Fiduciary Partners (0001773205) 417 19,071 21,237 11.4 4.5

Raymond James Trust N.A. (0001088950) 422 18,715 20,347 8.7 4.3

Abner Herrman & Brock (0001038661) 416 19,093 19,138 0.24 4

Davenport & Co (0000887777) 437 17,711 18,617 5.1 3.9

Farmers & Merchants Trust Co of Long Beach (0001737090) 470 15,178 15,895 4.7 3.3

Brookstone Capital Management (0001599584) 906 4,286 15,524 262.2 3.3

Fulton Bank (0000883782) 487 13,925 14,783 6.2 3.1

Redpoint Investment Management (0001732538) 565 10,584 11,361 7.3 2.4

True Private Wealth Advisors (0001667074) 544 11,172 11,291 1.1 2.4

Global Retirement Partners (0001749744) 574 10,436 11,200 7.3 2.4

Ims Capital Management (0001343916) 755 6,061 10,386 71.4 2.2

Kovack Advisors (0001728321) 630 8,679 9,872 13.7 2.1

Trust Company of Toledo NA (0001008937) 699 7,175 7,484 4.3 1.6

*Today's Market Value in $ million of holdings as at December 31, 2020.

Top 20 Institutions decreasing their holdings in Boeing shares [Q4/2020]

Institution Name (CIK) Rank on Sep 30, 2020 Sep 30, 2020 Dec 31, 2020 Decrease % *Today's Market Value $

Gateway Investment Advisers (0001114618) 105 201,741 188,365 6.6 39.5 million

State of Alaska, Department of Revenue (0001370102) 175 90,504 86,260 4.7 18.1 million

Lawson Kroeker Investment Management (0001013701) 313 31,795 30,705 3.4 6.4 million

Crossmark Global Holdings (0001539204) 412 19,698 18,865 4.2 4 million

Webster Bank (0001105837) 476 14,564 13,367 8.2 2.8 million

Burns J W & Co (0001047339) 519 12,454 12,370 0.67 2.6 million

Uncommon Cents Investing (0001729754) 591 9,905 9,545 3.6 2 million

TNB Financial (0001561790) 623 8,900 8,890 0.11 1.9 million

West Oak Capital (0001387399) 616 9,079 8,399 7.5 1.8 million

Peoples Financial Services. (0001056943) 636 8,565 8,065 5.8 1.7 million

Rockland Trust Co (0000084616) 681 7,600 6,735 11.4 1.4 million

Park National (0000805676) 727 6,516 6,352 2.5 1.3 million

Wallington Asset Management (0001426754) 749 6,161 6,026 2.2 1.3 million

Sonora Investment Management (0001418539) 701 7,156 5,786 19.1 1.2 million

Diversified Trust Co (0001479844) 753 6,103 5,764 5.6 1.2 million

Carroll Financial Associates (0001567784) 768 5,780 5,514 4.6 1.2 million

Indiana Trust & Investment Management Co (0001356407) 867 4,658 4,358 6.4 914,744

NuWave Investment Management (0001536141) 849 4,822 4,300 10.8 902,570

City Holding Co (0000726854) 905 4,293 4,003 6.8 840,230

Pure Financial Advisors (0001571556) 928 4,064 3,892 4.2 816,931

*Today's Market Value in $ of holdings as at December 31, 2020.

1.3 Financial News

Quarterly Report (Q3/2020):

October 28, 2020

Quarterly Report Analysis Q3 2020: Boeing reports 19.8% sequential rise in Quarterly Revenue

Boeing (NYSE:BA), announced total revenue of $14.1b for the quarter-ended 30 September 2020 [Q3/2020], up 19.8% from the previous quarter [Q2/2020] and down 29.2% from the year-earlier period [Q3/2019].

Compared with the Previous Corresponding Period [PCP; Q3/2019], year-over-year [y.o.y.] Revenue was down 29.2%.

