JPM_Relative_Value_Weekl_2012-04-12_827183

North America High Yield ResearchApril 12, 2012

High-Yield Relative Value WeeklyFor the week ended April 11, 2012

www.morganmarkets.com

Changes and additions to relative value recommendationsThe table below is an at-a-glance summary of the changes in this week’s “Relative Value Analysis” recommendations versus last week’s recommendations.

Change ChangeRecom. Recom.

Coupon Sector From To

Texas Petrochemical Group 8.250% Sr. Sec. Notes due 2017 Chemicals Sell Hold

Contents Page Analyst Phone

Aerospace/Defense 2 Yilma Abebe (1-212) 270-3265Automotive 4 Eric Selle (1-212) 270-9624Building 8 Susan Berliner (1-212) 270-3085Building Materials 11 Yilma Abebe (1-212) 270-3265Cable/Satellite 12 Michael Pace (1-212) 270-6530Chemicals 18 Tarek Hamid (1-212) 834-5468Consumer Products 20 Carla Casella, CFA (1-212) 270-6798Energy 22 Gregg Brody (1-212) 834-5997Food and Restaurants 32 Carla Casella, CFA (1-212) 270-6798Gaming 34 Susan Berliner (1-212) 270-3085Healthcare 36 David Common, CFA (1-212) 270-5260Industrials 42 Yilma Abebe (1-212) 270-3265Leisure 44 Michael Pace (1-212) 270-6530Lodging 46 Susan Berliner (1-212) 270-3085Media 47 Avi Steiner (1-212) 270-5512Metals and Mining 50 Dave Katz (1-212) 270-4593Paper and Packaging 54 Tarek Hamid (1-212) 834-5468Retail 58 Carla Casella, CFA (1-212) 270-6798Services 61 Yilma Abebe (1-212) 270-3265Shipping 63 Jenna Giannelli (1-212) 270-9455Technology 64 Thomas J. Egan (1-212) 270-2149Transportation 68 Mark Streeter (1-212) 834-5086Utility 69 Dave Katz (1-212) 270-4593Wireless Telecommunications 71 Thomas J. Egan (1-212) 270-2149Wireline Telecommunications 73 Thomas J. Egan (1-212) 270-2149

North America Credit Research directory page 75

See page 76 for analyst certification and important disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interestthat could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

J.P. Morgan High-Yield Relative Value Weekly is available on the J.P. Morgan MorganMarketswebsite: www.morganmarkets.com

Peter D. Acciavatti AC • (1-212) 270-9633 • [email protected]. Morgan Securities LLC

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April 12, 2012 North America High Yield ResearchHigh-Yield Relative Value WeeklyFor the week ended April 11, 2012

Relative value analysis

2

Alliant Techsystems (ATK)L + 200 Term Loan A NR 7-Oct-15 NR/BBB- $400.0 99.00 3.08% 228bp na na na $624 2.1x 0.6x 1.5x 6.6x 49% 4.3x $1,715.3 6.750% Sr Sub Nts Hold 1-Apr-16 Ba3/BB- $400.0 102.38 5.33% 516bp 1-Apr-13 1-Apr-13 101.13 $624 2.1x 0.6x 1.5x 6.6x 49% 4.3x $1,715.3 6.875% Sr Sub Nts Hold 15-Sep-20 Ba3/BB- $350.0 106.00 5.74% 455bp 15-Sep-18 15-Sep-15 103.44 $624 2.1x 0.6x 1.5x 6.6x 49% 4.3x $1,715.3 BE Aerospace (BEAV) 1

8.500% Sr Nts Hold 1-Jul-18 Ba2/BB $600.0 109.75 3.64% 344bp 1-Jul-13 1-Jul-13 104.25 $558 2.5x 0.2x 2.4x 5.3x 23% 10.8x $4,677.7 6.875% Sr Nts Hold 1-Oct-20 Ba2/BB $650.0 109.00 4.94% 436bp 1-Oct-15 1-Oct-15 103.44 $558 2.5x 0.2x 2.4x 5.3x 23% 10.8x $4,677.7 5.250% Sr Nts NR 1-Apr-22 Ba2/BB $500.0 100.00 5.25% 370bp 1-Apr-20 1-Apr-17 102.63 $558 2.5x 0.2x 2.4x 5.3x 23% 10.8x $4,677.7 Bombardier (BBDBCN)6.750% Sr Nts NR 1-May-12 Ba2/BB+ $151.1 100.13 3.59% 355bp 1-May-12 nc nc $1,657 3.0x 0.0x 1.2x 2.1x 57% 5.3x $6,959.8 6.300% Sr Nts NR 1-May-14 Ba2/BB+ $162.0 105.50 3.48% 318bp 1-May-14 nc nc $1,657 3.0x 0.0x 1.2x 2.1x 57% 5.3x $6,959.8 7.250% Sr Nts NR 15-Nov-16 Ba2/BB+ $785.0 103.25 5.62% 549bp 15-Nov-12 15-Nov-12 102.42 $1,657 3.0x 0.0x 1.2x 2.1x 57% 5.3x $6,959.8 7.500% Sr Nts NR 15-Mar-18 Ba2/BB+ $650.0 109.50 5.59% 451bp 15-Mar-18 nc nc $1,657 3.0x 0.0x 1.2x 2.1x 57% 5.3x $6,959.8 7.750% Sr Nts NR 15-Mar-20 Ba2/BB+ $850.0 110.25 6.10% 455bp 15-Mar-20 nc nc $1,657 3.0x 0.0x 1.2x 2.1x 57% 5.3x $6,959.8 6.125% Sr Nts NR 15-May-21 Ba2/BB+ $780.0 98.50 6.34% 475bp 15-May-21 nc nc $1,657 3.0x 0.0x 1.2x 2.1x 57% 5.3x $6,959.8 5.750% Sr Nts NR 15-Mar-22 Ba2/BB+ $500.0 96.63 6.21% 421bp 15-Mar-22 nc nc $1,657 3.0x 0.0x 1.2x 2.1x 57% 5.3x $6,959.8 7.450% Sr Nts NR 1-May-34 Ba2/BB+ $250.0 101.00 7.36% 464bp 1-May-34 nc nc $1,657 3.0x 0.0x 1.2x 2.1x 57% 5.3x $6,959.8 Colt Defense (CLTDEF)8.750% Sr Nts NR 15-Nov-17 Caa1/CCC+ $250.0 68.00 18.08% 1708bp 15-Nov-17 15-Nov-13 104.38 $36 nm nm nm nm na na naDynCorp (DCP)L + 500 Term Loan B NR 7-Jul-16 Ba2/BB- $570.0 99.94 6.27% 531bp na na na $204 4.8x 2.8x 4.3x 2.2x na na na10.375% Sr Nts NR 1-Jul-17 B2/B- $455.0 83.50 15.04% 1412bp 1-Jul-17 1-Jul-14 105.19 $204 4.8x 2.8x 4.3x 2.2x na na naEsterline Technologies (ESL)6.625% Sr Nts Hold 1-Mar-17 Ba2/BB $173.7 103.38 5.12% 495bp 1-Mar-13 1-Mar-13 102.21 $343 2.9x 0.7x 2.6x 8.1x 32% 8.8x $2,118.3 7.000% Sr Nts NR 1-Aug-20 Ba2/BB $250.0 110.25 4.60% 406bp 1-Aug-15 1-Aug-15 103.50 $343 2.9x 0.7x 2.6x 8.1x 32% 8.8x $2,118.3 Hexcel (HXL) 6.750% Sr Sub Nts Hold 1-Feb-15 B1/BB+ $75.0 101.00 5.43% 527bp 1-Feb-13 1-Feb-13 100.00 $199 1.7x 1.3x 1.1x 8.6x 12% 14.2x $2,600.0 Huntington Ingalls (HII) L + 300 Term Loan NR 30-Mar-16 Baa3/BB+ $575.0 99.38 3.17% 233bp na na na $573 3.3x 1.0x 2.3x 3.5x 57% 5.7x $1,949.9 6.875% Sr Nts Buy 15-Mar-18 Ba3/B+ $600.0 105.25 5.64% 478bp 15-Mar-17 15-Mar-15 103.44 $573 3.3x 1.0x 2.3x 3.5x 57% 5.7x $1,949.9 7.125% Sr Nts Buy 15-Mar-21 Ba3/B+ $600.0 105.75 6.09% 478bp 15-Mar-19 15-Mar-16 103.56 $573 3.3x 1.0x 2.3x 3.5x 57% 5.7x $1,949.9 Kratos Defense & Security Solutions (KTOS)10.000% Sr Sec Nts (1st Lien) NR 1-Jun-17 B3/B+ $625.0 108.00 7.69% 699bp 1-Jun-16 1-Jun-14 105.00 $124 5.1x 0.0x 4.5x 2.4x 85% 6.0x $185.1

Aerospace/Defense – Yilma Abebe (1-212) 270-3265Ratings Amount EquityMoody’s Outst. Recent Quotes Next Call Data LTM Debt/ Sr. Sec./ Net Debt./ EBITDA/ Total Debt/ TEV/ Mkt

Coupon Desc. Recom. Maturity S&P ($ mn) Bid YTW Spread YTW Date Date Price EBITDA EBITDA EBITDA EBITDA Int. Exp TEV LTM EBITDA Cap

1. Pro forma for recently completed acquisitions.Note: Loan yields are to maturity; spreads are over libor.Source: J.P. Morgan and company reports.


3


L-3 Communications (LLL) 6.375% Sr Sub Nts Hold 15-Oct-15 Ba1/BB+ $500.0 102.38 3.65% 351bp 15-Oct-12 15-Oct-12 101.06 $2,191 1.9x 0.0x 1.6x 8.2x 39% 5.5x $6,872.3 ManTech International (MANT)7.250% Sr Nts NR 15-Apr-18 Ba2/BB+ $200.0 106.25 5.49% 481bp 15-Apr-16 15-Apr-14 103.63 $262 0.8x 0.0x 0.5x 16.9x 15% 5.1x $1,204.1 Moog (MOG)6.250% Sr Sub Nts NR 15-Jan-15 Ba3/B+ $187.0 101.00 4.86% 470bp 15-Jan-13 15-Jan-13 100.00 $313 2.3x 1.1x 2.0x 8.9x 29% 7.9x $1,863.0 7.250% Sr Sub Nts NR 15-Jun-18 Ba3/B+ $191.6 106.50 4.51% 432bp 15-Jun-13 15-Jun-13 103.63 $313 2.3x 1.1x 2.0x 8.9x 29% 7.9x $1,863.0 Spirit Aerosystems (SPR)L + 200 Term Loan B NR 30-Sep-13 Ba1/BBB- $591.3 99.69 2.44% 169bp na na na $508 2.4x 1.2x 2.0x 6.6x 25% 9.5x $3,808.3 L + 300 Term Loan B NR 30-Sep-16 Ba1/BBB- $437.4 99.75 3.78% 277bp na na na $508 2.4x 1.2x 2.0x 6.6x 25% 9.5x $3,808.3 7.500% Sr Nts NR 1-Oct-17 Ba3/BB- $300.0 107.75 4.47% 424bp 1-Oct-13 1-Oct-13 103.75 $508 2.4x 1.2x 2.0x 6.6x 25% 9.5x $3,808.3 6.750% Guar Nts NR 15-Dec-20 Ba3/BB- $300.0 107.63 5.28% 466bp 15-Dec-15 15-Dec-15 103.38 $508 2.4x 1.2x 2.0x 6.6x 25% 9.5x $3,808.3 Transdigm (TDG) 1

L + 300 Term Loan NR 14-Feb-17 Ba2/BB- $1,550.0 99.90 4.02% 293bp na na na $722 5.0x 2.8x 4.9x 3.1x 38% 13.1x $5,925.3 7.750% Sr Sub Nts Hold 15-Dec-18 B3/B- $1,600.0 107.50 5.92% 531bp 15-Dec-15 15-Dec-14 103.88 $722 5.0x 2.8x 4.9x 3.1x 38% 13.1x $5,925.3 Triumph Group (TGI)8.000% Sr Sub Nts NR 15-Nov-17 B1/B+ $175.0 108.25 4.97% 472bp 15-Nov-13 15-Nov-13 104.00 $534 2.3x 1.0x 2.2x 5.9x 29% 7.9x $3,015.5 8.625% Sr Nts NR 15-Jul-18 Ba3/B+ $350.0 111.50 4.98% 464bp 15-Jul-14 15-Jul-14 104.31 $534 2.3x 1.0x 2.2x 5.9x 29% 7.9x $3,015.5 Wyle Services (WYLE) 1

L + 400 Term Loan B NR 26-Mar-17 B1/NR $283.4 99.00 4.95% 384bp na na na na na na na na na na na10.500% Sr Sub Nts NR 1-Apr-18 Caa2/B- $175.0 106.00 8.67% 800bp 1-Apr-16 1-Apr-14 105.25 na na na na na na na na

Aerospace/Defense – Yilma Abebe (1-212) 270-3265

1. Pro forma for recently completed acquisitions.Note: Loan yields are to maturity; spreads are over libor.Source: J.P. Morgan and company reports.

Ratings Amount EquityMoody’s Outst. Recent Quotes Next Call Data LTM Debt/ Sr. Sec./ Net Debt./ EBITDA/ Total Debt/ TEV/ Mkt




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Issue Data Bond and CDS Data Total Return Credit Fundamentals (LTM 12/31/11)Amout Current 5-Yr. Next Call Data EBITDA EBITDA Interest EBITDA-Capex Total Net TEV/

Issuer Desc. Maturity Rating ($mn) Price($) Yield YTW OAS CDS Date Price MTD YTD ($ mn) Margin Coverage Int. Exp. Leverage Leverage EBITDAAUTOMOTIVE OEMs OverweightChrysler (CHRYGR) NeutralL + 475 Term Loan 5/24/2017 Ba2/BB 2,886 100.9 5.2% 5.0% NC NC $4,754 8.6% 3.8x 1.4x 2.6x 0.6x Private8.00% Notes 6/15/2019 B2/B 1,487 99.5 8.0% 7.9% 652 6/15/2015 104 -0.5% 11.4%8.25% Notes 6/15/2021 B2/B 1,679 99.5 8.3% 8.2% 644 6/15/2016 104 -0.9% 12.1%

Fiat (FIAT) Not Rated5.75% Notes 12/18/2012 NR/BB 200 101.5 5.7% 2.1% 196 848 NC NC Private6.38% Notes 4/1/2016 Ba3/BB 1,000 96.2 6.6% 7.3% 622 NC NC 7.38% Notes 7/9/2018 Ba3/BB 600 96.4 7.6% 7.9% 622 NC NC

Ford Motor Co. (F) Overweight7.45% Notes 7/16/2031 Ba2/BB+ 1,794 121.5 6.1% 5.5% 317 301 NC NC -0.8% 2.5% $9,378 73.3% 11.5x 6.2x 1.4x -1.1x 3.8x

General Motors Corp. (GM) OverweightL + 400 Revolver 10/27/2015 NR/BB+ 5,000 88.0 5.1% 3254.75% Notes 12/1/2013 NR 100 40.8 11.6% 18.5% NC NC $13,163 8.8% 24.4x 11.3x 0.4x -0.8x 2.1x

Jaguar-Land Rover (TTMTIN) Underweight7.75% Notes 5/15/2018 B1/B+ 410 101.3 7.7% 7.2% 603 5/15/2014 106 -0.2% 9.3%8.13% Notes 5/15/2021 B1/B+ 410 101.8 8.0% 7.6% 586 5/15/2016 104 -0.7% 10.3%

Peugot SA (PEUG) Not Rated6.00% Notes 9/19/2033 Ba1/BB+ 600 77.5 7.7% 8.1% 518 524 NC NC

Renault SA (RNO) Not Rated5.63% Notes 3/22/2017 Ba1/BB+ 500 103.2 5.4% 4.7% 336 378 NC NC

Automotive OEM Average $94.5 7.5% 7.7% 510 475 -0.6% 9.1% $9,098 30.2% 13.2x 6.3x 1.5x -0.4x 3.0x

FINANCE COMPANIES NeutralFord Motor Credit Co. (F) Neutral7.00% Notes 10/1/2013 Ba1/BB+ 3,000 106.0 6.6% 2.1% 187 231 NC NC -0.3% 1.9%8.70% Notes 10/1/2014 Ba1/BB+ 1,000 112.0 7.8% 3.2% 282 NC NC -0.4% 2.8%12.00% Notes 5/15/2015 Ba1/BB+ 1,100 123.0 9.8% 3.7% 326 NC NC 0.3% 3.5%5.63% Notes 9/15/2015 Ba1/BB+ 1,000 105.3 5.3% 3.7% 315 NC NC -0.8% 3.2%8.00% Notes 12/15/2016 Ba1/BB+ 1,500 116.0 6.9% 4.2% 342 NC NC 0.3% 4.2%8.13% Notes 1/15/2020 Ba1/BB+ 1,250 120.5 6.7% 4.8% 332 NC NC 0.6% 4.9%

GM Financial (GM) Not Rated6.75% Notes 6/1/2018 Ba3/BB- 500 106.5 6.3% 5.5% 437 NC NC 0.2% 6.6%

RCI Banque (RENAUL) Not Rated4.60% Notes 4/12/2016 Baa2/BBB 500 99.5 4.6% 4.7% 410 378 NC NC

PSA Banque (PEUGOT) Not Rated4.38% Notes 4/4/2016 Baa1/BBB 250 99.8 4.4% 4.4% 381 NC NC

Finance Companies Average $109.8 6.5% 4.0% 334 304 0.0% 3.9%JPMorgan High Yield Index 7.5% 659 -0.4% 4.8%Split BBB Index 5.2% 402 0.2% 4.5%BB Index 5.6% 456 -0.4% 2.9%B Index 7.6% 679 -0.4% 4.8%CCC Index 12.4% 1,161 -0.9% 10.2%3 - Month LIBOR 0.5%

Automotive – Eric Selle (1-212) 270-9624

Source: J.P. Morgan and company reports.



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AUTOMOTIVE SUPPLIERS UnderweightAffinia Group, Inc (AFFGRP) Not Rated10.75% Notes 8/15/2016 B1/B+ 203 108.0 10.0% 8.0% 425 8/15/2012 108 0.3% 3.6% $177 8.3% 2.2x 1.4x 5.0x 4.6x Private

American Axle & Manufacturing, Inc. (AXL) Neutral9.25% Notes 1/15/2017 Ba1/BB+ 383 110.8 8.4% 6.3% 439 668 1/15/2014 105 -0.6% 4.3% $378 14.6% 4.5x 2.4x 3.1x 2.7x 4.9x5.25% Notes 2/11/2014 B2/B 250 102.5 5.1% 3.2% 299 NC NC 0.2% 5.2%7.88% Notes 3/1/2017 B2/B 300 103.3 7.6% 6.8% 354 5/14/2012 104 0.3% 6.4%

BorgWarner, Inc. (BWA) Overweight7.13% Notes 2/15/2029 Baa2/BBB+ 121 125.4 5.7% 4.9% 262 103 NC NC 1.5% -1.7% $1,073 15.1% 14.3x 9.0x 1.2x 0.9x 9.4x8.00% Notes 10/1/2019 Baa2/BBB+ 134 122.7 6.5% 4.4% 300 NC NC 1.1% 2.3%

Cooper Standard Automotive, Inc. (COSH) Neutral8.50% Notes 5/1/2018 B2/BB- 450 108.5 7.8% 6.8% 516 5/1/2014 104 0.3% 5.0% $317 11.1% 7.8x 5.1x 1.5x 0.4x 2.8x

Dana Corp. (DAN) Overweight6.50% Notes 2/15/2019 B2/BB 400 105.3 6.2% 5.4% 384 2/15/2015 103 -0.7% 5.6%6.75% Notes 2/15/2021 B2/BB 350 105.8 6.4% 5.8% 385 2/15/2016 103 -0.7% 4.7% $765 10.1% 9.7x 7.2x 1.2x -0.1x 2.6x4.00% Notes Perpetual NA 522

Delphi, Inc. (DPH) Not Rated5.88% Notes 5/15/2019 Ba2/BB+ 500 104.5 5.6% 4.9% 333 5/15/2014 104 -0.5% 4.3%6.13% Notes 5/15/2021 Ba2/BB+ 500 105.3 5.8% 5.2% 329 5/15/2016 103 -1.2% 3.6%

Exide Technologies (XIDE) Neutral8.63% Notes 2/1/2018 B2/B 674 80.5 10.7% 13.0% 1,200 2/1/2015 104 -3.5% 7.3% $186 6.0% 2.6x 1.1x 4.2x 3.6x 4.9x

Federal Mogul (FDML) UnderweightL + 193.75 Term Loan 12/27/2014 Ba3/B+ 1,877 96.0 2.5% 3.9% NC NC $640 9.3% 5.0x 2.3x 4.5x 3.0x 5.5xL + 193.75 Term Loan 12/27/2015 Ba3/B+ 958 96.0 2.5% 3.5% NC NC

Int’l Automotive Components Group (IACCGA) Not Rated9.13% Notes 6/1/2018 Caa1/B 300 91.0 10.0% 10.7% 963 6/1/2015 105 3.7% 3.4%

Johnson Controls, Inc. (JCI) Underweight5.50% Notes 1/15/2016 Baa1/BBB+ 800 112.9 4.9% 1.9% 134 139 NC NC 0.6% 2.5% $2,756 6.6% 16.4x 6.9x 2.2x 2.1x 9.9x6.00% Notes 1/15/2036 Baa1/BBB+ 400 112.5 5.3% 5.1% 245 NC NC 1.9% 0.6%

Lear Corp. (LEA) Neutral7.88% Notes 3/15/2018 Ba2/BB 350 108.3 7.3% 6.0% 415 3/15/2014 104 -0.2% 2.2% $946 6.7% 23.8x 15.5x 0.7x -1.1x 3.6x8.13% Notes 3/15/2020 Ba2/BB 350 110.5 7.4% 6.3% 415 3/15/2015 104 -0.2% 2.9%

Tenneco Automotive, Inc. (TEN) OverweightL + 450 Term Loan 6/3/2016 Baa3/BBB- - 100.3 5.0% 4.9% NC NC $597 8.3% 5.5x 3.6x 2.1x 1.7x 5.5x7.750% Notes 8/15/2018 B1/BB- 225 106.0 7.3% 6.4% 489 8/15/2014 104 0.0% 3.6%6.875% Notes 12/15/2020 B1/BB- 500 106.5 6.5% 5.8% 385 12/15/2015 103 -0.7% 5.8%

Tower International (TOWR) Overweight10.63% Notes 9/1/2017 B1/B+ 362 106.5 10.0% 8.7% 760 9/1/2014 105 -2.0% 8.1% $228 9.5% 3.7x 1.7x 2.6x 2.0x 2.9x

TRW Automotive Holdings Corp. (TRW) Overweight7.00% Notes 3/15/2014 Ba2/BB+ 439 106.5 6.6% 2.9% 266 267 NC NC 0.0% 3.0% $1,726 10.6% 14.6x 9.8x 0.9x 0.2x 3.4x7.25% Notes 3/15/2017 Ba2/BB+ 491 112.5 6.4% 4.2% 335 NC NC 0.9% 6.7%8.88% Notes 12/1/2017 Ba2/BB+ 221 110.8 8.0% 6.4% 369 12/1/2013 104 0.3% 4.1%

Visteon Corp. (VC) Neutral6.75% Notes 4/15/2019 B2/B+ 500 103.0 6.6% 6.0% 456 4/15/2014 105 0.7% 4.1% $685 8.5% 13.7x 8.5x 0.9x -0.2x 3.4x



Issuer Desc. Maturity Rating ($mn) Price($) Yield YTW OAS CDS Date Price MTD YTD ($ mn) Margin Coverage Int. Exp. Leverage Leverage EBITDA



6





United Components (UCII) Underweight8.63% Notes 2/15/2019 B3/CCC+ 400 102.0 8.5% 8.2% 689 2/15/2015 104 -0.4% 7.4% $143 14.5% 2.4x 2.1x 4.9x 4.6x Private

Automotive Suppliers Average $106.8 7.1% 6.1% 447 294 0.0% 4.2% $748 10.3% 9.9x 6.0x 2.2x 1.5x 4.9xJPMorgan High Yield Index 7.5% 659 -0.4% 4.8%Split BBB Index 5.2% 402 0.2% 4.5%BB Index 5.6% 456 -0.4% 2.9%B Index 7.6% 679 -0.4% 4.8%CCC Index 12.4% 1,161 -0.9% 10.2%3 - Month LIBOR 0.5%

HEAVY DUTY NeutralAccuride, Corp. (ACW) Underweight9.50% Notes 8/1/2018 B2/B 310 105.1 9.0% 8.4% 709 8/1/2014 105 0.3% 11.1% $75 8.0% 2.2x 0.5x 4.3x 3.5x 8.7x

Commercial Vehicle Group, Inc. (CVGI) Underweight7.88% Notes 4/15/2019 B2/B 250 100.0 7.9% 7.5% 608 4/15/2014 106 -1.2% 5.6% $61 7.3% 3.1x 2.0x 4.1x 2.6x 7.6x

Cummins, Inc. (CMI) Neutral7.13% Notes 3/1/2028 Baa1/A 250 122.7 5.8% 5.0% 281 54 NC NC 1.5% 3.3% $2,444 13.5% 55.5x 41.4x 0.3x -0.3x 8.8x

Meritor, Inc. (MTOR) Overweight8.13% Notes 9/15/2015 B3/B- 252 105.5 7.7% 6.0% 549 846 NC NC -0.5% 19.1%10.63% Notes 3/15/2018 B3/B- 250 108.00 9.8% 8.6% 712 3/15/2014 105 0.3% 16.9% $359 7.4% 3.9x 2.7x 2.9x 2.3x 4.2x

Navistar, International (NAV) Neutral8.25% Notes 11/1/2021 B1/BB- 900 107.3 7.7% 7.1% 476 474 11/1/2014 104 -1.3% 3.0%3.00% Notes 10/15/2014 NA 570 106.2 2.8% 0.5% NC NC $683 4.8% 4.8x 1.2x 3.0x 2.4x 6.1x

Stoneridge, Inc. (SRI) Overweight9.500% Notes 10/15/2017 B2/BB- 175 105.0 9.0% 7.9% 679 10/15/2014 105 -0.2% 5.5% $49 6.4% 2.8x 1.3x 5.4x 3.8x 9.2x

Heavy Duty Average $107.1 8.0% 7.1% 561 458 -0.1% 9.0% $622 11.3% 10.8x 7.4x 3.6x 2.7x 7.5x



7





TIRES OverweightAmerican Tire Distributors (ATD) Not Rated9.75% Notes 6/1/2017 B2/B- 250 108.5 9.0% 7.7% 656 6/1/2013 107 0.5% 7.4% $156 5.1% 2.3x 1.8x 5.4x 5.3x Private

Cooper Tire & Rubber Co. (CTB) Neutral8.00% Notes 12/15/2019 B2/BB- 174 108.0 7.4% 6.6% 522 503 NC NC -0.7% 6.7%7.63% Notes 3/15/2027 B2/BB- 117 96.0 7.9% 7.9% 575 NC NC -1.3% 5.9% $286 7.3% 7.9x 3.6x 1.7x 0.9x 4.1x

Goodyear Tire & Rubber Co. (GT) NeutralL + 150 Term Loan 4/30/2014 Ba1/BB 1,200 99.5 2.0% 2.2% 776 NC NC 10.50% Notes 5/15/2016 WR/B+ - 109.1 9.6% NC NC 8.75% Notes 8/15/2020 B1/B+ 282 107.3 8.2% 7.4% 587 NC NC -1.1% -0.7%8.25% Notes 8/15/2020 B1/B+ 1,000 103.8 8.0% 7.5% 579 NC NC -1.6% -2.2% $1,879 8.3% 5.7x 2.5x 2.8x 1.3x 2.7x7.00% Notes 5/15/2022 B1/B+ 700 95.5 7.3% 7.5% 560 NC NC -1.5% -3.6%

Titan International (TWI) Not Rated7.88% Notes 10/1/2017 B1/B+ 200 106.3 7.4% 6.5% 538 10/1/2013 106 -0.2% 4.0% $178 12.0% 7.1x 5.6x 1.8x 1.1x 6.7x

Tire Manufacturer Average $103.8 7.4% 6.7% 574 640 -0.8% 2.5% $625 8.2% 5.7x 3.4x 2.9x 2.1x 4.5xJPMorgan High Yield Index 7.5% 659 -0.4% 4.8%Split BBB Index 5.2% 402 0.2% 4.5%BB Index 5.6% 456 -0.4% 2.9%B Index 7.6% 679 -0.4% 4.8%CCC Index 12.4% 1,161 -0.9% 10.2%3 - Month LIBOR 0.5%AUTOMOTIVE DEALERS/RETAIL OverweightAsbury Automotive Group, Inc. (ABG) Overweight7.6250% Notes 3/15/2017 Caa1/B- 143 103.3 7.4% 6.8% 563 5/14/2012 104 -0.4% 4.8% $137 3.2% 2.5x 2.1x 6.8x 6.7x 13.1x

AutoNation, Inc. (AN) Neutral6.75% Notes 4/15/2018 Ba2/BB+ 395 108.5 6.2% 5.1% 401 NC NC -0.5% 3.7% $653 4.7% 6.0x 4.5x 5.4x 5.3x 11.7x

Penske Auto Group, Inc. (PAG) Neutral7.75% Notes 12/15/2016 B3/B- 375 104.6 7.4% 6.6% 430 12/15/2012 103 0.2% 3.7% $347 3.0% 4.6x 2.8x 7.4x 7.3x 14.1x

Sonic Automotive, Inc. (SAH) Overweight9.00% Notes 3/15/2018 B3/B 210 109.0 8.3% 7.1% 545 3/15/2014 105 0.5% 5.3%5.00% Notes 10/1/2029 155 149.5 3.3% 1.7% 10/1/2014 100 $260 3.3% 3.0x 1.2x 5.6x 5.6x 9.2x

Automotive Dealer Average $106.3 7.3% 6.4% 484 0.0% 4.4% $349 3.6% 4.0x 2.6x 6.3x 6.2x 12.0xSPEEDWAY OPERATORS Not RatedInternational Speedway Co. (ISCA)5.40% Notes 4/15/2014 WR/BBB - 106.1 5.1% NC NC $215 34.1% 14.6x 9.4x 1.5x 1.0x 6.9x

Speedway Motor Sports (TRK)8.75% Notes 6/1/2016 Ba2/BB 275 109.6 8.0% 6.1% 357 6/1/2013 104 0.0% 2.5% $170 33.6% 4.0x 2.6x 3.4x 2.9x 7.1x

Speedway Operators Average $107.9 6.5% 6.1% 357 0.0% 2.5% $192 33.8% 9.3x 6.0x 2.4x 1.9x 7.0xJPMorgan High Yield Index 7.5% 659 -0.4% 4.8%Split BBB Index 5.2% 402 0.2% 4.5%BB Index 5.6% 456 -0.4% 2.9%B Index 7.6% 679 -0.4% 4.8%CCC Index 12.4% 1,161 -0.9% 10.2%3 - Month LIBOR 0.5%Source: J.P. Morgan and company reports.



8

Ratings LTM HB LTM HB EBITDA/ Net HB Debt/Moody’s Recent Quotes YTW Next Call Data EBITDA HB Gross Deliveries Backlog Interest LTM HB

Coupon Description Recom. Maturity S&P Size Bid YTW Spread Date Date Price ($mn) Margin (Units) (Units) Incurred EBITDA

Beazer Homes6.875% Sr Nts Buy 15-Jul-15 Caa3/CCC $172.5 89 1/2 10.78% 1,025bp 15-Jul-15 15-Jul-12 101 1/7 nm 20.2% 3,683 1,309 nm nm8.125% Sr Nts Hold 15-Jun-16 Caa3/CCC $172.9 89 1/2 11.35% 1,064bp 15-Jun-16 nm 20.2% 3,683 1,309 nm nm12.000% 2nd Lien Buy 15-Oct-17 B2/B $250.0 108 1/4 6.90% 677bp 15-Oct-12 15-Oct-12 106 nm 20.2% 3,683 1,309 nm nm9.125% Sr Nts Hold 15-Jun-18 Caa3/CCC $300.0 83 13.24% 1,210bp 15-Jun-18 nm 20.2% 3,683 1,309 nm nm9.125% Sr Nts Hold 15-May-19 Caa3/CCC $250.0 82 13.10% 1,175bp 15-May-19 15-Nov-14 104 4/7 nm 20.2% 3,683 1,309 nm nmCentex Corp.5.450% Sr Nts Sell 15-Aug-12 B1/BB- $96.4 100 1/2 3.88% 378bp 15-Aug-12 nm nm nm nm nm nm5.125% Sr Nts Sell 1-Oct-13 B1/BB- $119.5 102 1/4 3.53% 330bp 1-Oct-13 nm nm nm nm nm nm5.700% Sr Nts Sell 15-May-14 B1/BB- $318.7 104 1/2 3.44% 313bp 15-May-14 nm nm nm nm nm nm5.250% Sr Nts Sell 15-Jun-15 B1/BB- $424.5 104 3.89% 338bp 15-Jun-15 nm nm nm nm nm nm6.500% Sr Nts Sell 1-May-16 B1/BB- $480.0 107 4.58% 390bp 1-May-16 nm nm nm nm nm nmD.R. Horton 6.875% Sr Nts Hold 1-May-13 Ba2/BB- $171.7 103 7/8 3.06% 288bp 1-May-13 $233.3 19.1% 17,176 4,530 1.9x 6.8x6.125% Sr Nts Hold 15-Jan-14 Ba2/BB- $146.0 105 3.16% 289bp 15-Jan-14 $233.3 19.1% 17,176 4,530 1.9x 6.8x5.625% Sr Nts Hold 15-Sep-14 Ba2/BB- $138.7 105 3.45% 307bp 15-Sep-14 $233.3 19.1% 17,176 4,530 1.9x 6.8x5.250% Sr Nts Hold 15-Feb-15 Ba2/BB- $157.8 104 1/4 3.65% 320bp 15-Feb-15 $233.3 19.1% 17,176 4,530 1.9x 6.8x5.625% Bds Hold 15-Jan-16 Ba2/BB- $170.1 105 3/8 4.06% 343bp 15-Jan-16 $233.3 19.1% 17,176 4,530 1.9x 6.8x6.500% Sr Nts Hold 15-Apr-16 Ba2/BB- $372.7 108 1/2 4.17% 349bp 15-Apr-16 $233.3 19.1% 17,176 4,530 1.9x 6.8xHovnanian6.500% Sr Nts Hold 15-Jan-14 Caa3/CC $36.7 78 3/4 21.73% 2,146bp 15-Jan-14 nm 16.5% 3,876 1,438 nm nm6.375% Sr Nts Hold 15-Dec-14 Caa3/CC $3.0 79 16.41% 1,599bp 15-Dec-14 nm 16.5% 3,876 1,438 nm nm6.250% Sr Nts Hold 15-Jan-15 Caa3/CC $21.4 77 1/4 16.93% 1,649bp 15-Jan-15 nm 16.5% 3,876 1,438 nm nm11.875% Sr Nts Hold 15-Oct-15 Caa3/CC $70.0 79 1/2 20.35% 1,977bp 15-Oct-15 nm 16.5% 3,876 1,438 nm nm6.250% Sr Nts Hold 15-Jan-16 Caa3/CC $159.9 60 1/2 22.34% 2,171bp 15-Jan-16 nm 16.5% 3,876 1,438 nm nm7.500% Sr Nts Hold 15-May-16 Caa3/CC $113.3 60 1/2 22.89% 2,220bp 15-May-16 nm 16.5% 3,876 1,438 nm nm10.625% Secured Nts Sell 15-Oct-16 B3/CCC- $797.0 89 14.00% 1,323bp 15-Oct-16 15-Oct-12 108 nm 16.5% 3,876 1,438 nm nm8.625% Sr Nts Hold 15-Jan-17 Caa3/CC $174.6 59 1/4 23.21% 2,239bp 15-Jan-17 nm 16.5% 3,876 1,438 nm nm2.000% Secured Nts Sell 1-Nov-21 B3/CC $53.2 54 1/2 9.29% 738bp 1-Nov-21 nm 16.5% 3,876 1,438 nm nm5.000% Secured Nts Sell 1-Nov-21 B3/CC $141.8 67 1/4 10.52% 860bp 1-Nov-21 nm 16.5% 3,876 1,438 nm nmKB Home5.750% Sr Nts Hold 1-Feb-14 B2/B $193.7 98 1/2 6.64% 638bp 1-Feb-14 $30.0 17.4% 6,013 2,203 0.3x 52.9x5.875% Sr Nts Hold 15-Jan-15 B2/B $170.0 97 7.09% 665bp 15-Jan-15 $30.0 17.4% 6,013 2,203 0.3x 52.9x6.250% Sr Nts Hold 15-Jun-15 B2/B $296.3 97 7.33% 681bp 15-Jun-15 $30.0 17.4% 6,013 2,203 0.3x 52.9x9.100% Sr Nts Buy 15-Sep-17 B2/B $265.0 102 1/2 8.51% 754bp 15-Sep-17 $30.0 17.4% 6,013 2,203 0.3x 52.9x7.250% Sr Nts Hold 15-Jun-18 B2/B $300.0 94 1/2 8.41% 727bp 15-Jun-18 $30.0 17.4% 6,013 2,203 0.3x 52.9xSource: J.P. Morgan and company reports.

Building – Susan Berliner (1-212) 270-3085



9


Coupon Description Recom. Maturity S&P Size Bid YTW Spread Date Date Price ($mn) Margin (Units) (Units) Incurred EBITDALennar5.950% Sr Nts Hold 1-Mar-13 B2/B+ $267.7 102 1/4 3.31% 315bp 1-Mar-13 $286.6 23.6% 11,315 2,696 1.4x 12.1x5.500% Sr Nts Hold 1-Sep-14 B2/B+ $250.0 103 1/2 3.94% 357bp 1-Sep-14 $286.6 23.6% 11,315 2,696 1.4x 12.1x5.600% Sr Nts Hold 31-May-15 B2/B+ $500.0 103 3/4 4.30% 379bp 31-May-15 $286.6 23.6% 11,315 2,696 1.4x 12.1x6.500% Sr Guar Nts Hold 15-Apr-16 B2/B+ $250.0 104 5.37% 470bp 15-Apr-16 $286.6 23.6% 11,315 2,696 1.4x 12.1x12.250% Sr Nts Hold 1-Jun-17 B2/B+ $400.0 127 3/4 5.89% 499bp 1-Jun-17 $286.6 23.6% 11,315 2,696 1.4x 12.1x6.950% Sr Nts Hold 1-Jun-18 B2/B+ $250.0 105 5.96% 483bp 1-Jun-18 $286.6 23.6% 11,315 2,696 1.4x 12.1xMDC Holdings5.375% Sr Nts Sell 15-Dec-14 Baa3/BB+ $250.0 106 2.99% 257bp 15-Dec-14 nm 20.0% 2,762 676 nm nm5.375% Sr Nts Sell 1-Jul-15 Baa3/BB+ $250.0 104 1/3 3.93% 340bp 1-Jul-15 nm 20.0% 2,762 676 nm nm5.625% Sr Nts Sell 1-Feb-20 Baa3/BB+ $250.0 97 5/8 6.01% 449bp 1-Feb-20 nm 20.0% 2,762 676 nm nmMeritage6.250% Sr Nts Buy 15-Mar-15 B1/B+ $285.0 101 2/7 4.77% 460bp 15-Mar-13 15-Mar-13 100 $43.2 17.7% 3,268 1,043 1.0x 14.0x7.731% Sr Sub Nts Hold 30-Apr-17 NR/B- $125.9 96 1/2 8.59% 771bp 30-Apr-17 1-Apr-13 103 $43.2 17.7% 3,268 1,043 1.0x 14.0x7.150% Sr Nts Buy 15-Apr-20 B1/B+ $200.0 102 1/2 6.74% 518bp 15-Apr-20 $43.2 17.7% 3,268 1,043 1.0x 14.0xPulte6.250% Sr Nts Sell 15-Feb-13 B1/BB- $62.7 102 3.77% 361bp 15-Feb-13 $249.4 18.6% 15,275 3,924 1.1x 12.4x5.250% Sr Nts Sell 15-Jan-14 B1/BB- $335.9 102 1/2 3.75% 349bp 15-Jan-14 $249.4 18.6% 15,275 3,924 1.1x 12.4x5.200% Sr Nts Sell 15-Feb-15 B1/BB- $245.2 102 4.44% 398bp 15-Feb-15 $249.4 18.6% 15,275 3,924 1.1x 12.4x7.625% Sr Nts Sell 15-Oct-17 B1/BB- $150.0 106 6.32% 533bp 15-Oct-17 $249.4 18.6% 15,275 3,924 1.1x 12.4x7.875% Sr Nts Sell 15-Jun-32 B1/BB- $300.0 94 8.50% 589bp 15-Jun-32 $249.4 18.6% 15,275 3,924 1.1x 12.4x6.375% Sr Nts Sell 15-May-33 B1/BB- $400.0 81 1/2 8.24% 557bp 15-May-33 $249.4 18.6% 15,275 3,924 1.1x 12.4x6.000% Sr Nts Sell 15-Feb-35 B1/BB- $300.0 79 8.02% 525bp 15-Feb-35 $249.4 18.6% 15,275 3,924 1.1x 12.4xRyland6.875% Sr Nts Sell 15-Jun-13 B1/BB- $173.9 103 3/4 3.55% 335bp 15-Jun-13 $37.0 20.0% 3,627 1,514 0.6x 22.3x5.375% Sr Nts Sell 15-Jan-15 B1/BB- $126.5 102 4.59% 415bp 15-Jan-15 $37.0 20.0% 3,627 1,514 0.6x 22.3x8.400% Sr Nts Sell 15-May-17 B1/BB- $230.0 109 1/2 6.19% 530bp 15-May-17 $37.0 20.0% 3,627 1,514 0.6x 22.3x6.625% Sr Nts Hold 1-May-20 B1/BB- $300.0 99 6.79% 522bp 1-May-20 $37.0 20.0% 3,627 1,514 0.6x 22.3xStandard Pacific6.250% Sr Nts Hold 1-Apr-14 B3/B $5.0 100 6.25% 596bp 1-Apr-14 $105.9 27.5% 2,528 681 0.8x 12.5x7.000% Sr Nts Hold 15-Aug-15 B3/B $29.8 101 6.66% 611bp 15-Aug-15 $105.9 27.5% 2,528 681 0.8x 12.5x10.750% Guar Nts Hold 15-Sep-16 B3/B $280.0 113 1/2 7.13% 637bp 15-Sep-16 $105.9 27.5% 2,528 681 0.8x 12.5x8.375% Sr Nts Hold 15-May-18 B3/B $575.0 104 1/2 7.44% 632bp 15-May-18 $105.9 27.5% 2,528 681 0.8x 12.5x8.375% Guar Nts Hold 15-Jan-21 B3/B $400.0 104 1/8 7.71% 598bp 15-Jan-21 $105.9 27.5% 2,528 681 0.8x 12.5x





10


Coupon Description Recom. Maturity S&P Size Bid YTW Spread Date Date Price ($mn) Margin (Units) (Units) Incurred EBITDA


Toll Brothers6.875% Sr Nts Hold 15-Nov-12 Ba1/BB+ $139.8 102 3.44% 329bp 15-Nov-12 $132.5 23.2% 2,605 1,784 1.2x 12.0x5.950% Sr Nts Hold 15-Sep-13 Ba1/BB+ $104.7 105 2/5 2.04% 182bp 15-Sep-13 $132.5 23.2% 2,605 1,784 1.2x 12.0x4.950% Sr Nts Hold 15-Mar-14 Ba1/BB+ $268.0 103 4/5 2.89% 261bp 15-Mar-14 $132.5 23.2% 2,605 1,784 1.2x 12.0x5.150% Sr Nts Hold 15-May-15 Ba1/BB+ $300.0 104 5/7 3.52% 302bp 15-May-15 $132.5 23.2% 2,605 1,784 1.2x 12.0x8.910% Sr Guar Nts Hold 15-Oct-17 Ba1/BB+ $400.0 121 2/5 4.47% 349bp 15-Oct-17 $132.5 23.2% 2,605 1,784 1.2x 12.0x6.750% Sr Nts Hold 1-Nov-19 Ba1/BB+ $250.0 108 3/4 5.33% 387bp 1-Nov-19 $132.5 23.2% 2,605 1,784 1.2x 12.0xSource: J.P. Morgan and company reports.



11

Ratings Amount TEV/ EquityMoody’s Out Recent Quotes YTW Next Call Date LTM Debt/ Net Debt/ Sr. Sec./ EBITDA Total Debt/ LTM Market

Coupon Description Recom. Maturity S&P ($ mn) Bid YTW Spread Date Date Price EBITDA EBITDA LTM EBITDA EBITDA Int. Exp. TEV EBITDA CapAssociated Materials (SIDE)9.125% Sr Sec Nts NR 1-Nov-17 Caa1/B $730.0 89.75 11.69% 1069bp 1-Nov-17 1-Nov-13 106.84 $100 8.3x 8.2x 1.0x 1.3x na na naGibraltar (ROCK)8.000% Sr Sub Nts Hold 1-Dec-15 B2/BB- $204.0 102.63 5.77% 562bp 1-Dec-12 1-Dec-12 101.33 $61 3.4x 2.9x 0.4x 2.2x 36% 10.4x $430.6 Griffon Corporation (GFF)7.125% Sr Nts NR 1-Apr-18 B1/BB- $550.0 102.25 6.58% 572bp 1-Apr-17 1-Apr-14 105.34 $178 3.9x 2.7x 0.0x 3.9x 67% 5.7x $539.8 HD Supply (HD Supply)8.125% Sr Sec Nts (1st Lien) NR 15-Apr-19 B2/NR $950.0 100.50 8.02% 692bp 15-Apr-18 15-Apr-15 106.09 $508 4.2x 4.0x 5.5x 1.1x na na na11.000% Sr Sec Nts (2nd Lien) NR 15-Apr-20 Caa1/CCC+ $675.0 102.75 10.37% 923bp 15-Apr-18 15-Apr-16 105.50 $508 5.5x 5.3x 5.5x 1.1x na na naInterline Brands (IBI)7.000% Sr Sub Nts NR 15-Nov-18 B2/BB $300.0 105.25 5.68% 489bp 15-Nov-16 15-Nov-13 105.25 $110 2.7x 2.0x 0.0x 4.6x 34% 8.0x $666.0 Mueller Water (MWA)8.750% Sr Nts Hold 1-Sep-20 B2/B+ $225.0 111.25 6.19% 563bp 1-Sep-15 1-Sep-15 104.38 $99 6.8x 6.4x 0.4x 1.5x 57% 12.1x $555.6 7.375% Sr Sub Nts Buy 1-Jun-17 Caa2/CCC+ $420.0 98.50 7.73% 683bp 1-Jun-17 nc nc $99 6.8x 6.4x 0.4x 1.5x 57% 12.1x $555.6 USG Corp. (USG)6.300% Sr Nts NR 15-Nov-16 Caa2/B- $500.0 95.00 7.61% 682bp 15-Nov-16 nc nc $65 nm nm nm nm 68% nm $1,801.8 9.750% Sr Nts NR 1-Aug-14 B2/BB- $300.0 110.25 4.96% 461bp 1-Aug-14 nc nc $65 nm nm nm nm 68% nm $1,801.8 7.750% Sr Nts NR 15-Jan-18 Caa2/B- $500.0 100.00 7.75% 670bp 15-Jan-18 nc nc $65 nm nm nm nm 68% nm $1,801.8 8.375% Sr Nts NR 15-Oct-18 B2/BB- $350.0 103.75 7.38% 661bp 15-Oct-16 15-Oct-14 104.19 $65 nm nm nm nm 68% nm $1,801.8

Building Materials – Yilma Abebe (1-212) 270-3265




12

1. CDS Spread references 5-year CDS.2. TEV for Cablevision adjusted to include only cable assets; FWD EBITDA is 2012E EBITDA.Source: J.P. Morgan and company reports.

