EFTA01385438.pdf

3January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite '-Figure 11: Online sales growth for Apparel & Accessories accelerated in November tatccy Nov-16 Da3.16 Latin Fe6-17 • leap Mar-17 Ape-17 Mkt hat-17 Jul-17 0.24-17 Sep-17 00.17 Nov-17 1443000131 4444730.3 25* 4.5% 223% 15.7% 191% 159% 134% 119% 203% Ili% 20.4% 218% 200% 23 4% I Auctio€6 3533 SI% :9% 6% 20% 3.1% :9% 11% 4.2% 25% 4.7% Sox 24% boob Matainet 10601 13% lam v 12.8% 35 231 U 7% 12% 144%. 17* 17.5% 150% 142% Comcvlirs/ Pe rloNerah I KA: 19.2% 6.1% 17.5% 215% 253% 139% 13.0% 165% 153% 15.5% 209% 101% 154, 113% Co-ApAetSoftwate Ord. PC Games) 111% 11% NM 9.2% 111% 142% 210% 109% 107% 123% 104% 25% 3.4% 10% Conminiec Electron 3 (6442. Comevter Peripherals.) 21)% 3.4% 15.3% MO% 222% 123% 120% 17.1% 154% 167% 1.11.0% 12-9% 117% 110% COltunlof 044136621 GC.% 19.4% 13% 14.7% 114% 194% 12.0% 119% 141% IA." 1214 17104 2L9% 145% 172% Event Tdnt 44 4% 6.9% 166% 149% 190% 14.2% 149% 167% 17.0% 171% 209% 17.7% 213% 11.5% flower% Caeetsgs 1456 Gilts 97% 7* 3.01 19% 128% 11.1% 57% 9.6% 12.2% 19% 12.1% 5% 7.1% 12% Ran:6n, A/wharves 6 Related 033.6122,6464 11 77% 36% 96% 121% 161% 120% 60% 121% 13.3% 101% 102% 167% 110% 119% Home 82040.14 1301 110% 134% 173% 103% 14% 121% 12% 114% 14% 1226% 111% 114% 34, 662nr &Watches 20.2% 44% 26 a% 117% 175% 11% 61% 179% 1310% 115% 9.1% 1 1 4% 149% 146% Music. MN* & Videos 147% 13% 15.8% 115% 207% 117% 7.5% 126% 114% 149% 12* 30.5% U.7% 2.8% 009te 547043 11.1% 203 133% 166% 207% 13.3% ISM 173% 249% 38 8% 17% 2% 11% 179% Scats 32164% 94% 1.9% 114% 166% 20.7% 14% 113% 105% MA% 9.4% 111% Al% 123% Ka% lot, 14.2613on 17.0% 13% 179% 9.2% 131% 17% 21.4% 125% it 7% 115% 117% 92% 1442% 123.1% Travel 7.4% 9.7% 17% 72% 11.0% 121 19% 110% 228% 7.8% 1101 54% 41% 11% 31.6 Travel 63% 10.3% 67% 6.7% 10 5% ill% 13% 141% 14.1% &IC% 118% 4.5% 1.2% AO% 04426601 23% 9.2% 52% 7.4% 1.1.7% -10% 15% 17.7% 9.2% -2.4% 87% 62% 8.30: 1.2% Hotel Ant Nations 52.3% 71% 73% 91% 130% 33.9% 10.6% 111% 116% 104% 10.7% 75% 121% 35% 14.401Packeets 00344 Eta% 10.5% 61% 19% 9.6% 10% 7.4% -22% 4.6% 4.2% 7.0% 74% 12.3% 139% 3. 26 ea Cree; Col:0243d 1/tenor r; 105% I% 130% 111% 163% 110% f 14.5% 10.2.W. 116% I :S61. 14.:% S TOTAL 15.2% 51111. 12.2% at% 119% 10.186 IOC% 14.0% Uri 12186 14.7% 127% 11.7% 140% 70714.11001113/1111, 17.1% a% 144% 141% 263% UM US% IA* 140% 143% 14.9.11 15.1% 146% TOTAL NOM*AVIV act. WOW" *2% 47% 117% OA% 19.4% 12101. 12..9% 15.1% IS* 233% 127% 119% L.S.S% 175% 'dada& cereades Lae se Meal raerreved CaeradServica Wee Serwer enf Cther /*attn.*, sun, et am 3 Caensties, ALAWICIWe ACCetleYM4 Starr Thearfst Ned. con.comt Retail foot traffic has improved recently, though remains negative Retail foot traffic in North America, while still negative, has shown en acceleration recently, according to Prodco. Shopper visit data for brick-and- mortar retail stores on Thanksgiving Day and Black Friday declined a combined 1.6% when compared to the same days in 2016, according to ShopperTrak. Black Friday 2017 shopper visits decreased less than 1.0% when compared to Black Friday 2016. This compared to 2016 in which shopper visits declined 1.0% over the two day period and were flat on Black Friday. We expect the Black Friday comparison benefited from a greater number of brick-and-mortar retailers opting to close on Thanksgiving Day. 'Figure 12: NA Retail Traffic €ndex (4-wk rolling average) Figure 13: NA Retail Traffic Index ( 13-wk rolling average) 6% 4% 2% 0% •2% -10% N z 4 4 4 4 ,.• 1. a 222 222222 I g I darn Ofcache dant Sin doweeprnkurce Sant ***** Soneav Finn, LP RI e C.4 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086723 CONFIDENTIAL SONY GM 00232907 EFTA01385438