Leveraged Finance

Leveraged Finance / U.S. U.S. Leveraged Finance Multiple EV-aluator

Special Report

Table of Contents Redesigned Report Format: In this revamped fourth edition of its special report, Fitch has Aerospace and Defense...... 4 Auto and Related ...... 6 enhanced its analysis and presentation of market multiples (enterprise value [EV]/EBITDA). In Chemicals ...... 8 addition to tracking market multiples on an aggregated sector basis, the report now provides a Consumer ...... 10 Diverersified Manufacturing and more granular view of the more than 400 high-yield candidates comprising the report on both Capital Goods ...... 12 Energy ...... 14 an issuer-specific and subsector basis. The detailed breakdown by subsector helps Food, Beverage, Tobacco and demonstrate the considerable divergence in market multiples within each broad sector. Restaurants...... 17 Gaming, Lodging and Leisure ...... 19 Market Multiples Reverse Course: Current market valuation multiples (enterprise value Healthcare...... 21 Homebuilding, Building Materials [EV]/EBITDA) across 12 of the 18 U.S. sectors dipped below 2010 levels after having trended and Construction...... 24 Media and Entertainment ...... 26 upward for several consecutive quarters. The aggregate market multiple for all companies for Natural Resources ...... 29 the most recent LTM is down to 7.9x, from 8.6x at the end of 2010. The recent selloff fueled by Retail...... 32 Technology ...... 35 the European sovereign debt crisis and the debt ceiling debate in the U.S. was the fundamental Telecom and Cable ...... 37 Transportation...... 40 driver of this reversal in trend. Elevated volatility coupled with the compression in valuation Utilities ...... 42 multiples also resulted in perceptible contraction in equity cushions for most sectors (see sector Diversified Services...... 44 Multiples for Recovery Analysis...... 46 charts). Leveraged Finance Coverage ...... 47 Transaction Multiples Remain Strong: Year-to-date transaction multiples for 2011 declined Related Research only marginally from their 2010 levels. The median Fitch-estimated transaction multiple for For more information, visit: www.fitchratings.com/usleveragedfinance 2011 declined to 10.1x from 10.2x during 2010. That said, LTM transaction multiples as of Fitch 50  Structural Profiles of 50 Aug. 11, 2011 were slightly higher than full-year 2010 numbers, despite weaker activity during Leveraged Credits, July 20, 2011 U.S. Leveraged Market Quarterly: the first quarter of 2011. First-Quarter 2011, July 20, 2011 Liquidity and Covenant Analysis for Notable Deals: Some notable M&A deals this quarter include the announced $34 billion Large U.S. Leveraged Issuers, purchase of Medco Health Solutions Inc. by Express Scripts, Inc. at a Fitch-estimated 11.4x June 23, 2011 EBITDA multiple; and the announced $4.4 billion acquisition of Graham Packaging Company U.S. Leveraged Finance Stats Quarterly, First-Quarter 2011, Inc. by Reynolds Group Holdings Limited at a Fitch-estimated 9.1x EBITDA. As evident from June 7, 2011 the sector charts on pages 448, current transaction multiples for an overwhelming majority of Bridging the Refinancing Cliff, Volume III, April 20, 2011 the sectors are still below their 20062007 peaks. U.S. Media and Entertainment Sector  Recovery and Notching Review  Fitch-Employed Multiples Remain Low: The Enterprise Value table on page 2 contrasts the 2011, April 15, 2011 market and transaction multiples against the distressed multiple (going-concern valuation) that 2011 Outlook: U.S. Leveraged Finance Sector Profiles, Feb. 9, 2011 Fitch employs for purposes of its recovery analysis. Fitch-employed multiples continued to 2011 Outlook: U.S. Corporate Credit, hover either below or in the lowest quartile of 10-year historical public market multiples. Jan. 4, 2011

Assumptions: The distressed multiple is estimated by discounting historical acquisition multiples Analysts (see Select Transaction multiples tables below), evaluating market-trading multiples, and Greg Fodell +1 312 368-3117 reviewing private transactions rated by Fitch. These stressed multiples continue to incorporate the [email protected] secular issues affecting each industry. Averages are presented on page 2, although the Fitch- Ruchira Dabas applied stressed multiples may range considerably to reflect nuances specific to a subsector as +1 212 908-0244 [email protected] well as idiosyncratic factors (refer to the table on page 49). Moreover, for sectors that are subject Adam Dolkart to considerable cyclicality or price volatility, the selected multiple would also reflect mid-cycle +1 312 368-2095 industry-average assumptions. These ranges will continue to be evaluated to ensure that they [email protected] appropriately reflect Fitch’s estimates of valuation under a stress scenario. Mike Simonton, CFA +1 312 368-3138 [email protected] After publication on Sept. 8, 2011, the table on page 2 was amended to correct the Transaction/Takeout Low column.

www.fitchratings.com September 8, 2011

Leveraged Finance

Enterprise Value (LTM EBITDA Multiplesa, As of Aug. 16, 2011) 10-Year Historical Fitch- Public Marketc Transaction/Takeoutd Employed Multiple for Recovery Analysis Sectorb Low High Average Current Low High Average Averagee 1 Aerospace and Defense 6.79 11.37 9.14 6.93 5.88 17.99 11.68 7.0 2 Auto and Related 5.02 10.70 6.73 4.38 2.37 9.13 6.19 4.8 3 Chemicals 6.26 11.68 8.49 7.04 6.24 13.72 9.46 5.2 4 Consumer (Durables and Non-Durables) 7.81 10.40 8.99 7.40 4.32 9.70 7.61  5 Diversified Manufacturing and Capital Goods 6.42 10.49 9.13 8.22 4.14 12.56 8.99 4.8 6 Energy 4.48 10.98 7.13 8.48 4.69 8.82 6.86 5.6f 7 Food, Beverage, Tobacco, and Restaurants 6.19 10.66 8.16 8.06 6.16 13.18 8.92 7.0 8 Gaming, Lodging, and Leisure 7.73 12.54 10.07 8.02 5.54 15.27 10.31 7.3 9 Healthcare 6.92 11.15 9.45 7.96 9.58 21.54 14.34 7.0 10 Homebuilding, Building Materials, and Construction 5.61 22.83 11.58 27.25 5.49 12.17 8.57 LAO 11 Media and Entertainment 5.99 13.90 10.08 6.73 2.86 17.88 11.33 5.5 12 Natural Resources 6.05 10.62 8.71 8.02 6.05 17.67 9.93 6.5 13 Retail 5.90 8.28 7.28 6.18 4.38 10.27 7.76 6.6 14 Technology 8.26 14.88 10.48 6.58 9.42 16.89 14.19 5.4 15 Telecommunications and Cable 7.20 14.54 9.54 7.60 7.42 14.05 9.88 7.3 16 Transportation 6.23 12.83 9.17 11.07 1.85 8.89 6.15 4.3 17 Utilities 8.16 15.14 11.10 12.25 3.23 11.88 7.95 5.2g 18 Diversified Services 7.40 13.57 9.64 10.19 5.53 12.68 8.64  aLTM EBITDA refers to last 12 months of EBITDA. Multiples represent Fitch estimates. bIn some instances, sector definitions may not map exactly across the different categories of EV multiples. cMarket multiples are assessed specifically for speculative-grade publicly traded U.S. companies with non-negative LTM EBITDA. Current values are based on market capitalization as of Aug. 16, 2011. dTransaction multiples cover M&A transactions across the rating spectrum. eRepresents the mean distressed multiple assumed by Fitch for purposes of its recovery analysis based on relatively small sample sizes of fewer than five companies per sector (with the exception of technology, media and entertainment, chemicals, and auto and related sectors). The range of multiples assumed by Fitch within each sector is determined by subsector classifications as well as issuer-specific idiosyncratic factors. It should be noted that since the Fitch-employed multiple is applied to a distressed EBITDA value, it generates a lower enterprise value than would otherwise have been obtained in a non-distressed scenario. For two companies where the recovery value is maximized under a liquidation scenario, the implied multiple has been imputed based on liquidation value and distressed EBITDA. fRefers to an implied EBITDA multiple derived from Fitch’s assumed distressed valuation metric of $10/boe (enterprise value per barrel of oil equivalent) used in recovery analysis. gRefers to an implied EBITDA multiple derived from Fitch’s discounted cash flow valuation of assets of competitive power generation companies. The implied multiple shown is based on a sample of five competitive power generation companies. No regulated utilities are rated in the low speculative grade at this time. LAO  Liquidation analysis only. Source: Worldscope Fundamentals (Thomson Reuters), Bloomberg, Fitch.

Methodology

Fitch analyzed the data relating to market multiples, transaction multiples, and leverage ratios for issuers in each sector using all three measures (the mean, median, and weighted average). The results presented in this report are based on median values that were considered the most robust given relatively large sample sizes and the presence of outlier values that tended to skew the mean. “Low” and “High” in this report refer to the lowest and highest median values per annum (during the preceding 10-year period) for the related sector. “Average” refers to the 10-year mean value of the annual median multiples (or ratios) for that sector.

In contrast, for the Fitch-employed distressed multiples, given the relatively small sample sizes (fewer than 10 companies per sector), the mean was preferred over the median. Fitch publishes the multiples as part of its updated sector-specific recovery analysis each quarter. Links to these interactive recovery analysis worksheets are available under the content section in the left hand panel at www.fitchratings.com/usleveragedfinance.

U.S. Leveraged Finance Multiple EV-aluator 2 September 8, 2011 Leveraged Finance

All Sectors Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 12 9.5 9.7 9.4 10 8.7 7.9 9.2 8.7 8.4 8.6 7.9 8.7 8 6.6 6 3.9 3.5 3.3 3.4 3.0 3.0 3.1 3.6 3.4 4 3.2 3.3 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average

(x) 11.4 12 10.4 9.0 10.4 10.4 10.1 10.2 10 9.3 8 6 8.2 7.8 7.9 7.8 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 3 September 8, 2011 Leveraged Finance

Aerospace and Defense

Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 11.4 12 11.0 10.7 10.2 10.4 10 8.6 7.1 7.7 7.7 9.1 8 6.8 6.9 6 4.3 3.5 3.2 3.1 3.3 4 2.9 2.7 2.4 2.5 2.5 2.4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 20 18.0

14.3 14.3 14.3 15 12.4 11.7 10 7.3 9.5 10.6 5.9 7.9 9.7 5

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Computer Services 8/6/10 Boeing Co. Argon ST Inc. 732 20.39 Computer Services 6/9/06 General Dynamics Anteon International Corp. 2,201 15.40 Distribution 9/20/06 The Boeing Company Aviall Inc. 1,995 12.20 Electronics 2/1/11 Raytheon Co Applied Signal Technology Inc. 491 16.80 Electronics 9/3/09 General Dynamics Corp Axsys Technologies Inc. 609 12.46 Electronics 2/1/06 DRS Technologies Engineered Support Systems Inc. 1,836 12.00 Electronics 8/1/05 L-3 Communications Holdings Titan Corp. 2,611 11.80 Equipment 4/1/11 Kratos Defense & Security Solutions Herley Industries Inc. 269 8.32 Equipment 8/6/10 The Boeing Company Argon ST Inc. 732 21.10 Equipment 6/15/10 Triumph Group Inc. Vought Aircraft Industries Inc. 1,440 6.30 Equipment 10/22/08 Finmeccanica (ITL) DRS Techonologies Inc. 5,053 7.90 Equipment 12/21/07 ITT Corp. EDO Corp. 1,551 15.70 Equipment 12/19/07 Textron Inc. United Industrial Corp. 987 10.30 Equipment 12/4/07 The Carlyle Group Sequa Corp. 2,662 9.50 Equipment 6/22/07 Meggitt PLC (U.K.) K&F Industries Holdings Inc. 1,800 6.40 Equipment 5/26/06 BAE Systems AH, Inc. Stewart & Stevenson Services Inc. 1,055 30.79 Equipment 12/31/03 KKR & Co LP MTU Aero Engines Holding AG 1,728 5.95 Equipment 1/22/02 Northrop Grumman Corp Newport News Shipbuilding Inc. 2,508 9.57 Equipment 5/31/01 Northrop Grumman Corp Litton Industries Inc. 5,102 7.79 Systems 8/1/07 BAE Systems PLC (U.K.) BAE Systems AH 4,175 10.90 Systems 1/26/07 Northrop Grumman Corp Essex Corp. 538 28.43 Systems 5/3/05 United Technologies Kiddle PLC (U.K.) 3,068 11.90

Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 4 September 8, 2011 Leveraged Finance

Aerospace and Defense Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Aar Corporation N.A. 13.63 11.01 10.67 11.86 11.73 6.85 5.38 8.74 7.36 6.93 Alliant Techsystems Inc. 11.32 8.40 8.79 10.23 10.27 10.44 9.41 7.05 4.80 4.19 4.86 BE Aerospace Inc. 9.95 49.41 19.67 15.03 16.02 15.67 18.43 666.07 9.65 N.A. N.A. Bombardier, Inc. 18.44 60.56 17.62 13.39 6.16 7.00 5.96 2.76 4.90 6.10 5.03 Esterline Technologies Corp. 3.30 7.13 10.90 9.60 8.35 8.84 9.42 5.54 7.14 7.66 8.64 Gencorp, Inc. 2.40 5.54 7.24 154.86 N.A. 107.66 12.99 8.88 7.30 7.09 6.22 Hexcel Corporation N.A. 6.19 7.61 8.75 18.72 12.20 17.02 6.04 10.41 10.81 11.00 L-3 Communication Holdings, Inc. 12.30 11.28 11.11 11.61 11.50 11.01 10.09 6.53 7.02 5.68 5.46 Moog, Inc. 6.19 6.95 8.15 9.13 10.06 9.49 10.66 8.97 9.67 8.01 7.96 Orbital Sciences Corp. N.A. 5.49 11.62 8.79 9.34 11.90 11.58 10.17 8.05 8.62 6.78 Transdigm Group, Inc. N.A. N.A. N.A. N.A. N.A. 14.56 13.20 8.82 9.93 11.71 18.01 Triumph Group Incorporated 7.26 5.75 11.46 12.07 9.81 9.95 7.87 5.39 7.31 8.31 8.84 Average 8.89 16.39 11.38 24.01 11.21 19.20 11.12 61.80 7.91 7.78 8.16

N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 5 September 8, 2011 Leveraged Finance

Auto and Related Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 14 12.9 12 10.7 10 7.2 7.7 8 5.0 6.6 6.2 5.4 5.3 7.0 6.1 6.7 6 4.6 4.2 3.8 3.2 4.2 4.4 4 3.1 3.0 2.9 2.2 1.9 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 10 9.0 8.9 10.6 9.7 8.7 8 6.0 6.2 6 5.6 3.7 4.0 4 5.2 2.4 2

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Auto Manufacturer 11/18/08 Multiple acquirers Mazda Motor Corp. 540 1.1 Auto Manufacturer 6/30/08 Goldman Sachs Group Inc. (The) Mahindra & Mahindra Ltd. 172 5.1 Auto Manufacturer 3/4/08 Terex Corp. ASV Inc. 453 24.0 Auto Manufacturer 4/11/06 Multiple Acquirers Isuzu Motors Ltd. 302 3.9 Auto Manufacturer 10/12/05 Toyota Motor Corp. Fuji Heavy Industries Ltd. 313 3.6 Auto Parts and Equipment Pending Rank Group Ltd. UCI International 980 6.2 Auto Parts and Equipment 12/31/10 GENCO Distribution System Inc. ATC Technology Corp. 420 5.4 Auto Parts and Equipment 6/3/10 TPG Capital American Tire Distributors Holdings Inc. 1,300 12.0 Auto Parts and Equipment 10/12/07 LKQ Corp. Keystone Automotive Industries Inc. 778 13.0 Auto Parts and Equipment 9/20/07 Basic Element/Russia Magna International Inc. 1,537 6.0 Auto Parts and Equipment 8/1/07 Cerberus Capital Management LP TA Delaware Inc. 1,000 5.3 Auto Parts and Equipment 6/4/07 Bridgestone Corp. Bandag Inc. 934 10.8 Auto Parts and Equipment 1/11/07 Asahi TEC Corp. Metaldyne Corp. 1,113 8.7 Auto Parts and Equipment 4/5/05 Magna International Inc. Intier Automotive Inc. 215 4.7 Auto Parts and Equipment 3/8/05 Magna International Inc. Decoma International Inc. 231 3.7 Auto Parts and Equipment 2/8/05 Magna International Inc. Tesma International Inc. 604 5.8 Auto Parts and Equipment 2/4/05 Cooper Tire & Rubber Co. Kumho Tire Co. Inc. 107 3.4 Auto Parts and Equipment 2/4/05 Cooper Tire & Rubber Co. Kumho Tire Co Inc. 107 3.4 Auto Parts and Equipment 1/4/05 BorgWarner Inc. Beru AG 376 6.7 Auto Parts and Equipment 10/11/01 Flex-N-Gate Corp. Ventra Group Inc. 164 5.6 Auto Parts and Equipment 2/26/01 Heartland Industrial Partners LP Collins & Aikman Corp. 260 2.4 Auto Parts and Equipment 9/1/00 Johnson Controls Inc. Ikeda Bussan Co. Ltd. 159 1.9 Auto Parts and Equipment 7/10/00 ArvinMeritor Inc. Meritor Automotive Inc. 1,587 3.0 Auto Parts and Equipment 5/11/00 Autoliv Inc. OEA Inc. 306 14.5

Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 6 September 8, 2011 Leveraged Finance

Auto and Related Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current OEM Ford Motor Co. 8.95 6.20 7.37 6.78 5.46 13.42 6.71 15.11 6.96 6.97 5.97 General Motors Co. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 3.76 2.06 Average 8.95 6.20 7.37 6.78 5.46 13.42 6.71 15.11 6.96 5.37 4.01

Auto Suppliers American Axle & Manufacturing Holdings 5.09 4.01 5.07 4.52 4.80 N.A. 4.77 N.A. N.A. 4.90 3.78 Borgwarner, Inc. 7.24 5.05 6.71 7.06 7.28 7.73 8.95 10.70 13.93 11.76 11.72 Commercial Vehicle Group, Inc. N.A. N.A. N.A. 11.49 5.27 5.26 17.94 N.A. N.A. 17.35 10.82 Dana Holding Corp. 16.33 6.57 7.46 9.72 15.77 N.A. 21.13 1.66 29.73 7.20 6.30 Federal Mogul Corp. N.A. 0.21 N.A. N.A. N.A. N.A. 2.33 40.85 10.79 6.72 4.17 Lear Corp. 6.40 4.30 5.84 5.59 N.A. N.A. 4.87 N.A. 1.83 5.87 4.38 Tenneco, Inc. 6.36 5.02 4.67 5.66 5.43 6.20 5.32 6.83 6.92 7.15 6.19 TRW Automotive Holdings Corp. N.A. N.A. N.A. 4.93 5.02 4.66 4.49 25.07 5.63 4.52 3.52 Visteon Corp N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 2.58 2.14 Average 8.29 4.19 5.95 7.00 7.26 5.96 8.73 17.02 11.47 7.56 5.89

Tire Manufacturers Cooper Tire & Rubber Company 7.16 4.61 6.44 7.86 7.38 15.10 3.78 N.A. 4.88 5.19 3.63 Goodyear Tire & Rubber Co. 10.45 5.20 16.89 5.10 4.38 7.84 5.90 4.39 11.03 6.13 6.74 Average 8.80 4.90 11.66 6.48 5.88 11.47 4.84 4.39 7.95 5.66 5.18

N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 7 September 8, 2011 Leveraged Finance

