Volume 2, Issue 44 October 31, 2012

Whitehall.
UNITED STATES DEBT MARKET
US Libor
90 bps 80 bps 70 bps 60 bps 50 bps 40 bps 30 bps 20 bps 10 bps 0 bps 7.0% 6.0% 5.0% 4.0% 3.0% 2.0%
1.0% 0.0% I I 30yr Avg 15yr Avg Today (10/31/12)

US Treasury Yield Curve

"6 mth" "3 mth" "1 mth"

23
Libor 10/31/12 1 month 21 bps 3 month 31 bps 6 month 54 bps

I 5

I 7

I 10
2yr 3yr 5yr 7yr

I 30

UST 10/31/12

10yr

30yr

0.29% 0.44% 0.73% 1.12% 1.70% 2.88%

10 Year US Swap Rates

10/31/12 1.75%
2.50%

10 Year US Treasury
10/31/12 1.70% 2.50%

2.00%

2.00%

1.50%

1.50%

1.00%

1.00%

Average 10 Year US Industrial Yield

5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00%

Average 10 Year US Industrial Spreads

250 bps 225 bps 200 bps 175 bps 150 bps 125 bps 100 bps 75 bps 50 bps 25 bps 0 bps

A 10/31/12 2.61% BBB 3.44%

10/31/12 A 87 bps BBB 169 bps

S&P/LSTA Leveraged Loan Index

10/31/12 96.41%

Average Junk-Bond Yield

98.00
96.00 10/31/12 6.66 %

9.25% 8.75%
8.25%

94.00
92.00

7.75%
7.25%

90.00 88.00

6.75% 6.25%

Source: Bloomberg This market letter is not to be construed as a recommendation to buy, hold or sell any particular security. Copyright 2012 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 398-1401 Fax: (212) 398-1411 www.whitehallandcompany.com

Volume 2, Issue 44 October 31, 2012

Whitehall
SELECT US PRIVATE PLACEMENTS
Type Snr Notes $mm $280 Years 5 7 10 12 7 10 12 Spread Coupon Rating 310bps 3.85% 2 310bps 4.29% 310bps 4.86% 325bps 5.01% 295bps 4.14% 2 295bps 4.72% 315bps 4.92% Sector Industrial Country UK

Date Issuer 10/26 Carillion plc

10/26 Newcastle Coal Infrastructure Group Pty Ltd

Snr Notes

$325

Energy

Australia

Public and private market information is from sources that are deemed reliable, but information has not been confirmed.

SELECT US PUBLIC MARKET ISSUANCES

INVESTMENT GRADE ISSUANCES
Date Issuer 10/26 Corning Inc 10/26 Samarco Minecao SA 10/25 CR Bard Inc 10/25 Catholic Health Initiatives 10/24 Marathon Oil Corp 10/24 Cargill Inc 10/24 SK Telecom Co Ltd 10/22 Odebrecht Finance Ltd
Source: Bloomberg

Type Snr Notes Snr Notes Snr Notes Snr Notes

$mm $250 $1,000 $500 $1,500

Years 5 10 5 5 10 30 3 10 30 5 30

Spread Coupon 75bps 1.45% 245bps 4.13% 60bps 1.38% 80bps 115bps 140bps 50bps 105bps 120bps 147.5bps 299.5bps 1.60% 2.95% 4.35% 0.90% 2.80% 4.10% 2.13% 7.13%

Yield Rating 1.42% A3/BBB+ 4.13% BBB 1.26% A3/A

Snr Notes Snr Notes Snr Notes Snr Notes

$2,000 $450 $700 $850

1.45% Aa3 2.79% 4.30% 0.86% Baa2/BBB Energy 2.73% 4.07% A2/A Consumer, NonCyclical 2.20% A3/ACommunications 5.96% Baa3/BBBIndustrial

Sector Communications Basic Materials Consumer, NonCyclical Consumer, NonCyclical

Country USA Brazil USA USA

USA USA Korea Cayman Islands

BELOW INVESTMENT GRADE ISSUANCES

Date Issuer 10/25 Lamar Media Corp 10/23 Plains Exploration and Production Co 10/22 Targa Resources 10/22 Partners Post Holdings Inc
Source: Bloomberg

Type Snr Notes Snr Notes Snr Notes Snr Notes

$mm $535 $3,000 $400 $775

Years 11 8 10 10 9

Spread Coupon 329bps 5.00% 516bps 6.88% 732bps 8.13% 352bps 5.25% 507bps 7.38%

Yield 5.00% 6.46% 6.86% 5.14% 6.41%

Rating B1/BBB1/B Ba3/BB B1/B+

Sector Communications Energy Energy Consumer, NonCyclical

Country USA USA USA USA

SELECT CLOSED SYNDICATED LOANS

Date Issuer 10/25 International Rectifier Corp 10/24 Devon Energy Corporation 10/24 IMS Health Inc 10/22 Ingredion Inc
Source: Bloomberg

Type Snr Unsec Unsec

$mm Months $100 48 $3,000 72 58 60

Spread L+125bps L+150bps L+325bps L+125bps

Class Revolver Revolver Term Revolver

Rating BBBBB+ B+ BBB

Sector Technology Energy Consumer, Non-Cyclical Consumer, Non-Cyclical

Gtd Snr Sec $500 Snr Unsec $1,000

CONTACT WHITEHALL
Jonathan Cody Managing Director (646) 450-9750
jp.cody@ whitehallandcompany.com

Timothy Page Managing Director (212) 205-1399

timothy.page@ whitehallandcompany.com

Roland DaCosta Managing Director (212) 205-1394

roland.dacosta@ whitehallandcompany.com

Oliver Langel Managing Director (212) 205-1386

oliver.langel@ whitehallandcompany.com

Elizabeth Morton Managing Director (212) 205-1392 elizabeth.morton@ whitehallandcompany.com Blaine Burke Analyst (212) 205-1382
gabrielle.sullivan@ whitehallandcompany.com

Anthony Candela CFO (212) 205-1381

anthony.candela@ whitehallandcompany.com

Rosanna Candela Treasurer (212) 205-1381

rosanna.candela@ whitehallandcompany.com

NIcholas Page Associate (212) 205-1389

nicholas.page@ whitehallandcompany.com

Gabrielle Sullivan Analyst (212) 205-1383

gabrielle.sullivan@ whitehallandcompany.com

This market letter is not to be construed as a recommendation to buy, hold or sell any particular security.

Copyright 2012 Whitehall & Company, LLC 7 Times Square, 46th Floor, New York, NY 10036 Office: (212) 205-1380 Fax: (212) 205-1381 www.whitehallandcompany.com