Read more in SECTION 9 on Financials

1.4 Press Releases

October 29 2020: Boeing Reports Third-Quarter Results

Financial results continue to be significantly impacted by COVID-19and the 737 MAX grounding

Proactively managing liquidity and transforming for thefuture

Revenue of $14.1 billion, GAAP loss per share of ($0.79) and core(non-GAAP)* loss per share of ($1.39)

Operating cash flow of ($4.8) billion; cash and marketablesecurities of $27.1 billion

Total backlog of $393 billion, including more than 4,300 commercialairplanes

Source: SEC

October 27 2020: Boeing: Document and Entity Information

Cover Oct. 26, 2020 Cover [Abstract] Document Type 8-K Document Period End Date Oct. 26, 2020 Entity Registrant Name BOEING CO

Source: SEC

October 27 2020: Boeing: 364-DAY CREDIT AGREEMENT

THE BOEING COMPANY, a Delaware corporation ("TBC" or the "Company"), for itself and on behalf of the other BORROWERS (as defined below), the LENDERS (as defined below), CITIBANK, N.A. and JPMORGAN CHASE BANK, N.A., as joint lead arrangers and joint book managers, JPMORGAN CHASE BANK, N.A., as syndication agent, and CITIBANK, N.A., in its capacity as administrative agent for the Lenders (in such capacity, the "Agent"), agree as follows:

Source: SEC

1.5 People's News

Wed Jan 06, 2021

Boeing (NYSE:BA) Director Edmund P. Giambastiani, has been awarded Phantom Stock Units on 242 shares. The transaction date was January 04. The shares last traded at $211.03.

Wed Jan 06, 2021

Boeing (NYSE:BA) Director Susan C. Schwab, has been awarded Phantom Stock Units on 406 shares. The transaction date was January 04. The shares last traded at $211.03.

Wed Jan 06, 2021

Boeing (NYSE:BA) Director Lynn Good, has been awarded Phantom Stock Units on 436 shares. The transaction date was January 04. The shares last traded at $211.03.

Wed Jan 06, 2021

Boeing (NYSE:BA) Director Caroline B. Kennedy, has been awarded Phantom Stock Units on 242 shares. The transaction date was January 04. The shares last traded at $211.03.

Wed Jan 06, 2021

Boeing (NYSE:BA) Independent Director John M. Richardson, has been awarded Phantom Stock Units on 242 shares. The transaction date was January 04. The shares last traded at $211.03.

Wed Jan 06, 2021

Boeing (NYSE:BA) Independent Director Steven M. Mollenkopf, has been awarded Phantom Stock Units on 406 shares. The transaction date was January 04. The shares last traded at $211.03.

Wed Jan 06, 2021

Boeing (NYSE:BA) Director Robert A. Bradway, has been awarded Phantom Stock Units on 406 shares. The transaction date was January 04. The shares last traded at $211.03.

Wed Jan 06, 2021

Boeing (NYSE:BA) Director Ronald A. Williams, has been awarded Phantom Stock Units on 430 shares. The transaction date was January 04. The shares last traded at $211.03.

Thu Dec 17, 2020

David L. Calhoun's performance as Chief Executive Officer of Boeing is ranked in the second quartile of BuySellSignals' performers by EBITDA growth in NYSE for the quarter - ended September 2020 compared with the previous corresponding quarter - ended September 2019. Among 1253 stocks that have reported for the September quarter in NYSE so far, Boeing was ranked 419, a percentile rank of 67.

Thu Dec 17, 2020

Boeing (NYSE:BA) Executive Vice President Leanne Caret holds 59,248 shares worth $13.4 million at the last price of $225.87, a rise in value by $3.5 million (35.1%). Three months ago Leanne Caret held the same number of shares and the price was $167.46.

Wed Oct 21, 2020

John J. Tracy's performance as Chief Technology Officer of Boeing (NYSE:BA) is ranked 5 by US Patents issued in the past year out of 2,075 NYSE listed companies. This corresponds to a percentile ranking of 99.5. A total of 36,759 US patents were issued to NYSE listed companies in the past year, an average of 17.7 patents per company. Boeing received 1,315 US Patents in the past 12 months; 74 times average.

1.6 Recent Business News Round Up: CNBC

December 17 2020: Boeing

Boeing CEO David Calhoun told CNBC that the jet maker was not planning a massive stock sale to cut debt, as suggested in a Morgan Stanley analyst report. Separately, Boeing is said to be hiring up to 160 pilots that it will embed at airlines to ensure a smooth comeback for its 737 Max jet's return to service, according to people familiar with the matter who spoke to Reuters.

Source: CNBC

1.7 Stock Buzz

Source: The Wall Street Journal

News Date Headline

Jan 11, 2021 Thinking about trading options or stock in Eli Lilly, Gilead Sciences, GameStop, Boeing, or Roku?

Dec 29, 2020 Boeing's 737 MAX Returns to U.S. Commercial Service

Dec 08, 2020 Thinking about buying stock in Pfizer, Nio, Lexicon Pharmaceuticals, Oncolytics Biotech, or Boeing?