Cable/Satellite: Domestic HY Cable – Michael Pace (1-212) 270-6530 Ratings EBITDA/ Net Debt/ Net Debt/ TEV/

Moody’s / Amount Recent Quotes Bank/CDS Next Call Data Total Int. Basic EBITDA FwdCoupon Description Recommendation Maturity S&P Outst. Bid YTW STW Spread 1 Date Price LQA Sub LQA EBITDA2

AMC Networks7.750% Sr Nts Hold 15-Jul-21 B2/B+ 700.0 111 5.62% 489bp 15-Jul-16 103.88 4.2x nm 4.6x 10.6xL+300 (1% floor) TLB 30-Dec-18 Ba2/BB+ 595.0 99 5/8 4.07% 307bp na na nm 3.1xAtlantic BroadbandL+850 (125bp floor) 2nd Lien TL 20-Sep-19 Caa1/B- 350.0 99 3/4 9.80% 855bp 20-Mar-14 103.00 2.3x $5,300 6.8x PrivateL+400 (125bp floor) 1st Lien TL Hold 20-Mar-19 B2/B+ 660.0 99 1/2 5.34% 409bp nc na $3,400 4.4xCablevision SystemsCVC Bonds and CDS8.625% (HoldCo) Sr Nts Buy 15-Sep-17 B1/B+ 900.0 108 6.83% 586bp nc na 3.9x $3,300 4.5x 6.4x7.750% (HoldCo) Sr Nts Hold 15-Apr-18 B1/B+ 750.0 103 3/4 6.97% 587bp nc na8.000% (HoldCo) Sr Nts Hold 15-Apr-20 B1/B+ 500.0 105 3/4 7.05% 549bp nc na5-YR CDS (HoldCo) 585bp8.500% (OpCo) Sr Nts Hold 15-Jun-15 Ba3/BB 120.5 105 6.71% 620bp nc na $2,300 3.4x7.625% (OpCo) Sr Nts Hold 15-Jul-18 Ba3/BB 500.0 110 3/4 5.56% 440bp nc na8.625% (OpCo) Sr Nts Hold 15-Feb-19 Ba3/BB 526.0 113 6.25% 496bp nc na5-YR CDS (OpCo) 490bpCVC Bank DebtL+300 (Bresnan) TLB Hold 14-Dec-17 NR/NR 765.0 99 1/2 4.60% 310bp 4.6xL+300 TLB Hold 30-Mar-16 Baa3/BBB- 2,375.0 98 1/2 3.88% 342bp na na $1,200 1.7xCequel Communications8.625% Sr Nts Buy 15-Nov-17 B3/B- 1,825.0 106 3/4 6.48% 588bp 15-Nov-12 106.47 2.4x $3,200 5.5x PrivateL+300 (1% floor) 1st Lien TLB Hold 14-Feb-19 Ba2/BB- 2,200.0 98 1/4 4.29% 329bp na na $1,700 3.0xCharter Communications HoldingsBonds and CDS13.5% (CCH II) Sr Nts Hold 30-Nov-16 B2/B 1,146.4 113 5/8 2.16% 201bp 30-Nov-12 106.75 3.0x $3,100 5.0x 6.8x8.125% (CCOH) Sr Nts NR 30-Apr-20 B1/BB- 700.0 110 1/2 5.57% 507bp 30-Apr-15 104.06 $2,900 4.5xBank DebtL+ 325 (OLD EXT) TLC Hold 6-Sep-16 B1/B+ 2,500.0 99 1/4 3.91% 344bp na na $900 1.4x



13

Ratings EBITDA/ Net Debt/ Net Debt/ TEV/Moody’s / Amount Recent Quotes Bank/CDS Next Call Data Total Int. Basic EBITDA Fwd

Coupon Description Recommendation Maturity S&P Outst. Bid YTW STW Spread 1 Date Price LQA Sub LQA EBITDA2

Cable/Satellite: Domestic HY Cable – Michael Pace (1-212) 270-6530

Crown Media10.500% Sr Nts Buy 15-Jul-19 B3/B- 300.0 108 3/4 8.40% 747bp 15-Jul-15 105.25 4.4x nm 4.0x 8.1xL+450 TLB 14-Jul-18 Ba2/BB- 210.0 100 4.97% 450bp na na nm 1.5xMediacomBonds and CDS8.500% (Broadband) Sr Nts Hold 15-Oct-15 B3/B- 500.0 103 5.16% 502bp 15-Oct-11 102.83 2.9x $3,300 5.7x Private9.125% (LLC) Sr Nts Hold 15-Aug-19 B3/B- 350.0 108 1/4 7.05% 670bp 15-Aug-14 104.56 $3,300 5.6x5-YR CDS 570bpBank DebtL + 175 (Broadband) TLD Hold 31-Jan-15 NR/BB- 800.0 96 1/4 3.39% 292bp na na $2,500 4.1xL + 175 (LLC) TLC Hold 31-Jan-15 Ba3/BB- 650.0 96 1/4 3.39% 292bp na na $2,600 3.5x

1. CDS Spread references 5-year CDS2. TEV for Cablevision adjusted to include only cable assets; FWD EBITDA is 2012E EBITDA.Source: J.P. Morgan and company reports.



14

Cable/Satellite: European Cable (David Caldana (44 207) 777-1737 / Michael Pace (1-212) 270-6530 Ratings EBITDA/ Net Debt/ Net Debt/ TEV/

Moody’s / Amount Recent Quotes Bank / CDS Next Call Data Total Int. Basic EBITDA FwdIssuer Description Recommendation Maturity S&P Outst. Bid YTW STW Spread Date Price LQA Sub LQA EBITDAKabel Deutschland (KABEGR)6.500% 1st Lien 29-Jun-18 Ba2/BB- € 500.0 104 5.42% 491bp 30-Jun-14 103.25 4.3x € 325.0 3.7x 8.3x5-YR CDS Underweight 475bpKabel BW (KABEL)7.500% (USD) 1st Lien 15-Mar-19 B1/B+ $500.0 107 5.84% 499bp 15-Mar-15 103.75 4.1x € 785.0 4.0x na7.500% (EUR) 1st Lien 15-Mar-19 B1/B+ € 800.0 103 1/2 6.65% 598bp 15-Mar-15 103.75 4.0x5-YR CDS Neutral 390bpONO Finance (ONOSM)8.875% (Nara Cable Funding USD)1st Lien 1-Dec-18 B1/B $1,000.0 88 11.51% 1,027bp 1-Dec-13 108.88 3.0x € 1,640.0 4.0x8.875% (Nara Cable Funding EUR)1st Lien 1-Dec-18 B1/B € 1,000.0 88 11.51% 1,046bp 1-Dec-13 108.88 4.0x10.875% (ONO Finance II PLC USD)Sr Nts 15-Jul-19 Caa1/CCC+ $225.0 84 1/2 14.38% 1,299bp 15-Jan-14 110.88 € 1,900.0 4.6x na11.125% (ONO Finance II PLC EUR)Sr Nts 15-Jul-19 Caa1/CCC+ € 295.0 83 15.05% 1,386bp 15-Jul-14 111.13 4.6x5-YR CDS Overweight 27 pts upfrontUPC Finance / UPC Holding BV (UPCB)7.625% (UPCB Finance Ltd) - EUR1st Lien 15-Jan-20 Ba3/B+ € 500.0 103 3/4 6.82% 596bp 15-Jan-15 103.81 4.0x € 740.0 4.0x6.625% (UPCB Finance Ltd) - USD1st Lien 1-Jul-20 Ba3/B+ $1,000.0 101 6.42% 528bp 1-Jul-15 103.31 4.0x6.375% (UPCB Finance Ltd) - EUR1st Lien 1-Jul-20 Ba3/B+ € 750.0 97 1/4 6.82% 542bp 1-Jul-16 103.19 4.0x7.250% (UPCB Finance Ltd) - USD1st Lien 15-Nov-21 Ba3/B+ $750.0 104 1/2 6.49% 502bp 15-Nov-16 103.63 4.0x6.875% (UPCB Finance Ltd) - USD1st Lien 15-Jan-22 Ba3/B+ $750.0 101 3/4 6.58% 508bp 15-Jan-17 103.44 4.0x8.000% (UPC Holding BV) - EUR Sr Nts 1-Nov-16 B2/B- € 300.0 102 1/2 6.91% 671bp 1-Nov-12 102.66 € 900.0 4.8x na9.750% (UPC Holding BV) - EUR Sr Nts 15-Apr-18 B2/B- € 400.0 105 7.85% 760bp 15-Apr-13 104.88 4.8x9.875% (UPC Holding BV) - USD Sr Nts 15-Apr-18 B2/B- $400.0 110 6.79% 649bp 15-Apr-14 104.94 4.8x8.375% (UPC Holding BV) - EUR Sr Nts 15-Aug-20 B2/B- € 640.0 101 8.17% 718bp 15-Aug-15 104.19 4.8x5-YR CDS Overweight 9 pts upfrontUnitymedia GmbH (UNITY)8.125% (USD) Sr Sec Nts 1-Dec-17 B1/BB- $845.0 106 3/4 6.02% 542bp 2-Dec-12 108.13 2.6x € 415.0 3.5x na8.125% (EUR) Sr Sec Nts 1-Dec-17 B1/BB- € 1,430.0 104 6.86% 647bp 2-Dec-12 108.13 3.5x9.625% (EUR) Sr Sub Nts 1-Dec-19 B3/B- € 665.0 106 3/4 8.10% 727bp 1-Dec-14 104.81 € 545.0 4.6x5-YR CDS Overweight 5 pts upfrontTelenet (TNETBB)5.300% (EUR) 1st Lien 15-Nov-16 Ba3/NR € 100.0 105 2/9 3.52% 333bp 15-Nov-13 102.65 4.5x € 990.0 3.0x na6.375% (EUR) 1st Lien 15-Nov-20 Ba3/NR € 500.0 99 6.53% 505bp 15-Nov-15 103.19 3.0x6.625% (EUR) 1st Lien Underweight 15-Feb-21 Ba3/NR € 300.0 99 1/2 6.70% 516bp 15-Feb-16 103.31 3.0xVirgin Media (VMED)7.000% (GBP) 1st Lien 15-Jan-18 Baa3/BBB- $875.0 105 3/4 5.29% 461bp 15-Jan-14 103.50 3.6x £580.0 2.0x 6.0x6.500% (USD) 1st Lien 15-Jan-18 Baa3/BBB- $1,000.0 108 1/2 3.28% 301bp 15-Jan-14 103.25 2.0x5.250% (USD) 1st Lien 15-Jan-21 Baa3/BBB- $500.0 110 3.88% 214bp nc na 2.0x9.500% (USD) Sr Nts 15-Aug-16 Ba2/BB- $850.0 112 3.68% 347bp 15-Aug-13 104.75 £925.0 3.1x9.500% (EUR) Sr Nts 15-Aug-16 Ba2/BB- $180.0 111 4.39% 418bp 15-Aug-13 104.75 3.1x8.875% (GBP) Sr Nts 15-Oct-19 Ba2/BB- £350.0 111 1/2 5.27% 501bp 15-Oct-14 104.44 3.1x8.375% (USD) Sr Nts 15-Oct-19 Ba2/BB- $600.0 111 3/4 4.91% 453bp 15-Oct-14 104.19 3.1x5.250% (USD) Sr Nts 15-Feb-22 Ba2/BB- $500.0 97 5.65% 367bp nc na 3.1x5-YR CDS Neutral 470bp




15

Cable/Satellite: Satellites - FSS/MSS – Michael Pace (1-212) 270-6530 Ratings EBITDA/ Net Debt/ TEV/

Moody’s / Amount Recent Quotes Bank/CDS Next Call Data Total Int. EBITDA FwdIssuer Description Recommendation Maturity S&P Outst. Bid YTW STW Spread 1 Date Price LTM LTM EBITDA

EutelsatValuation Only na NR na na na na na na na na 8.5x 2.4x 8.5xGeoEye 8.625% 2nd Lien 1-Oct-16 B3/B- 125.0 103 1/2 7.46% 688bp 1-Oct-13 104.31 2.1x9.625% 1st Lien Buy 1-Oct-15 Ba3/BB- 400.0 109 5.65% 527bp 1-Oct-13 104.81 3.6x 1.3x 4.8xInmarsat7.375% Sr Nts Hold 1-Dec-17 Ba2/BB+ 850.0 106 1/4 5.45% 503bp 1-Dec-13 103.69 9.8x 1.5x 6.0xIntelsat Ltd.6.5% (SA) Sr Nts Buy 1-Nov-13 Caa3/CCC+ 353.6 103 5/8 4.05% 381bp nc na 1.7x 7.9x Private5-YR CDS (SA) 335bp11.25% (Luxemborg) Sr Nts Hold 4-Feb-17 Caa3/CCC+ 2,805.0 100 3/4 10.92% 1,047bp 15-Feb-13 105.63 7.4x11.25% (Jackson) Sr Nts Buy 15-Jun-16 Caa2/CCC+ 1,032.9 105 1/8 9.72% 901bp nc na 4.9xSES GlobalValuation Only na NR na na na na na na na na 5.8x 3.2x 8.5xTelesat12.500% Sr Sub Nts NR 1-Nov-17 B3/B- 217.2 111 1/4 6.99% 681bp 1-May-13 106.25 3.0x 4.4x Private11.000% Sr Nts NR 1-Nov-15 B3/B- 692.8 106 5/8 6.88% 670bp 1-May-12 105.50 4.0xViaSat8.875% Sr Nts Buy 15-Sep-16 B1/B+ 275.0 108 1/2 4.04% 392bp 15-Sep-12 106.66 6.0x 1.7x 12.8x1. CDS spread references 5-year CDS; Fwd EBITDA is 2012E EBITDA.Source: J.P. Morgan and company reports.



16

CANADIAN CABLEQuebecor Media/Videotron7.750% (QMI) Sr Nts Hold 15-Mar-16 B1/B+ 700.0 102 3/4 6.94% 627bp 15-Mar-11 103.88 4.3x na 3.6x Private6.875% (Videotron) Sr Nts Hold 15-Jan-14 Ba1/BB 395.0 100 6.87% 660bp 7.3x C$ 1,000.0 1.7x Private6.375% (Videotron) Sr Nts Hold 15-Dec-15 Ba1/BB 175.0 102 3/8 4.29% 414bp 15-Dec-12 101.069.125% (Videotron) Sr Nts Hold 15-Apr-18 Ba1/BB 715.0 110 1/2 2.91% 273bp 15-Apr-13 104.56Rogers Communications6.250% Sr Sec Nts Hold 15-Jun-13 Baa1/BBB 350.0 106 1/5 0.89% 70bp nc na 7.3x $4,200.0 2.0x 6.5x5.500% Sr Sec Nts Hold 15-Mar-14 Baa1/BBB 350.0 108 2/9 1.14% 86bp nc na6.375% Sr Sec Nts Hold 1-Mar-14 Baa1/BBB 750.0 110 1/8 0.91% 64bp nc na5-YR CDS Hold 67bpShaw CommunicationsValuation (Canadian bonds only) na Hold na na na na na na nc na 6.8x $1,700.0 2.3x 6.7x5-YR CDS Hold 157bp

HIGH GRADE US CABLEComcast5.700% Sr Nts Hold 1-Jul-19 Baa1/BBB+ 700.0 118 3/5 2.83% 145bp nc na 6.2x $1,700.0 2.2x 6.7x6.550% Sr Nts Hold 1-Jul-39 Baa1/BBB+ 800.0 123 5/9 4.96% 194bp nc na5-YR CDS Hold 75bpCox Communications9.375% Sr Nts Hold 15-Jan-19 Baa2/BBB 600.0 134 3/5 3.56% 228bp nc na 7.1x na 2.2x Private8.375% Sr Nts Hold 1-Mar-39 Baa2/BBB 1,250.0 142 1/4 5.38% 238bp nc na5-YR CDS Hold 50bpTime Warner Cable5.000% Sr Nts Hold 1-Feb-20 Baa2/BBB 1,500.0 111 3.39% 187bp nc na 4.7x $2,600.0 2.8x 6.1x6.750% Sr Nts Hold 15-Jun-39 Baa2/BBB 1,500.0 120 1/2 5.31% 229bp nc na5-YR CDS Hold 138bp

1. Fwd EBITDA is 2012E EBITDA.Source: J.P. Morgan and company reports.

Cable/Satellite: Canadian Cable/High Grade Cable – Michael Pace (1-212) 270-6530 Ratings EBITDA/ Net Debt/ Net Debt/ TEV/

Moody’s / Amount Recent Quotes CDS Next Call Data Total Int. Basic EBITDA FwdIssuer Description Recommendation Maturity S&P Outst. Bid YTW STW Spread Date Price LQA Sub 1 LQA EBITDA1



17

DBSDirecTV4.750% Sr Nts Hold 1-Oct-14 Baa2/BBB 1,000.0 108 2/5 1.26% 88bp nc na 10.1x 2.4x 6.0x7.625% Sr Nts Hold 15-May-16 Baa2/BBB 1,500.0 104 5/9 4.98% 479bp 15-May-12 103.815.875% Sr Nts Hold 1-Oct-19 Baa2/BBB 1,000.0 115 2/5 3.51% 207bp nc na5-YR CDS 155bpEchostar DBS (DISH Network)7.000% Sr Nts Hold 1-Oct-13 Ba2/BB- 500.0 106 3/4 2.27% 204bp nc na 7.6x 1.5x 5.8x6.625% Sr Nts Hold 1-Oct-14 Ba2/BB- 1,000.0 108 1/2 3.01% 263bp nc na7.125% Sr Nts Hold 1-Feb-16 Ba2/BB- 1,500.0 110 1/4 4.17% 353bp nc na7.875% Sr Nts Buy 1-Sep-19 Ba2/BB- 1,400.0 114 3/4 5.42% 400bp nc na5-YR CDS 305bp

SATELLITE RADIOSirius XM Radio9.750% 1st Lien Nts Buy 1-Sep-15 Ba2/BBB- 257.0 107 1/2 2.53% 242bp 1-Sep-12 104.88 2.4x 0.0x 17.8x7.625% Sr Nts Buy 1-Nov-18 B2/BB 700.0 108 3/4 5.32% 492bp 1-Nov-14 103.81 3.6x8.750% Sr Nts Hold 1-Apr-15 B2/BB 800.0 113 4.04% 356bp nc na13.000% Sr Nts Hold 1-Aug-13 B2/BB 778.5 113 2.68% 247bp nc na

1. CDS Spread references 5-year CDS2. Fwd EBITDA is 2012E EBITDASource: J.P. Morgan and company reports.

Cable/Satellite: Satellites - DBS/Satellite Radio – Michael Pace (1-212) 270-6530 Ratings EBITDA/ Net Debt/ TEV/

Moody’s / Amount Recent Quotes Bank/CDS Next Call Data Total Int. EBITDA FwdIssuer Description Recommendation Maturity S&P Outst. Bid YTW STW Spread 1 Date Price LTM LTM EBITDA2



18

Chemicals – Tarek Hamid (1-212) 834-5468 Ratings LTMMoody’s Recent Quotes YTW Next Call Current Adj. EBITDA Adj. EBITDA/ Net Debt/

Issuer Description Recommendation Maturity S&P Size Bid YTW Spread Date Date Price Yield Adj. EBITDA Margin Int. Exp. Adj. EBITDA

COMMODITY CHEMICALSCelanese (CE)L+275 Term Loan C NR 31-Oct-16 Ba1/BBB- $1,140.0 100 1/3 3.71% 267bp na na na 3.20% $1,362.0 20.1% 6.2x 0.5x6.625% Sr Nts NR 15-Oct-18 Ba3/BB- $600.0 105 1/2 5.24% 446bp 15-Oct-16 15-Oct-14 103 1/3 6.28% $1,362.0 20.1% 6.2x 1.7xGeorgia Gulf (GGC)9.000% Sr Sec Nts (1st Lien) NR 15-Jan-17 B1/B+ $500.0 110 1/2 5.13% 486bp 15-Jan-14 15-Jan-14 104 1/2 8.14% $230.3 7.1% 3.5x 1.8xIneos Group Holdings Plc (INEGRP)L+500 Term Loan C Buy 16-Dec-14 Ba3/B $732.0 103 2/3 6.46% 573bp na na na 7.72% € 1,713.5 9.7% 2.6x 2.0x9.000% Sr Sec Nts Buy 15-May-15 Ba3/B $570.0 105 6.39% 608bp 15-May-14 15-May-13 104 1/2 8.57% € 1,713.5 9.7% 2.6x 2.4x8.375% Sr Sec Nts Buy 15-Feb-19 Ba3/B $1,000.0 104 3/4 7.35% 629bp 15-Feb-18 15-Feb-15 106 2/7 8.00% € 1,713.5 9.7% 2.6x 2.4x8.500% Sr Nts Buy 15-Feb-16 Caa1/CCC $677.5 90 1/4 11.72% 1,108bp 15-Feb-16 15-Feb-12 102 5/6 9.42% € 1,713.5 9.7% 2.6x 3.6x7.875% Sr Nts Buy 15-Feb-16 Caa1/CCC € 1,532.1 84 13.33% 1,290bp 15-Feb-16 15-Feb-12 102 5/8 9.38% € 1,713.5 9.7% 2.6x 3.6xLyondellBasell (LYO)5.000% Sr Nts NR 15-Apr-19 Ba2/BB+ $2,000.0 99 5.17% 384bp 15-Apr-19 15-Jan-19 100 5.05% $5,279.0 10.3% 5.2x 0.6x5.750% Sr Nts NR 15-Apr-24 Ba2/BB+ $1,000.0 98 1/2 5.93% 379bp 15-Apr-24 15-Jan-24 100 5.84% $5,279.0 10.3% 5.2x 0.6x6.000% Sr Nts NR 15-Nov-21 Ba2/BB+ $1,000.0 104 1/4 5.42% 350bp 15-Nov-21 nc nc 5.76% $5,279.0 10.3% 5.2x 0.6x8.000% Sr Nts NR 1-Nov-17 Ba2/BB+ $618.9 112 1/4 1.81% 162bp 1-May-13 1-May-13 106 7.13% $5,279.0 10.3% 5.2x 0.6x11.000% Sr Nts NR 1-May-18 Ba2/BB+ $1,921.6 110 1.30% 112bp 1-May-13 1-May-13 100 10.00% $5,279.0 10.3% 5.2x 0.6xNova Chemicals (NCX)8.375% Sr Nts Hold 1-Nov-16 Ba2/BB $350.0 110 1/2 3.95% 371bp 1-Nov-13 1-Nov-13 104 1/5 7.58% $1,279.0 24.4% 7.7x 0.6x8.625% Sr Nts Hold 1-Nov-19 Ba2/BB $350.0 113 3/4 4.46% 406bp 1-Nov-14 1-Nov-14 104 1/3 7.58% $1,279.0 24.4% 7.7x 0.6xTexas Petrochemical (TPCG)8.250% Sr Sec Nts (1st Lien) Sell 1-Oct-17 B1/NR $350.0 103 5/8 7.28% 651bp 1-Oct-16 1-Oct-13 106 1/5 7.96% $130.0 4.7% 3.8x 2.0xWestlake (WLK)6.625% Sr Nts NR 15-Jan-16 Baa3/BBB- $250.0 101 3/4 5.55% 529bp 15-Jan-14 15-Jan-13 101 1/9 6.51% $584.0 16.1% 11.5x nm

SPECIALTY & FINE CHEMICALS Ashland (ASH)L+225 Term Loan A Hold 23-Aug-16 Baa3/BB $1,500.0 99 3/5 3.31% 237bp na na na 2.76% $1,235.0 14.2% 4.8x 2.0xL+275 Term Loan B Hold 23-Aug-18 Baa3/BB $1,400.0 99 8/9 4.36% 294bp na na na 3.75% $1,235.0 14.2% 4.8x 2.0x9.125% Sr Nts Sell 1-Jun-17 Baa3/BB $650.0 110 1/2 3.53% 333bp 1-Jun-13 1-Jun-13 104 4/7 8.26% $1,235.0 14.2% 4.8x 2.6xChemtura Corp. (CHMT)L+400 Term Loan B Hold 29-Aug-16 Ba1/BB+ $295.0 100 3/8 5.27% 430bp na na na 5.48% $385.0 12.7% 6.1x 0.3x7.875% Sr Nts Sell 1-Sep-18 B1/BB- $455.0 106 3/4 6.09% 534bp 1-Sep-16 1-Sep-14 104 7.38% $385.0 12.7% 6.1x 1.5xCompass Minerals (CMP)L+275 Term Loan C Hold 15-Jan-16 Ba1/BBB $234.0 99 2/3 3.71% 285bp na na na 3.23% $280.0 25.3% 13.3x 0.9xL+150 Term Loan A Hold 24-Dec-12 Ba1/BBB $350.0 99 5/7 2.82% 195bp na na na 1.98% $280.0 25.3% 13.3x 0.9xL+200 Term Loan B Hold 24-Dec-12 Ba1/BBB $56.1 99 5/7 3.32% 245bp na na na 2.48% $280.0 25.3% 13.3x 0.9x8.000% Sr Nts Buy 1-Jun-19 Ba2/BB+ $100.0 108 5.74% 542bp 1-Jun-14 1-Jun-14 104 7.41% $280.0 25.3% 13.3x 1.3x




19

Chemicals – Tarek Hamid (1-212) 834-5468 Ratings LTMMoody’s Recent Quotes YTW Next Call Current Adj. EBITDA Adj. EBITDA/ Net Debt/

Issuer Description Recommendation Maturity S&P Size Bid YTW Spread Date Date Price Yield Adj. EBITDA Margin Int. Exp. Adj. EBITDA

Ferro Corp. (FOE)7.875% Sr Nts Sell 15-Aug-18 B1/B+ $250.0 101 3/8 7.49% 675bp 15-Aug-16 15-Aug-14 104 7.77% $183.0 8.5% 6.5x 1.6xHexion/Borden (HXN)L+375 Term Loan C NR 5-May-15 Ba3/B- $426.5 99 4.86% 414bp na na na 4.35% $635.0 12.2% 2.4x 1.5xL+375 Term Loan C NR 5-May-15 Ba3/B- $178.2 99 4.86% 413bp na na na 4.33% $635.0 12.2% 2.4x 1.5xL+375 Term Loan C NR 5-May-15 Ba3/B- $148.6 97 3/4 5.30% 458bp na na na 4.38% $635.0 12.2% 2.4x 1.5xL+375 Term Loan C NR 5-May-15 Ba3/B- $85.6 97 1/2 5.38% 466bp na na na 4.40% $635.0 12.2% 2.4x 1.5x6.625% Sr Sec Nts (1st Lien) NR 15-Apr-20 Ba3/B- $450.0 101 3/4 6.27% 517bp 15-Apr-18 15-Apr-15 105 6.51% $635.0 12.2% 2.4x 1.5x8.875% Sr Sec Nts (1.5 Lien) NR 1-Feb-18 B3/CCC+ $1,000.0 101 3/4 8.42% 759bp 1-Feb-17 1-Feb-14 104 4/9 8.72% $635.0 12.2% 2.4x 3.1x9.000% Sr Sec Nts (2nd Lien) NR 15-Nov-20 NR/CCC+ $440.0 90 1/4 10.77% 907bp 15-Nov-20 15-Nov-15 104 1/2 9.97% $635.0 12.2% 2.4x 4.2x8.375% Debs NR 15-Apr-16 Caa2/CCC+ $61.5 89 1/4 11.83% 1,115bp 15-Apr-16 nc nc 9.38% $635.0 12.2% 2.4x 4.9x7.875% Debs NR 15-Feb-23 Caa2/CCC+ $188.4 81 10.90% 883bp 15-Feb-23 nc nc 9.72% $635.0 12.2% 2.4x 4.9x9.200% Debs NR 15-Mar-21 Caa2/CCC+ $74.0 87 11.57% 980bp 15-Mar-21 nc nc 10.57% $635.0 12.2% 2.4x 4.9xHuntsman International LLC (HUN)L+150 Term Loan B Hold 19-Apr-14 Ba1/BB $2,180.0 99 5/8 2.31% 172bp na na na 2.01% $1,214.0 10.8% 4.9x 1.6xL+225 Term Loan C Hold 30-Jun-16 Ba1/BB $500.0 98 2/7 3.65% 269bp na na na 2.77% $1,214.0 10.8% 4.9x 1.6xL+250 Term Loan B Hold 19-Apr-17 Ba1/BB $650.0 98 2/3 3.93% 280bp na na na 3.01% $1,214.0 10.8% 4.9x 1.6xL+300 Term Loan B Hold 19-Apr-17 Ba1/NR $345.7 98 2/3 4.43% 331bp na na na 3.52% $1,214.0 10.8% 4.9x 1.6x5.500% Sr Nts Hold 30-Jun-16 B1/B+ $600.0 99 3/4 5.57% 485bp 30-Jun-16 nc nc 5.51% $1,214.0 10.8% 4.9x 2.0x8.625% Sr Sub Nts Sell 15-Mar-20 B2/B $350.0 113 5.15% 468bp 15-Mar-15 15-Mar-15 104 1/3 7.63% $1,214.0 10.8% 4.9x 2.8x8.625% Sr Sub Nts Sell 15-Mar-21 B2/B $530.0 113 5.55% 499bp 15-Sep-15 15-Sep-15 104 1/3 7.63% $1,214.0 10.8% 4.9x 2.8xMomentive Performance Materials (MOMENT)L+350 Term Loan C Hold 5-May-15 Ba3/B $436.4 95 1/2 5.87% 514bp na na na 4.24% $379.0 14.4% 1.5x 2.0x12.250% Sr Sec Nts (2nd Lien) Buy 15-Jun-14 B2/CCC $200.0 105 1/2 8.20% 805bp 15-Dec-12 15-Dec-12 103 1/8 11.61% $379.0 14.4% 1.5x 2.5x9.000% Sr Nts Buy 15-Jan-21 Caa1/CCC $635.0 84 1/4 11.94% 1,021bp 15-Jan-21 15-Jan-16 104 1/2 10.68% $379.0 14.4% 1.5x 5.7x11.500% Sr Sub Nts Buy 1-Dec-16 Caa2/CCC $381.9 80 5/8 17.81% 1,701bp 1-Dec-16 1-Dec-12 103 5/6 14.26% $379.0 14.4% 1.5x 6.7xPolyOne (POL)L+375 Loan Buy 20-Dec-17 Ba1/BB- $300.0 100 1/4 5.28% 401bp na na na 4.99% $278.5 9.1% 5.4x 0.4x7.375% Sr Nts Hold 15-Sep-20 Ba3/B+ $360.0 105 1/4 6.36% 517bp 15-Sep-18 15-Sep-15 103 2/3 7.01% $278.5 9.1% 5.4x 1.8xSolutia Inc. (SOA)L+275 Term Loan B Hold 1-Aug-17 Ba1/BB+ $700.0 99 4/5 4.10% 291bp na na na 3.51% $518.0 24.7% 5.1x 1.1x8.750% Sr Nts Hold 1-Nov-17 B1/BB- $389.0 113 2.86% 262bp 1-Nov-13 1-Nov-13 104 3/8 7.74% $518.0 24.7% 5.1x 2.4x7.875% Sr Nts Hold 15-Mar-20 B1/BB- $286.0 116 1/4 3.28% 281bp 15-Mar-15 15-Mar-15 104 6.77% $518.0 24.7% 5.1x 2.4x

AGRICULTURAL CHEMICALSCF Inudstries (CF)6.875% Sr Nts Buy 1-May-18 Ba1/BB+ $800.0 115 4.05% 294bp 1-May-18 nc nc 5.98% $2,986.0 49.0% 20.5x 0.1x7.125% Sr Nts Buy 1-May-20 Ba1/BB+ $800.0 118 1/4 4.40% 283bp 1-May-20 nc nc 6.03% $2,986.0 49.0% 20.5x 0.1x




20

Ratings Amount (LTM EBITDA Net Debt/Moody’s / Outstanding Recent Quotes Next Call Data LTM LTM EBITDA/ - Capex)/ LTM TEV/

Coupon Description Recommendation Maturity S&P ($ mn) Bid YTW Spread Date Price EBITDA Net Interest Cash Interest EBITDA LTM EBITDAAmerican Greetings Corp.(AM)7.375% Sr Nts Hold 1-Dec-21 Ba2/BB+ $225.0 102 1/8 7.01% 553bp 1-Dec-16 103.69 $198.4 8.3x 5.8x 0.8x 3.8xArmored AutoGroup (VIKACQ)9.250% Sr Nts NR 1-Nov-18 Caa1/CCC+ $275.0 81 3/4 13.54% 1231bp 1-Nov-14 104.63 $90.6 1.9x 1.7x 6.1x naBrunswick Corp. (BC) 1

11.250% Sr Sec Nts (1st Lien) Buy 1-Nov-16 Ba2/B+ $293.8 116 4.01% 377bp 1-Nov-13 105.63 $319.6 4.1x 2.9x 0.9x 8.0x9.75%/11.75% Sr Nts Hold 15-Aug-13 B3/B $73.0 112 1/2 2.16% 195bp Make Whole T+50 $319.6 4.1x 2.9x 2.2x 8.0x7.375% Sr Nts Buy 1-Sep-23 B3/B $114.7 97 3/4 7.67% 557bp nc nc $319.6 4.1x 2.9x 2.2x 8.0x7.125% Sr Nts Buy 1-Aug-27 B3/B $167.9 93 3/4 7.83% 550bp Make Whole T+15 $319.6 4.1x 2.9x 2.2x 8.0xCentral Garden and Pet (CENT)8.250% Sr Sub Nts Hold 1-Mar-18 B2/B $450.0 102 3/8 7.53% 687bp 1-Mar-14 104.13 $109.3 2.9x 1.9x 4.6x 9.2xEaston-Bell Sports (EASTON)9.750% Sr Sec Nts Hold 1-Dec-16 B2/B- $350.0 110 5/8 4.02% 387bp 1-Dec-12 107.31 $98.2 2.3x 1.7x 3.7x naElizabeth Arden (RDEN)7.375% Sr Nts NR 15-Mar-21 B1/BB- $250.0 108 3/4 5.70% 504bp 15-Mar-16 103.69 $125.5 5.8x 4.7x 1.5x 10.2xHanes Brands (HBI)FRN Sr Nts Hold 15-Dec-14 B1/BB- $293.3 99 1/2 4.08% 339bp 14-May-12 100.00 $578.8 3.7x 3.1x 3.5x 8.1x8.000% Sr Nts Sell 15-Dec-16 B1/BB- $500.0 110 4.07% 381bp 15-Dec-13 104.00 $578.8 3.7x 3.1x 3.5x 8.1x6.375% Sr Nts Sell 15-Dec-20 B1/BB- $1,000.0 101 1/8 6.16% 491bp 15-Dec-15 103.19 $578.8 3.7x 3.1x 3.5x 8.1xJarden Corp. (JAH)8.000% Sr Nts Hold 1-May-16 Ba3/BB- $300.0 108 3.89% 370bp 1-May-13 104.00 $790.8 4.4x 3.7x 3.0x 7.5x6.125% Sr Nts Hold 15-Nov-22 Ba3/BB- $300.0 104 1/2 5.18% 418bp 15-Nov-15 103.06 $790.8 4.4x 3.7x 3.0x 7.5x7.500% Sr Sub Nts Hold 1-May-17 B2/B $650.0 109 1/2 5.33% 445bp 1-May-12 103.75 $790.8 4.4x 3.7x 3.0x 7.5x7.500% Sr Sub Nts Hold 15-Jan-20 B2/B $275.0 108 1/4 5.50% 506bp 15-Jan-15 103.75 $790.8 4.4x 3.7x 3.0x 7.5xJones Apparel Group (JNY)5.125% Sr Unsub Nts Hold 15-Nov-14 Ba3/B+ $250.0 101 1/2 4.50% 410bp Make Whole T+15 $283.3 3.9x 2.5x 2.1x 5.5x6.875% Sr Nts Hold 15-Mar-19 Ba3/B+ $300.0 97 1/4 7.39% 608bp Make Whole T+50 $283.3 3.9x 2.5x 2.1x 5.5x6.125% Sr Unsub Nts Hold 15-Nov-34 Ba3/B+ $250.0 76 8.54% 579bp Make Whole T+20 $283.3 3.9x 2.5x 2.1x 5.5xLevi Strauss & Company (LEVI)8.875% Sr Nts Hold 1-Apr-16 B2/B+ $350.0 103 1/4 6.83% 665bp 1-Apr-13 101.48 $473.2 3.5x 2.7x 3.6x na7.750% Sr Nts Hold 15-May-18 B2/B+ € 300.0 101 1/2 7.32% 683bp 15-May-14 103.88 $473.2 3.5x 2.7x 3.6x na7.625% Sr Nts Hold 15-May-20 B2/B+ $525.0 105 6.61% 549bp 15-May-15 103.81 $473.2 3.5x 2.7x 3.6x naLiz Claiborne (LIZ) 2

10.500% Sr Sec Nts (1st Lien) Buy 15-Apr-19 B2/B $220.0 111 7.00% 671bp 15-Apr-14 105.25 $94.1 1.6x 7.1x 2.4x 17.0x5.000% Sr Nts Buy 8-Jul-13 Caa1/CCC+ € 81.5 97 1/2 7.18% 708bp Make Whole T+15 $94.1 1.6x 7.1x 3.1x 17.0xPhillips-Van Heusen, Inc. (PVH)7.750% Sr Sec Nts (1st Lien) Hold 15-Nov-23 Ba1/BBB $100.0 115 3/4 5.86% 375bp nc nc $804.9 6.3x 5.0x 1.3x 11.0x7.375% Sr Nts Hold 15-May-20 Ba3/BB+ $600.0 110 4.96% 445bp 15-May-15 103.69 $804.9 6.3x 5.0x 2.1x 11.0x

Consumer Products – Carla Casella, CFA (1-212) 270-6798

Note: TEV calculations are based on Thursday prices.1. BC net debt/EBITDA is net of maintenance cash of $500 mn.2. LIZ leverage levels are shown PF for sale of Mexx of $85 mn.Source: J.P. Morgan and company reports.


21


Ratings Amount (LTM EBITDA- Net Debt/Moody’s / Outstanding Recent Quotes Next Call Data LTM LTM EBITDA/ Capex)/ LTM TEV/

Coupon Description Recommendation Maturity S&P ($ mn) Bid YTW Spread Date Price EBITDA Net Interest Cash Interest EBITDA LTM EBITDA

Consumer Products – Carla Casella, CFA (1-212) 270-6798

Prestige Brands (PBH)8.250% Sr Sec Nts NR 1-Apr-18 Ba3/BB- $250.0 109 1/4 5.24% 496bp 1-Apr-14 104.13 $211.4 2.3x 2.3x 4.1x 9.5x8.125% Sr Nts NR 1-Feb-20 B3/B- $250.0 108 1/4 6.39% 534bp 1-Feb-16 104.06 $211.4 2.3x 2.3x 5.4x 9.5xQuiksilver, Inc. (ZQK)6.875% Sr Nts NR 15-Apr-15 Caa1/CCC+ $400.0 100 6.87% 670bp 15-Apr-12 101.15 $191.5 3.2x 1.7x 3.2x 6.5x8.875% Sr Nts NR 15-Dec-17 Ba3/B € 200.0 101 8.60% 799bp 15-Dec-14 104.44 $191.5 3.2x 1.7x 3.2x 6.5xRevlon, Inc. (REV)9.750% Sr Sec Nts Hold 15-Nov-15 B2/B $330.0 107 1/4 5.27% 513bp 15-Nov-12 104.88 $266.0 2.8x 2.2x 4.1x 7.6xScotts Miracle Gro (SMG)7.250% Sr Nts Hold 15-Jan-18 B1/BB $200.0 107 1/4 4.88% 461bp 15-Jan-14 103.63 $409.1 7.2x 6.1x 2.2x 10.1x6.625% Sr Nts Hold 15-Dec-20 B1/BB $200.0 104 1/2 5.80% 454bp 15-Dec-15 103.31 $409.1 7.2x 6.1x 2.2x 10.1xSealy Corporation (ZZ)10.875% Sr Sec Nts (1st Lien) Buy 15-Apr-16 Ba3/BB- $295.0 108 1/2 7.24% 706bp 15-Apr-12 108.16 $128.4 2.1x 2.1x 3.2x 6.9x8.250% Sr Sub Nts Buy 15-Jun-14 Caa1/CCC+ $268.9 98 1/2 9.02% 869bp 15-Jun-12 100.00 $128.4 2.1x 2.1x 5.3x 6.9xSpectrum Brands (SPB)9.500% Sr Sec Nts (1st Lien) NR 15-Jun-18 Caa3/CCC- $750.0 111 7/8 5.68% 535bp 15-Jun-14 104.75 $460.8 2.3x 2.2x 3.1x 7.5x12.000% Sr Sub Toggle Nts NR 28-Aug-19 B3/CCC+ $245.0 109 3/4 1.59% 148bp 28-Aug-12 106.00 $460.8 2.3x 2.2x 3.7x 7.5xNote: TEV calculations are based on Thursday prices.Source: J.P. Morgan and company reports.



22

Energy: Exploration and Production – Gregg Brody (1-212) 834-5997 Ratings MTD YTD 2011 % Balance Moody's Amount Recent Quotes Next Call Date Current Total Total Reserves Natural LTM Sheet Debt/ Debt/PD Debt/

Coupon Desc. Recom. Maturity S&P Outst. Bid YTW Spread Date Price Yield Return Return Bcfe Gas EBITDAX FCF Liquidity EBITDAX (mcfe) EVAlta Mesa Holdings9.625% Sr Nts NR 15-Oct-18 B3/B $300.0 99 9.84% 862bp 15-Oct-14 104 13/16 9.72% -1.36% 4.74%Antero Resources9.375% Sr Nts NR 1-Dec-17 B3/B+ $525.0 108 3/8 6.62% 637bp 1-Dec-13 104 11/16 8.65% 0.39% 2.76% 5,021 78.3% $340.8 -$321.2 $851.2 2.8x $1.13 na7.250% Sr Nts NR 1-Aug-19 B3/B+ $400.0 102 6.79% 585bp 1-Aug-14 105 7/16 7.11% -0.73% 1.45% 5,021 78.3% $340.8 -$321.2 $851.2 2.8x $1.13 naATP Oil & Gas11.875% Sr Sec Nts (2nd Lien) NR 1-May-15 Caa2/CCC- $1,500.0 70 1/2 26.61% 2611bp 1-May-13 111 7/8 16.84% -2.70% 11.91% 759 40.6% $514.9 -$249.2 $85.8 3.9x $14.11 74.6% Bill Barrett9.875% Sr Nts NR 15-Jul-16 B1/BB- $250.0 110 1/4 5.16% 495bp 15-Jul-13 104 15/16 8.96% 0.52% 2.63% 1,365 91.6% $523.3 -$463.4 $1,080.3 2.0x $1.50 53.5% 7.625% Sr Nts NR 1-Oct-19 B1/BB- $400.0 99 1/2 7.71% 628bp 1-Oct-15 103 13/16 7.66% -1.72% -2.68% 1,365 91.6% $523.3 -$463.4 $1,080.3 2.0x $1.50 53.5% 7.000% Sr Nts NR 15-Oct-22 B1/BB- $400.0 94 1/4 7.81% 576bp 15-Oct-17 103 1/2 7.43% -2.08% -5.09% 1,365 91.6% $523.3 -$463.4 $1,080.3 2.0x $1.50 53.5% Berry Petroleum Co.10.250% Sr Nts NR 1-Jun-14 B2/B+ $355.3 115 2.92% 260bp 8.91% -0.13% 4.16% 1,776 32.8% $557.6 -$64.1 $645.6 2.6x $1.51 36.6% 6.750% Sr Nts NR 1-Nov-20 B2/B+ $300.0 105 1/4 5.77% 455bp 1-Nov-15 103 3/8 6.41% -0.25% 6.01% 1,776 32.8% $557.6 -$64.1 $645.6 2.6x $1.51 36.6% 6.375% Sr Nts NR 15-Sep-22 B2/B+ $600.0 102 1/4 6.01% 447bp 15-Mar-17 103 3/16 6.23% -0.28% 2.91% 1,776 32.8% $557.6 -$64.1 $645.6 2.6x $1.51 36.6% Breitburn Energy Partner8.625% Guar Nts NR 15-Oct-20 B3/B $305.0 106 7.44% 623bp 15-Oct-15 104 5/16 8.14% 0.03% 3.56% 907 65.1% $225.0 $108.8 $723.8 2.9x $0.84 37.9% 7.875% Sr Nts NR 15-Apr-22 B3/B $250.0 101 7.70% 620bp 15-Jan-17 103 15/16 7.80% -0.71% 3.91% 907 65.1% $225.0 $108.8 $723.8 2.9x $0.84 37.9% Carrizo Oil & Gas8.625% Sr Nts NR 15-Oct-18 B3/B $600.0 105 7.50% 651bp 15-Oct-14 104 5/16 8.21% 0.03% 6.24% 624 77.7% $172.1 -$414.5 $410.6 4.3x $2.64 44.7% Chaparral Energy8.875% Sr Nts Hold 1-Feb-17 Caa1/B- $325.0 104 7.23% 696bp 1-Feb-13 102 23/24 8.53% -0.19% 2.79% 896 37.4% $313.2 -$109.7 $406.7 3.3x $1.75 na9.875% Sr Nts Hold 1-Oct-20 Caa1/B- $300.0 110 1/2 7.64% 706bp 1-Oct-15 104 15/16 8.94% -0.60% 4.77% 896 37.4% $313.2 -$109.7 $406.7 3.3x $1.75 na8.250% Sr Nts Hold 1-Sep-21 Caa1/B- $400.0 105 3/4 7.23% 581bp 1-Sep-16 104 1/8 7.80% -0.44% 6.55% 896 37.4% $313.2 -$109.7 $406.7 3.3x $1.75 naChesapeake Energy7.625% Sr Nts Hold 15-Jul-13 Ba3/BB+ $464.1 105 3/4 2.89% 269bp 7.21% 0.47% 1.96% 18,789 82.6% $5,219 -$3,794 $6,996.6 2.0x $1.06 43.5% 9.500% Sr Nts Hold 15-Feb-15 Ba3/BB+ $1,264.7 114 4.20% 374bp 8.33% -0.16% 1.83% 18,789 82.6% $5,219 -$3,794 $6,996.6 2.0x $1.06 43.5% 6.250% Sr Nts Hold 15-Jan-17 Ba3/BB+ $344.2 102 6/25 5.70% 507bp 6.11% -0.29% 3.63% 18,789 82.6% $5,219 -$3,794 $6,996.6 2.0x $1.06 43.5% 6.500% Sr Nts Hold 15-Aug-17 Ba3/BB+ $660.4 105 5.41% 446bp 6.19% -1.20% 0.30% 18,789 82.6% $5,219 -$3,794 $6,996.6 2.0x $1.06 43.5% 6.875% Sr Nts Hold 15-Aug-18 Ba3/BB+ $473.7 102 6.34% 559bp 15-Aug-13 105 5/32 6.74% -0.74% -2.80% 18,789 82.6% $5,219 -$3,794 $6,996.6 2.0x $1.06 43.5% 7.250% Sr Nts Hold 15-Dec-18 Ba3/BB+ $668.6 105 3/4 6.18% 493bp 6.86% -0.70% -2.45% 18,789 82.6% $5,219 -$3,794 $6,996.6 2.0x $1.06 43.5% 6.775% Sr Nts Hold 15-Mar-19 Ba3/BB+ $1,300.0 99 6.96% 564bp 6.84% -0.02% 1.40% 18,789 82.6% $5,219 -$3,794 $6,996.6 2.0x $1.06 43.5% 6.625% Sr Nts Hold 15-Aug-20 Ba3/BB+ $1,300.0 100 6.62% 498bp 6.63% -1.49% -4.91% 18,789 82.6% $5,219 -$3,794 $6,996.6 2.0x $1.06 43.5% 6.875% Sr Nts Hold 15-Nov-20 Ba3/BB+ $500.0 100 1/2 6.80% 510bp 6.84% -2.38% -4.23% 18,789 82.6% $5,219 -$3,794 $6,996.6 2.0x $1.06 43.5% 6.125% Sr Nts Hold 15-Feb-21 Ba3/BB+ $1,000.0 97 1/2 6.50% 475bp 6.28% -1.30% -3.36% 18,789 82.6% $5,219 -$3,794 $6,996.6 2.0x $1.06 43.5% Cimarex Energy7.125% Sr Nts NR 1-May-17 Ba1/BB+ $350.0 103 6.03% 554bp 1-May-12 103 9/16 6.92% 0.22% 0.71% 2,045 59.5% $1,255.5 -$375.6 $1,078.7 0.6x $0.45 11.6% 5.875% Sr Nts Hold 1-May-22 Ba1/BB+ $750.0 101 1/2 5.64% 407bp 1-May-17 102 15/16 5.79% -0.31% 1.68% 2,045 59.5% $1,255.5 -$375.6 $1,078.7 0.6x $0.45 11.6% Clayton Williams7.750% Sr Nts NR 1-Apr-19 Caa1/B $350.0 99 1/4 7.89% 657bp 1-Apr-15 103 7/8 7.81% 0.01% 6.07% 386 23.0% $317.6 -$119.4 $308.4 1.7x $2.25 36.4% Comstock Resources8.375% Sr Nts NR 15-Oct-17 B2/B $300.0 97 9.08% 809bp 15-Oct-13 104 3/16 8.63% 0.03% 2.64% 1,248 85.4% $319.3 -$275.7 $321.8 3.2x $1.24 60.7% 7.750% Sr Nts NR 1-Apr-19 B2/B $300.0 92 3/4 9.18% 786bp 1-Apr-15 103 7/8 8.36% 0.01% -0.08% 1,248 85.4% $319.3 -$275.7 $321.8 3.2x $1.24 60.7%




