EFTA01447948.pdf

27 June 2014 Airlines The View (from 35.000 feet) Appendix 1 Important Disclosures Additional information available upon request For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at htty.figmdb.comiger/disclosure/DisclosureDirectorv.easr Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subject issuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive any compensation for providing a specific recommendation or view in this report. Michael Linenberg rEquny wing 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 450 share price from current price to projected target price 400 350 plus pro-jetted dividend yield ) , we recommend that 300 investors buy the stock. I50 200 Sell: Based on a current 12-month view of total share- 150 holder return, we recommend that investors sell the 100 50 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 wl Banking Relationship 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°/0 over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Page 6 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0102744 CONFIDENTIAL SDNY_GM_00248928 EFTA01447948