Chemicals Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 14 11.7 12 9.8 10 7.0 9.1 8.4 7.6 8.6 8.4 8.1 8 7.0 8.5 6.3 6 5.2 5.0 3.5 3.3 4 3.2 3.6 3.4 2.6 2.5 2.3 2.4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 16 13.7 14 9.7 11.1 12 10.6 9.5 10.4 8.8 10 7.7 9.5 8 7.3 6.4 6.2 6 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Agricultural Chemicals 5/25/11 Private Investor The Mosaic Co. 8,075 13.9 Agricultural Chemicals 4/16/10 CF Industries Holdings Inc. Terra Industries Inc. 4,287 4.9 Agricultural Chemicals 5/8/08 Agrium Inc. UAP Holding Corp. 2,686 12.7 Agricultural Chemicals 12/21/04 Terra Industries Inc. Terra Mississippi Holdings Corp. 268 4.7 Agricultural Chemicals 12/13/04 N.A. Terra Industries Inc. 255 2.4 Agricultural Chemicals 10/25/04 Cargill Inc. Mosaic Global Holdings Inc. 3,275 12.0 Chemicals  Diversified 5/16/11 E.I. du Pont de Nemours & Co. Danisco A/S 7,113 14.3 Chemicals  Diversified 12/10/10 BASF SE Cognis Holding GmbH 3,799 8.6 Chemicals  Diversified 7/8/09 Abu Dhabi Investment Authority Nova Chemicals Corp. 2,077 8.8 Chemicals  Diversified 4/2/09 Dow Chemical Co. (The) Rohm and Haas Co. 18,862 12.5 Chemicals  Diversified 12/21/07 Access Industries Holdings LLC Lyondell Chemical Co. 20,011 7.7 Chemicals  Diversified 9/4/07 Olin Corp. Pioneer Cos. Inc. 408 4.4 Chemicals  Diversified 6/28/01 Dow Chemical Co. Haltermann Ltd. 718 10.6 Chemicals  Diversified 2/7/01 Dow Chemical Co. (The) Union Carbide Corp. 11,990 14.0 Chemicals  Fibers 6/14/05 TPG Capital British Vita Unlimited 1,329 7.6 Chemicals  Plastics 9/1/00 PolyOne Corp. Geon Co. 891 7.7 Chemicals  Specialty Pending Berkshire Hathaway Inc Lubrizol Corp. 9,218 7.3 Chemicals  Specialty Pending Lonza Group AG Arch Chemicals Inc. 1,350 9.1 Chemicals  Specialty 10/1/09 K+S AG Morton International Inc. 1,675 3.7 Chemicals  Specialty 11/14/08 Ashland Inc. Hercules Inc. 3,357 8.6 Chemicals  Specialty 4/13/07 Court Square Capital Partners LP MacDermid Inc. 1,282 9.8 Continued on next page. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 8 September 8, 2011 Leveraged Finance

Select Transactions (Continued) Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Chemicals  Specialty 4/13/07 Court Square Capital Partners LP MacDermid Inc. 1,282 9.8 Chemicals  Specialty 6/12/06 BASF SE BASF Catalysts LLC 5,377 12.5 Chemicals  Specialty 7/5/05 Chemtura Corp. Great Lakes Chemical Corp. 1,729 11.3 Chemicals  Specialty 12/1/04 Lyondell Chemical Co. Millennium Chemicals Inc. 2,254 12.3 Chemicals  Specialty 11/5/03 Consortium Nalco Co. 4,382 12.8 Chemicals  Specialty 12/21/00 Valspar Corp. Lilly Industries Inc. 929 10.1 Coatings/Paint 7/11/06 Akzo Nobel NV Sico Inc. 251 9.7 Coatings/Paint 1/3/01 Berkshire Hathaway Inc. Benjamin Moore & Co. 930 6.4

Source: Company filings, Bloomberg, Fitch.

Chemicals Market Multiples 2001 2002 20032004 2005 2006 2007 2008 20092010 Current Diversified Chemicals American Pacific Corp. 1.84 1.54 1.56 8.51 N.A. 6.60 5.00 4.24 8.05 4.95 N.A. Compass Minerals International Inc. N.A. N.A. 8.97 8.39 9.13 9.70 10.99 7.63 8.71 12.31 10.67 Georgia Gulf Corp. 11.68 7.31 11.44 7.79 5.78 9.79 21.74 2,202.09 2.71 6.49 5.25 Westlake Chemical Corp. N.A. N.A. N.A. 7.82 4.23 5.88 6.22 17.08 8.21 5.89 5.57 Average 6.76 4.42 7.33 8.13 6.38 7.99 10.99 557.76 6.92 7.41 7.16

Specialty Chemicals AEP Industries Inc. 8.04 7.05 6.68 5.10 5.49 7.53 6.11 15.73 4.93 9.17 7.60 Ashland, Inc. 12.60 9.46 22.10 N.A. 1.76 6.75 7.21 2.59 6.44 5.26 5.09 CF Industries Holdings, Inc. N.A. N.A. N.A. N.A. 2.89 6.17 7.52 1.39 4.45 8.64 5.41 Koppers Holdings, Inc. N.A. N.A. N.A. N.A. N.A. 8.47 8.13 4.73 9.21 7.93 7.04 Kronos Worldwide, Inc. N.A. N.A. 9.14 15.30 8.00 12.23 10.58 12.00 43.70 12.03 7.57 Nalco Holding Co. N.A. N.A. N.A. 17.38 10.17 9.59 9.81 27.76 10.97 10.25 9.10 Newmarket Corp. N.A. 4.19 5.63 4.62 4.78 8.38 6.80 5.10 6.50 6.05 6.94 NL Industries, Inc. 3.80 9.23 6.62 8.86 18.69 22.19 19.83 12.02 N.A. 8.08 N.A. OM Group, Inc. 12.19 N.A. 21.24 5.52 7.57 11.54 7.03 2.03 11.97 5.20 4.11 Omnova Solutions Inc. 10.97 6.46 N.A. 21.23 8.85 8.18 12.49 6.26 6.73 9.64 10.85 Polyone Corporation 18.37 10.99 2,661.38 16.48 14.10 9.33 17.87 N.A. 7.06 5.20 5.16 Rockwood Holdings, Inc. N.A. N.A. N.A. N.A. 7.19 8.73 8.19 N.A. 8.55 7.98 7.88 Scotts Miracle-Gro Co. 10.27 7.02 8.26 8.25 12.29 10.63 11.09 14.12 10.62 9.46 8.90 Solutia, Inc. 13.10 8.39 N.A. N.A. 3.75 5.88 122.96 1.04 8.60 10.83 8.80 Sterling Chemicals, Inc. 16.17 0.10 10.08 N.A. 9.94 N.A. 43.53 5.36 12.61 10.92 N.A. Average 11.72 6.99 305.68 11.41 8.25 9.69 19.94 8.47 10.88 8.44 7.27

N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 9 September 8, 2011 Leveraged Finance

Consumer Products Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 12 10.4 10.0 9.2 10.3 10 9.1 7.8 8.0 8.0 8.7 8.2 9.0 8 7.4 6 5.1 3.7 3.4 3.4 4 3.4 2.9 3.1 3.4 2.5 2.8 2.2 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 14 12 9.7 9.4 10 9.2 8.7 8.8 7.1 8.6 7.6 8 5.9 7.6 6 5.7 4.3 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Apparel Manufacturers Pending VF Corp Timberland Co. 1,972 12.3 Batteries 5/28/04 Spectrum Brands Microlite S.A. 28 7.0 Batteries 9/30/03 Spectrum Brands VARTA 258 6.2 Consumer Products 9/19/04 Jarden American Household 746 7.5 Fragrance Products 6/27/05 ONEX Partners LP BMP/CEI Holdings Inc. 300 8.5 (Cosmetic Essence) Household Products Pending Icahn Enterprises LP Clorox Co 11,979 11.6 Household Products 7/1/10 Procter & Gamble Sara Lee (Ambi-Pur) 470 13.3 Household Products 9/9/08 Vestar Capital Partners Unilever 1,450 9.0a Jewelry 7/12/10 Avon Silpada Designs, Inc. 650 2.8x Revenues Kitchen appliances 6/28/05 Jarden The Holmes Group. 625 6.5 Personal Care 9/27/10 Unilever Alberto-Culver 3,701 14.8 Personal Care 7/21/10 Reckitt Benckiser SSL International 3,900 18.0a Personal Care 3/15/10 Shiseido Co Ltd. Bare Escentuals Inc. 1,832 10.4 Personal Care 3/11/10 Sanofi-Aventis SA Chattem Inc 2,121 12.8 Personal Care 10/1/07 The Clorox Company Burt Bees 925 15.418.5a Personal Care 7/1/07 Energizer Holdings, Inc. Playtex Products Inc. 1,774 15.0 Personal Care 2/6/04 Prestige Brands International Inc. The Spic & Span Company, Medtech N.A. 11.7 Products Inc., The Denorex Company Safety Products 4/14/09 Kimberly-Clark Jackson Products Inc. Undisclosed 5.06.0a Shaving Products 1/1/05 Procter & Gamble Gillette Co. 57,279 17.7 Shaving Products 9/30/03 Spectrum Brands Remington Products Company LLC 322 6.9 Shaving Products 3/28/03 Energizer Holdings, Inc. Pfizer (Schick-Wilkinson Sword) 930 9.3 Water Systems 4/1/04 Clayton Dublier & Rice Culligan International 610 6.8 aMarket estimates of EBITDA multiples. Note: Brand-name sold mentioned within brackets. N.A.  Not applicable. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 10 September 8, 2011 Leveraged Finance

Consumer Products Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Home Products Blyth, Inc. 6.54 6.51 8.31 7.17 11.13 13.53 10.92 1.73 3.10 2.88 N.A. Central Garden and Pet Company 10.40 7.13 7.59 8.97 10.33 10.40 9.35 N.A. 7.21 6.75 4.40 Interface, Inc. 23.77 11.53 13.91 10.74 7.55 11.44 8.29 8.28 8.77 16.34 15.70 Libbey, Inc. 7.96 9.88 8.64 9.43 15.37 13.37 5.93 13.88 6.28 N.A. N.A. Mac-Gray Corp. 3.30 3.27 4.09 4.82 4.78 6.24 6.07 5.30 5.33 6.27 5.89 Mohawk Industries, Inc. 7.89 7.49 8.77 9.26 11.70 6.99 6.86 N.A. 13.15 8.46 7.37 Spectrum Brands Holdings, Inc. 9.61 7.07 14.27 9.03 13.67 N.A. N.A. N.A. 1.64 12.18 9.72 Steelcase, Inc. 14.39 13.04 33.16 14.04 11.09 10.45 6.43 6.40 16.56 10.39 7.94 Unifi, Inc. 12.68 9.11 9.27 N.A. 13.04 6.18 N.A. 9.40 30.02 6.59 4.87 Average 10.73 8.34 12.00 9.18 10.96 9.83 7.69 7.50 10.23 8.73 7.98

Clothing Manufacturers Brown Shoe Company 11.44 5.92 7.33 6.12 7.65 10.92 5.50 N.A. 7.86 6.31 6.39 Oxford Industries, Inc. 3.88 7.18 11.66 7.10 7.00 7.46 7.25 N.A. 6.99 8.30 8.43 Perry Ellis International 5.41 8.17 10.46 7.82 6.64 9.91 5.53 16.98 7.57 9.80 7.15 Phillips Van Heusen Corp 8.15 4.87 11.97 9.22 7.48 9.71 6.10 4.47 6.64 16.99 12.36 Quiksilver, Inc. 6.23 7.95 8.96 11.14 10.10 11.01 55.24 6.63 9.95 8.67 13.50 The Jones Group, Inc. 8.42 7.68 7.58 8.85 7.78 N.A. 34.66 N.A. 23.08 5.92 6.68 Warnaco Group, Inc. N.A. 3.78 0.35 8.53 9.26 7.68 8.07 5.24 7.58 7.60 7.43 Average 7.25 6.51 8.338.40 7.99 9.45 17.48 8.33 9.95 9.08 8.85

Electronic Devices and Others Eastman Kodak Co. 8.67 5.88 7.73 9.60 10.30 7.00 7.63 N.A. 0.69 1.79 1.83 Flextronics International Ltd. 29.84 17.70 1,730.39 10.53 11.54 9.86 14.53 N.A. 10.88 4.95 3.93 Jabil Circuit Incorporated 13.71 13.92 19.96 8.76 10.65 11.32 12.25 7.74 N.A. 4.32 5.17 Rotech Healthcare, Inc. N.A. N.A. 5.25 5.44 6.86 N.A. 6.93 N.A. 5.18 4.70 4.88 Sanmina-SCI Corp. 13.10 N.A. 37.32 14.53 N.A. 26.87 N.A. N.A. 12.87 5.15 4.79 Average 16.33 12.50 360.13 9.77 9.84 13.76 10.33 7.74 7.40 4.18 4.12

Personal Care Church and Dwight Incorporated 11.44 11.45 13.54 14.91 10.67 11.58 11.25 11.05 9.25 9.88 11.89 Elizabeth Arden, Inc. 6.32 13.14 17.01 9.40 8.34 10.02 10.20 15.52 9.04 N.A. 11.08 Prestige Brands Holdings, Inc. N.A. N.A. N.A. 17.85 11.54 9.83 7.88 N.A. 8.66 12.22 10.86 Revlon, Inc. 17.87 487.77 14.68 20.24 15.55 42.12 8.68 6.62 9.92 6.98 7.34 Sally Beauty Holdings, Inc. N.A. N.A. N.A. N.A. N.A. N.A. 12.10 10.03 8.87 9.27 9.32 Weight Watchers International, Inc. 20.77 18.70 16.58 14.72 18.16 15.08 11.42 8.56 9.50 9.75 N.A. Average 14.10 132.76 15.45 15.42 12.85 17.73 10.26 10.36 9.21 9.62 10.10

Recreational Brunswick Corporation 7.07 5.82 8.13 8.66 5.95 6.39 6.21 N.A. N.A. 12.96 N.A. Steinway Musical Instruments, Inc. 6.26 6.76 9.54 7.17 7.50 15.64 7.60 8.03 8.33 8.17 10.55 Average 6.66 6.29 8.84 7.91 6.73 11.02 6.91 8.03 8.33 10.57 10.55

N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 11 September 8, 2011 Leveraged Finance

Diversified Manufacturing and Capital Goods Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 12 10.1 10.1 10.5 9.7 8.6 9.5 9.7 10 8.5 8.2 8.2 9.1 8 6.4 6 4.4 4.0 4.1 3.5 3.5 3.3 4 2.9 2.9 2.5 3.0 2.8 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 14 12.1 12.6 12 11.1 11.0 9.3 8.4 9.7 10 8.7 7.7 9.0 8 6.4 6 4.1 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Building Products 6/8/08 Ingersoll-Rand PLC Trane Inc. 10,917 11.8 Building Products 11/16/07 URS Corp. Washington Group International 3,012 22.3 Diagnostics 11/7/07 Siemens AG Dade Behring Holdings Inc. 7,036 15.2 Diagnostics 7/28/06 Siemens AG Diagnostics Products Corp. 1,660 12.7 Equipment 6/14/11 Total SA SunPower Corp. 1,566 8.7 Equipment 5/18/11 Thermo Fisher Scientific Inc. Dionex Corp. 2,068 20.1 Equipment 3/15/10 Stanley Tools Inc. Black & Decker Corp. 5,417 8.6 Equipment 12/14/09 Emerson Electric Company Avocent Corp. 1,142 11.4 Equipment 10/31/08 Eaton Corp. Phoenixtec Power Co. Ltd. 694 32.8 Equipment 10/30/08 General Electric Company Vital Signs Inc. 884 20.1 Equipment 4/25/08 General Electric Company Whatman Ltd. (U.K.) 732 9.3 Equipment 12/21/07 ITT Corp. EDO Corp. 1,551 15.7 Equipment 11/23/07 Danaher Corp. Tektronix Inc. 2,808 17.0 Equipment 10/12/07 LKQ Corp. Keystone Automotive Industrial 778 13.3 Equipment 10/2/07 Teleflex Inc. Arrow International Inc. 1,982 17.4 Continued on next page. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 12 September 8, 2011 Leveraged Finance

Select Transactions (Continued) Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Equipment 2/15/07 Schneider Electric SA American Power Conversion Inc. 5,520 36.0 Equipment 5/19/06 Danaher Corp. Sybron Dental Specialties Inc. 1,977 12.6 Equipment 4/25/06 Honeywell International Inc. First Technology PLC 674 8.7 Equipment 1/5/06 General Electric Company IDX Systems Corp. 1,212 19.7 Equipment 10/3/05 Walter Energy Inc. Mueller Water Products Inc. 1,910 10.9 Equipment 5/6/05 Siemens AG CTI Molecular Imaging Inc. 987 11.3 Equipment 4/29/05 Honeywell International Inc. Novar Ltd. 2,074 5.0 Equipment 4/8/04 General Electric Company Amersham PLC 11,639 18.5 Equipment 12/9/03 Precision Castparts Corp. SPS Technologies LLC 848 7.3 Machinery Pending Terex Corp. Demag Cranes AG 1,509 13.3 Machinery 1/28/11 ABB Ltd. Baldor Electric 4,146 14.1 Machinery 10/27/08 The Manitowoc Company Inc. Enodis PLC 2,590 13.4 Machinery 12/7/06 Oshkosh Corp. JLG Industries Inc. 2,949 11.0

Source: Company filings, Bloomberg, Fitch.

