EFTA01457553.pdf

30 April 2015 Aerospace & Defense Electronics General Dynamics IHistorical recommendations and target price: General Dynamics (GD.N) (as of 4/29/2016) 160 00 Previous Recommendations 14 15 Strong Buy 140 00 Buy Market Perform 120 00 Underperform Not Rated Suspended Rating Current Recommenrlarion 80 00 Buy Hold 60 00 - Sell Not Rated 4000 • Suspended Rating 'New Recommendation Structure 20 00 • as of September 9.2002 0 00 Me 12 Aug 12 Nov 12 Feb 13 May 13 Aug 13 Feb 14 May 14 Aug 14 Nov 14 Feb 15 Piiat13 1. 07/26/2012: Buy, Target Price Change USD81.00 9. 02/18/2014: Buy, Target Price Change USD121.00 2. 10/25/2012: Buy. Target Price Change USD80.00 10. 04/137/2014: Buy, Target Price Change USD122.00 3. 04/01/2013: Buy. Target Price Change USD78.00 11 07/09/2014: Buy. Target Price Change USD126.00 4. 07/10/2013: Buy. Target Price Change USD/39.00 12. 07/24/2014: Buy. Target Price Change USD130.00 5. 07/25/2013: Buy. Target Price Change USD97.00 13. 09/26/2014: Buy. Target Price Change USD150.00 6. 10/0972013: Buy. Target Price Change USD95.00 14. 014:12/2015: Buy. Target Price Change USD162.00 7. 12/17/2013: Buy. Target Price Change USD106.00 15 03/19/2015: Buy. Target Price Change USD166.00 8. 01/23/2014: Buy, Target Price Change USD115.00 /Equity rating key Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total 600 share-holder return (TSR = percentage change in 500 share price from current price to projected target price 400 plus pro-jetted dividend yield ) , we recommend that investors buy the stock. 300 Sell: Based on a current 12-month view of total share- 200 holder return, we recommend that investors sell the 100 stock 0 Hold: We take a neutral view on the stock 12-months Buy Hold Sell out and, based on this time horizon, do not recommend either a Buy or Sell. •Companies Covered ■Cos w/ Banking Flebborshe Notes: North American Universe 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -10% and 10% over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Deutsche Bank Securities Inc. Page 7 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117144 CONFIDENTIAL SDNY_GM_00263328 EFTA01457553