Epstein Secrets

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 /

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

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

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 Cristina Fernandez Anaysl cnsbnalemandez@Lissoom •1.212.713 3321 Darryl Genovesi Asscoate Analy

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.

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

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

L is our preferred play on business jets. Global Equity Research Americas Aerospace Sector Comment 24 March 2010 ww*.ubs comonvestmentreseatch David E. Strauss Anato daed strainsktubs Qom .1-212.7136185 Cristina Fernandez Anaysl cnsmalemancleziNosoom •1.212.713 3321 Darryl Genovesi Asscoate Anatol

liates and, consequently, revenues arisen from transactions held by Banco UBS Pactual S.A. and/or its affiliates. Company Disclosures Company Name General Dynamics Corp." Textron Inc.'''' s• Ba• ore."•7*". Reuters 12-mo rating Short-term rating Price Price date GD.N Neutral N/A US$59.25 09 Jun 2009 TXT.N Ne

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