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DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW RESTRUCTURING ADVISORS First Half 2013

First Half 2013 Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$48.5 billion during the first half of 2013, an 86% decline from the same period last year. However, in terms of volume, the number of completed deals increased from 185 to 193 transactions. The largest completed transaction of the first six months was the US$4.6 billion CMA CGM restructuring. US deal activity totalled US$22.1 billion during the first half of 2013, a 34.8% decrease compared to the same period last year. There were 60 restructuring transactions completed in the first six months of 2013, one more than the previous year. Companies in the Industrials sector accounted for 28% of the US debt restructuring market. EMEA distressed debt restructuring deal volume totalled US$26.2 billion in the first six months of 2013, marking a 91.5% decrease in activity compared to the first half of 2012. The large decrease in activity is due to last year being buoyed by the US$263.1 restructuring of Greece's sovereign debt. Industrials led all sectors in EMEA, as well, with 26% of total completed EMEA distressed debt restructuring deal volume. Asia Pacific (including Japan) deal volumes during the first half of 2013 reached US$6.1 billion, down 31.5% from the same period last year. Media & Entertainment was the most active sector, capturing 56% of the market, followed by Materials and Industrials, with 30% and 10% market share, respectively.

Worldwide Completed Restructuring (DR1)

Financial Advisor Houlihan Lokey Rothschild Moelis & Co Blackstone Group LP Lazard Alvarez & Marsal Credit Suisse Macquarie Group Goldman Sachs & Co FTI Consulting Inc Perella Weinberg Partners LP PricewaterhouseCoopers Barclays Seabury Group GLC Advisors & Co Deutsche Bank Oppenheimer Holdings Inc The Seaport Group LLC Zolfo Cooper LLC Alfaro Davila y Rios SC Industry Total *tie

Restructuring Value per Advisor (US$m) Market Restructuring 2013 2012 Value US$m Sh (%) Rank Rank 1 3 20,323.0 41.9 2 5 13,943.1 28.7 3 4 11,431.7 23.6 4 1 10,417.3 21.5 5 2 9,086.1 18.7 6 6 5,793.9 11.9 7* 3,425.7 7.1 7* 3,425.7 7.1 7* 3,425.7 7.1 10 23 3,117.4 6.4 11 26 3,009.4 6.2 12 12 2,107.0 4.3 13* 28 1,420.0 2.9 13* 1,420.0 2.9 15 22 1,131.4 2.3 16 1,000.0 2.1 17* 622.0 1.3 17* 622.0 1.3 19 11 619.1 1.3 20 497.0 1.0 48,549.3

# of Deals

Worldwide Announced Bankruptcy Sales 80 70 60 50 40 30 20 10 0

Jan 1 - June 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 12 6.2 -13 ▼ 12 6.2 -5 ▼ 9 4.7 -2 ▼ 13 6.7 -4 ▼ 26 13.5 2 ▲ 4 2.1 1 ▲ 1 0.5 1 0.5 1 0.5 3 1.6 1 ▲ ▲ 2 1.0 1 2 1.0 -1 ▼ 1 0.5 0 1 0.5 2 1.0 0 1 0.5 1 0.5 1 0.5 1 0.5 0 1 0.5 193 8 ▲

WW Announced Restructuring (DR1a)

Financial Advisor Lazard Rothschild Blackstone Group LP Houlihan Lokey Moelis & Co IREA Corporate Finance Alvarez & Marsal FTI Consulting Inc Evercore Partners AlixPartners LLC Brookland Partners LLP Barclays PricewaterhouseCoopers Leonardo & Co Deloitte Jefferies LLC Kaede Group Industry Total *tie

2013 Rank 1 2 3 4 5 6 7* 7* 9 10* 10* 12* 12* 12* 12* 12* 12*

Jan 1 - June 30

# of Deals per Advisor 2012 # of Change in Rank Deals # of Deals 3 29 7 ▲ 1 14 -12 ▼ 5* 13 0 2 10 -14 ▼ 4 8 -10 ▼ 5* 7 -6 ▼ 7* 6 1 ▲ 10* 6 2 ▲ 15* 5 2 ▲ 10* 3 -1 ▼ 25* 3 2 ▲ 15* 2 -1 ▼ 18* 2 0 10* 2 -2 ▼ 25* 2 1 ▲ 15* 2 -1 ▼ 2 286 17 ▲

