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42 8.54 8.89 9.74 10.55 Aw Oluted Shays 334.7 328.0 3250 324 3 355.7 3535 341,3 328 0 318.0 3050 294.0 Sou cep Lanett 5.-k en• noon Deutsche Bank Securities Inc. Page 3 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SONY-0117140 CONFIDENTIAL SDNY_GM_00263324 EFTA01457551
30 April 2015 Aerospace & Defense Electronics General Dynamics [Figure 2: GD Income Statemeni 2015E (Wan cl SUS° except EPS) IOA 20E 30E 40E 2012A 2013A 2014A 2015E 2016E 2017E 201
lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Myles Walton Page 6 Deutsche Bank Securities Inc CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117143 CONFIDENTIAL SDNY_GM_00263327 EFTA01457552
30 April 2015 Aerospace & Defense Electronics General Dynamics Appendix 1 Important Disclosures Additional information available upon request Disclosure checklist Company Ticker Recent pr
ent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at htto://am.db.com. Page 8 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED R CRIM. P. 6(e) DB-SDNY-0117145 CONFIDENTIAL SDNY_GM_00263329 EFTA01457554
30 April 2015 Aerospace & Defense Electronics General Dynamics Regulatory Disclosures 1.Important Additional Conflict Disclosures Aside from within this report, important conflict disclosures
dividends) between -10% and 10% over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Deutsche Bank Securities Inc. Equity rating dispersion and banking relationships 600 500 400 300 200 100 0 Buy Hold Sell •Companies Covered ■Cos w/ Banking Flebborshe
30 April 2015 Aerospace & Defense Electronics General Dynamics IHistorical recommendations and target price: General Dynamics (GD.N) (as of 4/29/2016) 160 00 140 00 120 00 80 00 60 00 -
lt of changes in market and/or economic trends, and/or fluctuations in market value. Before deciding on the purchase of financial products Page 10 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117147 CONFIDENTIAL SDNY_GM_00263331 EFTA01457555
30 April 2015 Aerospace & Defense Electronics General Dynamics to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic. can be
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