Source: Bloomberg

News Date Headline

Jan 11, 2021 Indonesia Says Boeing Jet Broke Apart Upon Impact

Jan 08, 2021 Boeing to Pay $2.5 Billion to Settle 737 Max Fraud Charge

Jan 06, 2021 Boeing to Release Fourth-Quarter Results on January 27

Jan 05, 2021 Boeing Company Invests $100,000 in Youth, Technology, and Conservation with the National Forest Foundation: in Green Drone AZ

Dec 31, 2020 U.S. Widens Tariffs on EU Imports in Airbus, Boeing Fight

Dec 30, 2020 Boeing's 737 Max Returns to U.S. Skies

Source: Other Publishers

News Date Headline Publisher

Jan 14, 2021 Traynor Capital Management Inc. Has $823,000 Stake in The Boeing Company (NYSE:BA) theenterpriseleader.com

Jan 14, 2021 Charles Schwab Trust Co Invests $984,000 in The Boeing Company (NYSE:BA) modernreaders.com

Jan 14, 2021 Major Boeing customer readies for more 777X delays The Business Journals

Jan 13, 2021 Boeing Co (NYSE:BA) Enters $2.5 Billion Deferred Prosecution Settlement For Deceiving Regulators Over the 737 Max Plane Bol

Jan 13, 2021 One Of Boeing s Most Important Customers Says 777X Debut Could Slip Beyond 2022 International Business Times

Jan 12, 2021 Boeing Delivered 157 Aircrafts In 2020, Its Worst Showing In Decades Benzinga.com

1.8 Analyst Recommendations: Past Month

Date Brokerage Current Rating Price Target

Jan 04, 2021 Royal Bank of Canada Buy 307

Jan 03, 2021 Royal Bank of Canada Buy 307

Jan 02, 2021 Royal Bank of Canada Buy 307

Jan 01, 2021 Royal Bank of Canada Buy 307

Dec 28, 2020 Royal Bank of Canada Buy 307

SECTION 2 Corporate Profile and Independent Ratings

2.1 Activities

The Boeing Company (Boeing) is involved in the design, development, manufacture, sale and support of commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services. The Company operates in five principal segments: Commercial Airplanes, Boeing Military Aircraft (BMA), Network and Space Systems (N&SS), Global Services and Support (GS&S) and Boeing Capital Corporation (BCC). BMA, N&SS and GS&S comprise the Company's Integrated Defense Systems (IDS) business. The Other segment classification principally includes the activities of Engineering, Operations and Technology (EO&T), an advanced research and development organization focused on technologies, processes and the creation of new products. In December 2008, Boeing announced that it has completed its acquisition of Federated Software Group, whose engineering services and software system help track and distribute equipment and personnel for the United States Department of Defense.

2.2 Contact Details

Website http://www.boeing.com

Physical Address 100 North Riverside Plaza,Chicago,IL,60606-1596

Phone +1 312 544-2000

Fax 5442082

Email charles.n.bickers@boeing.com

2.3 Industry & Sector

Classification Level Name of Sector

Business Sector Industrial Goods

Industry Group Aerospace & Defense

Industry Aerospace & Defense

Economic Sector Industrials

2.4 North American Industry Classification System [NAICS]

Code: 336411

Industry Title: Aircraft Manufacturing

2.5 Independent Ratings

+ Just Capital:

The Boeing Company was ranked 72 in the Just Capital annual list of top 100 ESG stocks for 2019; it was ranked 2 in the Aerospace & defense sector.

+ Fortune 500:

It was ranked 60 by total revenues in the Fortune 500 annual list for 2017; an improvement over a year from rank 61 in 2016.

+ Industryweek 1000:

It is a new entrant in the Industry Week list of the world's largest 1000 manufacturers by Revenues in 2016, ranked 29.

+ Newsweek 500:

It was ranked 65 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 11.5% in Water productivity, 9.9% in Waste productivity and 8.2% in Carbon productivity.

+ Clarivate 100:

It is ranked in the Top 100 innovators by Clarivate Analytics.

+ FT 500:

It is the 52nd largest by revenue in the FT Global 500.

+ PwC 100:

It is a new entrant in PwC's list of Top 100 Global companies; ranked 73rd by MCap as at March 31, 2015.

+ Forbes 2000:

It is the 78th largest by revenue in the Forbes Global 2000.

