EFTA01447940

9June 2014 Airlines Delta Air Lines, Inc. ['Historical recommendations and target price: Delta Air Lines, Inc. (DAL.N) (as of 6/6/2014) 45 00 40 00 35 00 3003 ci. 25 00 I 2000 WE 15 00 10 00 500 007 Jun 12 Sep 12 Dec 12 Mar 13 June Sap 13 Dec 13 Mar 14 1. 04/08/2013: 2. 07/25/2013: 3. 10/07/2013: Previous Recommendations Strong Buy Buy Market Perform Underperform Not Rated Suspended Rating Current Recommendations Buy Hold Sell Not Rated Suspended Rating •New Recommendation Structure as of September 9,2002 Buy. Target Price Change USD20.00 4. 10/22/2013: Buy. Target Price Change USD33.00 Buy. Target Price Change USD25.00 5. 01/09/2014: Buy. Target Price Change USD37.00 Buy, Target Price Change USD31.00 6. 04/23/2014: Buy. Target Price Change USD40.00 Equity rating key Buy: Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jetted dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share- holder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes: 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 Equity rating dispersion and banking relationships 500 450 400 350 300 250 200 150 100 50 0 Buy Hold Sea •Compawes Covered "'Cos w/ Banking Relationship North American Universe Deutsche Bank Securities Inc. Page 5 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0102734 CONFIDENTIAL SDNY_GM_00248918 EFTA01447940