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      "text": ">50% of upcoming repricing opportunity on design-to-build work",
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      "text": "Example: F-35 lots and pricing dates\nLots 1-2 14\nLots 3-5 82\nLots 6-8 114\nLots 9-11 286\nLots 12-14 478\nLots 15-17 398",
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      "text": "Implications to GKN Aerospace\n100% of defence sales on fixed price contract\nCan reprice contracts at each multi-year start\nBased on actual costs baseline\n25% of sales sustainably priced today, ~85% by 2025",
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      "text": "US DoD¹ multi-year buy process\nRuns on a 2 to 5 year contract cycle\nProvides production demand signal to industry\nStreamlines cost for government\nOffers risk mitigation for supply base",
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      "text": "Executing lots 15-17, deliveries completing in 2023 and 2024\nProposing lots 18-19 in June 2023; enables full re-pricing\nNext multi-year lot includes all cost increases and inflation, per US regulations",
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      "text": "Vast majority of defence programmes have repricing windows before 2025",
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      "text": "1. DoD = Department of Defense",
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      "text": "Defence multi-year contract cycle enables repricing",
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