Epstein Secrets

d JCRS What we find encouraging is that many the above indicators remain positive and are likely to accelerate into 2018. For example, according to Bloomberg, GDP continues to accelerate with 2017 expected to be +2.2% y/y (from 1.5% y/y in 2016) followed by +2.5% y/y in 2018. Housing starts (at a four qu

3 January 2018 HY Corporate Credit HY Multi Sector.Media, Cable & Satellite 2018 Outlook Residential Construction: R&R and New Residential Residential R&R Market Outlook: Backdrop Remains Solid, We

and Capital Markets Activity Below, we have included select High Yield indices produced by our U.S. credit strategist team, which are available on Bloomberg for reference. To remind readers, our Real Estate sub-sector index includes not only building product OEMs and distributors but also homebuilders a

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite 2017 Year in Review: Recap of HY Performance and Capital Markets Activity Below, we have included select High Yield indi

ther year where the 10Y Treasury yield (a general benchmark on which 30Y mortgage rates are set ) is expected to average 2.87% by 4Q18 according to Bloomberg, auguring for a likely similar reaction in 30Y mortgage rates. Page 8 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite Potential Risks to U.S. Residential Construction Potential MID reductions, elimination of SALT deduction, changes to capit

WYNNLV27 61/66. 101 1 51 273 6D 08x Hold 5.500%1NYNMAC27 61/B. 100.7 5.4 301 8.0 0.9x Buy .20,709Lenag• • • Koh rpm nen of Wimp. Sow. Bloomberg first* LPN Duna* BaNc Page 80 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086639 CONFIDENTIAL SDNY_

January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Recommendation Abstract Sharing our Dashboard In order to help investors navigate the market environment, we provide in t

gistered its highest reading in two years during the June quarter signaling the economy is on solid footing. We are encouraged by the average of 79 Bloomberg analysts' view that GOP will grow YoY in 2018. Figure 10 and Figure 11 display trends in industrial production (IP) and capacity utilization (CU),

3January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite U.S. Economic Trends The mean and median forecast for U.S. GOP growth is 2O5: in 2018 Domestic steel demand is impacted b

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„

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 previ

ated. Unless otherwise indicated, prices are current as of the end of the previous trading session and are sourced from local exchanges via Reuters, Bloomberg and other vendors. Data is also sourced from Deutsche Bank, subject companies, and other parties. The Deutsche Bank Research Department is

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affilia