k Community Health Systems CYH CYH US Kevin Fischbeck, CFA Genesis Healthcare Inc GEN GEN US Joanna Gajuk HealthSouth HLS HLS US Kevin Fischbeck, CFA Kindred Healthcare KND KND US Kevin Fischbeck, CFA LifePoint Health LPNT LPNT US Kevin Fischbeck, CFA Molina Healthcare, Inc. MOH MOH US Kevin Fischbeck, CFA Select Med

1015/2023 01/13/17 26,250,000 2,859,332 2,746,431 2,772,378 -86,954 Frontier Communications 10.5% 9/15/2022 11/9/16 4,000,000 4.020.000 0 Kindred Healthcare 7.25%1/15/2020 STC ML 10/13/16 3,000.000 3,125,750 3,168,167 3,231,306 105 556 -401'75Q Teva mandatory convertible preffered 7.0%12/15/2018

18 08/15/16' 1,000,000 881,500 867,410 894,010 12,510' LSGCOM 8.75% 10/15/2023 01/13/17 26,250,000 2,789,125 2,814.889 2,850,774 61.649; Kindred Healthcare 7.25% I/15/2020 STC ML 10/13/16 3,000,000 3 080 528 3 260 667 3,025,667 34,862 Teva mandatory convertible preffered 7.0% 12/15/2018 08/15/16

/1/2018 08/15/16 1,00%000 881,500 867,410 894,010 12,510 LSCCOM 8.75% 10/15/2023 01/13/17 26250.000 2,789,125 2.814889 2,850,774 61.649 Kindred Healthcare 7.25% 1/15/2020 STC ML 10/13/16 3,000,000 3,060,528 3260 667 3,025 667 -34.862 Teva mandatory convertible weltered 7.0% 12/1512018 08/15/16

a Pipefine 10/04/17 1,000 1000,000 989,279 1,000,022 22 LSCCOM 8.75% 10/15/2023 01/13/17 2,650,000 2,89.125 2,752,503 2,771.826 -17,299 Kindred Healthcare 8% 1/152020 10/13/16 3,000,000 3,060,528 3,113,167 3 361,017 300,488 Teva mandatory convertible preffered 7.0% 12/15/2018 08/15/16 1,000,000

270,161 Southern Trust Co. - Fixed Income (Merrill) Bank of America 5.88% Pfd Dec 2051 03/08/18 1,000,000 1,000,000 1,006,310 1,00t670 7,670 Kindred Healthcare 8% 1/1512020 10/13/16 3,000,000 3,041.990 3,226,917 3,284,417 242,427 LSCCOM 8.75% 10/15/2023 01/13/17 2,850,000 2,773,650 2,833,273 2,73

/1/2018 08/15/16 1,00%000 881,500 867,410 894,010 12,510 LSCCOM 8.75% 10/15/2023 01/13/17 26250.000 2,789,125 2.814889 2,850,774 61.649 Kindred Healthcare 7.25% 1/15/2020 STC ML 10/13/16 3,000,000 3,060,528 3260 667 3,025 667 -34.862 Teva mandatory convertible weltered 7.0% 12/1512018 08/15/16

ds DKS Gender Mountain PrWale Genesis Healthcare GEN Golfsrrdh Private Magoon Private Hudson Bay (HBC) HBC Kennedy Wison Europe KWEICel Kindred Healthcare KND LHP Hospital Group Private Logaris Private Macys Office Depot ODP PacSun PSUN Primed( ABF Prime Healthcare Private Rile Aid RAD

ds DKS Gender Mountain PrWale Genesis Healthcare GEN Golfsrrdh Private Magoon Private Hudson Bay (HBC) HBC Kennedy Wison Europe KWEICel Kindred Healthcare KND LHP Hospital Group Private Logaris Private Macys Office Depot ODP PacSun PSUN Primed( ABF Prime Healthcare Private Rile Aid RAD

Subject: Bond Idea Attachments: KND.PDF =body lang="EN-US" link="blue" vlink="purple"> Jeffrey =0:p> Our=HY Credit team initiated coverage on Kindred Healthcare (post acute health=are provider) with an overweight on their KND 8.25% 2019 bonds.</=:p> Px: &nbs=; 100.00 =p class="MsoNormal">YTM: 8=2E25% Ki

should take =rofits level from DB this am was 107 x 108.10 for =,000,000 quantity paul ok to sell at =07.00 2 other =onds that paul likes are: a) Kindred Healthcare - =% 2020 Cusip 494580AE3 b) =clatchy 9% 2022 Cusip 579489AG0 still awaiting pricing =n those.. please advise if we should proceed with all of =