30 April 2015 Aerospace & Defense Electronics General Dynamics [Figure 1: GD 10 Variance Analysis 2014 2015 Year-over-war vs. Estimates (Millions of SLISD. except EPS) 1QA 1OE 1QA Delt

30 April 2015 Aerospace & Defense Electronics General Dynamics [Figure 2: GD Income Statemeni 2015E (Wan cl SUS° except EPS) IOA 20E 30E 40E 2012A 2013A 2014A 2015E 2016E 2017E 201

30 April 2015 Aerospace & Defense Electronics General Dynamics Appendix 1 Important Disclosures Additional information available upon request Disclosure checklist Company Ticker Recent pr

30 April 2015 Aerospace & Defense Electronics General Dynamics Regulatory Disclosures 1.Important Additional Conflict Disclosures Aside from within this report, important conflict disclosures

30 April 2015 Aerospace & Defense Electronics General Dynamics IHistorical recommendations and target price: General Dynamics (GD.N) (as of 4/29/2016) 160 00 140 00 120 00 80 00 60 00 -

30 April 2015 Aerospace & Defense Electronics General Dynamics to or inspired by the contents of this publication. The risk of loss in futures trading and options, foreign or domestic. can be