EFTA01457580.pdf

27 May 2015 Biotechnology Retrophin IHistorical recommendations and target price: Retrophin (RTRX.OQ) (as of 5/26/2016) 30 00 Previous Recommendations Strong Buy 25 00 Buy Market Perform Underperform 20 00 Not Rated Suspended Rating Current Recommandation 1500 Buy Hold 10W Sell Not Rated Suspended Rating 500 'New Recommendation Structure as of September 9.2002 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 &VS Jun 14 Sep 14 Dec 14 Mar 16 I. 04/28/2015: Upgrade to Buy, Target Nee Change USD50.00 . . Equity rating Key Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total 600 share-holder return (TSR = percentage change in share price from current price to projected target price 500 plus pro-jected dividend yield ) , we recommend that 400 investors buy the stock. 300 Sell: Based on a current 12-month view of total share- 200 holder return, we recommend that investors sell the 100 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. MCompanies Covered ECG.. vd Banking Relationship 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 I2- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Page 6 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117186 CONFIDENTIAL SDNY_GM_00263370 EFTA01457580