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h outlook scores are both now well above 50, indicating incremental improvement, although still high inventory levels remain a drag on our index. • North America customer interest strongest: Our overall customer interest score increased 27% led by strength in North America (73), Latin America (68) and Asia (6

ding Buy rated TXT/COL/GD. 100 so - 0 1111111111111111 tmpkatmpktetpktetsR8t sR8e atmg8gatm$.86Osa-zs8 li m-mm- m-mm- Best regards, regards, Sean J. Lancaster Bristol Associates Inc BRISTOL ASSOCIATES This message may contain confidential and/or legally privileged information. If you am not the intended

From: "Sean J Lancaster" < To: "Sean J Lancaster" < Subject: This Month's Report: Business Jet Survey: Stable Overall, North America Improving Date: Thu, 02 Feb 2012 14:15:08 +0000 Attachments: BizjetSurvey_MN020212.pdf Inline-Images: image001.png; image002.png; image003.gif *

GD/TXT clod < price performance index relative to 500 Source: UBS Business Jet Survey Sane: UBS Busitoss Jet Survey EFTA00660780 Best regards, Sean J. Lancaster Bristol Associates Inc. 0)+1-540-665-5135 direct 2+1-202-682-4000 ext 1130 Main Office +1-540-533-8183 Mobile I +1-202-682-1809 FAX +011-44 789

er, albeit still above 50 =ndicating incremental improvement. By region, customer interest is =elatively strong in Asia (68), Latin America (62) and North America =58) as compared to Europe (49) and Middle East =46). • Less =ptimistic for meaningful 2012 recovery: We believe our survey =eflects a still oversu

see positive risk-rewards with the stocks that =e think incorporate very little for business jets at these levels =ncluding Buy-rated COL/GD/TXT. Sean J. Lancaster 2 EFTA_R1_02032836 EFTA02691212

To: Sean J Lancaste From: Sean J Lancaster Sent: Thur 2/2/2012 2:15:08 PM Subject: This Month's Report: Business Jet Survey: Stable Overal I, North America Improving BizjetSurvey MN020212 pdf Title: FW: UBS Business Jet Survey: Stable Overall, North America Improving • Index at 41, unchanged from Nove

iii • Simi* average BBSGEWT XI stock pnce Ferlonnance relative to S&P 500 Son US$ Buenas Jet Survey Source MS Business Jet Survey Best regards, Sean J. Lancaster Bristol Associates Inc. www.bristolassociates.com EFTA_R1_00225635 EFTA01840636 BRISTOL ASSOCIATES This message may contain confidential and