EFTA01385403

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite [Figure 17: Hospital Comps Hospital Comps Company Ticker Community Health CYH HCA HCA UMPoint LPNT Tenet THC Quorum DUOHEA 1st Lien Bond Coupon 5.125% 5.250% 4.375% Maturity 08101/21 06/15/26 10/01/21 Rating B. BBB- BB- Price 5 90.16 $ 106.22 $ 100.16 YTW 8.31% 4.33% 4.33% STT 622 190 222 2nd Lien Bond Coupon 7.500% Maturity 01/01/22 Rating B- Price S 106.00 YlW 5.03% STT 330 Unsecured Bond Coupon 6.875% 5.875% 5.375% 6.750% 11.625% Maturity 02/01/22 02115/26 05/01/24 06/15/23 04/15/24 Rating CCC B. BB- CCC. CCC Price $ 59.20 0 106.23 $ 98.49 $ 96.22 5 99.00 YTVV 22.49% 4.90% 5.66% 7.60% 11.88% STT 2.033 248 330 530 960 0 Hospitals 133 177 72 73 32 Markets Rural Urban Rural Urban Rural Revenue 16.765 42.693 6,416 19,061 2.072 EMMA 1.556 8,077 773 2,217 124 Interest 938 1,689 148 1.024 119 Taxes (37) 1.382 106 (99) (4) Capex 747 2.909 434 753 78 FCF Before Working Capital and Other (92) 2,097 84 539 (70) FCF as % Net Debt -0.7% 6.5% 3.1% 3.7% -5.5% EBITDA % 9.3% 18.9% 12.0% 11.6% 6.0% EBITDA/Intorost 1.7x 4.8x 52x 22x 10x Net 1st Lien Dett/EBITDA 4.8x 2.8x 0.9x 2.8x 7.3x Not 2nd Lien DobtiEBITDA NA NA NA 3.7x NA Total DebUEBITDA 9.0x 4.1x 3.8x 6.7x 10.3x Net Oebt/EBITDA 8.6x 4.0x 3.5x 6.5x 10.2x Cash 590 718 166 429 16 Availability 866 2037 580 998 90 Liquidity 1,456 2.755 746 1,427 106 Total 1st Lion Debt 7.995 23.201 824 6.532 923 Total 2nd Lion Debt (Cumulativa) - 8.692 Total Debt (Cumulathe) 13.941 32.953 2.904 14.881 1.279 Preferred / Other Basic Shams Out 112 370 40 101 28 Share Price $ 4.00 5 87.84 $ 48.60 $ 15.11 Si 6.11 Market Cap 448 32486 1,939 1,523 173 TEV 13.799 94721 4.678 15.975 1,436 TEV/EBETDA 8.9x 8.0x 6.1x 7.2x 11.6x TEV/Rovinuo 82% 152% 73% 84% 69% Swot DevexAo Brit as Canon [batmen Page 128 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086687 CONFIDENTIAL SDNY_GM_00232871 EFTA01385403