23

Energy: Exploration and Production – Gregg Brody (1-212) 834-5997

Concho Resources8.625% Sr Nts Hold 1-Oct-17 B1/BB+ $300.0 109 5.03% 480bp 1-Oct-13 104 5/16 7.91% -0.19% 1.95% 2,319 38.3% $1,275.2 -$233.1 $1,720.8 1.8x $1.61 18.4% 7.000% Sr Nts Hold 15-Jan-21 B1/BB+ $600.0 106 5.92% 488bp 15-Jan-16 103 1/2 6.60% -0.93% 0.53% 2,319 38.3% $1,275.2 -$233.1 $1,720.8 1.8x $1.61 18.4% 6.500% Sr Nts Hold 15-Jan-22 B1/BB+ $600.0 103 3/4 5.89% 438bp 15-Jan-17 103 1/4 6.27% -1.43% 0.99% 2,319 38.3% $1,275.2 -$233.1 $1,720.8 1.8x $1.61 18.4% 5.500% Sr Nts Hold 1-Oct-22 B1/BB+ $600.0 97 5.89% 384bp 1-Oct-17 102 3/4 5.67% -1.33% -2.48% 2,319 38.3% $1,275.2 -$233.1 $1,720.8 1.8x $1.61 18.4% Continental Resources8.250% Sr Nts NR 1-Oct-19 Ba2/BB+ $300.0 111 3/4 4.73% 435bp 1-Oct-14 104 1/8 7.38% 0.25% 3.62% 3,051 35.9% $1,304.0 -$976.1 $1,230.7 1.3x $1.38 10.5% 7.375% Sr Nts NR 1-Oct-20 Ba2/BB+ $200.0 111 4.87% 430bp 1-Oct-15 103 11/16 6.64% 0.22% 3.67% 3,051 35.9% $1,304.0 -$976.1 $1,230.7 1.3x $1.38 10.5% 7.125% Sr Nts NR 1-Apr-21 Ba2/BB+ $400.0 110 3/4 4.93% 426bp 1-Apr-16 103 9/16 6.43% -0.01% 3.85% 3,051 35.9% $1,304.0 -$976.1 $1,230.7 1.3x $1.38 10.5% 5.000% Sr Nts NR 15-Sep-22 Ba2/BB+ $800.0 100 5.00% 346bp 15-Mar-17 102 1/2 5.00% -0.33% 0.53% 3,051 35.9% $1,304.0 -$976.1 $1,230.7 1.3x $1.38 10.5% Connacher Oil and Gas8.500% Sr Sec Nts (2nd Lien) NR 1-Aug-19 Caa2/BB- $550.0 100 8.49% 756bp 1-Aug-15 104 1/4 8.50% 0.28% 12.63% $129.9 -$125.6 $214.8 7.4x 75.6% Delta Petroleum 7.000% Sr Nts NR 1-Apr-15 NR/D $150.0 66 23.60% 0bp 1-Apr-13 100 10.61% -2.94% -24.85% 123 91.4% $27 -$61 $99.1 10.3x $2.49 148.9% Denbury Resources9.750% Sr Sub Nts Hold 1-Mar-16 B1/BB $426.4 109 1/2 4.10% 394bp 1-Mar-13 104 7/8 8.90% 0.07% 1.75% 2,694 23.1% $869.3 -$782 $1,546.7 2.7x $1.56 24.8% 9.500% Sr Sub Nts Hold 1-May-16 B1/BB $225.0 109 1/2 4.56% 437bp 1-May-13 104 3/4 8.68% -0.16% 1.71% 2,694 23.1% $869.3 -$782.4 $1,546.7 2.7x $1.56 24.8% 8.250% Sr Sub Nts Hold 15-Feb-20 B1/BB $996.3 110 1/4 5.64% 519bp 15-Feb-15 104 1/8 7.48% -1.09% 0.71% 2,694 23.1% $869.3 -$782 $1,546.7 2.7x $1.56 24.8% 6.375% Sr Sub Nts Hold 15-Aug-21 B1/BB $400.0 105 5.53% 413bp 15-Aug-16 103 3/16 6.07% -0.50% 2.14% 2,694 23.1% $869.3 -$782 $1,546.7 2.7x $1.56 24.8% Eagle Rock Energy8.375% Sr Nts NR 1-Jun-19 B3/B- $300.0 103 1/4 7.59% 669bp 1-Jun-15 104 3/16 8.11% 0.50% 5.56% 371 63.0% $202.1 $21.0 $185.8 3.9x $2.76 39.1% Energy Partners8.250% Sr Nts NR 15-Feb-18 Caa1/B- $210.0 101 7.99% 715bp 15-Feb-15 104 1/8 8.17% -0.10% 7.92%EV Energy Partners8.000% Sr Nts NR 15-Apr-19 B3/B- $500.0 101 1/2 7.63% 676bp 15-Apr-15 104 7.88% -0.69% 1.93% 1,144 70.7% $243.3 $138.4 $609.8 3.0x $0.92 21.1% Energy XXI Gulf Coast9.250% Guar Nts NR 15-Dec-17 Caa1/B $750.0 107 3/4 7.26% 645bp 15-Dec-14 104 5/8 8.58% -0.17% 1.69% 700 33.8% $744.5 $141.2 $569.4 1.4x $2.11 26.7% 7.750% Sr Nts NR 15-Jun-19 Caa1/B $250.0 101 3/4 7.33% 642bp 15-Jun-15 103 7/8 7.62% -0.94% 1.88% 700 33.8% $744.5 $141.2 $569.4 1.4x $2.11 26.7% Exco Resources7.500% Sr Nts NR 15-Sep-18 B3/B- $750.0 86 10.56% 936bp 15-Sep-14 103 3/4 8.72% -3.08% -6.61% 1,330 97.1% $604.9 -$458.7 $798.2 2.8x $1.67 60.7% Forest Oil8.500% Sr Nts NR 15-Feb-14 B1/B $600.0 107 4.47% 420bp 7.94% 0.26% 0.34% 2,045 59.5% $550.9 -$677.9 $1,146.0 3.1x $1.02 56.3% 7.250% Sr Nts NR 15-Jun-19 B1/B $1,000.0 96 7/8 7.83% 646bp 15-Jun-12 103 5/8 7.48% -0.63% -3.02% 2,045 59.5% $550.9 -$677.9 $1,146.0 3.1x $1.02 56.3% Goodrich Petroleum Company8.875% Sr Nts Buy 15-Mar-19 Caa1/CCC+ $275.0 97 9.47% 816bp 15-Mar-15 104 7/16 9.15% 0.30% -0.50% 501 92.5% $169.1 -$243.9 $175.8 3.3x $2.67 45.4% Harvest Operations6.875% Guar Nts NR 1-Oct-17 Ba1/BB- $500.0 105 5.79% 482bp 6.55% -0.73% 3.26%Hilcorp Energy LP8.000% Sr Nts Sell 15-Feb-20 B1/BB- $300.0 107 1/2 6.37% 592bp 15-Feb-15 104 7.44% -0.21% 2.49% 2,010 54.8% $890.4 $272.5 $1,429.9 0.7x $0.58 na7.625% Sr Nts Sell 15-Apr-21 B1/BB- $350.0 107 6.29% 531bp 1-Oct-15 103 13/16 7.13% -0.67% 4.12% 2,010 54.8% $890.4 $272.5 $1,429.9 0.7x $0.58 naKodiak Oil & Gas Corp.8.125% Sr Nts NR 1-Dec-19 Caa1/B- $650.0 104 1/2 7.14% 612bp 1-Dec-15 104 1/16 7.78% -0.90% 3.02% 239 10.7% $89.7 -$254.8 $299.5 7.2x $7.36 25.8% Source: J.P. Morgan and company reports.

Ratings MTD YTD 2011 % Balance Moody's Amount Recent Quotes Next Call Date Current Total Total Reserves Natural LTM Sheet Debt/ Debt/PD Debt/

Coupon Desc. Recom. Maturity S&P Outst. Bid YTW Spread Date Price Yield Return Return Bcfe Gas EBITDAX FCF Liquidity EBITDAX (mcfe) EV



24

Energy: Exploration and Production – Gregg Brody (1-212) 834-5997Ratings MTD YTD 2011 % Balance Moody's Amount Recent Quotes Next Call Date Current Total Total Reserves Natural LTM Sheet Debt/ Debt/PD Debt/

Coupon Desc. Recom. Maturity S&P Outst. Bid YTW Spread Date Price Yield Return Return Bcfe Gas EBITDAX FCF Liquidity EBITDAX (mcfe) EVLaredo Petroleum9.500% Sr Nts NR 15-Feb-19 Caa2/B- $550.0 110 7.02% 618bp 15-Feb-15 104 3/4 8.64% -0.83% 6.08% 1,159 62.8% $378.5 -$230.7 $352.7 2.8x $2.37 26.3% Linn Energy11.750% Sr Nts NR 15-May-17 B2/B $40.5 113 1/4 4.42% 423bp 15-May-13 105 7/8 10.38% 0.12% 2.65% 4,100 61.2% $1,217.6 $394.9 $2,214.1 4.0x $1.59 40.5% 9.875% Sr Nts NR 1-Jul-18 B2/B $16.0 109 3/4 5.43% 522bp 1-Jul-13 104 15/16 9.00% 0.07% -0.42% 4,100 61.2% $1,217.6 $394.9 $2,214.1 4.0x $1.59 40.5% 6.500% Sr Nts NR 15-May-19 B2/B $750.0 96 1/2 7.14% 579bp 15-May-15 103 1/4 6.74% -1.28% -0.92% 4,100 61.2% $1,217.6 $394.9 $2,214.1 4.0x $1.59 40.5% 6.250% Sr Nts NR 1-Nov-19 B2/B $1,800.0 95 1/4 7.07% 561bp 1-Nov-15 103 1/8 6.56% -1.58% -3.98% 4,100 61.2% $1,217.6 $394.9 $2,214.1 4.0x $1.59 40.5% 8.625% Sr Nts NR 15-Apr-20 B2/B $1,300.0 106 1/4 7.32% 622bp 15-Apr-15 104 5/16 8.12% -1.08% 0.15% 4,100 61.2% $1,217.6 $394.9 $2,214.1 4.0x $1.59 40.5% 7.750% Guar Nts NR 1-Feb-21 B2/B $1,000.0 102 7.35% 615bp 15-Sep-15 103 7/8 7.60% -1.43% 0.16% 4,100 61.2% $1,217.6 $394.9 $2,214.1 4.0x $1.59 40.5% McMoRan Exploration11.875% Sr Nts Hold 15-Nov-14 Caa1/B- $300.0 105 8.42% 817bp 15-Nov-12 104 15/16 11.31% -0.09% 2.17% 256 59.4% $309.8 -$397.2 $618.8 1.8x $2.55 23.7% MEG Energy Corp.6.500% Sr Nts NR 15-Mar-21 B3/BB $750.0 104 1/2 5.70% 439bp 15-Mar-15 104 7/8 6.22% -0.03% 3.91% 4,248 $307.2 -$705.2 $2,146.3 5.8x 23.5% MIE Holdings Corp.9.750% Sr Nts NR 12-May-16 NR/B+ $400.0 98 1/2 10.20% 951bp 12-May-14 104 7/8 9.90% -0.17% 13.53% 168 16.0% $187.4 -$0.4 $103.0 2.1x 2.7x 34.5% Newfield Exploration6.625% Sr Sub Nts Hold 1-Sep-14 Ba2/BB+ $325.0 101 13/50 3.20% 309bp 1-Sep-12 100 6.54% 0.23% 1.93% 3,909 59.7% $1,727.0 -$739.0 $1,375.0 1.7x $1.41 40.6% 6.625% Sr Sub Nts Hold 15-Apr-16 Ba2/BB+ $550.0 102 1/4 5.37% 519bp 15-Apr-13 101 8/77 6.48% 0.21% 1.06% 3,909 59.7% $1,727.0 -$739.0 $1,375.0 1.7x $1.41 40.6% 7.125% Sr Sub Nts Hold 15-May-18 Ba2/BB+ $600.0 104 7/8 5.65% 546bp 15-May-13 103 9/16 6.79% -0.13% 0.12% 3,909 59.7% $1,727.0 -$739.0 $1,375.0 1.7x $1.41 40.6% 6.875% Sr Sub Nts Hold 1-Feb-20 Ba2/BB+ $700.0 104 1/2 5.94% 489bp 1-Feb-15 103 7/16 6.58% -0.02% -0.52% 3,909 59.7% $1,727.0 -$739.0 $1,375.0 1.7x $1.41 40.6% 5.750% Sr Nts Buy 30-Jan-22 Ba1/BBB- $750.0 104 1/4 5.19% 321bp 5.52% -0.29% -1.95% 3,909 59.7% $1,727.0 -$739.0 $1,375.0 0.4x $0.35 10.1% NFR Energy9.750% Sr Nts NR 15-Feb-17 Caa1/B- $150.0 87 1/2 13.33% 1249bp 15-Feb-14 104 7/8 11.14% 2.68% 0.25% 1,207 92.0% $242.8 -$354.6 $211.3 3.2x $2.30 na9.750% Sr Nts NR 15-Feb-17 Caa1/B- $200.0 87 1/2 13.33% 1249bp 15-Feb-14 104 7/8 11.14% 2.68% 0.25% 1,207 92.0% $242.8 -$354.6 $211.3 3.2x $2.30 naOasis Petroleum7.250% Sr Nts NR 1-Feb-19 Caa1/B $400.0 103 1/4 6.45% 562bp 1-Feb-15 103 5/8 7.02% -1.65% 1.67% 472 12.3% $234.5 -$392.5 $820.8 3.4x $3.72 26.0% 6.500% Sr Nts NR 1-Nov-21 Caa1/B $400.0 99 1/2 6.57% 465bp 1-Nov-16 103 1/4 6.53% -0.76% 2.07% 472 12.3% $234.5 -$392.5 $820.8 3.4x $3.72 26.0% OGX Austria GmbH8.500% Sr Nts NR 1-Jun-18 B1/B $2,563.0 101 1/4 8.19% 729bp 1-Jun-15 104 1/4 8.40% -2.22% 5.70% 0 nm nm $0.0 $4,407.0 nm nm 14.9% 8.375% Sr Nts NR 1-Apr-22 B1/B $1,063.0 99 1/2 8.45% 644bp 1-Apr-17 104 3/16 8.42% -1.21% -0.13% 0 nm nm $0.0 $4,407.0 nm nm 14.9% Penn Virginia Corp.10.375% Sr Nts NR 15-Jun-16 B3/B $300.0 98 10.98% 1027bp 15-Jun-13 105 3/16 10.59% 0.34% -5.22% 990 78.4% $213.8 -$276.6 $108.5 3.3x $1.62 78.7% 7.250% Sr Nts NR 15-Apr-19 B3/B $300.0 86 10.09% 876bp 15-Apr-15 103 5/8 8.43% 0.27% -5.25% 990 78.4% $213.8 -$276.6 $108.5 3.3x $1.62 78.7% Petrobakken Energy8.625% Sr Nts NR 1-Feb-20 Caa1/CCC+ $900.0 103 1/2 7.86% 680bp 1-Feb-16 104 5/16 8.33% -0.44% 5.85%Petroleum Development Corporation12.000% Sr Nts NR 15-Feb-18 B3/B- $203.0 108 8.88% 871bp 15-Feb-13 106 11.11% -0.09% 2.53% 1,015 66.2% $188.3 -$177.1 $236.5 2.8x $1.13 40.8% PetroQuest Energy Inc.10.000% Sr Nts NR 1-Sep-17 Caa1/B $150.0 102 7/8 9.18% 843bp 1-Sep-14 105 9.72% -0.04% 2.52% 265 91.0% $103.3 -$107.2 $122.3 1.5x $0.93 26.9% Source: J.P. Morgan and company reports.



25

Pioneer Natural Resource5.875% Sr Nts NR 15-Jul-16 Ba1/BBB- $455.4 111 5/98 3.08% 235bp 5.29% 0.27% 3.47% 6,065 44.1% $1,709.3 -$769.0 $1,661.4 1.5x $0.73 16.7% 6.650% Sr Nts NR 15-Mar-17 Ba1/BBB- $485.1 113 8/11 3.58% 272bp 5.85% -0.33% 4.39% 6,065 44.1% $1,709.3 -$769.0 $1,661.4 1.5x $0.73 16.7% 6.875% Bds NR 1-May-18 Ba1/BBB- $450.0 118 1/15 3.53% 242bp 5.82% 0.56% 6.03% 6,065 44.1% $1,709.3 -$769.0 $1,661.4 1.5x $0.73 16.7% 7.500% Sr Nts NR 15-Jan-20 Ba1/BBB- $450.0 121 22/53 4.23% 272bp 6.18% -0.52% 5.16% 6,065 44.1% $1,709.3 -$769.0 $1,661.4 1.5x $0.73 16.7% 7.200% Sr Nts NR 15-Jan-28 Ba1/BBB- $250.0 122 31/41 5.08% 273bp 5.87% 1.78% 8.88% 6,065 44.1% $1,709.3 -$769.0 $1,661.4 1.5x $0.73 16.7% Plains Exploration & Production7.750% Sr Nts NR 15-Jun-15 B1/BB $79.3 103 1.20% 114bp 15-Jun-12 101 15/16 7.52% 0.25% 1.86% 2,465 40.6% $1,265.1 -$650.6 $1,549.1 3.0x $2.76 40.9% 10.000% Sr Guar Nts NR 1-Mar-16 B1/BB $184.9 110 1/4 3.66% 349bp 1-Mar-13 105 9.07% 0.07% 2.02% 2,465 40.6% $1,265.1 -$650.6 $1,549.1 3.0x $2.76 40.9% 7.000% Sr Nts NR 15-Mar-17 B1/BB $76.9 103 1/8 5.82% 535bp 15-Mar-13 102 1/3 6.79% 0.23% 1.50% 2,465 40.6% $1,265.1 -$650.6 $1,549.1 3.0x $2.76 40.9% 7.625% Sr Nts NR 1-Jun-18 B1/BB $400.0 106 5.38% 519bp 1-Jun-13 103 13/16 7.19% 0.00% 2.00% 2,465 40.6% $1,265.1 -$650.6 $1,549.1 3.0x $2.76 40.9% 8.625% Sr Nts NR 15-Oct-19 B1/BB $400.0 112 5.09% 470bp 15-Oct-14 104 5/16 7.70% 0.03% 4.07% 2,465 40.6% $1,265.1 -$650.6 $1,549.1 3.0x $2.76 40.9% 7.625% Sr Nts NR 1-Apr-20 B1/BB $300.0 108 3/4 5.58% 510bp 1-Apr-15 103 13/16 7.01% 0.00% 2.39% 2,465 40.6% $1,265.1 -$650.6 $1,549.1 3.0x $2.76 40.9% 6.625% Sr Nts NR 1-May-21 B1/BB $600.0 104 5.92% 458bp 1-May-16 103 5/16 6.37% -1.64% 0.81% 2,465 40.6% $1,265.1 -$650.6 $1,549.1 3.0x $2.76 40.9% 6.750% Sr Nts NR 1-Feb-22 B1/BB $1,000.0 104 6.10% 458bp 1-Feb-17 103 5/8 6.49% -0.26% 1.08% 2,465 40.6% $1,265.1 -$650.6 $1,549.1 3.0x $2.76 40.9% QEP Resources6.800% Sr Nts NR 1-Apr-18 Ba1/BB+ $138.6 106 3/4 5.46% 437bp 6.37% -0.94% 2.10% 3,614 76.1% $1,386.6 -$109.5 $887.9 1.2x $0.86 24.9% 6.050% Sr Nts NR 1-Sep-16 Ba1/BB+ $176.8 105 1/2 4.64% 389bp 5.73% 0.19% 12.31% 3,614 76.1% $1,386.6 -$109.5 $887.9 1.2x $0.86 24.9% 6.800% Sr Nts NR 1-Mar-20 Ba1/BB+ $137.8 105 49/66 5.88% 434bp 6.43% 1.35% -3.85% 3,614 76.1% $1,386.6 -$109.5 $887.9 1.2x $0.86 24.9% 6.875% Sr Nts NR 1-Mar-21 Ba1/BB+ $625.0 110 1/4 5.40% 364bp 6.24% -0.02% 4.02% 3,614 76.1% $1,386.6 -$109.5 $887.9 1.2x $0.86 24.9% 5.375% Sr Nts NR 1-Oct-22 Ba1/BB+ $500.0 99 5.50% 345bp 1-Jul-22 100 5.43% 0.05% -0.33% 3,614 76.1% $1,386.6 -$109.5 $887.9 1.2x $0.86 24.9% Quicksilver Resources8.250% Sr Nts NR 1-Aug-15 B2/B $438.0 99 3/4 7.83% 729bp 8.27% 1.00% -1.48% 2,791 77.0% $420.5 -$420.7 $800.1 3.6x $0.98 29.2% 11.750% Sr Nts NR 1-Jan-16 B2/B $590.6 105 1/2 9.70% 918bp 1-Jul-13 105 7/8 11.14% 0.13% -4.14% 2,791 77.0% $420.5 -$420.7 $800.1 3.6x $0.98 29.2% 7.125% Sr Sub Nts NR 1-Apr-16 B3/B- $350.0 91 3/4 9.68% 901bp 1-Apr-13 101 3/16 7.77% -0.01% -5.67% 2,791 77.0% $420.5 -$420.7 $800.1 4.5x $0.98 73.2% 9.125% Sr Nts NR 15-Aug-19 B2/B $298.0 97 9.70% 829bp 15-Aug-14 104 9/16 9.41% -0.20% -5.88% 2,791 77.0% $420.5 -$420.7 $800.1 3.6x $0.98 29.2% Range Resources7.500% Sr Sub Nts Hold 1-Oct-17 Ba3/BB $250.0 104 3/4 5.06% 493bp 1-Oct-12 103 3/4 7.16% -0.24% 0.56% 5,054 79.3% $859.4 -$591.9 $1,284.5 2.3x $0.82 18.5% 7.250% Sr Sub Nts Hold 1-May-18 Ba3/BB $250.0 105 1/2 5.19% 500bp 1-May-13 103 5/8 6.87% 0.22% 0.49% 5,054 79.3% $859.4 -$591.9 $1,284.5 2.3x $0.82 18.5% 8.000% Sr Sub Nts Hold 15-May-19 Ba3/BB $300.0 109 3/4 4.86% 455bp 15-May-14 104 7.29% 0.24% 0.44% 5,054 79.3% $859.4 -$591.9 $1,284.5 2.3x $0.82 18.5% 6.750% Sr Sub Nts Hold 1-Aug-20 Ba3/BB $500.0 107 1/2 5.19% 465bp 1-Aug-15 103 3/8 6.28% -0.71% -1.41% 5,054 79.3% $859.4 -$591.9 $1,284.5 2.3x $0.82 18.5% 5.750% Sr Sub Nts Hold 1-Jun-21 Ba3/BB $500.0 103 1/2 5.16% 380bp 1-Jun-16 102 7/8 5.56% -1.22% -2.88% 5,054 79.3% $859.4 -$591.9 $1,284.5 2.3x $0.82 18.5% 5.000% Sr Sub Nts Hold 15-Aug-22 Ba3/BB $600.0 97 1/2 5.32% 328bp 15-Feb-17 102 1/2 5.13% -1.09% -1.99% 5,054 79.3% $859.4 -$591.9 $1,284.5 2.3x $0.82 18.5% Rosetta Resources9.500% Sr Nts NR 15-Apr-18 Caa1/BB- $200.0 109 6.85% 637bp 15-Apr-14 104 3/4 8.72% -0.60% 3.33% 479 78.0% $347.0 -$110.5 $342.1 0.7x $1.02 7.7% Samson Investment9.750% Sr Nts NR 15-Feb-20 B1/B $2,250.0 100 3/4 9.57% 851bp 15-Feb-16 104 7/8 9.68% -0.17% 2.59% 2,330 87.0% $1,006.0 na $1,032.0 3.6x $2.45 na

Energy: Exploration and Production – Gregg Brody (1-212) 834-5997Ratings MTD YTD 2011 % Balance Moody's Amount Recent Quotes Next Call Date Current Total Total Reserves Natural LTM Sheet Debt/ Debt/PD Debt/




26

Relative value analysisEnergy: Exploration and Production – Gregg Brody (1-212) 834-5997

Ratings MTD YTD 2011 % Balance Moody's Amount Recent Quotes Next Call Date Current Total Total Reserves Natural LTM Sheet Debt/ Debt/PD Debt/

Coupon Desc. Recom. Maturity S&P Outst. Bid YTW Spread Date Price Yield Return Return Bcfe Gas EBITDAX FCF Liquidity EBITDAX (mcfe) EVSandRidge Energy9.875% Sr Nts Buy 15-May-16 B3/B $365.5 109 7.28% 659bp 9.06% 0.74% 4.40% 3,201 48.1% $1,043.4 -$954.7 $1,058.1 3.4x $2.10 48.9% 8.000% Sr Nts Buy 1-Jun-18 B3/B $750.0 101 1/4 7.64% 693bp 1-Jun-13 104 7.90% -0.46% 2.45% 3,201 48.1% $1,043.4 -$954.7 $1,058.1 3.4x $2.10 48.9% 8.750% Sr Nts Buy 15-Jan-20 B3/B $450.0 102 3/4 8.14% 709bp 15-Jan-15 104 3/8 8.52% -0.43% 1.82% 3,201 48.1% $1,043.4 -$954.7 $1,058.1 3.4x $2.10 48.9% 7.500% Sr Nts Buy 15-Mar-21 B3/NR $900.0 97 1/2 7.89% 612bp 15-Mar-16 103 3/4 7.69% -0.76% 0.35% 3,201 48.1% $1,043.4 -$954.7 $1,058.1 3.4x $2.10 48.9% 8.125% Sr Nts NR 15-Oct-22 B3/B $750.0 99 3/4 8.16% 611bp 15-Apr-17 104 1/16 8.15% -0.25% -0.25% 3,201 48.1% $1,043.4 -$954.7 $1,058.1 3.4x $2.10 48.9% SM Energy6.625% Sr Nts NR 15-Feb-19 B1/BB $350.0 105 5.43% 459bp 15-Feb-15 103 5/16 6.31% -0.73% 2.68% 1,259 52.7% $924.0 -$727.1 $1,118.6 1.1x $1.17 19.5% 6.500% Sr Nts NR 15-Nov-21 B1/BB $350.0 105 5.68% 421bp 15-Nov-16 103 1/4 6.19% -1.18% 3.68% 1,259 52.7% $924.0 -$727.1 $1,118.6 1.1x $1.17 19.5% Southwestern Energy7.500% Sr Nts Buy 1-Feb-18 Baa3/BBB- $600.0 120 40/63 3.53% 247bp 6.22% 0.33% 6.32% 5,893 99.9% $1,790.4 -$417.5 $844.1 0.8x $0.41 11.9% Stone Energy6.750% Sr Sub Nts NR 15-Dec-14 Caa2/CCC+ $200.0 100 6.73% 658bp 15-Dec-12 100 6.75% -0.51% 3.43% 602 54.4% $632.6 -$143.0 $571.3 1.4x $2.48 45.9% 8.625% Sr Nts NR 1-Feb-17 Caa1/B $375.0 104 1/2 7.24% 660bp 1-Feb-14 104 5/16 8.25% 0.27% 4.66% 602 54.4% $632.6 -$143.0 $571.3 1.1x $2.48 36.2% Swift Energy7.125% Sr Nts NR 1-Jun-17 B3/B+ $250.0 102 1/2 6.23% 572bp 1-Jun-12 103 9/16 6.95% -0.95% 4.99% 945 65.3% $396.4 -$142.8 $551.7 1.8x $2.16 43.8% 8.875% Sr Nts NR 15-Jan-20 B3/B+ $225.0 108 1/2 6.91% 647bp 15-Jan-15 104 7/16 8.18% -0.18% 5.49% 945 65.3% $396.4 -$142.8 $551.7 1.8x $2.16 43.8% 7.875% Sr Nts NR 1-Mar-22 B3/B+ $250.0 102 7.53% 600bp 1-Mar-17 103 15/16 7.72% -0.71% 5.49% 945 65.3% $396.4 -$142.8 $551.7 1.8x $2.16 43.8% Whiting Petroleum7.000% Sr Sub Nts NR 1-Feb-14 Ba3/BB+ $250.0 106 1/2 3.23% 296bp 6.57% 0.22% 1.79% 2,071 13.8% $1,354.1 -$257.9 $334.4 1.0x $0.97 18.3% 6.500% Sr Sub Nts NR 1-Oct-18 Ba3/BB+ $350.0 106 4.98% 422bp 1-Oct-14 103 1/4 6.13% -0.27% 3.13% 2,071 13.8% $1,354.1 -$257.9 $334.4 1.0x $0.97 18.3% WPX Energy Inc.5.250% Nts NR 15-Jan-17 Ba1/BB+ $400.0 96 1/2 6.10% 528bp 5.44% -2.78% -2.50% 5,000 77.0% $1,330.0 -$453.0 $2,332.0 1.1x $0.51 38.4% 6.000% Nts NR 15-Jan-22 Ba1/BB+ $1,100.0 96 3/8 6.50% 454bp 15-Oct-21 100 6.23% -3.35% -4.18% 5,000 77.0% $1,330.0 -$453.0 $2,332.0 1.1x $0.51 38.4% W&T Offshore8.500% Sr Nts NR 15-Jun-19 Caa1/B $600.0 104 1/8 7.52% 661bp 15-Jun-15 104 1/4 8.16% -1.24% 2.89% 914 33.5% $646.4 $275.7 $562.1 1.1x $1.44 33.3% Vanguard Natural Resources7.875% Sr Nts NR 1-Apr-20 Caa1/B- $350.0 98 1/4 8.18% 663bp 1-Apr-16 103 15/16 8.02% -0.77%Venoco11.500% Sr Nts NR 1-Oct-17 Caa1/B- $150.0 102 1/2 10.78% 1001bp 1-Oct-13 105 3/4 11.22% -1.07% 4.54% 575 50.6% $221.8 -$67.7 $161.4 3.1x $2.35 53.5% 8.875% Sr Nts NR 15-Feb-19 Caa1/B- $500.0 91 1/4 10.71% 941bp 15-Feb-15 104 7/16 9.73% 0.05% 4.00% 575 50.6% $221.8 -$67.7 $161.4 3.1x $2.35 53.5%




27

Energy: Exploration and Production/Diversified – Gregg Brody (1-212) 834-5997Ratings MTD YTD 2011 % Balance Debt/Moody's Amount Recent Quotes Next Call Date Current Total Total Reserves Natural LTM Sheet Debt/ Proved Res Debt/


El Paso7.875% Sr Nts NR 15-Jun-12 Ba3/BB- $176.0 100 79/96 2.76% 269bp 7.81% 0.08% 0.75% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 7.375% Sr Nts NR 15-Dec-12 Ba3/BB- $98.0 102 64/85 3.14% 299bp 7.18% 0.10% 0.74% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 12.000% Sr Nts NR 12-Dec-13 Ba3/BB- $29.9 114 81/91 2.73% 248bp 10.44% 0.14% 1.93% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 6.875% Sr Nts NR 15-Jun-14 Ba3/BB- $207.4 107 45/53 3.09% 277bp 6.37% 0.17% 0.87% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 8.250% Sr Nts NR 15-Feb-16 Ba3/BB- $67.9 109 9/20 5.48% 483bp 7.54% 0.66% 2.01% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 5.950% Sr Nts NR 15-Apr-17 Baa3/BB $355.0 111 3.53% 266bp 5.36% 0.73% 0.34% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 7.000% Sr Nts NR 15-Jun-17 Ba3/BB- $786.2 111 1/56 4.58% 367bp 6.31% -0.09% 3.11% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 7.000% Debs NR 1-Feb-18 Ba3/BB- $82.2 106 17/18 5.58% 452bp 6.55% 0.87% 4.46% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 7.250% Sr Nts NR 1-Jun-18 Ba3/BB- $477.1 111 43/74 5.03% 390bp 6.50% -0.11% 3.74% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 6.500% Sr Nts NR 1-Apr-20 Ba1/BB $535.0 113 9/22 4.48% 293bp 5.73% 1.68% 4.49% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 8.625% Debs NR 15-Jan-22 Baa3/BB $260.0 125 43/64 5.23% 326bp 6.86% 1.49% 1.03% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 7.500% Debs NR 15-Nov-26 Baa3/BB $200.0 117 61/68 5.68% 339bp 6.36% 1.93% -2.42% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 8.050% Sr Nts NR 15-Oct-30 Ba3/BB- $234.2 117 21/59 6.43% 392bp 6.86% 1.82% 2.63% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 7.350% Sr Nts NR 15-Feb-31 Baa3/BB $153.3 116 46/81 5.88% 335bp 6.31% 1.93% 0.88% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 7.800% Sr Nts NR 1-Aug-31 Ba3/BB- $537.4 112 19/32 6.63% 407bp 6.93% -0.70% -0.39% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 7.750% Sr Nts NR 15-Jan-32 Ba3/BB- $1,005.2112 64/81 6.58% 399bp 6.87% -0.71% -0.45% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 8.000% Sr Nts NR 1-Mar-32 Baa3/BB $257.7 124 59/95 5.88% 329bp 6.42% 0.86% 2.52% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3% 8.375% Bds NR 15-Jun-32 Baa3/BB $300.0 124 19/48 6.23% 362bp 6.73% 1.91% -0.10% 3,362 78.4% $3,563.0 -$1,706.0 $1,690.0 3.9x 36.3%

Energy: Propane Distribution – Gregg Brody (1-212) 834-5997

Amerigas Partners, L.P.6.250% Sr Nts NR 20-Aug-19 Ba3/NR $450.0 100 3/8 6.16% 521bp 20-Aug-15 103 1/8 6.23% 0.70% 2.58% $580.7 $466.1 $242.7 $122.6 4.2x 88% 2.7x 52.7% 6.750% Sr Nts NR 20-May-20 Ba2/NR $550.0 100 3/4 6.60% 548bp 20-May-16 103 3/8 6.70% -0.51% 2.51% $580.7 $466.1 $242.7 $122.6 4.2x 88% 2.7x 52.7% 6.500% Sr Nts NR 20-May-21 Ba3/NR $470.0 101 6.32% 497bp 20-May-16 103 1/4 6.44% -0.27% 4.62% $580.7 $466.1 $242.7 $122.6 4.2x 88% 2.7x 52.7% 7.000% Sr Nts NR 20-May-22 Ba2/NR $1,000.0 101 1/2 6.76% 517bp 20-May-17 103 1/2 6.90% -0.26% 3.33% $580.7 $466.1 $242.7 $122.6 4.2x 88% 2.7x 52.7% Ferrellgas Partners, L.P.9.125% Sr Nts NR 1-Oct-17 B2/B+ $300.0 103 1/2 7.95% 737bp 1-Oct-13 104 9/16 8.82% -0.67% 1.46% $187.8 $266.7 $79.6 $249.2 5.9x 94% 0.6x 47.4% 6.500% Sr Nts NR 1-May-21 B2/B+ $500.0 90 8.08% 628bp 1-May-16 103 1/4 7.22% -0.04% 4.29% $187.8 $266.7 $79.6 $249.2 5.9x 94% 0.6x 47.4% 8.625% Sr Nts NR 15-Jun-20 B3/B- $182.0 90 1/2 10.37% 877bp 15-Jun-15 104 5/16 9.53% 0.31% -3.94% $187.8 $266.7 $79.6 $249.2 6.9x 95% 0.6x 55.1% Inergy, L.P.8.750% Sr Nts NR 1-Mar-15 Ba3/B+ $0.8 110 2.13% 196bp 1-Mar-13 104 3/8 7.95% 0.04% -0.47% $372.2 $251.1 -$227.1 $586.8 4.1x 57% 0.8x 41.9% 7.000% Sr Nts NR 1-Oct-18 Ba3/B+ $600.0 98 1/2 7.29% 609bp 1-Oct-14 103 1/2 7.11% 1.26% -1.00% $372.2 $251.1 -$227.1 $586.8 4.1x 57% 0.8x 41.9% 6.875% Sr Nts NR 1-Aug-21 Ba3/B+ $600.0 95 3/4 7.52% 566bp 1-Aug-16 103 7/16 7.18% -0.28% -2.73% $372.2 $251.1 -$227.1 $586.8 4.1x 57% 0.8x 41.9% Suburban Propane Partners, L.P.7.375% Sr Nts NR 15-Mar-20 Ba3/BB $250.0 106 6.15% 507bp 15-Mar-15 103 11/16 6.96% 0.00% 3.83% $179.4 $140.9 $8.2 $244.7 1.9x 49% 1.2x 20.0% Star Gas Partners8.875% Sr Nts NR 1-Dec-17 B2/B- $125.0 99 1/2 8.99% 797bp 1-Dec-14 104 7/16 8.92% 0.29% 0.48% $82.5 $72.4 $51.7 $284.5 1.5x 33% 3.5x 40.0%

Ratings MTD YTD Dist. Balance Debt/ Dist.Moody’s Amount Recent Quotes Next Call Date Current Total Total LTM Cash LTM Sheet Debt/ Book Cov. Debt/

Coupon Desc. Recom. Maturity S&P Outst. Bid YTW Spread Date Price Yield Return Return EBITDA Flow FCF Liquidity EBITDA Cap Raio EV





28

Energy: Midstream – Gregg Brody (1-212) 834-5997

Atlas Pipeline8.750% Sr Guar Nts NR 15-Jun-18 B3/B $360.8 106 1/2 6.52% 633bp 15-Jun-13 104 3/8 8.22% 0.27% 3.75% $181.0 $131.2 -$196.3 $308.1 2.9x 30% 1.3x 22.5% Chesapeake Midstream Partners5.875% Sr Nts NR 15-Apr-21 Ba3/BB+ $350.0 98 6.17% 438bp 15-Apr-15 104 13/32 5.99% -1.28% -0.35% $449.5 $355.7 -$190.0 $727.1 3.9x 42% 1.8x 43.3% 6.125% Sr Nts NR 15-Jul-22 Ba3/BB+ $750.0 99 6.26% 422bp 15-Jan-17 103 1/16 6.19% -1.51% 0.62% $449.5 $355.7 -$190.0 $727.1 3.9x 42% 1.8x 43.3% Copano Energy LLC7.750% Sr Nts NR 1-Jun-18 B1/B+ $249.5 105 583bp 1-Jun-13 103 7/8 7.38% 0.47% 3.03% $203.4 $152.4 -$260.5 $222.0 4.1x 49% 1.0x 24.5% 7.125% Sr Nts NR 1-Apr-21 B1/B+ $510.0 104 5/8 6.29% 497bp 1-Apr-16 103 9/16 6.81% -0.37% 5.47% $203.4 $152.4 -$260.5 $222.0 4.1x 49% 1.0x 24.5% Crosstex Energy8.875% Sr Nts NR 15-Feb-18 B2/B+ $725.0 104 3/4 7.42% 678bp 15-Feb-14 104 7/16 8.47% -1.12% -1.78% $209.6 $122.0 -$35.2 $479.0 3.8x 46% 1.3x 45.6% Energy Transfer Partners9.700% Sr Nts NR 15-Mar-19 Baa3/BBB- $400.0 128 11/32 4.83% 352bp 7.56% 0.64% 6.81%9.000% Sr Nts NR 15-Apr-19 Baa3/BBB- $450.0 124 21/40 4.83% 350bp 7.23% 0.63% 6.70%7.500% Sr Nts NR 15-Oct-20 Ba2/BB $1,800.0 110 5.98% 430bp 6.82% -0.65% 2.57%Holly Energy Partners6.250% Sr Nts NR 1-Mar-15 B1/BB- $185.0 101 1/24 5.01% 484bp 1-Mar-13 100 6.19% 0.21% 1.99% $234.2 $183.9 $0.3 $174.8 2.6x 86% 1.1x 31.8% 8.250% Sr Nts NR 15-Mar-18 B1/BB- $150.0 106 6.49% 583bp 15-Mar-14 104 1/8 7.78% 0.26% 3.08% $234.2 $183.9 $0.3 $174.8 2.6x 86% 1.1x 31.8% MarkWest Energy Partners LP8.750% Sr Nts NR 15-Apr-18 Ba3/BB $81.1 110 2.86% 268bp 15-Apr-13 104 3/8 7.95% 0.70% 3.35% $451.4 $332.8 -$420.8 $547.2 4.1x 55% 1.5x 25.9% 6.750% Guar Nts NR 1-Nov-20 Ba3/BB $500.0 107 5.43% 484bp 1-Nov-15 103 3/8 6.31% -0.70% 3.91% $451.4 $332.8 -$420.8 $547.2 4.1x 55% 1.5x 25.9% 6.500% Sr Nts NR 15-Aug-21 Ba3/BB $500.0 105 1/4 5.56% 427bp 15-Feb-16 103 1/4 6.18% -0.73% 2.76% $451.4 $332.8 -$420.8 $547.2 4.1x 55% 1.5x 25.9% 6.250% Sr Nts NR 15-Jun-22 Ba3/BB $700.0 104 5.60% 411bp 15-Dec-16 103 1/8 6.01% -0.74% 1.19% $451.4 $332.8 -$420.8 $547.2 4.1x 55% 1.5x 25.9% Martin Midstream Partners8.875% Sr Nts NR 1-Apr-18 B3/B $200.0 102 8.27% 760bp 1-Apr-14 104 7/16 8.70% -0.68% 1.41% $101.5 -$16.7 -$122.0 $145.2 4.3x 59% nm 40.4% NGPL Pipeco7.119% Sr Nts NR 15-Dec-17 Ba3/BB- $1,250.0 91 51/82 9.04% 801bp 7.77% 0.79% -5.14%6.514% Sr Nts NR 15-Dec-12 Ba3/BB- $1,250.0 96 35/46 11.69% 1154bp 6.73% 0.49% -2.39%7.768% Sr Nts NR 15-Dec-37 Ba3/BB- $500.0 87 9.08% 615bp 8.93% 1.63% -1.78%Niska Gas Storage US/Canada8.875% Sr Nts NR 15-Mar-18 B2/B+ $678.8 93 1/4 10.43% 935bp 15-Mar-14 104 7/16 9.52% -0.48% -2.00%Penn Virginia Resource Partners8.250% Sr Nts NR 15-Apr-18 B2/B $300.0 102 7.66% 698bp 15-Apr-14 104 1/8 8.09% -0.21% 3.73% $248.9 $189.4 -$110.0 $566.7 3.0x 65% 1.4x 28.9% Regency Energy Partners9.375% Sr Nts NR 1-Jun-16 B1/BB- $250.0 110 4.28% 409bp 1-Jun-13 104 11/16 8.52% 0.39% 2.37% $358.0 $242.4 -$378.0 $672.1 4.4x 32% 1.0x 29.5% 6.875% Guar Nts NR 1-Dec-18 B1/BB- $600.0 105 1/4 5.57% 477bp 1-Dec-14 103 7/16 6.53% -0.25% 0.87% $358.0 $242.4 -$378.0 $672.1 4.4x 32% 1.0x 29.5% 6.500% Sr Nts NR 15-Jul-21 B1/BB- $500.0 105 1/2 5.57% 418bp 15-Jul-16 103 1/4 6.16% -0.26% 3.08% $358.0 $242.4 -$378.0 $672.1 4.4x 32% 1.0x 29.5% Rockies Express6.250% Sr Nts NR 15-Jul-13 Ba1/BB $500.0 102 4.57% 437bp 6.13% 0.69% -1.64%3.900% Nts NR 15-Apr-15 Ba1/BB $450.0 92 1/4 6.80% 632bp 4.23% 0.40% -5.49%6.850% Sr Nts NR 15-Jul-18 Ba1/BB $550.0 93 3/4 8.14% 698bp 7.31% 1.04% -7.18%5.625% Nts NR 15-Apr-20 Ba1/BB $750.0 86 1/4 7.98% 642bp 6.52% 1.64% -7.68%6.875% Nts NR 15-Apr-40 Ba1/BB $500.0 80 1/4 8.78% 571bp 8.57% 0.88% -10.49%Sabine Pass LNG7.250% Sr Sec Nts (1st Lien) NR 30-Nov-13 B3/BB- $550.0 104 3/4 4.19% 394bp 6.92% -0.47% 5.69%7.500% Sr Sec Nts (1st Lien) NR 30-Nov-16 B3/BB- $1,482.0 106 3/4 5.81% 501bp 7.03% -0.23% 8.25%Targa Resources Partners8.250% Sr Nts NR 1-Jul-16 Ba3/BB $209.1 105 1/4 2.65% 257bp 1-Jul-12 104 1/8 7.84% 0.26% 2.68% $458.7 $287.4 -$123.7 $1,108.7 3.0x 48% 1.3x 28.9% 11.250% Sr Nts NR 15-Jul-17 Ba3/BB $72.7 113 4.80% 460bp 15-Jul-13 105 5/8 9.96% -0.54% 3.10% $458.7 $287.4 -$123.7 $1,108.7 3.0x 48% 1.3x 28.9% 6.875% Sr Nts NR 1-Feb-21 Ba3/BB $483.6 104 6.14% 486bp 1-Feb-16 103 7/16 6.61% 0.22% 4.49% $458.7 $287.4 -$123.7 $1,108.7 3.0x 48% 1.3x 28.9% 6.375% Sr Nts NR 1-Aug-22 Ba3/BB $400.0 100 6.37% 486bp 1-Feb-17 103 3/16 6.38% -1.25% 1.35% $458.7 $287.4 -$123.7 $1,108.7 3.0x 0.5x 1.3x 28.9% Source: J.P. Morgan and company reports.

