From: jeffrey E. <[email protected]> Sent: Wednesday, October 15, 2014 3:33 PM To: Vahe Stepanian Subject: Re: AAL + US Airlines (Cl sell it all On Wed, Oct 15, 2014 at 11:24 AM, Vahe Stepanian «mailto. Classification: Confidential wrote: Good Morning Jeffrey - quick update on AAL. Recall you currently hold the following position: Please let us know should you wish to hold or add to the position. Separately, Vinit / Nav's team in London is highlighting US airlines (majors specifically) per the below. To summari=e, they believe selling lm puts to monetize implied volatility around the 60% level is attractive with 3Q earnings on tap and volatility rising across equity markets. Details included below. Thank you, Vahe Forwarded =y Tazia Smith/db/dbcom on 10/15/2014 10:46 AM From: UzairAcjeel/db ,/=ont> To: Nay Gupta/dbilmillink Vi=it Sahni/db/dbcom@DBEMEA, Date: 10/15/2014 08:38 AM Subject: KCP Capital Markets Ideas - U= Airlines Ill Classification: For internal use only The equity sell-off has left US airlines oversold on a technical basis. We are starting to see interest in getting long the sector given the attrac=ive valuations, particularly as the majors are expected to produce record free cash flow this year. Delta Airline= is about 20% off from the September high (Source: Bloomberg, Oct-15, 2014) EFTA_R1_01775709 EFTA02592683