EFTA Document EFTA01385423

3Januely 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite Advertising Trends: As the chart depicts. 2017 was not a great year for spot advertising spend. Declining viewership. plateauing auto sales, challenges for the retail category, lack of cyclical events, and digital siphoning share all contributed. ITV Industry Revenue Trends (Y-o-Y % Change) 2),ct et?"' o',149,8? t, 40 sett.' too •••••••“4110•0MCMCIIIOSTV -e-14u TVII•OdtkOl •••••••Ieall 11/0•11•11 IV Non nest