SECTION 3 Today's Bearish Signals

3.1 Momentum Down 1.5% Past Week

Boeing underperformed the S&P 500 index in 4 out of 5 days. The price ranged between a low of $206.79 on Monday, Jan 11 and a high of $212.71 on Thursday, Jan 07.

Day Boeing Close price [$] Price change % Relative change % * Comment

Tuesday Inches higher, resistance at 12-day EMA 208.41 0.8 0.7 Price/MAP50 above 1 and rising

Monday Drops to two-month low 206.79 -1.5 -0.8 Week-low of 206.79; Steepest Fall

Friday Loses $2 billion (1.3%) in MCap, steepest heavyweight fall in Aerospace sector 209.9 -1.3 -1.9 Price fall on slipping relative strength

Thursday Inches higher, resistance at 12-day EMA 212.71 0.8 -0.7 Week-high of 212.71; Top Rise

Wednesday Price 5.5% below VWAP 211.03 -0.3 -0.9 Price fall on slipping relative strength

* Relative change is price change of stock with respect to Benchmark Index, S&P 500 index.

3.2 Rank in the bottom 22% by Relative Valuation in the NYSE market

Description Value Rank

P/E * P/NTA 151.77 In Bottom 22%

Dividend Yield % 1% In Bottom 16%

3.3 Rank in the bottom 23% by Price Performance in the NYSE market

Description Value Rank

Rel Strength 6 mo 24 In Bottom 23%

Price/MAP50 0.97 In Bottom 16%

1-week Price Change % -2.7 In Bottom 13%

PV1000 [1 yr] $ 627 In Bottom 8%

1-month Price Change % -11.0 In Bottom 4%

3.4 Short Selling

+ The current short volume is 1.2 times its own historical average of 0.1%.

3.5 Downtrend

Negative MACD:

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 210.08 minus the 26-day EMA of 211.88 is negative, suggesting a bearish signal. Both the 12-day EMA as well as the 26-day EMA are falling, another bearish signal.

Past Month:

- Falls to Rises: In the past month the number of falls outnumbered rises 14:8 or 1.8:1.

- Boeing stock was the fourth lowest performer in the S&P 500 Index.

Past Quarter:

The Worst 3 weeks in the past quarter

The past month witnessed the worst 2 weeks in the past quarter. In the past quarter the steepest fall of 13.7% took place in the week beginning Monday October 26.

Mon-Fri Change % S&P 500 index Change % RPC % Vol Ind [1 is avg]

Oct 26-30 -13.7 -5.6 -8.1 0.6

Dec 14-18 -4.6 1.2 -5.8 0.6

Jan 11-15 -2.7 -1.5 -1.2 0.4

Trailing Relative Strength (6 months) at 24 percentile:

- The stock has a 6-month relative strength of 24 in the NYSE market of 1,804 stocks, 273 units and 117 preference stocks indicating it is trailing 76% of the market.

3.6 Other Bearish Signals

- Net profit margin has averaged 6.2% in the last 3 years. This is lower than the sector average of 7.9% and suggests a low margin of safety.

SECTION 4 Ongoing Bearish Parameters

4.1 Past two-years

- The shares fell $16.56 (4.8%) a year ago which accelerated to $123.53 (37.7%) in the past year.

- Boeing fell for a second consecutive year. In the previous year the shares fell $16.56 (4.8%).

4.2 Present Value of $1000 Invested in the Past [1 Yr, 3 Yrs]; The Worst Periods with PV$1000 < 663

PV$1,000 1 yr ago 3 yrs ago

BA.NYSE $627 $662

Aerospace sector $754 $854

S&P 500 Index $1,146 $1,352

4.3 The Worst Periods [1 Yr, 3 Yrs] with Price Change % < -36.8

3-Year price change of -36.9% for Boeing underperformed the change of 35.2% in the S&P 500 index for a relative price change of -72.2%.

Price Change % Year 3 Years

Boeing -37.7 -36.9

Aerospace sector -24.7 -14.6

S&P 500 index 14.8 35.2

4.4 Moving Annual Return of -37.1% in the past year:

Moving Annual Return was -37.1% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 22.8%

BA Close ($) Dividends ($) Capital Gain / (Loss) % % Yield Annual Return %

Jan 15 204.32 2.06 (37.7) 0.6 (37.1)

1 Yr ago 327.85 8.22 (4.3) 2.4 (1.9)

2 Yrs ago 342.57 6.84 5.7 2.1 7.8

3 Yrs ago 324 5.68 112.9 3.7 116.7

4 Yrs ago 152.15 4.36 25.1 3.6 28.7

Close 5 years ago $121.63

4.5 Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Periods with TSR < -12.6%

TSR % 1 yr 3 yrs

BA.NYSE -37.3 -12.7

4.6 Deteriorated EBIT Margins:

EBIT margin is negative and has deteriorated from 11.5% to -3.0% in the past year.

