EFTA01447948

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 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°/0 over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Page 6 Equity rating dispersion and banking relationships 600 450 400 350 300 I50 200 150 100 50 0 Buy Hold Sell ■Companies Covered •Cos wl Banking Relationship North American Universe Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0102744 CONFIDENTIAL SDNY_GM_00248928 EFTA01447948