EFTA01462065.pdf

29July 2014 Chemicals / Specially Eastman Chemical Historical recommendations and target price: Eastman Chemical (EMN.N) (as 0( 7/29/2074) 100 00 Previous Recommendations 90 00 - Strong Buy Buy 90 00 Market Perform Underpart win 7000 Not Rated Suspended Rating 6000 Current Recommendations 50 00 Buy 40 00 Hold Sell 30 00 Not Rated Suspended Rating 20 00 'New Recommendation Structure as of September 9.2002 10 00 000 Au 11 Nov 11 Feb 12 May 12 Aug 12 Nov 12 tve May 13 Aug 13 Nov 13 Fab 14 May 14 I. 09/16/2011: Buy, Target Price Change USD95.00 6. 02/03/2013: Buy, Target Price Change USD85.00 2. 10/31O011: Buy, Target Price Change USD48.00 7. 07/30/2013: Buy, Target Price Change USD100.00 3. 07/09/2012: Buy. Target Price Change US0493.03 8. 10/280013: Buy. Target Price Change USD95.00 4. 10/28/2012: Buy. Target Price Change USD70.00 9. 04/28/2014: Buy. Target Price Change USD100.00 5. 12/13/2012: Buy. Target Price Change USD80.00 Equity rating key guity rating lispnrsion 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 55% investors buy the stock. 250 98% Sell: Based on a current 12-month view of total share- 200 150 holder return, we recommend that investors sell the 100 50 1 9631 % stock 0 Hold: We take a neutral view on the stock 12-months Buy Hold out and, based on this time horizon, do not recommend either a Buy or Sell. •Companses Covered IllCos a,/ 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 15 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0124413 CONFIDENTIAL SDNY_GM_00270597 EFTA01462065