EFTA01457565.pdf

11 May 2016 Pharmaceuticals GlaxoSmithKline Historical recommendations and target price: GlaxoSrnithKline (GSK.L) (as of 5/7/2075) 2.000 00 Previous Recommendations 1,800.00 - Strong Buy Buy 1.600.00 Market Perform Underpartono 1.40000 Not Rated Suspended Rating 1,20000 - Current Recommendations j". 1,000 00 - Buy I 800.00 - Hold Sell 60000 • Not Rated Suspended Rating 400 00 - 'New Recommendation Structure as of September 9.2002 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 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 Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total 400 share-holder return (TSR = percentage change in 350 share price from current price to projected target price 300 plus pro-jetted dividend yield ) , we recommend that 250 investors buy the stock. 200 150 Sell: Based on a current 12-month view of total share- 100 holder return, we recommend that investors sell the 50 stock 0 Hold: We take a neutral view on the stock 12-months Ow Hold Sell out and, based on this time horizon, do not recommend either a Buy or Sell. IlCompanies Covered ■Cos ver Banking Relstionship Notes: European 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 AG/London Page 15 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117165 CONFIDENTIAL SDNY_GM_00263349 EFTA01457565