J.P. Morgan U.S. High Yield Credit Analyst Focus List 2Q13 This is our twenty-third quarterly Analyst Focus List (AFL) highlighting ow sector analysts' best ideas. Starting with this issue, we are publishing the high yield portion of our AFL as a standalone report. Investors have complained for a long time that the high yield market has felt picked over. While find flows have favored loans YTD, and our index briefly backed up to about 6% in February, investors wonder whether to call today's Index yield of 5.7% "high yield." Still, everything is relative. Inside this report you'll fund 20 long ideas and 4 shorts that we think have the potential to outperform in the next three months. These ideas are the product of extensive bottoms-up analysis and our analysts are, as always, available to talk through their assumptions and rationales. This quarterly roundup is a complete refresh; ideas not carried over and presented again are considered superseded by new ideas. Names may be removed intra-quarter where a valuation target has been largely or wholly achieved or the original rationale is considered no longer valid. New ideas can also be added intra-quarter. For intraquarter additions or deletions, analysts will post a brief summary of their rationale to our J.P. Morgan Markets website. Please check J.P. Morgan Markets for the most up-to- date AFL at any time. We hope you find this report helpful in meeting your investment objectives. North America Credit Research 09 Aphl 2013 U.S. High Yield Credit Research David Common, CFA AC (1-212)270.5260 dmad common@ipmorgan corn .1P Morgan Secunthm LLC See page 22 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor