13 January 2015
HY Corporate Credit
Energy
Figure 44: Industry Relative Value
EV & Leverage - /lodged
knot 11....80 Lento Smoot leetrego T016 temtalie MM lersm. In 114T0..8
Cenipmry
MEM aCILMMILISOMILMEZILIII
Mmna. Emicy Palma( • 01 26 • 118 i..... - M4 .45a .. .11 • 14 51 112W
An.,, Rommon 044 0& IN 32 33. 29, 18 3% :1. 3:+ 38 28 238 ISO, 146
keme. Omit • 01. 06. lex 29. 28 1.0. 28 .1 22. 29x 4.44 45. 5a
amopeemEnG9 01. 25. 2.h 29« 2 O. 27. :7 Li j I 5. 1 Sr 24. 7.36 5 7. 67.
Om% km8 0+x • ON 07. 0 Ow 141 0h 09. 1 ft I 0h 0h 14 7.4 51., 108
CoMoRemeces 02 0.1. 04 22X 18 28 224 14 28 28 14 23x tb kW SO.
Detam Remakes 05. 06. 08 04 04 061c 21x 2 7. 37. 21s 2h 37x 51x 77. 37.
Maked Beck ENO% 01x 0.44 07. 10.4 1.6 21x1 18 1.6 28 29. .Ct. 21x 2.5. 102. 12*
EP Espy 144 134 IS 14x 28 218 34. 24 2477, 32' 28x 28 7.3t 58 66
Esc Itmtunns me 28 05. t4 37. 38 S5.1 37. 36 55* 38 94 54. 58 36 54
awl Oi • 2& 38 4& 2M 721 4& 52. 72 •2r. 50. 72 66 56 72
148145115.46.864 08 0h 08 53. 511 5.6. 5a 56 said 58 50, 56c 6.1. 50. 5 7.
H1cap kith 05. 04. 10. 04. 07x 2,,] 04 I I, 21. i 0* 14 28 144 134 16
Mgr." Hama 16.6.on 1044 10
5 4b. 8.8a 99.. 17z,
3h 38 Bb 6 II. II *4 1214 i MO. 6 0. 12Ix 158
Manes Penman 131 004 Ili 51. It 30. 45'. 58 3* 48 08 316 67.
WM.% Emma% 05. 03. 01. 14 1St 621
IS. 28 2k 21. 24 2.h 2 lx • IP • 5. 48
6.44 Poem" 04. 08 07.' 31. 38 346 Ilx 28 35. 30/ 316 34 Six 42. 52
57. 34I II Ix 10h
%trey Eke%
Pann1.99.6
OCP Resomes
07x
024
00.
0.3x
08
00,
57x
42x
28
2.7.
2.94
1.4
208'
14
5.7.
48
Zat
27.
2*
18
24I
3 0. i
IN 1
51.
4.4
28
2.78
25/
04
30.
266
I Ix
5.5.
66
44
.4.
201
2*
47.
mope Remorem 05. 07. 00. 05. 0.h 041 30. 27. 38 I 34 2h 38 158 0& 101
Rom% Re.curcts - 0 Ix 0 8. 25. 28 42 25. 2 (1. 4 2. . 28 28 421 64 26. 48
%men IN 25. • 2. 32. 0.I. 004 I 51. 61. *0. 418 64 ON NA PM 11.1
Sanclkhe Ens% - 0s 6a 40. 51. 1 68 404 514 I 31. 35. 51. Oh • 8. 88
Em% 08 I.I. 1M 211i 11). 144 2241 0* 1.8 28 ...6. 4.3x 60.
Sankat Lae% • 00. 216 38 43.4I 2 *. 34 4 3. 2k 34 43. 04 43. 5r.
Mkt 01 01. 15. 24. 12. 21 36c 12 22. 34I I8 221 34 02' 110. 106
neg. 909018311 21x 0,4 12 324 3.0. 38 3.3x 30. 3.41 26. 38 38 75. 30. 3*
VP% Carlat/ 0 0. 20. 14 1 Ox 31. 1 5.‘ I Oil 38 0.4 104 0k 45. 54
May - • 06. 01 . 09v 10t 0.4 I Ix • 26. 29,
5h 3.0, 62 101, 112. 104. a 454 126. /OA /48 128. 239. 75 I, 172,
Man 0.4. &la 18 3.6. 11 1.9. 3.3. 3.3. kb 38 11.2X kis 75. 65, 7.611
614/10. 0.4. 6.4 57z 2S. 2l. /Um le. 27. 16. 28 Ibt 1.8 6). 4n. 50.
