Deutsche Bank Markets Research United States HY Corporate Credit HY Multi Sector Media, Cable & Satellite one-stop Outlook 2018 Industry Outlooks 3 January 2018 Am!raw Casella Research Analyst Research Analyst Sna.Ian Hollander. CFA Research Analyst Anti?),ly kUrthan lI Research Analyst r;4, ,f!:ny tylciow:tv Research Analyst Pi!, r•St ^ Angst Research Analyst M ricnclock Research Analyst Andrew ?hrnect Research Analyst Deutsche Bank Securities Inc. Distributed on: 03/01201818:46:30 GMT DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 083/04/2017. CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) CONFIDENTIAL DB-SDNY-0086558 SDNY_GM_00232742 EFTA01385275