Industry & Services >> Analyst Interviews >> April 19, 2004

OUTLOOK FOR AIRLINE DISCOUNT CARRIERS: SAM BUTTRICK – UBS SECURITIES

Sam Buttrick is a Managing Director and Global Sector Strategist in the transportation group of UBS Investment Research. An analyst since 1986, Mr. Buttrick specializes in the airline industry. For the past 11 years he has been recognized as one of the top equity airline analysts on the Institutional Investor All-American Research Team, and for the past eight years he has been ranked as the number one US airline industry analyst. Before joining UBS, Mr. Buttrick was the airline industry analyst at PaineWebber prior to that firm's acquisition by UBS. He has also worked for Kidder Peabody, Morgan Keegan & Co., L.F. Rothschild & Co., and Merrill Lynch Capital Markets. Mr. Buttrick holds an MBA from the University of Chicago and a BA in Slavic Languages from Stanford University. He holds the designation of Chartered Financial Analyst, and is a past President of the Society of Airline Analysts. Mr. Buttrick's views are frequently cited in leading financial publications including The Wall Street Journal and The New York Times. Profile
TWST: Where do we stand in the ongoing saga of the airline industry at

this point?

Mr. Buttrick: It's always been a rough and tumble industry. That goes

for both the companies and the shares.