Ratings MTD YTD Dist. Balance Debt/ Dist.Moody’s Amount Recent Quotes Next Call Date Current Total Total LTM Cash LTM Sheet Debt/ Book Cov. Debt/

Coupon Desc. Recom. Maturity S&P Outst. Bid YTW Spread Date Price Yield Return Return EBITDA Flow FCF Liquidity EBITDA Cap Raio EV



29

Atwood Oceanics6.500% Sr Nts NR 1-Feb-20 Ba3/BB $450.0 104 5.68% 462bp 1-Feb-16 103 7/20 6.25% -0.74% 5.59%Bristow7.500% Sr Nts NR 15-Sep-17 Ba3/BB $350.0 104 6.18% 580bp 15-Sep-12 103 3/4 7.21% -0.24% 1.98% $302.6 27.2% -$60.2 $318.5 3.6x 6.6x 42.4% CHC Helicopter9.250% Sr Sec Nts (1st Lien) NR 15-Oct-20 B2/B+ $1,100.0 99 9.42% 775bp 15-Apr-15 104 5/8 9.34% 0.06% 12.60% $412.7 25.4% -$342.1 $232.3 6.5x 3.9x naCompagnie Generale de Geophysique9.500% Sr Nts NR 15-May-16 Ba3/BB- $350.0 108 1/2 5.60% 541bp 15-May-13 104 3/4 8.76% -1.04% 2.90% $852.0 26.8% $55.0 $739.3 2.1x 5.4x 31.7% 7.750% Sr Nts NR 15-May-17 Ba3/BB- $400.0 103 3/4 6.38% 607bp 15-May-12 103 7/8 7.47% 0.01% 4.57% $852.0 26.8% $55.0 $739.3 2.1x 5.4x 31.7% 6.500% Sr Nts NR 1-Jun-21 Ba3/BB- $650.0 101 6.32% 496bp 1-Jun-16 103 1/4 6.44% -0.75% 5.97% $852.0 26.8% $55.0 $739.3 2.1x 5.4x 31.7% Expro8.500% Sr Sec Nts NR 15-Dec-16 B3/B- $1,400.0 96 1/4 9.51% 870bp 15-Dec-13 104 1/4 8.83% 0.29% 12.02% $202.7 18.3% -$236.9 $575.9 6.8x 0.4x naGulfMark Offshore6.375% Sr Nts NR 15-Mar-22 B1/BB- $300.0 100 1/4 6.33% 479bp 15-Mar-17 103 3/16 6.36% -0.04% 0.85% $139.9 36.6% $37.6 $272.1 2.2x 6.3x 21.0% Helix Energy Solutions9.500% Sr Nts NR 15-Jan-16 B3/B $475.0 104 3/4 6.03% 588bp 15-Jan-13 102 3/8 9.07% 0.30% 3.15% $675.5 48.3% $341.2 $1,105.1 1.8x 7.1x 48.5% Hercules Offshore10.500% Sr. Nts NR 15-Oct-17 Caa1/B- $300.0 103 1/2 9.52% 875bp 15-Oct-13 105 1/4 10.14% -0.82% 9.23% $149.9 22.9% $38.8 $281.1 5.9x 1.9x 64.5% 7.125% Sr Sec Nts (1st Lien) NR 1-Apr-17 B1/B+ $300.0 99 1/4 7.31% 644bp 1-Apr-14 105 11/32 7.18% -0.64% -0.49% $149.9 22.9% $38.8 $281.1 2.0x 1.9x 21.8% 10.250% Sr Nts NR 1-Apr-19 Caa1/B- $200.0 98 10.66% 934bp 1-Apr-15 107 11/16 10.46% 0.09% -1.63% $149.9 22.9% $38.8 $281.1 5.9x 1.9x 64.5% Hornbeck Offshore Services6.125% Sr Nts NR 1-Dec-14 Ba3/BB- $300.0 101 10/77 4.26% 412bp 1-Dec-12 100 6.06% 0.20% 2.20% $140.1 36.7% -$25.9 $695.1 5.9x 2.3x 43.2% 8.000% Sr Nts NR 1-Sep-17 Ba3/BB- $250.0 105 1/4 6.25% 569bp 1-Sep-13 104 7.60% 0.49% 4.37% $140.1 36.7% -$25.9 $695.1 5.9x 2.3x 43.2% 5.875% Sr Nts NR 1-Apr-20 Ba3/BB- $375.0 99 6.03% 448bp 1-Apr-16 102 15/16 5.93% -1.05% -0.51% $140.1 36.7% -$25.9 $695.1 5.9x 2.3x 43.2% PHII8.625% Guar Nts NR 15-Oct-18 B2/B+ $300.0 103 7.82% 705bp 15-Oct-14 104 5/16 8.37% 0.74% 5.06% $86.6 16.6% -$40.9 $137.5 5.7x 3.1x 66.5% RDS Ultra-Deepwater11.875% Sr Sec Nts NR 15-Mar-17 B3/B- $270.0 109 1/2 8.94% 828bp 15-Mar-14 105 15/16 10.84% -0.54% 6.72%Seacor Holdings5.875% Sr Nts NR 1-Oct-12 Ba1/BB+ $176.5 101 16/31 2.52% 239bp 5.79% 0.10% 0.82% $246.2 11.5% -$157.3 $882.3 4.2x 6.0x 24.1% 7.375% Sr Nts NR 1-Oct-19 Ba1/BB+ $233.5 106 4/7 6.26% 482bp 6.92% 1.13% 2.95% $246.2 11.5% -$157.3 $882.3 4.2x 6.0x 24.1% Vantage Drilling11.500% Sr Sec Nts (1st Lien) NR 1-Aug-15 B3/B- $1,225.0 108 3/4 7.27% 692bp 1-Feb-13 108 5/8 10.57% -0.77% 3.41% $325.6 67.1% -$117.1 $85.1 6.2x 2.1x 85.3% 11.500% Sr Sec Nts (1st Lien) NR 1-Aug-15 B3/NR $775.0 108 3/4 7.27% 692bp 1-Feb-13 108 5/8 10.57% 1.00% 1.00% $325.6 67.1% -$117.1 $85.1 6.2x 2.1x 85.3% Welltec A/S8.000% Sr Sec Nts NR 1-Feb-19 B1/BB- $325.0 96 8.79% 751bp 1-Feb-15 106 8.33% 0.27% 0.27%


Energy: Services – Offshore Drilling & Support – Gregg Brody (1-212) 834-5997Ratings MTD YTD LTM Balance EBITDA/ Debt/Moody's Amount Recent Quotes Next Call Date Current Total Total LTM EBITDA LTM Sheet Debt/ Interest LQA Debt/

Coupon Desc. Recom. Maturity S&P Outst. Bid YTW Spread Date Price Yield Return Return EBITDA Margin FCF Liquidity EBITDA Expense EBITDA EV


30


SERVICES - LANDBasic Energy Service7.125% Sr Nts NR 15-Apr-16 B2/B $225.0 101 1/2 6.31% 602bp 15-Apr-13 101 3/16 7.02% 0.23% 3.19% $334.3 26.9% $57.1 $284.7 2.3x 6.2x 57.8% 7.750% Sr Nts NR 15-Feb-19 B2/B $475.0 102 1/2 7.13% 629bp 15-Feb-15 103 7/8 7.56% 0.25% 3.78% $334.3 26.9% $57.1 $284.7 2.3x 6.2x 57.8% Calfrac Holdings7.500% Sr Nts NR 1-Dec-20 B1/B+ $450.0 100 1/2 7.40% 616bp 1-Dec-15 103 3/4 7.46% 0.24% 5.20% $316.3 24.0% -$128.8 $389.5 1.5x 5.8x 31.5% Chesapeake Oilfield Services6.625% Sr Nts NR 15-Nov-19 Ba3/BB+ $650.0 98 6.97% 550bp 15-Nov-15 103 5/16 6.76% -1.01% -3.94% $330.0 24.3% -$40.8 $501.0 2.0x 7.4x naFrac Tech7.625% Sr Nts NR 15-Nov-18 Ba3/BB $550.0 104 6.86% 562bp 15-Nov-14 103 9/16 7.33% -0.23% 1.31% $875.4 $0.4 -$171.6 $248.4 2.3x 24.5x naHeckmann9.875% Sr Nts NR 15-Apr-18 Caa1/B- $250.0 99 1/2 9.99% 889bp 15-Apr-15 104 15/16 9.92% 0.22% 0.22%Key Energy6.750% Sr Nts NR 1-Mar-21 B1/BB- $475.0 101 1/2 6.47% 517bp 1-Mar-16 103 3/8 6.65% -0.99% 3.32% $419.7 22.7% $69.6 $226.1 1.8x 9.9x 25.7% Parker Drilling9.125% Sr Nts NR 1-Apr-18 B1/B+ $300.0 105 1/2 7.49% 682bp 1-Apr-14 104 9/16 8.65% -0.18% 2.61% $224.1 33.0% $11.2 $176.8 2.2x 9.5x 47.2% Pioneer Drilling9.875% Sr Nts NR 15-Mar-18 NR/B $250.0 105 1/2 8.20% 754bp 15-Mar-14 104 15/16 9.36% -0.16% 3.51% $166.1 25.1% $200.5 $152.7 2.1x 13.8x 41.5% Precision Drilling6.625% Sr Nts NR 15-Nov-20 Ba1/BB+ $650.0 104 1/2 5.79% 456bp 15-Nov-15 103 5/16 6.34% -0.03% 3.98% $610.2 33.9% -$113.6 $1,028.1 2.1x 7.3x 36.4% 6.500% Sr Nts NR 15-Dec-21 Ba1/BB+ $400.0 104 1/2 5.76% 428bp 15-Dec-16 103 1/4 6.22% 0.20% 4.22% $610.2 33.9% -$113.6 $1,028.1 2.1x 7.3x 36.4% Stallion Oilfield Services10.500% Sr Sec Nts NR 15-Feb-15 B3/B $180.0 107 6.38% 610bp 15-Feb-13 105 1/4 9.81% -0.37% 2.65% $143.8 28.9% -$6.4 $84.3 1.1x nm naTrinidad Drilling7.875% Sr Nts NR 15-Jan-19 B2/BB- $450.0 106 6.39% 556bp 15-Jan-15 103 15/16 7.43% -0.10% 4.88% $238.2 32.4% -$23.9 $168.8 2.5x 11.2x 44.0% SERVICES - EQUIPMENT MANUFACTURERS & DISTRIBUTIONDresser-Rand Group6.500% Sr Sub Nts NR 1-May-21 B1/B+ $375.0 104 5.80% 446bp 1-May-16 103 1/4 6.25% 0.20% 3.46% $387.6 18.4% $220.5 $342.8 2.7x 7.3x 21.6% Exterran Holdings Inc.7.250% Guar Nts NR 1-Dec-18 Ba3/BB $350.0 96 8.04% 679bp 1-Dec-13 105 7/16 7.55% 0.25% 3.17%Edgen Murray12.250%Sr Sec Nts (1st Lien) Buy 15-Jan-15 Caa3/B- $465.0 103 1/2 9.99% 973bp 15-Jan-13 106 1/8 11.84% 1.82% 17.68% $62.6 6.9% $43.1 $0.0 8.0x 0.1xMcJunkin Redman9.500% Sr Sec Nts NR 15-Dec-16 B3/B- $1,050.0 107 7.28% 667bp 15-Dec-12 107 1/8 8.88% -1.50% 8.00% $297.7 6.2% -$128.1 $562.1 5.4x 2.2x naSuperior Energy6.875% Sr Nts NR 1-Jun-14 Ba3/BB+ $300.0 100 1/4 4.74% 468bp 1-Jun-12 100 6.86% 0.22% 1.66% $1,076.3 26.5% $133.8 $717.1 2.2x 9.4x 39.1% 6.375% Sr Nts NR 1-May-19 Ba3/BB+ $500.0 104 5.46% 458bp 1-May-15 103 3/16 6.13% -1.64% 3.93% $1,076.3 26.5% $133.8 $717.1 2.2x 9.4x 39.1% 7.125% Sr Nts NR 15-Dec-21 Ba3/BB+ $800.0 106 1/2 6.05% 457bp 15-Dec-16 103 9/16 6.69% -1.14% 3.31% $1,076.3 26.5% $133.8 $717.1 2.2x 9.4x 39.1% Stewart & Stevenson10.000% Sr Nts NR 15-Jul-14 Caa2/B- $150.0 101 5.75% 567bp 15-Jul-12 100 9.90% -0.64% 1.22% $113.7 9.5% $1,252.4 $126.4 1.9x 5.8x naSERVICES - SEISMICCompagnie Generale de Geophysique9.500% Sr Nts NR 15-May-16 Ba3/BB- $350.0 108 1/2 5.60% 541bp 15-May-13 104 3/4 8.76% -1.04% 2.90% $852.0 26.8% $55.0 $739.3 2.1x 5.4x 31.7% 7.750% Sr Nts NR 15-May-17 Ba3/BB- $400.0 103 3/4 6.38% 607bp 15-May-12 103 7/8 7.47% 0.01% 4.57% $852.0 26.8% $55.0 $739.3 2.1x 5.4x 31.7% 6.500% Sr Nts NR 1-Jun-21 Ba3/BB- $650.0 101 6.32% 496bp 1-Jun-16 103 1/4 6.44% -0.75% 5.97% $852.0 26.8% $55.0 $739.3 2.1x 5.4x 31.7% Geokinetics9.750% Sr Sec Nts NR 15-Dec-14 Caa2/CCC- $300.0 73 1/2 23.69% 2327bp 15-Dec-12 102 7/16 13.27% -1.82% 20.83% $89.9 16.1% $72.3 $55.8 3.9x na 90.4% Global Geophysical Services10.500% Sr Nts NR 1-May-17 B3/B+ $200.0 99 1/4 10.69% 981bp 1-May-14 105 1/4 10.58% 0.10% 8.55% $191.0 75.0% $85.4 $8.8 1.5x 7.9x 46.1% Seitel9.750% Sr Nts NR 15-Feb-14 Caa1/B $275.0 102 5/8 6.43% 627bp 15-Feb-13 100 9.50% 0.55% 5.93% $115.2 54.5% -$53.2 $68.6 2.4x 2.8x na

Energy: Services – Land, EM & D, Seismic – Gregg Brody (1-212) 834-5997Ratings MTD YTD LTM Balance EBITDA/ Debt/Moody's Amount Recent Quotes Next Call Date Currrent Total Total LTM EBITDA LTM Sheet Debt/ Interest LQA Debt/

Coupon Desc. Recom. Maturity S&P Outst. Bid YTW Spread Date Price Yield Return Return EBITDA Margin FCF Liquidity EBITDA Expense EBITDA EV




31

Alon Refining Krotz Springs13.500% Sr Sec Nts NR 15-Oct-14 B2/B $216.5 109 1/2 7.28% 714bp 15-Oct-12 106 3/4 12.33% -0.89% 8.68% $288.0 83 $233.4 $8.1 0.7x 7.1x $383.8 naCalumet Specialty Products Partners9.375% Sr Nts NR 1-May-19 B3/B $400.0 104 1/2 8.26% 738bp 1-May-15 104 11/16 8.97% 0.75% 10.27%Citgo11.500% Sr Sec Nts (1st Lien) NR 1-Jul-17 Ba2/BB+ $300.0 112 1/4 7.78% 745bp 1-Jul-14 105 3/4 10.24% 0.55% 4.50%Coffeyville Resources9.000% Sr Sec Nts (1st Lien) NR 1-Apr-15 Ba2/BB $447.6 106 5.72% 543bp 1-Apr-13 104 1/2 8.49% -0.65% 2.33% $922.7 185 $603.6 $727.2 0.9x 20.4x $394.5 28.8% 10.875%Sr Sec Nts (2nd Lien) NR 1-Apr-17 B1/B+ $222.8 112 6.17% 600bp 1-Apr-13 108 5/32 9.71% -0.12% 2.66% $922.7 185 $603.6 $727.2 0.9x 20.4x $394.5 28.8% HollyFrontier Corp.8.500% Sr Nts NR 15-Sep-16 Ba2/BB+ $200.0 106 1/2 2.86% 274bp 15-Sep-12 104 1/4 7.98% 0.50% 2.19% $1,367.0 443 $510.7 $2,834.5 0.9x 17.5x $226.6 21.0% 9.875% Sr Nts NR 15-Jun-17 Ba2/BB+ $291.8 111 1/2 3.86% 366bp 15-Jun-13 104 15/16 8.86% 0.29% 3.40% $1,367.0 443 $510.7 $2,834.5 0.9x 17.5x $226.6 21.0% 6.875% Guar Nts NR 15-Nov-18 Ba2/BB+ $150.0 104 1/2 5.74% 495bp 15-Nov-14 103 7/16 6.58% 0.68% 3.80% $1,367.0 443 $510.7 $2,834.5 0.9x 17.5x $226.6 21.0% Northern Tier Energy10.500% Sr Sec Nts (1st Lien) NR 1-Dec-17 B1/BB- $290.0 109 8.12% 732bp 1-Dec-13 107 7/8 9.63% 0.31% 4.58% $400.9 74 $333.4 $255.6 1.3x 11.8x $631.7 nmPBF Energy8.250% Sr Sec Nts NR 15-Feb-20 Ba3/BB+ $650.0 102 7.81% 675bp 15-Feb-16 104 1/8 8.09% 0.27% 5.04% $464.5 540 -$306.7 $125.1 2.4x 7.9x $179.7 nmPetroplus6.750% Sr Sec Nts (1st Lien) NR 1-May-14 C/D $600.0 38 66.38% 0bp 1-May-12 101 11/16 17.76% -1.30% -37.40% $505.0 667 $83.9 $741.0 3.4x 4.0x $310.9 111.9% 7.000% Sr Sec Nts (1st Lien) NR 1-May-17 C/D $600.0 38 33.07% 0bp 1-May-12 103 1/2 18.42% -1.30% -25.11% $505.0 667 $83.9 $741.0 3.4x 4.0x $310.9 111.9% 9.375% Sr Sec Nts (1st Lien) NR 15-Sep-19 C/D $400.0 38 31.31% 0bp 15-Sep-15 104 11/16 24.67% -1.30% -28.79% $505.0 667 $83.9 $741.0 3.4x 4.0x $310.9 111.9% Tesoro Corporation6.250% Sr Nts NR 1-Nov-12 Ba1/BB+ $299.0 102 2.51% 236bp 6.13% 0.20% 1.21% $1,480.0 664 $871.0 $1,792.6 1.1x 13.0x $264.1 41.5% 6.625% Sr Nts NR 1-Nov-15 Ba1/BB+ $450.0 102 1/4 4.41% 427bp 1-Nov-12 101 8/77 6.48% 0.21% 2.29% $1,480.0 664 $871.0 $1,792.6 1.1x 13.0x $264.1 41.5% 6.500% Sr Nts NR 1-Jun-17 Ba1/BB+ $473.0 102 5.79% 528bp 1-Jun-12 103 1/4 6.37% -0.51% 1.28% $1,480.0 664 $871.0 $1,792.6 1.1x 13.0x $264.1 41.5% 9.750% Sr Nts NR 1-Jun-19 Ba1/BB+ $300.0 114 1/8 4.87% 456bp 1-Jun-14 104 7/8 8.54% 0.38% 4.07% $1,480.0 664 $871.0 $1,792.6 1.1x 13.0x $264.1 41.5% United Refining10.500% Sr Sec Nts (1st Lien) NR 28-Feb-18 B3/B $365.0 104 3/4 9.25% 841bp 28-Feb-15 105 1/4 10.02% 1.77% 14.61% $106.7 70 $21.6 $226.8 3.3x 2.6x $563.2 nmWestern Refining11.250% Sr Sec Nts NR 15-Jun-17 B3/B+ $325.0 114 3.62% 342bp 15-Jun-13 105 5/8 9.87% 0.32% 2.98% $965.9 151 $690.6 $791.8 0.8x 8.0x $641.7 37.6% Source: J.P. Morgan and company reports.

Energy: Refiners – Gregg Brody (1-212) 834-5997Ratings MTD YTD Balance EBITDA/ Debt/Moody's Amount Recent Quotes Next Call Date Current Total Total LTM Capacity LTM Sheet Debt/ Interest Complex. Debt/

Coupon Desc. Recom. Maturity S&P Outst. Bid YTW Spread Date Price Yield Return Return EBITDA Kbds FCF Liquidity EBITDA Expense Barrel EV



32

Ratings Amount (LTM EBITDA- Net Debt/Moody’s Outstanding Recent Quotes Next Call Data LTM LTM EBITDA/ Capex)/ LTM TEV/

Coupon Description Recommendation Maturity S&P ($ mn) Bid YTW Spread Date Price EBITDA Cash Interest Cash Interest EBITDA LTM EBITDA

FOOD AND BEVERAGEARAMARK Corp.5.000% Sr Nts NR 1-Jun-12 B3/B- $250.0 100 4.91% 485bp nc nc $1,118.2 2.6x 1.9x 5.2x na8.500% Sr Nts NR 1-Feb-15 B3/B $1,280.0 102 1/2 5.22% 505bp 1-Feb-13 100.00 $1,118.2 2.6x 1.9x 5.2x naL +350 Sr Nts NR 1-Feb-15 B3/B $500.0 98 1/2 4.70% 407bp 14-May-12 100.00 $1,118.2 2.6x 1.9x 5.2x na8.625% Sr PIK Nts NR 1-May-16 B3/B- $600.0 102 1/4 2.45% 241bp 1-May-12 102.00 $1,118.2 2.6x 1.9x 5.7x naBumble Bee 1

9.000% Sr Sec Nts (1st Lien) NR 15-Feb-17 B2/B $575.1 100 3/8 8.89% 809bp 15-Dec-14 104.00 $121.2 1.9x 1.8x 5.7x na9.625% Sr Toggle Nts NR 15-Mar-18 Caa1/CCC+ $150.0 89 3/4 12.10% 1102bp 15-Mar-14 104.81 $121.2 1.9x 1.8x 6.9x naChiquita Brands International7.500% Sr Nts Hold 1-Nov-14 Caa1/B- $106.4 100 3/4 6.06% 592bp 1-Nov-12 100.00 $149.8 3.2x 1.6x 3.5x 6.2xConstellation Brands, Inc.8.375% Sr Nts Hold 15-Dec-14 Ba1/BB+ $500.0 112 3/4 3.33% 291bp Make Whole T+50 $871.1 4.8x 4.4x 3.5x 7.8x7.250% Sr Nts Hold 1-Sep-16 Ba1/BB+ $700.0 110 1/2 4.57% 382bp Make Whole T+50 $871.1 4.8x 4.4x 3.5x 7.8x7.250% Sr Nts Hold 15-May-17 Ba1/BB+ $700.0 110 3/4 4.84% 395bp Make Whole T+50 $871.1 4.8x 4.4x 3.5x 7.8xCott Corporation8.375% Sr Nts NR 15-Nov-17 B3/B $215.0 108 5.58% 534bp 15-Nov-13 104.19 $203.1 3.6x 3.0x 2.5x 5.1x8.125% Sr Nts NR 1-Sep-18 B3/B $375.0 107 7/8 6.05% 530bp 1-Sep-14 104.06 $203.1 3.6x 3.0x 2.5x 5.1xC&S Group Enterprises8.375% Sr Sec Nts (1st Lien) NR 1-May-17 B1/BB- $300.0 105 6.93% 625bp 1-May-14 104.19 $248.1 5.3x 4.0x 2.6x naDarling International8.500% Guar Nts Buy 15-Dec-18 Ba3/BB+ $250.0 111 1/2 5.31% 489bp 15-Dec-14 104.25 $393.5 10.6x 9.0x 0.6x 5.8xDean Foods Company7.000% Sr Nts Hold 1-Jun-16 B2/B- $500.0 102 1/2 6.30% 560bp Make Whole T+50 $767.4 3.0x 1.7x 4.9x 7.8x6.900% Sr Nts Hold 15-Oct-17 B2/B- $142.0 100 1/2 6.79% 580bp nc nc $767.4 3.0x 1.7x 4.9x 7.8x9.750% Sr Nts Hold 15-Dec-18 B2/B- $400.0 111 6.85% 643bp 15-Dec-14 104.88 $767.4 3.0x 1.7x 4.9x 7.8xDel Monte Foods Company7.625% Sr Nts Hold 15-Feb-19 B3/CCC+ $1,300.0 97 3/4 8.06% 676bp 15-Feb-14 103.81 $542.9 2.3x 1.9x 6.9x naDole Food Company13.875% Sr Sec Nts Hold 15-Mar-14 B2/B+ $174.9 114 1/4 3.46% 323bp 15-Mar-13 106.94 $375.8 2.7x 2.1x 3.6x 6.5x8.000% Sr Sec Nts Buy 1-Oct-16 B2/B+ $315.0 104 1/4 6.11% 573bp 1-Oct-12 104.00 $375.8 2.7x 2.1x 3.6x 6.5x8.750% Debs Sell 15-Jul-13 B3/B- $155.0 107 2.98% 278bp nc nc $375.8 2.7x 2.1x 4.1x 6.5xJBS USA LLC11.625% Sr Nts NR 1-May-14 B1/BB $700.0 115 1/4 3.79% 349bp nc nc $1,090.5 9.3x 7.5x 2.7x na8.250% Sr Nts NR 1-Feb-20 B1/BB $700.0 101 3/4 7.86% 681bp 1-Feb-15 106.19 $1,090.5 9.3x 7.5x 2.7x na7.250% Sr Nts NR 1-Jun-21 B1/BB $650.0 95 8.03% 621bp 1-Jun-15 105.44 $1,090.5 9.3x 7.5x 2.7x naMichael Foods9.750% Sr Nts NR 15-Jul-18 Caa1/CCC+ $430.0 109 1/4 7.18% 665bp 15-Jul-14 104.88 $222.4 2.1x 2.1x 5.6x naPilgrim’s Pride7.875% Guar Nts Hold 15-Dec-18 Caa1/B- $500.0 98 3/4 8.12% 686bp 15-Dec-14 103.94 ($145.3) nm nm nm nmPinnacle Foods, Inc.9.250% Sr Nts Hold 1-Apr-15 Caa1/CCC+ $625.0 102 1/2 6.51% 633bp 1-Apr-13 100.00 $445.1 2.1x 1.6x 5.4x na8.250% Guar Nts Hold 1-Sep-17 Caa1/CCC+ $400.0 108 1/8 6.10% 535bp 1-Sep-13 106.19 $445.1 2.1x 1.6x 5.4x na10.625% Sr Sub Nts Buy 1-Apr-17 Caa1/CCC+ $199.0 105 1/4 8.42% 825bp 1-Apr-13 103.54 $445.1 2.1x 1.6x 5.9x na

Food and Beverage – Carla Casella, CFA (1-212) 270-6798

Source: J.P. Morgan and company reports.1. Financial data is available and disclosed through Intralinks only. Please contact us with any questions.



Ratings Amount (LTM EBITDA- Net Debt/Moody’s Outstanding Recent Quotes Next Call Data LTM LTM EBITDA/ Capex)/ LTM TEV/

Coupon Description Recommendation Maturity S&P ($ mn) Bid YTW Spread Date Price EBITDA Cash Interest Cash Interest EBITDA LTM EBITDA

Ratings Amount (LTM EBITDA- Adj Net Debt/Moody’s Outstanding Recent Quotes Next Call Data LTM LTM EBITDA/ Capex)/ LTM TEV/

Coupon Description Recommendation Maturity S&P ($ mn) Bid YTW Spread Date Price EBITDA Net Int. + 1/3 Rent Int + 1/3 rent EBITDAR LTM EBITDARESTAURANTS 1

Burger King9.875% Sr Nts NR 15-Oct-18 B3/B- $800.0 112 3/4 6.15% 576bp 15-Oct-14 104.94 $585.0 3.0x 2.7x 4.9x na0.000%/11.000% Sr Disc Nts NR 15-Apr-19 Caa1/CCC+ $685.0 75 1/4 7.85% 737bp 15-Apr-15 94.79 $585.0 3.0x 2.7x 5.5x naCKE Restaurants11.375% Sr Sec Nts (2nd Lien) NR 15-Jul-18 B2/B- $503.6 114 1/8 6.86% 652bp 15-Jul-14 105.69 $165.1 2.3x 1.7x 4.2x na11.250% Sr Toggle Nts NR 14-Mar-16 Caa1/CCC $223.2 104 1/2 10.01% 954bp 14-Mar-13 105.25 $165.1 2.3x 1.7x 5.2x naDave and Buster’s11.000% Sr Nts NR 1-Jun-18 Caa1/CCC+ $200.0 106 7/8 8.96% 826bp 1-Jun-14 105.50 $98.4 4.3x 1.5x 4.7x na0.000% Sr Nts NR 15-Feb-16 NR/NR $180.8 67 10.51% 996bp 15-Aug-13 78.84 $98.4 4.3x 1.5x 5.5x naDineEquity Inc.9.500% Sr Nts NR 30-Oct-18 B3/CCC+ $785.3 108 1/4 7.33% 655bp 30-Oct-14 104.75 $311.5 2.5x 2.5x 6.0x 8.1xLogan’s Roadhouse10.750% Sr Sec Nts (2nd Lien) NR 15-Oct-17 B3/B- $355.0 96 1/2 11.63% 1064bp 15-Oct-13 108.06 $72.6 2.3x 1.2x 5.8x naOutback Steakhouse Inc.10.000% Sr Nts NR 15-Jun-15 Caa3/CCC $248.1 103 1/4 5.09% 502bp 15-Jun-12 102.50 $345.5 4.2x 3.2x 4.7x naWendy’s10.000% Sr Nts NR 15-Jul-16 B3/B+ $565.0 109 1/4 2.61% 253bp 15-Jul-12 107.50 $331.1 2.8x 1.8x 3.8x 8.7x6.200% Sr Nts NR 15-Jun-14 Caa1/B- $225.0 106 1/4 3.19% 286bp Make Whole T+25 $331.1 2.8x 1.8x 3.8x 8.7x7.000% Debs NR 15-Dec-25 Caa1/B- $100.0 89 1/8 8.35% 611bp nc nc $331.1 2.8x 1.8x 3.8x 8.7x1. Credit stats are rent adjusted.Source: J.P. Morgan and company reports.

33

Post Holdings, Inc.7.375% Sr Nts NR 15-Feb-22 B1/B+ $775.0 103 1/2 6.79% 526bp 15-Feb-17 103.69 $234.4 3.3x 3.3x 4.0x 8.7xSmithfield Foods, Inc.10.000% Sr Sec Nts (1st Lien) Hold 15-Jul-14 Ba2/BBB- $612.0 116 7/8 2.25% 191bp Make Whole T+50 $1,133.6 6.1x 4.7x 0.1x 4.7x7.750% Sr Nts Hold 15-May-13 B2/BB $160.0 105 1/2 2.55% 237bp nc nc $1,133.6 6.1x 4.7x 1.6x 4.7x7.750% Sr Nts Hold 1-Jul-17 B2/BB $500.0 113 4.89% 397bp nc nc $1,133.6 6.1x 4.7x 1.6x 4.7xTyson Foods10.500% Sr Nts Hold 1-Mar-14 Ba1/BBB- $810.0 115 1/2 2.03% 175bp Make Whole T+50 $1,552.0 7.2x 4.1x 0.4x 5.3x6.600% Sr Nts Hold 1-Apr-16 Ba1/BBB- $638.0 113 3.09% 242bp Make Whole T+30 $1,552.0 7.2x 4.1x 0.4x 5.3x7.000% Sr Nts Hold 1-May-18 Ba2/BB+ $121.0 111 4.88% 376bp nc nc $1,552.0 7.2x 4.1x 0.9x 5.3x7.000% Sr Nts Hold 15-Jan-28 Ba2/BB+ $18.0 99 7.10% 475bp nc nc $1,552.0 7.2x 4.1x 0.9x 5.3x

Food and Beverage (continued)– Carla Casella, CFA (1-212) 270-6798

Source: J.P. Morgan and company reports.1. 10.5% TSN notes are guaranteed by all tomestic subsidiaries, while the 6.6% notes are only guaranteed by beef and pork subs.

Restaurants – Carla Casella, CFA (1-212) 270-6798



34

Ratings Amount LTM Total Debt/ LTMMoody’s Outstanding Recent Quotes Next Call Data LTM Adjusted LTM EBITDA/

Coupon Description Recommendation Maturity S&P ($ mn) Price YTW Spread Date Price Revenue EBITDA EBITDA Int. Exp.

Ameristar Casinos7.500% Sr Nts Hold 15-Apr-21 B3/B+ $800 104.00 6.68% 558bp 15-Apr-15 105.63 $1,215 $365 5.3x 3.7xBoyd Gaming Corporation6.750% Sr Sub Nts Hold 15-Apr-14 Caa1/CCC+ $216 99.50 7.02% 673bp $1,605 $392 7.7x 2.0x7.125% Sr Sub Nts Buy 1-Feb-16 Caa1/CCC+ $241 96.00 8.37% 773bp 1-Feb-13 100.69 $1,605 $392 7.7x 2.0x9.125% Sr Nts Hold 1-Dec-18 B3/B $500 103.00 8.33% 753bp 1-Dec-14 104.56 $1,605 $392 5.5x 2.0xCityCenter Holdings, LLC7.625% Sr Sec Nts (1st Lien) Hold 15-Jan-16 B1/B $900 104.75 5.73% 529bp 15-Jan-14 103.81 $1,081 $212 5.7x 0.8x10.750% Sr Sec Toggle Nts (2nd Lien) Buy 15-Jan-17 Caa2/CCC $633 109.50 7.73% 729bp 15-Jan-14 105.38 $1,081 $212 8.9x 0.8xHarrah’s Operating Company5.375% Sr Nts Buy 15-Dec-13 Caa3/CCC $125 91.00 11.46% 1120bp $6,814 $1,513 12.6x 1.0x5.625% Bds Hold 1-Jun-15 Caa3/CCC $365 75.00 16.11% 1560bp $6,814 $1,513 12.6x 1.0x10.000% Sr Sec Nts (2nd Lien) Hold 15-Dec-15 NR/CCC $188 89.50 13.73% 1312bp 15-Dec-12 105.00 $6,814 $1,513 9.9x 1.0x10.750% Guar Nts Hold 1-Feb-16 Caa3/CCC $471 85.00 16.18% 1554bp 1-Feb-13 102.69 $6,814 $1,513 10.2x 1.0x6.500% Sr Nts Hold 1-Jun-16 Caa3/CCC $247 63.00 20.11% 1940bp $6,814 $1,513 12.6x 1.0x11.250% Sr Sec Nts (1st Lien) Buy 1-Jun-17 B2/B $2,095 108.50 8.05% 773bp 1-Jun-13 105.63 $6,814 $1,513 6.3x 1.0x5.750% Bds Hold 1-Oct-17 Caa3/CCC $154 52.00 20.90% 1992bp $6,814 $1,513 12.6x 1.0x12.750% Sr Sec Nts (2nd Lien) Hold 15-Apr-18 Caa2/CCC $750 83.25 17.35% 1625bp $6,814 $1,513 9.9x 1.0x10.000% Sr Sec Nts (2nd Lien) Hold 15-Dec-18 NR/CCC $3,705 73.50 16.74% 1548bp 15-Dec-13 105.00 $6,814 $1,513 9.9x 1.0x8.500% Sr Sec Nts (1st Lien) NR 15-Feb-20 B2/B $1,250 101.00 8.28% 721bp 15-Feb-16 104.25 $6,814 $1,513 6.3x 1.0xIsle of Capri Casinos7.000% Sr Sub Nts Buy 1-Mar-14 Caa1/CCC+ $357 99.25 7.43% 715bp $1,010 $192 6.1x 2.6x7.750% Sr Nts Hold 15-Mar-19 B3/B- $300 101.50 7.38% 652bp 15-Mar-15 103.88 $1,010 $192 4.2x 2.6xMarina District Finance (Borgata)9.500% Sr Sec Nts (1st Lien) Sell 15-Oct-15 B2/BB- $398 92.50 12.20% 1162bp 15-Oct-13 104.75 $730 $158 5.2x 1.9x9.875% Sr Sec Nts (1st Lien) Sell 15-Aug-18 B2/BB- $394 90.00 12.18% 1100bp 15-Aug-14 104.94 $730 $158 5.2x 1.9xMGM Resorts6.750% Sr Nts Hold 1-Sep-12 B3/B- $535 101.50 2.69% 257bp $7,841 $1,142 11.2x 1.1x13.000% Sr Sec Nts Hold 15-Nov-13 Ba2/B+ $750 116.00 2.60% 235bp $7,841 $1,142 3.3x 1.1x5.875% Sr Nts Hold 27-Feb-14 B3/B- $509 102.75 4.32% 404bp $7,841 $1,142 11.2x 1.1x10.375% Sr Sec Nts Hold 15-May-14 Ba2/B+ $650 113.00 3.81% 350bp $7,841 $1,142 3.3x 1.1x6.625% Sr Nts Hold 15-Jul-15 B3/B- $872 102.25 5.85% 532bp $7,841 $1,142 11.2x 1.1x6.875% Sr Nts Buy 1-Apr-16 B3/B- $238 101.25 6.51% 584bp $7,841 $1,142 11.2x 1.1x7.500% Sr Nts Buy 1-Jun-16 B3/B- $733 102.75 6.72% 602bp $7,841 $1,142 11.2x 1.1x10.000% Guar Nts Hold 1-Nov-16 B3/B- $500 111.00 7.12% 634bp $7,841 $1,142 11.2x 1.1x7.625% Sr Nts Hold 15-Jan-17 B3/B- $743 102.50 6.99% 617bp $7,841 $1,142 11.2x 1.1x11.125% Sr Sec Nts Hold 15-Nov-17 Ba2/B+ $850 113.00 3.82% 363bp 15-May-13 105.56 $7,841 $1,142 3.3x 1.1x11.375% Sr Nts Hold 1-Mar-18 B3/B- $475 118.00 7.52% 645bp $7,841 $1,142 11.2x 1.1x8.625% Sr Nts NR 1-Feb-19 B3/B- $850 107.00 7.29% 601bp $7,841 $1,142 11.2x 1.1x9.000% Sr Sec Nts (1st Lien) Hold 15-Mar-20 Ba2/B+ $845 110.63 5.35% 506bp 15-Mar-14 104.50 $7,841 $1,142 3.3x 1.1x7.750% Sr Nts NR 15-Mar-22 B3/B- $1,000 101.00 7.60% 560bp $7,841 $1,142 11.2x 1.1x

Gaming – Susan Berliner (1-212) 270-3085




35


Coupon Description Recommendation Maturity S&P ($ mn) Bid YTW Spread Date Price Revenue EBITDA EBITDA Int. Exp.

Mohegan Tribal Gaming6.125% Sr Nts Sell 15-Feb-13 Caa3/CCC $16 93.00 15.39% 1522bp $1,435 $266 5.1x 1.6x7.125% Sr Sub Nts Sell 15-Aug-14 Caa3/CCC $225 75.00 21.25% 2090bp 15-Aug-12 100.00 $1,435 $266 7.2x 1.6x6.875% Sr Sub Nts Sell 15-Feb-15 Caa3/CCC $10 75.00 18.62% 1816bp 15-Feb-13 100.00 $1,435 $266 7.2x 1.6x10.500% Sr Sec Nts (3rd Lien) NR 15-Dec-16 NR/CCC $418 84.25 15.29% 1448bp $1,435 $266 4.7x 1.6x11.500% Sr Sec Nts (2nd Lien) Sell 1-Nov-17 Caa3/CCC $200 101.50 10.97% 1038bp 1-Nov-13 105.75 $1,435 $266 3.1x 1.6x11.000% Sr Sub Nts NR 15-Sep-18 NR/CCC $344 72.50 18.48% 1728bp $1,435 $266 7.2x 1.6xMTR Gaming11.500% Sr Sec Toggle Nts (2nd Lien) Hold 1-Aug-19 Caa1/B- $568 98.00 11.91% 1051bp 1-Aug-15 106.00 $428 $81 7.0x 1.8xPenn National Gaming, Inc.8.750% Sr Sub Nts Sell 15-Aug-19 B1/BB $325 111.00 5.44% 508bp 15-Aug-14 104.38 $2,742 $741 2.8x 9.5xPinnacle Entertainment8.625% Sr Nts Sell 1-Aug-17 B1/BB- $450 109.00 4.64% 442bp 1-Aug-13 104.31 $1,158 $262 2.9x 2.7x8.750% Sr Sub Nts Buy 15-May-20 B3/B $350 108.75 6.85% 635bp 15-May-15 104.38 $1,158 $262 5.5x 2.7x7.750% Sr Sub Nts NR 1-Apr-22 B3/B $325 103.75 7.20% 588bp 1-Apr-17 103.88 $1,158 $262 5.5x 2.7xScientific Games7.875% Sr Sub Nts NR 15-Jun-16 B1/BB- $200 104.00 5.87% 555bp 15-Jun-12 103.94 $879 $263 5.3x 2.5x8.125% Sr Sub Nts NR 15-Sep-18 B1/BB- $250 108.25 5.96% 540bp 15-Sep-14 104.06 $879 $263 5.3x 2.5x9.250% Sr Sub Nts NR 15-Jun-19 B1/BB- $350 110.00 6.26% 593bp 15-Jun-14 104.63 $879 $263 5.3x 2.5xSnoqualmie Entertainment9.125% Sr Sec Nts Hold 1-Feb-15 Caa1/B $200 100.25 9.01% 857bp $203 $85 4.5x 2.4xWynn Las Vegas7.875% 1st Mtg Nts Hold 1-Nov-17 NR/BBB- $500 109.00 4.28% 404bp 1-Nov-13 103.94 $1,481 $412 7.6x 2.2x7.875% 1st Mtg Nts Hold 1-May-20 NR/BBB- $382 109.00 5.81% 531bp 1-May-15 103.94 $1,481 $412 7.6x 2.2x7.750% 1st Mtg Nts Hold 15-Aug-20 Ba2/BBB- $1,320 109.00 5.81% 526bp 15-Aug-15 103.88 $1,481 $412 7.6x 2.2x5.375% 1st Mtg Nts NR 15-Mar-22 Ba2/BBB- $900 95.75 5.95% 395bp 15-Mar-17 102.69 $1,481 $412 7.6x 2.2x

Gaming – Susan Berliner (1-212) 270-3085




36

Healthcare – David Common, CFA (1-212) 270-5260

HOSPITALS AND RELATEDAir Medical Group 9.250% Sr Nts NR 1-Nov-18 B2/B $545 $101.50 8.84% 806bp 1-Nov-16 1-Nov-14 $104.63 $102 2.3x 5.5x 69%Capella Healthcare9.250% Sr Nts NR 1-Jul-17 B3/B $500 $100.75 9.02% 831bp 1-Jul-16 1-Jul-13 $106.94 $96 1.9x 5.2x 79%Community Health Systems Inc.L + 350 TLB - Ext (Old) NR 1/25/2017 Ba3/BB $1481 $99.00 4.20% 373bp na na na $1,828 2.5x 3.3x 54%L + 350 TLB - Ext (New) NR 1/25/2017 Ba3/BB $1532 $99.00 4.20% 373bp na na na $1,828 2.5x 3.3x 54%L + 225 TLB - NonExt NR 7/25/2014 Ba3/BB $2205 $99.25 3.06% 259bp na na na $1,828 2.5x 3.3x 54%8.875% Sr Nts Hold 15-Jul-15 B3/B $1781 $102.75 6.41% 632bp 15-Jul-12 15-Jul-12 $102.22 $1,828 2.5x 4.8x 78%8.000% Sr Nts NR 15-Nov-19 B3/B $2000 $102.63 7.42% 641bp 15-Nov-17 15-Nov-15 $104.00 $1,828 2.5x 4.8x 78%Emergency Medical ServicesL + 375 TLB NR 5/25/2018 B1/B+ $1417 $99.50 5.35% 385bp na na na $345 2.0x 4.1x 48%8.125% Sr Nts NR 1-Jun-19 Caa1/B- $950 $100.25 8.06% 716bp 1-Jun-17 1-Jun-14 $106.09 $345 2.0x 6.9x 81%HealthSouth Corporation7.250% Sr Nts Hold 1-Oct-18 B2/B+ $335 $105.63 5.80% 503bp 1-Oct-16 1-Oct-14 $103.63 $464 3.5x 2.9x 39%8.125% Sr Nts Hold 15-Feb-20 B2/B+ $290 $109.25 5.87% 541bp 15-Feb-15 15-Feb-15 $104.06 $464 3.5x 2.9x 39%7.750% Sr Nts Hold 15-Sep-22 B2/B+ $310 $107.25 6.35% 538bp 15-Sep-17 15-Sep-15 $103.88 $464 3.5x 2.9x 39%HCA, Inc.L + 125 TLA1 NR 11/17/2012 Ba3/BB $414 $100.25 1.30% 83bp na na na $6,287 3.2x 2.9x 48%L + 250 TLA2 NR 5/2/2016 Ba3/BB $564 $98.50 3.41% 294bp na na na $6,287 3.2x 2.9x 48%L + 225 TLB1 NR 11/17/2013 Ba3/BB $1689 $100.00 2.72% 225bp na na na $6,287 3.2x 2.9x 48%L + 325 TLB2 NR 3/31/2017 Ba3/BB $2000 $98.75 4.00% 353bp na na na $6,287 3.2x 2.9x 48%L + 325 TLB3 NR 5/1/2018 Ba3/BB $2373 $98.50 4.00% 353bp na na na $6,287 3.2x 2.9x 48%8.500% 1st Lien Buy 15-Apr-19 Ba3/BB $1500 $110.63 4.90% 461bp 15-Apr-14 15-Apr-14 $104.25 $6,287 3.2x 2.9x 48%6.500% 1st Lien NR 15-Feb-20 Ba3/BB $3000 $103.75 5.89% 437bp 15-Feb-20 nc nc $6,287 3.2x 2.9x 48%7.875% 1st Lien Buy 15-Feb-20 Ba3/BB $1250 $109.25 5.21% 486bp 15-Aug-14 15-Aug-14 $103.94 $6,287 3.2x 2.9x 48%7.250% 1st Lien Buy 15-Sep-20 Ba3/BB $1400 $108.25 5.32% 485bp 15-Mar-15 15-Mar-15 $103.63 $6,287 3.2x 2.9x 48%5.875% 1st Lien NR 15-Mar-22 Ba3/BB $1350 $99.25 5.97% 397bp 15-Mar-22 nc nc $6,287 3.2x 2.9x 48%9.875% 2nd Lien Buy 15-Feb-17 B2/BB $202 $108.50 5.17% 500bp 15-Feb-13 15-Feb-13 $104.94 $6,287 3.2x 3.0x 48%6.950% Sr Nts Buy 1-May-12 B3/B- $402 $100.00 6.74% 670bp 1-May-12 nc nc $6,287 3.2x 4.3x 70%6.300% Sr Nts Buy 1-Oct-12 B3/B- $500 $100.75 4.62% 449bp 1-Oct-12 nc nc $6,287 3.2x 4.3x 70%6.250% Sr Nts Buy 15-Feb-13 B3/B- $500 $101.50 4.38% 422bp 15-Feb-13 nc nc $6,287 3.2x 4.3x 70%6.750% Sr Nts Buy 15-Jul-13 B3/B- $500 $103.50 3.84% 364bp 15-Jul-13 nc nc $6,287 3.2x 4.3x 70%5.750% Sr Nts Buy 15-Mar-14 B3/B- $500 $103.50 3.83% 355bp 15-Mar-14 nc nc $6,287 3.2x 4.3x 70%6.375% Sr Nts Buy 15-Jan-15 B3/B- $750 $104.75 4.51% 408bp 15-Jan-15 nc nc $6,287 3.2x 4.3x 70%6.500% Sr Nts Buy 15-Feb-16 B3/B- $1000 $105.00 5.05% 440bp 15-Feb-16 nc nc $6,287 3.2x 4.3x 70%8.000% Sr Nts NR 1-Oct-18 B3/B- $500 $108.25 6.42% 521bp 1-Oct-18 nc nc $6,287 3.2x 4.3x 70%7.500% Sr Nts NR 15-Feb-22 B3/B- $2000 $104.50 6.86% 488bp 15-Feb-22 nc nc $6,287 3.2x 4.3x 70%7.690% Sr Nts Buy 15-Jun-25 B3/B- $291 $96.00 8.19% 599bp 15-Jun-25 nc nc $6,287 3.2x 4.3x 70%7.500% Sr Nts Buy 6-Nov-33 B3/B- $250 $92.50 8.25% 556bp 6-Nov-33 nc nc $6,287 3.2x 4.3x 70%7.750% Sr Nts Buy 15-May-21 B3/B- $1525 $102.00 7.36% 612bp 15-Nov-18 15-Nov-15 $103.88 $6,287 3.2x 4.5x 74%

Ratings EBITDA/ Debt/Moody’s Recent Quotes YTW Next Call Data EBITDA Interest EBITDA Debt/

Coupon Desc. Recom. Maturity S&P Current Bid Yield Spread Date Date Price LTM LTM LTM TEV

Note: EBITDA is Adjusted EBITDA. Interest Expense is based on LTM values.Source: J.P. Morgan and company reports.



