EFTA Document EFTA01385413

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Media / Business Services Outlook Aaron Watts, (+1) 212 250-2592, aaron.watts@db.com Angeline Mathew, (+1) 212 250-3328, angeline.mathew@db.com 2017 Recap / Initial 2018 Summary Outlook As with the prior year, the High Yield Media space, with the exception of a couple of stressed outliers, proved to be a relatively stable sector in 2017. That's despite secular changes impacting many sub-sectors of the media uni