Inc Figure 20: High Yield Chemicals BB Relative Value - Leverage vs. SW/ a 500 400 300 200 100 0 ASH 6875%43 • 00x 1 Ox Sean Ovache ant Osman arra Obentirp Anin•44 NCX 5 2•50%27 NCX 5000%15 NCX 4475%14 CC 7 n . 25 g Egi WA 3750%75 • AXTA 4 250%124 • VEIWAT 5 SOW14 625%24 005125%27 CF 53;55%'41 CF