Value (US$m) Restructuring Value (US$m) 37,425.3 36,722.3 65,964.2 14,330.0 26,818.5 19.8 6,106.2 16,386.0 33,622.3 7,426.5 5,826.0 1,260.5 2,338.1 1,121.0 1982.0 7,175.0 .0 172,281.4

Worldwide Completed Value by Industry (US$bil)

7%

3%

2%

25%

8% 9% 21%

11%

11%

Industrials

Media and Entertainment

Financials

Energy and Power

Materials

Consumer Products and Services

Retail

Consumer Staples

Telecommunications

Healthcare

High Technology

Real Estate

Top Ten Completed Restructuring Deals (US$m) CMA CGM SA

$4,600

Nine Entertainment Co Pty Ltd

$3,426

Grupo Eroski SA

$3,322

Hawker Beechcraft Acquisition

$2,500

Sino-Forest Corp

$1,871

Mediannuaire SAS

$1,830

Dex One Corp

$1,745

Biffa Group Ltd

$1,738

Travelport Inc

$1,626

AMBAC Financial Group Inc

$1,622

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First Half 2013 Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings US Completed Restructuring (DR2)

Financial Advisor Blackstone Group LP Houlihan Lokey Lazard Alvarez & Marsal FTI Consulting Inc Perella Weinberg Partners LP Rothschild Moelis & Co Barclays Seabury Group GLC Advisors & Co The Seaport Group LLC Oppenheimer Holdings Inc Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2013 2012 Rank Rank Value US$m Sh (%) 1 1 8,152.9 36.9 2 2 7,528.6 34.1 3 3 5,503.3 24.9 4 8 4,529.4 20.5 5 10* 3,117.4 14.1 6 9 3,009.4 13.6 7 5 2,437.0 11.0 8 4 2,434.1 11.0 9* 12 1,420.0 6.4 9* 1,420.0 6.4 11 7 1,131.4 5.1 12* 622.0 2.8 12* 622.0 2.8 22,090.5

EMEA Completed Restructuring (DR4)

Financial Advisor Rothschild Houlihan Lokey Moelis & Co Lazard Blackstone Group LP Credit Suisse Macquarie Group Goldman Sachs & Co PricewaterhouseCoopers Alvarez & Marsal Deutsche Bank EquityGate Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2013 2012 Rank Rank Value US$m Sh (%) 1 4 12,892.7 49.2 2 3 12,310.5 47.0 3 5 7,127.2 27.2 4 1 4,916.1 18.8 5 2 3,651.1 13.9 6* 3,425.7 13.1 6* 3,425.7 13.1 6* 3,425.7 13.1 9 15 2,107.0 8.0 10 6* 1,264.5 4.8 11 1,000.0 3.8 12 496.7 1.9 26,192.4

Asia Pacific & Japan Completed Restructuring

Financial Advisor Moelis & Co Credit Suisse Rothschild Goldman Sachs & Co Macquarie Group Houlihan Lokey Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2013 2012 Rank Rank Value US$m Sh (%) 1 1 5,296.2 86.3 3,425.7 2* 55.8 2* 22 3,425.7 55.8 2* 3,425.7 55.8 2* 3,425.7 55.8 6 2 1,870.5 30.5 6,140.1

Jan 1 - June 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 11 18.3 -1 ▼ 7 11.7 -12 ▼ ▲ 18 30.0 5 3 5.0 1 ▲ 3 5.0 2 ▲ 2 3.3 1 ▲ ▲ 6 10.0 2 3 5.0 -4 ▼ 1 1.7 0 1 1.7 2 3.3 0 1 1.7 1 1.7 60 1 ▲

Jan 1 - June 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 8 7.0 -4 ▼ 5 4.4 -1 ▼ 5 4.4 2 ▲ ▼ 8 7.0 -4 3 ▼ 2.6 -2 0.9 1 1 0.9 1 0.9 2 1.8 1 ▲ 1 0.9 0 1 0.9 1 0.9 114 33 ▲

Jan 1 - June 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 2.0 10.5 -1 ▼ 1.0 5.3 1.0 5.3 0 1.0 5.3 1.0 5.3 1.0 5.3 -1 ▼ 19 -10 ▼

US Announced Restructuring (DR2a)

Financial Advisor Lazard Blackstone Group LP Evercore Partners Moelis & Co Rothschild Houlihan Lokey Alvarez & Marsal AlixPartners LLC FTI Consulting Inc Jefferies LLC Industry Total *tie

