From: Tazia Smith To: jeevacationggmail.com Cc: Paul Morris a Subject: American Airlines... [C] Date: Thu, 24 Apr 2014 18:02:52 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3) Classification: Confidential corrected calVput flip in prior email that paul called my attn to and updated levels here: AAL current spot ref $37.65 Jan 20 call $17.80 x $18.60 Jan 20 put $0.30 x $0.55 Implies $17.25 net vs. your $6 cost, currently +$1.125M on your position Source: Bloomberg 4/24/14 From: Tazia Smithidtedbcorn To: [email protected]. Cc: Date: 04/24/2014 11:46 AM Subject: American Airlines (+1.05mm).... IC) Classification: Confidential Good Morning Jeffrey - American Airlines reported a s solid earnings beat this AM ($0.54 vs. $0.48 eps, inline revs of $10bn). Delayed response in stock price as geopolitical fears (Putin) over-rode a decent durable goods beat in the US, but now, as you know, equity markets have reversed to the upside and AAL is outperforming. Interday and 12mo charts below. Bloomberg markets on your risk reversal here (they're wide, just fyi): Jan 20 put 0.30 x 0.45 Jan 20 call 17.0 x 18.60 Implies $16.55 net vs. your $6 cost, currently +$1.05M on your position Indicative level only, subject to market movement. Source: Bloomberg 4/24/14 AAL Interday Price History as of 4124114 EFTA00689064