EFTA01457553

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 - 4000 • 20 00 • 0 00 14 15 Previous Recommendations Strong Buy Buy Market Perform Underperform Not Rated Suspended Rating Current Recommenrlarion Buy Hold Sell Not Rated Suspended Rating 'New Recommendation Structure as of September 9.2002 Me 12 Aug 12 Nov 12 Feb 13 May 13 Aug 13 Piiat13 Feb 14 May 14 Aug 14 Nov 14 Feb 15 1. 07/26/2012: Buy, Target Price Change USD81.00 9. 02/18/2014: Buy, Target Price Change USD121.00 2. 10/25/2012: Buy. Target Price Change USD80.00 10. 04/137/2014: Buy, Target Price Change USD122.00 3. 04/01/2013: Buy. Target Price Change USD78.00 11 07/09/2014: Buy. Target Price Change USD126.00 4. 07/10/2013: Buy. Target Price Change USD/39.00 12. 07/24/2014: Buy. Target Price Change USD130.00 5. 07/25/2013: Buy. Target Price Change USD97.00 13. 09/26/2014: Buy. Target Price Change USD150.00 6. 10/0972013: Buy. Target Price Change USD95.00 14. 014:12/2015: Buy. Target Price Change USD162.00 7. 12/17/2013: Buy. Target Price Change USD106.00 15 03/19/2015: Buy. Target Price Change USD166.00 8. 01/23/2014: Buy, Target Price Change USD115.00 /Equity rating key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jetted dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share- holder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes: 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Deutsche Bank Securities Inc. Equity rating dispersion and banking relationships 600 500 400 300 200 100 0 Buy Hold Sell •Companies Covered ■Cos w/ Banking Flebborshe North American Universe Page 7 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0117144 SDNY_GM_00263328 EFTA01457553