Deutsche Bank Markets Research United States HY Corporate Credit HY Multi Sector Media, Cable & Satellite one-stop Outlook 2018 Industry Outlooks 2018 industry Outlooks Industry outlooks for 2018 are included for the following industries listed below: Date 3 January 2018 Andrew Casella Research Analyst iddrs Highsmith Research Analyst • Building Products Hollando. CFA Research Analyst • Chemicals • HY Energy • Gaming and Lodging KIJr4nin II • Healthcare Research Analyst • Media / Business Services Retail, Consumer and Food r...enflrev IvIr.kinnev Steel Industry Research Analyst Telecom, Pay-TV, and Satellite Aar.-.1 Watts Research AneYst )10d Wvii Research Analyst Sean•rd Wrsidrack Research Analyst 4n(Iniw :.,st net! Research Analyst Deutsche Bank Securities Inc. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MCI (P) 083/04/2017. CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) DB-SDNY-0086560 CONFIDENTIAL SDNY_GM_00232744 EFTA01385276