EFTA01385494.pdf

3 January 2018 HY Corporate Credit HY Multi Sector,Medta, Cable & Satellite Appendix 1 Important Disclosures *Other information available upon request Prices are current as of the end of the previous trading session unress anemias* indicated and are sourced from local exchanges ea Reuters. Bloomberg and other vendors Other inf of rnabon is sourced from Deutsche Bank. where, companies. end Other sources. FOr disclosures penansmo to reocnuneedeto„ or tst.nsies mass on securities Other than the primary subsea of this research, please see the most recently published company report or vise our global disclosure look -up page on our website at httpsnom htlp /10rn db corrirgerldraclonne/DectosifieDirectory ear Aside from within this report. enportart conflict disclosures can also be found at db cornrecaaties under the 'Disclosures Lookup' and 'Legal' labs Investors we stronglyencouraged to review this information be lora investing For disclosures pertaining to recommendations or estimates made on a security mentioned in this report, please see the most recently published company report or visit our global disclosure look-up page on our website at http://gm.db.corritger/disclosure/DisclosureDirectomectsr Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subject issuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive any compensation for providing a specific recommendation or view in this report. Andrew Zarnett/Anthony Klarman Deutsche Bank debt rating key Bond to ing dispersion and banking relationships Buy: These bonds are expected to outperform other 600 issues in the sector/industry group over the next three 500 to six-month period. 400 Hold: These bonds are fairly valued currently. If 300 owned, no need to sell, but we await events/ releases/ conditions that would make the bond attractive 200 enough for us to upgrade. In the interim, the bond will 100 likely perform as well as the average issue in the 0 sector/industry group. Buy Hold sell Sell: There exists a significant likelihood that these bonds will underperform relative to other issues in ■Companies Covered Cos Benlong r1 4 / 43:•OnShIO their sector/industry group, at least over the next three North American Universe months. Deutsche Bank Securities Inc. Page 221 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086780 CONFIDENTIAL SDNY_GM_00232964 EFTA01385494