# of Deals per Advisor 2013 2012 # of Change in Rank Rank Deals # of Deals ▲ 1 4 19 10 2 2 9 -2 ▼ ▲ 3* 9* 5 3 3* 3 5 -5 ▼ 5 5 4 -3 ▼ 6* 1 3 -12 ▼ ▲ 6* 9* 3 1 ▲ 6* 9* 3 1 9* 6 2 -2 ▼ 9* 9* 2 0 74 -9 ▼

EMEA Announced Restructuring (DR4a)

Financial Advisor Rothschild Lazard Houlihan Lokey IREA Corporate Finance Blackstone Group LP Brookland Partners LLP PricewaterhouseCoopers Leonardo & Co Moelis & Co Alvarez & Marsal FTI Consulting Inc Industry Total *tie

Value (US$m) Restructuring Value (US$m) 30,612.0 59,637.9 33,622.3 24,419.3 23,520.0 2,886.6 2,224.4 7,426.5 7,021.0 7,175.0 91,875.8

Jan 1 - June 30

# of Deals per Advisor 2013 2012 # of Change in Rank Rank Deals # of Deals 1 2 10 -9 ▼ 2 7* 9 -6 ▼ 3* 16* 7 -1 ▼ 5 7 3* -6 ▼ 5 0 1 4 3 6 4 2 ▲ 7* 10* 2 1 ▲ 7* 10* 2 -2 ▼ 7* 2 -5 ▼ 7* 16* 2 0 7* 2 152 20 ▲

AP / Japan Announced Restructuring

Financial Advisor Kaede Group Deloitte FTI Consulting Inc Industry Total *tie

Jan 1 - June 30

Value (US$m) Restructuring Value (US$m) 13,377.5 6,613.3 11,685.9 19.8 6,792.0 5,826.0 2,338.1 1,121.0 2,332.0 3,814.5 6,320.9 65,258.2

Jan 1 - June 30

# of Deals per Advisor 2013 2012 # of Change in Rank Rank Deals # of Deals 1 2 2* 7* 1 0 2* 1 55 -10 ▼

US Completed Value by Industry

9%

2%

28%

13% 17%

25%

Industrials Financials Energy and Power Materials Retail Real Estate

Media and Entertainment Consumer Products and Services Telecommunications Healthcare Consumer Staples

EMEA Completed Value by Industry

8%

12% 13%

13%

26% 17%

Industrials

Media and Entertainment

Financials

Retail

Energy and Power

Materials

Asia Pac & Japan Completed Value by Industry

Value (US$m) Restructuring Value (US$m) .0 12.0 1,900.0 14,564.7

10% 4% 56%

30%

Media and Entertainment

Materials

Industrials

Consumer Staples

Consumer Products and Services

High Technology

Retail

Energy and Power

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First Half 2013 Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

Distressed Debt & Bankruptcy Restructuring Rankings If you would like to participate in the submission process, receive quarterly press releases, or have questions about league table criteria please contact:

Criteria Summary - Announced and completed rankings include all transactions announced or completed between January 1, 2012 and June 30, 2013 and of which Thomson Reuters was made aware. All 2013

data is as of Noon EDT on July 9, 2013. - League tables include debt exchange offers, debt tender offers, bankruptcy/distressed sales, loan modifications, and transactions where debt is retired using proceeds from an equity offering.

Americas Robert Levine (+1 646-223-5682) E-mail: [email protected] EMEA Serkan Tecimer (+44 20 7542 3566) E-mail: [email protected] Asia-Pacific Kelvin Bian (+852 3761 1852) E-mail: [email protected]

In order to be considered rank eligible, the debtor company must be either bankrupt or distressed. - Deals with undisclosed dollar values are rank eligible but with no corresponding Restructuring Value. Non-US-dollar-denominated transactions are converted to the US dollar equivalent at the

time of announcement of terms. - Financial advisors receive full credit for each deal on which they provide advisory services to the debtor company, creditor or creditor group receiving a majority equity interest in the debtor

company as a result of the transaction, or ad-hoc creditor committee. - League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional

transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction. - Regional restructuring league tables include deals where the debtor/target or debtor/target ultimate parent are domiciled (nation of headquarters) in the specified region or nation.

While Thomson Reuters has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Thomson Reuters nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Thomson Reuters disclaims all warranties, express or implied, as to the accuracy or completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Thomson Reuters has not undertaken any liability or obligation relating to the purchase or sale of securities for or by any person in connection with this document. © 2013 Thomson Reuters. All rights reserved. Thomson Reuters and the Thomson Reuters logo are registered trademarks and trademarks of Thomson Reuters and its affiliated companies. Any third party name or mark herein belongs to the relevant third party.

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