8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 10, 2014

B/E AEROSPACE, INC.

(Exact name of registrant as specified in charter)

Delaware	0-18348	06-1209796
(State or other	(Commission File Number)	(I.R.S. Employer
jurisdiction of incorporation)		Identification No.)

1400 Corporate Center Way, Wellington, Florida	33414-2105
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (561) 791-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On June 10, 2014, B/E Aerospace, Inc. (the “Company”) issued a press release updating its full year 2014 earnings per share financial guidance.  A copy of the press release is furnished herewith as Exhibit 99.1 attached hereto and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure.

On June 10, 2014, the Company issued a press release announcing it has commenced a process to separate its businesses into two independent, publicly traded companies — one focused on aircraft cabin interior equipment – design, development, manufacturing, certification and direct sales on a global basis, and the other focused on distribution, logistics and technical services for the aerospace and energy services markets. A copy of the press release is furnished herewith as Exhibit 99.1 attached hereto and is incorporated herein by reference.

The Company will host a conference call at 8:30 a.m. ET on June 10, 2014 to review the proposed separation. The conference call can be accessed by dialing 888-417-8533 (domestic) or 719-325-2472 (international). The conference ID for the call is 6322351. A simultaneous webcast of the conference call for investors and other interested parties may be accessed by visiting the Company’s website at www.beaerospace.com. Slides relating to the investor presentation are available on the investor relations section of the Company’s website. A copy of the slides relating to the investor presentation is furnished herewith as Exhibit 99.2 attached hereto and is incorporated herein by reference.

The information included in the foregoing Items 2.02 and 7.01, including Exhibits 99.1 and 99.2, is hereby furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release, dated June 10, 2014, issued by B/E Aerospace, Inc.

99.2 Investor Presentation

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

B/E AEROSPACE, INC.
By:	/s/ Thomas P. McCaffrey
	Name:	Thomas P. McCaffrey
	Title:	Senior Vice President and Chief Financial Officer

Date:  June 10, 2014

EXHIBIT INDEX

Exhibit No.	Description of Exhibits
99.1	Press Release, dated June 10, 2014, issued by B/E Aerospace, Inc.
99.2	Investor Presentation

EX-99.1

Exhibit 99.1

News Release

CONTACT:

Greg Powell

Vice President Investor Relations

B/E Aerospace, Inc.

(561) 791-5000

B/E AEROSPACE ANNOUNCES PLANS TO CREATE TWO SEPARATE INDUSTRY-LEADING COMPANIES AND RAISES FULL YEAR 2014 FINANCIAL GUIDANCE TO $4.35 PER DILUTED SHARE

Independent Companies Will Focus On Manufacturing of Aircraft Cabin Interior Equipment; and

 Distribution, Logistics and Technical Services for the Aerospace and Energy Services Markets

WELLINGTON, Fla.—(BUSINESS WIRE)—June 10, 2014—B/E Aerospace, Inc. (“B/E” or the “Company”) (NASDAQ:BEAV) the world’s leading manufacturer of aircraft cabin interior products and the world’s leading provider of aerospace fasteners, consumables and logistics services, announced today that the Company’s Board of Directors has commenced a process to separate its industry-leading businesses into two independent, publicly traded companies — one focused on aircraft cabin interior equipment – design, development, manufacturing, certification and direct sales on a global basis (“Manufacturing Co.”), and the other focused on distribution, logistics and technical services for the aerospace and energy services markets (“Services Co.”).

The Company said that today’s separation announcement represents an important step in its ongoing strategic review process, noting that the Company’s Board and management are continuing to review and aggressively pursue its strategic alternatives to enhance value to shareholders.

Each of the new companies will be a global leader in its respective market. B/E has positioned both businesses to be successful, profitable and sustainable independent companies, and this decision reflects a further evolution of the Company’s strategies emphasizing the development of the Company’s businesses, addressing their distinct needs and thereby increasing their value to shareholders.

