24 21 17 FIT 21 2 25 22 WA 25 19 TRIP 18 23 21 23 20 16 20 TWTR 16 22 19 24 23 24 21 Source: WAN'S Lyncb Global Research. Doomberg. es of 4412017 Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park, 5th Floor,

. . . . . . . . Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2010 2011 Mln (00 -'10) Max COO -'10) Average COO -'10) Source: Doomberg. J.P.Morgan 48 EFTA00606206 Dave Katz. CFA North America Credit Research 16 February 2012 Coal Production 100.0 95.0 - 90.0 85.0 80.0 7