Diversified Manufacturing and Capital Goods Market Multiples 2001 20022003 2004 2005 2006 2007 2008 20092010 Current Diversified Manufacturing Actuant Corporation 4.42 7.50 9.49 15.76 10.89 9.38 9.80 8.56 11.52 9.69 7.94 Amerco 6.52 4.914.07 4.33 6.56 5.78 5.37 4.98 5.13 5.03 4.30 Briggs & Stratton Corp. 5.92 5.86 7.51 7.89 N.A. 19.55 9.11 6.77 6.72 N.A. 6.49 Baldor Electric Corporation 8.18 12.97 12.08 13.22 13.00 10.03 11.26 8.82 6.36 8.49 16.19 Blount International, Inc. 9.72 8.39 7.97 12.95 8.16 8.10 7.75 6.03 8.61 9.72 8.71 Bucyrus International, Inc. N.A. N.A. N.A. 21.78 12.93 14.63 18.13 4.17 8.65 13.16 12.53 Casella Waste Systems, Inc. 6.42 6.57 8.73 6.65 7.84 7.58 6.37 9.86 5.85 7.29 7.13 Clean Harbors 3.07 13.71 8.95 6.02 7.30 9.66 8.34 8.67 11.38 7.17 8.74 Columbus McKinnon Corp. 10.97 8.83 8.97 8.45 10.78 6.93 7.95 N.A. 29.03 14.44 9.72 Exide Technologies N.A. 8.40 7.31 0.62 21.59 10.26 7.01 6.25 9.17 9.02 6.39 Flowserve Corp. 10.16 7.41 8.83 10.13 12.24 10.74 11.70 4.18 7.26 10.07 7.05 Gardner Denver, Inc. 8.26 8.48 8.75 11.54 10.58 7.95 5.56 5.09 N.A. 11.88 12.17 General Cable Corp. 6.19 11.49 9.81 10.67 9.67 9.30 11.90 4.40 5.80 8.26 6.18 Graftech International Ltd. 47.17 17.26 31.58 11.64 10.29 7.78 7.79 3.27 13.94 15.09 11.72 Graham Packaging Co., Inc. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 9.85 12.37 Graphic Packaging Holding Co. N.A. N.A. 13.24 9.99 8.26 9.70 7.75 8.19 7.01 8.12 8.49 Kemet Corp. 1.87 39.36 N.A. N.A. 131.56 13.42 12.30 10.75 N.A. 19.94 5.80 Itron Incorporated 14.34 11.62 10.73 18.26 11.52 12.08 24.15 11.32 18.61 9.10 6.46 Jarden Corporation N.A. 6.70 11.02 14.71 14.13 10.16 14.00 12.56 8.95 9.74 7.53 Mastec Incorporated N.A. N.A. N.A. 59.90 12.33 11.85 20.10 9.01 8.47 5.72 8.06 McDermott International, Inc. 4.48 N.A. N.A. 7.98 11.77 12.68 14.57 2.23 7.43 10.62 7.08 NCI Building Systems, Inc. 5.75 6.47 8.06 7.64 7.47 9.53 7.01 4.07 N.A. 35.98 28.60 Olin Corporation 9.40 11.60 13.35 10.62 4.90 4.80 7.82 4.66 5.01 9.85 4.47 Park-Ohio Holdings Corp. 26.49 11.08 12.49 10.43 6.84 6.84 7.58 N.A. 10.47 9.09 7.39 SPX Corporation 13.12 7.21 8.95 62.47 16.72 10.52 13.17 5.09 13.13 10.47 9.24 Shaw Group, Inc. 7.43 3.25 5.38 12.44 15.60 14.45 40.95 14.03 8.31 6.03 N.A. Trimas Corp. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 6.82 7.80 8.08 Wabtec Corporation 8.46 11.64 12.37 12.92 10.49 9.27 7.76 8.86 9.99 11.29 N.A. Wesco International, Inc. 5.47 7.25 7.28 11.10 12.14 10.81 6.99 4.97 8.10 12.44 8.36 Valmont Industries, Inc. 5.35 5.91 7.68 9.18 8.30 10.68 12.71 7.26 7.25 10.53 10.67 Average 9.96 10.16 10.19 14.42 15.33 10.16 11.60 7.08 9.58 10.89 9.21

Capital Goods AGCO Corp 11.10 15.64 8.87 6.75 5.88 19.13 12.42 3.17 8.13 9.54 6.10 CNH Global N.V. 15.26 12.17 11.70 7.78 6.33 8.61 12.14 5.44 12.30 13.25 9.37 Foster Wheeler AG N.A. N.A. N.A. N.A. 161.58 8.49 16.29 3.49 5.84 9.22 7.23 Greenbrier Companies, Inc. 5.59 6.73 6.63 6.70 6.98 6.13 8.98 8.52 88.48 7.52 10.60 Manitowoc, Inc. 8.04 8.74 10.74 9.58 9.35 10.37 10.54 16.01 N.A. 14.72 16.00 Navistar International 11.49 N.A. 17.27 6.49 10.81 7.49 14.67 7.19 7.26 7.97 7.17 Oshkosh Corp. 7.51 8.02 9.55 9.95 10.18 10.39 10.46 6.60 N.A. 2.26 3.08 Terex Corp. 9.29 20.85 18.10 10.03 7.50 8.46 6.26 4.98 N.A. 116.18 12.31 Titan International, Inc. 47.01 26.84 19.94 7.55 22.87 12.57 22.94 6.60 22.82 12.72 10.94 Trinity Industries, Inc. 897.25 12.79 17.07 17.81 10.10 7.40 5.07 4.26 19.09 9.31 8.66 Average 112.50 13.97 13.32 9.18 25.16 9.90 11.98 6.63 23.42 20.27 9.15

N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 13 September 8, 2011 Leveraged Finance

Energy Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 12 11.0 10 8.0 8.5 6.8 7.7 7.5 7.0 8 6.7 6.4 5.8 7.1 6 4.5 3.9 2.8 4 2.7 2.0 2.8 2.2 1.9 1.5 1.6 1.8 1.9 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 14 12 10 8.8 8.6 6.9 6.8 8.0 8.0 8.1 8 7.2 5.3 6 6.9 4.8 4.1 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Drilling 6/1/11 Ensco PLC Pride International Inc. 8,466 20.8 Drilling 7/21/10 Seadrill Ltd. Scorpion Offshore Ltd. 269 4.3 Drilling 12/24/08 Precision Drilling Corp. Grey Wolf Inc. 1,717 5.2 Drilling 11/27/07 Transocean Ltd. GlobalSantaFe Corp. 18,177 10.8 Drilling 7/12/07 Hercules Offshore Inc. Todco 2,267 6.3 Drilling 6/19/06 Seadrill Ltd. Smedvig ASA 1,024 8.0 Drilling 1/20/06 Seadrill Ltd. Smedvig ASA 1,836 10.4 Drilling 8/8/02 Ensco PLC Chiles Offshore Inc. 632 16.2 Drilling 4/30/02 Nabors Industries Ltd. Enserco Energy Service Co. 297 4.7 Drilling 11/21/01 GlobalSantaFe Corp. Global Marine Inc. 3,824 9.6 Drilling 9/17/01 Pride International Inc. Marine Drilling Co. Inc. 1,667 10.5 Drilling 5/9/01 Patterson-UTI Energy Inc. UTI Energy Corp. 1,324 24.0 Drilling 2/1/01 Transocean Ltd. R&B Falcon Corp. (Old) 7,604 35.9 Services 7/1/11 Holly Corp. Frontier Oil Corp. 2,610 13.8 Services 9/30/10 Halliburton Company Boots & Coots, Inc. 280 11.1 Services 8/27/10 Schlumberger Ltd. Smith International, Inc. 11,341 18.9 Services 4/29/10 Baker Hughes Inc. BJ Services Co. 5,528 6.6 Services 11/19/09 Cameron International Corp. NATCO Group Inc. 672 10.5 Services 11/3/08 China Oilfield Services Ltd. Awilco Offshore ASA 2,755 16.4 Services 8/29/08 Smith International Inc. W-H Energy Services LLC 3,205 9.8 Services 7/3/08 Umbrellastream Ltd. Expro International Group PLC 3,886 12.5 Services 4/22/08 National Oilwell Varco Inc. Grant Prideco Inc. 7,032 11.6 Services 12/12/07 Cal Dive International Inc. Horizon Offshore Inc. 638 5.5 Services 1/16/07 Cie Generale de Geophysique-Veritas Veritas DGC Inc. 2,571 6.8 aRefers to an alternate financial metric used in the energy sector, namely, debt/proved reserves reported as USD per barrel of oil equivalent (boe). Continued on next page. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 14 September 8, 2011 Leveraged Finance

Select Transactions (Continued) Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Services 10/6/06 Tenaris SA Maverick Tube Corp. 2,822 8.0 Services 7/1/05 SEACOR Holdings Inc. Seabulk International Inc. 1,015 8.3 Services 3/14/05 National Oilwell Varco Inc. Varco International Inc. 3,065 13.0 Upstream Pending BHP Billiton Ltd Petrohawk Energy Corp. 14,887 18.4 Upstream Pending Private Investor EXCO Resources Inc. 5,183 9.4 Upstream 2/18/11 Chevron Corp. Atlas Energy Resources LLC 4,300 14.4 Upstream 7/19/10 SandRidge Energy Inc. Arena Resources Inc. 1,564 13.1 Upstream 7/6/10 Chinook Energy Inc. Iteration Energy Ltd. 555 8.1 Upstream 6/28/10 Exxon Mobil Corp. XTO Energy Inc. 41,367 6.5 Upstream 6/1/10 Consol Energy Inc. CNX Gas Corp. 991 15.3 Upstream 4/30/10 Consol Energy Inc. Dominion E&P Assets 3,476 $20.85/boea Upstream 4/15/10 Apache Corp. Mariner Energy Inc. 3,802 6.8 Upstream 3/10/10 Denbury Resources Inc. Encore Acquisition Co. 4,062 15.7 Upstream 8/29/08 Royal Dutch Shell PLC Duvernay Oil Corp. 5,541 19.0 Upstream 8/29/08 Stone Energy Corp. Bois d’Arc Energy Inc. 1,677 5.9 Upstream 1/16/08 Penn West Energy Trust Canetic Resources Trust 5,527 6.6 Upstream 11/7/07 Plains Exploration & Production Co. Pogo Producing Co. LLC 5,720 13.5 Upstream 10/22/07 Marathon Oil Corp. Marathon Oil Canada Corp. 6,616 18.1 Upstream 6/7/07 Forest Oil Corp. Houston Exploration Co. 1,889 4.7 Upstream 8/24/06 Anadarko Petroleum Corp. Western Gas Resources Inc. 5,425 10.5 Upstream 8/11/06 Anadarko Petroleum Corp. Kerr-McGee Corp. 19,100 6.3 Upstream 4/3/06 ConocoPhillips Burlington Resources Inc. 36,089 7.5 Upstream 1/31/06 Occidental Petroleum Corp. Vintage Petroleum Inc. 4,085 7.7 Upstream 8/11/05 Chevron Corp. Unocal Corp. 19,994 6.8 Upstream 9/29/04 Pioneer Natural Resources Co. Evergreen Resources Inc. 1,965 11.0 Upstream 8/27/04 Newfield Exploration Co. Inland Resources Inc. 575 29.5 Upstream 4/28/03 Devon Energy Corp. Ocean Energy Inc. 5,353 6.2 Upstream 1/25/02 Devon Energy Corp. Mitchell Energy & Development Corp. 3,085 4.6 Upstream 10/15/01 Devon Energy Corp. Anderson Exploration Ltd. 4,600 $8.65/boea aRefers to an alternate financial metric used in the energy sector, namely, debt/proved reserves reported as USD per barrel of oil equivalent (boe). Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 15 September 8, 2011 Leveraged Finance

Energy Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Integrated, E&P Atp Oil & Gas Corporation 4.93 3.48 30.04 8.13 16.32 8.02 6.99 2.52 15.64 28.82 49.97 Berry Petroleum Co. 7.55 6.81 7.72 8.45 6.36 6.61 7.47 3.66 8.29 9.11 13.85 Brigham Exploration Company 4.69 7.89 9.17 7.31 7.46 5.41 5.51 N.A. N.A. 27.90 21.83 Callon Pete, Inc. 8.01 5.95 7.46 5.56 5.01 3.52 5.05 N.A. 2.72 5.69 3.98 Chesapeake Energy Corp. 3.27 7.31 5.29 5.46 7.05 4.46 6.71 5.94 N.A. 7.23 8.39 Cimarex Energy Co. N.A. 6.78 4.44 3.94 4.90 3.66 3.77 N.A. N.A. 6.31 4.94 Clayton Williams Energy, Inc. 5.59 7.76 4.06 12.94 11.02 7.66 6.02 2.40 N.A. 7.63 8.03 Comstock Resources, Inc. 4.63 6.275.54 7.50 6.76 5.77 5.32 7.67 12.06 N.A. N.A. Delta Petroleum Corp. 12.71 378.44 14.51 42.01 67.22 18.57 N.A. N.A. N.A. N.A. N.A. Denbury Resources, Inc. 3.99 4.84 5.20 7.07 7.76 7.58 12.74 4.06 32.88 8.78 7.51 Energy Partners Ltd. 3.34 7.53 3.77 4.64 4.47 8.51 8.84 6.28 4.53 4.92 5.21 Forest Oil Corporation 4.03 7.45 5.79 4.32 5.39 5.30 8.35 N.A. N.A. 7.80 6.75 Harvest Natural Resources, Inc. 4.99 1.24 3.38 4.81 1.23 14.42 9.45 N.A. N.A. N.A. N.A. McMoran Exploration Co. N.A. 2.82 N.A. N.A. 65.91 9.29 5.43 3.01 14.26 29.69 10.55 Newfield Exploration Company 4.05 5.96 4.06 4.61 6.62 4.34 7.37 22.42 N.A. 7.48 6.66 Penn Virginia Corp. 6.31 9.64 7.33 8.07 7.50 7.54 9.75 5.06 N.A. 14.13 32.51 Petrohawk Energy Corp. N.A. N.A. 6.52 26.54 19.78 6.04 7.46 397.23 N.A. 7.21 13.56 Petroleum Development Corporation 2.45 2.16 6.81 7.94 5.40 1.37 7.57 2.22 14.58 7.63 10.40 Petroquest Energy, Inc. 4.86 5.79 5.22 4.10 6.04 5.75 4.17 N.A. N.A. 4.61 4.66 Pioneer Natural Resources Co. 7.71 12.61 6.57 6.40 6.09 8.11 9.66 4.28 13.02 8.00 9.16 Plains Exploration & Production Co. N.A. 5.06 7.06 14.09 N.A. 2.91 14.17 N.A. 9.11 9.10 7.98 Quicksilver Resources, Inc. 7.21 9.86 13.81 22.13 18.42 14.79 5.96 N.A. N.A. 4.08 3.49 Range Resources Corp. 5.21 5.56 5.95 11.96 11.73 8.73 15.37 7.34 22.09 70.05 89.25 Southwestern Energy Co. 4.53 6.34 7.37 8.40 16.84 14.49 15.52 7.69 38.26 8.48 8.75 Stone Energy Corp. 25.81 4.76 3.73 3.98 3.60 N.A. 1.97 N.A. N.A. 3.38 3.77 Swift Energy Company 20.35 5.96 5.69 5.51 5.15 3.76 4.13 N.A. 9.84 7.40 6.83 Whiting Petroleum Corp. N.A. N.A. 5.54 6.67 6.96 5.76 6.99 3.47 15.99 7.58 6.53 Average 7.10 21.137.39 9.71 12.73 7.40 7.76 30.33 15.23 12.62 14.36

Refining and Marketing Frontier Oil Corp. 2.79 9.57 9.47 4.33 3.90 4.51 4.87 5.69 N.A. 8.83 6.49 Holly Corporation 1.55 3.04 4.43 4.73 5.18 6.69 4.96 5.72 13.98 8.76 11.16 Holly Energy Partners L.P. N.A. N.A. N.A. 11.27 13.08 12.97 11.60 8.99 N.A. 12.28 11.43 Tesoro Corp. 6.52 18.69 5.12 3.75 4.29 2.81 6.02 3.63 8.87 7.06 7.89 Average 3.62 10.43 6.34 6.02 6.61 6.75 6.86 6.01 11.42 9.23 9.24

Drilling and Oil Field Services Bristow Group, Inc. 5.95 5.72 5.81 7.45 6.97 7.41 8.46 4.97 8.08 9.00 8.29 Gulfmark Offshore Incorporated 7.18 7.51 12.31 17.90 9.21 6.72 7.12 3.85 8.44 35.80 9.68 Helix Energy Solutions Group, Inc. 10.78 16.65 9.07 7.38 9.63 4.84 6.58 N.A. 4.46 10.37 5.16 Hercules Offshore, Inc. N.A. N.A. N.A. N.A. 13.63 4.20 8.05 N.A. 13.81 27.37 25.53 Hornbeck Offshore Services, Inc. N.A. N.A. N.A. 15.88 9.27 5.86 7.69 4.48 7.75 6.12 6.48 Key Energy Services, Inc. 6.87 11.39 21.51 16.60 8.51 5.29 5.33 2.85 N.A. 18.24 22.29 Newpark Resources, Inc. 8.66 13.37 14.67 14.91 11.69 37.90 8.70 5.20 33.22 6.18 6.85 Parker Drilling, Co. 5.01 6.52 8.54 9.51 7.66 4.88 4.13 3.49 5.81 6.22 6.94 Pioneer Drilling Company 9.30 4.75 14.14 13.40 13.82 6.38 3.61 11.93 8.63 7.24 10.82 Pride International, Inc. 7.96 10.30 12.04 9.54 10.40 7.65 6.23 2.50 9.90 15.98 19.64 Superior Energy Services, Inc. 6.29 8.79 7.94 9.74 8.51 7.88 5.24 2.58 21.13 9.06 9.19 Average 7.55 9.4411.78 12.23 9.94 9.00 6.47 4.65 12.12 13.78 11.90 E&P  Exploration and Production. N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 16 September 8, 2011 Leveraged Finance

Food, Beverage, Tobacco, and Restaurants Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 12 10.7 10.1 10 7.6 8.9 8.7 8.4 8.1 8.2 8 7.3 6.8 7.0 6.2 6 3.9 3.6 4.1 3.4 3.8 4.1 4 3.3 3.1 3.4 3.5 3.5 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 14 13.2 12.3 12 9.1 10 8.2 8.4 8.3 8.6 8.4 8.9 8 8.9 6.5 6.2 6 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Beverage 2/25/10 The Coca-Cola Co. CCE North America 12,900 8.3 Beverage 1/11/10 Heineken Femsa’s Beer Business 7,800 11.0 Beverage 8/4/09 Pepsico PepsiAmericas 4,125 7.9 Beverage 8/4/09 Pepsico PBG 10,583 7.1 Beverage 5/25/07 Coca-Cola Glaceau 4,100 41.0 Food 11/25/10 KKR, Vestar & Centerview Del Monte Foods Co. 5,099 8.3 Food 7/28/10 Ralcorp Holdings Inc. American Italian Pasta Co. 1,172 7.9 Food 1/5/10 Nestle Kraft Pizza business 3,700 12.5 Food 11/19/09 Pinnacle Brands Corp. Birds Eye Foods 1,300 13.8 Food 4/28/08 Mars Wrigley 23,000 18.1 Food 7/3/07 Kraft Foods Danone Biscuits 7,200 13.3 Food 4/1/07 Nestle Gerber 5,500 15.7 Food 2/12/07 Blackstone Group Pinnacle Foods Group 2,160 13.5 Food 3/28/03 David Murdock Dole Foods 2,204 8.7 Food 12/20/02 Del Monte Heinz’s SKF Foods 2,300 7.7 Food 12/5/00 Pepsico Quaker 14,000 16.6 Food 1/19/10 Kraft Foods Cadbury plc 18,500 13.0 Food/Agribusiness 6/21/10 Corn Products International, Inc. National Starch 1,300 8.7 Food/Protein 6/15/10 Marfrig Keystone Foods 1,260 6.6 Food/Protein 9/15/09 JBS Pilgrim’s Pride 1,760 7.4 Foodservice 5/1/06 Management ARAMARK 8,300 8.6 Restaurants 10/20/10 3G Capital Inc. Burger King Holdings, Inc. 3,934 8.9 Restaurants 4/24/10 Apollo CKE Restaurants 1,000 6.5 Restaurants 4/24/08 Triarc Wendy’s 2,340 8.8 Restaurants 8/16/07 Darden RARE Hospitalilty 1,400 12.1 Restaurants 7/16/07 IHOP Applebee's 2,100 8.6 Tobacco 9/8/08 Altria UST 11,608 12.0

Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 17 September 8, 2011 Leveraged Finance

Food, Beverage, Tobacco and Restaurants Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Packaged Food Chiquita Brands International 5.31 N.A. 6.44 8.45 6.74 23.64 11.60 N.A. 6.82 6.10 N.A. Dean Foods Co. 12.55 7.86 8.16 9.46 10.21 9.97 11.11 8.54 9.20 9.67 12.63 Dole Food Company, Inc. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 6.15 10.80 11.46 Average 8.93 7.86 7.308.95 8.47 16.81 11.35 8.54 7.39 8.86 12.04

Protein Pilgrim's Pride Corp. 6.82 7.87 5.12 6.13 4.79 17.88 8.43 N.A. 1.50 N.A. 4.95 Smithfield Foods, Inc. 6.65 12.50 8.647.16 8.87 10.56 12.72 24.57 22.14 4.72 4.08 Tyson Foods, Inc. 12.74 5.89 6.70 6.37 7.45 18.51 8.20 8.29 25.47 3.76 3.99 Average 8.74 8.75 6.826.55 7.04 15.65 9.78 16.43 16.37 4.24 4.34

Beverage Constellation Brands, Inc. 8.94 7.14 9.42 13.86 11.14 10.75 N.A. 39.61 15.89 11.73 10.46 Average 8.94 7.14 9.42 13.86 11.14 10.75 N.A. 39.61 15.89 11.73 10.46

Tobacco Alliance One International, Inc. 6.15 7.41 31.20 8.43 N.A. 11.12 10.09 5.03 6.19 8.89 8.86 Universal Corporation 6.34 7.75 7.32 9.00 13.43 9.94 9.08 5.27 6.18 5.50 5.58 Average 6.24 7.58 19.26 8.71 13.43 10.53 9.59 5.15 6.19 7.20 7.22

