Epstein Secrets

e oil-to-gas ratio, we expect limited global ethylene supply additions to help support an extended and highly profitable U.S. ethylene cycle. While North America is in the midst of a major ethylene capacity expansion with announced projects totaling nearly 21 MM m.t. or a 60% increase (14% increase based on

3January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite New capacity is being built in the U.S. to take advantage of cheap feedstocks With the U.S. ethylene industry in the longe

17. '17 was a mixed bag with strong growth in India, Russia, LatAm and Japan, along with marginal gains in China and Europe, offset by a decline in North America. • North America: For '18, Deutsche Bank's Auto Research team estimates U.S. light vehicle sales will total 16.7 MM (-1.8% y/y), following a -2.6%

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite Macro - Global GDP to be up modestly in 2018 The global macro economy is expected to see modestly stronger growth in 2018

nd costs appears to be gaining steam. Key positives that we identified during the quarter include: (1) strong same-store lottery revenue of 9.4% in North America; (2) signs of stabilization in the UK lottery; (3) the California contract renewal; (4) positive feedback from G2E; and (5) somewhat favorable cond

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite stream, (2) ability to close acquisitions without necessarily increasing leverage, (3) free cash flow generation and de-le

sties, 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 Thanksgivi

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 •

Summary Initially founded more than 175 years ago, Ryerson Holding Corporation (RYI) is a leading metals service center predominantly operating in North America and China. For the LTM period ended September 2017 RYI generated adjusted EBITDA (excluding the impact of LIFO accounting) of $180mn on revenue of

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Ryerson Holding Corp. (RYI): Strengthening End Markets, Higher Metals Prices, Solid Current Yield: BUY On Dec 15, 2017 we

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite North America (NA) NA produced 111 mn mt of steel in 2016 versus apparent demand of 152mn mt. ▪ The U.S. manufactured 78.5mn mt of steel against apparent demand

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite North America (NA) NA produced 111 mn mt of steel in 2016 versus apparent demand of 152mn mt. ▪ The U.S. manufactured 78

ex. 44514 44.090 211000 10402 41.462 ALIO 43202 47574 47,074 4Oµ4 2% IL IL. I .43% .5.6% 414% JOS% 06% 20% .439. 150% 43% 59% NORTH AMERICA 167,207 154.540 11200 131,203 f42µ0 152.445 14040 140,574 156276 152.028 9% % , YoY .44% .75% .254% 314% N% 77% 43% 124% 44% .2

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite Worldwide Steel Consumption (Apparent Demand) In this section we explore global steel apparent demand trends. In Figure 20

cient, for the most part producing the supply of steel that each of their markets necessitate in a given year. In yet another example, historically North America (NA) has required steel imports to satisfy some portion of its apparent demand. However, in recent years foreign manufacturers have begun targeting

3 January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite Inequalities within the International Steel Markets The global steel industry is structurally oversupplied due to certain

Union (EU) & Other Europe The EU manufactured 162.0mn mt of steel and consumed 172.1mn mt in 2016 resulting in a steel deficit of 10.0mn nit. Like North America (NA), the EU is vulnerable to unfairly-traded steel imports and steelmakers in the region have also sought refuge from the government to enforce ta

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite The European Union (EU) & Other Europe The EU manufactured 162.0mn mt of steel and consumed 172.1mn mt in 2016 resulting

ia Toni Y/Y Production %1 WM Jan mina NIA WM IlllaraMMI AptaWM Mau MiM Jung mai Jo AMA Pac &MAI thipalliThl Oet6WM Nevallni Aoa European Un.0.4 North America OS OWN Europe South Amanc4 84.46oVo E. .Vera ()HSU•• Tom/ % WM 97% 43% 64% n 128% 93% 758% 70 5% 62% 8.7% 59% 00% 34% .39% 168%

3 January 2018 HY Corporate Credit HY Multi Sector,Meda Cable & Satellite 2017 YTD Global Production Data YTD November 2017 crude steel production has expanded 5.5% YoY to 1.55bn mt versus 1.47bn m