EFTA01457519.pdf

18 May 2015 Software & Services Baidu iHistorical recommendations and target price: Baidu (BIDU.0(1) (as of 605/2016) 300 00 Previous Recommendations Strong Buy 25000 • Buy Market Perform Underperform Not Rated 20000 • Suspended Rating Current Recommendatinn 15000 • Buy Hold 1.00 Sell Not Rated Suspended Rating 5000 • 'New Recommendation Structure as of September 9.2002 000 May 13 Aug 13 Nov 13 Feb 14 tfrit;4 Aug 14 Nov 14 Feb 15 I. 25/06/2013: Hold. Target Price Change USD97.00 7. 25/07/2014: Buy. Target Price Change USD245.00 2. 25/07/2013: Hold. Target Price Change USD104.00 8. 30/10/2014: Buy, Target Price Change USD261.00 3. 22/08/2013: Hold, Target Price Change USD115.03 9. 12/02/2015: Buy, Target Price Change USD249.00 4. 30/1012013: Hold, Target Price Change USD179.00 10. 14/04/2015: Buy, Target Price Change USD245.00 5. 27/02/2014: Hold. Target Price Change USE1178.03 II. 30104/2015: Buy, Target Price Change USD239.00 6. 25/04/2014: Upgrade to Buy. Target Price Change U50229.00 'Equity rating key Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total t 450 share-holder return (TSR = percentage change in 400 share price from current price to projected target price 350 plus pro-jected dividend yield ) , we recommend that 300 250 investors buy the stock. 200 Sell: Based on a current 12-month view of total share- 150 nig 9% holder return, we recommend that investors sell the loo 21 % 50 17% stock Hold: We take a neutral view on the stock 12-months Bta/ Hold Sea out and, based on this time horizon, do not recommend either a Buy or Sell. MC.omparses Covered •Cos wl Banking Relationship Notes: Asia-Pacific 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 Page 6 Deutsche Bank AG/Hong Kong CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117092 CONFIDENTIAL SDNY_GM_00263276 EFTA01457519