37

Health Management AssociatesL + 350 TLB NR 11/18/2018 Ba3/BB- $1397 $100.25 4.45% 345bp na na na $893 4.0x 2.9x 49%6.125% Sr Sec Nts Hold 15-Apr-16 NR/BB- $400 $104.25 4.94% 426bp 15-Apr-16 nc nc $893 4.0x 2.9x 49%7.375% Sr Nts Hold 15-Jan-20 B3/B- $875 $101.88 6.97% 593bp 15-Jan-18 15-Jan-16 $103.69 $893 4.0x 4.0x 67%Iasis HealthcareL + 375 TLB NR 5/3/2018 Ba3/B $1010 $100.25 4.95% 370bp na na na $322 2.8x 3.2x 53%8.375% Sr Nts Buy 15-May-19 Caa1/CCC+ $850 $95.38 9.28% 793bp 15-May-19 15-May-14 $106.28 $322 2.8x 5.8x 97%Kindred HealthcareL + 375 TLB NR 6/1/2018 Ba3/B+ $695 $95.00 6.26% 476bp na na na $445 4.2x 2.2x 34%8.250% Sr Nts NR 1-Jun-19 B3/B- $550 $86.50 11.03% 967bp 1-Jun-19 1-Jun-14 $106.19 $445 4.2x 3.4x 53%Lifepoint Hospitals6.625% Guar Nts NR 1-Oct-20 Ba1/BB- $400 $104.50 5.78% 457bp 1-Oct-18 1-Oct-15 $103.31 $550 5.1x 2.9x 48%MedAssetsL + 375 TLB NR 11/16/2016 Ba3/BB- $577 $100.50 5.12% 362bp na na na $184 2.6x 3.1x 36%8.000% Sr Nts NR 15-Nov-18 B3/B- $325 $105.50 6.59% 580bp 15-Nov-16 15-Nov-14 $104.00 $184 2.6x 4.9x 56%Rural/Metro10.125% Sr Nts NR 15-Jul-19 Caa1/CCC+ $200 $93.50 11.46% 1007bp 15-Jul-19 15-Jul-15 $105.06 $89 2.1x 6.0x 70%Select MedicalL + 375 TLB NR 6/1/2018 Ba3/BB- $844 $97.00 6.10% 435bp na na na $386 3.9x 2.3x 35%7.625% Sr Sub Nts Buy 1-Feb-15 Caa1/CCC+ $345 $98.75 8.13% 768bp 1-Feb-15 1-Feb-13 $100.00 $386 3.9x 3.2x 48%6.494% Sr HoldCo FRN Buy 9/15/2015 Caa1/CCC+ na na na na na 10-May-12 $100.00 $386 3.9x 3.6x 55%Tenet Healthcare10.000% Sr Sec Nts Buy 1-May-18 B1/BB- $714 $114.00 5.05% 475bp 1-May-14 1-May-14 $105.00 $1,161 3.1x 2.3x 36%6.250% Sr Sec Nts Buy 1-Nov-18 B1/BB- $900 $103.00 5.69% 447bp 1-Nov-18 nc nc $1,161 3.1x 2.3x 36%8.875% Sr Sec Nts Buy 1-Jul-19 B1/BB- $925 $111.38 5.27% 493bp 1-Jul-14 1-Jul-14 $104.44 $1,161 3.1x 2.3x 36%7.375% Sr Nts Buy 1-Feb-13 Caa1/CCC+ $216 $102.50 4.12% 396bp 1-Feb-13 nc nc $1,161 3.1x 3.9x 62%9.250% Sr Nts Buy 1-Feb-15 Caa1/CCC+ $474 $110.25 5.25% 480bp 1-Feb-15 nc nc $1,161 3.1x 3.9x 62%8.000% Sr Nts Buy 1-Aug-20 Caa1/CCC+ $600 $100.75 7.84% 667bp 1-Aug-18 1-Aug-15 $104.00 $1,161 3.1x 3.9x 62%6.875% Sr Nts Buy 15-Nov-31 Caa1/CCC+ $429 $84.25 8.54% 597bp 15-Nov-31 nc nc $1,161 3.1x 3.9x 62%Universal Health ServicesL + 225 TLA NR 11/15/2015 Ba2/BB+ $1017 $100.25 2.64% 217bp na na na $1,165 5.8x 1.0x 15%L + 275 TLB NR 11/15/2016 Ba2/BB+ $1455 $100.38 3.66% 266bp na na na $1,165 5.8x 1.0x 15%7.125% Sr Sec Nts NR 30-Jun-16 Ba2/BB+ $400 $112.75 3.81% 310bp 30-Jun-16 nc nc $1,165 5.8x 3.1x 48%7.000% Sr Nts NR 1-Oct-18 B1/B+ $250 $106.75 5.28% 451bp 1-Oct-16 1-Oct-14 $103.50 $1,165 5.8x 3.1x 48%Vanguard Health Systems8.000% Sr Nts Hold 1-Feb-18 B3/B- $1175 $100.50 7.84% 720bp 1-Feb-16 1-Feb-14 $104.00 $544 2.9x 5.0x 83%7.750% Sr Nts NR 1-Feb-19 B3/B- $725 $98.50 8.04% 675bp 1-Feb-19 1-Feb-14 $105.81 $544 2.9x 5.0x 83%

DISTRIBUTORS Omnicare7.750% Sr Sub Nts Hold 1-Jun-20 Ba3/BB $550 $109.50 5.55% 504bp 1-Jun-15 1-Jun-15 $103.88 $614 4.5x 1.6x 18%VWR International10.250% Sr Toggle Nts NR 15-Jul-15 Caa1/B- $713 $103.00 7.66% 745bp 15-Jul-13 15-Jul-12 $102.56 $395 2.0x 5.7x 63%Note: EBITDA is Adjusted EBITDA. Interest Expense is based on LTM values.Source: J.P. Morgan and company reports.

Healthcare – David Common, CFA (1-212) 270-5260Ratings EBITDA/ Debt/Moody’s Recent Quotes YTW Next Call Data EBITDA Interest EBITDA Debt/




38

ALTERNATE SITE PROVIDERSAlliance Imaging8.000% Sr Nts NR 1-Dec-16 B3/B- $190 $74.25 16.10% 1530bp 1-Dec-16 1-Dec-12 $104.00 $133 2.9x 4.8x 89%American Renal Holdings8.375% Sr Sec Nts (1st Lien) NR 15-May-18 B2/B $250 $106.00 6.20% 570bp 15-May-15 15-May-13 $104.19 $69 3.3x 3.8x 51%9.750% Sr PIK Nts NR 1-Mar-16 Caa2/CCC+ $149 $105.25 8.32% 786bp 1-Mar-15 1-Mar-13 $105.00 $69 3.3x 5.4x 72%CRC Health10.750% Sr Sub Nts NR 1-Feb-16 Caa1/CCC $177 $91.25 13.77% 1314bp 1-Feb-16 nc $103.58 $105 2.3x 5.7x 76%DavitaL + 275 TLA NR 10/20/2015 Ba2/BB $938 $100.50 3.04% 257bp na na na $1,359 5.8x 2.0x 26%L + 300 TLB NR 10/20/2016 Ba2/BB $1728 $100.75 4.31% 281bp na na na $1,359 5.8x 2.0x 26%6.375% Sr Nts NR 1-Nov-18 B2/B $775 $103.50 5.49% 471bp 1-Nov-16 1-Nov-13 $104.78 $1,359 5.8x 3.2x 40%6.625% Sr Nts NR 1-Nov-20 B2/B $775 $103.75 5.82% 483bp 1-Nov-17 1-Nov-14 $104.97 $1,359 5.8x 3.2x 40%Fresenius Medical Care6.875% Sr Nts NR 15-Jul-17 Ba2/BB+ $500 $109.00 4.91% 398bp 15-Jul-17 nc na $2,575 13.3x 3.4x 31%6.500% Sr Nts NR 15-Sep-18 Ba2/BB+ $400 $107.25 5.16% 396bp 15-Sep-18 nc na $2,575 13.3x 3.4x 31%5.625% Sr Nts NR 31-Jul-19 Ba2/BB+ $800 $101.00 5.46% 406bp 31-Jul-19 nc na $2,575 13.3x 3.4x 31%5.750% Sr Nts NR 15-Feb-21 Ba2/BB+ $650 $101.25 5.57% 381bp 15-Feb-21 nc na $2,575 13.3x 3.4x 31%5.875% Sr Nts NR 31-Jan-22 Ba2/BB+ $700 $101.00 5.74% 376bp 31-Jan-22 nc na $2,575 13.3x 3.4x 31%Fresenius SE5.000% Sr Nts Hold 31-Jan-13 Ba1/BB+ $500 $102.00 2.42% 222bp 31-Jan-13 nc na $4,507 5.5x 2.9x 39%8.750% Sr Nts Hold 15-Jul-15 Ba1/BB+ $275 $116.00 3.49% 319bp 15-Jul-15 nc na $4,507 5.5x 2.9x 39%9.000% Sr Nts Hold 15-Jul-15 Ba1/BB+ $500 $114.88 4.06% 353bp 15-Jul-15 nc na $4,507 5.5x 2.9x 39%Gentiva Health Services11.500% Sr Nts NR 1-Sep-18 Caa2/CCC $325 $93.13 13.12% 1193bp 1-Sep-18 1-Sep-14 $105.75 $271 3.0x 3.7x 92%Hanger Orthopedic Group7.125% Sr Nts NR 15-Nov-18 NR/B $200 $103.50 6.23% 544bp 15-Nov-16 15-Nov-14 $103.56 $149 4.7x 3.4x 43%National MentorL + 525 TLB NR 2/9/2017 B1/B+ $525 $98.25 7.44% 569bp na na na $117 1.6x 4.6x 77%12.500% Sr Nts NR 15-Feb-18 Caa2/CCC+ $250 $99.25 12.68% 1161bp 15-Feb-18 15-Feb-14 $106.25 $117 1.6x 6.7x nmOnCure Medical Group11.750% Sr Sec Nts (1st Lien) NR 15-May-17 Caa1/B $210 $67.00 23.10% 2221bp 15-May-17 15-May-14 $105.88 $35 1.3x 6.0x 85%Radiation Therapy9.875% Sr Sub Nts NR 15-Apr-17 B3/CCC+ $360 $79.75 15.90% 1503bp 15-Apr-17 15-Apr-14 $104.94 $123 2.0x 4.9x 70%RadNet10.375% Sr Nts NR 1-Apr-18 Caa1/CCC+ $200 $98.00 10.84% 975bp 1-Apr-18 1-Apr-14 $100.00 $106 2.0x 5.3x 83%Res-Care10.750% Sr Nts NR 15-Jan-19 NR/B- $200 $110.50 8.04% 722bp 15-Jan-17 15-Jan-15 $105.38 $129 3.7x 2.9x naSkilled Healthcare Group11.000% Sr Sub Nts NR 15-Jan-14 Caa1/CCC+ $130 $99.25 11.46% 1120bp 15-Jan-14 15-Jan-13 $100.00 $128 3.3x 3.7x 65%Surgical Care AffiliatesL + 400 TLB NR 6/30/2018 Ba3/B $100 $98.25 5.83% 433bp na na na $131 2.2x 3.4x 45%9.625% Sr Toggle Nts NR 15-Jul-15 B3/CCC+ $165 $101.00 10.07% 954bp 15-Jul-15 15-Jul-12 $102.22 $131 2.2x 6.0x 80%10.000% Sr Sub Nts NR 15-Jul-17 Caa1/CCC+ $150 $100.00 9.99% 946bp 15-Jul-15 15-Jul-12 $105.00 $131 2.2x 6.0x 80%






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Healthcare – David Common, CFA (1-212) 270-5260

Symbion8.000% Sr Sec Nts (1st Lien) NR 15-Jun-16 B2/B $341 $98.75 8.36% 765bp 15-Jun-16 15-Jun-14 $104.00 $76 1.5x 4.6x 62%11.000% Sr Toggle Nts NR 23-Aug-15 Caa2/CCC+ $95 $95.25 12.77% 1222bp 23-Aug-15 23-Aug-12 $102.75 $76 1.5x 7.3x 97%United Surgical Partners9.000% Sr Nts NR 1-Apr-20 Caa1/CCC+ $440 $103.00 8.35% 726bp 1-Apr-18 1-Apr-15 $106.75 $210 2.5x 6.3x 84%

PRODUCT & DEVICE COMPANIESAccellent Inc.8.375% 1st Lien Nts NR 1-Feb-17 B1/B+ $400 $99.50 8.50% 767bp 1-Feb-17 1-Feb-13 $106.28 $107 1.5x 3.7x 47%10.000% Sr Sub Nts NR 1-Nov-17 Caa2/CCC+ $315 $76.75 16.57% 1557bp 1-Nov-17 1-Nov-13 $107.50 $107 1.5x 6.7x 84%Alere7.875% Sr Nts NR 1-Feb-16 B2/B $250 $104.13 6.24% 579bp 1-Feb-15 1-Feb-13 $103.94 $528 2.7x 5.3x 50%9.000% Sr Sub Nts NR 15-May-16 B3/B- $400 $103.00 7.88% 738bp 15-May-15 15-May-13 $104.50 $528 2.7x 6.3x 60%8.625% Sr Sub Nts NR 1-Oct-18 B3/B- $400 $102.50 7.95% 718bp 1-Oct-16 1-Oct-14 $104.31 $528 2.7x 6.3x 60%Apria Healthcare Group11.250% Sr Sec Nts NR 1-Nov-14 Ba3/BB+ $700 $103.25 8.94% 870bp 1-Nov-13 1-Nov-12 $102.81 $274 2.1x 2.6x 46%12.375% Sr Sec Nts NR 1-Nov-14 B3/BB- $318 $98.38 13.14% 1274bp 1-Nov-14 1-Nov-12 $103.09 $274 2.1x 3.8x 68%Bausch & LombL + 325 TLB NR 4/24/2015 B1/BB- $1143 $99.50 3.90% 343bp na na na $566 3.3x 3.6x 40%9.875% Sr Nts NR 1-Nov-15 Caa1/B $650 $104.88 5.18% 503bp 1-Nov-12 1-Nov-12 $102.47 $566 3.3x 4.8x 53%Biomet Inc.L + 300 TLB NR 3/25/2015 B1/BB- $2235 $99.50 3.65% 318bp na na na $1,014 2.1x 3.3x 44%10.000% Sr Nts Hold 15-Oct-17 B3/B- $771 $107.75 4.15% 401bp 15-Oct-12 15-Oct-12 $105.00 $1,014 2.1x 4.8x 64%10.375% Sr Toggle Nts Hold 15-Oct-17 B3/B- $761 $108.25 3.80% 366bp 12-Oct-12 12-Oct-12 $105.19 $1,014 2.1x 4.8x 64%11.625% Sr Sub Nts Buy 15-Oct-17 Caa1/B- $1015 $108.50 5.73% 559bp 15-Oct-12 15-Oct-12 $105.81 $1,014 2.1x 5.8x 78%Bio-Rad Laboratories8.000% Sr Sub Nts NR 15-Sep-16 Ba2/BBB- $300 $110.63 3.05% 283bp 15-Sep-13 15-Sep-13 $104.00 $416 7.8x 1.8x 28%4.875% Sr Nts NR 15-Dec-20 Ba1/BBB $425 $105.02 4.18% 246bp 15-Dec-20 nc na $416 7.8x 1.8x 28%Boston Scientific6.400% Sr Nts NR 15-Jun-16 Baa3/BBB- $600 $115.64 2.43% 172bp 15-Jun-16 nc na $1,705 6.0x 2.5x 36%ConvatecL + 425 TLB NR 12/22/2016 Ba3/B+ $496 $100.75 5.57% 407bp na na na $423 2.3x 3.9x 48%10.500% Sr Nts Buy 15-Dec-18 Caa1/B $745 $102.00 9.95% 914bp 15-Dec-16 15-Dec-14 $105.25 $423 2.3x 6.4x 80%DJO/Reable8.750% Sr Sec Nts (2nd Lien) NR 15-Mar-18 B2/B+ $230 $99.50 8.86% 778bp 15-Mar-18 15-Mar-15 $104.38 $278 1.6x 4.1x 51%10.875% Sr Nts NR 15-Nov-14 B3/B- $675 $100.50 10.51% 1027bp 15-Nov-13 15-Nov-12 $102.72 $278 1.6x 6.9x 86%7.750% Sr Nts NR 15-Apr-18 B3/B- $300 $81.00 12.32% 1122bp 15-Apr-18 15-Apr-14 $105.81 $278 1.6x 6.9x 86%9.750% Sr Sub Nts NR 15-Oct-17 Caa1/CCC+ $300 $73.50 17.44% 1645bp 15-Oct-17 15-Oct-13 $107.31 $278 1.6x 8.0x 100%Kinetic Concepts10.500% Sr Sec Nts (2nd Lien) Buy 1-Nov-18 B3/B $1750 $102.50 9.90% 890bp 1-Nov-17 1-Nov-15 $105.25 $734 1.7x 5.5x 76%12.500% Sr Nts Buy 1-Nov-19 Caa1/CCC+ $1500 $92.00 14.26% 1281bp 1-Nov-19 1-Nov-15 $106.25 $734 1.7x 6.5x 90%Lantheus Medical Imaging9.750% Sr Nts NR 15-May-17 Caa1/B+ $400 $88.00 13.05% 1216bp 15-May-17 15-May-14 $104.88 $80 2.1x 5.0x 83%Note: EBITDA is Adjusted EBITDA. Interest Expense is based on LTM values.Source: J.P. Morgan and company reports.




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Rotech Healthcare10.750% Sr Sec Nts (1st Lien) NR 15-Oct-15 B1/BB- $230 $99.50 10.93% 1034bp 15-Oct-15 15-Apr-13 $105.38 $110 1.8x 2.6x 52%10.500% Sr Sec Nts (2nd Lien) NR 15-Mar-18 Caa1/B $290 $65.00 21.13% 2005bp 15-Mar-18 15-Mar-15 $105.25 $110 1.8x 4.7x 94%Teleflex6.875% Sr Sub Nts NR 1-Jun-19 B1/BB- $250 $107.75 5.13% 423bp 1-Jun-17 1-Jun-15 $103.44 $368 5.2x 2.6x 28%Universal Hospital Services8.500% Sr Sec Toggle Nts NR 1-Jun-15 B3/B+ $405 $102.25 6.38% 619bp 1-Jun-13 1-Jun-12 $102.13 $124 2.6x 5.2x 75%4.121% Sr Sec Nts NR 1-Jun-15 B3/B+ $230 na na nm nm 10-May-12 $102.00 $124 2.6x 5.2x 75%

PHARMA & LIFE SCIENCESAptalis/AxcanL + 400 TLB NR 2/11/2017 B1/B+ $741 $99.50 5.62% 412bp na na na $218 2.8x 4.5x 58%12.750% Sr Nts NR 1-Mar-16 Caa1/B $235 $106.75 8.16% 799bp 1-Mar-13 1-Mar-13 $103.19 $218 2.8x 4.5x 58%BioScrip10.250% Sr Nts NR 1-Oct-15 Caa1/B- $225 $109.00 5.35% 506bp 1-Apr-14 1-Apr-13 $105.13 $67 2.4x 4.1x 44%Catalent Pharmaceuticals (PTS Acq.)L + 225 TLB NR 4/10/2014 Ba3/BB- $1010 $96.25 4.09% 384bp na na na $369 2.2x 3.8x 47%9.500% Sr Toggle Nts NR 15-Apr-15 Caa1/B $624 $102.50 6.86% 668bp 15-Apr-13 15-Apr-13 $102.38 $369 2.2x 5.5x 68%Elan Pharmaceuticals8.750% Sr Nts Buy 15-Oct-16 B1/BB- $200 $109.63 4.86% 462bp 15-Oct-13 15-Oct-12 $108.75 $231 2.0x nm 16%8.750% Sr Nts Buy 15-Oct-16 B1/BB- $625 $109.63 4.86% 462bp 15-Oct-13 15-Oct-12 $108.75 $231 2.0x nm 16%Endo Pharmaceuticals7.000% Sr Nts NR 15-Jul-19 Ba3/BB- $500 $105.25 5.82% 489bp 15-Jul-17 15-Jul-15 $103.50 $974 4.5x 3.8x 46%7.000% Sr Nts NR 15-Dec-20 Ba3/BB- $400 $105.00 6.07% 482bp 15-Dec-18 15-Dec-15 $103.50 $974 4.5x 3.8x 46%7.250% Sr Nts NR 15-Jan-22 Ba3/BB- $400 $105.50 6.29% 490bp 15-Jul-19 15-Jul-16 $103.63 $974 4.5x 3.8x 46%GrifolsL + 350 TLB NR 6/4/2017 Ba3/BB $1600 $100.50 4.39% 339bp na na na $849 3.2x 3.8x 29%8.250% Sr Nts NR 1-Feb-18 B3/B $1100 $107.00 6.52% 569bp 1-Feb-17 1-Feb-14 $106.19 $849 3.2x 5.1x 39%Immucor11.125% Sr Nts NR 15-Aug-19 Caa1/B- $400 $111.00 8.51% 756bp 15-Aug-17 15-Aug-15 $105.56 $151 1.6x 6.7x 75%INC Research11.500% Sr Nts NR 15-Jul-19 Caa1/B- $300 $98.25 11.86% 1047bp 15-Jul-19 15-Jul-15 $105.75 $111 2.2x 5.8x 84%MylanL + 200 TLA NR 11/14/2016 Baa3/BBB $1227 $100.00 2.47% 200bp na na na $1,677 5.0x 0.7x 9%7.625% Sr Nts NR 15-Jul-17 Ba3/BB $550 $108.75 5.20% 467bp 15-Jul-15 15-Jul-15 $101.91 $1,677 5.0x 2.8x 34%6.000% Sr Nts NR 15-Nov-18 Ba3/BB $800 $103.00 5.25% 446bp 15-Nov-16 15-Nov-14 $103.00 $1,677 5.0x 2.8x 34%7.875% Sr Nts NR 15-Jul-20 Ba3/BB $1000 $110.00 5.58% 505bp 15-Jul-15 15-Jul-15 $103.94 $1,677 5.0x 2.8x 34%Patheon8.625% First Lien Nts Hold 15-Apr-17 B3/B+ $280 $84.50 12.93% 1206bp 15-Apr-17 15-Apr-13 $106.47 $47 1.8x 6.0x 53%PPD9.500% Sr Nts NR 1-Dec-19 B3/B $575 $108.00 7.72% 670bp 1-Dec-17 1-Dec-14 $107.13 $350 2.4x 5.8x 64%

Relative value analysisHealthcare – David Common, CFA (1-212) 270-5260






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Valeant Pharmaceuticals6.500% Sr Nts NR 15-Jul-16 B1/BB- $950 $101.50 5.98% 545bp 15-Jul-15 15-Jul-13 $103.25 $1,747 5.2x 4.2x 31%6.750% Sr Nts NR 1-Oct-17 B1/BB- $500 $100.25 6.68% 592bp 1-Oct-16 1-Oct-14 $103.38 $1,747 5.2x 4.2x 31%6.875% Sr Nts NR 1-Dec-18 B1/BB- $1000 $99.75 6.92% 568bp 1-Dec-18 1-Dec-14 $103.44 $1,747 5.2x 4.2x 31%7.000% Sr Nts NR 1-Oct-20 B1/BB- $700 $98.63 7.22% 555bp 1-Oct-20 1-Oct-15 $103.50 $1,747 5.2x 4.2x 31%6.750% Sr Nts NR 15-Aug-21 B1/BB- $650 $96.50 7.27% 540bp 15-Aug-21 15-Feb-16 $103.38 $1,747 5.2x 4.2x 31%7.250% Sr Nts NR 15-Jul-22 B1/BB- $550 $98.00 7.53% 550bp 15-Jul-22 15-Jul-16 $103.63 $1,747 5.2x 4.2x 31%Warner ChilcottL + 325 TLB1 NR 3/15/2018 Ba3/BBB- $720 $100.25 4.14% 314bp na na na $1,380 2.2x 2.2x 38%L + 325 TLB2 NR 3/15/2018 Ba3/BBB- $396 $100.25 4.14% 314bp na na na $1,380 2.2x 2.2x 38%L + 325 TLB3 NR 3/15/2018 Ba3/BBB- $545 $100.25 4.14% 314bp na na na $1,380 2.2x 2.2x 38%7.750% Sr Nts NR 15-Sep-18 B3/BB $1250 $102.00 7.21% 645bp 15-Sep-16 15-Sep-14 $103.88 $1,380 2.2x 2.8x 49%

MISCELLANEOUSCarriage Services7.875% Sr Nts NR 15-Jan-15 B1/B- $130 $101.00 6.46% 630bp 15-Jan-13 15-Jan-13 $100.00 $44 2.4x 3.1x 50%Centene 5.750% Sr Nts NR 1-Jun-17 Ba2/BB $250 $101.00 5.52% 462bp 1-Jun-17 nc na $249 12.2x 1.4x 19%Corrections Corp of America6.250% Sr Nts NR 15-Mar-13 Ba1/BB $40 $100.00 6.24% 607bp 15-Mar-13 nc $100.00 $418 5.7x 2.8x 35%6.750% Sr Nts NR 31-Jan-14 Ba1/BB $150 $100.13 6.67% 640bp 31-Jan-14 nc $100.00 $418 5.7x 2.8x 35%7.750% Sr Nts NR 1-Jun-17 Ba1/BB $465 $108.44 3.44% 325bp 1-Jun-13 1-Jun-13 $103.88 $418 5.7x 2.8x 35%Inventiv10.000% Sr Nts NR 15-Aug-18 Caa2/CCC+ $275 $88.25 12.75% 1157bp 15-Aug-18 15-Aug-14 $105.00 $326 1.8x 6.0x 80%10.000% Sr Nts NR 15-Aug-18 Caa2/CCC+ $390 $88.75 12.63% 1145bp 15-Aug-18 15-Aug-14 $105.00 $326 1.8x 6.0x 80%Merge Healthcare11.750% Sr Sec Nts NR 1-May-15 B2/B+ $257 $107.00 7.96% 766bp 1-May-14 1-May-13 $105.88 $57 1.9x 4.4x 39%Multiplan9.875% Sr Nts NR 1-Sep-18 Caa1/CCC+ $675 $107.50 7.81% 706bp 1-Sep-16 1-Sep-14 $104.94 na na 5.9x 74%Service Corporation International7.375% Sr Nts NR 1-Oct-14 Ba3/BB- $181 $109.00 3.52% 314bp 1-Oct-14 nc nc $558 4.2x 3.4x 44%6.750% Sr Nts NR 1-Apr-15 Ba3/BB- $135 $109.00 3.52% 304bp 1-Apr-15 nc nc $558 4.2x 3.4x 44%6.750% Sr Nts NR 1-Apr-16 Ba3/BB- $196 $108.25 4.45% 378bp 1-Apr-16 nc nc $558 4.2x 3.4x 44%7.000% Sr Nts NR 15-Jun-17 Ba3/BB- $295 $110.75 4.63% 372bp 15-Jun-17 nc nc $558 4.2x 3.4x 44%7.625% Sr Nts NR 1-Oct-18 Ba3/BB- $250 $114.25 5.01% 381bp 1-Oct-18 nc nc $558 4.2x 3.4x 44%7.000% Sr Nts NR 15-May-19 Ba3/BB- $250 $107.50 5.13% 453bp 15-Nov-15 15-Nov-14 $103.50 $558 4.2x 3.4x 44%8.000% Sr Nts NR 15-Nov-21 Ba3/BB- $150 $114.50 5.99% 406bp 15-Nov-21 nc nc $558 4.2x 3.4x 44%7.500% Sr Nts NR 1-Apr-27 Ba3/BB- $200 $100.25 7.47% 516bp 1-Apr-27 nc nc $558 4.2x 3.4x 44%Sterigenics8.000% Sr Sec Nts (2nd Lien) NR 15-Mar-18 B2/B $475 $107.00 6.32% 546bp 15-Mar-17 15-Mar-14 $106.00 $102 2.9x 4.7x 71%Stewart Enterprises6.500% Sr Nts NR 15-Apr-19 B1/BB- $200 $103.75 5.63% 476bp 15-Apr-17 15-Apr-14 $104.88 $97 4.3x 3.2x 30%Note: EBITDA is Adjusted EBITDA. Interest Expense is based on LTM values.Source: J.P. Morgan and company reports.



Altra Holdings (ALTHDS)8.125% Sr Sec Nts NR 1-Dec-16 Ba3/BB- $198.0 107.50 5.46% 531bp 1-Dec-12 1-Dec-12 106.09 $99 2.9x 2.0x 2.0x 4.1x 41% 7.1x $507.1 Briggs & Stratton (BGG)6.875% Sr Nts NR 15-Dec-20 Ba3/BB $225.0 104.00 6.27% 455bp 15-Dec-20 nc nc $158 1.4x 1.2x 0.0x 6.0x 22% 6.7x $870.0 Cleaver-Brooks (CLEAVB)12.250% Sr Sec Nts (1st Lien) NR 1-May-16 B2/B $185.0 104.00 10.03% 973bp 1-May-14 1-May-13 106.13 na na na na na na na naCNH Global (CNH) 1

7.750% Sr Nts Hold 1-Sep-13 Ba2/BB+ $1,000.0 106.25 3.07% 285bp 1-Sep-13 nc nc $1,692 2.7x 1.9x 0.6x 4.4x 33% 8.0x $10,360.5 7.250% Sr Nts Hold 15-Jan-16 Ba2/BB+ $254.0 109.50 4.47% 384bp 15-Jan-16 nc nc $1,692 2.7x 1.9x 0.6x 4.4x 33% 8.0x $10,360.5 6.250% Sr Nts NR 1-Nov-16 Ba2/BB $500.0 105.50 4.88% 410bp 1-Nov-16 nc nc $1,692 2.7x 1.9x 0.6x 4.4x 33% 8.0x $10,360.5 7.875% Sr Nts Hold 1-Dec-17 Ba2/BB+ $1,500.0 115.25 4.75% 374bp 1-Dec-17 nc nc $1,692 2.7x 1.9x 0.6x 4.4x 33% 8.0x $10,360.5 Columbus McKinnon (CMCO)7.875% Sr Sub Nts NR 1-Feb-19 B1/B+ $150.0 104.00 6.88% 605bp 1-Feb-17 1-Feb-15 103.94 $52 2.9x 1.4x 0.2x 3.7x 41% 7.2x $304.5 Dynacast International (DYNCST)9.250% Sr Sec Nts (2nd Lien) NR 15-Jul-19 B2/B $350.0 103.88 8.32% 739bp 15-Jul-17 15-Jul-15 104.63 na na na na na na na naGeneral Cable (BGC)7.125% Sr Nts Hold 1-Apr-17 Ba3/B+ $200.0 102.75 6.09% 562bp 1-Apr-15 1-Apr-13 102.38 $395 2.7x 1.6x 0.6x 4.3x 51% 5.2x $1,418.5 Gibraltar (ROCK)8.000% Sr Sub Nts Hold 1-Dec-15 B2/BB- $204.0 102.63 5.77% 562bp 1-Dec-12 1-Dec-12 101.33 $67 3.1x 2.3x 0.0x 3.6x 35% 8.7x $430.6 HD Supply (HD Supply) 2

8.125% Sr Sec Nts (1st Lien) NR 15-Apr-19 B2/B+ $950.0 100.50 8.02% 692bp 15-Apr-18 15-Apr-15 106.09 $508 4.2x 4.0x 5.5x 1.1x na na na11.000% Sr Sec Nts (2nd Lien) NR 15-Apr-20 Caa1/CCC+ $675.0 102.75 10.37% 923bp 15-Apr-18 15-Apr-16 105.50 $508 5.5x 5.3x 5.5x 1.1x na na naInterline Brands (IBI)7.000% Sr Sub Nts NR 15-Nov-18 B2/BB $300.0 105.25 5.68% 489bp 15-Nov-16 15-Nov-13 105.25 $110 2.7x 2.0x 0.0x 4.6x 34% 8.0x $667.4 Manitowoc (MTW)L + 300 Term Loan A NR 13-May-16 Ba2/BB $350.0 98.77 3.88% 300bp na na na $349 5.4x 5.2x 1.9x 2.4x 52% 10.5x $1,843.8 L + 300 Term Loan B NR 13-Nov-17 Ba2/BB $400.0 99.38 3.60% 233bp na na na $349 5.4x 5.2x 1.9x 2.4x 52% 10.5x $1,843.8 7.125% Sr Nts Hold 1-Nov-13 B3/B+ $150.0 100.25 6.95% 671bp 1-Nov-13 $349 5.4x 5.2x 1.9x 2.4x 52% 10.5x $1,843.8 9.500% Sr Nts Buy 15-Feb-18 B3/B+ $400.0 111.25 5.45% 518bp 15-Feb-14 15-Feb-14 104.75 $349 5.4x 5.2x 1.9x 2.4x 52% 10.5x $1,843.8 8.500% Sr Nts Buy 1-Nov-20 B3/B+ $600.0 109.25 6.61% 602bp 1-Nov-15 1-Nov-15 104.25 $349 5.4x 5.2x 1.9x 2.4x 52% 10.5x $1,843.8 Mueller Water (MWA)7.375% Sr Sub Nts Buy 1-Jun-17 Caa2/CCC+ $420.0 98.50 7.73% 683bp 1-Jun-17 1-Jun-12 103.69 $99 6.8x 6.4x 0.4x 1.5x 57% 12.1x $555.6 8.750% Sr Nts Hold 1-Sep-20 B2/B+ $225.0 111.25 6.19% 563bp 1-Sep-15 1-Sep-15 104.38 $99 6.8x 6.4x 0.4x 1.5x 57% 12.1x $555.6

Industrials – Yilma Abebe (1-212) 270-3265

1. Leverage stats exclude finance arm subsidiary, although Enterprise Value calculations are on a consolidated basis.2. Leverage stats are only through the notes, total leverage on a consolidated basis is 10.6x.Note: Loan yields are to maturity; spreads are over libor.Source: J.P. Morgan and company reports.

Ratings Amount EquityMoody’s Outst. Recent Quotes Next Call Data LTM Debt/ Net Debt/ Sr. Sec./ EBITDA/ Total Debt/ TEV/ Mkt


42



43

Oshkosh (OSK)L + 300 Term Loan A NR 1-Oct-15 Ba2/BBB- $650.0 98.50 3.73% 294bp na na na $555 1.8x 1.0x 0.9x 6.9x 39% 4.9x $2,020.3 8.250% Sr Nts NR 1-Mar-17 B1/BB $250.0 108.00 5.79% 552bp 1-Mar-14 1-Mar-14 104.13 $555 1.8x 1.0x 0.9x 6.9x 39% 4.9x $2,020.3 8.500% Sr Nts NR 1-Mar-20 B1/BB $250.0 107.75 6.84% 618bp 1-Mar-16 1-Mar-15 104.25 $555 1.8x 1.0x 0.9x 6.9x 39% 4.9x $2,020.3 Park Ohio Industries (PKOH)8.125% Sr Nts NR 1-Apr-21 B3/CCC+ $250.0 102.88 7.58% 626bp 1-Apr-19 1-Apr-16 104.06 $72 4.9x 4.1x 1.4x 3.0x 65% 7.6x $254.3 Polypore (PPO)L + 200 Term Loan NR 3-Jul-14 Ba2/BB $322.9 99.16 2.87% 224bp na na na7.500% Sr Nts NR 15-Nov-17 B3/B $365.0 104.75 6.29% 550bp 15-Nov-16 15-Nov-13 105.63 $242 2.9x 2.5x 1.4x 6.5x 31% 9.6x $1,720.5 Rexnord (RXN) 1

8.500% Sr Nts Buy 1-May-18 Caa1/B $1,145.0 107.00 6.50% 582bp 1-May-16 1-May-14 104.25 $383 6.3x 5.7x 2.4x 2.2x na na na11.750% Sr Sub Nts Hold 1-Aug-16 Caa2/B- $300.0 105.88 4.65% 456bp 1-Aug-12 1-Aug-12 103.92 $383 6.3x 5.7x 2.4x 2.2x na na naSPX Corp. (SPW) 2

7.625% Sr Nts NR 15-Dec-14 Ba2/BB+ $500.0 111.00 3.28% 286bp 15-Dec-14 nc nc $621 3.2x 2.4x 0.0x 6.0x 37% 7.7x $3,957.2 6.875% Guar Nts NR 1-Sep-17 Ba2/BB+ $600.0 108.50 5.05% 409bp 1-Sep-17 nc nc $621 3.2x 2.4x 0.0x 6.0x 37% 7.7x $3,957.2 Terex Corp. (TEX)L + 400 Term Loan NR 28-Apr-17 Ba2/BB $460.1 100.48 5.39% 427bp na na na $200 nm nm nm nm 56% nm $2,596.1 8.000% Sr Sub Nts Hold 15-Nov-17 Caa1/B $800.0 101.50 7.51% 691bp 15-Nov-15 15-Nov-12 104.00 $200 nm nm nm nm 56% nm $2,596.1 10.875% Sr Nts Hold 1-Jun-16 B2/BB- $300.0 112.75 3.94% 375bp 1-Jun-13 1-Jun-13 105.44 $200 nm nm nm nm 56% nm $2,596.1 6.500% Sr Nts NR 1-Apr-20 B2/BB- $300.0 100.50 6.40% 530bp 1-Apr-18 1-Apr-16 103.25 $200 nm nm nm nm 56% nm $2,596.1 Tomkins (PINFOR)L + 300 Term Loan A NR 29-Sep-15 Ba2/NR $296.0 99.33 4.46% 365bp na na na $704 4.5x 3.8x 2.8x 2.2x na na naL + 300 Term Loan B NR 29-Sep-16 Ba2/BB $1,677.3 99.95 4.26% 325bp na na na $704 4.5x 3.8x 2.8x 2.2x na na na9.000% Sr Sec Nts (2nd Lien) NR 1-Oct-18 B1/B+ $1,035.1 110.50 6.06% 568bp 1-Oct-14 1-Oct-14 104.50 $704 4.5x 3.8x 2.8x 2.2x na na naTriMas (TRS)L + 300 Term Loan B NR 21-Jun-17 Ba2/BB $225.0 99.58 4.34% 318bp na na na $165 2.9x 2.8x 2.9x 3.5x 37% 7.9x $832.6 9.750% Sr Sec Nts (2nd Lien) NR 15-Dec-17 B2/B- $250.0 110.50 5.86% 560bp 15-Dec-13 15-Dec-13 104.88 $165 2.9x 2.8x 2.9x 3.5x 37% 7.9x $832.6 Wire Co. (WIREWG)L + 300 Term Loan B NR 10-Feb-14 Ba1/BB $125.0 98.00 6.17% 554bp na na na na na na na na na na na9.500% Sr Nts NR 15-May-17 B2/B $425.0 103.25 8.28% 778bp 15-May-15 15-May-13 104.75 na na na na na na na naWabtec (WAB)6.875% Sr Nts Hold 31-Jul-13 Ba1/BB+ $150.0 105.00 2.89% 268bp 31-Jul-13 nc nc $246 1.7x 0.8x 1.1x 23.8x 11% 15.6x $3,650.0

Industrials – Yilma Abebe (1-212) 270-3265

1. Pro forma for VAG acquisition.2. Pro forma for acquisitions and divestitures.Note: Loan yields are to maturity; spreads are over libor.Source: J.P. Morgan and company reports.

Ratings Amount EquityMoody’s Outst. Recent Quotes Next Call Data LTM Debt/ Net Debt/ Sr. Sec./ EBITDA/ Total Debt/ TEV/ Mkt




44

Carnival Cruises6.650% Sr Nts NR 15-Jan-28 A3/BBB+ 200.0 105 3/8 6.11% 376bp nc na 8.9x 2.5x nm 10.4xCedar Fair9.125% Sr Nts Buy 1-Aug-18 B2/B 405.0 111 3/4 5.49% 514bp 1-Aug-14 104.56 9.5x 4.1x 5.9x 7.9xL+300 TLB NR 15-Dec-16 Ba3/BB 1150.0 100 4.00% 300bp na na 2.9x 4.7xExpedia Inc.7.456% Sr Nts NR 15-Aug-18 Ba1/BBB- 500.0 113 1/3 4.98% 380bp 15-Aug-13 100.00 10.2x 0.4x 0.4x 5.3x5.950% Sr Nts NR 15-Aug-20 Ba1/BBB- 750.0 103 5.51% 387bp5-YR CDS NR 230bpLive Nation Entertainment8.125% (Live Nation Ent) Sr Nts NR 15-May-18 B3/B 250.0 105 6.70% 601bp 15-May-14 104.06 3.4x 3.5x 4.9x 6.4x10.75% (Ticketmaster) Sr Nts NR 1-Aug-16 B3/B 287.0 107 1/4 3.95% 385bp 1-Aug-12 105.38L+300 TLB NR 30-Apr-16 Ba3/B+ 325.0 99 3/4 4.56% 306bp nc na 2.2x nmManchester United8.375% Sr Nts NR 1-Feb-17 NR/NR 425.0 107 6.27% 563bp 1-Feb-13 108.38 4.0x 3.2x nm PrivateNetFlix8.500% Sr Nts NR 15-Nov-17 Ba2/BB- 200.0 109 5.11% 487bp 15-Nov-13 104.25 20.5x -0.3x nm nmRoyal Caribbean Cruises6.875% Sr Nts NR 1-Dec-13 Ba1/BB 350.0 105 3.67% 342bp nc na 4.7x 5.3x nm 9.1x7.250% Debs NR 15-Jun-16 Ba1/BB 350.0 107 1/2 5.22% 451bp nc na7.500% Nts NR 15-Oct-27 Ba1/BB 300.0 100 3/4 7.42% 508bp nc na5-YR CDS NR 475bpSix Flags, Inc.L+325 1st Lien TL NR 20-Dec-18 B1/BB+ 770.0 99 5/8 4.32% 332bp 2.9x 2.0x 6.0x 9.8x1. CDS spread references 5-year CDS.2. Forward EBITDA is 2012E EBITDASource: J.P. Morgan and company reports.

Leisure/Entertainment – Michael Pace (1-212) 270-6530 Ratings EBITDA/ Net Debt/ Net Debt/ TEV/

Moody’s / Amount Recent Quotes Bank/CDS Next Call Data Total Int. EBITDA UFCF FwdIssuer Description Recommendation Maturity S&P Outst. Bid YTW STW Spread 1 Date Price LTM LTM LTM EBITDA2



45

Cinemark USA8.625% Sr Nts Sell 15-Jun-19 B2/B 470.0 110 1/2 5.32% 500bp 15-Jun-14 104.31 4.8x 1.9x 4.0x 7.1x7.375% Sr Sub Nts Sell 15-Jun-21 B3/B 200.0 107 6.15% 478bp 15-Jun-16 103.69 2.3x 4.3xL+325 TLB Hold 30-Apr-16 Ba2/BB 1,043.5 99 3/4 3.79% 332bp 1.0x 3.4xRegal Cinemas8.625% (Regal Cinemas) Sr Nts Sell 15-Jul-19 B2/B- 400.0 109 6.09% 575bp 15-Jul-14 104.31 3.5x 2.6x 4.9x 7.4x9.125% (Regal Ent- Holdco) Sr Nts Sell 15-Aug-18 B3/B- 525.0 109 3/4 6.39% 604bp 15-Aug-14 104.56 3.7x 5.5xL+325 TLB Hold 23-Aug-17 NR/BB- 1,086.9 99 2/5 3.82% 336bp 1.8x 4.5xNational Amusements8.250% Sr Sec Nts NR 15-Dec-17 B1/BB 400.0 109 3/4 5.62% 537bp 15-Dec-13 106.19 na na na PrivateNational CineMedia7.875% Sr Unsec Nts NR 15-Jul-21 B2/B 200.0 106 1/4 6.77% 538bp 15-Jul-16 103.94 3.5x 3.1x na 10.5x

1. Forward EBITDA is 2012E EBITDA.Source: J.P. Morgan and company reports.

Leisure/Theaters – Arjun Chandar (1-212) 270-6797 Ratings EBITDA/ Net Debt + 8xRent/ TEV/

Moody’s / Amount Recent Quotes Bank/CDS Next Call Data Total Int. Net Debt/ EBITDAR FwdIssuer Description Recommendation Maturity S&P Outst. Bid YTW STW Spread 1 Date Price LTM EBITDA LTM LTM EBITDA



46


Coupon Description Recommendation Maturity S&P ($ mn) Bid YTW Spread Date Price Revenue EBITDA EBITDA Int. Exp.Felcor Lodging Trust10.000% Sr Sec Nts Hold 1-Oct-14 B2/NR $492 114.50 3.77% 339bp $971 $203 7.9x 1.5x6.750% Sr Sec Nts Hold 1-Jun-19 B2/B- $525 100.38 6.66% 576bp 1-Jun-15 103.375 $971 $203 7.9x 1.5xGaylord Entertainment Company6.750% Sr Nts NR 15-Nov-14 Caa2/B $152 100.38 6.07% 593bp 15-Nov-12 100.000 $952 $217 4.9x 3.5xHost Hotels & Resorts6.875% Sr Nts Hold 1-Nov-14 NR/BB+ $500 102.00 3.12% 298bp 1-Nov-12 100.000 $4,999 $1,018 5.9x 2.8x6.375% Sr Nts Hold 15-Mar-15 Ba1/BB+ $650 101.25 4.95% 478bp 15-Mar-13 100.000 $4,999 $1,018 5.9x 2.8x6.750% Sr Nts Hold 1-Jun-16 Ba1/BB+ $800 102.88 1.66% 160bp 1-Jun-12 102.250 $4,999 $1,018 5.9x 2.8x9.000% Sr Nts Hold 15-May-17 Ba1/BB+ $400 110.38 3.27% 308bp 15-May-13 104.500 $4,999 $1,018 5.9x 2.8x5.875% Sr Nts Hold 15-Jun-19 Ba1/BB+ $500 105.25 4.72% 381bp 15-Jun-15 102.938 $4,999 $1,018 5.9x 2.8x6.000% Guar Nts Hold 1-Nov-20 Ba1/BB+ $500 105.75 4.96% 396bp 1-Nov-15 103.000 $4,999 $1,018 5.9x 2.8x5.250% Sr Nts NR 15-Mar-22 Ba1/BB+ $350 98.50 5.45% 345bp 15-Dec-21 100.000 $4,999 $1,018 5.9x 2.8xMarriott International4.625% Nts NR 15-Jun-12 Baa2/BBB $348 100.50 1.52% 145bp $12,317 $1,073 2.3x 6.5x5.625% Sr Nts NR 15-Feb-13 Baa2/BBB $400 103.73 1.09% 93bp $12,317 $1,073 2.3x 6.5x6.200% Nts NR 15-Jun-16 Baa2/BBB $289 115.75 2.22% 151bp $12,317 $1,073 2.3x 6.5xStarwood6.250% Sr Nts Hold 15-Feb-13 Baa3/BBB- $495 103.75 1.68% 152bp $5,624 $1,032 2.5x 4.8x7.375% Debs Buy 15-Nov-15 Baa3/BBB- $450 115.00 2.93% 233bp $5,624 $1,032 2.5x 4.8x6.750% Sr Nts Buy 15-May-18 Baa3/BBB- $400 115.25 3.91% 279bp $5,624 $1,032 2.5x 4.8x7.150% Sr Nts Buy 1-Dec-19 Baa3/BBB- $250 118.50 4.28% 280bp $5,624 $1,032 2.5x 4.8xWyndham Worldwide9.875% Sr Nts Hold 1-May-14 Baa3/BBB- $43 117.23 1.29% 99bp $4,254 $976 2.2x 6.9x6.000% Sr Nts Hold 1-Dec-16 Baa3/BBB- $357 114.83 2.58% 178bp $4,254 $976 2.2x 6.9x2.950% Sr Nts NR 1-Mar-17 Baa3/BBB- $300 99.78 3.00% 215bp 1-Feb-17 100.00 $4,254 $976 2.2x 6.9x5.750% Sr Nts Hold 1-Feb-18 Baa3/BBB- $250 112.10 3.43% 237bp $4,254 $976 2.2x 6.9x7.375% Sr Nts Buy 1-Mar-20 Baa3/BBB- $250 121.41 4.16% 262bp $4,254 $976 2.2x 6.9x5.625% Sr Nts Hold 1-Mar-21 Baa3/BBB- $250 108.85 4.41% 264bp $4,254 $976 2.2x 6.9x4.250% Sr Nts NR 1-Mar-22 Baa3/BBB- $650 99.30 4.34% 234bp 1-Dec-21 100.00 $4,254 $976 2.2x 6.9x

Lodging – Susan Berliner (1-212) 270-3085




47

Media: Broadcasting – Avi Steiner (1-212) 270-5512

OUT OF HOME (RADIO & OUTDOOR)Clear Channel CommunicationsL+340 TL A Buy 30-Jul-14 Caa1/CCC+ 1,070 91.75 8.11% 747bp na na na 5.9x 1.5xL+365 TL B Buy 29-Jan-16 Caa1/CCC+ 8,599 79.96 12.38% 1,167bp na na na 5.9x 1.5xL+365 TL C Buy 29-Jan-16 Caa1/CCC+ 660 77.20 13.70% 1,299bp na na na 5.9x 1.5xL+365 DD TL 1 Buy 29-Jan-16 Caa1/CCC+ 569 78.75 12.94% 1,222bp na na na 5.9x 1.5xL+365 DD TL 2 Buy 29-Jan-16 Caa1/CCC+ 408 78.75 12.94% 1,222bp na na na 5.9x 1.5x9.000% Priority G'teed Hold 1-Mar-21 Caa1/CCC+ 1,750 89.00 10.97% 920bp 1-Mar-21 1-Mar-16 $104.50 5.9x 1.5x10.750% Senior G'teed Buy 1-Aug-16 Ca/CCC- 796 72.25 20.82% 2,008bp 1-Aug-16 1-Aug-12 $105.38 9.1x 1.5x11.000% Senior G'teed PIK Toggle Buy 1-Aug-16 Ca/CCC- 784 71.00 21.70% 2,096bp 1-Aug-16 1-Aug-12 $105.50 9.1x 1.5x5.750% Senior Hold 15-Jan-13 Ca/CCC- 312 99.00 7.13% 697bp 15-Jan-13 nc nc 10.2x 1.5x5.500% Senior Hold 15-Sep-14 Ca/CCC- 461 85.50 12.65% 1,228bp 15-Sep-14 nc nc 10.2x 1.5x4.900% Senior Hold 15-May-15 Ca/CCC- 250 78.00 13.92% 1,342bp 15-May-15 nc nc 10.2x 1.5x5.500% Senior Hold 15-Dec-16 Ca/CCC- 250 56.00 20.62% 1,982bp 15-Dec-16 nc nc 10.2x 1.5x6.875% Senior Hold 15-Jun-18 Ca/CCC- 175 54.75 19.94% 1,880bp 15-Jun-18 nc nc 10.2x 1.5x7.250% Senior Hold 15-Oct-27 Ca/CCC- 300 50.25 16.03% 1,369bp 15-Oct-27 nc nc 10.2x 1.5xClear Channel Outdoor9.250% Sr Nts - A Hold 15-Dec-17 B1/B 500 108.25 6.60% 634bp 15-Dec-13 15-Dec-12 $106.94 2.5x 2.0x9.250% Sr Nts - B Hold 15-Dec-17 B1/B 2,000 108.50 6.34% 619bp 15-Dec-12 15-Dec-12 $106.94 2.5x 2.0x7.625% Sr Sub Nts - A Buy 15-Mar-20 B3/B 275 95.50 8.41% 687bp 15-Mar-20 15-Mar-15 $105.72 5.2x 2.0x7.625% Sr Sub Nts - B Buy 15-Mar-20 B3/B 1,925 96.75 8.19% 665bp 15-Mar-20 15-Mar-15 $105.72 5.2x 2.0xCumulus MediaL+450 TL (1st Lien) Buy 17-Sep-18 Ba2/BB- 1,322 100.56 5.56% 485bp na na na 3.8x 2.0xL+600 TL (2nd Lien) Buy 18-Mar-19 B2/CCC+ 790 101.50 6.95% 623bp na na na 5.9x 2.0x7.750% Senior Hold 1-May-19 B3/CCC+ 610 94.25 8.86% 752bp 1-May-19 1-May-15 $103.88 7.6x 2.0xEntercom CommunicationsL+500 TL B NR 23-Nov-18 Ba3/BB- 375 100.75 5.99% 527bp na na na 3.8x 5.5x10.500% Senior NR 1-Dec-19 Caa1/B- 220 107.75 8.72% 771bp 1-Dec-17 1-Dec-15 $105.25 6.0x 5.5xLamar MediaL+250 TL A NR 31-Dec-15 Baa3/BB+ 378 99.00 3.62% 291bp na na na 1.6x 3.2xL+275 TL B NR 30-Dec-16 Baa3/BB+ 363 100.15 3.95% 323bp na na na 1.6x 3.2x9.750% Senior Hold 1-Apr-14 Ba3/BB+ 350 113.00 2.87% 259bp 1-Apr-14 nc nc 2.3x 3.2x6.625% Sr. Sub Hold 15-Aug-15 B1/BB- 260 102.00 3.80% 369bp 15-Aug-12 30-Apr-12 $102.21 4.4x 3.2x7.875% Sr. Sub Hold 15-Apr-18 B1/BB- 400 108.50 5.23% 494bp 15-Apr-14 15-Apr-14 $103.94 4.4x 3.2x5.875% Sr. Sub Sell 1-Feb-22 B1/BB- 500 100.50 5.79% 428bp 1-Feb-20 1-Feb-17 $102.94 4.4x 3.2xSalem Communications9.625% Sr. Sec. 2nd Lien NR 15-Dec-16 B2/B 235 110.25 5.86% 560bp 15-Dec-13 15-Dec-13 $104.81 5.1x 2.1xSpanish Broadcasting12.500% Sr. Sec. NR 15-Apr-17 Caal/B- 275 104.00 11.23% 1,035bp 15-Apr-17 15-Apr-15 $106.25 5.9x 1.3xTownsquare Radio9.000% Senior NR 1-Apr-19 B3/B 265 99.38 9.12% 780bp 1-Apr-19 1-Apr-15 $106.75 5.3x 2.0xTELEVISION BROADCASTERSAllbritton Communications8.000% Senior Hold 15-May-18 B2/B 455 106.00 6.78% 566bp 15-May-18 15-May-14 $104.00 6.5x 1.9xBelo Corporation8.000% Sr. Sub. G'teed Hold 15-Nov-16 Ba1/BB- 271 109.00 4.50% 426bp 15-Nov-13 15-Nov-13 $104.00 1.0x 3.1x6.750% Senior Hold 30-May-13 Ba3/BB- 175 103.75 3.31% 312bp 30-May-13 nc nc 4.0x 3.1x7.750% Senior Hold 1-Jun-27 Ba3/BB- 200 95.50 8.28% 596bp 1-Jun-27 nc nc 4.0x 3.1x7.250% Senior Hold 15-Sep-27 Ba3/BB- 240 94.75 7.84% 551bp 15-Sep-27 nc nc 4.0x 3.1xSource: J.P. Morgan and company reports.