Restaurants AFC Enterprises 8.44 11.27 26.22 N.A. 99.14 11.97 7.96 N.A. 6.30 8.75 8.57 Brinker International 9.20 9.08 8.39 9.59 6.71 7.37 10.39 8.32 5.62 N.A. N.A. Denny's Corporation 6.14 3.74 5.66 10.39 8.38 5.43 5.14 5.36 4.39 7.23 7.67 Jack In The Box, Inc. 6.28 5.13 4.40 6.08 5.22 6.93 7.29 5.52 4.63 6.63 6.14 O'Charley's, Inc. 8.20 7.08 7.32 7.22 7.35 7.32 7.01 N.A. 4.67 9.83 8.06 Wendy's Group, Inc. 2.73 14.23 12.11 19.23 21.66 13.48 10.05 N.A. 10.25 10.06 10.56 Average 6.83 8.42 10.68 10.50 24.74 8.75 7.97 6.40 5.98 8.50 8.20

Consumer Products M & F Worldwide Corp. 7.48 1.38 4.13 4.42 22.04 6.25 11.03 5.64 5.89 5.25 5.40 Reddy Ice Holdings, Inc. N.A. N.A. N.A. N.A. 20.01 11.21 12.39 N.A. 7.50 17.51 18.21 Average 7.48 1.38 4.13 4.42 21.03 8.73 11.71 5.64 6.70 11.38 11.81 N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 18 September 8, 2011 Leveraged Finance

Gaming, Lodging, and Leisure Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 14 12.5 12 11.7 11.1 10.9 10.8 9.5 10.1 10 9.3 8.9 7.7 8.3 7.7 8.0 8 6.4 5.3 5.4 5.6 6 4.9 4.7 4.8 4.3 4.6 5.0 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 20 15.3 15 12.9 11.8 12.1 12.1 11.4 8.9 8.9 10.3 10 6.9 6.2 5.5 5

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Casino Hotels 1/28/08 Hamlet Holdings LLC Harrah’s Entertainment Inc. 27,160 11.6 Casino Hotels 11/8/07 Fertitta Colony Partners LLC Station Casinos Inc. 8,462 19.3 Casino Hotels 10/8/07 Dubai World MGM Resorts International 1,192 11.1 Casino Hotels 1/5/07 Tracinda Corp. MGM Resorts International 820 7.4 Casino Hotels 1/4/07 Columbia Sussex Corp. Aztar Corp. 2,701 12.0 Casino Hotels 9/5/06 Multiple Acquirers Kerzner International Ltd. 3,630 31.9 Casino Hotels 6/14/05 Harrah’s Entertainment Inc. Caesars Entertainment Inc. 9,380 9.4 Casino Hotels 4/26/05 MGM Resorts International Mandalay Resort Group 7,666 11.6 Casino Hotels 7/1/04 Boyd Gaming Corp. Coast Casinos Inc. 1,284 8.9 Casino Hotels 3/4/03 Penn National Gaming Inc. Hollywood Casino Corp. 756 6.9 Casino Hotels 6/1/00 MGM Resorts International Mirage Resorts Inc. 6,423 12.0 Casino Services 12/31/01 International Game Technology Anchor Gaming 1,139 23.4 Gambling (Non-Hotel) 10/4/05 Penn National Gaming Inc. Argosy Gaming Co. 2,137 8.1 Gambling (Non-Hotel) 7/1/04 Harrah’s Entertainment Inc. Horseshoe Gaming Holding Corp. 1,450 8.7 Lodging Pending Multiple Acquirers Extended Stay America Inc. 3,925 17.5 Lodging 1/4/11 Oil States International Inc. MAC Services Group 671 12.0 Lodging 10/25/07 Blackstone Group LP Hilton Worldwide Inc. 26,235 15.3 Lodging 5/12/06 Multiple Acquirers Fairmont Hotels & Resorts Inc. 3,407 16.5 Lodging 1/26/06 Blackstone Group LP La Quinta Corp. 2,909 12.2 Lodging 8/17/05 Blackstone Group LP Wind International Inc. (Texas) 3,176 15.0 Lodging 12/13/04 Blackstone Group LP Boca Resorts Inc. 1,156 12.6 Lodging 5/12/04 Blackstone Group LP Extended Stay America Inc. 3,114 13.9 Lottery Services 8/29/06 Lottomatica SpA GTECH Holdings Corp. 4,676 9.4 Resorts/Theme Parks 10/30/06 Fortress Investment Group LLC Intrawest ULC 2,557 10.7 Resorts/Theme Parks 4/2/04 CNL Hospitality Corp. KSL Recreation Group Inc. 2,204 12.8 Resorts/Theme Parks 4/3/01 Avis Budget Group Inc. Wyndham Vacation Resorts Inc. 841 15.7

Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 19 September 8, 2011 Leveraged Finance

Gaming, Lodging, and Leisure Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Gaming Ameristar Casinos, Inc. 8.02 6.58 6.33 8.04 7.72 10.36 11.58 N.A. 11.81 9.41 10.24 Bally Technologies, Inc. 8.55 9.86 11.08 9.45 23.46 42.25 12.97 7.82 6.13 7.02 7.36 Boyd Gaming Corporation 6.74 8.02 8.34 13.61 12.05 9.83 10.31 99.32 11.04 11.90 10.00 Isle Of Capris Casinos, Inc. 8.73 5.49 7.13 8.03 10.20 11.47 18.12 4.95 9.39 7.99 7.40 Las Vegas Sands Corp. N.A. N.A. N.A. 25.33 31.46 46.61 73.58 17.01 31.88 22.34 N.A. MGM Resorts International 9.97 8.95 10.09 12.39 12.54 13.33 10.41 25.05 N.A. N.A. N.A. MTR Gaming Group, Inc. 13.48 6.73 7.35 7.19 8.33 11.68 10.58 7.08 7.55 4.95 5.37 Penn National Gaming, Inc. 7.95 7.01 7.80 11.66 17.87 8.98 12.49 11.28 N.A. 13.43 N.A. Pinnacle Entertainment, Inc. 10.13 7.36 11.40 10.46 15.20 9.57 19.65 N.A. N.A. 11.21 8.32 Wynn Resorts Limited N.A. N.A. N.A. N.A. 61.91 9.92 21.91 13.54 13.38 15.64 N.A. Average 9.20 7.50 8.69 11.80 20.07 17.40 20.16 23.26 13.03 11.54 7.67

Lodging Gaylord Entertainment Co. 17.46 7.79 29.25 60.09 21.14 42.06 9.39 9.46 9.52 51.70 43.30 Starwood Hotels & Resorts Worldwide, Inc. 10.59 9.50 16.50 14.97 13.56 13.66 10.23 8.05 41.68 17.79 12.53 Vail Resorts, Inc. 8.26 10.12 8.90 9.85 8.27 8.47 10.86 6.40 6.87 10.39 7.73 Average 12.10 9.1418.22 28.30 14.32 21.39 10.16 7.97 19.36 26.63 21.18

Leisure Bluegreen Corporation 8.64 3.79 4.72 7.87 5.45 6.40 4.94 14.50 9.26 36.92 N.A. Carmike Cinemas, Inc. N.A. 6.75 6.18 6.58 9.54 11.11 29.22 11.32 7.75 8.19 4.91 Cinemark Holdings, Inc. N.A. N.A. N.A. N.A. N.A. N.A. 6.27 8.26 7.16 6.81 7.15 Lions Gate Entertainment Corp. 131.16 16.46 N.A. 23.34 33.71 22.99 N.A. N.A. 16.87 119.32 130.30 Regal Entertainment Group N.A. 7.67 7.17 11.54 9.67 10.62 4.84 8.12 8.25 8.64 N.A. Royal Caribbean Cruises Ltd. 9.92 8.79 13.50 13.60 10.12 10.62 10.20 6.71 11.89 11.89 8.33 Scientific Games Corp. 7.50 6.33 9.63 13.48 15.04 15.60 15.49 11.34 16.09 N.A. N.A. Six Flags Entertainment Corp. 11.08 8.95 9.59 12.18 11.27 17.53 21.80 7.66 29.02 2.64 14.19 Warner Music Group Corp. N.A. N.A. N.A. N.A. 12.62 11.00 7.22 6.30 5.89 6.46 7.47 Average 33.66 8.398.46 12.66 13.43 13.23 12.50 9.28 12.47 25.11 28.72 N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 20 September 8, 2011 Leveraged Finance

Healthcare Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 14 12 11.2 10.8 9.9 9.9 9.8 9.9 9.2 9.4 10 8.5 8.3 8.0 8 6.9 6 4.6 3.4 3.8 3.8 3.8 3.8 4 2.8 2.5 3.1 1.9 2.4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 25 21.5 20 16.5 15.7 17.2 16.2 12.3 14.3 15 12.1 11.2 11.6 9.6 10.4 10

5

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Biotechnology 4/11/11 Sanofi-Aventis SA Genzyme Corp. 18,239 43.3 Biotechnology 5/28/08 Kinetic Concepts Inc. Lifecell Corp. 1,700 28.4 Biotechnology 7/17/06 Millipore Corp. Serologicals Corp. 1,400 23.9 Healthcare  Products Pending Johnson & Johnson Synthes Inc. 19,358 12.2 Healthcare  Products Pending Thermo Fisher Scientific Inc. Phadia AB 3,533 16.3 Healthcare  Products 6/20/11 Endo Pharmaceuticals Holdings Co. American Medical Systems Holdings Inc. 2,667 15.1 Healthcare  Products 4/11/11 Novartis AG Alcon Inc. 12,179 19.6 Healthcare  Products 4/4/11 Danaher Corp. Beckman Coulter Inc. 6,965 8.6 Healthcare  Products 11/19/10 AGA Medical Holdings Inc. St Jude Medical Inc. 1,298 30.9 Healthcare  Products 2/27/09 Abbott Laboratories Advanced Medical Optics Inc. 2,800 10.1 ReAble Therapeutics, Inc. Healthcare  Products 11/21/07 (Blackstone) DJO Opco Holdings Inc. 1,500 15.9 Healthcare  Products 11/7/07 Siemens AG Dade Behring Holdings Inc. 7,000 16.4 Healthcare  Products 11/1/07 Medco Health Solutions Inc. PolyMedica Corp. 1,530 11.3 Healthcare  Products 10/29/07 Warburg Pincus LLC (LBO) Bausch & Lomb Inc. 3,955 16.2 Healthcare  Products 10/23/07 Hologic Inc. Cytyc Corp. 6,200 34.3 Healthcare  Products 10/2/07 Teleflex Inc. Arrow International Inc. 2,000 16.4 Healthcare  Products 7/2/07 Alere Inc (Inverness) Biosite Inc. 1,600 18.3 Healthcare  Products 6/29/07 Cardinal Health Inc. Viasys Healthcare Inc. 1,540 14.1 Healthcare  Products 7/28/06 Siemens AG Diagnostic Products Corp. 1,860 13.6 Healthcare  Products 6/29/06 Siemens AG Bayer Healthcare’s Diagnostics Division 4,300 16.3 Healthcare  Products 6/26/06 Johnson & Johnson Pfizer Consumer Healthcare Division 16,600 22.0 Continued on next page. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 21 September 8, 2011 Leveraged Finance

Select Transactions (Continued) Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Healthcare  Products 5/8/06 Thermo Electron Corporation Fisher Scientific International Inc. 10,600 11.0 Healthcare  Products 4/24/06 Boston Scientific Corp. Guidant Corp. 29,000 35.3 Healthcare  Services 12/30/10 McKesson Corp. US Oncology 2,160 9.0 Healthcare  Services 11/16/10 Universal Health Services Inc. Psychiatric Solutions Inc. 3,114 9.7 Healthcare  Services 2/26/10 TPG/Canadian Pension Plan IMS health 5,057 9.4 Healthcare  Services 8/21/07 The Carlyle Group (LBO) Manor Care Inc. 4,900 10.6 Healthcare  Services 4/16/07 Community Health Systems Inc. Triad Healthcare Corp. 6,800 9.6 Healthcare  Services 4/16/07 Quest Diagnostics Incorporated Ameripath Inc. 2,000 17.0 Healthcare  Services 11/20/06 Multiple Acquirers (LBO) HCA Inc. 33,000 8.1 Pharmaceuticals Pending Teva Pharmaceutical Industries Ltd. Cephalon Inc. 6,800 5.8 Pharmaceuticals Pending Express Scripts Inc. Medco Health Solutions Inc. 34,322 11.4 Pharmaceuticals Pending Teva Pharmaceutical Industries Ltd. Cephalon Inc 6,155 5.9 Pharmaceuticals 3/1/11 Pfizer Inc. King Pharmaceuticals Inc. 3,313 8.6 Pharmaceuticals 12/31/10 Merck & Co., Inc. Millipore Corp. 6,806 14.6 Pharmaceuticals 9/28/10 Biovail Corp. Valeant Pharma 2,434 6.7 Pharmaceuticals 11/4/09 Merck & Co. Inc. Schering-Plough Corp. USA 49,276 9.7 Pharmaceuticals 10/16/09 Pfizer Inc. Wyeth 79,500 9.6 Pharmaceuticals 3/27/09 Roche Holding AG Genentech Inc. 44,047 15.7 Pharmaceuticals 12/23/08 Teva Pharmaceutical Industries Ltd. Barr Pharmaceuticals Inc. 8,960 12.6

Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 22 September 8, 2011 Leveraged Finance

Healthcare Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Diagnostics and Life Sciences Alere, Inc. N.A. N.A. 15.23 23.26 23.69 30.09 N.A. 10.95 12.88 N.A. N.A. Bio Rad Laboratories, Inc. 7.19 6.23 8.36 9.12 9.07 9.28 13.90 8.45 7.99 7.20 5.73 Average 7.19 6.23 11.80 16.19 16.38 19.68 13.90 9.70 10.43 7.20 5.73

For-Profit Hospitals and Providers Alliance Healthcare Services, Inc. 7.20 4.59 8.14 9.00 5.54 5.39 6.77 5.82 5.94 8.08 6.54 Community Health Systems 11.46 8.54 9.35 8.41 8.93 9.34 16.43 6.97 8.48 7.24 6.81 Davita, Inc. 6.74 5.97 8.36 9.86 14.65 9.90 8.37 7.80 8.25 9.23 9.57 Health Management Associates, Inc. 12.65 10.41 9.86 9.19 9.10 11.76 8.00 4.27 6.79 7.17 6.30 Healthsouth Corporation 8.48 31.08 84.32 12.56 23.22 N.A. 19.91 7.12 11.79 9.63 N.A. HCA Holdings, Inc. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 6.65 Lifepoint Hospitals, Inc. 11.81 8.93 7.91 7.62 12.01 7.96 7.14 5.97 6.67 6.58 6.18 Select Medical Holdings Corp. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 9.54 8.53 8.26 Sun Healthcare Group, Inc. N.A. N.A. N.A. 8.16 15.50 8.27 11.48 6.12 5.89 4.21 2.01 Team Health Holdings, Inc. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.86 N.A. N.A. Tenet Healthcare Corporation 8.71 4.68 N.A. N.A. 81.66 N.A. 9.72 5.76 6.33 7.49 6.44 Universal Health Services, Inc. 9.93 7.59 7.90 7.16 8.41 6.04 7.03 5.09 5.71 11.47 7.91 Average 9.98 11.60 23.96 9.30 23.58 9.45 11.58 6.29 8.29 7.51 6.53

Healthcare Information Technology Merge Healthcare Inc. 11.23 10.91 21.32 19.70 37.73 N.A. N.A. N.A. 25.89 52.58 58.96 Average 11.23 10.91 21.32 19.70 37.73 N.A. N.A. N.A. 25.89 52.58 58.96

Managed Care Organizations Centene Corp. N.A. 6.97 8.67 14.01 10.45 101.23 10.62 3.88 4.23 5.16 N.A. Health Net, Inc. N.A. N.A. N.A. N.A. 12.32 8.37 11.54 4.56 33.81 N.A. N.A. Average N.A. 6.97 8.67 14.01 11.39 54.80 11.08 4.22 19.02 5.16 N.A.

Medical Devices and Supplies lAlere, Inc. N.A. N.A. 15.23 23.26 23.69 30.09 N.A. 10.95 12.88 N.A. N.A. Boston Scientific Corp. 34.72 24.10 35.42 16.60 16.42 N.A. 25.62 N.A. N.A. 114.26 8.00 Conmed Corporation 8.46 8.02 9.83 12.49 10.27 37.08 7.75 7.88 12.61 9.82 N.A. Cooper Companies, Inc. 11.64 11.61 13.88 18.10 20.15 19.63 21.63 7.98 8.53 11.71 13.00 Hanger Orthopedic Group, Inc. 9.57 7.75 10.38 21.84 7.43 10.06 8.29 8.82 7.26 14.19 11.04 Invacare Corporation 11.15 9.09 10.13 12.39 10.67 N.A. 12.51 6.92 8.41 12.25 N.A. Kinetic Concepts, Inc. N.A. N.A. N.A. 22.58 10.63 7.32 7.84 5.65 6.20 6.41 8.78 Average 15.11 12.12 15.81 18.18 14.18 20.83 13.94 8.03 9.32 28.11 10.21

Pharmaceuticals Charles River Laboratories International, Inc. 13.32 12.19 9.21 16.67 N.A. 11.82 14.77 N.A. 9.35 N.A. N.A. Mylan, Inc. N.A. 6.77 9.54 9.63 10.99 14.33 N.A. 10.52 10.04 11.17 9.40 Valeant Pharmaceuticals International, Inc. 44.42 21.84 23.08 9.55 8.86 8.54 5.16 5.83 N.A. 106.22 144.63 Average 28.87 13.60 13.95 11.95 9.93 11.56 9.96 8.17 9.70 58.70 77.01

Pharmaceutical Services Magellan Health Services, Inc. 6.41 4.53 0.28 5.57 2.49 6.44 5.84 4.02 N.A. 3.42 3.20 Omnicare, Inc. 11.63 9.26 11.76 9.46 16.82 12.30 11.47 11.13 7.62 18.77 19.50 PSS World Medical, Inc. 16.83 10.95 12.62 10.95 14.85 14.09 9.87 7.93 9.58 9.98 8.64 Average 11.63 8.25 8.22 8.66 11.39 10.94 9.06 7.69 8.60 10.72 10.45 N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 23 September 8, 2011 Leveraged Finance

Homebuilding, Building Materials, and Construction Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 35 30 27.2 28.2 25 22.4 22.8 20 17.1 12.7 15.8 15 9.9 8.8 8.2 11.6 10 6.4 5.6 7.1 6.6 6.2 3.2 3.2 5 3.0 2.9 2.2 2.1 2.0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 15 12.2 9.7 10.5 10.6 9.7 10 8.1 8.7 8.6 6.8 6.9 6.9 5.5 5

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Announcement Transaction EBITDA Category Date Buyer Seller Price ($ Mil.) Multiple (x) Homebuilders 4/1/09 PulteGroup Inc. Centex Corp. 3,150 7.4 Homebuilders 11/1/07 TDR Capital LLP Williams Scotsman International Inc. 2,192 9.1 Homebuilders 8/7/03 Berkshire Hathaway Inc. Clayton Homes Inc. 1,706 7.8 Homebuilders 7/22/03 Land Source (Lennar and LNR JV) Newhall Land and Farming Co. 1,283 10.5 Homebuilders 1/30/02 Beazer Homes USA Inc. Crossman Communities Inc. 603 5.9 Homebuilders 10/23/01 D.R. Horton Inc. Schuler Homes 1,205 5.1 Homebuilders 5/1/01 Pulte Corp. Del Webb 1,840 8.3 Homebuilders 10/12/00 Technical Olympic SA Engle Homes 411 5.0 Homebuilders 9/12/00 Schuler Homes Inc. Western Pacific Housing 422 5.4 Homebuilders 8/28/00 Hovnanian Enterprises, Inc. Washington Homes 137 4.5 Homebuilders 2/17/00 Lennar Corp. U.S. Home 1,134 6.4 Homebuilding Materials & Construction 3/29/11 Carlyle Group/The Tsubaki Nakashima Co Ltd. 806 9.7 Homebuilding Materials & Construction 6/6/08 Ingersoll-Rand PLC Trane Inc. 11,202 14.3 Homebuilding Materials & Construction 2/14/08 Hellman & Friedman LLC Goodman Global Inc./old 2,608 10.2 Homebuilding Materials & Construction 11/19/07 Vulcan Materials Co Florida Rock Industries Inc. 4,486 11.4 Homebuilding Materials & Construction 10/4/06 Georgia Gulf Corp Royal Group Inc. 1,541 102.2 Homebuilding Materials & Construction 12/12/05 Johnson Controls Inc. York International Corp. 3,082 13.3 Homebuilding Materials & Construction 4/7/05 KKR & Co LP Masonite International Corp. 2,375 8.7 Homebuilding Materials & Construction 6/19/00 Ingersoll-Rand PLC Hussmann International Inc. 1,795 11.2 JV  Joint venture. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 24 September 8, 2011 Leveraged Finance

