EFTA01385399

Deutsche Bank Securities Inc Figure 13: Relative Valuation - Pharmaceuticals Ce < < <- a> Bad Deer10195 Cape BS®, 11110~119 ®05 aim 111900/3 11111 Bda err menus ~pm 1113D851 1.19DA NERDS c E 7. "g Pheiliatalt106141 a N 0 g o m n Antai Phantasascril ~AG/ =375% Sanior Naas 0101/23 5600 BO B2 97200 8413% 612 0601023 5242 2.0X 434 Concorde Haelthcar•ICXRCN/ 9=0% la ~Bonds 0401/22 1360 642 CCO 35.750 13.46% 1328 0401/22 5328 332 10.1x Coraorciie Naltlicer• MCA0113 9230% Senior Nan 109222 1720 C D 10.260 10040% 10.764 10421/72 0926 10.24 10.1x Cortex® Harifficaa 1005CN/ 7000% Senior Net« 01/16,23 1736 C D 5200 1117% 6.760 04/10/23 1225 10.0x 10.1s a^' Endo Phanteatalals IENDPI 5275% 1st Lan8oras 121624 1300 82 BB 101.00 548% 330 041522 $1.777 1® 8.72 Endo IrlanneariAleas 15/4091 7280% Senor Notes 0=622 3396 83 COG 97230 1121% 903 013522 31277 42€ 8® Endo Plarrateutitals IENDet 5.750% Senor Notes 01/1622 $700 1113 COG 134.010 10.043% 951 01/1522 31.777 4® 8.34 Cr En® Phantacalitals IENDirt 5375% Senior Noin 01/1523 3750 B3 COG 76.375 11.01% 674 014621 $1.777 4.24 6.24 Endo Plarnwarlitas IENCIP/ 5000% Senior Nan 061623 31.036 03 CCC+ 75200 11.33% 1103 07/1623 11.777 4.72 8.24 En® Pharracsullials IENDF1 6000% Senior Notes 020125 31.3)0 03 CCO4 76.000 10.42% 931 0201/25 $1.777 44® 15.72 Mons® Pharmateutieals 0436121 64326% Senior Notes 0601/23 1476 03 B. 99.600 0.74% 446 0501/23 $424 3.02 86* te. Mont= Mar maeralials 04361111 8.7602 Senior Notes 11,01/24 1300 03 B. 106.875 7.31% 506 11,01/22 NU 3.02 111•11acKieSt (MNK) 42715% Senior Noin 043620 1700 81 0B. 96.750 610% 446 0416/20 51,438 1.1x 6.4x 111•114)0622 (MNK) 9.500% Sonar Notts 020122 $10 WA NA 122665 3.438% 1417 0120122 $1.436 1.1x 5.4* 1.1411inoKrocit (MNK) 5.760% Senior Noin 0501/22 1884 01 82 92.000 7.83% 662 0501/22 $1,00 1.1x 6.44 MallincK/22 (MNK) 8.000% Senior Notes 0201/23 54 WR NA 119.861 3.79% 152 030123 $1.436 1.1x tax Nitillincl(rodt (MNK) 5226% Senior Noin 103523 $736 01 8111. 66.600 SAO% 028 1015,23 31,430 1.1x 6.4* MellineKredt (MNK) 5250% Senior Notes 0415,23 14392 01 B12 82.719 832% MI 04153 11.436 13s 6.4* M•Ilincl(roca (MNK) 3.500% Senior Notes 041=8 1300 02 El 100=1 3.60% 296 04/15/18. 0.435 3.8x 6.4* M•1221Croall (MNK) 4.760% Senior Nan 04.1115= 1642 02 B 93.035 9.68% 731 041623 11.436 3.16 6.42 Tea PharatiaorArtril Incluttoes ITEVA/ 1.4102 Senior Noin 07/3338 $1.600 8443 18138. 99.473 7-34% 130 072035 $7240 4.7x 7.36 Ten Pbaintuoulnel Industries ITEVA) 0.135% Senior Notes 07/27/16 1300 8443 NA 98.676 0.613% DO 0723/16 $7240 4.7x 732 Tea Phernacaulnal Inclustnes ITEVA) 1200% Senior Notes 10/25'16 1450 Bea BIM. 110215 0.013% 15® 1226/18 $7240 4.72 7.3x TM Phiemeceuircel Industries ITEVA) 2275% Senior Nome 0=619 $1.000 11444 SEW. 101=0 1.02% 110/ 0436/19 17240 4.7x 73% Tea Phansariutral Industries ITEVA) 1.700% Senior Nola 07/1939 12.000 Baa3 880. 97.270 019% 168 07/19/19 $7340 4.72 7.1€ lave fibeimmeuteal Industries ITEVA) 2260% Senior Nola 021820 1700 8443 880. 96.717 3.78% 101 0301620 $7340 421 7.32 Tea Pbaraceuteal Industries ITEVA) 0375% Sere® Notes 07/25120 11.750 Ben 808. 96.693 212% 16 07/2620 $72a0 4 773€ 7.32 Tea Phermica u12 el Indust/4s ITEVA) 2.260% Senior Notes 07/21/21 $3.000 Bee) 880. 91.473 4.130% 27, 07,2121 $7240 4.7x 7.3x Tea Phainacoutetelinduttnes ITEVA) 31360% Senior Noun 1111021 9613 Be.) 880. 