EFTA Document EFTA01999679

To: Goldm Lopez Easley Martin LLC Zucehero Jack Gulbin Tayto Samantha Zeiting Redditt Keitel tion©g Alex Hsu Eileen M. Gleimer Esq ; Jeffrey Epstembeevacation©gmail.com]; ;Amy , Brad C & J Aviation Partners, David M. McLemor From: Sean J Lancaster Sent: Thur 7/14/2011 2:26:11 PM Subject: FW: UBS Business Jet Survey: Recovery Not Materializing BizietSurvev MN071211.pdf BizietCycles MN062711.pdf Inventory MN071211.pdf disclaim.txt Title: UBS Business Jet Survey: Recovery Not Materializing This month's report • Tom ; Lesley Sam • Index falls to 42, all cabin classes lower: Our latest Business Jet Market Index came in at 42, 12% lower than our prior survey from May. The drop was across all cabin classes as our small and midsize cabin indices both fell 15% to 38 (from 44) and 42 (from 49), respectively, while large cabin declined by 6% to 47 (from 50). Our straight up measure of absolute business conditions moved slightly lower to 4.1 (from 4.2). • Customer interest drops 16%: Lower customer interest and continued oversupply were the main drivers of the drop in our index. Our customer interest score declined 16% to 55, lower, albeit still above 50 indicating incremental improvement. By region, customer interest is relatively strong in Asia (68), Latin America (62) and North America (58) as compared to Europe (49) and Middle East (46). • Less optimistic for meaningful 2012 recovery: We believe our survey reflects a still oversupplied market that continues to bounce along bottom and leaves us less optimistic about a meaningful recovery in 2012. However, we still see positive risk-rewards with the stocks that we think incorporate very little for business jets at these levels including Buy-rated COUGD/TXT. Best regards, EFTA_R1_00495678 EFTA01999679 Sean J. Lancaster Bristol Associates Inc. www.bristolassociates.com BRISTOL ASSOCIATES This message may contain confidential and/or legally privileged information. If you an not the intended recipient of the message. please destroy it. Any unauthonzed dasemmatoon. distnbution or copying of the material trt this message. and any attachments to the message. is stnctly forbidden. (c)20t1 all rights reserved. EFTA_R1_00495679 EFTA01999680