March Default Report. Global Corporate Default Rate Ends Q at 2.4% Default rates down again. Global default rate to finish this year at 2.

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1 APRIL 8, 2013 March Default Report Global Corporate Default Rate Ends Q at 2.4% Default rates down again The trailing 12-month global speculative-grade corporate default rate finished the first quarter of 2013 at 2.4%, down from 2.8% at the end of The latest reading came in close to Moody s year-ago forecast of 2.8%, when the global default rate stood at 2.6%. In the US, the speculative-grade default rate ended the first quarter at 2.9%, down from 3.4% in the previous quarter. A year ago the US default rate was also 2.9%. In Europe, the default rate edged lower to 1.8% in the first quarter from 2. the prior quarter. At this time last year, the European rate was 3.3%. A total of 20 Moody s-rated corporate debt issuers have defaulted so far this year, of which nine were recorded in March. Four of the last month's defaults were from one single corporate family - Dex One Corp. In the first quarter of 2012, 24 companies defaulted, 14 of which were in March. Along with lower default rates, Moody s global distressed index arrived at 8.8% at the end of the first quarter, down from 14.1% in the previous quarter and 17.2% in the same period last year. The distressed index is a measure of the percentage of high-yield issuers whose debt is trading at distressed levels. Global default rate to finish this year at 2.8% The global default rate has been remarkably steady over the past year. With a combination of accommodative monetary policy and weak fundamental growth, we expect this to continue for the rest of the year. Based on its forecasting model, Moody s expects the global speculative-grade default rate to edge higher, to end the year at 2.8%. By region, the comparable rates are expected to fall to 2.6% in the US and rise to 4. in Europe. Across industries over the coming year, Moody s expects default rates to be highest in the Media: Advertising, Printing & Publishing sector in the US and the Hotel, Gaming & Leisure sector in Europe. Bond and loan default rates also lower in Q1 By dollar volume, the global speculative-grade bond default rate closed the quarter at 1.2%, down from 1.8% the previous quarter. This time last year, the global dollar-weighted default rate was 1.7%. In the US, the dollar-weighted speculativegrade bond default rate ended the first quarter at 1.3%, compared with 1.7% in the prior quarter and 1. a year ago. In Europe, the comparable rate fell from 2.3% in the last quarter of 2012 to 0.9% in the first quarter of this year. Last year, the European dollar-weighted bond default rate stood at 2.4% in the first quarter. In the leveraged loan market, eight Moody s-rated issuers defaulted on their loans in the first quarter, and all were from the US. Of these, five were recorded in March and four were from one corporate family - Dex One Corp. Last year, there were 12 loan defaults in the first quarter. The trailing 12-month US leveraged loan default rate ended the first quarter at 2.8%, down from 3.1% in the prior quarter. A year ago, the loan default rate stood at 2.3%.

2 Table of Contents Exhibit Title Page Part I Trailing Twelve Month Default Rates 1 Issuer-Weighted Speculative-Grade Corporate Default Rates 4 2 Issuer-Weighted Corporate Default Rates Ending March Issuer-Weighted Speculative-Grade US Bond/Loan Default Rates 4 4 Issuer-Weighted US Bond/Loan Default Rates Ending March Dollar-Weighted Speculative-Grade Bond Default Rates 4 6 Dollar-Weighted Bond Default Rates Ending March Part II Issuer-Weighted Default Rate Forecasts 7 Global Speculative-Grade Default Rates ( and Forecast) 5 8 US Speculative-Grade Default Rates ( and Forecast) 5 9 European Speculative-Grade Default Rates ( and Forecast) 5 10 Trailing Twelve-Month Speculative-Grade Default Rate Baseline Forecasts by Region 6 11 Speculative-Grade Default Rates for Issuers with Bonds and Loans ( and Forecast) 6 12 Speculative-Grade Default Rates for Bond Only Issuers ( and Forecast) 6 13 Speculative-Grade Default Rates for Loan Only Issuers ( and Forecast) 6 14 Trailing Twelve-Month Speculative-Grade Default Rate Baseline Forecasts by Issuer Type 7 15 Unemployment Rates ( and Forecast) 7 16 High Yield Spread ( and Forecast) 7 17 Baseline Forecasts on Unemployment Rates and High Yield Spread 7 18 One-Year Default Rate Forecasts by Industry 8 19 Global Rating Migration Rates 9 20 Global Rating Migration Rate Forecasts 9 21 Rating Drivers (Current) Rating Drivers (One Year Prior) Speculative-Grade Portfolio Default Distributions Investment-Grade Portfolio Default Distributions Distressed Index 11 2 APRIL 8, 2013 MARCH DEFAULT REPORT

