10:00 From: Tazia Smith Sent: 4/24/2014 11:46:33 AM To: jeevacation@gmail.com CC: • Vinit Sahni ; Nay Gupta ; Vahe Stepanian Subject: American Airlines (+1.05mm).... ICI Classification: Confidential Good Morning Jeffrey - ; Paul Morris 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 fy): Jan 20 call 0.30 x 0.45 Jan 20 put 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 4/24/14 AAL US 37.9£3 ..S ..dl 11:37 I 7,523,877 r95 Mrstnr•Yri ave As 137.96 37.98'. 37.84 - 37.98 _ 36.76 ions • 1M Edit =a1=1" car ,""e TICk V re ir,tcart. iStx. Track c Annotate News , Zoom 09:30 :6 :00 6 •- 67 1 280.541M intrWay Gee, ON MI. US Equity 37.98 M Close on 04/23 ---- 37.09 37.80 T High on 04/24 11:37 37.98 ••- Average 37.3779 37.60 1 Low on 04/24 10:04 36.76 37.40 37.20 37.00 36.80 12:00 13:00 14:00 15:00 24 Apr 2014 AAL 12mo Price History as of 4/24/14 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 123750 CONFIDENTIAL SDNY_GM_00269934 EFTA01461603