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“Our decision to separate the businesses was made as part of the evaluation of the Company’s strategic alternatives which has been undertaken by our management team and Board of Directors, together with our independent advisors,” said Amin Khoury, the Company’s Chairman and Co-Chief Executive Officer. “Separating these highly successful businesses into two industry-leading companies will allow each to benefit from increased management focus and operational flexibility, as well as allow the management teams and boards of directors of each business to determine the optimal capital structure, free cash flow allocation policy, growth strategy, compensation system and performance measurement metrics. This decision reflects B/E’s ongoing commitment to optimize the distinct needs of each of our businesses and the Company’s strategic priorities, consistent with our focus on driving shareholder value.”

Subject to further financial, tax and legal analysis, the Company currently plans to separate the businesses by way of a tax-free distribution to B/E’s shareholders, which would result in shareholders of the Company holding shares in two independent and publicly traded companies:

· Services Co. is the world’s leading distributor and value-added service provider of aerospace fasteners, consumables and logistics services to the airline and aerospace industries.  This business offers the broadest range of aerospace hardware and consumables and inventory management services worldwide. With a large and diverse customer base, this business serves as a distributor for every major aerospace fastener manufacturer, offering services which include inventory management and replenishment, creative and differential supply chain solutions, special packaging and bar-coding, sophisticated parts kitting, quality assurance testing and a wide variety of purchasing assistance programs, plus the latest in electronic data interchange capability. In 2013, the business initiated an expansion into technical and logistics services and associated rental equipment for remote energy industry drilling sites. On a pro-forma basis, Services Co. had revenues of approximately $1.6 billion and EBITDA (excluding transaction expenses) of approximately $365 million, representing 22.8% of revenues, for the trailing 12 months ending March 31, 2014, as adjusted for all recent acquisitions as if they had been made as of January 1, 2013.

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· The aircraft cabin interior equipment design, development, manufacturing, certification and direct sales business, which will include the Company’s commercial aerospace and business jet segments (Manufacturing Co.), is a world-leading global manufacturer of aircraft cabin interior products for both commercial airliners and business jets, including a broad range of seating products with a wide variety of comfort and entertainment features, food and beverage preparation and storage equipment, lighting systems, oxygen systems, modular lavatory systems and galley systems which are each complemented with very sophisticated, best-in-class R&D, engineering services, program management and certification services. Manufacturing Co. had revenues of approximately $2.5 billion and EBITDA of approximately $510 million, representing 20.4% of revenues, for the trailing 12 months ending March 31, 2014.

“Each of our businesses, Manufacturing Co. and Services Co., is already an industry leader, and by leveraging the benefits which we believe will result from allowing these businesses to independently pursue more focused, targeted strategies, each will be well-positioned to generate even greater value to both our customers and our shareholders,” Khoury added.

B/E believes that creating two public companies offers a number of benefits to address the individual needs of each of our businesses, including:

· Intensify focus on its distinct operational priorities;

· Provide the opportunity for separate management teams to focus on each distinct business;

· Allow flexibility for each business to pursue the most appropriate growth and investment strategies;

· Determine the most appropriate compensation system and performance measurement metrics; and

· Pursue the optimal capital structure and free cash flow allocation policies.

The Company plans to provide further details about the specific composition of the Boards of Directors and management teams of each of the separate companies at a later date.

The completion of the separation transaction is subject to certain customary conditions, including but not limited to implementation of inter-company agreements, filing of required documents with the Securities and Exchange Commission and receipt of an opinion of counsel as to the tax-free nature of the transaction. The Company expects that the separation of its businesses, if consummated, would take place in the first quarter of 2015. The Company noted that there can be no assurance that any transaction, including any separation transaction, will ultimately occur or, if a transaction does occur, its terms or timing.

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The Company has retained Citigroup as its financial advisor and Shearman & Sterling LLP as its legal advisor in connection with this process.