3 Table of Contents Exhibit Title Page Part III Default Experience 26 Defaulted Corporate Issuer Counts Defaulted US Bond/Loan Issuer Counts Default Counts Summary Defaulted Debt Volume Defaulted US Bond/Loan Volume Default Volume Summary Initial Bond Default Events in March Initial Loan Default Events in March Other Credit Events in March Part IV Recovery Experience 35 Trailing Twelve-Month Global Defaulted Bond Recovery Rates Trailing Twelve-Month Global Defaulted Bond Recovery Rates by Priority Trailing Twelve-Month US First Lien Loan vs. US Sr. Unsecured Bond Recovery Rates Trailing Twelve-Month US First Lien Loan vs. US Sr. Unsecured Bond Recovery Rates Summary Moody's Bankrupt Bond Index Moody's Bankrupt Bond Index Summary 15 Part V Rating Changes 41 Trailing Twelve-Month Rating Action Rates Trailing Twelve-Month Rating Drift Fallen Angels in March Rising Stars in March Part VI Changes/Remarks 45 Changes/Additions to Prior MDRs 17 Appendix Five-Year Issuer-Weighted Speculative-Grade Default Rate Forecasts 18 3 APRIL 8, 2013 MARCH DEFAULT REPORT

4 Part I: Trailing Twelve-Month Default Rates Exhibit 1: Issuer-Weighted Speculative-Grade Corporate Default Rates 1 Exhibit 2: Issuer-Weighted Corporate Default Rates Ending March 2013 Rating Aaa Aa A Baa 0.2% % Ba B % 1. Caa-C 9.7% 10.8% 6.7% IG 0.1% % SG 2.4% 2.9% 1.8% All 1.2% 1.6% 0.9% Exhibit 3: Issuer-Weighted Speculative-Grade US Bond vs. US Loan Default Rates 1 US Bond US Loan Exhibit 4: Issuer-Weighted US Bond/Loan Default Rates Ending March 2013 Rating US Bond US Loan Aaa Aa A Baa Ba B % Caa-C 7.8% 52. IG SG 2.4% 2.8% All 1.1% 2.3% Exhibit 5: Dollar-Weighted Speculative-Grade Bond Default Rates Exhibit 6: Dollar-Weighted Bond Default Rates Ending March 2013 Rating Aaa Aa A Baa % Ba B 0.2% 0.1% 1.1% Caa-C 7.2% 7.2% 7.1% IG SG 1.2% 1.3% 0.9% All 0.3% 0.3% 0.1% 4 APRIL 8, 2013 MARCH DEFAULT REPORT

