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EFTA01462065 | EFTA01462065 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 Market Perform Underpart win Not Rated Suspended Rating 90 00 7000 6000 Current Recommendations 50 00 Buy Hold Sell Not Rated Suspended Rating 40 00 30 00 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. 2. 09/16/2011: Buy, Target Price Change USD95.00 6. 02/03/2013: Buy, Target Price Change USD85.00 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 Buy Based on a current 12- month view of total share-holder return (TSR = percentage change in share price from current price to projected target price plus pro-jetted dividend yield ) , we recommend that investors buy the stock. Sell: Based on a current 12-month view of total share- holder return, we recommend that investors sell the stock Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either a Buy or Sell. Notes: 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: guity rating lispnrsion and banking relationships 500 450 400 350 300 250 55% 98% 200 150 100 50 1 9631 % 0 Buy Hold •Companses Covered IllCos a,/ Banking Relationship North American Universe 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 12month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL Page 15 DB-SDNY-0124413 SDNY_GM_00270597 EFTA01462065
February 21, 2026 at 7:07 PM