EFTA Document EFTA01385286

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 $20.000 SO 6b0s -Chg Yry % Sans Ottawa* Su* US Census Szeru Non-Resi (Commercial): Steady As She Goes 14% 12% 10% 8% 6% 4% 2% 0% -2% .4% -6% -6% Potential acceleration into 2018 According to the October 2017 Construction Put-in-Place series, non- residential commercial construction increased about 2.6% y/y to 8.348bn from the prior year. Non-residential construction tends to lag residential construction and with our favorable outlook for residential construction and with GDP expected to accelerate, see 2018 performance slightly ahead of 2017 at about 3.5%. Figure 19: CPP - Commercial Construction (ox. Infrastructure) 503.000 450.000 403.000 350.007 300.030 250.003 200,000 150,030 100,000 50,003 CPP - Commercial 2038 2009 2010 2011 2012 2013 2014 2015 2018 2017 NINON Win —Change YtY% SW ASSN ant US Gad•• Swam Ibaverg /write 20.00% 15.00% - 10.00% 500% 0.00% -5.00% -10.00% -15.03% -20.03% 25.00% Deutsche Bank Securities Inc. Page 11 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086570 CONFIDENTIAL SDNY_GM_00232754 EFTA01385286