Volume 2, Issue 34 August 21, 2012

Whitehall.
UNITED STATES DEBT MARKET
US Libor US Treasury Yield Curve
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%

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

1.0% 0.0% I I

23

I 5

I 7

I 10

30yr Avg 15yr Avg Today (8/21/12)

I 30

Libor 08/21/12

1 month 24 bps

3 month 43 bps

6 month 72 bps

UST 2yr 3yr 5yr 7yr 10yr 30yr 08/21/12 0.28% 0.45% 0.79% 1.20% 1.81% 2.92%

10 Year US Swap Rates

8/21/12 2.68%
2.50%

10 Year US Treasury
8/21/12 1.81%
2.50% 2.00%

2.00% 1.50%
1.50% 1.00%

Average 10 Year US Industrial Yield

8/21/12 A 2.74% BBB 3.59%

Average 10 Year US Industrial Spreads

5.00% 4.50%
8/21/12 A 93 bps BBB 177 bps

4.00% 3.50%
3.00% 2.50%

2.00%

250 bps 225 bps 200 bps 175 bps 150 bps 125 bps 100 bps 75 bps

S&P/LSTA Leveraged Loan Index

8/21/12 95.24%
96.00
94.00

Average Junk-Bond Yield

8/21/12 7.15 %
9.50% 9.00%

8.50% 8.00%
7.50% 7.00%

92.00
90.00

88.00

6.50%

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 34 August 21, 2012

Whitehall
SELECT US PRIVATE PLACEMENTS
Type Snr Notes Snr Notes Snr Notes Snr Notes $mm $550 $150 $245 Years 10 7 10 23.25/ 13.6 avg $400 7 10 12 Spread 166bps 200bps 235bps N/A 195bps 195bps 210bps Coupon 3.75% N/A 5.15% 3.19% 3.75% 3.90% Rating 1 2 2 2 Sector Utilities Basic Materials Energy Consumer, Non-Cyclical Country USA USA USA Netherlands

Date 8/17 8/17 8/17 8/17

Issuer CoServ Electric Intrepid Potash Inc EverPower Wind Holdings Qiagen NV

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 8/14 Issuer Phillip Morris Intl Inc Type Snr Notes $mm $2,250 Years 5 10 30 10 5 10 10 20 Spread 60bps 90bps 120bps 112bps 100bps 145bps 85bps 105bps Coupon 1.13% 2.50% 3.88% 2.80% 1.63% 3.05% 2.45% 3.75% Yield 1.36% 2.72% 3.97% 2.83% 1.73% 3.15% 2.64% 4.01% Rating A2/A Sector Consumer, NonCyclical Utilities Utilities Utilities Country USA

8/14 8/13 8/13

Baltimore Gas & Electric Snr Notes Duke Energy Corp Snr Notes Pacific Gas & Electric Snr Notes

$250 $1,200 $750

Baa1/BBB+ Baa2/BBB A3/BBB

USA USA USA

Source: Bloomberg

BELOW INVESTMENT GRADE ISSUANCES

Date 8/13 8/14 8/14 Issuer General Motors Fin Penske Auto Group Inc MediaCom BroadBd Type Snr Notes Snr Notes Snr Notes $mm $1,000 $550 $300 Years 5 10 11 Spread 404bps 403bps 468bps Coupon 4.75% 5.75% 6.38% Yield 4.69% 5.55% 6.37% Rating Ba3/BBB2/B B3/BSector Financial Consumer, Cyclical Communication s Country USA USA USA

Source: Bloomberg

SELECT CLOSED SYNDICATED LOANS

Date 8/15 8/13 Issuer Valmont Industries Inc Select Medical Corp Type Gtd Unsec Gtd Snr Sec $mm $400 $275 Months 60 72 Spread L+225bps L+375bps Class Revolver Term Rating BBBB+ Sector Industrial Consumer, Non-Cyclical

Source: Bloomberg

CONTACT WHITEHALL
Jonathan Cody Managing Director (646) 450-9750 jp.cody@ whitehallandcompany.com Timothy Page Managing Director (646) 450-9737 timothy.page@ whitehallandcompany.com Roland DaCosta Managing Director (212) 398-1401 roland.dacosta@ whitehallandcompany.com

Elizabeth Morton Managing Director, COO (212) 398-1401 elizabeth.morton@ whitehallandcompany.com

Gabrielle Sullivan Analyst (646) 543-4404 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) 398-1401 Fax: (212) 398-1411 www.whitehallandcompany.com