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et and/or rating are subject to possible change in the near term, usually in response to an event that may affect the investment case or valuation. Short-Term Ratings reflect the expected near-tern (up to three months) performance of the stock and do not reflect any change in the fundamental view or investment cas

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)11 +1-212-713 3321 Darryl Genovesi Associate Analyst •1-212-713-4016 This report has been prepare

et and/or rating are subject to possible change in the near term, usually in response to an event that may affect the investment case or valuation. Short-Term Ratings reflect the expected near-term (up to three months) performance of the stock and do not reflect any change in the fundamental view or investment cas

Chart 2: Overall Business Conditions Score 100 ; 50 200 iu 1 11./IrnMr - nanglkIna tn :44 0 UBS Business Jet Market Index —' Rel Pte (RHS) 10 David E. Strauss Analyst Pane strausstguts can .1-212-713 6185 Darryl Genovesi Analyst Offs., genovesigute corn .1-212-713 4016 Ryan Thackston Associate Anal

et and/or rating are subject to possible change in the near term, usually in response to an event that may affect the investment case or valuation. Short-Term Ratings reflect the expected near-term (up to three months) performance of the stock and do not reflect any change in the fundamental view or investment cas

stabilizing, albeit at record witubs cccruinvestmentresearch high levels both in absolute terms and at IS% of the installed base. While still 55% David E. Strauss above prior year levels, available business jet inventories were roughly unchanged Aratyst sequentially in May including a 1% decline in young ava