EFTA01457571.pdf

6 May 2016 Oil & Gas Exploration & Production Pioneer Natural Resources Historical recommendations and target price: Pioneer Natural Resources (PXD.N) (as of 5152075) 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 Ma 12 Aug 12 Nov 12 Feb 13 May 13 Aug 13 t ti3 Feb 14 May 14 Aug 14 Nov 19 Feb 15 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 Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total 600 share-holder return (TSR = percentage change in 500 share price from current price to projected target price 400 plus pro-jected dividend yield ) , we recommend that 58% investors buy the stock. 300 44% Sell: Based on a current 12-month view of total share- 200 holder return, we recommend that investors sell the 100 2%33% stock 0 Hold: We take a neutral view on the stock 12-months Buy Hold Sell out and, based on this time horizon, do not recommend either a Buy or Sell. ■Companies Covered ■Cos. Banking Relatponship Notes: North American Universe 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. Page 5 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SONY-0117175 CONFIDENTIAL SDNY_GM_00263359 EFTA01457571