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M Oftl °CO N 2Z2Z2Z2Z2Z2Z2Z2Z2Z2Z2Z2Z2Z2 0-10 Years 10+ Years —% of Fleet Available for Sale 8 3 .0 ae ae Source: JETNET and UBS essmans Global Equity Research Americas Aerospace Sector Comment 10 June 2009 wew.ubs.cornfinvestrrentresearch David E. Strauss Ma st •7.212-7136181 Cristina Fernandez Ma
sdnand AG is regulated by to Bena:annan fur Finaralensrlasti~cht geaFril. Spaln: Preparat by UDS Limited and Ostntbrod by UDS Limled and Les Savna*: Espana SV. SA_ UDS Securtes Espana SV. SA h regibad by Mo Garnison National del therC800 de Vegre. (004V) Tariff: Nedad by UBS Manke Crawler AS On be alt d an
e positive risk-rewards with the stocks that we think still incorporate little for business jets at current levels including Buy-rated COLJGD/TXT. Global Equity Research Americas Aerospace Sector Comment 2 February 2012 waves ccrruinvestmentresearch Chart 1: UBS Business Jet Market Index Chart 2: Overall Busine
rtesanelan fur PinantdienillestsonnapulaCht Main/ Stela Natant' by UBS timed and celnbubd by ISS Limited and VBS Saurian EstalOst SV SA 005 Secure., Espana SV, SA if staled by Me Casson Sonoma del Medan On Valera (CNIAVI Turley Prepared by UBS Menke' Began, A5 on Oohed of Art distrib ted by UBS Laded Russi
ractional weakness, and increased competition at the low-mid end (Embraer). Of the suppliers. Buy rated COL is our preferred play on business jets. Global Equity Research Americas Aerospace Sector Comment 24 March 2010 ww* ute cony nvestmentresearch David E. Strauss Ana/5i davId.Straungisba Oten •1-212.7136185
Ito Fritinzdeenalentongssursitte. (BaF-n) Spain: Prepared by OSS Lasted and Ontrtarnd by 1-135 Inited and UBS Securitme Esparta SV SA UBS Socotra,. Espana SV. SA n regulated by Pro C«a»en NalaCnal dal Morena} de Vetoes (COIN, Taster Pretan0 by UBS bnanku] Dewier AS on Wen of and &Medea by ISS Limited Russ
Entities connected to both Global Equity Research and Espana SV
Doug Band
PERSON
Review
ORGANIZATION
Textron
ORGANIZATIONTextron Inc.
ORGANIZATIONEmbraer
ORGANIZATIONUBS Business Jet
ORGANIZATIONEuropean Investment Fund
ORGANIZATIONCore Banding Exceptions
ORGANIZATIONGeneral Dynamics Corp.
ORGANIZATIONthe Valuation and Risk
ORGANIZATIONDavid E. Strauss
PERSONDarryl Genovesi
PERSON
UBS AG
ORGANIZATION
Europe
LOCATIONBombardier Inc.
ORGANIZATION
General Dynamics
ORGANIZATIONUBS Securities LLC
ORGANIZATIONCessna
ORGANIZATIONBusiness Conditions
ORGANIZATIONUBS Business Jel Survey
ORGANIZATION