5 Part II: Issuer-Weighted Default Rate Forecasts* Section A: Trailing Twelve-Month Speculative-Grade Corporate Default Rate Forecasts Exhibit 7: Global Speculative-Grade Default Rates ( and Forecast) 2 Baseline Optimistic 1 Apr '93 Apr '94 Apr '95 Apr '96 Apr '97 Apr '98 Apr '99 Apr '00 Apr '01 Apr '02 Apr '03 Apr '04 Apr '05 Apr '06 Apr '07 Apr '13 Exhibit 8: US Speculative-Grade Default Rates ( and Forecast) 2 Baseline Optimistic 1 Apr '93 Apr '94 Apr '95 Apr '96 Apr '97 Apr '98 Apr '99 Apr '00 Apr '01 Apr '02 Apr '03 Apr '04 Apr '05 Apr '06 Apr '07 Apr '13 Exhibit 9: European Speculative-Grade Default Rates ( and Forecast) 2 Baseline Optimistic 1 Jan '99 Jan '00 Jan '01 Jan '02 Jan '03 Jan '04 Jan '05 Jan '06 Jan '07 Jan '08 Jan '09 Jan '10 Jan '11 Jan '12 Jan '13 Jan '14 * See methodology details in Moody's Special Comment Introducing Moody s Credit Transition Model and "A Cyclical Model of Multiple-Horizon Credit Rating Transitions and Default", August APRIL 8, 2013 MARCH DEFAULT REPORT

6 Exhibit 10: Trailing Twelve-Month Speculative-Grade Default Rate Baseline Forecasts by Region Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Global US Europe 2.7% 2.6% 2.6% 2.7% 2.8% 2.7% 2.9% 2.9% 2.8% 2.8% 2.7% % % 2.7% 2.7% 2.7% 2.8% 2.9% 2.6% % 2.4% 2.1% 2.6% 3.4% 3.4% 3.7% 3.7% 3.9% 3.9% % 3.6% 3.1% Exhibit 11: Global Speculative-Grade Default Rates for Issuers with Bonds and Loans ( and Forecast) 2 Baseline Optimistic 1 Apr '13 Exhibit 12: Global Speculative-Grade Default Rates for Bond-Only Issuers ( and Forecast) 2 Baseline Optimistic 1 Apr '13 Exhibit 13: Global Speculative-Grade Default Rates for Loan-Only Issuers ( and Forecast) 2 Baseline Optimistic 1 Apr '13 6 APRIL 8, 2013 MARCH DEFAULT REPORT

7 Exhibit 14: Trailing Twelve-Month Speculative-Grade Default Rate Baseline Forecasts by Issuer Type Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Bond&Loan Bond Only Loan Only % % 1.4% 1.6% 1.8% % 2.4% 2.6% 2.7% 2.4% 2.6% 2.9% 2.9% % 3.1% 3.1% 2.9% 2.9% 2.7% 2.6% 4.6% 4.3% 3.1% 3.2% 3.2% 3.1% 3.2% 3.1% % 2.6% 2. Section B: Macroeconomic Drivers for the Default Rate Forecasts (Baseline forecasts in Section B are sourced from Moody's Economy.com and the confidence intervals have been added by MIS.) Exhibit 15: Unemployment Rates ( and Forecast) 21% 18% Baseline* Optimistic 12% 9% 6% 3% Apr '93 Apr '96 Apr '99 Apr '02 Apr '05 Apr '14 Apr '17 Exhibit 16: High Yield Spread (bps) ( and Forecast) Baseline* Optmistic Jul '94 Jul '97 Jul '00 Jul '03 Jul '06 Jul '09 Jul '12 Jul '15 Exhibit 17: Baseline Forecasts on Unemployment Rates and High Yield Spread (bps) Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Unemployment HY Spread Oct 15 Jan 16 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Jul 17 Oct 17 Jan 18 Unemployment HY Spread APRIL 8, 2013 MARCH DEFAULT REPORT

8 Section C: One-Year Corporate Default Rate Forecasts by Industry Exhibit 18: One-Year Default Rate Forecasts by Industry 1% 2% 3% 4% 6% 7% 8% Media: Advertising, Printing & Publishing Services: Business Retail Containers, Packaging, & Glass Metals & Mining Wholesale* Healthcare & Pharmaceuticals Hotel, Gaming, & Leisure Services: Consumer* Consumer goods: durable* Telecommunications Transportation: Cargo Automotive High Tech Industries FIRE: Finance Aerospace & Defense* Construction & Building Media: Broadcasting & Subscription Energy: Oil & Gas FIRE: Insurance Capital Equipment Consumer goods: non-durable* Energy: Electricity* Chemicals, Plastics, & Rubber Beverage, Food, & Tobacco Forest Products & Paper* Media: Diversified & Production FIRE: Real Estate Banking Utilities: Oil & Gas Utilities: Electric Sovereign & Public Finance Environmental Industries* Transportation: Consumer* Utilities: Water* US Europe * Default rate forecasts are not reported in these sectors in Europe or in the U.S. due to small sample size (less than ten issuers). 8 APRIL 8, 2013 MARCH DEFAULT REPORT

