From: Sean 1 Lancaster Sent: Thursday, July 14, 2011 2:26 PM To: 'Alan Goldman': Alex Hsu'; 'Amy Lopez*: tart Cohen': 'Becky Easley'; 'Bill Houston': 'Brad Martin'; 8t 1 Aviation Partners, LLC'; Eileen M. Gleimer Esq.'; 'Helen Kim'; 'lack Gulbin; 'Jeffrey Epstein'; 'Josh Tarnow ; 'Ken Gilman': Wesley Taylor; McLemore, Samantha'; 'Pete Seidlitz'; Rob Zeitinger, 'Royce L. Stevens'; 'Sam Redditt'; 'Todd Crowley CEO '; 'Tom Keitel'; Subject: FW:U usu ”I I WIMrvey: tecovery Not Materializing Attachments: BizjetSurvey_MN071211.pdf; BizjetCycles_MN062711.pdf; Inventory_MN071211.pdf; disclaim.txt This month's report * Index =alls to 42, all cabin classes lower: Our latest =usiness let Market Index came in at 42, 12% lower than our prior survey =rom May. The drop was across all cabin classes as our small and midsize =abin indices both fell 15% to 38 (from 44) and 42 (from 49), =espectively, while large cabin declined by 6% to 47 (from 50). Our =traight up measure of absolute business conditions moved slightly lower =o 4.1 (from 4.2). * Customer =nterest drops 16%: Lower =ustomer interest and continued oversupply were the main drivers of the =rop in our index. Our customer interest score declined 16% to 55, =ower, albeit still above 50 indicating incremental improvement. By =egion, customer interest is relatively strong in Asia (68), Latin =merica (62) and North America (58) as compared to Europe (49) and =iddle East (46). * Less =ptimistic for meaningful 2012 recovery: We believe =ur survey reflects a still oversupplied market that continues to bounce =long bottom and leaves us less optimistic about a meaningful recovery =n 2012. However, we still see positive risk-rewards with the stocks =hat we think incorporate very little for business jets at these levels =ncluding Buy- rated COL/GD/TXT. E<=pan rtyle=sfont-size:11.0pt;font-family:"Arial","sans-serif";color:441F49701= +1-540-533-8183 Mobile EFTA_R1_00111092 EFTA01787598