RatingsMoody’s/ Amount Recent Quotes YTW Next Call Data Net Interest

Coupon Desc. Recom. Maturity S&P O/S Bid Yield Spread Date Date Price Leverage Coverage



48

Media: Broadcasting – Avi Steiner (1-212) 270-5512Ratings

Moody’s/ Amount Recent Quotes YTW Next Call Data Net InterestCoupon Desc. Recom. Maturity S&P O/S Bid Yield Spread Date Date Price Leverage Coverage

Entravision Communications8.750% Sr. Sec. NR 1-Aug-17 B1/B 384 105.25 7.30% 656bp 1-Aug-16 1-Aug-13 $106.56 5.9x 1.5xFox Acquisition13.375% Senior NR 15-Jul-16 Caa1/B- 200 108.50 5.40% 532bp 15-Jul-12 15-Jul-12 $106.69 4.8x 2.2xGray TelevisionL+350 TL B NR 31-Dec-14 B2/B+ 463 99.06 4.56% 387bp na na na 4.9x 1.5x10.500% Sr. Sec. 2nd Lien Buy 29-Jun-15 Caa2/CCC+ 365 104.00 8.32% 802bp 1-May-14 1-Nov-12 $107.88 8.7x 1.5xLIN TelevisionL+375 TL B NR 21-Dec-18 Ba3/BB- 259 100.33 4.89% 417bp na na na 3.3x 2.6x8.375% Senior Hold 15-Apr-18 Caa1/CCC+ 200 103.75 7.28% 660bp 15-Apr-16 15-Apr-14 $104.19 4.9x 2.6xLocal TV Finance9.250% Senior Toggle NR 15-Jun-15 Caa2/CCC+ 231 101.88 7.52% 732bp 15-Jun-13 15-Jun-12 $102.31 6.1x 4.1xNexstar Broadcasting8.875% Sr. Sec. 2nd Lien Hold 15-Apr-17 B3/B 325 106.75 6.91% 624bp 15-Apr-16 15-Apr-14 $104.44 5.1x 1.9x7.000% Sr. Sub. NR 15-Jan-14 Caa2/CCC+ 151 98.13 8.16% 790bp 15-Jan-14 nc nc 6.7x 1.9xSinclair BroadcastL+225 TL A NR 15-Mar-16 Ba1/BB+ 113 98.67 3.50% 279bp na na na 1.4x 2.5xL+300 TL B NR 28-Oct-16 Ba1/BB+ 402 99.73 4.15% 343bp na na na 1.4x 2.5x9.250% Sr Sec. 2nd Lien Hold 1-Nov-17 B1/BB- 500 110.50 5.01% 477bp 1-Nov-13 1-Nov-13 $104.63 3.3x 2.5x8.375% Senior Hold 15-Oct-18 B2/B 229 108.00 6.30% 553bp 15-Oct-16 15-Oct-14 $104.19 4.2x 2.5xUnivision CommunicationsL+200 Initial TL Hold 29-Sep-14 B2/B+ 457 98.26 3.39% 274bp na na na 8.6x 1.8xL+425 Extended TL Buy 31-Mar-17 B2/B+ 5,645 92.62 7.71% 700bp na na na 8.6x 1.8x6.875% Sr. Sec. Hold 15-May-19 B2/B+ 1,200 100.25 6.81% 592bp 15-May-17 15-May-15 $103.44 8.6x 1.8x7.875% Sr. Sec. Hold 1-Nov-20 B2/B+ 750 103.75 7.15% 592bp 1-Nov-18 1-Nov-15 $103.94 8.6x 1.8x8.500% Senior Hold 15-May-21 Caa2/CCC+ 815 97.50 8.91% 709bp 15-May-21 15-Nov-15 $104.25 9.5x 1.8xNEWSPAPER PUBLISHERSGannett8.750% Sr G'teed NR 15-Nov-14 Ba1/BB 250 111.50 4.01% 361bp 15-Nov-14 nc nc 1.2x 6.6x10.000% Sr G'teed NR 1-Jun-15 Ba1/BB 67 115.75 4.53% 402bp 1-Jun-15 nc nc 1.2x 6.6x6.375% Sr G'teed NR 1-Sep-15 Ba1/BB 250 106.00 4.44% 388bp 1-Sep-15 nc nc 1.2x 6.6x10.000% Sr G'teed NR 1-Apr-16 Ba1/BB 193 116.00 5.43% 476bp 1-Apr-16 nc nc 1.2x 6.6x9.375% Sr G'teed NR 15-Nov-17 Ba1/BB 250 113.25 3.58% 334bp 15-Nov-13 15-Nov-13 $104.69 1.2x 6.6x7.125% Sr G'teed NR 1-Sep-18 Ba1/BB 250 105.50 5.68% 493bp 1-Sep-16 1-Sep-14 $103.56 1.2x 6.6xMcClatchy11.500% Sr. Sec. Buy 15-Feb-17 B1/B 851 104.00 10.20% 956bp 15-Feb-16 15-Feb-13 $108.63 2.2x 2.4x4.625% Senior Hold 1-Nov-14 Caa2/CCC 81 90.75 8.76% 836bp 1-Nov-14 nc nc 4.4x 2.4x5.750% Senior Hold 1-Sep-17 Caa2/CCC 337 76.00 11.92% 1,096bp 1-Sep-17 nc nc 4.4x 2.4x6.875% Senior Hold 15-Mar-29 Caa2/CCC 276 56.00 13.57% 1,115bp 15-Mar-29 nc nc 4.4x 2.4xMedia General11.750% Sn. Sec. NR 15-Feb-17 Caa1/CCC+ 300 91.00 14.39% 1,355bp 15-Feb-17 15-Feb-14 $105.88 5.6x 2.1xNew York Times Co. 5.000% Senior NR 15-Mar-15 B1/B+ 250 100.75 4.72% 425bp 15-Mar-15 nc nc 1.5x 4.2x6.625% Senior NR 15-Dec-16 B1/B+ 225 105.25 5.34% 432bp 15-Dec-16 nc nc 1.5x 4.2xPostmedia Network12.500% 2nd/3rd Lien NR 15-Jul-18 B3/B- 275 103.00 11.57% 1,085bp 15-Jul-16 15-Jul-14 $106.25 3.0x 2.9xMAGAZINE PUBLISHERSAmerican Media11.500% Sr. Sec 1st Lien NR 15-Dec-17 B2/B 365 89.50 14.25% 1,323bp 15-Dec-17 15-Dec-13 $108.63 3.6x 1.8x13.500% Sr. Sec 2nd Lien NR 15-Jun-18 Caa2/CCC+ 105 75.00 20.87% 1,973bp 15-Jun-18 15-Dec-13 $110.13 4.6x 1.8xSource: J.P. Morgan and company reports.



49

Media: Broadcasting – Avi Steiner (1-212) 270-5512Ratings

Moody’s/ Amount Recent Quotes YTW Next Call Data Net InterestCoupon Desc. Recom. Maturity S&P O/S Bid Yield Spread Date Date Price Leverage Coverage

Reader’s DigestL+650bp Sr Sec. NR 15-Feb-17 B3/CCC 525 86.25 13.42% - 15-Feb-17 15-Feb-13 $104.00 3.1x 2.5xPRINTERSCatalina Marketing10.500% Senior NR 1-Oct-15 B3/B- 330 96.25 11.84% 1,126bp 1-Oct-15 1-Oct-12 $102.63 3.5x 2.5x11.625% Sr. Sub. NR 1-Oct-17 Caa1/B- 160 86.75 15.24% 1,427bp 1-Oct-17 1-Oct-12 $105.81 4.2x 2.5x0.000% Sr Disc. HoldCo NR 15-Nov-15 Caa1/B- 295 40.00 27.30% 2,670bp 15-Nov-15 15-May-12 $70.77 5.5x 2.5xCenveo8.875% Sr. Sec 2nd Lien Hold 1-Feb-18 B3/B- 400 94.00 10.27% 921bp 1-Feb-18 1-Feb-14 $104.44 3.5x 1.9x11.500% Sr. Sec 2nd Lien Hold 15-May-17 Caa2/CCC+ 225 90.75 14.12% 1,323bp 15-May-17 15-May-15 $105.75 4.9x 1.9x7.875% Sr. Sub. Hold 1-Dec-13 Caa2/CCC+ 165 94.50 11.67% 1,142bp 1-Dec-13 nc nc 5.7x 1.9xDeluxe7.375% Senior G'teed NR 1-Jun-15 Ba2/BB- 200 102.00 5.51% 531bp 1-Jun-13 1-Jun-12 $101.84 1.1x 7.3x7.000% Senior G'teed NR 15-Mar-19 Ba2/BB- 200 103.00 6.28% 543bp 15-Mar-17 15-Mar-15 $103.50 1.1x 7.3x5.125% Senior NR 1-Oct-14 B1/B 254 102.00 4.26% 388bp 1-Oct-14 nc nc 2.0x 7.3xR.R. Donnelley4.950% Senior NR 1-Apr-14 Ba1/BB+ 258 102.50 3.62% 333bp 1-Apr-14 nc nc 2.6x 5.2x5.500% Senior NR 15-May-15 Ba1/BB+ 208 101.00 5.14% 464bp 15-May-15 nc nc 2.6x 5.2x8.600% Senior NR 15-Aug-16 Ba1/BB+ 350 104.75 7.30% 655bp 15-Aug-16 nc nc 2.6x 5.2x6.125% Senior NR 15-Jan-17 Ba1/BB+ 525 94.00 7.65% 683bp 15-Jan-17 nc nc 2.6x 5.2x7.250% Senior NR 15-May-18 Ba1/BB+ 600 95.63 8.18% 706bp 15-May-18 nc nc 2.6x 5.2x8.250% Senior NR 15-Mar-19 Ba1/BB+ 450 97.00 8.84% 753bp 15-Mar-19 nc nc 2.6x 5.2x7.625% Senior NR 15-Jun-20 Ba1/BB+ 400 93.50 8.76% 716bp 15-Jun-20 nc nc 2.6x 5.2x6.625% Senior NR 15-Apr-29 Ba1/BB+ 200 82.00 8.67% 624bp 15-Apr-29 nc nc 2.6x 5.2xValassis6.625% Senior Hold 1-Feb-21 Ba3/BB- 260 102.50 6.17% 488bp 1-Feb-19 1-Feb-16 $103.31 1.6x 10.1xDIVERSIFIEDCengageL+225 Initial TL NR 3-Jul-14 B2/B 2,107 90.50 7.55% 697bp na na na 4.4x 2.2xL+550 Ext TL NR 31-Jul-17 B2/B 1,295 87.00 9.81% 863bp na na na 4.4x 2.2x11.500% Sr Sec. 1st Lien Nts NR 15-Apr-20 B2/B 725 102.50 10.92% 1,004bp 15-Apr-18 15-Apr-16 $105.75 4.4x 2.2x10.500% Senior NR 15-Jan-15 Caa2/CCC 1216 73.50 24.22% 2,379bp 15-Jan-15 15-Jul-12 $102.63 5.8x 2.2x13.250% Sr Sub Disc. Nts NR 15-Jul-15 Caa2/CCC 234 71.50 26.91% 2,637bp 15-Jul-15 15-Jul-12 $103.31 6.1x 2.2xHoughton Mifflin10.500% Sr. Sec. NA 1-Jun-19 Caa3/NR 300 56.00 23.49% 2,213bp 1-Jun-19 1-Jun-15 $105.25 8.3x 2.1xInterpublic Group6.250% Senior Hold 15-Nov-14 Baa3/BB+ 350 108.63 2.76% 236bp 15-Nov-14 nc nc 2.1x 6.0x10.000% Senior Hold 15-Jul-17 Baa3/BB+ 600 114.13 2.40% 220bp 15-Jul-13 15-Jul-13 $105.00 2.1x 6.0xLions Gate10.250% Sr Sec. 2nd Lien Nts NR 1-Nov-16 B1/B 436 109.75 6.70% 645bp 1-Nov-13 1-Nov-13 $105.13 4.0x 2.4xMDC Partners11.000% Senior NR 1-Nov-16 B2/B+ 345 108.75 8.11% 752bp 1-Nov-15 1-Nov-13 $105.50 3.8x 3.0xNielsen11.625% Senior OpCo Hold 1-Feb-14 B2/BB- 215 115.00 2.96% 269bp 1-Feb-14 nc nc 4.2x 3.5x11.500% Senior OpCo Hold 1-May-16 B2/BB- 325 114.75 2.54% 236bp 1-May-13 1-May-13 $105.75 4.2x 3.5x7.750% Senior OpCo Hold 15-Oct-18 B2/BB- 1,080 110.00 4.92% 453bp 15-Oct-14 15-Oct-14 $103.88 4.2x 3.5xWarner Music Group9.500% Sr Sec OpCo NR 15-Jun-16 Ba2/BB- 1,100 108.50 5.83% 563bp 15-Jun-13 15-Jun-13 $104.75 2.3x 2.4x11.500% Sr OpCo NR 1-Oct-18 B3/B- 765 106.00 10.04% 907bp 1-Oct-17 1-Oct-14 $108.63 4.0x 2.4x13.750% Sr HoldCo NR 1-Oct-19 B3/B- 150 99.13 13.94% 1,098bp 1-Oct-19 1-Oct-15 $106.88 4.3x 2.4xSource: J.P. Morgan and company reports.



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Coupon Desc. Recom. Maturity S&P Current Offer YTW Spread Date Date Price LTM LTM LTM TEV

Metals and Mining – Dave Katz (1-212) 270-4593

STEEL COMPANIESAK Steel Corp.1

7.625% Sr Nts Buy 15-May-20 B2/BB- $550 $95.50 8.40% 682bp 15-May-20 15-May-15 $103.81 $272 5.7x 3.5x 58%8.375% Sr Nts Buy 1-Apr-22 B2/BB- $300 $95.50 9.07% 706bp 1-Apr-22 1-Apr-17 $104.19 $272 5.7x 3.5x 58%Essar Steel Algoma Inc.2

9.375% Sr Nts Buy 15-Mar-15 B3/B $400 $102.875 7.72% 743bp 15-Mar-14 15-Mar-13 $104.69 $246 2.8x 4.2x 95%9.875% Sr Nts Buy 15-Jun-15 Caa2/CCC $385 $90.75 13.55% 1304bp 15-Jun-15 15-Jun-12 $102.47 $246 2.8x 4.2x 95%Nucor Corp.5.000% Sr Nts NR 1-Dec-12 A2/A $300 $102.80 0.49% 34bp 1-Dec-12 nc nc $1,940 11.7x 2.2x 28%5.850% Sr Nts NR 1-Jun-18 A2/A $500 $121.74 2.05% 86bp 1-Jun-18 nc nc $1,940 11.7x 2.2x 28%6.400% Sr Nts NR 1-Dec-37 A2/A $650 $129.63 4.45% 150bp 1-Dec-37 nc nc $1,940 11.7x 2.2x 28%Steel Dynamics Inc.7.375% Sr Nts Sell 1-Nov-12 Ba2/BB+ $420 $102.50 2.69% 255bp 1-Nov-12 nc nc $837 4.7x 2.8x 48%6.750% Sr Nts Sell 1-Apr-15 Ba2/BB+ $500 $101.75 4.86% 468bp 1-Apr-13 1-Apr-13 $100.00 $837 4.7x 2.8x 48%7.750% Sr Nts Sell 15-Apr-16 Ba2/BB+ $500 $103.50 5.87% 558bp 15-Apr-14 15-Apr-13 $103.88 $837 4.7x 2.8x 48%7.625% Sr Nts Sell 15-Mar-20 Ba2/BB+ $350 $109.25 5.38% 491bp 15-Mar-15 15-Mar-15 $103.81 $837 4.7x 2.8x 48%United States Steel Corp.3

6.050% Sr Nts Hold 1-Jun-17 B1/BB $450 $101.25 5.76% 486bp 1-Jun-17 nc nc $854 4.6x 4.7x 52%7.000% Sr Nts Hold 1-Feb-18 B1/BB $500 $102.50 6.47% 542bp 1-Feb-18 nc nc $854 4.6x 4.7x 52%7.375% Sr Nts Hold 1-Apr-20 B1/BB $600 $102.00 7.04% 549bp 1-Apr-20 nc nc $854 4.6x 4.7x 52%7.500% Sr Nts Hold 15-Mar-22 B1/BB $400 $99.25 7.61% 561bp 15-Mar-22 15-Mar-17 $103.75 $854 4.6x 4.7x 52%6.650% Sr Nts Hold 1-Jun-37 B1/BB $350 $83.50 8.21% 531bp 1-Jun-37 nc nc $854 4.6x 4.7x 52%

Note: EBITDA is Adjusted EBITDA. Interest Expense is based on LTM values.1. AK Steel capitalization data is pro forma for refinancing of tax-expemt industrial revenue bonds and new 2022 notes.2. Algoma enterprise value estimated using 6.0x multiple of normalized EBITDA. Data presented in Canadian dollar.3. U.S. Steel capitalization data is pro forma for issuance of 2022 notes and retirement of 2013 notes.Source: J.P. Morgan and company reports.



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Coupon Desc. Recom. Maturity S&P Current Bid YTW Spread Date Date Price LTM LTM LTM TEV


COAL COMPANIESArch Coal, Inc. 6.750% Sr Nts Hold 1-Jul-13 B1/BB- $450 $100.00 6.74% 654bp 1-Jul-13 nc nc $921 4.1x 4.4x 67%8.750% Sr Nts Hold 1-Aug-16 B1/B+ $600 $103.25 7.61% 707bp 1-Aug-15 1-Aug-13 $104.38 $921 4.1x 4.4x 67%7.000% Sr Nts Hold 15-Jun-19 B1/B+ $1000 $89.75 8.97% 760bp 15-Jun-19 15-Jun-15 $103.50 $921 4.1x 4.4x 67%7.250% Sr Nts Hold 1-Oct-20 B1/B+ $500 $89.75 9.01% 734bp 1-Oct-20 1-Oct-15 $103.63 $921 4.1x 4.4x 67%7.250% Sr Nts Hold 15-Jun-21 B1/B+ $1000 $89.75 8.91% 708bp 15-Jun-21 15-Jun-16 $103.63 $921 4.1x 4.4x 67%Cloud Peak Energy 1

8.250% Sr Nts Hold 15-Dec-17 B1/BB- $300 $100.88 7.96% 735bp 15-Dec-15 15-Dec-13 $104.13 $371 11.1x 1.6x 56%8.500% Sr Nts Hold 15-Dec-19 B1/BB- $300 $101.75 8.10% 708bp 15-Dec-17 15-Dec-14 $104.25 $371 11.1x 1.6x 56%Consol Energy8.000% Sr Nts Sell 1-Apr-17 B1/BB $1500 $103.13 7.08% 641bp 1-Apr-16 1-Apr-14 $104.00 $1,819 7.3x 1.8x 30%8.250% Sr Nts Sell 1-Apr-20 B1/BB $1250 $103.00 7.61% 652bp 1-Apr-18 1-Apr-15 $104.13 $1,819 7.3x 1.8x 30%6.375% Sr Nts Sell 1-Mar-21 B1/BB $250 $94.00 7.30% 554bp 1-Mar-21 1-Mar-16 $103.19 $1,819 7.3x 1.8x 30%Alpha Natural Resources 6.000% Sr Nts NR 1-Jun-19 Ba3/BB $800 $89.25 8.01% 665bp 1-Jun-19 1-Jun-14 $103.00 $1,091 10.3x 2.8x 53%6.250% Sr Nts NR 1-Jun-21 Ba3/BB $700 $89.00 7.97% 615bp 1-Jun-21 1-Jun-16 $103.13 $1,091 10.3x 2.8x 53%James River Coal Co.7.875% Sr Nts NR 1-Apr-19 B2/B $275 $65.00 16.52% 1520bp 1-Apr-19 1-Apr-15 $103.94 $139 3.2x 4.9x 104%Patriot Coal Corp.8.250% Sr Nts NR 30-Apr-18 B3/B $250 $75.00 14.62% 1351bp 30-Apr-18 30-Apr-14 $100.00 $177 2.7x 2.6x 57%Peabody Energy Corp.7.375% Sr Nts Buy 1-Nov-16 Ba1/BB+ $650 $109.25 5.07% 429bp 1-Nov-16 nc nc $2,129 9.7x 3.1x 49%6.000% Sr Nts Buy 15-Nov-18 Ba1/BB+ $1600 $97.00 6.57% 533bp 15-Nov-18 nc nc $2,129 9.7x 3.1x 49%6.500% Sr Nts Buy 15-Sep-20 Ba1/BB+ $650 $98.25 6.78% 512bp 15-Sep-20 nc nc $2,129 9.7x 3.1x 49%6.250% Sr Nts Buy 15-Nov-21 Ba1/BB+ $1500 $96.25 6.79% 486bp 15-Nov-21 nc nc $2,129 9.7x 3.1x 49%7.875% Sr Nts Buy 1-Nov-26 Ba1/BB+ $250 $103.00 7.53% 525bp 1-Nov-26 nc nc $2,129 9.7x 3.1x 49%

Note: EBITDA is Adjusted EBITDA. Interest Expense is based on LTM values.1. Cloud Peak data is historical and not adjusted for structuring transactions.Source: J.P. Morgan and company reports.



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MINING COMPANIESCalcipar SA 1

6.875% Sr Nts NR 1-May-18 B1/BB- $450 $102.25 6.35% 546bp 1-May-17 1-May-15 $103.44 € 253 3.4x 2.6x 39%Consolidated Minerals Ltd 2

8.875% Sr Nts NR 1-May-16 B3/B+ $405 $84.00 14.21% 1352bp 1-May-16 1-May-14 $104.44 $142 9.5x 3.1x 52%Fortescue Metals Group Ltd 3

7.000% Sr Nts Buy 1-Nov-15 B1/BB- $2040 $101.25 6.46% 606bp 1-Nov-14 1-Nov-12 $105.25 $2,937 5.0x 2.8x 37%6.375% Sr Nts Buy 1-Feb-16 B1/BB- $600 $99.50 6.52% 588bp 1-Feb-16 1-Feb-13 $104.78 $2,937 5.0x 2.8x 37%6.000% Sr Nts NR 1-Apr-17 B1/BB- $1000 $98.25 6.42% 555bp 1-Apr-17 1-Apr-15 $103.00 $2,937 5.0x 2.8x 37%6.875% Sr Nts Buy 1-Feb-18 B1/BB- $900 $99.25 7.03% 598bp 1-Feb-18 1-Feb-14 $105.16 $2,937 5.0x 2.8x 37%8.250% Sr Nts Buy 1-Nov-19 B1/BB- $1500 $104.50 7.25% 625bp 1-Nov-17 1-Nov-15 $104.13 $2,937 5.0x 2.8x 37%6.875% Sr Nts NR 1-Apr-22 B1/BB- $1000 $96.25 7.41% 540bp 1-Apr-22 1-Apr-17 $103.44 $2,937 5.0x 2.8x 37%Midwest Vanadium Pty Ltd11.500% Sr Nts Buy 15-Feb-18 Caa1/CCC+ $335 $66.75 21.83% 2077bp 15-Feb-18 15-Feb-15 $105.75 Mirabela Nickel Pty8.750% Sr Nts Hold 15-Apr-18 B3/CCC+ $395 $82.75 12.98% 1188bp 15-Apr-18 15-Apr-15 $104.38 $15 0.4x nm 68%Quadra FNX Mining 7.750% Sr Nts NR 15-Jun-19 B1/BB- $500 $113.00 4.45% 393bp 15-Jun-15 15-Jun-15 $103.88 $426 nm 1.2x 22%Taseko Mines Ltd 4

7.750% Sr Nts NR 15-Apr-19 B3/B $200 $95.13 8.69% 736bp 15-Apr-19 15-Apr-15 $103.88 $107 nm 2.3x 39%Thompson Creek Mining Company Inc. 7.375% Sr Nts Hold 1-Jun-18 Caa2/B $350 $89.00 9.80% 867bp 1-Jun-18 1-Jun-14 $105.53 $295 109.2x 1.3x 32%

Note: EBITDA is Adjusted EBITDA. Interest Expense is based on LTM values.1. Calcipar SA enterprise value based on 6.5x LTM EBITDA. Calcipar EBITDA presented in €, other in US dollar.2. Consolidated Minerals enterprise value based on 6.0x LTM EBITDA. 3. Fortescue Metals capitalization data is pro forma for the new 2017 and 2022 notes.4. Taseko Mines Ltd individual bond outstanding amounts presented in $US. Other data presented in Canadian dollar.Source: J.P. Morgan and company reports.


53





ALUMINUM COMPANIESCentury Aluminum Co.8.000% Sr Nts NR 15-May-14 NR/B $250 $102.00 6.05% 586bp 15-May-13 15-May-12 $102.00 $218 8.8x 1.3x 32%Noranda Aluminum 1

4.659% FRNs Hold 15-May-15 B3/B- $275 na na nm nm 14-May-12 $100.00 $236 11.0x 2.5x 55%Novelis Inc.2

8.375% Sr Nts Hold 15-Dec-17 B2/B $1100 $106.50 6.72% 592bp 15-Dec-16 15-Dec-13 $106.28 $1,093 3.7x 4.2x 64%8.750% Sr Nts Hold 15-Dec-20 B2/B $1400 $108.00 7.21% 596bp 15-Dec-18 15-Dec-15 $104.38 $1,093 3.7x 4.2x 64%MISCELLANEOUSATKORE International9.875% Sr Sec Nts NR 1-Jan-18 B3/B $410 $101.50 9.47% 865bp 1-Jan-17 1-Jan-14 $107.41 $123 2.5x 3.7x 58%JMC Steel Group 3

8.250% Sr Nts Buy 15-Mar-18 B3/B $875 $103.00 7.51% 665bp 15-Mar-17 15-Mar-14 $106.19 $363 4.8x 3.8x 58%Metals USA11.125% Sr Sec Nts Buy 1-Dec-15 B2/B+ $226 $104.31 6.88% 673bp 1-Dec-12 1-Dec-12 $101.85 $164 4.5x 2.9x 49%Reliance Steel & Aluminum Co.6.200% Sr Nts NR 15-Nov-16 Baa3/BBB- $0 $115.33 2.62% 183bp 15-Nov-16 nc nc $659 10.9x 2.0x 26%Russel Metals 4

6.375% Sr Nts NR 1-Mar-14 Ba1/BB $142 $100.00 6.37% 609bp 1-Mar-14 nc nc $213 8.4x 1.4x 18%SunCoke Energy, Inc.7.625% Sr Nts Hold 1-Aug-19 B1/B+ $400 $101.50 7.27% 634bp 1-Aug-17 1-Aug-14 $105.72 $153 109.0x 4.8x 45%

Note: EBITDA is Adjusted EBITDA. Interest Expense is based on LTM values.1. Noranda Aluminum capitalization data is pro forma for the debt refinancing, a $75mn tender of the 2015 notes, and a $88mn dividend payment.2. Novelis enterprise value estimated using a 6.5x multiple of estimated normalized mid-cycle EBITDA. 3. JMC Steel EV estimated using a 7.0x multiple of LTM EBITDA. Capitalization data is pro forma for the for Lakeside Steel transaction and the $150mn add-on to the 8.75% notes and $100mn add-on to the term loan. 4. Russel Metals data presented in Canadian dollar.Source: J.P. Morgan and company reports.


Relative value analysisPaper and Packaging – Tarek Hamid (1-212) 834-5468

Ratings LTMMoody’s Recent Quotes YTW Next Call Current Adj. EBITDA Adj. EBITDA/ Net Debt/Adj.

Issuer Description Recommendation Maturity S&P Size Bid YTW Spread Date Date Price Yield Adj. EBITDA Margin Int. Exp. EBITDAPLASTIC PACKAGINGBerry Plastics (BERRY)L+200 Term Loan C Hold 3-Apr-15 B1/B $1,200.0 97 1/4 3.70% 299bp na na na 2.54% $758.0 16.3% 2.4x 3.0x8.250% Sr Sec Nts (1st Lien) Hold 15-Nov-15 B1/B $370.0 106 1/4 4.32% 417bp 15-Nov-12 15-Nov-12 104 1/8 7.76% $758.0 16.3% 2.4x 3.0x9.500% Sr Sec Nts (2nd Lien) Hold 15-May-18 Caa1/CCC $500.0 104 1/4 8.25% 755bp 15-May-16 15-May-14 104 3/4 9.11% $758.0 16.3% 2.4x 5.1x9.750% Sr Sec Nts (2nd Lien) Hold 15-Jan-21 Caa1/CCC $800.0 107 1/4 8.32% 705bp 15-Jan-19 15-Jan-16 104 7/8 9.09% $758.0 16.3% 2.4x 5.1x10.250% Sr Sub Nts Hold 1-Mar-16 Caa2/CCC $168.0 102 1/2 8.64% 847bp 1-Mar-13 1-Mar-13 101 2/7 10.00% $758.0 16.3% 2.4x 5.9xPlastipak Holdings (PLASPK)8.500% Sr Nts Hold 15-Dec-15 B3/B $250.0 103 5.93% 578bp 15-Dec-12 15-Dec-12 101 3/7 8.25% $239.4 10.4% 3.5x 2.8x10.625% Sr Nts Hold 15-Aug-19 B3/B $225.0 113 1/4 6.54% 618bp 15-Aug-14 15-Aug-14 105 1/3 9.38% $239.4 10.4% 3.5x 2.8xSolo Cup Co. (SOLOC)10.500% Sr Sec Nts NR 1-Nov-13 B2/B $300.0 101 1/4 9.60% 936bp 1-Nov-13 1-May-12 100 10.37% $76.2 4.7% 1.1x 3.6x8.500% Sr Sub Nts NR 15-Feb-14 Caa2/CCC $325.0 100 1/4 8.34% 807bp 15-Feb-14 nc nc 8.48% $76.2 4.7% 1.1x 7.9x

GLASS AND METAL CONTAINERSArdagh Glass (ARGID)7.375% Sr Sec Nts Hold 15-Oct-17 Ba3/BB- $510.0 106 5.84% 506bp 15-Oct-16 15-Oct-14 103 2/3 6.96% € 555.5 16.9% 2.1x 2.3x9.125% Sr Nts Buy 15-Oct-20 B3/B- $450.0 106 7.93% 671bp 15-Oct-18 15-Oct-15 104 4/7 8.61% € 555.5 16.9% 2.1x 4.5xBall Corporation (BLL)L+175 Term Loan A Hold 21-Dec-15 Ba1/BBB- $200.0 99 1/3 2.77% 203bp na na na 2.24% $1,168.3 13.5% 6.6x 0.5x7.125% Sr Nts Hold 1-Sep-16 Ba1/BB+ $375.0 108 3/4 3.13% 290bp 1-Sep-13 1-Sep-13 103 4/7 6.55% $1,168.3 13.5% 6.6x 2.5x6.625% Sr Nts Hold 15-Mar-18 Ba1/BB+ $57.3 102 1/5 5.31% 513bp 15-Mar-13 15-Mar-13 101 1/9 6.48% $1,168.3 13.5% 6.6x 2.5x7.375% Sr Nts Hold 1-Sep-19 Ba1/BB+ $325.0 110 1/2 4.18% 381bp 1-Sep-14 1-Sep-14 103 2/3 6.67% $1,168.3 13.5% 6.6x 2.5x6.750% Sr Nts Hold 15-Sep-20 Ba1/BB+ $500.0 109 4.51% 405bp 15-Mar-15 15-Mar-15 103 3/8 6.19% $1,168.3 13.5% 6.6x 2.5x5.750% Sr Nts Hold 15-May-21 Ba1/BB+ $500.0 105 5/8 4.74% 374bp 15-Nov-17 15-Nov-15 102 7/8 5.44% $1,168.3 13.5% 6.6x 2.5xBway Holding (BWY)L+325 Term Loan B NR 23-Feb-18 Ba3/B $470.7 99 5/6 4.89% 358bp na na na 4.51% $154.0 13.2% 2.2x 3.1x10.000% Sr Nts NR 15-Jun-18 B3/CCC+ $202.6 109 7.44% 673bp 15-Jun-16 15-Jun-14 105 9.17% $154.0 13.2% 2.2x 4.5xCrown Holdings (CCK)6.250% Sr Nts Hold 1-Feb-21 Ba3/BB € 700.0 107 1/4 4.89% 425bp 1-Feb-16 nc nc 5.83% $1,129.0 13.1% 5.1x 2.8x7.625% Sr Nts Hold 15-May-17 Ba3/BB $400.0 107 1/4 4.17% 399bp 15-May-13 15-May-13 103 4/5 7.11% $1,129.0 13.1% 5.1x 2.8x7.125% Sr Nts Buy 15-Aug-18 Ba1/BB € 500.0 106 1/4 5.48% 494bp 15-Aug-16 15-Aug-14 103 4/7 6.71% $1,129.0 13.1% 5.1x 2.8x7.375% Debs Buy 15-Dec-26 B1/BB- $350.0 104 6.93% 464bp 15-Dec-26 nc nc 7.09% $1,129.0 13.1% 5.1x 2.8x7.500% Debs Buy 15-Dec-96 B1/BB- $64.0 83 1/2 8.98% 262bp 15-Dec-96 nc nc 8.98% $1,129.0 13.1% 5.1x 2.8xO-I (OI)7.375% Sr Nts Hold 15-May-16 Ba3/BB $600.0 110 3/4 4.46% 377bp 15-May-16 nc nc 6.66% $1,253.0 17.0% 4.1x 2.7x7.800% Sr Debs Buy 15-May-18 B1/BB- $250.0 111 1/2 5.54% 443bp 15-May-18 nc nc 7.00% $1,253.0 17.0% 4.1x 2.9x


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55

Paper and Packaging – Tarek Hamid (1-212) 834-5468 Ratings LTMMoody’s Recent Quotes YTW Next Call Current Adj. EBITDA Adj. EBITDA/ Net Debt/Adj.

Issuer Description Recommendation Maturity S&P Size Bid YTW Spread Date Date Price Yield Adj. EBITDA Margin Int. Exp. EBITDAPAPER AND OTHER PACKAGINGGraphic Packaging (GPK) L+225 Term Loan A Hold 16-Mar-17 Ba2/BBB $1,000.0 99 4/7 3.42% 236bp na na na 2.73% $591.3 14.1% 4.1x 2.4x9.500% Sr Nts Hold 15-Jun-17 B2/BB+ $425.0 110 1/2 4.18% 398bp 15-Jun-13 15-Jun-13 104 3/4 8.60% $591.3 14.1% 4.1x 3.5x7.875% Sr Nts Hold 1-Oct-18 B2/BB+ $250.0 110 5.02% 464bp 1-Oct-14 1-Oct-14 104 7.16% $591.3 14.1% 4.1x 3.5xGreif Inc. (GEF)6.750% Sr Nts NR 1-Feb-17 Ba2/BB $300.0 107 1/2 4.97% 414bp 1-Feb-17 nc nc 6.28% $526.5 12.4% 6.6x 2.6x7.750% Sr Nts NR 1-Aug-19 Ba2/BB $250.0 112 5.71% 431bp 1-Aug-19 nc nc 6.92% $526.5 12.4% 6.6x 2.6xMeadWestvaco (MWV)7.350% Sr Nts Hold 1-Mar-17 Ba1/BBB $150.0 111 2/7 4.73% 388bp 1-Mar-17 nc nc 6.60% $1,031.0 17.0% 5.7x 1.4x7.375% Sr Nts Hold 1-Sep-19 Ba1/BBB $250.0 117 4/5 4.51% 309bp 1-Sep-19 nc nc 6.26% $1,031.0 17.0% 5.7x 1.4x7.500% Sr Nts Hold 15-Jun-27 Ba1/BBB $97.5 112 1/2 6.21% 389bp 15-Jun-27 nc nc 6.67% $1,031.0 17.0% 5.7x 1.4x8.200% Sr Nts Hold 15-Jan-30 Ba1/BBB $400.0 112 4/5 6.93% 446bp 15-Jan-30 nc nc 7.27% $1,031.0 17.0% 5.7x 1.4x7.950% Debs Hold 15-Feb-31 Ba1/BBB $300.0 109 5/7 7.01% 448bp 15-Feb-31 nc nc 7.25% $1,031.0 17.0% 5.7x 1.4x6.800% Sr Nts Hold 15-Nov-32 Ba1/BBB $76.1 96 2/3 7.11% 448bp 15-Nov-32 nc nc 7.04% $1,031.0 17.0% 5.7x 1.4xReynolds Group (REYNOL)L+525 Term Loan C NR 9-Aug-18 Ba3/BB- $2,000.0 101 6.70% 532bp na na na 6.43% $2,109.5 16.4% 1.9x 4.5xL+525 Term Loan B NR 9-Feb-18 Ba3/BB- $2,325.0 101 6.52% 524bp na na na 6.19% $2,109.5 16.4% 1.9x 4.5x7.750% Sr Sec Nts (1st Lien) NR 15-Oct-16 Ba3/BB- $1,125.0 105 1/4 4.74% 460bp 15-Oct-12 15-Oct-12 103 7/8 7.36% $2,109.5 16.4% 1.9x 4.5x7.750% Sr Sec Nts (1st Lien) NR 15-Oct-16 Ba3/BB- € 450.0 103 3/4 6.53% 618bp 15-Oct-15 15-Oct-12 103 7/8 7.47% $2,109.5 16.4% 1.9x 4.5x7.125% Sr Sec Nts (1st Lien) NR 15-Apr-19 Ba3/BB- $1,500.0 102 1/4 6.54% 577bp 15-Oct-16 15-Oct-14 103 4/7 6.97% $2,109.5 16.4% 1.9x 4.5x6.875% Sr Sec Nts (1st Lien) NR 15-Feb-21 Ba3/BB- $1,000.0 100 1/4 6.83% 553bp 15-Feb-19 15-Feb-16 103 4/9 6.86% $2,109.5 16.4% 1.9x 4.5x8.500% Sr Nts NR 15-May-18 Caa1/B- $1,000.0 98 1/8 8.90% 778bp 15-May-18 15-May-14 104 1/4 8.66% $2,109.5 16.4% 1.9x 7.3x8.000% Sr Nts NR 15-Dec-16 Caa1/B- € 480.0 90 1/2 10.63% 1,001bp 15-Dec-16 15-Jun-12 102 8.84% $2,109.5 16.4% 1.9x 7.3x9.000% Sr Nts NR 15-Apr-19 Caa1/B- $1,500.0 96 1/4 9.75% 842bp 15-Apr-19 15-Oct-14 104 1/2 9.35% $2,109.5 16.4% 1.9x 7.3x8.250% Sr Nts NR 15-Feb-21 Caa1/B- $1,000.0 91 1/2 9.70% 795bp 15-Feb-21 15-Feb-16 104 1/8 9.02% $2,109.5 16.4% 1.9x 7.3x8.125% Sr Nts NR 15-Jun-17 Caa1/B- $299.7 92 10.15% 924bp 15-Jun-17 nc nc 8.83% $2,109.5 16.4% 1.9x 8.2x7.950% Sr Nts NR 15-Dec-25 Caa1/B- $276.4 80 10.78% 854bp 15-Dec-25 nc nc 9.94% $2,109.5 16.4% 1.9x 8.2x9.500% Sr Sub Nts NR 15-Jun-17 Caa1/B- $420.0 87 13.03% 1,230bp 15-Jun-17 nc nc 10.92% $2,109.5 16.4% 1.9x 8.2xRock-Tenn Co. (RKT)L+200 Term Loan A NR 27-May-16 NR/NR $1,475.0 99 3/5 3.03% 214bp na na na 2.51% $1,160.7 12.2% 11.6x 2.6x5.625% Sr Sec Nts NR 15-Mar-13 Ba1/BB+ $80.5 101 7/8 3.52% 335bp 15-Mar-13 nc nc 5.52% $1,160.7 12.2% 11.6x 3.0xSealed Air Corp. (SEE)L+375 Term Loan B Buy 3-Oct-18 Ba1/BB+ $790.0 101 5.19% 376bp na na na 4.71% $1,119.3 13.8% 3.7x 1.4x7.875% Sr Nts Buy 15-Jun-17 B1/BB $400.0 108 1/3 3.84% 364bp 15-Jun-13 15-Jun-13 104 7.27% $1,119.3 13.8% 3.7x 3.9x8.375% Sr Nts Buy 15-Sep-21 B1/BB $750.0 111 6.32% 556bp 15-Sep-16 15-Sep-16 104 1/5 7.55% $1,119.3 13.8% 3.7x 3.9x6.875% Sr Nts Buy 15-Jul-33 B1/BB $450.0 95 1/8 7.33% 466bp 15-Jul-33 nc nc 7.23% $1,119.3 13.8% 3.7x 3.9x5.625% Sr Nts Buy 15-Jul-13 B1/BB $400.0 103 1/6 3.02% 282bp 15-Jul-13 nc nc 5.45% $1,119.3 13.8% 3.7x 3.9x8.125% Sr Nts Buy 15-Sep-19 B1/BB $750.0 109 1/4 6.09% 512bp 15-Sep-17 15-Sep-15 104 7.44% $1,119.3 13.8% 3.7x 3.9xSource: J.P. Morgan and company reports.