9 Section D: One-Year Global Rating Migration Rates ( and Forecast) Exhibit 19: Global Rating Migration Rates from Apr 2012 to Mar 2013 (percent) From\To Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 Caa3 Ca-C WR DEF Aaa Aa Aa Aa A A A Baa Baa Baa Ba Ba Ba B B B Caa Caa Caa Ca-C Exhibit 20: Global Rating Migration Rate Forecasts from Apr 2013 to Mar 2014 (percent) From\To Aaa Aa1 Aa2 Aa3 A1 A2 A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 Caa3 Ca-C WR DEF Aaa Aa Aa Aa A A A Baa Baa Baa Ba Ba Ba B B B Caa Caa Caa Ca-C APRIL 8, 2013 MARCH DEFAULT REPORT

10 Section E: Rating Drivers for the Global Default Rate Forecasts Exhibit 21: Rating Drivers (Current) Exhibit 22: Rating Drivers (One Year Prior) Rating Share Last Rating Action Population Up Down Average Duration* Rating Share Last Rating Action Population Up Down Average Duration* Aaa % Aa % 9 Aa2 0.9% 6.4% 78.7% 5 Aa3 2.8% 20.3% 59.4% 6 A1 4.2% 32.1% 43.3% 11 A2 5.6% 25.3% 55.9% 9 A % 9 Baa1 8.1% 28.3% 42.3% 10 Baa2 11.2% 30.2% 42.1% 7 Baa % 35.3% 7 Ba1 3.4% 35.2% 38.6% 5.5 Ba2 4.1% 39.6% 25.9% 6 Ba3 4.8% 29.4% 31.9% 4 B % 5 B2 7.2% 26.4% 23.7% 4 B3 11.7% 16.7% 23.7% 4 Caa1 7.3% 7.7% 38.7% 4 Caa2 2.9% 8.7% 61.7% 3 Caa3 0.8% % 1.5 Ca/C 0.3% Total * measured by number of quarters since last rating change Aaa 1.4% 20.6% Aa % Aa2 1.3% % 10 Aa % 67.8% 5 A1 4.9% 31.4% 45.3% 9 A2 6.1% 28.1% 54.2% 8 A3 7.9% 26.8% Baa1 8.4% 28.1% 41.6% 10 Baa2 9.4% 33.8% 37.1% 11 Baa3 8.2% Ba1 3.7% Ba2 4.4% 39.9% Ba3 4.8% 32.3% 30.2% 4 B1 5.9% 32.1% 24.4% 5 B2 7.6% % 4 B3 10.2% 15.2% 21.3% 5 Caa1 6.7% 10.8% 39.3% 4 Caa2 2.7% 8.3% 57.9% 3 Caa3 0.8% 7.7% 66.7% 2 Ca/C Total * measured by number of quarters since last rating change Section F: North American CDX Index Portfolio Default Distributions: Five Year Horizon Exhibit 23: Speculative-Grade Portfolio Default Distributions Baseline Pessmistic Optimistic Y-axis: Probability; X-axis: % of Portfolio Defaulting Exhibit 24: Investment-Grade Portfolio Default Distributions Baseline Optimistic Y-axis: Probability; X-axis: % of Portfolio Defaulting 10 APRIL 8, 2013 MARCH DEFAULT REPORT

