EFTA01457519

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