EFTA02691211

From: Lesley Groff < Sent: Thursday, July 14, 2011 2:29 PM To: Jefffrey Epstein Subject: Fwd: UBS Business Jet Survey: Recovery Not Materializing Attachments: image001.gif; Untitled attachment 00015.htm; BizjetSurvey_MN071211.pdf; Untitled attachment 00018.htm; BizjetCycles_MN062711.pdf, Untitled attachment 00021.htm; Inventory_MN071211.pdf; Untitled attachment 00024.htm; disclaimtxt; Untitled attachment 00027.htm Begin forwarded message: From: "Sean J Lancaster" Date: July 14, 2011 10:26:11 AM EDT To: "'Alan Goldman'" = M. Zucchero'" < >=, "'Alex Hsu'" < », =Bart Cohen'" < Houston'" < > ='C & J Aviation Partners LLC'" < >, = Epstein' <'eevacation@ mail.com>, =Josh Tarnow Gilman'" ='Lesley Ta or'" < ramanthe "'Royce L. Stevens"' < >, "'Todd Crowley =EO "' < Reply-To: This month's report Subject: FW: UBS Business Jet Survey: Recovery Not =aterializing >, =Beck >, =Brad Martin'" < > <co "'Jack =ulbin'" < =Pete Seidlitz' "'Amy r °pee" Easle I" >, , 'David ='Eileen M. Gleimer Esq.'" >, =Jeffrey >, ='Ken —Mclemore, > >, "Rob =eitinger" >, "'Sam Redditt"' * Index falls to 42, all cabin =lasses lower: Our latest Business Jet =arket Index came in at 42, 12% lower than our prior survey from May. =he drop was across all cabin classes as our small and midsize cabin =ndices both fell 15% to 38 (from 44) and 42 (from 49), respectively, =hile large cabin declined by 6% to 47 (from 50). Our straight up =easure of absolute business conditions moved slightly lower to 4.1 =from 4.2). EFTA_R1_02032835 EFTA02691211 * Customer interest drops 16%: Lower customer interest and =ontinued oversupply were the main drivers of the drop in our index. Our =ustomer interest score declined 16% to 55, lower, albeit still above 50 =ndicating incremental improvement. By region, customer interest is =elatively strong in Asia (68), Latin America (62) and North America =58) as compared to Europe (49) and Middle East =46). • Less =ptimistic for meaningful 2012 recovery: We believe our survey =eflects a still oversupplied market that continues to bounce along =ottom and leaves us less optimistic about a meaningful recovery in =012. However, we still see positive risk-rewards with the stocks that =e think incorporate very little for business jets at these levels =ncluding Buy-rated COL/GD/TXT. Sean J. Lancaster 2 EFTA_R1_02032836 EFTA02691212