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13, 2003 through September 8, 2006 the percentage band criteria used in the rating system was 10%. Addi
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
13, 2003 through September 8, 2006 the percentage band criteria used in the rating system was 10%. Addi
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
13, 2003 through September 8, 2006 the percentage band criteria used in the rating system was 10%. Addi
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
Entities connected to both Doug Band and Business Conditions

UBS AG
ORGANIZATIONCessna
ORGANIZATIONURS AG
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Textron
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Review
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Europe
LOCATIONEuropean Investment Fund
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General Dynamics
ORGANIZATIONTextron Inc.
ORGANIZATIONDavid E. Strauss
PERSONthe Valuation and Risk
ORGANIZATIONCore Banding Exceptions
ORGANIZATIONGeneral Dynamics Corp.
ORGANIZATIONDarryl Genovesi
PERSONUBS Business Jet
ORGANIZATIONGlobal Equity Research
ORGANIZATIONEmbraer
ORGANIZATIONHawker
ORGANIZATIONUBS Securities LLC
ORGANIZATIONBombardier Inc.
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