EFTA00658103.pdf

From: Daniel Sabba To: "jeffrey E." <jeevacation()gmail.com> CC: Paul Morris < , Stewart Oldfield < Ste anian "Ariane Dw er" Subject: Pioneer Natural Resources [I] Date: Wed, 10 Jun 2015 20:37:41 +0000 Attachments: FITT_piece.pdf Vahe Classification: For internal use only Jeffrey — you earlier asked about time frame for price targets. DB Research price targets are set for a period of 12 months forward. In terms of Pioneer, the price target was set on 5/31/15. Additionally, we asked your question to DB Global Markets Research analyst for Pioneer, Igor Grinman ("why is pioneer a hold if the price target is so much higher than today's price"). Igor stated: PXD has a top-tier resource (high quality, multi-stacked zone) opportunity amongst the peers in the Midland basin. However, the markers willingness to pay for it has outstripped our own valuation framework (expensive on a 2017 EV/DACF multiple basis vs peers; our NAV-based valuation of 5175 implies 15.7% upside, below the average of our BUY rated names). Overall, we find more attractive investment cases elsewhere in the group on both, valuation and given our relatively more defensive view on the group over the near term (PXD is a levered oil bounce play). We have also attached the team's recent research piece on US Integrated oils. Their equity outlook is on page 29. They are also available for a call if you would like to discuss. Daniel Sabba Key Client Partners This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00658103