care 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 EFTA0

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Telecom, Pay-TV, and Satellite Outlook Anthony Kiernan, (+1) 212 250-2587, [email protected] James Gilson. (+1) 212 250-6336, [email protected] Wireless: Overweight Relative to t