From: Tazia Smith la Sent: 4/24/2014 2:02:52 PM To: jeevacation@gmail.com CC: Paul Morris Subject: American Airlines... [C] Attachments: pic31970.gif; pic02985.gif; pic19516.gif; pic20860.gif Classification: Confidential corrected call/put 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 S17.25 net vs. your S6 cost, currently +41.125M on your position Source: Bloomberg 4/24/14 From: Tazia smith/db/dbcom To: jeevacation@gmail.com, Cc: vinit sahni/db/dbcom@DBEmEA, Nay Gupta/db/dbcorrODBEmEA, Paul Morris, vahe stepanian/db/dbcom@DBAmericas Date: 04/24/2014 11:46 AM Subject: American Airlines (+1.05mm).... [C] Classification: Confidential Good Morning Jeffrey - American Airlines reported a s solid earnings beat this AM ($0.54 vs. $0.48 eps, inline revs of Sl0bn). 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 516.55 net vs. your S6 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 4/24/14 (Embedded image moved to file: pic31970.gif) AAL 12mo Price History as of 4/24/14 (Embedded image moved to file: pic0298.S.gif) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0101809 CONFIDENTIAL SDNY_GM_00247993 EFTA01447234