EFTA01457570.pdf

6 May 2015 Oil & Gas Exploration & Production Pioneer Natural Resources Appendix 1 Important Disclosures Additional information available upon request Disclosure checklist Company Ticker Recent price' Disclosure Pioneer Natural Resources PXD.N 163.05 (USD) 5 May 15 8 'Prices are current not the end of the previous trading session unless othervase inexame and we sourced from local exchanges me Reuters gicomtarg and other vendors Other information is sourced horn Deutsche Bank. suteect companies. and other sources For disclosures pertaining to rccommerctabens Of estimates made on 900.111102 other than the pommy subject of on research. *no on tro most rowing puolosnoo company renal or wen our Gabe ossefoeure lookup pain on out weber. St http Nom dbcomigerldisclosurerDisclosureDirectory par Important Disclosures Required by U.S Regulators Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States. See Important Disclosures Required by Non-US Regulators and Explanatory Notes. 8. Deutsche Bank and/or its affiliate(s) expects to receive, or intends to seek, compensation for investment banking services from this company in the next three months. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at http://am.db.corn/aer/disclosure/Disclosure.eqsr?ricCode=PXD.N Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analysts) about the subject issuer and the securities of the issuer. In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Ryan Todd Page 4 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117174 CONFIDENTIAL SDNY_GM_00263358 EFTA01457570