Issuer Description Recommendation Maturity S&P Size Bid YTW Spread Date Date Price Yield Adj. EBITDA Margin Int. Exp. EBITDA

56

Paper and Packaging – Tarek Hamid (1-212) 834-5468

PULP AND PAPERAbitibiBowater (ABH)10.250% Sr Sec Nts (1st Lien) Hold 15-Oct-18 B1/BB- $586.2 114 1/2 5.86% 547bp 15-Oct-14 15-Oct-14 105 1/8 8.95% $481.0 10.1% 5.1x 0.5xAppleton Papers (APPPAP)10.500% Sr Sec Nts (1st Lien) NR 15-Jun-15 B1/B+ $305.0 103 8.67% 840bp 8-Feb-14 8-Feb-13 105 1/4 10.19% $94.5 11.0% 1.5x 3.1x11.250% Sr Sec Nts (2nd Lien) NR 15-Dec-15 B3/CCC+ $161.8 92 3/4 13.82% 1,321bp 15-Dec-15 nc nc 12.13% $94.5 11.0% 1.5x 5.0xBoise Cascade LLC (BOISE)7.125% Sr Sub Nts NR 15-Oct-14 Caa1/B+ $219.6 99 7/8 7.18% 679bp 15-Oct-14 15-Oct-12 100 7.13% $9.5 0.4% 0.5x nmBoise Inc. (BZ)9.000% Sr Nts Hold 1-Nov-17 Ba3/BB $300.0 110 1/8 4.94% 470bp 1-Nov-13 1-Nov-13 104 1/2 8.17% $340.2 14.2% 5.4x 2.1x8.000% Sr Nts Hold 1-Apr-20 Ba3/BB $300.0 109 3/4 5.64% 516bp 1-Apr-15 1-Apr-15 104 7.29% $340.2 14.2% 5.4x 2.1xCascades Inc. (CASCN)7.250% Sr Nts Sell 15-Feb-13 Ba3/B+ $674.0 98 3/4 8.82% 866bp 15-Feb-13 nc nc 7.34% $229.0 6.3% 2.2x 6.5x7.750% Sr Nts Sell 15-Dec-17 Ba3/B+ $500.0 98 1/2 8.08% 706bp 15-Dec-17 15-Dec-13 103 7/8 7.87% $229.0 6.3% 2.2x 6.5x7.875% Sr Nts Sell 15-Jan-20 Ba3/B+ $250.0 97 1/4 8.36% 686bp 15-Jan-20 15-Jan-15 104 8.10% $229.0 6.3% 2.2x 6.5xCatalyst Paper (CTLCN)11.000% Sr Sec Nts NR 15-Dec-16 Caa3/D $280.4 52 1/2 30.82% 0bp 15-Dec-16 15-Dec-12 103 20.95% $67.5 5.3% 0.9x 6.6x7.375% Sr Nts NR 1-Mar-14 C/C $250.0 1 1/2 250.00% 9,999bp 1-Mar-14 491.67% $67.5 5.3% 0.9x 10.5xClearwater Paper (CLW)10.625% Sr Nts NR 15-Jun-16 Ba3/BB $150.0 111 7/8 4.52% 432bp 15-Jun-13 15-Jun-13 105 1/3 9.50% $192.3 10.6% 4.3x 2.6xDomtar (UFS)5.375% Sr Nts Buy 1-Dec-13 Baa3/BBB- $72.2 105 2.22% 197bp 1-Dec-13 nc nc 5.12% $1,088.0 19.4% 12.5x 0.4x7.125% Sr Nts Buy 15-Aug-15 Baa3/BBB- $166.3 110 3/4 3.66% 312bp 15-Aug-15 nc nc 6.43% $1,088.0 19.4% 12.5x 0.4x9.500% Debs Buy 1-Aug-16 Baa3/BBB- $93.0 120 3/4 4.17% 343bp 1-Aug-16 nc nc 7.87% $1,088.0 19.4% 12.5x 0.4x10.750% Sr Nts Buy 1-Jun-17 Baa3/BBB- $277.8 128 5/8 4.44% 354bp 1-Jun-17 nc nc 8.36% $1,088.0 19.4% 12.5x 0.4xGeorgia-Pacific (GP)8.250% Guar Nts Buy 1-May-16 Baa3/A- $750.0 110 1/7 2.27% 209bp 1-May-13 1-May-13 104 1/8 7.49% $3,477.0 18.4% 4.9x 2.0x5.400% Guar Nts Buy 1-Nov-20 Baa3/A- $1,250.0 112 1/2 3.68% 199bp 1-Nov-20 nc nc 4.80% $3,477.0 18.4% 4.9x 2.0x7.700% Debs Buy 15-Jun-15 Baa3/A- $250.0 117 2.12% 160bp 15-Jun-15 nc nc 6.58% $3,477.0 18.4% 4.9x 2.0x8.000% Sr Nts Buy 15-Jan-24 Baa3/A- $500.0 129 1/3 4.72% 260bp 15-Jan-24 nc nc 6.19% $3,477.0 18.4% 4.9x 2.0x7.375% Debs Buy 1-Dec-25 Baa3/A- $250.0 123 3/4 4.96% 273bp 1-Dec-25 nc nc 5.96% $3,477.0 18.4% 4.9x 2.0x7.250% Debs Buy 1-Jun-28 Baa3/A- $300.0 118 2/5 5.51% 314bp 1-Jun-28 nc nc 6.12% $3,477.0 18.4% 4.9x 2.0x7.750% Sr Nts Buy 15-Nov-29 Baa3/A- $500.0 126 2/7 5.41% 295bp 15-Nov-29 nc nc 6.14% $3,477.0 18.4% 4.9x 2.0x8.875% Sr Nts Buy 15-May-31 Baa3/A- $400.0 136 3/4 5.69% 314bp 15-May-31 nc nc 6.49% $3,477.0 18.4% 4.9x 2.0xLouisiana-Pacific (LPX)13.000% Sr Sec Nts (1st Lien) Sell 15-Mar-17 Ba3/BBB- $243.8 96 1/2 4.50% 433bp 15-Mar-13 15-Mar-13 88 1/2 13.47% ($17.0) (1.3%) nm nm




57


Issuer Description Recommendation Maturity S&P Size Bid YTW Spread Date Date Price Yield Adj. EBITDA Margin Int. Exp. EBITDA

Paper and Packaging – Tarek Hamid (1-212) 834-5468

NewPage Corporation (NEWPAG)L+750 DIP Term Loan Buy 8-Mar-13 NR/NR $250.0 100 6/7 8.00% 700bp na na na 8.92% $324.0 9.3% 0.8x 0.3x11.375% Sr Sec Nts (1st Lien) Buy 31-Dec-14 D/D $1,770.0 66 1/2 - - 31-Dec-14 31-Mar-12 105 17.11% $324.0 9.3% 0.8x 6.3x6.524% Sr FRN (L+600, 2nd Lien) Hold 1-May-12 D/D $225.0 4 - - 12-Apr-12 1-May-11 100 163.09% $324.0 9.3% 0.8x 9.5x10.000% Sr Sec Nts (2nd Lien) Hold 1-May-12 D/D $806.0 4 - - 1-May-12 1-May-11 100 250.00% $324.0 9.3% 0.8x 9.5x12.000% Sr Sub Nts Hold 1-May-13 D/D $200.0 1/8 - - 1-May-13 1-May-11 100 9600.00% $324.0 9.3% 0.8x 10.1xNorbord (NBDCN)7.250% Sr Sec Nts (1st Lien) Buy 1-Jul-12 Ba3/BB- $240.0 101 2.38% 230bp 1-Jul-12 nc nc 7.18% $45.0 4.7% 1.4x 9.4x6.450% Sr Sec Nts (1st Lien) Buy 15-Feb-17 Ba3/BB- $200.0 101 1/2 7.32% 648bp 15-Feb-17 nc nc 6.35% $45.0 4.7% 1.4x 9.4xSappi (SAPSJ)11.750% Sr Sec Nts Buy 1-Aug-14 Ba2/BB € 350.0 107 6.02% 580bp 1-Aug-13 1-Aug-12 105 7/8 10.98% $769.0 11.0% 2.7x 2.2x12.000% Sr Sec Nts Buy 1-Aug-14 Ba2/BB $300.0 108 1/2 3.09% 300bp 1-Aug-12 1-Aug-12 106 11.06% $769.0 11.0% 2.7x 2.2x6.625% Sr Sec Nts (1st Lien) Buy 15-Apr-21 Ba2/BB $350.0 93 7.72% 593bp 15-Apr-21 15-Apr-16 103 1/3 7.12% $769.0 11.0% 2.7x 2.2x7.500% Sr Nts Buy 15-Jun-32 B2/B $221.0 80 1/2 9.72% 711bp 15-Jun-32 nc nc 9.32% $769.0 11.0% 2.7x 2.2xTembec Industries (TMBCN)11.250% Sr Sec Nts (1st Lien) NR 15-Dec-18 B3/B- $255.0 106 1/2 9.49% 868bp 15-Dec-16 15-Dec-14 105 5/8 10.56% $95.0 5.5% 3.2x 2.1xVerso Paper (VRS)11.750% Sr Sec Nts (1st Lien) Buy 15-Jan-19 Ba2/BB- $345.0 102 3/4 11.09% 1,005bp 15-Jan-18 15-Jan-15 108 4/5 11.44% $202.5 11.8% 1.7x 1.2x4.024% Sr FRN (L+375, 2nd Lien) Buy 1-Aug-14 B2/B $250.0 84 12.24% 1,177bp 12-Apr-12 13-Sep-10 100 4.79% $202.5 11.8% 1.7x 4.1x8.750% Sr Sec Nts (2nd Lien) Hold 1-Feb-19 B2/B $396.0 55 1/2 21.48% 2,020bp 1-Feb-19 1-Feb-15 104 3/8 15.77% $202.5 11.8% 1.7x 4.1x11.375% Sr Sub Nts Buy 1-Aug-16 Caa1/CCC+ $300.0 64 25.66% 2,493bp 1-Aug-16 1-Aug-12 103 4/5 17.77% $202.5 11.8% 1.7x 5.5xWeyerhaeuser (WY)7.500% Sr Nts Hold 1-Mar-13 Ba1/BBB- $155.6 104 2/7 2.52% 236bp 1-Mar-13 nc nc 7.19% $1,005.0 16.2% 3.0x 3.5x7.250% Sr Nts Hold 1-Jul-13 Ba1/BBB- $128.5 107 1.39% 119bp 1-Jul-13 nc nc 6.78% $1,005.0 16.2% 3.0x 3.5x6.950% Sr Nts Hold 1-Aug-17 Ba1/BBB- $280.8 110 7/9 4.63% 369bp 1-Aug-17 nc nc 6.27% $1,005.0 16.2% 3.0x 3.5x7.375% Sr Nts Hold 1-Oct-19 Ba1/BBB- $500.0 115 1/9 4.93% 349bp 1-Oct-19 nc nc 6.41% $1,005.0 16.2% 3.0x 3.5x7.125% Sr Nts Hold 15-Jul-23 Ba1/BBB- $191.1 106 6.36% 427bp 15-Jul-23 nc nc 6.72% $1,005.0 16.2% 3.0x 3.5x8.500% Sr Nts Hold 15-Jan-25 Ba1/BBB- $300.0 115 2/3 6.66% 448bp 15-Jan-25 nc nc 7.35% $1,005.0 16.2% 3.0x 3.5x7.950% Sr Nts Hold 15-Mar-25 Ba1/BBB- $136.0 112 6.56% 437bp 15-Mar-25 nc nc 7.10% $1,005.0 16.2% 3.0x 3.5x7.700% Sr Nts Hold 15-Feb-26 Ba1/BBB- $150.0 106 1/3 6.98% 474bp 15-Feb-26 nc nc 7.24% $1,005.0 16.2% 3.0x 3.5x6.950% Sr Nts Hold 1-Oct-27 Ba1/BBB- $300.0 106 4/7 6.28% 394bp 1-Oct-27 nc nc 6.52% $1,005.0 16.2% 3.0x 3.5x7.375% Sr Nts Hold 15-Mar-32 Ba1/BBB- $1,250.0 106 3/7 6.78% 419bp 15-Mar-32 nc nc 6.93% $1,005.0 16.2% 3.0x 3.5x6.875% Sr Nts Hold 15-Dec-33 Ba1/BBB- $275.0 102 7/8 6.62% 392bp 15-Dec-33 nc nc 6.68% $1,005.0 16.2% 3.0x 3.5x




58

1. JCPenney covered by Virginia Chambless.Note: Ratios are calculated using EBITDAR, and Adjusted Debt (Net Debt + Rent x 8). TEV calculations are based off Thursday stock prices.For secured bonds, we calculate Net Debt/EBITDA instead of rent-adjusted leverage.Source: J.P. Morgan and company reports.

Ratings (LTM EBITDA/ Adj. Net Debt/Moody’s Amount Recent Quotes Next Call Data LTM LTM EBITDAR/ Capex)/ LTM TEV/

Coupon Description Recom. Maturity S&P Outst. ($ mn) Bid YTW Spread Date Price EBITDA (Net Int + 1/3 Rent) (Net Int) EBITDAR EBITDA

Bon-Ton Stores, Inc.10.250% Sr Nts Hold 15-Mar-14 Caa2/CCC+ 480.0 84 20.78% 2,050bp 14-May-12 100.00 $170.1 2.2x 1.1x 6.1x 6.0xBrown Shoe Company Inc.7.125% Sr Nts Hold 15-May-19 B3/B 200.0 97 7.68% 633bp 15-May-14 105.34 $113.7 3.5x 2.9x 5.9x 6.3xBurlington Coat Factory10.000% Sr Nts Buy 15-Feb-19 Caa1/CCC 450.0 103 1/2 9.08% 824bp 15-Feb-15 105.00 $343.0 2.9x 1.7x 5.8x naClaire’s Stores, Inc.9.000% Sr Sec Nts (1st Lien) Hold 15-Mar-19 B3/B 500.0 103 8.34% 726bp 15-Mar-15 106.75 $266.1 1.9x 1.1x 4.4x na8.875% Sr Sec Nts (2nd Lien) Hold 15-Mar-19 Caa3/CCC 450.0 87 5/8 11.52% 1,020bp 15-Mar-15 104.44 $266.1 1.9x 1.1x 7.8x na9.250% Sr Nts Hold 1-Jun-15 Caa3/CCC 220.3 84 15.93% 1,542bp 1-Jun-12 102.31 $266.1 1.9x 1.1x 7.7x na9.625% Sr Toggle Nts Hold 1-Jun-15 Caa3/CCC 310.9 84 1/2 16.12% 1,561bp 1-Jun-12 102.41 $266.1 1.9x 1.1x 7.7x na10.500% Sr Sub Nts Hold 1-Jun-17 Ca/CCC 259.6 77 17.46% 1,656bp 1-Jun-12 105.25 $266.1 1.9x 1.1x 8.2x naDillard’s, Inc.6.625% Sr Nts Hold 15-Jan-18 B2/BB 87.2 101 1/2 6.31% 526bp nc nc $679.2 8.3x 7.8x 1.5x 5.6x7.130% Sr Nts Hold 1-Aug-18 B2/BB 162.1 104 6.35% 518bp nc nc $679.2 8.3x 7.8x 1.5x 5.6x7.000% Sr Nts Hold 1-Dec-28 B2/BB 145.8 92 1/2 7.81% 541bp nc nc $679.2 8.3x 7.8x 1.5x 5.6xDollar General Corp.11.875% Sr Sub Toggle Nts Sell 15-Jul-17 B1/BB- 450.7 108 1/4 2.26% 218bp 15-Jul-12 105.94 $1,808.9 6.1x 6.3x 2.9x 10.0xGymboree Corporation9.125% Sr Nts Hold 1-Dec-18 Caa1/CCC+ 400.0 90 1/2 11.19% 994bp 1-Dec-14 104.56 $268.2 3.6x 3.6x 5.0x naHSN, Inc.11.250% Sr Nts NR 1-Aug-16 Ba2/BB 240.0 108 1/4 2.03% 194bp 1-Aug-12 105.63 $300.0 8.2x 8.2x 0.2x naJCPenney 1

9.000% Sr Nts Hold 1-Aug-12 Ba1/BB 230.0 102 1/8 1.65% 155bp nc nc $938.0 3.8x 1.3x 3.2x 9.5x6.875% Sr Nts Hold 15-Oct-15 Ba1/BB 200.0 107 3/4 4.46% 388bp nc nc $938.0 3.8x 1.3x 3.2x 9.5x7.650% Debs Hold 15-Aug-16 Ba1/BB 200.0 109 1/2 5.17% 443bp nc nc $938.0 3.8x 1.3x 3.2x 9.5x7.950% Debs Hold 1-Apr-17 Ba1/BB 285.0 111 5.39% 453bp nc nc $938.0 3.8x 1.3x 3.2x 9.5x5.750% Sr Nts Hold 15-Feb-18 Ba1/BB 300.0 101 3/4 5.39% 433bp nc nc $938.0 3.8x 1.3x 3.2x 9.5x5.650% Sr Nts Hold 1-Jun-20 Ba1/BB 400.0 96 3/4 6.16% 457bp nc nc $938.0 3.8x 1.3x 3.2x 9.5x7.125% Debs Hold 15-Nov-23 Ba1/BB 255.0 104 1/4 6.59% 448bp nc nc $938.0 3.8x 1.3x 3.2x 9.5x6.375% Sr Nts Hold 15-Oct-36 Ba1/BB 400.0 87 1/2 7.50% 463bp nc nc $938.0 3.8x 1.3x 3.2x 9.5x7.400% Debs Hold 1-Apr-37 Ba1/BB 326.0 96 1/2 7.72% 483bp Putable na $938.0 3.8x 1.3x 3.2x 9.5x7.625% Debs Hold 1-Mar-97 Ba1/BB 500.0 89 3/4 8.50% 212bp Make Whole T+20 $938.0 3.8x 1.3x 3.2x 9.5x

Retail – Carla Casella, CFA (1-212) 270-6798



59



J.Crew Group, Inc.8.125% Sr Nts Hold 1-Mar-19 Caa1/CCC+ 400.0 101 3/8 7.70% 705bp 1-Mar-14 104.06 $275.0 3.0x 4.1x 5.9x naJo-Ann Stores 2

8.125% Sr Nts NR 15-Mar-19 Caa1/CCC+ 450.0 99 1/4 8.27% 696bp 15-Mar-14 104.06 na na na na naLimited Brands8.500% Sr Nts Hold 15-Jun-19 Ba1/BB+ 500.0 117 1/4 5.55% 418bp Make Whole nc $1,902.7 5.7x 6.0x 2.7x 8.7x7.000% Sr Nts Hold 1-May-20 Ba1/BB+ 400.0 111 5.30% 373bp Make Whole T+50 $1,902.7 5.7x 6.0x 2.7x 8.7x6.625% Sr Nts Hold 1-Apr-21 Ba1/BB+ 1000.0 107 1/4 5.58% 380bp Make Whole T+50 $1,902.7 5.7x 6.0x 2.7x 8.7x5.625% Sr Nts Hold 15-Feb-22 Ba1/BB+ 1000.0 99 3/4 5.66% 367bp Make Whole T+50 $1,902.7 5.7x 6.0x 2.7x 8.7x6.125% Sr Nts Hold 1-Dec-12 Ba2/BB- 57.8 102 1/4 2.47% 232bp Make Whole T+30 $1,902.7 5.7x 6.0x 2.7x 8.7x5.250% Sr Nts Hold 1-Nov-14 Ba2/BB- 213.6 106 2.79% 239bp Make Whole T+20 $1,902.7 5.7x 6.0x 2.7x 8.7x6.900% Sr Nts Hold 15-Jul-17 Ba2/BB- 700.0 111 4.52% 359bp Make Whole T+30 $1,902.7 5.7x 6.0x 2.7x 8.7x6.950% Sr Nts Buy 1-Mar-33 Ba2/BB- 350.0 97 7.23% 458bp Make Whole T+35 $1,902.7 5.7x 6.0x 2.7x 8.7x7.600% Sr Nts Buy 15-Jul-37 Ba2/BB- 300.0 101 7.51% 460bp Make Whole T+35 $1,902.7 5.7x 6.0x 2.7x 8.7xMichael’s Stores, Inc.7.750% Sr Nts NR 1-Nov-18 Caa1/CCC 800.0 105 1/2 6.34% 555bp 1-Nov-14 103.88 $688.0 2.8x 2.3x 4.2x na11.375% Sr Sub Nts NR 1-Nov-16 Caa1/CCC 392.9 106 1/4 6.43% 628bp 1-Nov-12 103.79 $688.0 2.8x 2.3x 4.6x na0.000%/13.000% Sr Disc Nts NR 1-Nov-16 Caa1/CCC 306.6 105 1/2 4.42% 435bp 1-Nov-12 104.33 $688.0 2.8x 2.3x 5.7x naNBTY, Inc.9.000% Sr Nts Hold 1-Oct-18 B3/B 650.0 109 3/8 6.52% 594bp 1-Oct-14 104.50 $500.5 2.9x 2.6x 4.7x naNeiman Marcus Group, Inc.7.125% Sr Sec Nts (1st Lien) Hold 1-Jun-28 B2/BB- 125.0 94 7.78% 541bp nc nc $558.2 2.3x 1.7x 4.2x na10.375% Sr Sub Nts Buy 15-Oct-15 Caa1/B- 500.0 105 3.61% 347bp 15-Oct-12 101.73 $558.2 2.3x 1.7x 4.8x naOffice Depot9.750% Sr Sec Nts NR 15-Mar-19 B2/B- 250.0 101 1/4 9.47% 838bp 15-Mar-16 104.88 $313.7 4.2x 5.7x 1.6x 4.0xPetco Animal Supplies 3

9.250% Guar Nts NR 1-Dec-18 Caa1/CCC+ 500.0 109 6.94% 614bp 1-Dec-13 106.94 na na na na naQVC Inc.1

7.125% Sr Sec Nts (1st Lien) NR 15-Apr-17 Ba2/BBB- 500.0 106 4.44% 426bp 15-Apr-13 103.56 $1,733.0 7.6x 6.4x 1.1x 7.3x7.375% Sr Sec Nts (1st Lien) NR 15-Oct-20 Ba2/BBB- 500.0 109 1/4 5.16% 467bp 15-Apr-15 103.69 $1,733.0 7.6x 6.4x 1.1x 7.3x7.500% Sr Sec Nts NR 1-Oct-19 Ba2/BBB- 1000.0 109 1/4 4.91% 453bp 1-Oct-14 103.75 $1,733.0 7.6x 6.4x 1.1x 7.3x


1. QVC ratios are not rent-adjusted.2. Financial data is available and disclosed through Intralinks only. Please contact us with any questions.3. Financial data is available and disclosed through Intralinks only. Please contact us with any questions.Note: Ratios are calculated using EBITDAR, and Adjusted Debt (Net Debt + Rent x 8). TEV calculations are based off Thursday stock prices.For secured bonds, we calculate Net Debt/EBITDA instead of rent-adjusted leverage.Source: J.P. Morgan and company reports.



60



RadioShack Corp.6.750% Sr Nts Hold 15-May-19 Ba3/B+ 325.0 77 1/2 11.47% 1,012bp Make Whole T + 50 $241.3 3.8x 3.6x 4.5x 2.8xRent-A-Center, Inc.6.625% Sr Nts NR 15-Nov-20 Ba3/BB- 300.0 103 6.06% 483bp 15-Nov-15 103.31 $387.1 5.4x 6.9x 4.0x 7.2xRite Aid Corp.9.750% Sr Sec Nts (1st Lien) Buy 12-Jun-16 B3/B+ 410.0 111 1/4 3.87% 367bp 12-Jun-13 104.88 $934.2 2.2x 1.4x 2.8x 8.2x8.000% Sr Sec Nts (1st Lien) Buy 15-Aug-20 B3/B+ 650.0 115 4.25% 370bp 15-Aug-15 104.00 $934.2 2.2x 1.4x 2.8x 8.2x10.375% Sr Sec Nts (2nd Lien) Buy 15-Jul-16 Caa2/B- 470.0 106 6.53% 644bp 15-Jul-12 105.19 $934.2 2.2x 1.4x 4.1x 8.2x7.500% Sr Sec Nts (2nd Lien) Buy 1-Mar-17 Caa2/B- 500.0 101 1/2 6.91% 645bp 1-Mar-13 102.50 $934.2 2.2x 1.4x 4.1x 8.2x10.250% Sr Sec Nts (2nd Lien) Buy 15-Oct-19 Caa2/B- 270.0 115 3.93% 354bp 15-Oct-14 100.13 $934.2 2.2x 1.4x 4.1x 8.2x9.250% Sr Nts Hold 15-Mar-20 Caa3/CCC 481.0 100 3/4 9.08% 800bp 15-Mar-16 104.63 $934.2 2.2x 1.4x 7.0x 8.2x9.375% Sr Nts Hold 15-Dec-15 Caa3/CCC 405.0 101 3/4 7.76% 756bp 15-Jun-12 102.34 $934.2 2.2x 1.4x 7.0x 8.2x9.500% Sr Nts Hold 15-Jun-17 Caa3/CCC 810.0 100 1/4 9.40% 888bp 15-Jun-12 104.75 $934.2 2.2x 1.4x 7.0x 8.2x6.875% Debs Hold 15-Aug-13 Ca/CCC 180.3 101 3/4 5.49% 527bp nc nc $934.2 2.2x 1.4x 7.3x 8.2x7.700% Debs Hold 15-Feb-27 Ca/CCC 295.0 90 1/2 8.86% 656bp nc nc $934.2 2.2x 1.4x 7.3x 8.2x6.875% Sr Nts Hold 15-Dec-28 Ca/CCC 128.0 86 1/4 8.42% 602bp nc nc $934.2 2.2x 1.4x 7.3x 8.2xSally Holdings LLC6.875% Sr Nts Hold 15-Nov-19 B1/BB+ 750.0 106 5.61% 460bp 15-Nov-15 103.44 $525.1 3.4x 3.2x 4.0x 11.5xYankee Candle Co., Inc.8.500% Sr Nts Hold 15-Feb-15 B2/CCC+ 325.0 102 1/2 5.37% 520bp 15-Feb-13 100.00 $190.9 2.8x 2.4x 4.3x na9.750% Sr Sub Nts Hold 15-Feb-17 B3/CCC+ 188.0 103 1/4 8.43% 797bp 15-Feb-13 103.25 $190.9 2.8x 2.4x 5.1x na10.250% Sr Nts Hold 15-Feb-16 Caa1/CCC+ 315.0 101 10.44% 980bp 15-Feb-13 102.50 $190.9 2.8x 2.4x 6.4x na


Note: Ratios are calculated using EBITDAR, and Adjusted Debt (Net Debt + Rent x 8). TEV calculations are based off Thursday stock prices.For secured bonds, we calculate Net Debt/EBITDA instead of rent-adjusted leverage.Source: J.P. Morgan and company reports.



61

Ratings Amount EBITDA/ Sr. Sec. Debt/ Total Debt/ Net Debt/ Total TEV/ EquityMoody’s Out Recent Quotes Next Call Data EBITDA Int. Exp. EBITDA EBITDA EBITDA Debt/ EBITDA Market

Coupon Description Recom. Maturity S&P ($ mn) Bid YTW Spread Date Price LTM LTM LTM LTM LTM TEV LTM CapBUSINESS & CONSUMER SERVICESDematic (DEMAT)8.750% Sr Sec Nts (1st Lien) NR 1-May-16 B3/B $300.0 104.38 7.12% 663bp 1-May-13 104.38 na na na na na na na naCEVA Group (TNTLOG)L + 500 Term Loan B NR 31-Aug-16 NR/NR $225.8 92.75 7.40% 641bp na na € 350 1.4x 5.5x 6.9x 6.3x na na naL + 500 Term Loan B NR 31-Aug-16 NR/NR $109.4 92.69 7.42% 643bp na na € 350 1.4x 5.5x 6.9x 6.3x na na na8.375% Sr Sec Nts (1st Lien) NR 1-Dec-17 Ba3/B+ $775.0 100.00 8.37% 736bp 1-Dec-13 106.28 € 350 1.4x 5.5x 6.9x 6.3x na na na11.625% Sr Sec Nts NR 1-Oct-16 B3/B- $210.0 106.00 9.54% 897bp 1-Oct-12 108.72 € 350 1.4x 5.5x 6.9x 6.3x na na na11.500% Sr Sec Nts (2nd Lien) NR 1-Apr-18 Caa1/B- $701.8 98.75 11.79% 1070bp 1-Apr-14 105.75 € 350 1.4x 5.5x 6.9x 6.3x na na naIron Mountain (IRM)6.625% Sr Sub Nts Buy 1-Jan-16 B1/B+ $317.5 100.13 6.58% 596bp $932 4.7x 0.8x 3.6x 3.4x 43% 8.3x $5,041.9 8.750% Sr Sub Nts Buy 15-Jul-18 B1/B+ $200.0 103.88 4.60% 451bp 15-Jul-12 102.92 $932 4.7x 0.8x 3.6x 3.4x 43% 8.3x $5,041.9 7.750% Sr Sub Nts NR 1-Oct-19 B1/B+ $400.0 108.38 5.93% 495bp 1-Oct-15 103.88 $932 4.7x 0.8x 3.6x 3.4x 43% 8.3x $5,041.9 8.000% Sr Sub Nts Buy 15-Jun-20 B1/B+ $300.0 105.50 6.37% 618bp 15-Jun-13 104.00 $932 4.7x 0.8x 3.6x 3.4x 43% 8.3x $5,041.9 8.375% Sr Sub Nts Buy 15-Aug-21 B1/B+ $548.2 108.38 6.15% 580bp 15-Aug-14 104.19 $932 4.7x 0.8x 3.6x 3.4x 43% 8.3x $5,041.9 ServiceMaster (SVMSTR)L + 300 Term Loan B NR 24-Jul-14 B1/B+ $2,410.0 98.73 3.55% 292bp na na $588 2.1x 4.3x 6.7x 6.4x na na na10.750% Sr Toggle Nts Buy 15-Jul-15 B3/B- $396.0 104.75 2.24% 215bp 15-Jul-12 102.69 $588 2.1x 4.3x 6.7x 6.4x na na na8.000% Sr Nts NR 15-Feb-20 B3/B- $600.0 105.75 6.79% 572bp 15-Feb-15 106.00 $588 2.1x 4.3x 6.7x 6.4x na na naSyncreon (SYNCIM)9.500% Sr Nts NR 1-May-18 B3/B $300.0 98.00 9.95% 884bp 1-May-14 104.75 na na na na na na na na

RENTALSAshtead Group (AHTLN)9.000% Sr Sec Nts (2nd Lien) NR 15-Aug-16 B2/B+ $550.0 104.25 4.93% 483bp 15-Aug-12 103.00 $464 4.7x 1.2x 2.9x 2.8x 41% 7.0x $1,953.6 Avis (CAR) 1

L + 500 Term Loan B NR 22-Sep-18 Ba1/BB $420.0 100.79 6.10% 469bp na na $781 2.5x 1.1x 4.1x 3.4x 79% 5.5x $1,370.5 7.625% Sr Nts NR 15-May-14 B2/B $200.0 100.50 1.37% 132bp 15-May-12 100.00 $781 2.5x 1.1x 4.1x 3.4x 79% 5.5x $1,370.5 7.750% Sr Nts NR 15-May-16 B2/B $375.0 102.63 6.36% 618bp 15-May-12 102.58 $781 2.5x 1.1x 4.1x 3.4x 79% 5.5x $1,370.5 9.625% Sr Nts NR 15-Mar-18 B2/B $450.0 107.50 7.38% 672bp 15-Mar-14 104.81 $781 2.5x 1.1x 4.1x 3.4x 79% 5.5x $1,370.5 8.250% Sr Nts NR 15-Jan-19 B2/B $600.0 103.00 7.57% 659bp 15-Oct-15 104.13 $781 2.5x 1.1x 4.1x 3.4x 79% 5.5x $1,370.5 9.750% Sr Nts NR 15-Mar-20 B2/B $250.0 108.00 7.90% 694bp 15-Sep-15 104.88 $781 2.5x 1.1x 4.1x 3.4x 79% 5.5x $1,370.5 H&E Equipment Services (HEES)8.375% Sr Nts NR 15-Jul-16 B3/BB- $250.0 102.50 7.14% 680bp 15-Jul-12 102.79 $91 3.1x 0.0x 2.8x 2.7x 29% 9.7x $639.2

Services – Yilma Abebe (1-212) 270-3265

1. Pro forma for acquisition.Note: Loan yields are to maturity; spreads are over libor.Source: J.P. Morgan and company reports.



62

Ratings Amount EBITDA/ Sr. Sec. Debt/ Total Debt/ Net Debt/ Total TEV/ EquityMoody’s Out Recent Quotes Next Call Data EBITDA Int. Exp. EBITDA EBITDA EBITDA Debt/ EBITDA Market

Coupon Description Recom. Maturity S&P ($ mn) Bid YTW Spread Date Price LTM LTM LTM LTM LTM TEV LTM Cap

Services – Yilma Abebe (1-212) 270-3265

Hertz (HTZ)L + 300 Term Loan B NR 11-Mar-18 Ba1/BB $1,400.0 99.51 3.84% 252bp na na $1,319 3.4x 1.2x 3.7x 3.5x 46% 8.1x $6,138.4 7.500% Sr Nts NR 15-Oct-18 B2/B $700.0 105.88 5.99% 522bp 15-Oct-14 103.75 $1,319 3.4x 1.2x 3.7x 3.5x 46% 8.1x $6,138.4 6.750% Sr Nts NR 15-Apr-19 B2/B $1,000.0 102.75 6.08% 525bp 15-Apr-15 103.63 $1,319 3.4x 1.2x 3.7x 3.5x 46% 8.1x $6,138.4 7.375% Sr Nts NR 15-Jan-21 B2/B $500.0 105.50 6.36% 508bp 15-Jan-16 103.69 $1,319 3.4x 1.2x 3.7x 3.5x 46% 8.1x $6,138.4 7.625% Sr Nts NR 1-Jun-12 B3/B $176.1 100.63 2.53% 247bp nc nc $1,319 3.4x 1.2x 3.7x 3.5x 46% 8.1x $6,138.4 Maxim Crane (MXMC)12.250% Sr Sec Nts (2nd Lien) NR 15-Apr-15 Caa2/B $250.0 95.25 14.25% 1377bp 15-Apr-13 105.00 na na na na na na na naNES Rentals Holdings (NESRH)12.250% Sr Sec Nts (2nd Lien) NR 15-Apr-15 Caa2/CCC+ $150.0 94.00 14.80% 1432bp 15-Apr-13 106.13 na na na na na na na naNeff Rentals (NEFF)9.625% Sec Nts NR 15-May-16 Caa1/B- $200.0 99.00 9.92% 923bp 15-May-13 107.22 na na na na na na na naRSC Rental Equipment (RRR)10.000% Sr Sec Nts Hold 15-Jul-17 B1/BB- $400.0 115.75 1.22% 102bp 15-Jul-13 105.00 $560 3.0x 1.7x 4.1x 4.1x 50% 8.2x $2,296.0 9.500% Sr Nts Hold 1-Dec-14 Caa1/B- $503.0 102.63 5.16% 501bp 1-Dec-12 100.00 $560 3.0x 1.7x 4.1x 4.1x 50% 8.2x $2,296.0 10.250% Sr Nts Hold 15-Nov-19 Caa1/B- $200.0 111.00 7.33% 692bp 15-Nov-14 105.13 $560 3.0x 1.7x 4.1x 4.1x 50% 8.2x $2,296.0 8.250% Sr Nts Hold 1-Feb-21 Caa1/B- $650.0 105.50 7.21% 592bp 1-Feb-16 104.13 $560 3.0x 1.7x 4.1x 4.1x 50% 8.2x $2,296.0 United Rentals (URI) 2

9.250% Sr Nts Hold 15-Dec-19 B3/B $500.0 109.00 7.08% 666bp 15-Dec-14 104.63 $1,494 3.0x 1.3x 4.5x 4.5x 73% 6.3x $2,550.4 10.875% Sr Nts Hold 15-Jun-16 B3/B $500.0 112.63 4.24% 404bp 15-Jun-13 105.44 $1,494 3.0x 1.3x 4.5x 4.5x 73% 6.3x $2,550.4 8.375% Sr Sub Nts Hold 15-Sep-20 Caa1/CCC+ $750.0 101.50 8.07% 687bp 15-Sep-15 104.19 $1,494 3.0x 1.3x 4.5x 4.5x 73% 6.3x $2,550.4 5.750% Sr Sec Nts NR 15-Jul-18 Ba3/BB- $750.0 101.50 5.42% 449bp 15-Jul-15 102.88 $1,494 3.0x 1.3x 4.5x 4.5x 73% 6.3x $2,550.4 7.375% Sr Nts NR 15-May-20 B3/B $750.0 100.75 7.22% 610bp 15-May-16 103.69 $1,494 3.0x 1.3x 4.5x 4.5x 73% 6.3x $2,550.4 7.625% Sr Nts NR 15-Apr-22 B3/B $1,325.0 101.00 7.46% 590bp 15-Apr-17 103.81 $1,494 3.0x 1.3x 4.5x 4.5x 73% 6.3x $2,550.4

WASTECasella Waste Systems (CWST)11.000% Sr Sec Nts (2nd Lien) NR 15-Jul-14 B3/BB- $180.0 107.50 2.64% 256bp 15-Jul-12 105.50 $100 2.0x 2.5x 4.7x 4.7x 72% 6.5x $180.6 7.750% Sr Sub Nts NR 15-Feb-19 Caa2/CCC+ $200.0 99.00 7.94% 665bp 15-Feb-15 103.88 $100 2.0x 2.5x 4.7x 4.7x 72% 6.5x $180.6 Covanta Holding (CVA)7.250% Sr Nts Buy 1-Dec-20 Ba3/B+ $400.0 108.21 5.63% 502bp 1-Dec-15 103.63 $492 5.0x 2.6x 4.4x 4.2x 51% 8.5x $2,154.3 6.375% Sr Nts NR 1-Oct-22 Ba3/B+ $400.0 101.21 6.18% 463bp 1-Apr-17 103.19 $492 5.0x 2.6x 4.4x 4.2x 51% 8.5x $2,154.3 EnergySolutions (ES) 1

L + 500 Term Loan B NR 15-Aug-16 Ba3/BB+ $560.0 100.00 6.25% 527bp na na $154 2.1x 1.2x 3.2x 2.9x 59% 5.4x $383.9 10.750% Guar Nts NR 15-Aug-18 Caa1/BB- $300.0 103.25 9.80% 906bp 15-Aug-14 105.38 $154 2.1x 1.2x 3.2x 2.9x 59% 5.4x $383.9 1. Leverage metrics net of restricted cash.2. Pro forma for acquisition.Note: Loan yields are to maturity; spreads are over libor.Source: J.P. Morgan and company reports.


63


Issue Data Market Data Total Return Credit Fundamentals (LTM 9/30/11)Amout Current Next Call EBITDA EBITDA Interest EBITDA-Capex Total Net TEV/

Issuer Desc. Recom. Maturity Rating ($mn) Price($) Yield YTW STW Date Price MTD YTD ($ mn) Margin Coverage Interest Leverage Leverage EBITDA

Shipping – Jenna Giannelli (1-212) 270-9455

ACL I Corp.10.63% Notes 2/15/2016 Caa1/B- 264 98 10.8% 11.1% 824 2/15/2013 105.0 -0.2% 30.3% $92 11.1% 2.9x 1.0x 4.8x 4.7x Private

American Petroleum10.25% Notes 5/1/2015 B1/B+ 258 105.1 9.8% 7.4% 717 5/14/2012 105.1 0.0% 4.9% $62 60.3% 0.8x -0.3x 10.4x 9.9x Private

BLT Finance BV7.50% Notes 5/15/2014 NA/D 400 26.3 nm nm 5/15/2012 103.8 -2.5% -27.2% NA Private

BW Group Ltd6.63% Notes 6/28/2017 Ba1/BB 500 97.8 6.8% 6.9% 579 NC NC -0.8% 13.0% Private Financials Private

CMA CGM8.50% Notes 4/15/2017 Caa2/CCC 396 59.8 14.2% 21.8% 2,051 4/15/2014 104.3 -3.9% 39.3% Private Financials Private

DP World6.85% Notes 7/2/2037 Baa3/BB 1,750 95.6 7.2% 7.2% 457 NC NC -0.3% 8.2%6.25% Notes 7/2/2017 Baa3/BB 1,500 105.1 5.9% 5.0% 405 NC NC 0.1% 5.6% $1,132 35.8% 3.0x 1.4x 6.9x 3.3x Private

General Maritime12.00% Notes 11/15/2017 WR/NR 300 2.7 nm nm 11/15/2013 106.0 14.9% 54.3% NA

Hapag-Lloyd9.75% Notes 10/15/2017 B3/B 250 96.6 10.1% 10.3% 911 10/15/2014 104.9 -0.7% 33.4% $395 6.5% 3.7x 0.8x 4.4x 2.9x Private

Horizon Lines11.00% Notes 10/15/2016 B2/NR 225 101.3 10.9% 9.5% 900 10/15/2012 101.5 -0.6% $20 1.6% 0.4x 0.0x 31.0x 30.3x 30.8x

Marquette Transportation Company10.88% Notes 1/15/2017 B3/B- 250 108.1 10.1% 8.3% 765 1/15/2013 108.2 -0.2% 6.7% Private Financials Private

Navios Maritime Acquisition Overweight8.63% Notes Buy 11/1/2017 B2/B 505 92.5 9.3% 10.4% 949 11/1/2013 104.3 1.1% 27.9% $69 64.0% 1.7x -3.9x 12.3x 11.7x 13.6x

Navios Maritime Holdings Neutral8.88% Notes Hold 11/1/2017 Ba3/BB- 400 101.8 8.7% 8.0% 697 11/1/2013 104.4 0.3% 10.1%8.13% Notes Buy 2/15/2019 B3/B+ 350 86.5 9.4% 10.8% 927 2/15/2015 104.1 1.8% 19.0% $265 66.6% 2.2x 2.4x 5.6x 4.8x 6.3x

Navios South American Logistics9.25% Notes 4/15/2019 B3/B+ 191 88.5 10.5% 11.5% 999 4/15/2014 106.9 2.5% 14.7% Consolidated

Overseas Shipholding Group Overweight8.75% Notes Hold 12/1/2013 Caa1/B- 64 94.0 9.3% 12.2% 1,127 NC NC 1.3% 3.6%8.13% Notes Buy 3/30/2018 Caa1/B- 300 73.0 11.1% 14.9% 1,350 NC NC -1.3% 23.9%7.50% Notes Hold 2/15/2024 Caa1/B- 146 63.5 11.8% 13.6% 1,153 NC NC -0.6% 27.1% $23 2.3% 0.3x -3.9x 92.0x 85.3x 99.2x

Ship Finance8.50% Notes 12/15/2013 B3/B+ 296 100.0 8.5% 8.3% 812 5/14/2012 100.0 0.3% 8.9% $196 68.4% 1.9x -1.2x 10.3x 9.9x 15.5x

Stena SEK7.00% Notes 12/1/2016 Ba3/BB+ 129 101.5 6.9% 2.5% 243 5/14/2012 101.2 4.9% 9.4% 6,210 23.6% 2.9x -2.0x 8.3x 8.0x Private

Teekay Corporation8.50% Notes 1/15/2020 B2/BB- 450 104.0 8.2% 7.8% 638 NC NC -0.4% 9.1% $638 33.2% 4.7x -0.3x 8.4x 7.2x 11.2x

Shipping Average (ex-Distressed) 435 $95.2 9.2% 9.2% 803 104.1 0.4% 15.0% $827 33.9% 2.2x -0.5x 17.7x 16.2x 29.4xJPMorgan High Yield Index 7.5% 659 -0.4% 4.8%Split BBB Index 5.2% 402 0.2% 4.5%BB Index 5.6% 456 -0.4% 2.9%B Index 7.6% 679 -0.4% 4.8%CCC Index 12.4% 1,161 -0.9% 10.2%3 - Month LIBOR 0.5%Source: J.P. Morgan and company reports.



64

RatingsMoody’s Amount Recent Quotes Next Call Data LTM EBITDA Total Debt/ Net Debt/ EBITDA

Coupon Description Recom. Maturity S&P Outst. Bid YTW STW Date Price EBITDA Margin EBITDA EBITDA InterestAspect Software10.625% Sr Sec Nts (2nd Lien) NR 15-May-17 Caa1/B- 300.0 108 1/4 8.21% 737bp 15-May-14 105.31Brightstar Corp.9.500% Guar Nts NR 1-Dec-16 B1/BB- 350.0 103 7/8 8.24% 751bp 1-Dec-14 104.75 $178.0 3.5% 2.5x 2.0x 4.8xBrocade Communication Systems6.625% Sr Sec Nts (1st Lien) NR 15-Jan-18 Ba2/BBB 300.0 104 3/4 4.53% 437bp 15-Jan-13 103.31 $492.0 22.7% 1.5x 0.5x 5.5x6.875% Sr Sec Nts (1st Lien) NR 15-Jan-20 Ba2/BBB 300.0 110 4.19% 366bp 15-Jan-15 103.44 $492.0 22.7% 1.5x 0.5x 5.5xCardtronics Inc.8.250% Sr Sub Nts NR 1-Sep-18 B3/BB 200.0 110 1/2 5.17% 473bp 1-Sep-14 104.13 $141.7 24.2% 2.6x 2.6x 6.8xCeridian11.250% Sr Nts NR 15-Nov-15 Caa2/CCC 825.0 91 1/2 14.34% 1,362bp 15-Nov-12 102.8112.250% Sr Toggle Nts NR 15-Nov-15 Caa2/CCC 505.9 91 1/2 15.40% 1,468bp 15-Nov-12 103.06CoreLogic Inc.7.250% Sr Nts NR 1-Jun-21 Ba3/B+ 400.0 103 1/4 6.67% 511bp 1-Jun-16 103.63 $310.0 23.2% 2.9x 2.5x 5.4xFidelity National Information Services7.875% Guar Nts NR 15-Jul-20 Ba2/BB+ 500.0 111 5.15% 474bp 15-Jul-14 105.91 $1,691.0 29.4% 2.8x 2.6x 6.5x7.625% Guar Nts NR 15-Jul-17 Ba2/BB+ 600.0 109 1/2 4.27% 404bp 15-Jul-13 105.72 $1,691.0 29.4% 2.8x 2.6x 6.5xFirst Data Corporation10.550% Sr Toggle Nts NR 24-Sep-15 Caa1/B- 747.5 101 1/4 9.62% 935bp 30-Sep-12 102.64 $2,276.0 21.2% 8.9x 8.7x 1.6x11.250% Sr Sub Nts NR 31-Mar-16 Caa2/CCC+ 2500.0 90 3/4 14.38% 1,357bp 30-Sep-12 102.81 $2,276.0 21.2% 10.0x 9.8x 1.6x9.875% Sr Nts NR 24-Sep-15 Caa1/B- 197.8 99 3/4 9.90% 921bp 30-Sep-12 102.47 $2,276.0 21.2% 8.9x 8.7x 1.6x9.875% Sr Nts NR 24-Sep-15 Caa1/B- 560.6 100 1/4 9.68% 942bp 30-Sep-12 102.47 $2,276.0 21.2% 8.9x 8.7x 1.6x8.875% Sr Sec Nts (1st Lien) NR 15-Aug-20 B1/B+ 510.0 108 1/2 7.15% 626bp 15-Aug-15 104.44 $2,276.0 21.2% 5.6x 5.4x 1.6x12.625% Sr Nts NR 15-Jan-21 Caa1/B- 3000.0 99 12.81% 1,086bp 15-Jan-16 112.63 $2,276.0 21.2% 8.9x 8.7x 1.6x8.250% Sr Sec Nts NR 15-Jan-21 Caa1/B- 2000.0 98 8.58% 663bp 15-Jan-16 104.13 $2,276.0 21.2% 6.9x 6.7x 1.6x8.750% Sr Sec Toggle Nts (2nd Lien) NR 15-Jan-22 Caa1/B- 1000.0 96 3/4 9.26% 707bp 15-Jan-16 104.38 $2,276.0 21.2% 6.9x 6.7x 1.6x7.375% Sr Sec Nts (1st Lien) NR 15-Jun-19 B1/B+ 1595.0 102 6.91% 581bp 15-Jun-15 103.69 $2,276.0 21.2% 5.6x 5.4x 1.6xGXS Worldwide9.750% Sr Sec Nts NR 15-Jun-15 B2/B 785.0 97 1/8 10.83% 1,021bp 15-Jun-12 104.88 $123.6 25.9% 6.2x 6.0x 1.5xIntcomex Inc.13.250% Sr Sec Nts (2nd Lien) NR 15-Dec-14 B3/B- 115.0 99 1/4 13.57% 1,306bp 15-Dec-12 106.63 $27.6 2.4% 4.1x 3.0x 1.3xiPayment Inc.10.250% Sr Nts NR 15-May-18 B3/CCC+ 400.0 92 1/4 12.08% 1,076bp 15-May-15 105.13 $127.0 17.9% 6.1x 6.1x 2.3xKemet10.500% Sr Sec Nts (1st Lien) NR 1-May-18 B2/B+ 230.0 107 8.43% 759bp 1-May-14 105.25 $184.3 17.0% 1.2x 0.6x 6.1x

Technology: Software and Services – Thomas J. Egan (1-212) 270-2149



65

Lender Processing Services8.125% Sr Nts NR 1-Jul-16 Ba2/BB+ 362.0 104 1/2 5.82% 575bp 1-Jul-12 104.06 $516.0 24.7% 2.2x 2.1x 7.7xSungard Data Systems10.625% Sr Nts NR 15-May-15 Caa1/B 500.0 105 1/3 7.55% 736bp 1-Apr-13 102.66 $1,373.0 30.5% 4.9x 4.2x 2.6x4.875% Sr Sec Nts (1st Lien) NR 15-Jan-14 B3/BB 250.0 102 3/4 3.26% 295bp $1,373.0 30.5% 3.3x 2.7x 2.6x10.250% Sr Sub Nts NR 15-Aug-15 Caa1/B- 1000.0 103 3/4 6.07% 593bp 15-Oct-12 101.71 $1,373.0 30.5% 5.7x 5.1x 2.6x7.375% Sr Nts NR 15-Nov-18 Caa1/B 900.0 106 1/2 5.74% 479bp 15-Nov-13 105.53 $1,373.0 30.5% 4.9x 4.2x 2.6x7.625% Sr Nts NR 15-Nov-20 Caa1/B 700.0 106 3/4 6.36% 492bp 15-Nov-15 103.81 $1,373.0 30.5% 4.9x 4.2x 2.6xSyniverse Technologies9.125% Sr Nts NR 15-Jan-19 Caa1/B- 475.0 110 1/8 6.58% 582bp 15-Jan-15 104.56Trans Union11.375% Guar Nts NR 15-Jun-18 B3/B- 645.0 117 1/4 5.38% 499bp 15-Jun-14 105.69 $353.0 34.5% 6.3x 6.1x 2.8xUnisys12.500% Sr Nts NR 15-Jan-16 B2/BB- 110.6 106 1/4 7.93% 776bp 15-Jan-13 103.13 $539.0 14.0% 0.7x nm 6.5x12.750% Sr Sec Nts (1st Lien) NR 15-Oct-14 Ba1/BB+ 186.2 111 1/4 2.98% 284bp 15-Oct-12 106.38 $539.0 14.0% 0.4x nm 6.5xWeb.comLoan

L+550 Term Loan NR 27-Oct-17 Ba3 / B 600.0 99 2/3 $147.0 4.1x 4.0x 3.0x



Coupon Description Recom. Maturity S&P Outst. Bid YTW STW Date Price EBITDA Margin EBITDA EBITDA Interest

