EFTA01385418.pdf

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite Media Sub-Sector Weighting vs. Overall HY Index Below is a summary of our media sector weightings to kick off 2016: • Radio Broadcasting: Market-weight• • TV Broadcasting: Overweight ▪ Theaters: Overweight Outdoor: Market-weight General Business Services / Music / Newspapers / Other: See Comments 'Want & Cumulus Con,Stittite rho (wieldy of debt outStandav in MO HY radio sub soctor. so until rho', toSpoclivo restructurings aro complete. bonds hero will tfade mote on process than fundamentals Surveying how some of the individual sub-sectors may play out in 2018, we anticipate broadcast TV to be up MSD (local broadcast up closer to 10%) due to the cycling back of political, Olympics, and World Cup (core down MSD), radio down low-single-digits, outdoor up LSD, newspaper and magazine ad spend down mid-teens, and box office up LSD. Deutsche Bank Securities Inc. Page 143 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086702 CONFIDENTIAL SONY GM_002328136 EFTA01385418