FY EBIT Margins (%)

2019 -3.0

2018 11.5

2017 10.8

2016 5.9

2015 7.7

4.7 A 15.7% Increase in Insider Selling

In the past 5 years a total of 877,885 Boeing shares worth $170.5 million were sold by insiders. Based on a dynamic start date of 5 years ago, insider selling has averaged 175,577 shares per year. In the past year, insiders sold 72,247 shares, an increase of 15.7% from the previous year.

Year No. of Shares Value, $

1 Yr ago 72,247 28,923,075

2 Yrs ago 62,432 21,184,734

3 Yrs ago 356,578 66,172,781

4 Yrs ago 386,628 54,214,392

Total 877,885 170,494,983

4.8 Decrease in Institutional Ownership down from 63.5% to 50.8%

As at September 30, 2020 Institutions held 50.8% of total shares on issue; a decrease from 51.7% as at June 30, 2020 and 63.5% as at September 30, 2019.

Quarter-end September 30, 2019 June 30, 2020 September 30, 2020

Holdings (%) 63.5 51.7 50.8

4.9 Revenue, EPS, and EBITDA:

- Revenue growth rate has shown signs of deterioration in recent years. [compared with previous year, all figures in %]

FY Revenue Growth EPS Growth EBITDA Growth

2019 -24 - -

2018 8 29 14

4.10 Satisfies 1 out of 9 criteria of Joseph Piotroski [pass mark 5]:

- Reduction in total shares on issue.

SECTION 5 Today's Bullish Signals

5.1 Uptrend

Beta > 1 combined with price rise. The Beta of the stock is 2.9.

Price/Moving Average Price of 1.17:

- The price to 200-day MAP ratio is 1.17, a bullish indicator. In the past 200 days this ratio has exceeded 1.17, 36 times suggesting further upside. The 50-day MAP of $210.05 is higher than the 200-day MAP of $174.26, a bullish indicator. The 200-day MAP has increased to $174.26. An increase is another bullish indicator.

5.2 Undervaluation

Dividend Yield > 2/3rd Bond Yield:

The dividend yield of 1.01% is 0.91 times the triple-A bond yield of 1.11%; it is also above the benchmark of 2/3rd set by Benjamin Graham.

(All figures in %)

Dividend Yield 1.01

Bond Yield 1.11

Spread 0.1

MCap/Total Assets:

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.9. Compared with the rest of the market the stock is undervalued.

Brand Value/Enterprise Value:

- Brandirectory have estimated Boeing brand value at $9.2 billion. The Brand Value represents 6.5% of the estimated Enterprise Value of $143 billion. Enterprise Value is defined as MCap of $115.3 billion plus net debt of $27.6 billion.

5.3 Oversold/Bullish Signals:

- The stock is oversold according to the Williams % R indicator of -84.0, suggesting the price is close to its 14-day low of $201.01.

SECTION 6 Ongoing Bullish Parameters

6.1 Rank in the top 4% by Size in the NYSE market

Description Value Rank

Ave daily Turnover $2.3 billion In Top 1%

Tr 12 months Revenue $60.8 billion In Top 3%

MCap $115.3 billion In Top 4%

6.2 Present Value of $1000 Invested in the Past 3 Months; The Best Period with PV$1000 > 1,243

PV$1,000 3 mo ago

BA.NYSE $1,244

Aerospace sector $1,214

S&P 500 Index $1,086

6.3 Past quarter: price rise of 24.4%

3-Month price change of 24.4% for Boeing outperformed the change of 8.2% in the S&P 500 index for a relative price change of 16.2%.

Price Change % Quarter

Boeing 24.4

Aerospace sector 21.4

S&P 500 index 8.2

6.4 MCap: 5-Year Increase of $29 billion

In the past 5 years Market Capitalization has increased by $28.8 billion (33%) from $86.6 billion to $115.3 billion. Based on a dynamic start date of 5 years ago, there have been declines in MCap in 3 out of 5 years.

