EFTA01447940.pdf

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