Conference Call and Investor Presentation

B/E Aerospace will host a conference call at 8:30 a.m. ET today to review the proposed separation.  To access the call, please dial 888-417-8533 (domestic) or 719-325-2472 (international). The conference ID for the call is 6322351.  Please dial into the call several minutes prior to the start of the call to allow sufficient time for the operator to connect participants.  A simultaneous webcast of the conference call for investors and other interested parties may be accessed by visiting the B/E Aerospace website at www.beaerospace.com.  Slides relating to the investor presentation are available on the investor relations section of B/E’s website.  A replay of the webcast also will be available approximately two hours after the live webcast by visiting www.beaerospace.com.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements involve risks and uncertainties. The Company’s actual experience and results may differ materially from the experience and results anticipated in such statements. Factors that might cause such a difference include those discussed in the Company’s filings with the Securities and Exchange Commission (SEC), which include its Proxy Statement, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. For more information, see the section entitled “Forward-Looking Statements” contained in the Company’s Annual Report on Form 10-K and in other filings. The forward-looking statements included in this release are made only as of the date of this release and, except as required by federal securities laws and rules and regulations of the SEC, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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About B/E Aerospace, Inc.

B/E Aerospace is the world’s leading manufacturer of aircraft cabin interior products and the world’s leading provider of aerospace fasteners, consumables and logistics services. B/E Aerospace designs, develops and manufactures a broad range of products for both commercial aircraft and business jets. B/E Aerospace manufactured products include aircraft cabin seating, lighting systems, oxygen systems, food and beverage preparation and storage equipment, galley systems, and modular lavatory systems. The Company also provides cabin interior reconfiguration, program management and certification services. The Company provides aerospace fasteners, consumables and logistics services as well as oilfield services and associated rental equipment. B/E Aerospace sells and supports its products through its own global direct sales and product support organization. For more information, visit the B/E Aerospace website at www.beaerospace.com.

 

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EX-99.2

B/E AEROSPACE Investor Presentation Creating Two Industry-Leading Companies

B/E Aerospace Investor Conference Call Amin Khoury Founder, Chairman and Co-CEO Tom McCaffrey Senior Vice President and CFO B/E Aerospace Management Team Strategic Rationale Overview of Manufacturing Co. Overview of Services Co. Transaction Overview Questions & Answers

Strategic Rationale

Compelling Strategic Rationale Introducing Two Separate Industry-Leading Companies - one Focused on Aircraft Cabin Interior Equipment - Design, Development, Manufacturing, Certification and Direct Sales on a Global Basis ("Manufacturing Co.") and the other, a Distribution, Logistics & Technical Services Company Serving the Aerospace and Energy Services Markets ("Services Co.") B/E Aerospace to separate into two distinct market leading companies, in a tax-free separation, each with the potential to enter into significant combination transactions in the future Response to diverging business dynamics The Management teams and Boards of Directors of each business, upon separation, will determine the optimal capital structure, free cash flow allocation policy, growth strategy, compensation system and performance measurement metrics Reflects continued focus on addressing the distinct needs of each of our businesses and optimizing long-term shareholder value creation This separation is a continuation of our review of strategic alternatives, and we will continue to aggressively pursue strategic alternatives to maximize shareholder value

Overview of Manufacturing Co.

Manufacturing Co. - Overview Consists of Commercial Aircraft and Business Jet Segments Largest global manufacturer of a broad portfolio of aircraft cabin interior equipment for commercial airliners and business jets Customers include airlines, leasing companies, commercial and business jet OEMs and aircraft completion centers 60% OEM, 40% aftermarket Industry's largest global product support, engineering and sales & manufacturing organizations 2013 Segment Revenues 19% 81% CAS Business Jet $2.2 billion 2013 Revenues by Geography 39% 36% 25% US Europe Other

