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level of government demand either as a direct purchaser or perhaps as a supporter of R&D. Telecommunications equipment may be one industry in which one could think about an agreement structure of this type. It is an industry, like aerospace, in which governments are heavily involved as buyers, regulators, and investors.

SALLY BATH: There are no tensions apparent at the present time. There has also been no new launch since 1992, so the bilateral agreement has not been tested.

As for whether or not this industry is unique and, therefore, this type of an agreement is unique, I think that the answer is yes for two reasons. First, the time lines in this industry on any project are excruciatingly long. An announcement is made of an aircraft launch. Then it rolls out seven years later. This is an extraordinarily long time to have an extraordinary large amount of money at risk.

The amount of capital required for this industry, the long time lines, and the government involvement in most areas makes this a strategic industry. And that makes it a unique industry.

RAYMOND WALDMANN: I agree that we are a unique industry. Of course, there is always a danger in thinking that you are unique, because then somebody sneaks up and proves to you that you are not. Maybe the U.S. automobile industry at one time thought it was unique. In any case, I would like to just close with a comment. We do not launch our airplanes. Our customers do. The customers are the ones who we have to respond to, and I think that does, in fact, make us a little bit unique.



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