f AI im Figure 19: High Yield Chemicals Relative Value - Leverage vs. STW 500 400 300 200 100 ASH 6875%43 • PIEGRP 5 375%74 NCX 250%27 • NCX 5 OM 75 CC 5375%77 NCX 4415% 24 OD 005%Z MIN SE 5375%55 •INEGRP 5625%24 • X0156 000%75 • • PURA 4 250%74 SS11 5% 77 5 25% 24 11101.4.315•40 3/41 4 WIWI 5 • NCX 5 M il 4. 04.71 CC n)515:314% 73 • 4.1 MIA 4875%24 4- - Vr A 5 125%21 • 00010 C00% x"4750%7! *KRA 10500%'33 NUN 5125%22 Gen"' 9514%73 if • 4 HUN 4875%70 AM-0.3.750%25 KRA 7.000%75 • PM 5875%73 • CF 5 375% '44 C.F i0%'13 CF 5 132%14 PAN 6500% 72 • CF 3 450%23 PAN 6000%* • 0 o0x 1.0x Sane Onaelie ant One, Met OteneennineLN 30x 30x 40x Total Debt/ LTM EBITDA CF 7125%'70 • 5.0x 6.0x 7 Ox CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL SDNY_GM_00232780 DB-SDNY-0086596 EFTA01385312