Price MCap ($ B)

Last $204.32 115.3

1 Year ago $327.85 185.6

2 Years ago $342.57 199

3 Years ago $324.0 200.2

4 Years ago $152.15 98

5 Years ago $121.63 86.6

6.5 Buybacks and 5-Years Decrease of 22.4% in Total Shares on Issue

In the past 5 years total shares on issue have decreased by 163.5 million (22.4%) from 728.9 million to 565.4 million. Buybacks have averaged 22.5 million shares [3.1%] per financial year. Based on a dynamic start date of 5 years ago, there has been no rise in issued capital over the last 5 years. A reduction in total shares on issue is a favourable indicator in Joseph Piotroski's 9 indicators.

Year End (Dec 31) Total Shares on Issue FY Buybacks Buyback %

2019 565,400,000 2019 13,800,000 2.4%

2018 579,200,000 2018 23,300,000 3.9%

2017 602,500,000 2017 33,000,000 5.2%

2016 635,500,000 2016 - -

2015 696,100,000 2015 32,800,000 4.5%

2014 728,900,000 2014 31,900,000 4.2%

Total 134,800,000

Average per FY 22,466,667

6.6 Created Market Value [CMV] past 12 yrs of $54.6 billion

- Market Capitalization has increased by $83.9 billion from $31.5 billion to $115.3 billion in the last 12 years. This increase comprises cumulative retained earnings (RETE) of $29.3 billion and Created Market Value of $54.6 billion. The Created Market Value multiple, defined by the change in MCap for every $1 of retained earnings is exemplary at $2.87.

6.7 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 8.3%

TSR % 5 yrs 10 yrs 20 yrs 30 yrs

BA.NYSE 13.4 14.5 8.4 9

6.8 Increased Volume, up 635% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has increased 634.9% to 30.2 million shares.

Avg. Daily Volume Traded 12 months ended Jan 15, million shares

Year ADVT

2021 30.2

2020 5.4

2019 4.4

2018 3.3

2017 4.1

6.9 Increased VWAP, up 42% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has increased by 41.6% to $176.36. .

Past five years, 12 months ended Jan 15 (USD)

Year High Price VWAP Low Price

2021 347.89 176.36 89.0

2020 438.28 360.24 315.82

2019 383.74 333.28 285.97

2018 324.64 214.38 150.16

2017 153.34 124.52 97.0

6.10 Increased share turnover, up 900% in 5 years

In the past five years, average daily share turnover has increased 899.5% to $5.1 billion. This suggests increased liquidity.

Past five years, 12 months ended Jan 15 (USD billion)

Year Average Daily Turnover

2021 5.1

2020 2.0

2019 1.5

2018 0.72

2017 0.51

6.11 Growth > 19% for Revenue:

- Revenue growth has shown signs of recovery in recent quarters. [All figures in %]

Qtr-ended Revenue Growth Net Profit Margin

Sep 20 [Q3 vs Q2] 19.8 -3.3

Jun 20 [Q2 vs Q1] -30.2 -20.3

6.12 Satisfies two criteria of Benjamin Graham

- "A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 0.9 times the triple-A bond yield of 1.1%.

-"Total debt equal or less than twice the net quick liquidation value"; total debt of USD27.3 billion is 0.4 times the net liquidation value of USD74.93 billion.

SECTION 7 Insider Buying and Ownership

7.1 Shares Held by Insiders as on Jan 15, 2021

Name Shares Held Value, $

Greg Smith 174,152 35,582,737

David L. Calhoun 65,047 13,290,403

Leanne Caret 59,248 12,105,551

Stanley A. Deal 47,306 9,665,562

Bertrand-Marc (Marc) Allen 43,971 8,984,155

Heidi Capozzi 24,815 5,070,201

Edward M. Liddy 22,926 4,684,240

Ronald A. Williams 20,514 4,191,420

Susan C. Schwab 17,756 3,627,906

Edmund P. Giambastiani 17,623 3,600,731

Jenette Ramos 14,125 2,886,020

Brett C. Gerry 12,793 2,613,866

Lynn Good 7,277 1,486,837

Robert A. Bradway 6,183 1,263,311

Michael Arthur 4,122 842,207

Caroline B. Kennedy 2,756 563,106

Steven M. Mollenkopf 2,698 551,255

John M. Richardson 1,438 293,812

Nikki R. Haley 624 127,496

Total 545,374 111,430,816

7.2 David L. Calhoun Shares and Options Held