From: "Sean J Lancaster"

From: "Sean J Lancaster" To: "Sean J Lancaster" Subject: This month's report Date: Mon, 26 Mar 2012 12:42:08 +0000 Attachments: Bizjet_Survey_MN032512.pdf; disclaim.txt Inline-Images: image001.png; image002.gif > > • Index at 49, up 21%: Our latest Business Jet Market Index came in at 49, 21% higher than our prior survey from January with all three market segment indices (small/mid/large) increasing to near 50. Our measure of absolute business conditions increased 12% to 4.5, as high as it has been since 2008. • Customer interest & 12 mo outlook lead survey: All five component scores moved higher with large increases in our customer interest, pricing and 12-month outlook scores driving the overall increase in our index. Our customer interest and 12-month outlook scores are both now well above 50, indicating incremental improvement, although still high inventory levels remain a drag on our index. • North America customer interest strongest: Our overall customer interest score increased 27% led by strength in North America (73), Latin America (68) and Asia (66), partially offset by relative weakness in Middle East (53) and Europe (40). • See positive risk-rewards for stocks: We believe North America bizjet is improving driven by replacement demand postponed during the downturn. While the bizjet stocks have moved higher, we still see positive risk-rewards as we don't think stocks incorporate much for bizjets at current levels including Buy rated TXT/COL/GD. 100 so - 0 1111111111111111 tmpkatmpktetpktetsR8t sR8e atmg8gatm$.86Osa-zs8 li m-mm- m-mm- Best regards, regards, Sean J. Lancaster Bristol Associates Inc BRISTOL ASSOCIATES This message may contain confidential and/or legally privileged information. If you am not the intended recipient of the message. please destroy it. Any unauthorized dissemination. distribution or copying of the material in this message. and any attachments to the message. is EFTA00660475 strictly forbidden. (c) 2012 aN rights reserved. EFTA00660476