11 Section G: Distressed Index Exhibit 25: Distressed Index Dec '96 Dec '97 Dec '98 Dec '99 Dec '00 Dec '01 Dec '02 Dec '03 Dec '04 Dec '05 Dec '06 Dec '07 Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 * Number of Distressed Issuers / Number of Speculative-Grade Issuers Distressed issuers defined as those having debt with OAS or CDS > 1000 bps. Prior to October 2002, however, the index is derived from the ratio of distressed issues to the total number of speculative-grade issues as reported in the Merrill Lynch High Yield Index. 11 APRIL 8, 2013 MARCH DEFAULT REPORT

12 Part III: Default Experience Exhibit 26: Defaulted Corporate Issuer Counts Exhibit 27: Defaulted US Bond/Loan Issuer Counts US Bond US Loan Oct '08 Oct '09 Oct '08 Oct '09 Exhibit 28: Default Counts Summary Corporate Issuer Counts Bond Issuer Counts Loan Issuer Counts March February January Year-to-date yr monthly avg 5-yr monthly stdev Exhibit 29: Defaulted Debt Volume (US$ Billion) Exhibit 30: Defaulted US Bond/Loan Volume (US$ Billion) $160 $160 US Bond US Loan $120 $120 $80 $80 $40 $40 $0 $0 Oct '08 Oct '09 Oct '08 Oct '09 12 APRIL 8, 2013 MARCH DEFAULT REPORT

13 Exhibit 31: Default Volume Summary (in millions of US$) Total Debt Volume Bond Volume Loan Volume March 2013 February 2013 January 2013 Year-to-date 5yr monthly avg 5yr monthly stdev $7,010 $3,558 $3,452 $3,664 $212 $3,452 $3,346 $3,346 $0 $3,535 $1,423 $2,112 $2,637 $525 $2,112 $898 $898 $0 $2,906 $2,409 $0 $2,252 $1,755 $0 $654 $654 $0 $13,451 $7,389 $5,564 $8,554 $2,492 $5,564 $4,897 $4,897 $0 $11,541 $9,095 $1,440 $8,577 $6,316 $1,356 $2,964 $2,779 $84 $21,778 $20,798 $5,513 $19,689 $18,877 $5,497 $5,578 $5,426 $554 Exhibit 32: Initial Bond Default Events in March 2013 Default Ratings** Company Default Event Amount* Specific Industry Domicile At Default 1-Yr Prior Bank of Cyprus Public Co Ltd Placed under administration $214 Banking Cyprus Caa3 B1 Central European Distribution Corp Missed principal payment $258 Beverage, Food, & Tobacco Poland C Caa2 Cyprus Popular Bank Public Co Ltd Placed under administration $1,572 Banking Cyprus Caa3 *** Dex One Corporation Prepackaged Chapter 11 $212 Media: Advertising, Printing & Publishing United States Ca *** Northland Resources AB Missed interest payment $350 Metals & Mining Sweden Ca NR Seat Pagine Gialle Italia S.p.A Missed interest payment $1,058 Media: Advertising, Printing & Publishing Italy C Caa3 * Defaulted bonds in millions of US dollars. ** Estimated senior unsecured bond ratings, which do not necessarily refer to the rating of a particular debt issue. *** These companies have experienced other defaults less than 12 months prior to their March defaults. We do not report their ratings one year prior to the Mach defaults because those ratings were associated with their previous defaults instead of the March defaults. Exhibit 33: Initial Loan Defaults in March 2013 Ratings** Default Company Default Event Amount* Specific Industry Domicile At Default 1-Yr Prior Dex Media East, Inc. Prepackaged Chapter 11 $0 Media: Advertising, Printing & Publishing United States Caa3 *** Dex Media West, Inc. Prepackaged Chapter 11 $0 Media: Advertising, Printing & Publishing United States Caa3 *** Dex One Corporation Prepackaged Chapter 11 $1,730 Media: Advertising, Printing & Publishing United States Caa3 *** R.H. Donnelley Inc. Prepackaged Chapter 11 $0 Media: Advertising, Printing & Publishing United States Caa3 *** SuperMedia Inc. Prepackaged Chapter 11 $1,442 Media: Advertising, Printing & Publishing United States Caa3 Caa1 * Defaulted loans in millions of US dollars. Guaranteed debts are only added to the issuers but not to the guarantors in order to avoid double counting. ** Most senior loan rating. *** These companies have experienced other defaults less than 12 months prior to their March defaults. We do not report their ratings one year prior to the Mach defaults because those ratings were associated with their previous defaults instead of the March defaults. 13 APRIL 8, 2013 MARCH DEFAULT REPORT

