EFTA01385413

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Media / Business Services Outlook Aaron Watts, (+1) 212 250-2592, [email protected] Angeline Mathew, (+1) 212 250-3328, [email protected] 2017 Recap / Initial 2018 Summary Outlook As with the prior year, the High Yield Media space, with the exception of a couple of stressed outliers, proved to be a relatively stable sector in 2017. That's despite secular changes impacting many sub-sectors of the media universe and the cycling off of political ad spend, Olympics, and World Cup. This is depicted in the charts below showing the various media sub-sectors compared to the US HY Indices on both a yield and spread basis. The outlier is obviously radio, as has been the case for several years running, less because of fundamental industry trends and more due to debt-laden Cumulus and iHeartMedia's dominance of the category (debt outstanding). Media vs The US HY Index• YIELD Comparison 18% 6% 4% - - --ft"ul"In 4, / \i‘ r.1 —1V RAP — Radio ex 114414CMLS —Outdoor Meters —40/4fint/Sene —=SONY “Cs Sesta thalsoSitratacterelo Pocie 120^ Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086697 CONFIDENTIAL SONY GM_00232881 EFTA01385413