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13, 2003 through September 8, 2006 the percentage band criteria used in the rating system was 10%. 1185

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

13, 2003 through September 8, 2006 the percentage band criteria used in the rating system was 10%. Addi

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

13, 2003 through September 8, 2006 the percentage band criteria used in the rating system was 10%. Addi

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

13, 2003 through September 8, 2006 the percentage band criteria used in the rating system was 10%. Addi

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

13, 2003 through September 8. 2006 the percentage band criteria used in the rating system was 10%. UBS

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