14 Exhibit 34: Other Credit Events in March 2013 Company Credit Event Initial Default Date Initial Default Event Indianapolis Downs, LLC Reorganization plan confirmed Dec 2010 Missed interest payment LodgeNet Interactive Corporation Reorganization plan confirmed Jan 2013 Missed principal and interest payments Revel Atlantic City, LLC Prepackaged Chapter 11 Feb 2013 Missed interest payment 14 APRIL 8, 2013 MARCH DEFAULT REPORT

15 Part IV: Recovery Data (Recovery rates in exhibits are measured by debt prices taken 30 days after default.) Exhibit 35: Trailing Twelve-Month Global Defaulted Bond Recovery Rates (Per $100 Par) $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 Oct '08 Oct '09 Exhibit 36: Trailing Twelve-Month Global Defaulted Bond Recovery Rates by Priority Price Count 5-yr Average 5-yr Stdev Sr. Secured Sr. Unsecured Subordinated $58.2 $49.6 $ $57.7 $41.1 $31.5 $12.6 $7.6 $7.0 Sr Sec Sr Unsec Subordinated Exhibit 37: Trailing Twelve-Month US First Lien Loan vs. US Sr. Unsecured Bond Recovery Rates $100 $90 $80 $70 $60 $50 $40 $30 $20 $10 $0 Oct '08 Oct '09 US SU Bond US First Lien Loan Exhibit 38: Trailing Twelve-Month US Loan vs. US Sr. Unsecured Bond Recovery Rates Summary Price Count 5-yr Average 5-yr Stdev US First Lien Loan US Sr. Unsec Bond $67.7 $ $62.2 $41.2 $7.6 $7.1 Exhibit 39: Moody's Bankrupt Bond Index* Exhibit 40: Moody's Bankrupt Bond Index Summary 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Changes Level 1-Month 3-Month 6-Month 12-Month YTD '13 YTD '12 Index 6, % 9.3% % 9.3% 8.1% Issuers % -1.6% 1.7% -10.4% -1.6% 1. Issues % -6.8% -8.1% -80.1% -6.8% -5.6% Total Par* $40-5.1% -10.2% -11.2% -74.4% -10.2% -1. * Measured in billions of US$. Oct '08 Oct '09 * MBBI=100 as of December APRIL 8, 2013 MARCH DEFAULT REPORT

16 Part V: Rating Changes Exhibit 41: Trailing Twelve Month Rating Action Rates* Exhibit 42: Trailing Twelve Month Rating Drift* Oct '08 Oct '09 Oct '08 Oct '09 * Rating action rate = (issuer upgrades + issuer downgrades) / rated issuers * Rating drift = (issuer upgrades - issuer downgrades) / rated issuers Exhibit 43: Fallen Angels in March 2013 Issuer Name Specific Industry Domicile Rating From* Rating To* CenturyLink, Inc. Telecommunications United States Baa3 Ba2 Harsco Corporation Metals & Mining United States Baa3 Ba1 Qwest Communications International Inc. Telecommunications United States Baa3 Ba1 Spar Nord Bank A/S Banking Denmark Baa3 Ba1 * Estimated senior unsecured ratings, which do not necessarily refer to the rating of a particular debt issue. Exhibit 44: Rising Stars in March 2013 Issuer Name Specific Industry Domicile Rating From* Rating To* CMS Energy Corporation Utilities: Electric United States Ba1 Baa3 Dollar General Corporation Retail United States Ba2 Baa3 Duquesne Light Holdings, Inc. Utilities: Electric United States Ba1 Baa3 Fidelity National Information Services, Inc. High Tech Industries United States Ba2 Baa3 * Estimated senior unsecured ratings, which do not necessarily refer to the rating of a particular debt issue. 16 APRIL 8, 2013 MARCH DEFAULT REPORT

