3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite [Figure 26: Valeant Pharmaceuticals (VAX) Valeant Pharmaceuticals (VRX) Market Create Create FY 03 03 % LIM Value LIM 04 FY FY FY 5mm 2016 M/30116 03/3417 Cluny 0903/17 el Debt 0300/17 11/3%17 2017E 2010 2010 Revenue 9,574 2,480 2,219 -105% 8.964 8.960 2.157 8,718 8.232 EMMA 4,303 4163 951 -12.2% 3303 3.838 865 1628 1337 3,207 Interest 1,818 467 156 1.848 1.848 450 1.833 1.462 Tart. I 27) (113) 0.7031 14034% (2.6773 12.677) 25 (2.801) 103 Capon 235 53 50 179 179 50 175 KO KF Before%Odön$C1011il and 011ice 2.267 756 2.145 4.458 4.458 MI 4.425 1.216 FC3 as % Net Debt 7.7% NA 34.1% 17.7% 18.3% 64% 17.7% 51% 01104% 44.5% 46.9% 42.9% 415% 415% 40.1% 41.0% 33.0% 0104/Interest 2.4x 2.54 2.14 2.1). lix 19x 2.0 1.9 Net Sewed Debt/491MA 2.34 NA IS 1.0 10 lax 2.0 ~I 2.% Total Debt/EMMA 69s NA 7.1x 7.14 6.9x 7.51 7.64 80 7.0 Net DebtalUTDA 69. NA 6.6c 66s (.4x 7.2x 69. 7.5x 7.3x Cash 542 NA 1.969 1.9% 1,969 1662 1.052 1.462 1.062 Mailability 625 NA 1,032 1.032 1.032 1.032 1,032 1.457 1,07 liquidity 1,167 NA 3,031 3.001 3,001 2.034 2.031 2.919 2.919 Secured Debt 10,646 NA 9.320 9.320 9.320 9272 9.272 8,847 8.847 Total Debt 29,806 NA 23141 27,141 26385 26,093 26.093 25368 24.912 Net Debt 29.»1 NA 25,172 25.172 24.416 25.011 25,041 24.3% 23.449 Debt Structure 51503mm Revoker L•37S due 01/20/18 875 NA 42$ 05 103.03 425 425 425 52246mm Terra tom 43 1.375 due 10/20/18 1.016 NA 103.M 51109 rnm Term tom 00211425 due 02/13/19 1.048 NA 103.03 $903 turn Term Loan BC2 1.493 due 12/11/19 805 NA 103.00 51000mm krm lem 410014375clue04101/20 658 NA • 100.40 52950mm Term tom 011340due 08/05/20 2.429 NA • 10330 $4150mm Term tom 0111.475 due 04/01/22 3,815 NA 5385 5.685 103.03 5.685