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iness jet manufacturers we cover, BBD/GD/TXT. Of the suppliers, Buy-rated COL is our preferred play on business jets. Best regards, EFTA00433334 Sean J. Lancaster Bristol Associates Inc. aid direct ext ext 1130 Main Office Mobile FAX UK CELL www.bristolassociates.com This message may contain confident

M. "'Jack , "'Josh "'Ken Gilman"' , "'Pete Seidlitz" "Rob Zeitin er" , "'Royce L. Stevens" , "Todd Crowle CEO 1" "'Tom Keitel'" Subject: FW: UBS Business Jet Survey: Stuck in Neutral Date: Thu, 26 May 2011 12:16:50 +0000 Attachments: BizjetSurvey_MN052611.pdf; disclaim.txt * Index down slightly to 48: O

the shape of the recovery at Cessna given significant oversupply, fractional weakness and increased competition at the low-mid end. Best regards, Sean J. Lancaster Bristol Associates Inc. direct Main Office EFTA00750819 Mobile FAX www.bristolassociates.com This message may contain confidential and/or le

From: "Lesley Groff" <1 To: "Jeevacation" <[email protected]> Subject: FW: UBS Business Jet Survey: Gauging Impact of Europe Date: Fri, 04 Jun 2010 19:14:22 +0000 Attachments: Europe_Survey_MN060310.pdf; Inventory_MN060310.pdf; Cycles_MN05

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

-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

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

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

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

/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

acation '[email protected]] From: Sent: Wed 5/13/2009 12:34:12 AM Subject: FW: UBS Business Jet Update Used Market Showing Signs .pdf From: Sean J. Lancaster [mailto: Sent: Tuesda Ma 12 2009 8:05 PM To: Subject: Sensitivity: Confidential This months report Best regards Sean J. Lancaster Bristol Ass

To: Jeevacation '[email protected]] From: Sent: Wed 5/13/2009 12:34:12 AM Subject: FW: UBS Business Jet Update Used Market Showing Signs .pdf From: Sean J. Lancaster [mailto: Sent: Tuesda Ma 12 2009 8:05 PM To: Subject: Sensitivity: Confidential T

ld, Pricing Falls Further Update MN061009.pdf disclaim.txt Title: FW: UBS Business Jet Update: Used Inventories Hold, Pricing Falls Further From: Sean J. Lancaster [mailta Sent: Wednesday, June 10, 2009 9:55 AM To: 'Alan Goldman'; 'Alex Hsu'; 'Amy Lopez'; 'Bart Cohen'; 'Becky Easley'; 'Bill Houston'; 'Brad Mar

Redditt'; 'Todd Crowley' To: Jeffrey [email protected]] From: Lesley Groff Sent: Wed 6/10/2009 2:49:46 PM Subject: FW: UBS Business Jet Update: Used Inventories Hold, Pricing Falls Further Update MN061009.pdf disclaim.txt Title: FW: UBS Business Jet Update: Used Inventories Hold, P