6 May 2015 Oil & Gas Exploration & Production Pioneer Natural Resources Regulatory Disclosures 1.Important Additional Conflict Disclosures Aside from within this report, important conflict disclosures can also be found at httos://am.db.com/eauities under the "Disclosures Lookup" and "Legal" tabs. Investors are strongly encouraged to review this information before investing. 2.Short-Term Trade Ideas Deutsche Bank equity research analysts sometimes have shorter-term trade ideas (known as SOLAR ideas) that are consistent or inconsistent with Deutsche Bank's existing longer term ratings. These trade ideas can be found at the SOLAR link at htto://am.db.com. Page 6 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED R CRIM. P. 6(e) DB-SDNY-0117176 CONFIDENTIAL SDNY_GM_00263360 EFTA01457572