Manufacturing Co. Investment Highlights Global Market Leadership World's leading manufacturer of aircraft cabin interior products for both commercial airliners and business jets Leading global market shares for all major product categories Largest industry installed base drives retrofit, refurbishment and spares revenues Intimate Customer Relationships Intimate relationship with senior leadership at leading airlines, leasing companies and major OEMs Compelling Growth Prospects Favorable industry dynamics including strong traffic growth, record airline profitability, load factors and yields driving record OEM aircraft deliveries and backlog Record backlog, leveraged to wide body aircraft growth (~12% CAGR over next 4 years) and ~$5bn of awarded but unbooked supplier furnished equipment ("SFE") programs Attractive Financial Profile Strong revenue growth and margin expansion

Commercial Aircraft Segment Leading global manufacturer of aircraft interior equipment Seating Products First, business class and lie-flat seats/beds Main cabin and premium economy Food and Beverage Preparation and Storage Equipment Coffee and beverage makers, water boilers Ovens - steam, convection, high heat, warming, microwave Wine and beverage chillers, refrigerators/freezers, galley air chilling systems Cabin Lighting Systems Full spectrum digital LED lighting Mood lighting, reading lights and accent lighting Oxygen Systems Storage, distribution, delivery Passenger and crew Interior Structures Modular Lavatory Systems Galley Systems Crew rest compartments Engineering Services Aircraft cabin design/modification/ integration, power management, program management and certification

Business Jet Segment Leading global manufacturer of business jet aircraft interior equipment Executive Aircraft Seating Civilian Helicopter Seating VIP Aircraft Seating Cabin Lighting Systems Full spectrum digital LED lighting Mood lighting, reading lights and accent lighting Super First Class Cabins Lay flat comfort beds Dining for two Large screen entertainment systems Personal refrigerators Multiple lighting systems Engineering Certification & Power Management Services

Record Bookings and Backlog Support Future Growth Backlog ~$3.0 billion as of March 31, 2014 (Excludes ~$5.0 billion of awarded, but unbooked SFE programs) Record Q1 2014 bookings ~$766 million, up almost ~45%, and reflect book-to-bill of 1.2 to 1 Q1 2014 most successful awards quarter ever achieved Backlog is Well Disbursed Geographically Europe 29% North America 27% Asia, Pacific Rim & Middle East 44% Total Manufacturing Co. Backlog ($ in billions) ~$7.3 ~$4.5 ~$2.8 ~$8.0 ~$5.0 ~$3.0 March 31, 2013 March 31, 2014 Booked Backlog Unbooked Backlog Total backlog, both booked and awarded but unbooked, ~$8.0 BN

Recent Acquisitions in Business Jet Segment EMTEQ EMTEQ is a leading global manufacturer of aircraft interior and exterior lighting systems, as well as aircraft cabin management and power systems Business jets Commercial airliner retrofits VIP completions Fischer Fischer is the leading manufacturer and supplier of seating products for civilian helicopters, including crashworthy civilian crew and passenger seats to helicopter OEMs

Manufacturing Co. Historical Growth & Margin Profile Years Ended December 31, Revenue ($ in millions) CAGR: 19.0% Operating Earnings ($ in millions) CAGR: 26.0% $1,556 $1,914 $2,203 2011 2012 2013 $245 $323 $389 15.7% 16.9% 17.7% 2011 2012 2013 2013 Results Revenues of $2,203 million with 2-year CAGR of 19.0% Operating earnings of $389 million with 2-year CAGR of 26.0% Operating margin of 17.7% expanded by 200 basis points from 2011

Manufacturing Co. Future Growth and Profit Drivers Commercial Aircraft Segment Industry Drivers Increasing global air travel expected to continue to drive demand Record airline profitability, load factors and yields driving record OEM aircraft deliveries and backlog Company Specific Drivers Record backlog from strong bookings driven by product innovations and market share gains SFE revenues growing significantly with ~$5bn of awarded but unbooked programs Leveraged to increasing demand for wide-body aircraft with expected ~12% CAGR over next 4 years Continued margin expansion Quality backlog Supply chain, LCC sourcing Operational excellence / LEAN Business Jet Segment Super first class market share leader Strong positions globally, including Asia, Middle East, and Europe Ongoing bespoke new product development, a major differentiator Continued market share gains Long-term revenues secured by major program wins and backlog 2013 business jet deliveries turned positive for first time since 2008 2014 inventories at lowest level in five years Growing VIP completions business Continued margin expansion Quality backlog Supply chain, LCC sourcing Operational excellence / LEAN

Overview of Services Co.