Homebuilders and Building Products Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Homebuilders Beazer Homes USA, Inc. 4.64 5.51 5.11 4.79 5.85 4.15 N.A. N.A. N.A. 753.97 850.63 D.R. Horton, Inc. 7.19 7.98 7.05 6.62 6.24 6.12 N.A. N.A. N.A. 19.84 69.26 Hovnanian Enterprises, Inc. 4.82 5.61 6.98 5.50 5.21 11.23 N.A. N.A. N.A. N.A. N.A. KB Home 7.04 6.58 7.29 7.43 6.49 9.14 N.A. N.A. N.A. N.A. 963.16 Lennar Corporation 4.56 4.33 6.27 5.12 4.90 8.56 N.A. N.A. N.A. 22.37 18.05 M/I Homes, Inc. 5.38 4.00 4.91 6.63 5.76 13.32 N.A. N.A. N.A. N.A. N.A. Meritage Homes Corp. 6.29 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 23.28 20.91 Pultegroup, Inc. 7.53 5.37 7.50 6.65 5.49 9.25 N.A. N.A. N.A. N.A. N.A. Ryland Group, Inc. 4.27 3.15 5.59 5.89 5.20 5.28 N.A. N.A. N.A. N.A. N.A. Standard Pacific Corp. 8.11 8.79 9.23 6.97 6.82 19.45 N.A. N.A. N.A. 51.02 27.25 Average 5.98 5.70 6.66 6.18 5.77 9.61 N.A. N.A. N.A. 174.10 324.88

Building and Home Product Services Dycom Industries, Inc. 5.61 N.A. 9.87 9.02 10.57 8.51 9.02 6.37 20.37 4.25 6.03 Ferro Corporation 10.54 9.68 13.08 10.07 9.14 8.31 38.07 13.57 7.84 11.02 7.26 Masco Corporation 18.29 9.40 9.26 9.80 8.12 10.47 8.56 27.47 22.43 N.A. N.A. Texas Inds, Inc. 6.48 11.08 6.47 4.54 21.54 12.50 12.85 20.62 27.19 335.94 292.30 USG Corporation N.A. 0.37 N.A. 1.27 N.A. 5.87 12.71 N.A. 88.74 N.A. N.A. Average 10.23 7.639.67 6.94 12.34 9.13 16.24 17.01 33.31 117.07 101.86 N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 25 September 8, 2011 Leveraged Finance

Media and Entertainment Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 16 13.9 14 12.6 11.5 12 10.9 11.0 10.2 9.2 10.1 10 9.1 8 6.0 6.5 6.7 4.6 5.3 6 4.5 4.0 4.0 4.0 4.1 3.4 3.9 4 3.2 3.4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 20 17.9 14.0 15 13.6 13.2 12.9 9.6 11.1 11.0 11.3 10 7.3 6.8 5 2.9

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Advertising Agency 3/29/07 Veronis Suhler Advanstar 1,140 12.8 Cable Network 11/5/09 Scripps Network Travel Channel (Cox Enterprises) 975 13.3 Cable Networks 5/1/09 Hasbro Inc. Discovery Kids Network 357 14.4 Cable/Broadcast Network 12/3/09 General Electric Co. NBC Universal Inc. (Vivendi SA) 5,800 10.4 Directories 11/1/06 R.R. Donnelly Corp. Banta Corp. 1,300 8.1 Directories 10/3/05 R.H. Donnelley Dex Media 9,800 10.7 Directories 9/27/04 Apax & Cinven VNU NV 2,075.0a 9.1 Directories 9/8/04 Bain Capital Verizon Info Svcs Canada 1,540 11.0 Directories 7/18/04 R.H. Donnelley Corp. SBC Communications 1,420 8.3 Directories 10/16/02 R.H. Donnelley Sprint (SPA-Sprint Publishing and Advertising) 2,230 8.6 Interactive Media 3/21/05 Interactive Corp. Ask Jeeves 1,850 21.7 Media 6/18/07 Six Flags, Inc. 40% Equity Stake in Dick Clark Productions 175 10.3 Movie Theater 8/8/06 Cinemark Century 1,041 10.9 Movie Theatre 6/22/04 Bain/Carlye/Spectrum Loews Cineplex Entertainment Corporation 1,470 7.7 Movie Theatre 3/17/04 Madison Dearborn Partners, Inc. Cinemark 1,500 7.3 Music Studio 7/20/11 Access Industries Holdings LLC Warner Music Group Corp. 2,963 9.2 Music Studio 2/1/11 Citigroup Inc EMI Group Ltd. 3,550 6.6 News/Media 8/1/07 News Corp. Dow Jones 5,600 20.5 News/Media 5/15/07 Thomson Corp. Reuters 9,400b 20.0 Newspaper 4/2/07 Sam Zell Tribune 13,400 11.1 Newspaper 1/27/06 McClatchy Knight Ridder 6,500 11.0 Outdoor 5/27/99 Infinity (CBS) Outdoor Systems (OSI) 8,300 21.6 Printing 12/27/06 Cenveo Cadmus Communications 440 11.5 Printing 12/20/06 M & F Worldwide Corp. John H. Harland Company 1,700 8.2 aEuros. bBritish pounds sterling. Continued on next page. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 26 September 8, 2011 Leveraged Finance

Select Transactions (Continued) Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Printing 10/31/06 Valassis Advo 1,300 8.3 Printing 4/18/05 R.R. Donnelley PPM Ventures/Astron Group 990 12.0 Printing 11/11/03 RRD Moore Wallace 3,700 10.2 Printing 11/9/03 R.R. Donnelley Corp. Moore Wallace 3,700 10.2 Printing 1/16/03 Moore Corporation Wallace Computer Systems 1,319 7.5 Publishing 7/12/10 Icon Acquisition Holdings LP Playboy Enterprises Inc. 217 7.7 Publishing 1/4/10 Walt Disney Co/The Marvel Entertainment LLC 3,834 11.9 Publishing 11/27/06 Ripplewood Holdings LLC-Led Reader’s Digest Association Inc. Investor Group 2,400 12.0 Publishing 5/31/05 Affiliate of Bain Capital Partners, School Specialty LLC 1,500 12.8 Publishing 1/30/05 Lee Enterprises Pulitzer, Inc. 1,460 13.7 Radio 7/30/08 T.H. Lee, Bain Clear Channel 26,420 11.9 Radio 7/24/07 Merrill Lynch Global Private Cumulus Media Equity 1,300 11.4 Radio 8/21/06 Entercom CBS Corp. 262 9.8 Studio 8/31/09 Disney Marvel Entertainment Inc. 4,000 12.4 Studio 1/31/06 Viacom Dreamworks 1,600 6.0 Studio 1/25/06 Disney Pixar 6,300 32.0 Theme Park 10/7/09 Blackstone Group LP SeaWorld Parks & Entertainment (Anheuser-Busch InBev NV) 2,300 6.4 Theme Park 3/5/07 Blackstone Tussauds 1,285.0b 12.9 Theme Park 1/11/07 PARC 7F Eight Six Flags Parks 389 11.1 Theme Park 6/30/06 Cedar Fair CBS 1,240 11.7 Theme Park 5/23/05 Blackstone Merlin 102.5b 7.1 TV Stations Pending Grupo Televisa SA Univision Communications Inc. 1,200 4.3 TV Stations 2/7/07 Cerberus Capital Partners CBS 185 10.5 TV Stations 1/4/07 Oak Hill Capital Partners New York Times Company 575 13.1 aEuros. bBritish pounds sterling. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 27 September 8, 2011 Leveraged Finance

Media and Entertainment Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Advertising Agencies Interpublic Group Cos., Inc. N.A. 11.48 68.90 71.16 31.35 17.14 7.10 2.58 6.86 6.48 6.33 Average N.A. 11.4868.90 71.16 31.35 17.14 7.10 2.58 6.86 6.48 6.33

Diversified IAC/InterActiveCorp. 17.33 14.98 22.42 37.80 5.69 15.08 25.34 2.05  9.55 12.13 Liberty Media Corp.      11.51 10.67 8.41 7.64 6.39 8.17 Virgin Media, Inc.    15.32 8.80 10.23  9.12 7.02 8.61 8.28 Average 17.33 14.9822.42 26.56 7.24 12.27 18.00 6.53 7.33 8.18 9.53

Commercial Printing Cenveo, Inc. 11.46 23.68 7.45 8.36 26.23 24.76 12.40 N.A. 15.11 N.A. N.A. Deluxe Corporation 7.47 6.88 7.06 7.00 6.47 8.06 7.35 5.74 5.52 5.32 5.16 RR Donnelley & Sons Company 8.37 5.76 7.31 10.86 11.19 8.26 13.12 11.03 8.18 6.07 6.87 Average 9.10 12.117.27 8.74 14.63 13.69 10.96 8.38 9.61 5.70 6.02

Outdoor Lamar Advertising Co. 18.34 15.59 17.70 15.42 14.19 17.25 12.93 7.72 12.33 13.80 9.72 Average 18.34 15.5917.70 15.42 14.19 17.25 12.93 7.72 12.33 13.80 9.72

Media Content Distributor Netflix Inc. N.A. 8.80 21.68 4.32 10.97 N.A. 3.99 3.99 6.27 14.63 14.86 Average N.A. 8.8021.68 4.32 10.97 N.A. 3.99 3.99 6.27 14.63 14.86

Radio Clear Channel Outdoor Holdings, Inc. N.A. N.A. N.A. N.A. 13.77 14.83 13.05 N.A. N.A. 11.75 9.97 Cumulus Media, Inc. 20.28 17.48 26.96 15.37 N.A. 75.77 N.A. N.A. N.A. 8.97 N.A. Emmis Communications Corp. 17.19 11.85 15.07 20.40 27.06 15.38 22.12 N.A. N.A. 22.12 N.A. Entercom Communications Corp. 23.75 19.41 20.35 13.77 10.53 12.56 24.83 N.A. 20.89 9.98 7.92 Radio One, Inc. N.A. N.A. 58.40 16.89 23.61 17.29 19.45 16.17 14.03 N.A. N.A. SiriusXM Radio, Inc. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 18.18 14.66 16.21 Average 20.41 16.25 30.19 16.61 18.74 27.17 19.86 16.17 17.70 13.49 11.37

Print American Greetings, Corp. N.A. 4.40 6.32 7.06 5.78 8.44 5.17 N.A. 4.62 3.80 3.50 McClatchy Company 10.01 9.70 11.08 10.83 8.68 14.84 N.A. 6.24 6.12 N.A. N.A. New York Times Co. 12.57 11.16 11.50 10.66 8.56 N.A. 8.35 19.77 12.61 5.56 9.03 Primedia, Inc. N.A. 17.26 11.90 11.87 11.51 10.89 66.86 5.46 9.06 5.94 6.58 Scholastic Corp. 8.83 7.87 6.33 7.47 5.32 6.50 4.57 5.67 4.22 4.76 5.04 Valassis Communications, Inc. 9.66 9.56 8.55 10.22 8.79 6.47 7.39 N.A. 6.79 2.82 2.27 Average 10.27 9.99 9.28 9.68 8.11 9.43 18.47 9.28 7.24 4.58 5.29

Television Belo Corp. 11.75 9.00 11.15 10.25 8.93 7.89 N.A. N.A. N.A. N.A. N.A. Entravision Communications Corp. 32.15 29.02 22.34 17.59 20.66 N.A. 12.25 N.A. 147.84 15.10 12.37 Fisher Communications, Inc. 13.11 15.74 23.41 20.43 15.00 10.01 5.29 2.05 10.27 4.65 5.61 Gannett Co., Inc. 11.20 11.11 12.73 10.65 8.56 8.77 6.68 N.A. 6.82 N.A. 4.11 LIN TV Corp. N.A. 12.54 38.95 9.51 16.36 N.A. 8.51 N.A. 7.00 5.58 4.90 Media General, Inc. 10.69 9.38 10.85 9.27 7.36 8.40 7.44 N.A. 30.91 6.02 6.73 Salem Communications 12.82 25.59 27.22 20.63 13.54 9.32 9.24 N.A. 19.66 7.68 6.68 Sinclair Broadcast Group. 11.15 8.39 9.06 8.53 6.84 7.34 7.00 N.A. 34.41 5.24 5.03 Spanish Broadcasting System, Inc. 18.14 15.72 26.47 17.79 30.65 7.05 10.99 N.A. 25.25 9.53 N.A. Average 15.13 15.1620.24 13.85 14.21 8.40 8.42 2.05 35.27 7.69 6.49 N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 28 September 8, 2011 Leveraged Finance

Natural Resources Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 14 12 10.6 10 8.8 9.5 9.2 8.8 8.4 8.6 9.0 8.1 8.0 8.7 8 6.0 6 4.3 3.8 3.6 4 2.8 2.9 2.9 2.8 2.9 3.0 2.7 3.4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 20 17.7 13.7 15 12.7 8.3 8.2 8.5 8.5 8.7 9.9 10 7.8 7.9 6.1 5

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Coal Pending PEAMCoal Pty Ltd. MacArthur Coal Ltd. 3,752 20.8 Coal 6/15/11 Arch Coal Inc. International Coal Group Inc. 3,149 16.0 Coal 6/2/11 Alpha Natural Resources Inc. Massey Energy Co. 8,277 22.7 Coal 4/7/11 Walter Energy Inc. Western Coal Corp. 3,856 20.5 Coal 11/13/06 Peabody Energy Corp. Excel Coal Ltd. 10,998 22.4 Diversified Minerals 11/1/06 Lundin Mining Corp. Eurozinc Mining Corp. 1,476 4.8 Gold Mining 9/22/10 Kinross Gold Corp. Red Back Mining Inc. 6,672 40.4 Gold Mining 12/17/09 Eldorado Gold Corp. Sino Gold Mining Ltd. 1,421 42.4 Gold Mining 1/3/08 Yamana Gold Inc. Meridian Gold Inc. 3,427 30.5 Gold Mining 3/1/07 Kinross Gold Corp. Bema Gold Corp. 2,900 87.5 Gold Mining 11/9/06 Goldcorp Inc. Glamis Gold Ltd. 8,506 59.7 Gold Mining 3/16/06 Barrick Gold Corp. Placer Dome Inc. 10,179 25.3 Gold Mining 4/18/05 Goldcorp Inc. Wheaton River Minerals Ltd. 2,045 8.7 Gold Mining 2/6/03 Kinross Gold Corp. Echo Bay Mines Ltd. 629 17.1 Gold Mining 1/8/03 Placer Dome Inc. AurionGold Ltd. 1,143 15.5 Gold Mining 3/8/02 Newmont Mining Corp. Normandy Mining Ltd. 2,757 11.7 Gold Mining 12/17/01 Barrick Gold Corp. Homestake Mining Co. 2,372 16.3 Gold Mining 1/11/01 Newmont Mining Corp. Battle Mountain Gold Co. 728 13.8 Metal  Aluminum 11/16/07 Rio Tinto PLC Alcan Inc. 42,934 10.2 Metal  Aluminum 5/18/07 Hindalco Industries Ltd. Novelis Inc. (GA) 5,706 69.6 Metal  Aluminum 2/6/04 Alcan Inc. Pechiney SA 6,229 19.0 Metal  Copper 7/21/11 Barrick Gold Corp. Equinox Minerals Ltd. 7,811 13.2 Metal  Copper 9/28/07 Teck Resources Ltd. AUR Resources Inc. 3,637 6.8 Metal  Copper 3/20/07 Freeport-McMoRan Copper & Gold Inc. Phelps Dodge Corporation 22,908 5.9 Metal  Diversified 5/16/11 Cliffs Natural Resources Inc. Consolidated Thompson Iron Mines Ltd. 4,478 34.5 Metal  Diversified 5/28/10 FNX Mining Company Quadra Mining Ltd. 1,167 18.4 Continued on next page. Source: Bloomberg.

U.S. Leveraged Finance Multiple EV-aluator 29 September 8, 2011 Leveraged Finance

Select Transactions (Continued) Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Metal  Diversified 12/18/09 Grupo Mexico SAB de CV ASARCO LLC 2,480 38.8 Metal  Diversified 8/20/07 MMC Norilsk Nickel LionOre Mining International Ltd. 5,364 5.6 Metal  Diversified 1/8/07 Vale SA Inco Ltd. 16,728 9.7 Metal  Diversified 11/2/06 Xstrata PLC Falconbridge Ltd. 18,049 8.7 Metal  Diversified 7/24/01 Teck Resources Ltd. Cominco Ltd. 1,201 5.8 Mining Pending Inmet Mining Corp. Lundin Mining Corp. 4,149 8.3 Packaging Pending Reynolds Group Holdings Ltd. Graham Packaging Co Inc. 4,365 9.1 Packaging Pending International Paper Co. Temple-Inland Inc 4,118 9.8 Packaging 5/31/11 Rock-Tenn Co. Smurfit-Stone Container Corp. 3,905 8.8 Packaging 11/17/10 Rank Group Ltd. Pactiv Corp. 5,945 8.4 Packaging 6/18/10 JPMorgan Chase & Co. Constantia Packaging AG 1,560 4.4 Packaging 6/17/10 Madison Dearborn Partners LLC BWAY Holding Co. 884 6.5 Packaging 10/3/08 Multiple Acquirers Guala Closures SpA 792 8.8 Packaging 2/1/04 Warburg Pincus LLC Clondalkin Group PLC 785 10.2 Packaging 11/20/02 Ball Corp. Schmalbach-Lubeca AG 1,854 4.8 Packaging 7/23/02 Goldman Sachs Group Inc. (The) Berry Plastics Corp. (Old) 838 16.9 Packaging 4/8/02 Temple-Inland Inc. Gaylord Container Corp. 1,016 8.7 Paper Products 12/23/05 Koch Industries Inc. Georgia-Pacific LLC 20,445 7.6 Paper Products 9/21/05 Rank Group Investments Ltd. Carter Holt Harvey Ltd. 1,589 12.3 Paper Products 11/27/02 Bain Capital LLC Unisource Worldwide Inc. 850 9.4 Paper Products 10/2/02 Madison Dearborn Partners LLC Smurfit Kappa Corp Ltd. 3,276 5.6 Paper Products 3/15/02 Weyerhaeuser Co. Willamette Industries Inc. 7,734 8.3 Paper Products 1/30/02 Westvaco Corp. Mead Corp. (The) 4,558 8.2 Paper Products 9/5/01 Catalyst Paper Corp. Pacifica Papers Inc. 1,076 10.2 Precious Metals 2/6/03 Kinross Gold Corp. TVX Gold Inc. 699 17.0

Source: Bloomberg.

