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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 *

-43 103 90 ti UBS it s iness Jet Make/ Index —*Rd Pert (RHS) ' Simple average BBIYGD/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+1-202-68

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

Josh Tarnow Gilman'" ='Lesley Ta or'" < ramanthe "'Royce L. Stevens"' < >, "'Todd Crowley =EO "' < Reply-To: This month's report Subject: FW: UBS Business Jet Survey: Recovery Not =aterializing >, =Beck >, =Brad Martin'" < > <co "'Jack =ulbin'" < =Pete Seidlitz' "'Amy r °pee" Easle I" >, , 'David

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

/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 November: Our latest Business Jet Market Index came in at 41, in line

l providers. management chartee, FBO and MRO service providers. Source: UBS Business Jel Survey N44 The majority of our participants are located in North America (75%), although most transact a significant proportion of their business with foreign customers. Chart 6: Business Jet Market Survey—Participant Lo

of this report. Investors should consider this report as only a single factor in making their investment decision. EFTA_R1_01519443 EFTA02443877 UBS Business Jet Survey 24 Mach 2010 Business Jet Market Survey Our UBS Business Jet Market Survey is designed to provide timely market data supplied directly by i