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I agree with the Stkz explanation, but I'm seeing GE+GF (there's no vertical link between the two horizontal bars on the last letter, so it's not a P). The second character is an E, not a 2... the Luftwaffe almost ALWAYS used an angled center stroke to the number 2, and the character on the aircraft clearly has a horizontal central bar. The first character *seems* to be a G, based on what I can see... I'll try playing with this in Photoshop and see if anything else can be made out.
Neat pic!
Lynn
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