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170 43 44 2.4% 171 171 44 173 174 Taxes 12 PI 2 2 .30.6% (ll) (11) 7 • caP44 44 51 9 11 201% 42 42 LI 45 50 GC, Before Working Capital and Other 11 21 9 10 78 78 13 31 57 FCF as% Net Debt 01% 09% 18% 13% 3.4% 23% 1.3% 2-5% ((ODA% 21.5% 20.4% 22.1% 230% 24.0%

2 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite [Figure 5: DJO Finance LLC (ENMC) WO Finne LLC (ENMC) varnadlotlobel.com Market Create FY FY Q3 03 % LTM Value

1.556 8,077 773 2,217 124 Interest 938 1,689 148 1.024 119 Taxes (37) 1.382 106 (99) (4) Capex 747 2.909 434 753 78 FCF Before Working Capital and Other (92) 2,097 84 539 (70) FCF as % Net Debt -0.7% 6.5% 3.1% 3.7% -5.5% EBITDA % 9.3% 18.9% 12.0% 11.6% 6.0% EBITDA/Intorost

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite [Figure 17: Hospital Comps Hospital Comps Company Ticker Community Health CYH HCA HCA UMPoint LPNT Tenet THC Q

170 43 44 2.4% 171 171 44 In 174 Taxes 12 (71 2 2 40694 On (Ill - 7 - Capex 44 51 9 11 20.5% 42 42 11 45 50 FCS Before Working Capital aid Other 11 21 9 10 78 78 13 31 57 FCF as % Net Debt 05% 09% 1.8% 33% 34% 2.3% 1.3% 2.5% 48130A % 21.5% 20.4% 22.1% 23.0% 24

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite [Figure 21: WO Finance LLC (ENMC) WO Finance LLC (ENMC) www.dlaalobal.corm Market Create FY FY 03 03 % LTM Value

% 166 165 38 154 152 Taus 76 72 55 1 14 1203.9% 51 51 20 93 80 Capes 9$ 183 162 38 68 032% 187 187 46 220 175 FC4 Before Working Capital and Other 108 31 79 15 (4) 91 91 10 74 161 FCF as% Net Debt 6.9% 13% 3.0% 4.7% 14% 14% 15% 2.8% 64% EBITDA% 119% 10.7% 109%

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite iFigure 23: Select Medical Holdings (SEM) Select Medical Holdings (SEM) vovw.alivrnizsbsics.cm, Market Create FY FY

1,436 3,808 Interest 71 317 473 124 369 1,848 Taxes (136) (50) (156) (71) (233) (2,677) Capex 9 (7) 138 5 217 179 FCF Before Working Capital and Other 298 65 1,322 366 1,083 4,458 FCF as % Net Debt 60.3% 2.0% 17.5% 28.8% 19.8% 17.7% EBIMA % 40.1% 50.3% 45.1% 38.8% 44.1%

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite IFigure 18: Pharmaceutical Comps Pharma Comps Company Ticker Amag AMAG Concordia CXRCN Endo ENDP Horizon HZNP M

5.8% 1,024 246 1.021 984 Taxes 68 67 10 160) -7010% (99) - (105) - Capex 842 875 731 144 -28.4% 753 208 700 700 FCF Before Working Capital and Other 454 492 116 206 539 299 781 757 FCF as %Net Debt 12% 3.4% NA 57% 17% 84% 5.5% 5.3% EBITDA% 11.3% 12.3% 11.8% 11.9% 1

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite [Figure 24: Tenet Healthcare (THC) Tenet Healthcare (TNC) www.tenethealchcom Pi ry 03 03 % UM 04 FY FY $mrn 20