EFTA01457585

I May 2015 Entertainment Viacom 'Historical recommendations and target price: Viacom fVIAB.OQ) (as of 5/1/2015) WO 00 9000 80.00 70.00 60.00 4 9000 anon 30.00 20.00 10.00 0.00 Ma 12 Aug 12 Nov 12 Feb13 May 13 Aug 13 JIPA hylov,,/ Nov 13 Feb14 May 14 Aug 14 Nov 14 Feb 15 Date Previous Recommendations Strong Buy Buy Market Perform Underperform Not Rated Suspended Rating Current Recommendations Buy Hold Sell Not Rated Suspended Rating •New Recommendation Structure as of September 9,7002 1. 09/20/2012: Buy. Target Price Change USD62.00 6. 11/15/2013: Buy, Target NCB Change USD98.00 2. 02/01/2013: Buy, Target Price Change US065.00 7. 05/07/2014: No Recommendation, Target Price Change USD0.00 3. 04/04/2013: Buy. Target Price Change USD70.00 8. 03/04/2015: Upgrade to Buy. Target Price Change USD83.00 4. 07/15/2013: Buy, Target Price Change USD95.00 9. 04/07/2015: Buy. Target Price Change USD85.00 5. 08/04/2013: Buy, Target Price Change USD93.00 [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-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 Page 8 Equity rating dispersion and banking relationships 603 500 400 303 203 100 0 Buy Hold Sell •Compenees Covered MC= vd Banking Relationship North American Universe Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117199 CONFIDENTIAL SDNY_GM_00263383 EFTA01457585