EFTA01457585.pdf

I May 2015 Entertainment Viacom 'Historical recommendations and target price: Viacom fVIAB.OQ) (as of 5/1/2015) WO 00 Previous Recommendations 9000 Strong Buy Buy 80.00 Market Perform Underperform 70.00 Not Rated Suspended Rating 60.00 4 9000 hylov,,/ JIPA Current Recommendations Buy anon Hold Sell 30.00 Not Rated Suspended Rating 20.00 •New Recommendation Structure as of September 9,7002 10.00 0.00 Ma 12 Aug 12 Nov 12 Feb13 May 13 Aug 13 Nov 13 Feb14 May 14 Aug 14 Nov 14 Feb 15 Date 1. 09/20/2012: Buy. Target Price Change USD62.00 6. 11/15/2013: Buy, Target NCB Change USD98.00 2. 02/01/2013: Buy, Target Price Change US065.00 7. 05/07/2014: No Recommendation, Target Price Change USD0.00 3. 04/04/2013: Buy. Target Price Change USD70.00 8. 03/04/2015: Upgrade to Buy. Target Price Change USD83.00 4. 07/15/2013: Buy, Target Price Change USD95.00 9. 04/07/2015: Buy. Target Price Change USD85.00 5. 08/04/2013: Buy, Target Price Change USD93.00 [Equity rating key Equity rating dispersion and banking relationships Buy: Based on a current 12- month view of total 603 share-holder return (TSR = percentage change in 500 share price from current price to projected target price plus pro-jected dividend yield ) , we recommend that 400 investors buy the stock. 303 Sell: Based on a current 12-month view of total share- 203 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. •Compenees Covered MC= 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 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Page 8 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117199 CONFIDENTIAL SDNY_GM_00263383 EFTA01457585