3January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite TV Broadcasting ITV Broadcasting: Core & Total Revenue Ex-Political Performance & Guidance. ....••••• .0r ..A. .,...44•1 INIA04/04*(rein4414 Ants Ann nlni AA Antes us, On _,w 10t• 3414 uM sat a a.a 4 s Fs aa a.-*et u. W. T T 47' IPS a A to. 100 NR• a API 71.• son to to AMMAI raTb emlworiv Wen sourced tom Matson Sane 0421444 OM sans, cou <paw content a NA /41114110041. aroe AAA X113 Pe. Ar• Ivo 444bas e•Albin AAA. la•AllinvolA 'etyma! nano§ ple.S.W ow. anneal. an con ...bane a .4 CA AA Alk14.001441140 an Ala IseklAl-potAb 44, orA*4•4144.4 opi• /Apt Isimonoo• AAA AAA. AA. *Anon In aurae 4x. 414 Alionnilrin lo.I4 A% 44444 44Inn w4 r1 aaon • Amen. Ald m This was an interesting year for local broadcast television - we had anticipated a big pickup in M&A as the spectrum auction reached a conclusion. In actuality 2017 was relatively slow in terms of material consolidation (aside from Sinclair+Tribune), but we ended up with ownership deregulation instead. Heading into 2018, here are some themes we are currently focused on for the sector: Page 146 norcon4.444, 44,444.4a4. I A•Anon nindlo•wrsk% teelAnone AAA/ roPo 144. neat •w«.••altoolloulAons Ai •oponnllsoll_ ___ AAA* !AAA. not.444444 p4I4444 Y. — !On. wt. Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00232889 DB-SDNY-0086705 EFTA01385421