17 Part VI: Changes/Remarks Exhibit 45: Changes/Additions to Prior MDR None. 17 APRIL 8, 2013 MARCH DEFAULT REPORT

18 Appendix Five-Year Issuer-Weighted Speculative-Grade Default Rate Forecasts Long-term default forecasting is no more accurate or reliable than the long-term macroeconomic projections on which it is based. Below we report five-year default scenarios using five-year macroeconomic scenarios provided by Moody's Economy.com. These scenarios are intended only to provide a range of default rate outcomes consistent with these economic forecasts. Exhibit 46: Five-Year Global Speculative-Grade Default Rates ( and Forecast) 5 4 Baseline Optimistic Apr '98 Apr '99 Apr '00 Apr '01 Apr '02 Apr '03 Apr '04 Apr '05 Apr '06 Apr '07 Apr '13 Apr '14 Apr '15 Apr '16 Apr '17 Exhibit 47 Five-Year US Speculative-Grade Default Rates ( and Forecast) 5 4 Baseline Optimistic Apr '98 Apr '99 Apr '00 Apr '01 Apr '02 Apr '03 Apr '04 Apr '05 Apr '06 Apr '07 Apr '13 Apr '14 Apr '15 Apr '16 Apr '17 18 APRIL 8, 2013 MARCH DEFAULT REPORT

19 Exhibit 48: Five-Year European Speculative-Grade Default Rates ( and Forecast) 5 4 Baseline Optimistic Jan '99 Jan '00 Jan '01 Jan '02 Jan '03 Jan '04 Jan '05 Jan '06 Jan '07 Jan '08 Jan '09 Jan '10 Jan '11 Jan '12 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 Jan '18 Exhibit 49: Five-Year Speculative-Grade Default Rate Baseline Forecasts Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Global US Europe 25.8% % 25.3% 25.3% 25.3% % % 22.6% 20.7% 26.7% 26.2% % 25.8% 24.7% 24.3% 23.6% 21.7% 23.2% 23.2% 23.2% % % 22.6% % 18.4% Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15 Mar 15 Global US Europe 19.7% % 16.3% 15.8% 14.8% 14.4% 13.6% 13.3% 13.3% % 18.8% 17.3% 16.6% 16.1% 15.1% 14.8% 14.1% 13.8% % 13.7% % 17.6% % 14.1% 13.8% 12.6% 13.3% 13.3% 14.2% 13.4% Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15 Jan 16 Feb 16 Mar 16 Global US Europe 13.1% 13.2% 13.2% 12.7% 12.8% 12.8% 12.9% 12.3% 12.4% 12.4% % 13.8% % % % 12.9% 12.8% 12.9% 13.1% 12.9% 13.6% 13.8% 14.6% 13.1% 13.2% % % 13.9% 13.8% 13.3% Apr 16 May 16 Jun 16 Jul 16 Aug 16 Sep 16 Oct 16 Nov 16 Dec 16 Jan 17 Feb 17 Mar 17 Global US Europe % 12.9% 12.8% % 13.2% 12.9% 12.8% 12.7% 12.7% % 13.2% 13.3% 13.4% 13.6% 13.7% 13.7% 13.3% 13.3% 13.1% 13.2% 13.1% 13.4% 13.8% 14.3% % 14.6% 14.6% 14.3% % 13.9% 13.3% Apr 17 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Global US Europe 12.6% 12.6% % 12.7% 12.7% 12.8% 12.9% 12.8% 12.7% 12.7% % 13.1% 12.9% 12.9% % 13.3% 13.2% 13.1% 13.2% 13.1% 13.4% 13.7% 14.1% % 14.2% 14.3% 14.3% 14.3% 14.4% 13.8% 13.3% 19 APRIL 8, 2013 MARCH DEFAULT REPORT

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