Services Co. - Overview Leading provider of aerospace fasteners, consumables and logistics services to the airline and aerospace industries Growing provider of technical & logistics services and associated rental equipment for remote oil & gas drilling sites 2013 Segment Revenues 2% 98% Distribution, Logistics & Services Technical Services & Associated Rental Equipment $1.3 billion 2013 Revenue by Geography 15% 27% 58% US Europe Other 2013 PF Segment Revenues(1) 20% 80% Distribution, Logistics & Services Technical Services & Associated Rental Equipment $1.6 billion 2013 PF Revenue by Geography(1) 12% 22% 66% US Europe Other (1) Pro Forma for all energy acquisitions made since January 2013 as if each acquisition was made on Jan 1, 2013.

Services Co. Investment Highlights Global Market Leader Leading provider of aerospace fasteners, consumables and logistics services to the airline and aerospace industries Unmatched Depth & Breadth of Products & Services Broadest and deepest product portfolio in the world with over 1,000,000 SKU's valued over $1 billion Wide array of value-add services that aid in developing and maintaining customer relationships Premier Technology & Logistics Platform Unrivaled management information systems allowing for optimal execution of customer orders Growing market position in the provision of technical & logistics services and associated rental equipment to the oilfield services industry Long-Standing Customer Partnerships Diverse customer base that includes all major commercial, business jet and military OEMs, aftermarket MROs and airlines Partnerships with key E&P companies, which have a high demand for Service Co.'s oilfield services and associated rental equipment Strong Supplier Relationships Authorized distributor for more than 200 manufacturers including every major fastener manufacturer and represents products for more than 3,000 manufacturers Balanced, Global Footprint Balanced geographical footprint with sales, marketing, customer service and program management specialists in 60 countries globally

Creation of Services Co. Selected Acquisitions and Historical Revenue Growth Since 2001, B/E has acquired a number of businesses within Services Co. for a total of ~$2.8 billion Since 2004, Services Co. revenue has grown at 27% CAGR Energy Acquisitions PF: ~$1,600(1) HCS (Honeywell) (2008) (2001) $37 $97 $104 $144 $174 $252 $387 $697 $798 $773 $944 $1,171 $1,280 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Note: Dollars in millions. Pro Forma for all energy acquisitions made since January 2013 as if each acquisition was made on Jan 1, 2013.

Aerospace Consumables - Key Product Families Fasteners Adhesive, clips, fittings, nuts, screws, rivets, washers Bearings Airframe control, ball, ceramic, roller, thrust Honeywell Proprietary Consumables Supporting: APUs, environmental systems, fuel controls, hydraulic controls, engines, wheels and brakes Hardware Latches, plastic components, struts Chemicals, hazardous and non-hazardous Electrical and Electro-Mechanical Components Lighting Tooling Seals and O-Rings

Premier Technology Platform Services Co. has invested $100+ million in proprietary IT systems to create an unparalleled technology platform for the Aerospace consumables business Planning and Forecasting Includes Planning Tools customized to support both OEM and aftermarket demand planning for customers Customized System / Database Real-time system across all Services Co. locations to support Warehouse Management, JIT services and Kitting Supplier and Customer Portals Supplier and Customer portals for both to view reports, performance and other important data Electronic Data Exchange (EDI) EDI platform and team links Services Co. systems to customer systems E-Commerce New platform includes industry leading part attribute search features Support of Value-Added Services JIT, 3PL, Kitting, as well as products not in standard packages (part attributions, revision levels, etc.) required to support various customer systems