96.046 477% 264 111021 $7240 4.74 7.3* Ova Plinnactuteel indinum ITEVA/ 3260% Senior Notes 11/1021 1599 Bea) 880. 86.470 033% 261 111021 $7240 4.7x 7.32 Tare Riereineeruteel Industries ITEVA) 0500% Senior Noin 07/29/22 1360 Bee) 808. 90.219 7-76% 64 072222 17.240 47* 7.32 Tea Riermeeruhal Industries ITEVA) 2260% Senior Noe** 1118/22 $644 Bee) 800. 89.467 6.36% 310 123522 $7340 4.7x 7.3x Two 1....m•cautal incluitria ITEVA) 1260% Senior Notes 03/31=1 11.300 Be.) 880. 91.666 297% 69 0301M $7240 4.72 7.3* Ten Riarneceuteril Industries ITEVA) 2200% Senior Nome 07/21/23 13.000 B•43 888. 87.221 5.46% 314 07212 $7340 4.7k 7.32 Tea Fetarmeteubcel Industries ITEVA) 1.133% Senior Noin 10/1224 11.600 Bea) 880 87.118 3.22% 113 103624 $7240 421 7.32 Tea Pbeffitaceutsal Industries ITEVA) 1000% Senior Notes 07/2525 1350 Bea) 880. 05310 3.04% 62 07/21225 17240 472 7.32 Tees Pharmacreatril Inclustras ITEVA) 3.150% Senior Nola 100126 13.600 11443 see. 62.184 5.74% 325 1001/26 $7240 472 732 TM Phroffiliortuticel Industries ITEVA) 1.875% Senior Notes 0231/27 $700 Boa) 880. 87.125 350% 102 0301127 $7340 4.7k 73* Tow Runillaitutieel Industries ITEVA) 1225% Senior Noin 10/15/28 1760 8.043 880. 83.417 3.46% 95 10/1928 $7340 47* 7.3* Om Phurn647outkAlinduatsfe ITEVA) 8.160% Senior Noin 022196 3789 B4143 880. 100=7 634% 361 0201/38 $7340 4.72 7.21 Tea Ptatelateutheallestlinerle• ITEVA/ 4.100% Senior Notes 1201/46 12.000 Bs® 880. 76.278 6.79% 298 1001/40 $7340 4.72 73* Vasa® Phermateulscals IVAXCN 6.1500% 1st Lien Notes 03/522 31280 Bs) BB- 106.260 4.66% 259 031539 13206 1.92 8.62 Velestt Ptiarrraceu+02 IVRXCN 7.000% 1st Lien Noin 03/1624 32.030 9.3 BB- 107.750 481% 21111 00/11233 10206 1.92 8.62 Velarint Pherraceec•2 IVRXCN 5.600% 151 Lien Notes 1121/23 11.760 5.3 BS 102.335 426% 270 11.0192 13206 1.114 Mix Velarint Pan mecturie•S IVRXCN 5375% Senior Nan Mean 12.000 Gal 8. 100.230 636% 3413 031619 13208 et€ 8.42 Velant 96•344/rwitc•6 IVRXCN 7.000% Senior Nome 10=20 1239 Gel B. 101.280 233% 396 =0618 0208 tax at Vaunt Pen nacrruec• Ix IVRXCN 6375% Senior Notes 1211520 312131 Cal 9. 101300 4.72% 7:n 101 618 33208 Mk tea Velars Plierteceuoceis IVRXCN 7.50" Senior Nan 021221 11225 Caa 1 B. 102.500 6.22% 026 0616118 0606 at at Velani Ps iv .6.24uucels (VRXCN 6.750% S•nior Notes 021521 $660 Cal B. 101.126 5.73% 392 031519 $32,36 0.82 Mix Valiant Pniiimeceulacele IVRXCN 5272% Senior Notes 1201/21 $600 Cal 13. 98.330 633% 389 1201,21 $3/3,013 6.64 6452 Vaasa Pliertecriutscale WRXCN 7360% Senior Notes 07/16/22 $560 Call 1 e. 101=0 0.57% 474 073619 0906 (1.12 616 Velsenr Pie macriustale IVRXCN 6.600% Senior Nan 020223 31.000 Gal B. 92.0® 727% 609 030223 $.0305 6.6* 8.8.4 Velant Pherwitouticob =RCN 6.875% Senior Notes 01/16,23 33=0 Cal B. 93.000 7.46% 617 053623 13208 43.6x 8.02 Valenti Phi. rtecouti019 (1/1110.1 4600% Senior Notes 0=223 31,600 Oral B. ®1416 6.70% 446 06/1643 10209 06* 50x Veber Phermecaubortb (VRX.02 5.126% Senior Notes 043625 0.250 Gel 9. 92.125 7.03% 512 04/1625 13.808 0.6* 56* Vales® Phoreneteraicab (VRXCN 9=0% Senior Notes 1235028 $1.100 Cal B. 106.000 7134% 661 12/111/23 13208 6.6* 6.64 Sown Deaf. Sank Elbeenbe9 finomi LP and C~ De~ti CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DS-SDNY-0086683 SDNY_GM_00232867 EFTA01385399