EFTA Document EFTA01385306

3 January 2018 HY Corporate Credit HY Multi Sectot,Media. Cable & Satellite Debt Issuance and Maturities The majority of new issuance in Chemicals HY and loans were opportunistic repricings and refinancings, which represented 66% of all Chemicals HY and loan transactions in 2017. Chemicals HY and loan transactions related to M&A, LBO's and Spin-offs made up 28% of all Chemicals HY and loan transactions in 2017, while Dividends/GCP made up the remaining 6%. Figure 14: Chemicals HY Bond and Loan Issuance by UOP FY-17 Sea Dago:MSS We detail below a distribution of current HY bond and loan maturities with a listing of the largest Chemicals issuers in each of the given periods. We estimate that there currently remains S2.0bn of total HY and loan Chemicals maturities due in 2018-2019. The 2020-2021 period represents 23% of total ($19bn) HY and loan Chemicals debt outstanding. Approximately 56% ($46bn) of all outstanding HY and loan Chemicals paper is set to mature during the three-year period from 2022-2024. This includes an overweight split towards loans (71%) vs. HY (44%) representative of the recent wave of bank debt refinancings over the past several years. The period beyond 2024 currently represents 19% of total outstanding, which comprises mainly HY recently refinanced paper. Figure 15: Largest Maturities by Period 201112014 MS Marin (nwid 20262021 2022-2024 r202S 22.011 MUM sada* 114.001 tap. Ho,4mon S 680 /lemon $ 2.513 hoes S 6.904 CF InOultres S 2 250 Con. Enugy S 499 FInt 1.1556 Madam S 3 414 Nova S 1550 158 Irduatrea S 375 Ptaloun S 1.420 Malta S 3.278 (Nemours S 1250 Nufn S 325 HIAISTIO1 3258 Charnows S 2.879 Oln S I OCO Mornenvv• S 1.100 Tonto S 2.734 Into* S 638 1PC Clap 905 HB Rat $ 2. 150 Radom, S 550 CF Sodom*. 900 PO S 2.074 Rao, Carbon S 550 &VC. 00.00* ant 90:010*, Aninc•LP Deutsche Bank Securities Inc. Page 31 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086590 CONFIDENTIAL SDNY_GM_00232774 EFTA01385306