U.S. Leveraged Finance Multiple EV-aluator 30 September 8, 2011 Leveraged Finance

Natural Resources Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Containers and Packaging Ball Corporation 23.88 10.07 7.74 8.53 8.39 8.20 8.45 7.10 7.67 8.42 8.02 Crown Holdings, Inc. 10.56 9.01 6.34 7.07 22.33 8.04 9.89 6.41 7.53 N.A. 8.97 Greif, Inc. 4.86 6.31 8.11 6.58 6.17 7.60 9.83 5.51 9.72 8.77 5.91 Mobile Mini, Inc. 14.71 8.34 14.12 11.32 11.46 11.49 8.64 11.44 10.25 N.A. N.A. Owens Illinois, Inc. 4.49 8.91 N.A. 8.14 12.07 7.90 9.24 6.35 9.89 8.74 7.23 Sealed Air Corporation 9.58 N.A. 9.53 9.38 8.75 9.33 7.12 7.11 6.95 7.26 5.78 Silgan Holdings, Inc. 5.48 5.06 6.79 6.10 6.35 7.60 7.19 6.22 6.12 7.86 9.42 Average 10.51 7.95 8.77 8.16 10.79 8.60 8.62 7.16 8.31 8.21 7.56

Metals and Mining AK Steel Holding Corporation 10.96 N.A. N.A. 17.01 4.45 8.49 5.87 4.34 17.51 30.81 41.12 Arch Coal Incorporated 9.01 9.59 13.16 9.17 22.20 10.06 16.39 4.66 11.80 9.99 11.00 Century Aluminum Co. 12.82 8.14 7.15 9.95 N.A. N.A. N.A. N.A. N.A. 9.14 6.17 Consol Energy Incorporated 11.03 7.36 11.14 10.28 6.59 7.24 17.99 5.49 8.06 11.95 10.55 Gibraltar Industries, Inc. 6.97 6.62 8.59 8.49 8.83 8.07 8.00 6.09 N.A. N.A. N.A. International Coal Group, Inc. N.A. N.A. N.A. N.A. 14.03 14.16 N.A. 8.28 5.10 N.A. N.A. James River Coal Co. N.A. N.A. N.A. 4.75 20.42 8.43 21.67 N.A. 5.16 5.42 5.72 Massey Energy Company 10.02 7.42 12.77 12.41 17.23 7.60 8.00 4.90 8.04 N.A. 28.83 Metals USA Holdings Corp. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 11.69 7.44 Peabody Energy Corporation 8.65 6.15 10.49 12.46 14.43 13.26 21.53 4.85 10.20 10.16 6.94 Penn Virginia Resource Partners, L.P. 12.95 14.75 15.80 17.25 14.52 10.83 13.24 6.01 10.83 12.21 13.40 Steel Dynamics Incorporated 14.67 5.05 9.28 3.79 3.92 4.57 9.32 4.26 N.A. 10.22 6.60 United States Steel Corp. N.A. 5.59 N.A. 3.40 3.26 3.77 10.02 1.88 N.A. 25.01 9.63 USEC Inc. 8.61 45.62 11.03 10.28 10.65 4.91 4.43 7.50 6.91 18.09 14.67 Average 10.57 11.63 11.05 9.94 11.71 8.45 12.40 5.30 9.29 14.06 13.51

Paper and Forest Products Buckeye Technologies, Inc. 6.97 13.06 14.98 37.15 7.25 8.47 7.62 4.65 17.12 3.18 6.93 Glatfelter 11.72 6.368.64 5.41 6.26 20.40 5.45 4.27 3.02 6.42 5.55 Louisiana-Pacific Corp. N.A. 8.76 2.69 2.85 3.31 5.51 N.A. N.A. N.A. N.A. N.A. Meadwestvaco Corp. 14.29 9.58 10.35 18.76 8.61 9.57 6.71 4.94 6.10 6.35 6.79 Mercer International, Inc. 10.03 18.09 26.32 36.36 N.A. 4.42 6.36 20.60 21.06 4.61 3.31 Potlatch Corp. 14.62 13.92 6.74 10.52 10.64 9.55 10.84 16.09 13.04 15.18 15.86 Rock-Tenn Company 5.02 6.38 6.74 8.80 9.93 7.71 6.37 8.99 5.72 6.05 13.46 Temple-Inland, Inc. 16.66 21.19 33.69 16.63 23.13 11.40 1.24 4.76 4.88 8.39 9.71 Weyerhaeuser Co. 10.68 10.52 10.46 6.50 8.25 9.58 15.55 N.A. 146.59 13.07 11.28 Average 11.25 11.99 13.40 15.89 9.67 9.62 7.52 9.19 27.19 7.91 9.11 N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 31 September 8, 2011 Leveraged Finance

Retail Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 10 8.2 8.3 8.2 8 7.5 7.5 7.5 6.5 6.6 6.7 6.2 5.9 7.3 6

4 2.9 2.9 2.1 2.1 2.3 2.3 2.3 2.1 1.6 1.7 1.6 2

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 12 10.3 10 8.9 8.7 8.7 8.4 6.7 8.5 7.9 6.9 8 6.6 7.7 6 4.4 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction EBITDA Category Completion Date Buyer Seller Price ($ Mil.) Multiple (x) Department Stores 10/7/05 Texas Pacific Group/Warburg Pincas Neiman Marcus Group Inc. 5,100 10.2 Department Stores 8/30/05 Federated Department Stores May Department Stores Co. 11,000 9.2 Department Stores 7/5/05 Belk Inc. Proffitt’s & McRae’s Chains 623 9.5 Department Stores 3/28/05 Sears Holding Corp. Sears, Roebuck & Co. 16,025 8.9 Department Stores 3/24/05 Kmart Sears 11,000 9.1 Department Stores 9/2/04 Sun Capital/Cerberus Mervyn’s 1,650 4.5 Department Stores 7/30/04 May Department Stores Marshall Field’s 3,240 14.4 Discounter Pending Trian Fund Management LP Family Dollar Stores Inc. 7,710 10.1 Discounter Pending Multiple Acquirers 99 Cents Only Stores 675 7.9 Discounter 6/20/11 Wal-Mart Stores Inc. Massmart Holdings Ltd. 3,121 11.3 Discounter 7/9/07 KKR Financial Corp. Dollar General Corp. 7,300 12.3 Discounter 12/29/05 Sun Capital Partners Inc. ShopKo Stores Inc. 1,136 5.9 Discounter 10/18/05 Goldner Hawn Johnson & Morrison ShopKo Stores Inc. 1,136 5.8 Drug Store 10/31/08 CVS Carmark Corp. Long’s Drug Stores 2,840 10.9 Drug Store 8/21/07 Walgreen Co. Option Care, Inc. 850 16.6 Drug Store 6/4/07 Rite Aid Corp. Eckerd and Brooks from Jean Coutu 3,403 9.2 Drug Store 6/28/06 CVS Corp. Stand Alone Drug Stores from Albertson’s Inc. 4,000 8.2 Drug Store 7/31/04 CVS Corp. Eckerd Drugstore Operations 2,150 8.9 Food Retail/Wholesale 5/27/08 Blackstone, Wellspring Capital Performance Food Group Co. 1,251 10.7 Food Retail/Wholesale 12/4/07 Great Atlantic & Pacific Tea Pathmark Stores Inc. 1,400 14.4 Food Retail/Wholesale 9/4/07 Whole Foods Market Inc. Wild Oats Markets Inc. 671 15.2 Food Retail/Wholesale 6/1/07 Apollo Management LP Smart & Final Inc. 813 10.4 Food Retail/Wholesale 6/2/06 SuperValu Inc. Albertson’s Stronger Stores 12,400 6.9 Continued on next page. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 32 September 8, 2011 Leveraged Finance

Select Transactions (Continued) Transaction EBITDA Category Completion Date Buyer Seller Price ($ Mil.) Multiple (x) Specialty and Apparel 3/21/11 Leonard Green & Partners LP Jo-Ann Stores Inc. 1,618 7.8 Specialty and Apparel 3/7/11 Multiple Acquirers J Crew Group Inc. 2, 637.4 8.4 Specialty and Apparel 11/24/10 Bain Capital LLC Gymboree Corp. 1,673 7.7 Specialty and Apparel 5/6/10 Phillips-Van Heusen Corp. Tommy Hilfiger Corp. 3,145 15.6 Specialty and Apparel Pending Liberty Media Corp. Barnes & Noble Inc. 1,302 6.9 Specialty and Apparel 2/20/08 Sun Capital Partners Kellwood Co. 926 8.2 Specialty and Apparel 10/8/07 Bain Capital LLC Guitar Center, Inc. 2,100 12.2 Specialty and Apparel 8/30/07 Bain Capital, Carlyle Group, HD Supply 8,500 9.8 Clayton Dubilier & Rice Specialty and Apparel 8/17/07 Payless Shoesource Inc./Collective Stride Rite Corp. 857 11.6 Brands, Inc. Specialty and Apparel 5/29/07 Apollo Management LP Claire’s Stores Inc. 3,079 10.4 Specialty and Apparel 2/7/07 Madison Dearborn Partners Yankee Candle Co. 1,600 10.1 Specialty and Apparel 1/12/07 Limited Brands Inc. La Senza Corp. 600 13.5 Specialty and Apparel 11/1/06 Bain Paste Mergerco, Inc./ Michaels Stores Inc. 6,000 13.2 Blackstone Paste Mergerco, Inc. Specialty and Apparel 10/27/06 Leonard Green/TPG Petco Animal Supplies Inc. 1,794 8.8 Specialty and Apparel 5/11/06 Apax Partners Tommy Hilfiger 1,600 7.9 Specialty and Apparel 5/4/06 Leonard Green & Partners Sports Authority Inc. 1,300 7.2 Specialty and Apparel 4/17/06 Bain Capital LLC Burlington Coat Factory Warehouse 2,100 7.5 Specialty and Apparel 3/31/06 Home Depot Hughes Supply 3,510 12.3 Specialty and Apparel 2/15/06 Apollo Management LP Linens ‘n Things Inc. 1,275 8.7 Specialty and Apparel 2/1/06 Adidas AG Reebok International 3,800 11.4 Specialty and Apparel 10/10/05 GameStop Corp. Electronics Boutique Holdings Corp. 1,399 12.0 Specialty and Apparel 7/22/05 Bain Capital LLC/Vornado Realty/KKR Toys “R” Us Inc. 7,544 10.2 Specialty and Apparel 7/1/04 Pinault Printemps Redoute SA Gucci Group 2,896 7.1 Specialty and Apparel 8/28/03 VF Corp. Nautica Enterprises Inc. 600 8.5 Specialty and Apparel 2/1/01 Best Buy Co., Inc. Musicland 893 6.1

Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 33 September 8, 2011 Leveraged Finance

Retail Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Discounters Dollar General Corp. 11.54 6.72 11.08 9.10 7.13 11.72 N.A. N.A. 9.30 8.36 9.18 Ingles Markets Incorporated 6.95 6.41 6.02 5.11 6.00 6.67 6.22 6.50 6.27 5.80 5.85 Tuesday Morning Corp. 10.65 7.81 11.41 10.41 7.33 7.79 18.53 3.94 7.12 4.21 4.54 Average 9.71 6.98 9.50 8.21 6.82 8.72 12.38 5.22 7.56 6.12 6.53

Drugstores Rite Aid Corporation N.A. 11.51 11.23 8.43 9.52 11.99 13.02 N.A. 13.63 14.69 14.36 Average N.A. 11.51 11.23 8.43 9.52 11.99 13.02 N.A. 13.63 14.69 14.36

Department Stores Dillard's, Inc. 6.34 5.90 8.17 5.36 6.07 5.81 6.11 N.A. 4.34 4.94 4.87 JC Penney Company, Inc. 7.52 4.94 8.01 6.43 6.42 7.78 4.82 2.96 5.38 6.01 5.37 Macy's, Inc. 6.98 4.22 5.65 5.98 8.18 8.82 6.48 N.A. 6.02 5.28 5.05 Saks Incorporated 8.34 5.35 7.54 7.23 8.40 22.30 12.05 201.40 17.01 10.62 7.69 Sears Holdings Corp. N.A. N.A. N.A. 2.64 6.12 6.93 5.99 4.98 7.37 7.49 8.41 Sotheby's N.A. N.A. 51.56 7.54 8.44 8.67 7.33 7.38 20.29 10.39 8.57 Average 7.30 5.10 16.18 5.86 7.27 10.05 7.13 54.18 10.07 7.46 6.66

Specialty/Apparel Retail Advance Auto Parts 16.08 8.36 10.11 8.31 9.68 7.79 7.59 6.47 6.51 7.68 6.15 Asbury Automotive Group N.A. N.A. 13.86 9.69 8.60 8.63 8.33 N.A. 11.01 11.57 10.47 Autonation, Inc. 10.72 8.02 10.61 9.78 9.52 9.18 8.45 N.A. 11.07 N.A. N.A. Big 5 Sporting Goods Corp. N.A. 5.66 8.61 9.87 8.87 8.34 5.87 4.37 7.43 7.18 4.72 Bon-Ton Stores, Inc. 2.33 2.43 5.42 5.58 4.95 6.46 5.10 10.21 5.94 4.74 4.90 Charming Shoppes, Inc. 10.85 2.54 4.56 4.54 5.81 5.90 31.97 N.A. 127.83 13.10 6.20 Collective Brands, Inc. 7.41 4.40 9.48 4.41 6.54 7.06 8.21 12.57 5.98 5.08 3.74 Ethan Allen Interiors, Inc. 8.33 8.37 8.64 8.49 7.69 7.11 7.68 6.49 N.A. 23.21 9.13 Foot Locker, Inc. 6.46 3.33 6.94 7.41 5.46 5.50 N.A. 19.00 6.64 5.82 5.24 Gamestop Corp. N.A. 2.27 5.46 6.05 13.65 9.51 12.65 4.85 3.33 3.11 3.39 Gap, Inc. 11.57 7.10 5.72 6.30 5.27 7.32 6.19 2.80 4.17 3.66 2.97 Genesco, Inc. 7.66 4.81 5.17 6.48 6.45 6.08 9.85 1.30 5.03 6.21 7.33 Great Atlantic & Pac Tea, Inc. 4.43 7.65 3.62 9.69 4.84 1.72 10.48 7.19 3.69 N.A. N.A. Group 1 Automotive, Inc. 6.47 8.37 9.54 16.48 8.72 10.60 10.18 33.36 14.23 14.55 10.50 Harman Intl Industries, Inc. 10.86 11.58 17.03 11.77 10.69 14.86 8.82 N.A. 8.39 N.A. N.A. Ingram Micro Inc. 14.70 13.05 10.99 10.13 9.05 8.11 6.50 N.A. 7.51 5.60 4.67 Limited Brands, Inc. 5.60 4.24 4.60 6.84 7.29 8.16 5.67 4.24 5.78 5.81 N.A. Office Depot, Inc. 10.41 5.72 6.76 6.53 14.47 11.01 5.73 N.A. N.A. 10.97 7.78 Officemax, Inc. 9.88 7.72 11.61 4.48 15.94 12.43 5.60 N.A. 14.89 9.89 6.48 Pep Boys Manny Moe & Jack 7.98 5.83 18.11 8.97 19.08 10.21 14.04 7.50 5.69 6.16 4.28 Petsmart, Inc. 11.17 8.14 9.54 10.77 7.73 9.02 5.36 4.87 5.56 7.34 7.33 Radioshack Corporation 12.55 6.04 8.28 7.91 6.43 8.27 4.07 3.35 4.73 4.49 3.52 Rent-A-Center, Inc. 2.92 2.80 3.57 3.28 2.56 4.36 2.49 2.17 2.01 N.A. N.A. Sonic Automotive, Inc. 8.50 8.47 12.45 11.12 9.32 9.90 8.06 N.A. 10.89 10.19 8.88 Average 8.90 6.39 8.78 8.12 8.69 8.23 8.65 8.17 12.65 8.32 6.19

Supermarkets Nash Finch Co. 6.72 4.19 4.78 8.55 5.63 14.42 6.53 7.32 8.54 6.29 5.25 Pantry, Inc. 5.27 4.74 5.05 7.37 6.87 7.12 7.93 6.29 4.98 N.A. 6.35 Supervalu Incorporated 6.48 4.50 5.92 5.30 6.60 7.60 5.18 N.A. 4.92 N.A. N.A. Whole Foods Market, Inc. 10.28 11.09 11.90 15.25 23.61 16.23 15.30 7.53 8.87 8.81 12.13 Average 7.19 6.13 6.91 9.12 10.68 11.34 8.73 7.05 6.83 7.55 7.91 N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 34 September 8, 2011 Leveraged Finance

Technology Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 20 14.9 15 11.7 11.2 9.5 10.0 10.0 10.5 10.2 8.8 10.5 10 8.3 6.6

3.1 3.3 5 2.2 2.9 2.2 1.2 1.9 2.3 2.2 1.9 1.7 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 20 16.5 16.3 16.9 15.9 14.6 13.0 14.0 15.5 15 14.0 14.2 10.4 9.4 10

5

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch. Select Transactions Completion Transaction Price EBITDA Multiple Category Date Buyer Seller ($ Mil.) (x) Computers 11/11/10 IBM Netezza Corp. 1,700 85.0 Computers 2/8/10 Xerox Corp. Affiliated Computer Services Inc. 6,500 5.8 Computers 11/4/09 Dell Inc. Perot Systems Corp. 3,878 12.6 Computers 2/15/06 Seagate Technology PLC Maxtor Corp. 2,045 14.1 Computers 9/1/05 Sun Microsystems Storage Technology 4,082 14.6 IT Services 5/13/08 Hewlett-Packard Co. EDS 13,032 5.1 Network Equipment 11/11/09 Hewlett-Packard Co. 3Com Corp. 3,253 21.8 Office/Business Equipment 7/27/09 Agilent Varian 1,500 13.4 Office/Business Equipment 5/18/07 Microsoft aQuantive 5,857 55.5 Office/Business Equipment 5/14/07 Xerox Corp. Global Imaging Systems Inc. 1,700 12.0 Semiconductor Pending Texas Instruments Inc. National Semiconductor Corp. 6,407 10.9 Software 10/25/10 Hewlett-Packard Co. ArcSight Inc. 1,500 57.9 Software 10/22/10 Intel McAfee 7,680 16.5 Software 7/30/10 SAP AG Sybase Inc. 5,800 14.2 Software 10/26/09 Adobe Systems Inc. Omniture Inc. 1,798 44.1 Software 10/2/09 Fidelity National Information Services Inc. Metavante Technologies Inc. 4,188 8.7 Software 4/20/09 Oracle Corp. Sun Microsystems 7,295 18.6 Software 2/4/08 IBM Cognos Inc. 5,021 29.8 Software 10/12/07 Oracle Corp. BEA Systems 8,573 29.9 Software 10/7/07 SAP AG Business Objects SA 3,264 13.0 Software 4/20/07 Oracle Corp. Hyperion Solutions Corp. 3,251 24.1 Software 11/9/06 Hewlett-Packard Co. Mercury Interactive LLC 4,854 31.6 Software 2/1/06 Oracle Corp. Siebel Systems Inc. 6,130 24.2 Software 8/2/05 Adobe Macromedia Inc. 3,400 28.9 Software 7/5/05 Symantec Corp. Veritas Software Corp. 13,200 19.3 Software 1/10/05 Oracle Corp. Peoplesoft Inc. 11,080 32.7 Wireless 2/8/11 Intel Infineon (Wireless Segment Only) 1,400 7.4

Source: Bloomberg.

