EFTA Document EFTA01447637

Deutsche Bank Markets Research Elating Buy North America United States Industrials Chemicals / Specialty ..,. :`ipso, Eastman Chemical EMIUN EMN UN ..n NYS EMN Share Price Decline Unwarranted C ,Nleof overdone. Valuation compelling at 1O 1EE vs Do:: at 14 tihi Bav Eastman shares fell 8% despite a solid 02 beat and the reaffirming of '14 guidance as investors focused on i) new '15 guidance of $7.50-$8.00 (vs $8 previously) and ii) a lowering of '14 Fibers (largest and highest