EV & Len -Unlnd
Senor Leaps Teta Lem.% Na Ltmokile TEY , ESITOAX
,ii•
"E ft'r ' 6" A.I*
441:aat (too, Prman 02 36 ID*. 102 143. 127. 1434 127x • 143a 127x
Mist, R4444/0.11 Ott 04 II. • 3.. 37. 3S 48 37. 35. 434 37. 361 3.1.h 21.3. 14h
Stara 0441, • 01. 08 17. 23. 40. I7. 29. 4 04 I I. 28 •5t ••2:c 47, 74
111.44•66.4.• Enemy 0.. • • 25. 20. 38 24 24 34 24. /04. 30. 7.1. 59. S4
7.691 011 • 01. 07x 04 lea Oh 09. Its Oh 074 14 74 Cl. 106
ICOM.0 IISOCOS 01x 02
04
0.1
13.
2 la
05.
It 30. 24 19.
271
33. 24 f4 33.
74
6.Ix 71, 111
05. 05. 18 2h 28. 22. 27x 5.3. 27. 7*
Orwen
De'binR13.7. reme% 04 04 07. 26. It 22X 24 18 28 2h Ilk 28 2.h. 101. 134
P meow 15x 1a 24 35. 24 54 34 28 317. 32. 28 58 78 51. 114
8.9 ROCCW1244 inn 24. 04 IS 4.1x 3.4 666 4 Ix 35a Sao 34 38 Oh 6.5. 16. 6 Tx
crest Of 16. 1.8 54 2.4 road It 51 10.4 4h 5.1. 104 7.4. 5.1. 106.
dOrn A **WON 06 07. 14. 5.1x 5.04 10 Sx ' S lx 56 10.8 64 S4 1036 SI. 5 la 10 46 -
Envoi 0 5. 04. 16 04x 07x 21x 09. 18 21. 01.6 II. 26 NA 748 PEA
Imonan Moe Retwrots 24 37. 55. 05. 85. 128 I 95. 88 U2 04 84 138 14.... 124. 17.
1.4.14.6 PO4.6% II. 0& 22 46x 34 71x 34. 749 4.h 14. 74x 58 15. 77.
le....61EciOreCO 05, 02. 01. 24 14 2 34 28 3b 23. 2Ct. 32a 54 •4 74.
loaus P...coauri 04. 04 I1. 3.11I 2.0. 5It I 11. 28 511 Sac 29. 57. (1.3x 4.4. S4
Pomy fe.42. 53, 06 09. 53. 22* 44 51. 27. 46 54 2h 48 5.x III. 144
Nen vers. 07. 0a 0h •28 30. 241 48. 38 74 44 34 24 Olk 45, 44
CEP Reaearke 04. • 22. 1.4 24 22 IS 2.5. 28 0.54 15. 4.4 20. 54
Rope Reason 05. 07. I Ix 05. 0.7x 1.18i II. 20a 18. 3.4 241. 17x 10.5. 93. 124
ROWE. %oaks - 0.. 08 25. 28 SCta I 25. 28 54 2b 24 56 70. 24 56
Sarno. I& 2b 48 12. 5.78 1041 54 57. 10.5. 404 5.h 104 NA 148 ik.
E...
54.8.11419tErwa. 08 644 4 3. sod 6.4. 4b 96 38 38 1106 10.2 4 8. 104
• 04 I Ix I Am 31x I I.1. 14. II. Olt 18 31x • dm 41. 112.
SINdlet Energy - 01. 27. 3.8 SIN I 2.7x 38 Sat 24 3.8 5% (1.1x 4 4I. 78
Meek 08 IC !Ay 121 24 ? ix 721 28 74 14 24. 78 0b 12 5. 312.
.eery. Peortaxm 21x 0• 16. 35. 3.11. 57x ; Us 16 Six as. tlx 5,774 2.6, II. 57.
IPA few", .2 1.I. 18 Oh • 8. Oa.
J_ 05. 25.
•
281
•
27. 24
•
28 8.0.
. el.
O. I li T 0.0. /.11. Or - rat 26.
Mer 53. 3. 9.5. 104 128 024 11.3. 13.2. 81. Ma 132( alb 88 318
Mn' 0.8 06 .4. 3. 101. 521 3.3. 3.4. 6.711 3.01 138 516 7.9. 6.74 155.
Madan 0.5. 04 104 2.7. 20. 4.0. • 3,1* 2.7x 58 2.7. 27. 68 638 8.26 56..
%wee COMP" AV,25 DeuffThe M ESOmme ancoitieni F.nanO• LP
for Me kOxon2<tinaa-anreaowno 06 Mph noid, Mir la•ours6ga, %Mt 8:MMergmeans nA'es OW
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pa ge 48 Deutsche Bank Securities Inc
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0044591
CONFIDENTIAL SDNY_GM_00190775
EFTA01357804