3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite Table Of Contents Building Product Outlook 3 Chemicals Outlook 20 HY Energy Outlook 44 Gaming and Lodging Outlook 67 Healthcare Outlook 107 Media / Business Services Outlook 138 Retail, Consumer and Food Outlook 159 Steel Industry Outlook 174 Telecom, Pay-TV, and Satellite Outlook 207 Page 2 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086561 CONFIDENTIAL SDNY_GM_00232745 EFTA01385277