Raymond Neidl

Raymond Neidl is a Director and Airline & Aerospace Industry Analyst with Calyon
Securities (USA) Inc. He joined Calyon in 2004. Previously, he covered the
airline/leisure companies and casino sectors as a Managing Director at Blaylock
& Partners. He has frequently been selected to The Wall Street Journal’s and
Forbes magazine’s “Best of the Best Analysts” for his earnings forecasts and
stock picks. Previously, he was a Director and an Equity Research Analyst
providing coverage of airline and transportation companies, including both
passenger and air freight carriers, at ABN-AMRO Securities, which was purchased
from ING Barings. While part of ING Barings, he helped to form the firm’s
research coverage of the airline and air freight industries, including a high-
yield research product. In addition to his equity research coverage, he was also
involved with efforts in structured aircraft financing with the firm’s Aviation
and Structured Leasing groups. Prior to joining the firm in 1991 (when it was
known as Furman Selz), he was involved in initiating the high-yield research
effort at Dillon Read, where he performed some equity analysis and had some
corporate finance responsibilities. He also helped plan and implement the high-
yield product for four years at McCarthy, Crisanti & Maffei, now KDP. Prior to
his high-yield specialization, he was a Credit Analyst in the
airline/transportation leasing area at Standard & Poor’s. He also worked at
American Airlines in various financial and planning positions. He is the co-
author of Airline Odyssey-the Airline Industry’s Turbulent Flight into the
Future, published by McGraw-Hill. He also has contributed to industry
publications, e.g., Airline Economics, Airline Operations, Airline Planning and
Airline Financing, all McGraw-Hill publications whose contributors include
numerous well-known professionals and managers in the aviation and aerospace
industries. He regularly appears on various general and business news programs
as an industry expert and is frequently quoted in both the general and business
news publications regarding the aviation and airline industries. He received an
MBA in Finance from Pace University, New York, New York, and a BS degree from
Albany State University, Albany, New York, and is a member of the New York
Society of Securities Analysts Airline Splinter Group.