Epstein Secrets

tion Departing Arriving Departure Terminal Estimated Time Stops Seats Confirmed Thursday 02 Feb 17 MUST CARRY A VALID PASSPORT 19 Dec 2016 Lufthansa X4KM56 LH 423 E Premium Economy Boston, Logan International Frankfurt, Frankfurt International 04:35 PM 05:35 AM / 20 Dec 2016 Terminal E Ter

nternational Frankfurt, Frankfurt International 04:35 PM 05:35 AM / 20 Dec 2016 Terminal E Terminal 1 7 Hrs Non-stop Unassigned 20 Dec 2016 Air Berlin X4KM56 AB 6576 E Economy Class Frankfurt, Frankfurt International Berlin, Berlin-Tegel / Otto Lilienthal 09:25 AM 10:35 AM Terminal 2 1 Hr 10

ation CITIZENS OF GERMANY MUST CARRY A VALID PASSPORT Flight Information Date Airline Airline Record Locator Flight/Class Origin 19 Dec 2016 Lufthansa X4KM56 LH 423 Y Economy Class Boston, Logan International EFTA00440323 Destination Departing Arriving Departure Terminal Arrival Terminal

d Friday 03 Feb 17 Frankfurt, Frankfurt International 04:35 PM 05:35 AM / 20 Dec 2016 Terminal E Terminal 1 7 Hrs Non-stop 31G 20 Dec 2016 Air Berlin X4KM56 AB 6576 E Economy Class Frankfurt, Frankfurt International Berlin, Berlin-Tegel / Otto Lilienthal 09:25 AM 10:35 AM Terminal 2 1 Hr 10

ts Confirmed Thursday 02 Feb 17 Flight Information Date Airline Airline Record Locator Flight/Class MUST CARRY A VALID PASSPORT 19 Dec 2016 Lufthansa X4KM56 LH 423 Y Economy Class Boston, Logan International Frankfurt, Frankfurt International 04:35 PM 05:35 AM / 20 Dec 2016 Terminal E Termi

Logan International Frankfurt, Frankfurt International 04:35 PM 05:35 AM / 20 Dec 2016 Terminal E Terminal 1 7 Hrs Non-stop 31G 20 Dec 2016 Air Berlin X4KM56 AB 6576 E Economy Class Frankfurt, Frankfurt International Berlin, Berlin-Tegel I Otto Lilienthal 09:25 AM 10:35 AM Terminal 2 1 Hr 10

19 Dec 16 >> Other Information >> >> MUST CARRY A VALID PASSPORT >> Monday 19 Dec 16 >> Flight Information >> >> Date 19 Dec 2016 » Airline Lufthansa >> Airline Record Locator Y3POGE >> Flight/Class LH 423 L Economy Class >> Origin Boston, Logan International >> Destination Frankfurt, Frankfu

ime 7 Hrs » Stops Non-stop » Seats 31D, 31E, 31F >> Confirmed >> Tuesday 20 Dec 16 >> Flight Information >> >> Date 20 Dec 2016 » Airline Air Berlin >> Airline Record Locator Y3POGE » Flight/Class AB 6576 E Economy Class >> Origin Frankfurt, Frankfurt International >> Destination Berlin, Ber

l Estimated Time Stops Seats Confirmed Thursday 02 Feb 17 Flight Information Date Airline Airline Record Locator Flight/Class 19 Dec 2016 Lufthansa X4KM56 LH 423 E Premium Economy Boston, Logan International Frankfurt, Frankfurt International 04:35 PM 05:35 AM / 20 Dec 2016 Terminal E Ter

nternational Frankfurt, Frankfurt International 04:35 PM 05:35 AM / 20 Dec 2016 Terminal E Terminal 1 7 Hrs Non-stop Unassigned 20 Dec 2016 Air Berlin X4KM56 AB 6576 E Economy Class Frankfurt, Frankfurt International Berlin, Berlin-Tegel / Otto Lilienthal 09:25 AM 10:35 AM Terminal 2 1 Hr 10

value. ■ Airline M&A has historically been highly accretive, generally yielding synergies of 3-7% of combined revenues (3/4 revenue, 1/4 cost). ■ Lufthansa is not inheriting legacy costs, only purchasing assets at market rates. It has guided that the deal should reduce unit costs. ■ We see a ROCE of 25

> BLT ED Deutsche Lufthansa — Anand Date, BUY, close €30.7, €36.2 tgt, 18% upside ■ The Air Berlin acquisition is an excellent deal. >50% of Air Berlin flown capacity on routes where Lufthansa + Air Berlin would have combined 80- 100% market share

■ Deutsche Lufthansa AG - LHAG.DE: Aside from general sector, macroeconomic and political issues, we see the following potential downside risks for Lufthansa: (i) the EU Commission attempting to block the Air Berlin deal, (ii) an inability to realize synergies quickly, or at all, and (iii) increased entry

tor, macroeconomic and political issues, we see the following potential downside risks for Lufthansa: (i) the EU Commission attempting to block the Air Berlin deal, (ii) an inability to realize synergies quickly, or at all, and (iii) increased entry into German domestic from more aggressive airline compet