EFTA01457571

6 May 2016 Oil & Gas Exploration & Production Pioneer Natural Resources Historical recommendations and target price: Pioneer Natural Resources (PXD.N) (as of 5152075) Ma 12 Aug 12 Nov 12 Feb 13 May 13 Aug 13 t ti3 Feb 14 May 14 Aug 14 Nov 19 Feb 15 Previous Recommendations Strong Buy Buy Market Perform Underpart win Not Rated Suspended Rating Current Recommendations Buy Hold Sell Not Rated Suspended Rating 'New Recommendation Structure as of September 9.2002 1. 06/18/2012: Hold. Target Price Change USDI 16 00 9. 12/09/2013: Hold, Target Price Change US0201.00 2. 07/1612012: Hold, Target Price Change USD] 13.03 10. 03/17/2014: Hold, Target Price Change U80208.00 3. 08/01/1012: Hold. Target Price Change USDI 24.03 II. 04/01/2014: Hold, Target Price Change USD209.00 4. 10/15/2012: Hold. Target Price Change USDI11.03 12. 07/18/2014: Hold. Target Price Change USD233.00 5. 01/31/2013: Hold. Target Price Change USDI 25.03 13. 10/16/2014: Hold, Target Price Change USD230.00 6. 06/04/2013: Hold. Target Price Change USDI45.00 14. 11/10/2014: Hold, Target Price Change USD219.00 7. 08/06/2013: Hold, Target Price Change USDI75.00 IS. 12/11/2014: Hold, Target Price Change USD208.00 8. 10/16/2013: Hold. Target Price Change USD210.00 16 01/06/2015: Hold, Target Price Change USDI82.00 !Equity rating F ey 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-jected 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 Deutsche Bank Securities Inc. Equity rating dispersion and banking relationships 600 500 400 58% 300 44% 200 100 2%33% 0 Buy Hold Sell ■Companies Covered ■Cos. Banking Relatponship North American Universe Page 5 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SONY-0117175 SDNY_GM_00263359 EFTA01457571