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hin RTRX $31.85* Buy $52 Orexigen Therapeutics OREX $4.91 No Coverage Akorn AKRX $46.25 Buy $55 Dish Networks DISH $72.07 Buy $105 Pioneer Natural Resources PXD $149.77 Hold $182 EOG Resources EOG $88.76 Buy $101 General Dynamics GD $140.25 Buy $166 Delphi Automotive DLPH $86.83 Buy $94

rnight no exectuion risk? On Wed, Jun 10, 2015 at 10:14 AM, Daniel Sabba > wrote: Classification: Confidential Daniel Sabba Key Client Partners Deutsche Bank Securities Inc. Tel. Mobile Email From: Jeffrey E. [mallto:JeevacSgmall.com Sent: Wednesday, June 10, 2015 10:13 AM To: Daniel Sabba Subject: Re: bullish expr

6 May 20 lb Oil & Gas Exploration & Production Pioneer Natural Resources Figure 2: PXD Results vs. DB Estimates 0115 DB Snapshot Pioneer Natural Resources DEICE) Actual Actual Actual 0115 0115 Diff. 0414 0114 Seq. Y/Y Income Statement: (S in Millions) Total Revenues 733 867 18.3% 1,666

DD&A $17.93 $17.77 -1% $16.93 $14.28 5% 24% Operating Costs $35.59 $35.03 -2% $35.32 $33.86 -1% 3% Source CPYredrly dilla Dann,* ant Deutsche Bank Securities Inc. Page 3 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117173 CONFIDENTIAL SDNY_GM_00263357 EFTA01457569

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

ned 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

2016. In other words, if we are to generate a meaningful level of growth by 2H16, rigs need to be added in 3O or 4O 2015. Amongst large producers, Pioneer Natural Resources (PXD) has been most vocal about plans to add rigs mid-2015, but various other large operators, including EOG, OXY, NBL_ etc. have suggested as much

prices likely to overshoot to the upside, and with the potential for producers to accelerate too soon and further oversupply the market. Page 28 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058879 CONFIDENTIAL SDNY_GM_00205063 EFTA01367346