EFTA01385322.pdf

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite [Figure 6: E&P peer group bond performance 1943ac-17 ilki-Clec IS Uihedged Net ley (as Group Bond Key Basins 003 17) Price V1W OAS rim? OAS Higher Quality -Oil CLR 4.5%'23 Walston 8 Anadarko 3.4x 102.3 4.00 179 4.910 278 PAM 4.75%'24 Porn 1n 1.58 100.8 4.57 213 5.06 263 tiFX 5.625%74 Anadarko 2.1x 108.0 4.21 193 435 253 FE 525%R4 Permian 2.1x 105.5 4.86 248 5.13 282 Average 2.3x 441 208 6.01 2119 Higher Quality -Gas AR 5.625% '23 Appabchia 3.9x 104.0 4.36 215 4.86 271 RRC 5.00% '23 Ape/dad-ea 4.0x 98.5 5.33 312 5.12 289 GFCR 6.625%73 Appalachia 2.7x 102.0 5.96 378 522 327 Fay etlov ific & SWN _ 4.95% 75 Appabclwi 29x 103.8 6.02 371 629 394 Average 3.4x 5.42 319 6.40 320 Spread vsNigher Quality Oil 1.01 111 0.39 51 Mid Quality -Oil CF1Z0 625% '23 Eagle Ford & Rtgnion 321 103.0 5.25 311 539 330 LR 6.25%'23 111Ingin 1.6x 103.3 5.14 3O2 492 290 CEP 5.25%'23 Wanton 8 %Fusin 3.3x 101.0 5.03 280 525 303 OAS 6.875%73 1Aileton 3.8x 102.3 591 383 5.89 393 SIM 850%'23 Eagle Ford 8 Fbrrrian 4.6x 102.3 5.53 344 5.40 343 1ALL 6.25% '23 Weston 4.1x 100.8 6.07 386 6.15 396 1APX 5.25%'24 Fbrrrian 8 Waelcer 4.0x 99.0 5.43 313 582 346 Average 3.6x 6.48 331 5.55 343 Spread vs Higher Quality 011 1.07 123 0.54 74 Lower Quality -Oil eac 7.0%'22 al Basin 224 102.0 621 411 792 583 San Joaquin 8 Los CPC 6.0%'24 Angeles Basin 7.3x 69.0 1242 1063 11.07 874 Gut Coast MR 4.625%73 Rocky Mountain 7.0x 63.0 14.56 1234 84 616 EPE 6.375% '23 Eagle Ford a PouTian 7.3x 52.0 26.02 2390 10 99 880 lisEG Canadian a Sands 7.4x 85.0 10.30 805 8 79 651 SN 6.125% '23 Eagle Ford 4.5x 83.8 10.32 814_ 7.05 490 1120_ — — --- Average 6.2x 13.39 9.04 882 Spread vsHigher Quality0d 8.98 911 4.03 413 Lower Quality - Gas Apeolactia, Eagle Ford GC 5.75%73 & Ma/needle 5.0x 92.5 7.51 533 7.37 520 ECR 8.875%23 Appalachia 2.7x 102.5 8.05 584 7977 578 Average 3.8x 7.78 559 SAO 648 Spread vatilpher Qualify Gas 2.34 240 2.28 228 Saw Ofurrobrawst Norategrfreweift Deutsche Bank Securities Inc. ca. 47 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086606 CONFIDENTIAL SDNY_GM_00232790 EFTA01385322