3 January 2018 HY Corporate Credit HY Multi Sector.Media, Cable & Satellite 2018 Outlook Residential Construction: R&R and New Residential Residential R&R Market Outlook: Backdrop Remains Solid, We

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 6

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite Capital Markets Activity Recap IFigure 27: Building Products: HY Use of Proceeds, 2017 LBO Dividend Vr 4% I% -- Refina

3 January 2018 HY Corporate Credit HY Multi Sector.Media, Cable & Satellite and framing (including roofing costs) were the top two cost line-items at about 22% and 15%, respectively, of the overall

3 January 2018 HY Corporate Credit HY Multi Sector.Media, Cable & Satellite New Residential Construction: Acceleration from 2017, Single-Family Leading the Way Similar to our outlook in residential

3 January 2018 HY Corporate Credit HY Multi Sector,Meda Cable & Satellite Figure 35. Homet ii.del New HY bond Deaf:, 201i 040.1: 45.51/ Molt team mat Mar. inioninnpi Voillrit oaf 110., S4:0

3 January 2018 HY Corporate Credit HY Multi Sector,Media Cable & Satellite i Figure 8: U.S. Housing Permits sane Osumi* Bet latentep Arent* LP, US Comm alai Sant Deno.* ant. BWItOdep Rnsice LP. U

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite 2017 Year in Review: Recap of HY Performance and Capital Markets Activity Below, we have included select High Yield indi

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite Figure 18: CPP 0)1,860 uCture CPP - Infrastructure 5160.000 $140.000 $120.000 $100,000 580.000 560.000 $40.000 $20

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite Potential Risks to U.S. Residential Construction Potential MID reductions, elimination of SALT deduction, changes to capit

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite iFigure 14: Sales Distribution by ASP Existing Home Sates Sales Distribution (Oct 2017) New Home Sales 6750-1M 2% 6600

3 January 2018 HY Corporate Credit HY Multi Sector.Media, Cable & Satellite Win Wan rwl0 auw ilnirl1 !awn. IWO/ Amara Wiwi/ 0/0eWIto140 Won WIMP Cato0av Mill Nate 9,409 Waantra .1.13 z

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite iFigure 2: U.S. Existing Home Sales 'Figure 3: CPP - Home Improvement Series U.S. Exeeng Home Sales Caltruction Rut 11 P

3 January 2018 HY Corporate Credit HY Multi Sector,Mecla Cable & Satellite 'Figure 38. Building Products, (Manufacturing) Comp Set i2 of 2) M1Cteollna 4•4 • 1.110 I (0.6. Cr.c a.. 1.00001)*Nes

3 January 2018 HY Corporate Credit HY Multi Sector.Media, Cable & Satellite (Figure 40: Homebuilders - B-Rated Comp Set 4.//a•Wtela /...1• 1, ,,44 SVILsol. SLosoots Sow tdo Seonnolo ton CM,

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite I Figure 5: Increased usage of cheap ethane feedstock has reduced average U.S. ethylene production costs 60% 60% .1 E 3

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite NOVA Chemicals (NCX) 4.875% Senior Notes '24, 5.000% Senior Notes '25 and 5.250% Senior Notes '27 Since EBITDA expanded r

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite Relative Index Performance Year-to-date the DB HY Chemicals Index and the DB HY Index returned 10.07% and 7.09%, respecti

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Figure 7: The cost advantage of U.S. ethane based producers vs naphtha- based producers in Eutope and Asia grew markedly fr

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite Building Product Outlook Andrew Casella, (+ Building Products Outlook: Another Positive Yea' Ahead In the text below we