ng less than 10x EPS for Gulfstream, we think Europe risk is more than reflected. We continue to believe that GD's defense businesses, particularly Combat Systems, will hold up better than expected and despite European weakness think Gulfstream will grow on initial G650 deliveries and improvement at Jet. Our N

1QA 1OE 1QA Delta %ch Delta %di GD Quarterly Variance Revenues Information Systems & Technology 2.281 2,167 2.370 89 3.9% 203 9.4% Combat Systems 1.317 1,350 1.363 46 3.5% 13 1.0% Marine Systems 1,601 1,650 1,943 342 21.4% 293 17.8% Aerospace 2,125 2,200 2,108 (17) (0.8%)

4.055 4.150 4.358 4,544 Operating Margin inform/ton Systems 8 TechnOlogY 9.2% 91% 90% 8.7% 80% ' 7.7% . 86% . 90% . 90% 9.0% 9.2% Combat Systems 150% 14.6% 146% 15.8% 111% ' 148% ' 15.0% ' 150%' 153%' 152% ' 15 4% ' Menne Systems 97% ' 92% 91% 101% 114% ' 99% ' 96% ' 99% ' 9