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009 and UBS esbmales for future periods. TXT PE multiple for the current period Sects our 2010 imamate. Source: UBS eslimales UBS 3 EFTA00775618 UBS Business Jet Update 10 June 2009 Available Inventory Levels We estimate 3,057 business jet aircraft available for sale at the end of May (including 2,878 used
ays after the most recent month's end). Unless otherwise indicated, please refer to the Valuation and Risk sections within the body of this report. General Dynamics Corp. (US$) Prce Target (US$) — SIOCk Ptt. (MI 120- 140- SO- E0- 40- 20- 0 1 1 I I I I I I I I I I I I I I I I I S s 7 V / 2 4 /
of this report. Investors should consider this report as only a single factor in making their investment decision. EFTA_R1_01473294 EFTA02411799 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
yl Genovesi. UBS Securities Canada Inc: Tasneem Azim. Company Disclosures Company Name Reuters 12-mo rating Short-term rating Price Price date General Dynamics Corp. GD.N Buy N/A USS76.94 23 Mar 2010 Rockwell Collins Inc.'* 4 5' a a a L IL 16.15s COL.N Buy N/A USS62.85 23 Mar 2010 Textron Inez s. a
s corn .1412413 3321 4; fl $7 .' 7 a' ingagtg.tgl 7.73 3. .7 ' Simple average B8BGOTTX3 Mock price performance index 'static. to SSP 500 Sawa: UBS Business Jet Survey Source. UBS Business Jet Survey This report has been prepared by UBS Securities LLC ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON
C: David E. Strauss: Darryl Genovesi. Ryan Thackston. Company Disclosures Company Name Reuters 12-mo rating Short-term rating Price Price date General Dynamics Corp. GD.N Buy N/A US$69.71 01 Feb 2012 Rockwell Collins Inc. 2.4. 7' 6.76' 66' r• tit ru COL.N Buy N/A US$59.12 01 Feb 2012 Textron Inc. 6C.
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
yl Genovesi. UBS Securities Canada Inc: Tasneem Azim. Company Disclosures Company Name Reuters 12-mo rating Short-term rating Price Price date General Dynamics Corp. GD.N Buy N/A USS76.94 23 Mar 2010 Rockwell Collins Inc.'* a• 5' a a a 7' IL Ia. iiis COL.N Buy N/A USS62.85 23 Mar 2010 Textron Me- l
Entities connected to both UBS Business Jet and General Dynamics Corp.
Doug Band
PERSONDarryl Genovesi
PERSONDavid E. Strauss
PERSON
Review
ORGANIZATIONthe Valuation and Risk
ORGANIZATIONCore Banding Exceptions
ORGANIZATION
Textron
ORGANIZATIONEuropean Investment Fund
ORGANIZATIONCessna
ORGANIZATIONTextron Inc.
ORGANIZATIONEmbraer
ORGANIZATIONGlobal Equity Research
ORGANIZATIONUBS Securities LLC
ORGANIZATION
UBS AG
ORGANIZATION
General Dynamics
ORGANIZATIONBusiness Conditions
ORGANIZATIONUBS Business Jel Survey
ORGANIZATIONUBS Laded
ORGANIZATIONBombardier Inc.
ORGANIZATIONUBS Business Jet Survey Score
ORGANIZATION