Energy Technical Services Key Offerings Technical & logistics services and associated rental equipment for remote oil and gas drilling sites Completions Mechanical wireline / slickline; flow control - nipples, valves, plugs; sales and placements of composite bridge, ball-drop, and flow-thru-plugs; packer rentals and sales Machine Shop High tech CNC lathe machines; recut and retreading for tubulars and tool joints; crossover, saver, and lift subs; custom designing and machining Fishing Services and Tools Jars, mills, over shots, taps, magnets, boot baskets, casing patches, cutters, impression blocks, clamps, safety joints Pipe Recovery Solve stuck pipe issues in open hole and cased hole situations; utilize chemical cutters, jet cutter, and split shots BOP Shop Restoration and testing of BOP's and other pressure control equipment, values, choke manifolds, and closing units Drilling and Completion Rental Tools and Equipment

Services Co. Historical Growth & Margin Profile Years Ended December 31, Revenue ($ in millions) CAGR: 16.5% $944 $1,171 $1,280 2011 2012 2013 Operating Earnings(1) ($ in millions) CAGR: 18.5% $188 $234 $264 19.9% 20.0% 20.6% 2011 2012 2013 2013 Results Revenues of $1,280 million with 2-year CAGR of 16.5% Operating earnings(1) of $264 million with 2-year CAGR of 18.5% Operating margin(1) of 20.6% expanded 70 basis points from 2011 (1) Operating Earnings and Operating Margin both adjusted to exclude acquisition, integration and transition (AIT) costs of $24.2 million in 2013, $17.2 million in 2012, and $4.5 million in 2011.

Services Co. Growth & Profit Drivers Aerospace Consumables Distribution, Logistics & Services Long-term global air travel growth of ~5% per year Increasing world-wide aircraft delivery rates and installed base Expanding key positions on important customer platforms Trend towards outsourcing more key elements of the supply chain through complex logistics solutions Customer demand for same day service Opportunities to enhance growth through strategic acquisitions Continued margin expansion through successful acquisition integration, cost reductions, footprint rationalization, product line expansion and operating leverage Energy Technical Services and Associated Rental Equipment ~$15bn market size: 2 to 3x larger and growing at twice the rate of aerospace consumables and logistics services market Industry double-digit growth rate Shale gas and oil discoveries and new methods of extraction have uncovered vast untapped oil and gas reserves: 22 states with current drilling activity Demand for technical and logistics services and associated rental equipment throughout the well life cycle E&P Companies preference to rent vs. own Strong margins and return on invested capital Numerous future acquisition opportunities in highly fragmented market

Transaction Overview

Transaction Overview Transaction Structure Tax-free pro rata distribution to B/E Aerospace shareholders of new Services Co. publicly-traded stock Timing Form-10 filing expected August / September 2014 Transaction expected to be completed Q1 2015 Financial Implications Both companies expected to be well capitalized Transaction expenses excluded from 2014 financial guidance which we today raised to $4.35 per share Closing Conditions Subject to customary closing conditions, including receipt of an opinion of counsel as to the tax-free nature of the transaction Effectiveness of Form-10 registration statement

Free Cash Flow Allocation Policies Allocating Free Cash Flow Through Organic Investment M&A Cash Distributions to Shareholders Manufacturing Co. Capital structure consistent with other commercial aerospace manufacturers Growth opportunities weighted towards organic investment versus M&A Services Co. Capital structure will provide flexibility for continued organic growth as well as stock and/or cash acquisitions No planned material acquisitions for 2H 2014

B/E Aerospace Continues to Create Value Total Shareholder Return $120 $100 $80 $60 $40 $20 $0 Period B/E S&P500 B/E Relative Performance(1) 10 Year 1,441% 114% +1,327% 5 Year 487% 131% +356% 1 Year 53% 23% +30% +1,441% Global Financial Crisis Jun-04 jun-06 Jun-08 Jun-10 Jun-12 Jun-14 B/E expects to enter the next phase of business optimization and value creation, beginning with the separation announced today Source: FactSet. Market data as of June 6, 2014. (1) Excess / Deficit versus the S&P 500.

Questions & Answers