U.S. Leveraged Finance Multiple EV-aluator 35 September 8, 2011 Leveraged Finance

Technology Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Hardware/Information Technology Services Seagate Technology N.A. N.A. 6.35 6.92 5.84 7.78 8.09 4.42 N.A. 2.38 3.13 Convergys Group Inc. 14.72 6.22 6.26 7.50 6.64 8.42 5.94 N.A. 1,610.81 74.32 55.56 Mantech International Corp N.A. 12.85 11.71 15.87 9.79 11.88 12.89 11.46 8.31 6.65 5.07 Paetec Holding Corp. N.A. N.A. N.A. N.A. 4.65 7.78 10.41 N.A. 6.02 8.08 9.33 Unisys Corporation 14.03 5.37 7.09 10.30 11.21 14.05 4.57 1.95 2.77 1.92 1.54 Average 14.37 8.147.85 10.15 7.62 9.98 8.38 5.94 406.98 18.67 14.92

Software JDA Software Group, Inc. 17.01 6.77 19.26 17.35 17.19 16.69 8.01 7.47 9.96 11.66 6.48 Average 17.01 6.7719.26 17.35 17.19 16.69 8.01 7.47 9.96 11.66 6.48

Communications Equipment Brocade Communications Systems 153.88 12.41 N.A. 36.98 5.62 11.88 12.64 12.61 20.13 8.90 5.64 NII Holdings, Inc. N.A. 0.19 6.70 12.28 13.78 15.42 9.03 3.65 5.29 21.05 2.90 Rovi Corp. 36.66 22.07 17.46 15.82 10.36 20.75 10.65 15.69 25.84 28.73 24.46 Stoneridge Inc. 7.54 4.92 6.17 N.A. 6.05 5.43 4.66 N.A. 178.01 11.43 6.68 Anixter International, Inc. 10.65 9.40 9.81 10.61 10.18 7.92 6.82 5.38 19.08 10.74 9.30 Average 52.18 9.8010.03 18.92 9.20 12.28 8.76 9.33 49.67 16.17 9.80

Semiconductors Advanced Micro Devices, Inc. 9.03 N.A. 8.57 7.16 8.97 15.32 N.A. N.A. 4.88 4.00 3.02 Amkor Technology, Inc. 23.93 N.A. 14.41 8.11 10.86 5.55 4.49 3,180.10 4.32 N.A. N.A. Fairchild Semiconductor International, Inc. 16.06 5.91 22.46 7.21 14.20 8.03 7.96 392.92 11.52 5.48 4.75 International Rectifier Corp. 8.67 13.87 N.A. 14.06 11.15 10.37 8.95 N.A. N.A. 7.37 10.86 Intersil Corporation 15.05 18.82 20.15 N.A. 17.51 12.39 12.22 N.A. 19.01 10.48 7.54 National Semiconductor Corp. 43.86 16.57 12.51 9.81 8.79 11.15 8.42 12.47 8.52 11.30 11.51 On Semiconductor Corp. N.A. 10.65 18.81 25.24 9.57 7.56 9.15 N.A. 14.25 8.62 7.55 Average 19.43 13.1716.15 11.93 11.58 10.05 8.53 1,195.16 10.42 7.87 7.54

Distributors Tech Data Corp. 10.92 N.A. 11.69 8.88 11.10 92.09 6.93 2.95 4.48 4.91 4.41 Average 10.92 N.A. 11.69 8.88 11.10 92.09 6.93 2.95 4.48 4.91 4.41

Financial Services/Other Fidelity National Information Services, Inc. N.A. N.A. N.A. N.A. 10.33 10.41 7.83 6.88 18.61 9.70 9.62 Moneygram International, Inc. N.A. N.A. N.A. 8.68 8.21 7.48 N.A. 12.36 N.A. N.A. N.A. Average N.A. N.A. N.A. 8.68 9.27 8.95 7.83 9.62 18.61 9.70 9.62 N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 36 September 8, 2011 Leveraged Finance

Telecom and Cable Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 20

15 14.5 10.5 9.2 7.7 10.3 10.7 9.6 7.5 7.2 8.3 7.6 10 9.5 7.1 6.0 5.8 5.2 4.8 5.2 4.2 5.0 4.2 5 4.2 4.1

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 20

14.1 15 11.0 11.5 10.7 10.4 9.4 8.6 9.4 9.9 10 7.4 7.9 7.9

5

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Completion Transaction EBITDA Category Date Buyer Seller Price ($ Mil.) Multiple (x) Cable & Satellite Pending Time Warner Cable Inc. Insight Communications Co. Inc. 3,000 8.7 Cable & Satellite Pending EchoStar Corp. Hughes Communications 1,824 8.4 Cable & Satellite Pending Cablevision Systems Corporation Bresnan Communications 1,365 8.3 Cable & Satellite 2/1/11 Time Warner Cable Inc. NaviSite Inc. 274 11.9 Cable & Satellite 9/30/10 Comcast Corporation GE (NBC Universal) 37,250 1.8 Cable & Satellite 11/19/09 Directv Group, Inc. Liberty Entertainment, Inc. 3,433 N.A. Cable & Satellite 7/31/06 Comcast Corporation & Time Warner Cable Adelphia Sale of Certain Cable Systems 17,400 13.8 Cable & Satellite 7/3/06 Intelsat (owned by Apax Partners, Apollo PanAmSat 6,400 10.2 Management, Madison Dearborn, and Permira) Cable & Satellite 4/30/06 Comcast Corporation Susquehanna Pfaltzgraff 960 13.3 Cable & Satellite 8/1/05 Cebridge Acquisition Co. LLC Cox Communications 2,550 10.2 Cable & Satellite 4/1/01 Cequel Communications Holdings, LLC NPG Cable Inc. 350 8.0 Telecom Pending Terremark Worldwide Inc. Verizon Communications Inc. 1,739 21.2 Telecom Pending AT&T Inc. T-Mobile USA Inc. 39,000 7.1 Telecom Pending Level 3 Communications Global Crossing Limited 3,000 7.1 Telecom Pending Windstream Corp. PAETEC Holding Corp. 2,300 6.5 Telecom Pending CenturyLink, Inc. Qwest Communications International 22,400 5.0 Telecom 7/15/11 CenturyLInk, Inc. Savvis, Inc. 3,200 10.9 Telecom 12/2/10 Windstream Corp. Q-Comm Corporation 782 8.2 Telecom 12/1/10 Windstream Corp. Hosted Solutions Acquisition, LLC 310 12.1 Telecom 7/1/10 Frontier Communications Corporation Verizon Communications 8,600 4.8 Telecom 6/1/10 Windstream Corp. Iowa Telecommunications Services, Inc. 1,100 8.5 Telecom 2/8/10 Windstream Corp. NuVox, Inc. 647 5.6 Telecom 7/1/09 CenturyLink, Inc. Embarq Corporation 11,170 4.5 Telecom 3/31/08 FairPoint Communications Verizon Communications 2,715 6.3 Telecom 11/19/07 AT&T Dobson 4,880 10.6 N.A.  Not applicable. Continued on next page. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 37 September 8, 2011 Leveraged Finance

Select Transactions (Continued) Completion Transaction EBITDA Category Date Buyer Seller Price ($ Mil.) Multiple (x) Telecom Pending Level 3 Communications Global Crossing Limited 3,000 7.1 Telecom Pending Windstream Corp. PAETEC Holding Corp. 2,300 6.5 Telecom Pending CenturyLink, Inc. Qwest Communications International 22,400 5.0 Telecom 7/15/11 CenturyLInk, Inc. Savvis, Inc. 3,200 10.9 Telecom 12/2/10 Windstream Corp. Q-Comm Corporation 782 8.2 Telecom 12/1/10 Windstream Corp. Hosted Solutions Acquisition, LLC 310 12.1 Telecom 7/1/10 Frontier Communications Corporation Verizon Communications 8,600 4.8 Telecom 6/1/10 Windstream Corp. Iowa Telecommunications Services, Inc. 1,100 8.5 Telecom 2/8/10 Windstream Corp. NuVox, Inc. 647 5.6 Telecom 7/1/09 CenturyLink, Inc. Embarq Corporation 11,170 4.5 Telecom 3/31/08 FairPoint Communications Verizon Communications 2,715 6.3 Telecom 11/19/07 AT&T Dobson 4,880 10.6 Telecom 9/4/07 Windstream Corp. CT Communications 584 6.7 Telecom 4/30/07 CenturyLink, Inc. Madison River Communications Corp 830 8.4 Telecom 3/9/07 CZN Commonwealth Telephone Enterprises 1,221 7.2 Telecom 1/3/07 AT&T Inc. Bell South Corp. 84,200 7.0 Telecom 7/24/06 Level 3 Communications Telcove 1,238 9.5 Telecom 5/31/06 Level 3 Communications ICG Communications 172 6.9 Telecom 1/6/06 Verizon Communications MCI 9,650 5.2 Telecom 12/23/05 Level 3 Communications Leucadia National Corporation 677 5.4 Telecom 11/18/05 SBC Communications AT&T Corp. 22,677 3.5 Telecom 8/8/05 American Tower Corp. SpectraSite 3,873 19.5 Telecom 9/24/04 Rogers Wireless Microcell 1,624 16.2 Telecom 8/15/04 Sprint Corporation Nextel 46,800 9.1 Telecom 11/18/02 Comcast Corporation AT&T Corp. 50,780 21.2 Telecom  Wireless 8/7/08 Verizon Wireless Rural Cellular 2,670 11.7 Telecom  Wireless 11/19/07 TPG and GS Capital Alltel 27,500 10.2 Telecom  Wireless 10/3/06 Alltel Midwest Wireless 1,084 9.4 Telecom  Wireless 7/3/06 Sprint UbiquiTel 1,400 12.4 Telecom  Wireless 6/27/06 Sprint Nextel Partners Inc. 7,493 13.0 Telecom  Wireless 2/2/06 Sprint Alamosa Holdings Inc. 4,494 13.5 Telecom  Wireless 10/25/05 Sprint IWO Holdings Inc. 431 13.1 Telecom  Wireless 8/15/05 Sprint US Unwired 1,332 13.8 Telecom  Wireless 8/1/05 Alltel Western Wireless 6,464 10.5 Telecom  Wireless 10/1/04 Cingular Wireless AT&T Wireless 53,200 12.1 N.A.  Not applicable. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 38 September 8, 2011 Leveraged Finance

Telecom & Cable Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Cable, MSO Cablevision Systems Corp. 51.62 131.76 15.22 16.26 N.A. 11.33 8.43 10.36 7.91 9.40 6.20 Lodgenet Interactive Corp. 7.35 6.04 7.66 6.76 5.66 7.69 10.94 4.99 4.92 4.13 4.53 Average 29.49 68.90 11.44 11.51 5.66 9.51 9.69 7.67 6.41 6.76 5.37

Satellite Services and DBS Viasat, Inc. 21.59 N.A. 17.65 11.93 14.77 13.69 7.09 7.89 17.92 13.73 12.71 Dish Network Corp. 36.85 294.44 16.17 16.03 7.72 8.37 6.79 3.20 5.83 4.12 3.94 Average 29.22 294.44 16.91 13.98 11.25 11.03 6.94 5.55 11.87 8.93 8.32

Telecom Services Alaska Comm Systems Group. 6.34 10.30 3.73 7.77 10.71 9.08 7.82 10.52 7.71 9.71 8.34 Cincinnati Bell, Inc. 13.26 N.A. 4.28 6.78 9.20 7.14 7.62 5.43 6.23 7.31 7.21 Fairpoint Communications N.A. N.A. N.A. N.A. 27.73 9.59 10.78 8.83 N.A. N.A. 1.06 General Communication, Inc. 9.07 8.07 7.32 7.96 6.88 8.35 6.67 7.47 6.18 6.69 5.61 Global Crossing Ltd. N.A. N.A. 0.03 N.A. N.A. 141.35 12.58 5.26 5.13 5.33 7.37 Level 3 Communications, Inc. N.A. 61.74 12.89 9.37 15.18 20.34 28.18 5.88 9.16 9.39 12.54 Primus Telecommunications Group N.A. 7.72 6.67 5.74 N.A. N.A. 7.00 9.36 0.49 3.90 N.A. TW Telecom, Inc. 14.54 N.A. 7.82 6.00 7.62 15.30 12.14 6.06 8.48 8.22 8.93 Windstream Corp. N.A. N.A. N.A. N.A. N.A. 8.60 5.43 5.61 6.70 8.32 7.83 Equinix Inc N.A. 2.42 N.A. 581.83 38.56 29.27 35.32 12.14 14.19 11.56 13.88 Average 10.81 18.05 6.11 89.35 16.55 27.67 13.35 7.66 7.14 7.82 8.09

Tower Crown Castle International Corp. 21.63 12.71 17.14 30.22 317.29 23.68 31.23 15.38 22.65 30.54 18.39 SBA Communications Corp. 37.12 N.A. 57.48 55.82 34.72 43.86 27.99 15.44 20.36 31.65 19.33 Average 29.37 12.71 37.31 43.02 176.01 33.77 29.61 15.41 21.50 31.09 18.86

Wireless Sprint Nextel Corp. 8.64 3.71 5.03 11.15 8.01 5.93 N.A. 3.97 4.54 4.80 4.39 Average 8.64 3.715.03 11.15 8.01 5.93 N.A. 3.97 4.54 4.80 4.39 N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 39 September 8, 2011 Leveraged Finance

Transportation Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 14 12.8 11.7 12 11.3 11.1 8.7 10.0 8.5 9.2 10 7.5 7.5 7.5 8 6.2 6.2 6 5.0 5.1 5.0 5.2 5.4 3.8 4.3 4.3 4.0 4.3 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 10 8.9 8.3 8.2 8 7.0 7.0 6.3 5.5 6.2 6.3 6.1 6

4 3.1 1.9 2

0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Completion Transaction Price EBITDA Multiple Category Date Buyer Seller ($ Mil.) (x) Air Freight 8/3/07 Apollo Global Management EGL Inc. 1,992 15.1 Airlines 5/3/11 Southwest Airlines Co. AirTran Holdings Inc. 1,015 5.2 Airlines 10/1/10 United Airlines, Inc. Continental Airlines Inc. 3,186 6.1 Airlines 10/30/08 Delta Air Lines Inc. Northwest Airlines Corp. 2,361 N.A. Equipment 7/20/07 Fortress Investment Group Interpool Inc. 807 3.9 Marine Pending DryShips Inc. OceanFreight Inc. 257 6.2 Marine 7/5/11 Kirby Corp. K-Sea Transportation Partners LP 415 7.6 Marine 12/22/10 Platinum Equity LLC American Commercial Lines Inc. 776 7.0 Marine 4/16/08 Excel Maritime Carriers Ltd. Quintana Maritime Ltd. (GRE) 2,029 8.8 Marine 6/11/07 Multiple Acquirers OMI Corp. 2,225 8.6 Marine 12/21/05 TUI AG CP Ships Ltd 2,261 7.3 Marine 7/1/05 SEACOR Holdings Inc. Seabulk International Inc. 1,023 4.1 Rail 2/16/10 Berkshire Hathaway Inc. Burlington Northern Santa Fe 35,767 6.9 Rail 7/27/07 Fortress Investment Group LLC Florida East Coast Industries Inc. 2,647 19.5 Rail 2/15/07 Fortress Investment Group Rail America Inc. 1,051 7.4 Transportation Pending European Aeronautic Defence and Space Co NV Vector Aerospace Corp. 630 9.0 Transportation 9/22/08 First Reserve Corp. CHC Helicopter Corp. 2,215 11.6 Transportation 10/1/07 Firstgroup PLC Laidlaw International Inc. 3,523 7.8 Rail 2/16/10 Berkshire Hathaway Inc. Burlington Northern Santa Fe 35,767 6.9 Rail 7/27/07 Fortress Investment Group LLC Florida East Coast Industries Inc. 2,647 19.5 Rail 2/15/07 Fortress Investment Group Rail America Inc. 1,051 7.4 Transportation Pending European Aeronautic Defence and Space Co NV Vector Aerospace Corp. 630 9.0 Transportation 9/22/08 First Reserve Corp. CHC Helicopter Corp. 2,215 11.6 Trucking 2/12/01 FedEx Corp American Freightways Corp. 1,184 6.3 Waste 12/20/06 TPG Capital Aleris International Inc. 2,302 6.0 N.A.  Not applicable. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 40 September 8, 2011 Leveraged Finance

Transportation Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Airlines Airtran Holdings, Inc. 8.50 5.91 6.86 16.21 31.82 16.18 6.69 N.A. 4.63 7.07 N.A. AMR Corporation N.A. N.A. 18.35 9.60 12.08 6.25 3.72 N.A. 171.48 6.04 5.86 Delta Air Lines, Inc. N.A. N.A. 15.07 N.A. N.A. N.A. 2.84 N.A. 17.05 6.41 6.02 Jetblue Airway Corp. N.A. 15.81 12.83 17.68 24.44 15.09 8.15 13.95 7.16 7.05 5.65 US Airways Group, Inc. N.A. N.A. N.A. N.A. N.A. 6.18 2.59 N.A. 12.22 3.77 3.74 Average 8.50 10.8613.28 14.50 22.78 10.93 4.80 13.95 42.51 6.07 5.32

Rail Kansas City Southern, Inc. 12.56 10.25 12.82 11.67 10.86 8.49 9.10 7.51 12.35 11.43 12.61 Railamerica, Inc. 7.62 7.84 6.89 16.63 10.01 N.A. N.A. N.A. 10.43 7.31 6.30 Average 10.09 9.05 9.86 14.15 10.43 8.49 9.10 7.51 11.39 9.37 9.45

Shipping General Maritime Corp. 6.13 8.45 6.25 4.30 4.23 5.38 10.89 12.89 12.11 N.A. N.A. Overseas Shipholding Group 6.23 15.45 6.89 4.32 4.22 5.14 7.49 4.58 9.96 34.11 35.90 Pacer International Inc. N.A. 8.87 12.86 10.30 10.52 9.28 5.72 51.70 N.A. 17.17 12.00 Quality Distribution Inc. N.A. N.A.12.80 12.05 8.06 8.14 10.87 5.66 N.A. 11.34 13.02 Trailer Bridge, Inc. N.A. N.A. 146.25 19.25 8.68 17.58 12.05 11.12 7.99 8.97 30.57 YRC Worldwide, Inc. 5.06 7.14 15.24 6.64 5.20 4.11 N.A. N.A. N.A. N.A. N.A. Average 5.80 9.97 33.38 9.48 6.82 8.27 9.40 17.19 10.02 17.90 22.87 N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 41 September 8, 2011 Leveraged Finance

Utilities Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average (x) 14 12.4 12.2 11.1 11.8 11.1 11.9 11.1 12 10.3 10.6 8.2 10 8.6 8 5.9 6.1 6 4.8 5.2 4.4 4.9 4.9 5.1 4.7 5.4 4.4 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 14 11.8 11.9 12 9.9 9.6 9.6 10 8.7 6.7 6.5 8.0 8 6.4 6 4.8 3.2 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Electric Pending Exelon Corp. Constellation Energy Group Inc. 10,165 6.9 Electric Pending Northeast Utilities NSTAR 6,842 8.1 Electric 6/3/11 Brookfield Infrastructure Partners LP Prime Infrastructure Group 1,602 2.5 Electric 4/28/11 Iberdrola SA Elektro Eletricidade e Servicos SA 2,400 4.9 Electric 3/15/10 China Investment Corp. The AES Corp. 1,581 2.5 Electric 2/11/10 First Energy Allegheny Energy, Inc. 9,216 7.7 Electric 10/11/07 Texas Energy Future Holdings LP Energy Future Holdings Corp. 43,218 7.9 Electric 4/3/06 Duke Energy Corp. Cinergy Corp. 13,696 11.2 Electric 8/2/02 Potomac Electric Power Co. Conectiv 4,986 6.0 Electric 2/1/02 National Grid PLC Niagara Mohawk Holdings Inc. 8,336 10.5 Merchant Generator 4/11/10 RRI Energy Mirant Corp. 3,100 6.3a Plant Assets 8/31/10 Exelon John Deere Renewables 860 $891/kW Plant Assets 8/9/10 Constellation Energy Group, Inc. Boston Generating 1,100 $372/kW Plant Assets 4/21/10 Calpine Connectiv 1,650 $367/kW Regulated Utility Pending Duke Energy Corp. Progress Energy Inc. 25,531 8.6 Regulated Utility Pending AGL Resources Inc. Nicor Inc. 3,138 6.8 Regulated Utility Pending Energy Transfer Equity LP Southern Union Co. 9,134 13.4 Regulated Utility Pending AGL Resources Inc. Nicor Inc. 3,138 6.8 Regulated Utility 12/7/10 AGL Corp. NICOR 3,282 7.4 Regulated Utility 10/19/10 Northeast Utilities NStar 6,361 9.0 Regulated Utility 5/25/10 UIL Holdings Iberdrola 1,296 11.0 Regulated Utility 4/19/10 PPL Corp. E.On USA 7,675 10.9 Regulated Utility 8/27/07 National Grid PLC KeySpan Corp. 11,283 8.8 Regulated Utility 2/22/07 Integrys Energy Group Inc. Peoples Energy Corp. 2,535 17.9 Regulated Utility 12/1/05 Kinder Morgan Inc. Terasen Inc. 5,528 12.7 Water 1/10/03 RWE AG American Water Co. 7,495 11.8 aMerger of equals. Valuation based on consolidated post-merger enterprise value to estimated LTM EBITDAR. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 42 September 8, 2011 Leveraged Finance

