s: Compaq reports and Mugu). 24 EFTA00606182 Dave Katz. CFA North America Credit Research 16 February 2012 Relative value analysis: ranked by Debt/EV J.P.Morgan Issuer Coupon Maturity Outstanding Moodys Price YTW STW YTW Date LTM Enterprise EBITDA Value EBITDA? Interest Debt/ Debt/

ne 48 y = -1.112%2+ 131.54x - 3326.5 53 R =0.6121 58 63 150 100 -50 100 2010 2011 2012 2013 2014 2015 —HY OAS Actual ex Estimated on Debt/EV Other measures of relative value we have recently introduced, the proportion of distressed issuers in HY stood at 18.3% in US, versus 23.6% in EM f