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s and may be based ar itor-en assurrotan Dittoed omsummens by UBS a any ono scorce may peal subarea's, deferent results UM«, Kingdom and IM rota of Europa: Exam: at Warms. spoiled heren Ins ,rateral Is commonyeated by UBS Limited a imbialary Or UBS AG. to persons who am effgent Cerantenuartrei a otorea
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 $43-44 Our Buy rating on GD reflects an improved defense risk profile and stabilizati
nd may be breed on cabin astreplate Different rismaphons, by UBS or any other fovea nag yea surdarsiny different sours United Kingdom and be ant of Europa: Except es edemase spatted herein. this neirir o amneacated by U8$ knifed. a subsidiary ol V85 AG. to persons who se eliable Cossilerpørtes a priase
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
ons and any be based ar cenan assunsotays Ordain, assumptais ey UBS a any Met scurce may mad substarcaly deferent roman UMW' Kingdom and the met of Europa: Exam: as oirermse spenhed herein Ms anima Is commurscaled by UBS Limited a scam:lay Or UBS AG. to persons wen am engtre Cnaltetnatteb a ~conceal We
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
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