Epstein Secrets

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

26% 53% 21% 53 50 6% Composite Index 29% 41% 30% 50 50 0% Your, Inventory 8% 25% 67% 20 20 2% Finanong 24% 74% 3% 60 60 0% Business Conditions nla ni a Na 3.6 3.7 -1% Source. UBS Bissmess Jai Survey $43-44 Our Buy rating on GD reflects an improved defense risk profile and stabilizati

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

rove, 14% expected business conditions to deteriorate and 52% expected business conditions to stay the same. Chart 19: 12-Month Forward Outlook for Business Conditions, January 2012 De'erforale 8% N O Slay tie same / 51% Improve 41% Sane: UBS Business Jet Survey Our I2•month outlook score came in at 66 this

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

26% 53% 21% 53 50 6% Composite Index 29% 41% 30% 50 50 0% Young Inventory 8% 25% 67% 20 20 2% Finanong 24% 74% 3% 60 60 0% Business Conditions nla ni a nia 3.6 3.7 -1% Source UBS Biomass Jet Survey $43-44 Our Buy rating on GD reflects an improved defense risk profile and stabilizatio