Utilities Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Electricity AES Corp. 10.23 53.23 7.29 7.61 6.64 7.91 7.42 4.28 6.09 7.86 7.87 Calpine Corporation 10.65 15.41 11.93 14.64 N.A. N.A. 2.00 5.09 7.97 12.24 17.32 CMS Energy Corporation 15.53 16.87 9.51 9.18 57.51 16.21 16.49 6.41 7.91 7.43 7.06 Dynegy, Inc. 11.04 N.A. 35.92 11.00 N.A. 124.29 11.67 5.98 N.A. 12.41 21.24 GenOn Energy, Inc. N.A. 3.53 9.84 63.95 12.96 49.13 19.18 8.74 N.A. N.A. N.A. NRG Energy Inc. 15.94 N.A. 1.86 10.89 15.14 6.52 7.65 2.66 3.28 4.62 8.26 PNM Resources, Inc. 5.05 7.31 7.53 8.10 10.35 9.48 11.09 N.A. 7.13 11.70 12.31 Average 11.40 19.2711.98 17.91 20.52 35.59 10.79 5.53 6.47 9.38 12.34

Global Power Cheniere Energy, Inc. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 24.41 28.20 34.84 Ferrellgas Partners, L.P. 7.83 8.87 10.80 13.40 13.83 11.87 11.46 11.70 9.96 12.69 12.25 Inergy, L.P. 11.51 12.35 14.12 32.71 13.69 13.45 11.33 9.69 9.92 13.31 19.86 NV Energy, Inc. 12.48 N.A. 12.22 8.83 10.02 7.89 10.11 8.71 9.25 8.57 8.94 Average 10.61 10.61 12.38 18.31 12.51 11.07 10.97 10.03 13.38 15.69 18.97

Natural Gas and Propane Atlas Pipeline Partners L.P. 7.87 12.35 13.67 13.56 14.26 12.30 N.A. N.A. 9.10 15.82 5.98 Amerigas Partners, L.P. 9.84 9.80 9.36 9.59 11.98 10.92 N.A. 8.47 7.49 11.08 N.A. Copano Energy, L.L.C. N.A. N.A. N.A. 12.05 15.87 11.46 20.13 8.38 16.60 24.21 22.12 Crosstex Energy L.P. N.A. 12.65 14.01 13.92 20.42 20.28 13.26 8.16 9.99 9.37 9.32 El Paso Corp. 17.53 16.61 17.30 17.11 20.85 9.64 9.48 18.96 23.32 8.66 N.A. Holly Energy Partners L.P. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Markwest Energy Partners, L.P. N.A. N.A. 21.69 16.57 18.84 9.31 16.71 3.59 48.45 15.30 27.80 Martin Midstream Partners L.P. N.A. 12.22 17.76 13.79 14.76 13.96 14.09 6.16 12.58 14.67 14.42 Star Gas Partners, L.P. 14.29 8.54 11.58 9.16 N.A. N.A. N.A. N.A. N.A. N.A. N.A. Suburban Propane Partners, L.P. 8.12 9.28 10.91 14.49 20.70 9.15 9.65 8.25 6.96 12.08 10.66 Williams Partners L.P. N.A. N.A. N.A. N.A. 48.31 6.72 9.81 0.94 7.22 9.52 10.15 Average 11.53 11.6414.53 13.36 20.67 11.53 13.30 7.86 15.75 13.41 14.35 N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 43 September 8, 2011 Leveraged Finance

Diversified Services Market Multiple and Total Leverage Ratio (BB+ and Below) EV Multiple Leverage Average

(x) 13.6 14 10.7 12 10.7 10.7 8.8 10.2 8.6 9.6 10 8.8 9.1 7.4 8.1 8 5.9 6.1 6 4.8 5.2 4.4 4.9 4.9 5.1 4.7 5.4 4.4 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

Transaction Multiples EV Multiple Average (x) 14 12.2 12.7 12 10.1 9.2 10 7.9 8.2 8.0 8.1 8.5 8 6.6 5.5 6.0 6 4 2 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 LTM

Source: Bloomberg, Fitch.

Select Transactions Transaction Price EBITDA Multiple Category Completion Date Buyer Seller ($ Mil.) (x) Commercial Services Pending Hertz Global Holdings Inc. Dollar Thrifty Automotive Group Inc. 2,138 3.3 Commercial Services Pending Multiple Acquirers Securitas Direct AB 3,237 28.0 Commercial Services Pending Stanley Black & Decker Inc. Niscayah Group AB 1,177 13.9 Commercial Services Pending Avis Budget Group Inc. Avis Europe PLC 1,010 3.0 Commercial Services 12/17/10 Ascent Media Corp. Monitronics International Inc. 1,200 8.4 Commercial Services 7/30/10 Multiple acquirers Interactive Data Corp. 2,996 11.1 Commercial Services 7/8/10 Cerberus Capital Management LP DynCorp International Inc. 1,473 5.8 Commercial Services 6/2/10 MSCI Inc. Riskmetrics Group Inc. 1,578 15.9 Commercial Services 5/14/10 Tyco International Ltd. Brinks Home Security Inc. 1,845 12.0 Commercial Services 5/14/10 Tyco International Ltd. Brink's Home Security Holdings Inc. 1,845 12.1 Commercial Services 9/19/08 Reed Elsevier Group PLC LexisNexis Risk Assets Inc. 4,054 14.1 Commercial Services 7/25/07 Clayton Dubilier & Rice LLC The ServiceMaster Co. 5,071 12.6 Commercial Services 7/25/07 Clayton Dubilier & Rice LLC The ServiceMaster Co. 5,071 12.6 Commercial Services 1/29/07 Multiple Acquirers ARAMARK Corp./Old 7,999 8.6 Commercial Services 5/3/05 United Technologies Corp. Kidde PLC 3,068 13.7 Human Resources Pending Randstad Holding NV SFN Group Inc. 716 10.1 Human Resources 5/26/11 Clayton Dubilier & Rice LLC Emergency Medical Services Corp. 2,987 9.5 Human Resources 10/4/10 AON Corp. Hewitt Associates Inc. 4,628 7.6 Human Resources 1/20/10 Adecco SA MPS Group Inc. 1,186 20.5 Waste Pending Ecolab Inc. Nalco Holding Co. 8,042 10.9 Waste 7/6/10 IESI-BFC Ltd. Waste Services Inc. 734.2a 4.0 Waste 12/8/08 Republic Services Inc. Allied Waste Inc. 13,051 7.8 Waste 4/8/08 WasteAcquisitionco Ltd. Biffa Ltd. 3,060 10.4 Waste 4/8/08 WasteAcquisitionco Ltd. Biffa Ltd. 3,060 10.4 Waste 4/3/07 The Carlyle Group Synagro Technologies Inc. 740 7.9 Waste 12/20/06 TPG Capital Old AII Inc. 2,302 8.1 aBritish pounds sterling. Source: Company filings, Bloomberg, Fitch.

U.S. Leveraged Finance Multiple EV-aluator 44 September 8, 2011 Leveraged Finance

Diversified Services Market Multiples 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Current Consulting Headwaters, Inc. 16.83 12.39 6.22 13.61 7.81 6.28 6.77 N.A. N.A. 11.74 N.A. FTI Consulting, Inc. 10.73 15.15 8.78 10.11 9.72 12.39 14.42 9.10 8.10 9.50 9.74 Average 13.78 13.77 7.50 11.86 8.77 9.33 10.59 9.10 8.10 10.62 9.74

IT/Management Services Iron Mountain, Inc. 14.28 12.40 12.49 12.43 14.17 12.93 15.01 10.51 8.43 11.63 13.64 URS Corporation 5.36 8.69 6.88 N.A. 9.92 9.06 19.84 8.01 6.91 N.A. N.A. Average 9.82 10.55 9.68 12.43 12.05 10.99 17.42 9.26 7.67 11.63 13.64

Diversified Services Carriage Services, Inc. 6.84 7.09 7.30 11.12 12.57 12.78 13.94 12.04 11.77 7.61 7.77 Coinstar, Inc. 13.51 8.27 5.08 10.12 6.74 8.26 16.06 4.86 6.25 7.66 5.72 Covanta Holding Corp. N.A. 13.40 N.A. 10.42 13.85 11.38 13.41 10.00 9.91 12.47 11.31 Herbalife Ltd. N.A. N.A. N.A. 12.59 10.33 11.01 7.88 3.85 6.91 8.76 17.50 Interline Brands, Inc. N.A. N.A. N.A. 9.67 11.87 11.82 8.14 6.19 9.42 N.A. N.A. Penske Automotive Group, Inc. 8.77 N.A. N.A. N.A. N.A. N.A. 10.79 N.A. 12.87 13.22 12.16 PHI, Inc. 4.25 6.40 6.96 5.90 6.52 11.87 6.64 4.61 6.97 7.51 10.14 Rural Metro Corp. N.A. 8.07 8.13 6.76 11.11 7.16 9.20 5.77 5.04 8.16 N.A. Service Corp. International N.A. 18.69 7.40 16.50 20.92 26.42 13.83 11.82 7.75 7.07 7.94 Speedway Motorsports, Inc. 8.69 8.45 9.45 10.90 7.60 8.01 7.10 5.00 6.30 6.65 10.64 Stewart Enterprises, Inc. N.A. 6.63 24.41 11.85 27.52 16.38 19.89 21.11 6.81 7.98 8.08 The GEO Group, Inc. 6.92 7.98 3.94 6.25 16.90 9.63 13.73 8.75 9.66 13.77 24.87 Average 8.16 9.44 9.09 10.19 13.27 12.25 11.72 8.55 8.31 9.17 11.61 N.A.  Not applicable. Source: Worldscope Fundamentals (Thomson Reuters), Fitch.

U.S. Leveraged Finance Multiple EV-aluator 45 September 8, 2011 Leveraged Finance

Fitch-Employed Multiple for Recovery Analysis Sector Issuer Name Assumed Multiplea Average Multiple Aerospace and Defense TransDigm Inc. 7.00 7.00 Auto and Related American Axle & Manufacturing Holdings, Inc. 4.75 4.75 Meritor Inc. 4.50  Goodyear Tire & Rubber Company 5.00  Chemicals Kronos International, Inc. 5.00 5.17 Nalco Company 5.50  Diversey, Inc /Diversey Holdings, Inc. 5.00  Diversified Manufacturing and Capital Goods Graham Packaging Co, L.P./GPC Capital Corp. 4.50 4.75 Solo Cup Co. 5.00  Food, Beverage, Tobacco, and Restaurants ARAMARK Corporation 7.00 7.03 Dean Foods Co. 7.00  Dole Food Company Inc. 7.00  Burger King Corporation 6.50  Del Monte Foods Co. 8.00  DineEquity Inc. 6.50  Smithfield Foods, Inc.b 7.20  Gaming, Lodging, and Leisure Boyd Gaming Corporation 6.50 7.25 Marina District Finance Company, Inc. (Borgata) 7.00  MGM Resorts International 9.20  Pinnacle Entertainment, Inc. 6.60  Caesar's Entertainment Opg. Co. (Harrah's) 7.10  Caesars Linq, LLC and Caesars Octavius, LLC 7.10  Healthcare Community Health Systems, Inc. 7.00 7.00 HCA Inc. 7.00  Tenet Healthcare Corp. 7.00  Media and Entertainment Marquee Holdings Inc. (AMC Entertainment Inc.) 5.00 5.50 McClatchy Company (The) 2.50  Nielsen Company B.V. (The) 6.00  Regal Entertainment Group 5.00  Univision Communications, Inc. 7.00  Clear Channel Outdoor Holdings, Inc. (CCO) 7.00  Clear Channel Communications, Inc.(excluding CCO) 6.00  Natural Resources Graphic Packaging Holding Co. 6.50 6.50 Retail Burlington Coat Factory Investment Holdings, Inc.b 4.60 6.59 Neiman Marcus Group, Inc. (The) 6.00  Toys "R" Us, Inc. 5.50  Levi Strauss & Co. 5.50  Bon-Ton Stores, Inc. (The)b 5.80  Rite Aid Corporationb 7.60  Sears Holding Corporationb 13.70  SuperValu Inc. 4.00  Technology First Data Corp. (FDC) 6.00 5.37 MoneyGram International Inc. 6.00  SunGard Data Systems Inc. 5.00  Freescale Semiconductor Holdings I, Ltd. (FSL) 5.00  Advanced Micro Devices 5.00  Sanmina-SCI Corpb 5.20  Telecommunications and Cable Cincinnati Bell, Inc. 6.00 7.25 Level 3 Communications, Inc 6.00  Mediacom, LLC 8.50  Mediacom Broadband, LLC 8.50  Transportation United Continental Holdings, Inc.b 5.90 4.26 US Airways Group, Inc. 2.50  AMR Corporation 3.50  Delta Air Lines, Inc.b 4.50  JetBlue Airways Corp.b 4.90  aBased on recovery models published each quarter. bAlthough recovery is maximized under a liquidation scenario, the implied multiple is imputed based on liquidation value and distressed EBITDA. Source: Fitch.

U.S. Leveraged Finance Multiple EV-aluator 46 September 8, 2011 Leveraged Finance

Fitch U.S. Leveraged Finance Sector Contact List Global Head of Corporates Mark Oline +1 312 368-2073 [email protected] A&D, Airlines, Autos, Diversified Manufacturing, and Transportation Craig Fraser Managing Director A&D +1 212 908-0310 [email protected] Eric Ause Senior Director Diversified Manufacturing +1 312 606-2302 [email protected] Stephen Brown Senior Director Autos, Transportation +1 312 368-3139 [email protected] Bill Warlick Senior Director Airlines +1 312 368-3141 [email protected] David Petu Director A&D/Diversified Manufacturing +1 212 908-0280 [email protected] Cheryl Peterson Director Diversified Manufacturing +1 312 606-2309 [email protected] Bryant Bedwell Associate Director Transportation, Auto +1 312 368-3179 [email protected] Energy, Chemicals, and Commodities Sean Sexton Managing Director +1 312 368-3130 [email protected] Monica Bonar Senior Director Metals, Mining, Commodities +1 212 908-0579 [email protected] Mark Sadeghian Senior Director Oil & Gas/Refiners +1 312 368-2090 [email protected] Tom Dohrmann Director Chemicals +1 212 908-0637 [email protected] Dennis Ruggles Director Paper & Forest Products +1 312 606-2318 [email protected] Technology Jamie Rizzo Senior Director +1 212 908-0548 [email protected] Jason Paraschac Senior Director Financial +1 212 908-0746 [email protected] Jason Pompeii Senior Director Semiconductors +1 312 368-3210 [email protected] John Witt Director IT Services, Hardware +1 212 908-0673 [email protected] Brian Taylor Associate Director IT Distributors +1 212 908-0620 [email protected] Utilities, Power, and Gas Glen Grabelsky Managing Director +1 212 908-0577 [email protected] Sharon Bonelli Managing Director Regulated Utilities, Generation +1 212 908-0581 [email protected] Ellen Lapson Managing Director Regulated Utilities, Generation +1 212 908-0504 [email protected] Donna McMonagle Managing Director Gas, Midstream, & MLPs +1 212 908-0258 [email protected] Karen Anderson Senior Director Regulated Utilities +1 312 368-3165 [email protected] Rob Hornick Senior Director Regulated Utilities +1 212 908-0523 [email protected] Ralph Pellecchia Senior Director Gas, Midstream, & MLPs +1 212 908-0586 [email protected] Phil Smyth Senior Director Regulated Utilities +1 212 908-0531 [email protected] Kathleen Connelly Director Gas, Midstream, & MLPs +1 212 908-0290 [email protected] Shalini Mahajan Director Regulated Utilities, Generation +1 212 908-0351 [email protected] Peter Molica Director Gas, Midstream, & MLPs +1 212 908-0288 [email protected] Kevin Beicke Director Gas, Midstream, & MLPs +1 212 908-9112 [email protected] Philippe Beard Associate Director Regulated Utilities +1 212 908 0242 [email protected] Lindsay Minneman Associate Director Regulated Utilities +1 212 908 0592 [email protected] Daniel Neama Associate Director Regulated Utilities +1 212 908 0561 [email protected] Consumer Products, Food, Beverage, and Tobacco Wesley Moultrie Managing Director +1 312 368-3186 [email protected] Grace Barnett Director Consumer +1 212 908-0718 [email protected] Judi Rossetti Senior Director Food Processors +1 312 368-2077 [email protected] Carla Norfleet Taylor Director Food, Restaurants +1 312 368-3195 [email protected] Chris Collins Associate Director Beverage, Tobacco +1 312 368-3196 [email protected] Homebuilding and Building Products Bob Curran Managing Director +1 212 908-0515 [email protected] Robert Rulla Director Homebuilding/Building Products +1 312 606-2311 [email protected] Monica Delarosa Associate Director Homebuilding/Building Products +1 212 908-0525 [email protected] Leverage Finance, Media and Entertainment; Gaming, Lodging, and Leisure; and Retail Mike Simonton Managing Director +1 312 368-3138 [email protected] Mike Paladino Senior Director Gaming, Lodging, and Leisure +1 212 908-1113 [email protected] Monica Aggarwal Senior Director Dept. Stores, Drug Stores, Supermarkets+1 212 908-0282 [email protected] Phil Zahn Senior Director Discounters and Specialty Retail +1 312 606-2336 [email protected] Tiffany Co Director Specialty Retail +1 312 368-3185 [email protected] Ruchira Dabas Director Leveraged Finance Structures +1 212 908-0244 [email protected] Rolando Larrondo Director Publishers, Business Services +1 212 908-1189 [email protected] Melissa Link-Cohen Director Conglomerates, TV, Radio, Outdoor +1 212 908-0611 [email protected] Darin Schmalz Director Leveraged Finance Markets +1 312 606-2324 [email protected] Alex Bumazhny Associate Director Native American Gaming +1 212 908-0179 [email protected] Kevin Lam Associate Director Movie Exhibitors, Music, Lodging +1 212 908-0147 [email protected] Telecom, Cable, Packaging, Healthcare, and Pharmaceuticals Mike Weaver Managing Director +1 312 368-3156 [email protected] John Culver Senior Director Wireline +1 312 368-3216 [email protected] Bill Densmore Senior Director Wireless, Packaging +1 312 368-3125 [email protected] Dave Peterson Senior Director Cable, Satellite +1 312 368-3177 [email protected] Mike Zbinovec Senior Director Pharmaceuticals +1 312 368-3164 [email protected] Bob Kirby Director Healthcare +1 312 368-3147 [email protected] Megan Neuburger Director Hospitals +1 212 908-1501 [email protected] Jacob Bostwick Associate Director Healthcare +1 312 312-3169 [email protected] A&D  Aerospace & Defense. MLPs  Master Limited Partnerships.

U.S. Leveraged Finance Multiple EV-aluator 47 September 8, 2011 Leveraged Finance

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U.S. Leveraged Finance Multiple EV-aluator 48 September 8, 2011