EFTA Document EFTA01457551

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 2018E GO Income Statement Revenues eformnion Systems 8 Teel=logy 2.370 " 2.033 2 112 2277 10617 " 10268 ' 9159 ' 8.793 ' 8,706 8.531 8.360 Ccrntet Syslems 1.363 1.400 1 475 1.494 8.161 ' 6120 ' 5732 ' 5732 ' 6.019 6.320 6,320 Menne Systems 1943 1.850 1.875 1.900 6.%2 ' 6.712 " 7.312 ' 7,568 ' 7.795 ' 7,951 8,110 Aercepece 2.108 2100 2 403 2,592 6.912 4 8.118 4 8649 4 9.200 ' 9.330 9,765 10253 Resources/Other 2 4 2 2 2 2 2 2 2 2 2 Total 7,784 7.383 7.862 8.263 31.482 31.218 30.652 ' 31,293 ' 31.818 32,566 33.043 %ch 6% (1%) 1% (0%) (3%) (15.1 11%) 1% 2% 2% 1% 42% 43% 44% 44% 29% a% 43% 43% 49% 47% hismatoon Systems 8 Tecate/00Y 217 185 190 198 798 • 795 785 " 790 780 766 765 Castel Systems 204 205 215 236 1668 904 882 860 920 GEO 975 Menne Systems 188 170 170 192 750 656 703 720 730 750 750 Aerospace 431 405 49) 474 1.049 1.416 1.611 1.750 1.785 1.948 2.119 ResourcesnOtner il l ati) u ilia , sG Segment Operating Profit 1,027 947 997 ' 1,084 3,591 56m5 3.889 4,055 4.150 4.358 4,544 %ch 18% (03 (011) 1% (6%) 2% 6% 4% 2% 5% 4% Total Me unanocated 3 a2) a .1 2 2 2 2 TOOT Operating Profit 1.030 1117 997 1.081 3.563 3.693 3.888 4.055 4.150 4.358 4,544 Operating Margin inform/ton Systems 8 TechnOlogY 9.2% 91% 90% 8.7% 80% ' 7.7% . 86% . 90% . 90% 9.0% 9.2% Combat Systems 150% 14.6% 146% 15.8% 111% ' 148% ' 15.0% ' 150%' 153%' 152% ' 15 4% ' Menne Systems 97% ' 92% 91% 101% 114% ' 99% ' 96% ' 99% ' 94% 94% 92% Aerospace 20 4% 1 193% 183% 18.3% 15.2% ' 17.4% " 186% .1 19 0% ' 192% 199% 207% Rescurces/Ctner NM NM NM NM NM NM NM NM NM NM NM Tobl 13.2% 12.8% 12.7% 13.1% 11.3% 11.8% ' 12.6% ' 13.0%' 13.0% 13.4% 13.8% interest Expense net 21 21 21 21 156 86 86 82 62 82 82 Pretax Income 1.010 927 977 1.061 3.927 3,607 3,802 3,973 4.068 4,276 4462 % Sales 13.0% 12.5% 124% 12.8% 108% 11.6% 12.3% 127%' 12.8% 131% 135% Taxes 293 273 288 318 1.122 1.121 1,129 1.172 1.241 1,304 1,361 Eflectne tax rate 29.0% 29.5% 295% 300% 32.7% 311% 29.7% 29 5% . 305% 335% 305% Net Income, agitated 717 653 688 743 2.305 2.486 2.673 2.801 2.827 2,972 3.101 % Sales 9.2% 88% 88% 90% 7.3% &0% 8,7% . 9.0% ' &9% 91% 9.4% One time items net c‘ tax o 0 0 0 0 0 0 0 0 0 0 Extraordinary Awns 0 0 0 0 (2651) ' 0 0 0 0 0 0 Ctscont operalicos 0 0 0 0 0 (129) (140) 0 0 0 0 Net Income, repartee 717 653 688 743 (332) 2,357 2.533 2.801 2.827 2,972 3.101 % S9as 92% 88% 88% 90% .1.0% 76% 82% 90% 89% 91% 94% EPS, Adjusted 2.14 1.99 2.12 2.29 6.48 . 7.03 7.83 , 8.54 ' 8.89 9.74 10.55 %ch 25% 6% 3% 4% (7%) 9% 11% 9% 4% 10% 8% EPS. OAAP corn ops 2.14 1.99 212 2.29 6.48 7.03 7.83 8.54 8.89 9.74 10.55 % eh 25% 6% 3% 4% (7%) 0% 11% 9% 4% 10% 8% Cksconl operations 000 000 0 CO 000 0.00 (031) (041) 000 000 003 000 FPS. Reported 2.14 1.99 112 228 (0.93) 6.67 7.42 8.54 8.89 9.74 10.55 Aw Oluted Shays 334.7 328.0 3250 324 3 355.7 3535 341,3 328 0 318.0 3050 294.0 Sou cep Lanett 5.-k en• noon Deutsche Bank Securities Inc. Page 3 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SONY-0117140 CONFIDENTIAL SDNY_GM_00263324 EFTA01457551