EFTA Document EFTA01385392

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Broader Themes M&A - More Vertical and Cross-Sector Opportunities? In addition to traditional horizontal M&A (hospital / hospital, pharma / pharma, etc.), in 2017, we have seen several significant vertical and cross-sector acquisitions. These include: • CVS / Aetna (pending) • United Health / Davita Medical Group (pending) • United Health / Surgical Care Affiliates • Humana / Kindred Home Health (pending)