EFTA01457565

11 May 2016 Pharmaceuticals GlaxoSmithKline Historical recommendations and target price: GlaxoSrnithKline (GSK.L) (as of 5/7/2075) 2.000 00 1,800.00 - 1.600.00 1.40000 1,20000 - j". 1,000 00 - I 800.00 - 60000 • 400 00 - 200.00 - 000 May 12 Aug 12 Nov 12 Feb 13 May 13 Aug 13 ritsl3 Feb 14 May 14 Aug 14 Nov 14 Feb 15 Previous Recommendations Strong Buy Buy Market Perform Underpart ono Not Rated Suspended Rating Current Recommendations Buy Hold Sell Not Rated Suspended Rating 'New Recommendation Structure as of September 9.2002 I. 12112/2012: Hold, Target Pike Change GBP1.440.00 10. 22/04/2014: Hold, Target Price Change GBPI,750.00 2. 1110312013: Hold, Target Price Change GBPI.530.00 11. 30/04/2014: Hold, Target Price Change GBPI.660.00 3. 18/04/2013: Hold. Target Price Chang* GBPI.620.00 12. 02/07/2014: Hold, Target Prize Change GBPI.630.00 4. 28/05/2013: Upgrade to Buy, Target Price Change GBPI.930.00 13. 24/07/2014: Hold. Target Price Change GBPI.500.00 5. 30/05/2013: Buy. Target Price Change GBP1,960.00 14. 12/09/2014: Hold, Target Price Change GBP1,450.00 6. 17/0972013: Buy. Target Price Change GBP1.850.00 15. 07/10,2014: Hold. Target Price Change GBPI.420.00 7. 23/10/2013: Buy. Target Price Change GBP1.800.00 16. 23/10I2014: Hold, Target NMI Change GBP1.390.00 8. 17/12/2013: Downgrade to Hold. Target Price Change GBPI,700.00 17. 15/01/2015: Hold, Target Price Change GBPI.300.00 9. 05/02/2014: Hold. Target Price Change GBPI .620.00 IS. 08/04/2015: Hold, Target Price Change GBPI.600.00 [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: 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 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Equity rating dispersion and banking relationships 400 350 300 250 200 150 100 50 0 Ow Hold Sell IlCompanies Covered ■Cos ver Banking Relstionship European Universe Deutsche Bank AG/London Page 15 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117165 CONFIDENTIAL SDNY_GM_00263349 EFTA01457565