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 /

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 prepared by UBS Securities LLC ANALYST CERTIFICATION AND REQUIRED DISCLOSURES BEGIN ON PAG

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

iate and analyst employed by that affiliate contributing to this report, if any. follows. UBS Securities LLC: David E. Strauss; Cristina Fernandez: Darryl Genovesi. UBS Securities Canada Inc: Tasneem Azim. Company Disclosures Company Name Reuters 12-mo rating Short-term rating Price Price date General Dyn

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.

1./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 Analyst ryan Macaston@ubs corn .1412413 3321 4; fl $7 .' 7 a' ing

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

vestmentreseatch David E. Strauss Anato daed strainsktubs Qom .1-212.7136185 Cristina Fernandez Anaysl cnsmalemancleziNosoom •1.212.713 3321 Darryl Genovesi Asscoate Anatol darrytgenovesigubs corn •1.212.7134016 Tasneem Azim Assooate Anatest tasneemiazenVis corn .1416-814 3678 Chart 1: UBS Business

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

te average asking prices for most young aircraft models have now fallen 30-40% froni peak levels, with pricing down another 3-4% in the past month. Darryl Genovesi While our survey of industry professionals suggests some incremental interest at Associate Analyst these levels, we think record high used availab