EFTA01385406

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite 1Pigure 20: Endo Pharmaceuticals lENDPl Endo Pharmaceuticals (ENDP) sweeten& cons Market Create Pr FY Q3 03 % LIM Value LTM Q4 FY FY 5mm 2015 2016 30 Wa~ OW 17 09/%/17 of Debt 30/17 12/31/17 2017 2018 Revenue 3,269 4010 834 787 -11.0% 3,942 3,942 832 3,502 3.185 EMMA 982 1.669 372 375 0.9% 1,777 1777 341 1.582 1.378 interest 373 153 112 128 117% 173 473 127 489 510 Taxes 111371 (7031 * (7.8) -160911 (1561 (1561 14) (88) s Cape. 82 132 34 34 OD% 138 us as 140 140 FCF before WatkinsCapital and Other 1.666 1.784 179 241 1.322 1.322 172 1.441 723 FCF as% Net Debt 200% 210% NA 12.8% 17.5% 200% 9.3% 140% 9.7% 681/04% 30.1% 41.6% 42.0% 47.7% 45.1% 45.1% 42.6% 45.2% 43.3% E81TDA/Interest 2.6. 17. 3.3. 1% 3.8. 3.8x 2.hi 3.b 2.74 Net Secured DebtlE6f1DA 3.8' 1.9. NA 1.9. 161 1.6. 2.1« 1.8x 2.0x Total Debt/ENTDA 8.7x 5.0. NA S.% 4.7v 4.1x 62x 5.2. 60« Net Debt/ENTDA 85. 4åv NA 5.0( 4.2« 3.7. 5.4 4.7. 54 Cash 272 517 836 738 738 738 882 852 843 Availability 773 937 1030 996 996 9% 996 9% 996 Liquidty 1.015 1.515 1836 1734 1734 PM 1818 1.848 1839 Secured Debt 4,042 3.662 NA 3,663 3,663 1663 3,663 3.663 3,663 Total Debt 8.580 8272 NA &281 8.291 7.318 8281 8.281 8.281 Net Debt 8308 7.755 7.512 7.542 6.610 7,029 7.429 7,437 Debt Structure 51000mm Revolver 1.025 due Ø28f22 NA NA • 103 S1100 mm Tenn than A 1.225 due 02/29/19 NA 933 NA • 103 62830mm Tenn Loan 82/.300 due 09/25/22 NA 2,729 NA - 100 S3415 mm Terrn Wan 81•4426 die 04/12/24 NA NA 3.367 3,367 100 3,367 3.367 3.367 3.367 S30Dmin 5,875% Senior Seated Bord due 10/16/24 NA NA 295 295 100 295 295 295 295 Total Secured Debt 1012 3,662 NA 3.663 3.663 3.863 3.663 3.663 3.663 S400mm 7.26% Senia Unsecured Bond due 01/15/22 NA 389 NA 391 391 87 341 391 391 391 57COmni Sic* %Nee Unseated Bond due 01/15/22 NA 691 NA 692 692 84 583 692 892 692 S750mm 5.375% Senor Unsecured Boni due 01/15/23 NA 741 NA 742 742 78 579 742 742 742 $1635 mm 6% Senior 1/mecured Bond due 07/11/23 NA 1,610 NA 1613 1,613 78 1262 1,613 1.613 1.613 SIX() mm 6% Senior linsearred Bond due 02/01/25 NA 1,179 NA 1181 1181 78 921 1.181 usa 1181 Total Debt 83130 8,272 NA 8281 8,281 7.348 8281 8.281 8.281 Preferred/ other Basic Shares Out 197 224 NA 223 223 223 224 224 224 Share Puce 5 61.22 5 16.47 NA 5 800 5 803 5 803 5 803 5 800 5 800 Medet Cap 12.086 3.681 NA 1.786 1.786 1786 1.788 1.788 1788 Try 20374 11,436 NA 9.329 9.329 8.396 9217 9.217 9.225 rivranor, 20.h 6.94 NA 6.2« I 5.24 4.7x 6.8a Seb 6.7x Same Ø bire ai.r Canniest ~barn Deutsche Bank Securities Inc. Page 131 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086690 CONFIDENTIAL SDNY_GM_00232874 EFTA01385406