Technology: Software and Services – Thomas J. Egan (1-212) 270-2149




RatingsMoody’s Amount Recent Quotes Next Call Data LTM EBITDA Total Debt/ Net Debt/

Coupon Description Recom. Maturity S&P Outst. Bid YTW STW Date Price EBITDA Margin EBITDA EBITDAAdvanced Micro Devices8.125% Sr Nts NR 15-Dec-17 Ba3/B+ 500.0 110 4.25% 396bp 15-Dec-13 104.06 $902.0 13.7% 2.2x 1.3x7.750% Sr Nts NR 1-Aug-20 Ba3/B+ 500.0 109 3/4 5.56% 491bp 1-Aug-15 103.88 $902.0 13.7% 2.2x 1.3xAmkor Technologies7.375% Sr Nts NR 1-May-18 Ba3/BB 345.0 106 7/8 5.46% 463bp 1-May-14 103.69 $531.0 19.1% 2.1x 1.2x6.625% Sr Nts NR 1-Jun-21 Ba3/BB 400.0 102 3/4 6.22% 419bp 1-Jun-15 104.97 $531.0 19.1% 2.1x 1.2xFreescale Semiconductor8.875% Sr Nts NR 15-Dec-14 Caa1/CCC+ 294.1 102 5/8 4.90% 475bp 15-Dec-12 100.00 $1,093.0 23.9% 5.8x 5.1x10.125% Sr Sub Nts NR 15-Dec-16 Caa2/CCC+ 264.3 105 3/4 5.12% 496bp 15-Dec-12 102.53 $1,093.0 23.9% 6.0x 5.3x10.125% Sr Sec Nts (1st Lien) NR 15-Mar-18 B1/B 663.1 111 1/2 6.22% 588bp 15-Mar-14 105.06 $1,093.0 23.9% 4.4x 3.7x9.250% Sr Sec Nts (1st Lien) NR 15-Apr-18 B1/B 1380.0 109 3/4 6.22% 587bp 15-Apr-14 104.63 $1,093.0 23.9% 4.4x 3.7x8.050% Sr Nts NR 1-Feb-20 Caa1/CCC+ 738.4 101 7.84% 652bp 1-Jun-15 104.03 $1,093.0 23.9% 5.8x 5.1x10.750% Sr Nts NR 1-Aug-20 Caa1/CCC+ 472.4 112 3/4 7.76% 710bp 1-Aug-15 105.38 $1,093.0 23.9% 5.8x 5.1xMagnachip Semiconductor10.500% Sr Nts NR 15-Apr-18 B2/B+ 203.7 111 1/4 6.90% 655bp 15-Apr-14 105.25 $155.0 19.9% 1.7x 0.5xNXP BV8.625% Sr Bds NR 15-Oct-15 Caa1/B 235.0 103 1/2 7.06% 684bp 15-Oct-12 102.88 $1,069.0 25.5% 3.6x 2.9x10.000% Sr Sec Nts NR 15-Jul-13 NR/BB 89.9 108 1/4 3.29% 306bp $1,069.0 25.5% 2.8x 2.1x9.750% Sr Sec Nts (1st Lien) NR 1-Aug-18 B3/B+ 1000.0 113 1/4 5.56% 514bp 1-Aug-14 104.88 $1,069.0 25.5% 0.2xSeagate6.875% Sr Nts NR 1-May-20 Ba1/BB+ 600.0 106 1/4 5.64% 457bp 1-May-15 103.44 $2,019.0 17.5% 1.4x 0.5x7.750% Sr Nts NR 15-Dec-18 Ba1/BB+ 750.0 109 1/4 5.36% 485bp 15-Dec-14 103.88 $2,019.0 17.5% 1.4x 0.5x7.000% Sr Nts NR 1-Nov-21 Ba1/BB+ 600.0 107 3/8 5.70% 464bp 1-May-16 103.50 $2,019.0 17.5% 1.4x 0.5x6.800% Sr Nts NR 1-Oct-16 Ba1/BB+ 600.0 110 1/2 4.20% 327bp $2,019.0 17.5% 1.4x 0.5x10.000% Sr Sec Nts (2nd Lien) NR 1-May-14 Baa3/BBB 385.6 113 2.22% 202bp 1-May-13 105.00 $2,019.0 17.5% 0.2xSensata Technologies6.500% Sr Sec Nts NR 15-May-19 B3/B 700.0 104 1/2 5.48% 440bp 15-May-15 103.25 $489.0 27.8% 3.8x 3.7xSpansion LLC7.875% Sr Nts NR 15-Nov-17 B3/BB- 200.0 96 1/2 8.67% 748bp 15-Nov-13 103.94 $256.0 21.7% 1.8x 0.8x


Technology: Semiconductors – Thomas J. Egan (1-212) 270-2149

66



67


Coupon Description Recom. Maturity S&P Outst. Bid YTW STW Date Price EBITDA Margin EBITDA EBITDA InterestAlcatel-Lucent6.375% Sr Nts NR 7-Apr-14 B2/B 462.0 102 1/2 5.03% 483bp € 1,205 7.7% 3.8x 0.9x 4.0x8.500% Sr Nts NR 15-Jan-16 B2/B 500.0 104 7.26% 677bp € 1,205 7.7% 3.8x 0.9x 4.0x6.450% Debs NR 15-Mar-29 B2/B 1360.0 79 8.87% 624bp € 1,205 7.7% 3.8x 0.9x 4.0x6.500% Debs NR 15-Jan-28 B2/B 300.0 78 1/4 9.13% 656bp € 1,205 7.7% 3.8x 0.9x 4.0xAvaya9.750% Sr Nts NR 1-Nov-15 Caa2/CCC+ 700.0 98 1/2 10.26% 954bp 1-Nov-12 102.44 $1,028 18.5% 6.0x 5.6x 2.2x10.125% Sr Toggle Nts NR 1-Nov-15 Caa2/CCC+ 833.8 98 1/2 10.64% 992bp 1-Nov-12 102.53 $1,028 18.5% 6.0x 5.6x 2.2x7.000% Sr Sec Nts (1st Lien) NR 1-Apr-19 B1/B 1009.0 100 7/8 6.79% 574bp 1-Apr-15 103.50 $1,028 18.5% 4.5x 4.2x 2.2xCDW LLC11.000% Sr Nts NR 12-Oct-15 Caa1/CCC+ 49.3 105 1/2 5.38% 524bp 15-Oct-12 102.75 $717 7.5% 4.7x 4.5x 2.2x8.000% Sr Sec Nts (1st Lien) NR 15-Dec-18 B1/B 500.0 109 1/2 5.54% 503bp 15-Dec-14 104.00 $717 7.5% 2.8x 2.7x 2.2x12.535% Sr Sub Nts NR 12-Oct-17 Caa1/CCC+ 721.5 109 6.65% 651bp 15-Oct-12 106.27 $717 7.5% 5.7x 5.5x 2.2x11.500% Sr Toggle Nts NR 12-Oct-15 Caa1/CCC+ 79.7 105 3/4 5.61% 547bp 15-Oct-12 102.88 $717 7.5% 4.7x 4.5x 2.2x8.500% Sr Nts NR 1-Apr-19 B3/CCC+ 1175.0 106 3/4 6.88% 583bp 1-Apr-15 104.25 $717 7.5% 4.7x 4.5x 2.2x


Technology: Telecom Equipment – Thomas J. Egan (1-212) 270-2149


Coupon Description Recom. Maturity S&P Outst. Bid YTW STW Date Price EBITDA Margin EBITDA EBITDA InterestFlextronics InternationalLoans

L+225 TL NR 1-Oct-14 Ba1/BB+ 609.0 99 $1,129.0 3.7% 1.9x 0.6x 28.9xL+225 TL NR 1-Oct-14 Ba1/BB+ 125.0 99 $1,129.0 3.7% 1.9x 0.6x 28.9xL+225 TL NR 1-Oct-14 Ba1/BB+ 150.0 99 $1,129.0 3.7% 1.9x 0.6x 28.9xL+225 TL NR 1-Oct-14 Ba1/BB+ 200.0 99 $1,129.0 3.7% 1.9x 0.6x 28.9x

Jabil Circuit8.250% Sr Nts NR 15-Mar-18 Ba1/BB+ 400.0 116 5.09% 382bp $1,055.9 6.2% 1.3x 0.7x 10.0x5.625% Sr Nts NR 15-Dec-20 Ba1/BB+ 400.0 104 1/2 4.98% 305bp $1,055.9 6.2% 1.3x 0.7x 10.0x7.750% Sr Nts NR 15-Jul-16 Ba1/BB+ 312.0 113 1/2 4.25% 338bp $1,055.9 6.2% 1.3x 0.7x 10.0xSanmina7.000% Sr Nts NR 15-May-19 B1/B 500.0 102 1/4 6.47% 540bp 15-May-14 105.25 $349.0 5.4% 2.2x 0.9x 3.2x8.125% Sr Sub Nts NR 1-Mar-16 B3/B- 250.0 102 5/8 6.54% 636bp 1-Mar-13 101.35 $349.0 5.4% 3.1x 1.8x 3.2xViasystems12.000% Sr Sec Nts NR 15-Jan-15 B2/BB- 220.0 107 1/2 5.78% 570bp 15-Jul-12 106.00 $136.0 13.2% 1.7x 1.2x 6.2x

Technology: Electronic Manufacturing Services (EMS) – Thomas J. Egan (1-212) 270-2149




68

Most Recent QuarterIssue Amount Amount Issue Recent Quotes EBITDAR Unrestricted Cash Total Adj. Debt to

Coupon Description Recommendation Maturity Ratings Date Issued Outstg. Spread Price Yield Spread Margin % of LTM Revenues LTM EBITDAR Delta Airlines9.500% Senior Secured (1st) Buy 15-Sep-14 Ba2/BB- 28-Sep-09 $750.0 $601.1 744 $106.00 5.0% 482 13.2% 15.1% 3.9x12.250% Senior Secured (2nd) Buy 15-Mar-15 B2/B+ 28-Sep-09 $600.0 $397.1 1056 $108.00 7.7% 739 13.2% 15.1% 3.9x9.750% Sr Secured (EETC: 09-1B) Buy 17-Dec-16 Ba2/BBB- 24-Nov-09 $119.9 $66.4 775 $104.13 8.7% 784 13.2% 15.1% 3.9xUnited Airlines12.000% Sr Secured (EETC: 09-1B) Buy 15-Jan-16 Ba2/BB+ 24-Nov-09 $112.6 $87.0 955 $109.00 9.1% 847 10.5% 21.1% 4.1x6.750% Senior Secured (1st) Buy 15-Sep-15 Ba2/BB- 20-Aug-10 $800.0 $800.0 539 $100.13 6.7% 632 10.5% 21.1% 4.1x9.875% Senior Secured (1st) Buy 1-Aug-13 Ba3/BB- 15-Jan-10 $500.0 $450.0 831 $105.00 3.4% 324 10.5% 21.1% 4.1x12.000% Senior Secured (2nd) Buy 1-Nov-13 B3/B- 15-Jan-10 $200.0 $200.0 1181 $106.00 4.2% 403 10.5% 21.1% 4.1xAir Canada9.250% Senior Secured (1st) Hold 1-Aug-15 B2/B+ 27-Jul-10 $600.0 $600.0 772 $95.25 11.0% 1,046 6.0% 19.2% 5.4x12.000% Senior Secured (2nd) Hold 1-Feb-16 Caa2/B- 27-Jul-10 $200.0 $200.0 1122 $86.50 16.9% 1,631 6.0% 19.2% 5.4x


Transportation: Airlines Unsecured – Mark Streeter (212) 834-5086

Issue Amount Recent QuotesCoupon Description Recommendation Maturity Ratings Date Outstg. Price Yield T-SpreadKansas City Southern8.000% Senior Unsecured Buy 1-Feb-18 Ba2/BB+ 20-Sep-10 $296 $111.0 3.8% 350


Transportation: Rail – Mark Streeter (212) 834-5086



Ratings EBITDA ResourceMoody’s Recent Quotes YTD Next Call Data EBITDA Interest Debt/ Debt

Coupon Description Recom. Maturity S&P Current Offer YTW Spread Date Date Price LTM LTM EBITDA LTM EV 1

69

Utilities – Dave Katz (1-212) 270-4593

AES Corporation7.750% Sr Nts NR 1-Mar-14 Ba3/BB- $500 $108.00 3.31% 303bp 1-Mar-14 nc nc $3,645 2.3x 1.7x 20%7.750% Sr Nts NR 15-Oct-15 Ba3/BB- $500 $111.50 4.18% 360bp 15-Oct-15 nc nc $3,645 2.3x 1.7x 20%9.750% Sr Nts NR 15-Apr-16 Ba3/BB- $535 $117.00 5.00% 433bp 15-Apr-16 nc nc $3,645 2.3x 1.7x 20%8.000% Sr Nts NR 15-Oct-17 Ba3/BB- $1500 $112.25 5.40% 441bp 15-Oct-17 nc nc $3,645 2.3x 1.7x 20%8.000% Sr Nts NR 1-Jun-20 Ba3/BB- $625 $113.50 5.88% 429bp 1-Jun-20 nc nc $3,645 2.3x 1.7x 20%7.375% Sr Nts NR 1-Jul-21 Ba3/BB- $1000 $110.00 5.95% 411bp 1-Jul-21 nc nc $3,645 2.3x 1.7x 20%Calpine Corp.7.250% Sr Sec Nts (1st Lien) NR 15-Oct-17 B1/BB- $1200 $105.38 5.54% 496bp 15-Oct-15 15-Oct-13 $103.63 $1,726 2.3x 4.5x 45%8.000% Sr Sec Nts (1st Lien) NR 15-Aug-19 B1/NR $400 $108.00 6.39% 584bp 15-Aug-15 15-Aug-15 $104.00 $1,726 2.3x 4.5x 45%7.875% Sr Sec Nts (1st Lien) NR 31-Jul-20 B1/BB- $1100 $107.25 6.44% 551bp 31-Jul-17 31-Jul-15 $103.94 $1,726 2.3x 4.5x 45%7.500% Sr Sec Nts (1st Lien) NR 15-Feb-21 B1/BB- $2000 $104.75 6.59% 537bp 1-Nov-18 1-Nov-15 $103.75 $1,726 2.3x 4.5x 45%7.875% Sr Sec Nts NR 15-Jan-23 B1/BB- $1200 $106.00 6.86% 536bp 15-Jan-20 15-Jan-17 $103.94 $1,726 2.3x 4.5x 45%Edison Mission 2

7.500% Sr Nts Hold 15-Jun-13 Caa3/CCC+ $500 $75.00 35.47% 3527bp 15-Jun-13 nc nc $510 1.6x 8.2x 117%8.560% P-T Certs NR 2-Jan-16 Ba3/B+ $404 $96.25 9.78% 916bp 2-Jan-16 nc nc $510 1.6x 8.2x 117%7.750% Sr Nts Hold 15-Jun-16 Caa3/CCC+ $500 $64.00 21.16% 2046bp 15-Jun-16 nc nc $510 1.6x 8.2x 117%7.000% Sr Nts Hold 15-May-17 Caa3/CCC+ $1200 $61.00 19.40% 1852bp 15-May-17 nc nc $510 1.6x 8.2x 117%7.200% Sr Nts Hold 15-May-19 Caa3/CCC+ $800 $59.50 17.35% 1600bp 15-May-19 nc nc $510 1.6x 8.2x 117%7.625% Sr Nts Hold 15-May-27 Caa3/CCC+ $700 $57.00 14.83% 1252bp 15-May-27 nc nc $510 1.6x 8.2x 117%Genon Energy7.625% Sr Nts NR 15-Jun-14 B3/B $575 $101.00 7.11% 679bp 15-Jun-14 nc nc $622 1.6x 6.6x 104%7.875% Sr Nts NR 15-Jun-17 B3/B $725 $86.50 11.40% 1049bp 15-Jun-17 nc nc $622 1.6x 6.6x 104%9.500% Sr Nts NR 15-Oct-18 B3/B $675 $90.75 11.56% 1035bp 15-Oct-18 nc nc $622 1.6x 6.6x 104%9.875% Sr Nts NR 15-Oct-20 B3/B $550 $89.25 11.92% 1024bp 15-Oct-20 15-Oct-15 $104.94 $622 1.6x 6.6x 104%8.500% Sr Nts NR 1-Oct-21 B3/BB- $450 $87.00 10.72% 882bp 1-Oct-21 nc nc $622 1.6x 6.6x 104%9.125% Sr Nts NR 1-May-31 B3/BB- $400 $85.00 11.02% 848bp 1-May-31 nc nc $622 1.6x 6.6x 104%NRG Energy, Inc.7.375% Sr Nts Hold 15-Jan-17 B1/BB- $1090 $103.63 5.60% 544bp 15-Jan-13 15-Jan-13 $102.46 $1,820 2.7x 4.4x 67%7.625% Sr Nts Buy 15-Jan-18 B1/BB- $1200 $98.50 7.95% 691bp 15-Jan-18 nc nc $1,820 2.7x 4.4x 67%8.500% Sr Nts Buy 15-Jun-19 B1/BB- $700 $100.00 8.50% 759bp 15-Jun-17 15-Jun-14 $104.25 $1,820 2.7x 4.4x 67%7.625% Sr Nts Buy 15-May-19 B1/BB- $800 $95.75 8.43% 708bp 15-May-19 15-May-14 $103.81 $1,820 2.7x 4.4x 67%8.250% Guar Nts Buy 1-Sep-20 B1/BB- $1100 $96.00 8.94% 729bp 1-Sep-20 1-Sep-15 $104.13 $1,820 2.7x 4.4x 67%7.875% Sr Nts Buy 15-May-21 B1/BB- $1200 $93.00 9.02% 721bp 15-May-21 15-May-16 $103.94 $1,820 2.7x 4.4x 67%

Note: EBITDA is Adjusted EBITDA. Interest Expense is based on LTM values.1. Enterprise value calculated on total debt value, not just through recourse debt. 2. For Edision Mission, an assumed 7.0x EV/EBITDA multiple was used. Midwest Generation pass-through certificates are recourse to Edison Mission.Source: J.P. Morgan and company reports.



70

Ratings EBITDA ResourceMoody’s Recent Quotes YTD Next Call Data EBITDA Interest Debt/ Debt

Coupon Description Recom. Maturity S&P Current Offer YTW Spread Date Date Price LTM LTM EBITDA LTM EV 1

Utilities – Dave Katz (1-212) 270-4593

Texas Competitive Electric Holdings Company LLC 1

10.250% Sr Nts NR 1-Nov-15 Caa3/D $1833 $22.50 75.38% 7479bp 1-Nov-15 nc nc $3,584 0.9x 8.3x 119%10.250% Sr Nts NR 1-Nov-15 Caa3/D $1292 $22.00 76.67% 7608bp 1-Nov-15 1-Nov-12 $102.56 $3,584 0.9x 8.3x 119%11.250% Sr Toggle Nts NR 1-Nov-16 Caa3/D $1567 $19.00 55.03% 5425bp 1-Nov-16 1-Nov-12 $105.25 $3,584 0.9x 8.3x 119%11.500% Sr Sec Nts (1st Lien) NR 1-Oct-20 B2/CCC $1750 $63.00 20.92% 1925bp 1-Oct-20 1-Apr-16 $105.75 $3,584 0.9x 8.3x 119%15.000% Sr Sec Nts (2nd Lien) NR 1-Apr-21 Caa3/CC $1235 $39.50 40.03% 3824bp 1-Apr-21 1-Oct-15 $107.50 $3,584 0.9x 8.3x 119%Energy Future Holdings Corp.2

5.550% Sr Nts NR 15-Nov-14 Ca/D $326 $72.50 19.63% 1922bp 15-Nov-14 nc nc $5,036 1.2x 7.4x 105%7.460% Sec Nts (1st Lien) NR 1-Jan-15 Caa3/CC $14 $100.32 7.32% 689bp 1-Jan-15 nc nc $5,036 1.2x 7.4x 105%12.000% Sr Toggle Nts NR 1-Nov-17 Ca/D $438 $84.75 16.23% 1523bp 1-Nov-17 1-Nov-12 $105.63 $5,036 1.2x 7.4x 105%10.875% Sr Nts NR 1-Nov-17 Ca/D $181 $85.00 14.95% 1395bp 1-Nov-17 1-Nov-12 $105.44 $5,036 1.2x 7.4x 105%7.480% Sec Nts (1st Lien) NR 1-Jan-17 Caa3/NR $55 $90.01 10.20% 938bp 1-Jan-17 nc nc $5,036 1.2x 7.4x 105%9.750% Sr Sec Nts NR 15-Oct-19 Caa3/B- $115 $102.00 9.28% 829bp 15-Oct-17 15-Oct-14 $104.88 $5,036 1.2x 7.4x 105%10.000% Sr Sec Nts NR 15-Jan-20 Caa3/B- $1061 $108.00 8.22% 740bp 15-Jan-17 15-Jan-15 $105.00 $5,036 1.2x 7.4x 105%6.500% Sr Nts NR 15-Nov-24 Ca/CC $740 $51.75 15.22% 1305bp 15-Nov-24 nc nc $5,036 1.2x 7.4x 105%6.550% Sr Nts NR 15-Nov-34 Ca/CC $744 $49.50 13.94% 1119bp 15-Nov-34 nc nc $5,036 1.2x 7.4x 105%

1. Enterprise value calculated on total debt value, not just through recourse debt. 2. For Texas Competitive Electric Holdings Company LLC enterprise value estimated using a 7.0x EBITDA multiple. Capitalization and liquidity data is pro forma for the $650mn repayment of borrowings under TCEH revolver.3. For Energy Future Holdings enterprise value estimated using a 7.0x EBITDA multiple. Capitalization and liquidity data is pro forma for the $650mn repayment of the borrowings under TCEH revolver and the issuance of EFIH's 11.750% notes due 2022.Note: EBITDA is Adjusted EBITDA. Interest Expense is based on LTM values.Source: J.P. Morgan and company reports.



71

RatingsMoody’s Amount Recent Quotes Next Call Data LTM Interest LTM Total

Coupon Description Recom. Maturity S&P Outst. Bid YTW Spread Date Price Coverage Leverage SubscribersClearwire Corporation12.000% Sr Sec Nts (1st Lien) NR 1-Dec-15 B3/CCC 2,027.5 93 1/4 14.44% 1,384bp 1-Dec-12 106.00 nm nm 10,414,000 12.000% Sr Sec Nts (1st Lien) NR 1-Dec-15 B3/CCC 920.0 93 1/4 14.44% 1,384bp 1-Dec-12 106.00 nm nm 10,414,000 14.750% Sr Sec Nts (1st Lien) NR 1-Dec-16 B3/CCC 300.0 106 12.98% 1,218bp nm nm 10,414,001 12.000% Sr Sec Nts (2nd Lien) NR 1-Dec-17 Caa3/CC 500.0 84 16.46% 1,544bp nm nm 10,414,000 Digicel Group8.875% Sr Nts NR 15-Jan-15 Caa1/NR 1,000.0 102 6.07% 592bp 15-Jan-13 100.00 2.7x 4.4x 12,700,000 9.125% Sr Toggle Nts NR 15-Jan-15 Caa1/NR 415.1 102 6.32% 616bp 15-Jan-13 100.00 2.7x 4.4x 12,700,000 10.500% Sr Nts NR 15-Apr-18 Caa1/NR 775.0 109 1/2 7.75% 746bp 15-Apr-14 105.25 2.7x 4.4x 12,700,000 Leap Wireless International, Inc.7.750% Sr Sec Nts NR 15-May-16 Ba2/B+ 1,100.0 105 1/2 5.77% 527bp 15-May-12 105.81 2.2x 2.0x 5,934,000 10.000% Sr Nts NR 15-Jul-15 B3/CCC+ 300.0 104 3/4 7.65% 731bp 15-Jul-12 105.00 2.2x 5.3x 5,934,000 7.750% Sr Nts NR 15-Oct-20 B3/CCC+ 1,600.0 97 8.25% 657bp 15-Oct-15 103.88 2.2x 5.3x 5,934,000 MetroPCS7.875% Sr Nts NR 1-Sep-18 B2/B 1,000.0 104 3/4 6.60% 585bp 1-Sep-14 103.94 5.2x 3.6x 9,346,659 6.625% Sr Nts NR 15-Nov-20 B2/B 1,000.0 98 6.94% 524bp 15-Nov-15 103.31 5.2x 3.6x 9,346,659 NII Capital10.000% Sr Nts NR 15-Aug-16 B2/B+ 800.0 113 3.60% 338bp 15-Aug-13 105.00 4.9x 3.1x 10,712,000 8.875% Sr Nts NR 15-Dec-19 B2/B+ 500.0 104 3/4 7.82% 679bp 15-Dec-14 104.44 4.9x 3.1x 10,712,000 7.625% Sr Nts NR 1-Apr-21 B2/B+ 1,450.0 96 1/2 8.18% 640bp 1-Apr-16 103.81 4.9x 3.1x 10,712,000 Sprint Nextel Corporation6.875% Sr Nts NR 31-Oct-13 B1/B+ 1,472.9 99 7/8 6.96% 672bp 5.0x 4.4x 55,021,000 5.950% Sr Nts NR 15-Mar-14 B1/B+ 1,169.9 99 7/8 6.02% 573bp 5.0x 4.4x 55,021,000 7.375% Sr Nts NR 1-Aug-15 B1/B+ 2,137.1 95 1/2 8.98% 844bp 5.0x 4.4x 55,021,000 6.000% Sr Nts NR 1-Dec-16 B3/B+ 2,000.0 88 3/4 9.03% 823bp 5.0x 4.4x 55,021,000 9.125% Sr Nts NR 1-Mar-17 B3/B+ 1,000.0 99 1/4 9.31% 847bp 5.0x 4.4x 55,021,000 8.375% Sr Nts NR 15-Aug-17 B3/B+ 1,300.0 95 1/4 9.53% 858bp 5.0x 4.4x 55,021,000 9.000% Sr Nts NR 15-Nov-18 Ba3/BB- 3,000.0 108 1/2 7.35% 611bp 5.0x 1.1x 55,021,000 6.900% Sr Guar Nts NR 1-May-19 B3/B+ 1,729.4 85 1/2 9.80% 846bp 5.0x 4.4x 55,021,000 7.000% Nts NR 1-Mar-20 Ba3/BB- 1000.0 100 1/2 6.91% 538bp 5.0x 1.1x 55,021,000 11.500% Sr Nts NR 15-Nov-21 B3/B+ 1,000.0 106 1/2 10.41% 848bp 5.0x 4.4x 55,021,000 9.250% Sr Nts NR 15-Apr-22 B3/B+ 200.0 97 9.73% 771bp 5.0x 4.4x 55,021,000 6.875% Sr Nts NR 15-Nov-28 B3/B+ 2,475.0 74 3/4 10.03% 763bp 5.0x 4.4x 55,021,000 8.750% Sr Nts NR 15-Mar-32 B3/B+ 2,000.0 84 1/2 10.64% 804bp 5.0x 4.4x 55,021,000 Trilogy International Partners10.250% Sr Sec Nts (1st Lien) NR 15-Aug-16 Caa1/CCC+ 370.0 87 14.37% 1,363bp 15-Aug-13 105.13Vimpelcom6.493% Nts NR 2-Feb-16 Ba3/BB 500.0 102 1/4 5.82% 518bp 4.8x 2.6x 205,000,000 7.748% Nts NR 2-Feb-21 Ba3/BB 1,000.0 97 5/9 8.14% 639bp 4.8x 2.6x 205,000,000 7.504% Bds NR 1-Mar-22 Ba3/BB 1,500.0 95 3/8 8.19% 620bp 4.8x 2.6x 205,000,000 Wind Acquisition11.750% Sr Sub Sec Nts NR 15-Jul-17 B3/BB- 2,000.0 94 13.36% 1,244bp 15-Jul-13 105.88 2.9x 4.4x 21,014,000 11.750% Sr Sub Sec Nts NR 15-Jul-17 B3/BB- 1,250.0 89 14.82% 1,408bp 15-Jul-13 105.88 2.9x 4.4x 21,014,000 12.250% Sr Toggle Nts NR 15-Jul-17 Caa1/B 754.2 85 16.63% 1,570bp 15-Jul-13 106.13 2.9x 4.9x 21,014,000 12.250% Sr Toggle Nts NR 15-Jul-17 Caa1/B 392.2 85 16.63% 1,588bp 15-Jul-13 106.13 2.9x 4.9x 21,014,000 7.250% Sr Sec Nts (1st Lien) NR 15-Feb-18 Ba3/BB 1,300.0 92 3/8 8.96% 789bp 15-Nov-13 105.44 2.9x 3.0x 21,014,000 7.250% Sr Sec Nts (1st Lien) NR 15-Feb-18 Ba3/BB 400.0 91 1/4 9.22% 816bp 15-Nov-13 105.44 2.9x 3.0x 21,014,000 7.375% Sr Sec Nts (1st Lien) NR 15-Feb-18 Ba3/BB 1,750.0 88 1/2 10.03% 915bp 15-Nov-13 105.53 2.9x 3.0x 21,014,000 Source: J.P. Morgan and company reports.

Wireless Telecommunications: Rural, Regional, and National Wireless – Thomas J. Egan (1-212) 270-2149



72

RatingsMoody’s Amount Recent Quotes Next Call Data LTM Interest LTM Total

Coupon Description Recom. Maturity S&P Outst. Bid YTW Spread Date Price Coverage Leverage TowersCrown Castle7.750% Sr Sec Nts NR 1-May-17 Baa3/BB 1000.4 108 5/8 2.99% 280bp 1-May-13 103.88 3.2x 3.6x 23,7839.000% Sr Nts NR 15-Jan-15 B1/B- 866.9 110 1/4 2.56% 240bp 15-Jan-13 105.63 3.2x 5.3x 23,7837.125% Sr Nts NR 1-Nov-19 B1/B- 500.0 108 3/8 4.91% 451bp 1-Nov-14 103.56 3.2x 5.3x 23,783SBA Telecommunications8.000% Sr Nts NR 15-Aug-16 B1/B+ 375.0 107 3/8 3.53% 343bp 15-Aug-12 106.00 2.8x 5.6x 10,5248.250% Sr Nts NR 15-Aug-19 B1/B+ 375.0 110 1/8 5.26% 490bp 15-Aug-14 104.13 2.8x 5.6x 10,524

Wireless Telecommunications: Tower – Thomas J. Egan (1-212) 270-2149




73

RatingsMoody’s Amount Recent Quotes Next Call LTM LTM LTM

Coupon Description Recom. Maturity S&P Outst. Bid YTW Spread Date Price Revenue EBITDA Leverage

Cincinnati Bell Telephone6.300% Sr Guar Nts NR 1-Dec-28 Ba1/BB- 134.5 79 7/8 8.60% 619bp $1,462 $545.0 0.7x7.250% Sr Sec Nts NR 15-Jun-23 Ba1/BB- 40.0 90 8.66% 658bp $1,462 $545.0 0.7x7.000% Sr Nts NR 15-Feb-15 B1/B 250.0 100 1/2 6.36% 619bp 15-Feb-13 100.00 $1,462 $545.0 3.5x8.375% Sr Nts NR 15-Oct-20 B1/B 775.0 98 1/2 8.63% 695bp 15-Oct-15 104.19 $1,462 $545.0 3.5x8.750% Sr Sub Nts NR 15-Mar-18 B3/CCC+ 625.0 91 3/4 10.66% 958bp 15-Mar-14 104.38 $1,462 $545.0 4.6x8.250% Sr Nts NR 15-Oct-17 B1/B 500.0 102 1/4 7.51% 693bp 15-Oct-13 104.13 $1,462 $545.0 3.5xFrontier Communications6.250% Sr Nts NR 15-Jan-13 Ba2/BB 580.7 102 3.53% 337bp $5,243 $2,485.0 3.3x8.250% Sr Nts NR 1-May-14 Ba2/BB 600.0 108 1/8 4.06% 376bp $5,243 $2,485.0 3.3x6.625% Sr Nts NR 15-Mar-15 Ba2/BB 300.0 104 1/8 5.08% 461bp $5,243 $2,485.0 3.3x7.875% Sr Nts NR 15-Apr-15 Ba2/BB 500.0 107 1/2 5.14% 466bp $5,243 $2,485.0 3.3x8.250% Sr Nts NR 15-Apr-17 Ba2/BB 1100.0 107 1/4 6.53% 566bp $5,243 $2,485.0 3.3x8.125% Sr Nts NR 1-Oct-18 Ba2/BB 600.0 104 5/8 7.22% 601bp $5,243 $2,485.0 3.3x7.125% Sr Nts NR 15-Mar-19 Ba2/BB 434.0 99 1/4 7.26% 595bp $5,243 $2,485.0 3.3x8.500% Sr Nts NR 15-Apr-20 Ba2/BB 1100.0 104 7.82% 626bp $5,243 $2,485.0 3.3x8.750% Sr Nts NR 15-Apr-22 Ba2/BB 500.0 104 1/2 8.09% 607bp $5,243 $2,485.0 3.3x7.000% Debs NR 1-Nov-25 Ba2/BB 138.0 88 8.51% 628bp $5,243 $2,485.0 3.3x7.875% Sr Nts NR 15-Jan-27 Ba2/BB 345.9 89 1/2 9.19% 689bp $5,243 $2,485.0 3.3x9.000% Sr Nts NR 15-Aug-31 Ba2/BB 945.3 95 3/4 9.48% 692bp $5,243 $2,485.0 3.3x7.450% Debs NR 1-Jul-35 Ba2/BB 125.0 81 9.49% 670bp $5,243 $2,485.0 3.3x7.050% Debs NR 1-Oct-46 Ba2/BB 193.5 78 1/4 9.13% 569bp $5,243 $2,485.0 3.3xEquinix8.125% Sr Nts NR 1-Mar-18 Ba2/BB- 750.0 110 4.59% 432bp 1-Mar-14 104.06 $1,607 $738.4 2.9x7.000% Sr Nts NR 15-Jul-21 Ba2/BB- 750.0 109 5.35% 462bp 15-Jul-16 103.50 $1,607 $738.4 2.9xFairpoint Communications13.125% Sr Nts NR 1-Apr-18 NR/NR 550.0 1 250.00% bp 1-Apr-13 106.56Level 3 Communications8.625% Sr Nts NR 15-Jul-20 B3/CCC 900.0 104 7.74% 670bp 15-Jan-16 104.31 $6,318 $1,216.0 5.7x8.750% Sr Nts NR 15-Feb-17 B3/CCC 700.0 103 3/4 7.25% 680bp 15-Feb-13 102.92 $6,318 $1,216.0 5.7x11.875% Sr Nts NR 1-Feb-19 Caa2/CCC 605.2 113 8.48% 784bp 1-Feb-15 105.94 $6,318 $1,216.0 7.1x10.000% Sr Nts NR 1-Feb-18 B3/CCC 640.0 109 7.20% 675bp 1-Feb-14 105.00 $6,318 $1,216.0 5.7x9.375% Sr Nts NR 1-Apr-19 B3/CCC 500.0 108 7.42% 655bp 1-Apr-15 104.69 $6,318 $1,216.0 5.7x8.125% Sr Nts NR 1-Jul-19 B3/CCC 1200.0 102 7.65% 673bp 1-Jul-15 104.06 $6,318 $1,216.0 5.7xTime Warner Telecom Holdings8.000% Sr Nts NR 1-Mar-18 B1/B 430.0 109 1/2 4.71% 443bp 1-Mar-14 104.00 $1,367 $497.7 2.0x


Wireline Telecommunications – Thomas J. Egan (1-212) 270-2149



74

RatingsMoody’s Amount Recent Quotes Next Call LTM LTM LTM

Coupon Description Recom. Maturity S&P Outst. Bid YTW Spread Date Price Revenue EBITDA Leverage

Wireline Telecommunications – Thomas J. Egan (1-212) 270-2149

West Corp.11.000% Sr Sub Nts NR 15-Oct-16 Caa1/B- 450.0 106 5.95% 581bp 15-Oct-12 103.67 $2,491 $681.4 5.2x8.625% Sr Nts NR 1-Oct-18 B3/B 500.0 109 1/2 6.06% 568bp 1-Oct-14 104.31 $2,491 $681.4 4.5x7.875% Sr Nts NR 15-Jan-19 B3/B 650.0 105 1/2 6.47% 568bp 15-Nov-14 103.94 $2,491 $681.4 4.5xWindstream7.500% Sr Nts NR 1-Jun-22 Ba3/B+ 500.0 103 1/2 6.93% 534bp 1-Jun-17 103.75 $6,244 $2,434.0 3.6x8.125% Sr Nts NR 1-Aug-13 Ba3/B+ 800.0 106 3/8 3.05% 284bp $6,244 $2,434.0 3.6x7.000% Sr Nts NR 15-Mar-19 Ba3/B+ 500.0 101 3/4 6.33% 586bp 15-Mar-13 102.33 $6,244 $2,434.0 3.6x7.875% Sr Nts NR 1-Nov-17 Ba3/B+ 1100.0 109 3/4 5.79% 480bp $6,244 $2,434.0 3.6x8.125% Sr Nts NR 1-Sep-18 Ba3/B+ 400.0 106 3/4 6.33% 558bp 1-Sep-14 104.06 $6,244 $2,434.0 3.6x6.750% Sr Nts NR 1-Apr-28 Baa3/BB+ 100.0 103 6/7 6.36% 400bp $6,244 $2,434.0 1.3x7.750% Sr Nts NR 15-Oct-20 Ba3/B+ 700.0 105 3/4 6.65% 543bp 15-Oct-15 103.88 $6,244 $2,434.0 3.6x7.500% Sr Nts NR 1-Apr-23 Ba3/B+ 600.0 102 1/2 7.04% 572bp 1-Apr-16 103.75 $6,244 $2,434.0 3.6x7.750% Sr Nts NR 1-Oct-21 Ba3/B+ 450.0 105 3/4 6.76% 532bp 1-Oct-16 103.88 $6,244 $2,434.0 3.6xPAETEC Holding Corp.8.875% Sr Sec Nts (1st Lien) NR 30-Jun-17 Ba1/BB- 650.0 108 1/4 5.32% 512bp 30-Jun-13 104.44 $6,244 $2,434.0 1.3x9.875% Sr Nts NR 1-Dec-18 NR/NR 450.0 113 6.19% 578bp 1-Dec-14 104.94 $6,244 $2,434.0 3.6x


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JOYCE CHANGHead of Global Credit and Emerging Markets Research

(212) 834-4203

NO R T H AM E R I C A N HI G H GR A D E RE S E A R C H NO R T H AM E R I C A N HI G H YI E L D RE S E A R C HAUTOMOTIVE

[email protected] . . . . . . . . . . (212) 270-9624, [email protected] . . . (212) 270-9455

BASIC INDUSTRIESChemicals and Metals & [email protected] . . . . . . (212) 270-1536, [email protected] . (212) 270-9453

Home Builders, Gaming & [email protected] . . . . .(212) 270-3085, [email protected] . (212) 834-9524

Paper/Forest Products, [email protected] . . . . . (212) 834-5468, [email protected] . . . (212) 834-7239

BANKS, FINANCE AND SECURITIES COMPANIES

[email protected] . . . (212) 834-5613, [email protected] . . (212) 270-4584

CONSUMER PRODUCTS

[email protected] . (212) 834-5481, [email protected] . . . . . (212) 270-1682

ELECTRIC UTILITIES AND POWER GENERATION

[email protected] . . . (212) 834-5200, [email protected] . . . . . . . . . (212) 834-9455

ENERGY, PIPELINES, MLPS

[email protected] . . . . . . (212) 270-1536, [email protected] . (212) 270-9453

HEALTHCARE

[email protected] . . . . . (212) 834-5423, [email protected] . . . . . (212) 270-7484

INSURANCE

[email protected] . . . . . (212) 834-5423, [email protected] . . . . . (212) 270-7484

MANUFACTURING, SERVICES

Aerospace/[email protected] . (212) 834-5481, [email protected] . . . . . (212) 270-1682Manufacturing and [email protected] . (212) 834-5481, [email protected] . . . . . (212) 270-1682

REITS

[email protected] . . . . . (212) 834-5086,, [email protected] .(212) 834-5237

RETAIL

[email protected] . (212) 834-5481, [email protected] . . . . . (212) 270-1682

TECHNOLOGY/TELECOMMUNICATION, CABLE AND MEDIA

[email protected] . . . . .(212) 834-4035, [email protected] . . . (212) 834-4079Telecommunication [email protected] . . . . .(212) 834-4035, [email protected] . . . (212) 834-4079Media & [email protected] . . . . . (212) 270-6530, [email protected] . . . (212) 270-6797

TRANSPORTATION

Airlines/EETCs/Aircraft/Rails/[email protected] . . . . . (212) 834-5086, [email protected] .(212) 834-5237

AUTOMOTIVE, SHIPPING

[email protected] . . . . . . . . . . (212) 270-9624, [email protected] . . . (212) 270-9455

BASIC INDUSTRIES

Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [email protected] . . . . . (212) 834-5468, [email protected] . . . (212) 834-7239

Homebuilding, Gaming & [email protected] . . . . .(212) 270-3085, [email protected] . (212) 834-9524

Metals & Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [email protected] . . . (212) 270-4593, [email protected] . (212) 270-1372

Paper/Forest Products, [email protected] . . . . . (212) 834-5468, [email protected] . . . (212) 834-7239

FINANCE AND SECURITIES COMPANIES

[email protected] . . . (212) 270-4593, [email protected] . (212) 270-1372

CONSUMER PRODUCTS, FOOD AND RESTAURANTS

[email protected] . . . . . . (212) 270-6798, [email protected] . . (212) 270-6861

ELECTRIC UTILITIES AND POWER GENERATION

[email protected] . . . (212) 270-4593, [email protected] . (212) 270-1372

ENERGY

[email protected] . . . . (212) 834-5997, [email protected] . . . . . (212) 834-9405

HEALTHCARE

[email protected] . . . . (212) 270-5260, [email protected] . . . . .(212) 270-0699

MANUFACTURING, SERVICES

Aerospace/Defense, Industrials, [email protected] . . . . . . (212) 270-3265, [email protected] . . . . . . (212) 270-9566

GAMING, LODGING, LEISURE

Gaming, [email protected] . . . . .(212) 270-3085, [email protected] . (212) [email protected] . . . . . (212) 270-6530, [email protected] . . . (212) 270-6797

RETAIL

[email protected] . . . . . . (212) 270-6798, [email protected] . . (212) 270-6861

TECHNOLOGY/TELECOMMUNICATION, CABLE AND MEDIA

Technology/Telecommunication [email protected] . . . . . (212) 270-2149, [email protected] . . . . . (212) 834-5669Cable/[email protected] . . . . . (212) 270-6530, [email protected] . . . (212) 270-6797Broadcasting/[email protected] . . . . . . (212) 270-5512, [email protected] . . (212) 270-1564

TRANSPORTATION

Airlines/EETCs/Aircraft/Rails/[email protected] . . . . . (212) 834-5086, [email protected] .(212) 834-5237

ARUN N. KUMARHead of High Grade Research

DAVID COMMONHead of High Yield Research

HI G H GR A D E ST R AT E G Y A N D CR E D I T DE R I VAT I V E RE S E A R C H GL O B A L HI G H YI E L D A N D LE V E R A G E D LO A N ST R AT E G Y

[email protected] . . . (212) 270-9633, [email protected] . . . . . . (212) 270-3285. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [email protected] . . . (212) 270-1169. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [email protected] . . . . . (212) 834-9151

PETER D. ACCIAVATTIERIC [email protected] . . . . . . . (212) 834-4211, [email protected] . (212) 834-2370

[email protected] . (212) [email protected] . (212) 834-3220

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North American Credit Research

Analyst Certification:The research analyst(s) denoted by an “AC” on the cover of this report certifies (or, where multiple research analysts are primarilyresponsible for this report, the research analyst denoted by an “AC” on the cover or within the document individually certifies, with respectto each security or issuer that the research analyst covers in this research) that: (1) all of the views expressed in this report accurately reflecthis or her personal views about any and all of the subject securities or issuers; and (2) no part of any of the research analyst’s compensationwas, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s) in this report.

Conflict of Interest:This research contains the views, opinions and recommendations of J.P. Morgan credit research analysts. Research analystsroutinely consult with J.P. Morgan trading desk personnel in formulating views, opinions and recommendations in preparingresearch. Trading desks may trade, or have traded, as principal on the basis of the research analyst(s) views and report(s).Therefore, this research may not be independent from the proprietary interests of J.P. Morgan trading desks which may conflictwith your interests. In addition, research analysts receive compensation based, in part, on the quality and accuracy of their analysis,client feedback, trading desk and firm revenues and competitive factors. As a general matter, J.P. Morgan and/or its affiliatesnormally make a market and trade as principal in fixed income securities discussed in research reports.

Important DisclosuresExplanation of Credit Research Ratings:Ratings System: J.P. Morgan uses the following sector/issuer portfolio weightings: Overweight (over the next three months, therecommended risk position is expected to outperform the relevant index, sector, or benchmark), Neutral (over the next three months, therecommended risk position is expected to perform in line with the relevant index, sector, or benchmark), and Underweight (over the nextthree months, the recommended risk position is expected to underperform the relevant index, sector, or benchmark). J.P. Morgan’sEmerging Market research uses a rating of Marketweight, which is equivalent to a Neutral rating.Valuation & Methodology: In J.P. Morgan’s credit research, we assign a rating to each company (Overweight, Underweight or Neutral)based on our credit view of the company and the relative value of its financial instruments, taking into account the ratings assigned to thecompany by credit rating agencies and the market prices for the company’s securities. Our credit view of a company is based upon ouropinion as to whether the company will be able service its debt obligations when they become due and payable. We assess this byanalyzing, among other things, the company’s credit position using standard credit ratios such as cash flow to debt and fixed chargecoverage (including and excluding capital investment). We also analyze the company’s ability to generate cash flow by reviewing standardoperational measures for comparable companies in the sector, such as revenue and earnings growth rates, margins, and the composition ofthe company’s balance sheet relative to the operational leverage in its business.

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In the case of share trading, JPMorgan Securities Japan Co., Ltd., will be receiving abrokerage fee and consumption tax (shouhizei) calculated by multiplying the executed price by the commission rate which was individually agreedbetween JPMorgan Securities Japan Co., Ltd., and the customer in advance. Financial Instruments Firms: JPMorgan Securities Japan Co., Ltd.,Kanto Local Finance Bureau (kinsho) No. 82 Participating Association / Japan Securities Dealers Association, The Financial Futures Association ofJapan, Type II Financial Instruments Firms Association and Japan Securities Investment Advisers Association. Korea: This report may have beenedited or contributed to from time to time by affiliates of J.P. Morgan Securities (Far East) Ltd, Seoul Branch. 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Canada: The information containedherein is not, and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell securities describedherein, or solicitation of an offer to buy securities described herein, in Canada or any province or territory thereof. Any offer or sale of the securitiesdescribed herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securitiesregulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealerregistration requirement in the relevant province or territory of Canada in which such offer or sale is made. The information contained herein isunder no circumstances to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient.To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or aprovince or territory of Canada, any trades in such securities must be conducted through a dealer registered in Canada. No securities commission orsimilar regulatory authority in Canada has reviewed or in any way passed judgment upon these materials, the information contained herein or themerits of the securities described herein, and any representation to the contrary is an offense. Dubai: This report has been issued to personsregarded as professional clients as defined under the DFSA rules.

General: Additional information is available upon request. Information has been obtained from sources believed to be reliable but JPMorganChase & Co. or its affiliates and/or subsidiaries (collectively J.P. Morgan) do not warrant its completeness or accuracy except with respect to anydisclosures relative to JPMS and/or its affiliates and the analyst’s involvement with the issuer that is the subject of the research. All pricing is as ofthe close of market for the securities discussed, unless otherwise stated. Opinions and estimates constitute our judgment as of the date of thismaterial and are subject to change without notice. Past performance is not indicative of future results. This material is not intended as an offer orsolicitation for the purchase or sale of any financial instrument. The opinions and recommendations herein do not take into account individual clientcircumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies to particularclients. The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein.JPMS distributes in the U.S. research published by non-U.S. affiliates and accepts responsibility for its contents. Periodic updates may be providedon companies/industries based on company specific developments or announcements, market conditions or any other publicly available information.Clients should contact analysts and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing lawpermits otherwise.

“Other Disclosures” last revised January 6, 2012.

Copyright 2012 JPMorgan Chase & Co. All rights reserved. This report or any portion hereof may not be reprinted, sold orredistributed without the written consent of J.P. Morgan.

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