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DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW RESTRUCTURING ADVISORS First Nine Months 2013

First Nine Months 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$99.6 billion during the first nine months of 2013, a 74.3% decline from the same period last year. However, in terms of volume, the number of completed deals increased from 257 to 342 transactions. The largest completed transaction of the first three quarters was the US$8.9 billion TNEB restructuring. US deal activity totalled US$40.9 billion during the first nine months of 2013, a 0.2% decrease compared to the same period last year. There were 95 restructuring transactions completed in the first three quarters of 2013, 22 more than the previous year. Companies in the Media & Entertainment sector accounted for 22% of the US debt restructuring market. EMEA distressed debt restructuring deal volume totalled US$43.4 billion in the first nine months of 2013, marking a 87% decrease in activity compared to the same period in 2012. The large decrease in activity is due to last year being buoyed by the US$263.1 billion restructuring of Greece's sovereign debt. Industrials led all sectors in EMEA, with 24% of total completed EMEA distressed debt restructuring deal volume. Asia Pacific (including Japan) deal volumes during the first three quarters of 2013 reached US$20.7 billion, up 130% from the same period last year. Energy & Power was the most active sector, capturing 43% of the market, followed by High Technology and Media & Entertainment, with 21% and 17% market share, respectively.

Worldwide Completed Restructuring (DR1)

Financial Advisor Blackstone Group LP Houlihan Lokey Lazard Rothschild FTI Consulting Inc Moelis & Co Alvarez & Marsal AlixPartners LLC Perella Weinberg Partners LP Jefferies LLC GLC Advisors & Co Credit Suisse Macquarie Group Goldman Sachs & Co Greenhill & Co, LLC Evercore Partners Barclays Stifel/KBW KPMG Nomura Industry Total *tie

Restructuring Value per Advisor (US$m) Market Restructuring 2013 2012 Rank Rank Value US$m Sh (%) 1 1 29,180.3 29.3 24,732.8 2 24.8 3 3 2 22,793.6 22.9 4 20,308.7 20.4 4 5 31 14.4 14,374.4 6 5 13,536.3 13.6 7 6 8,988.9 9.0 8 19 7,721.5 7.8 9 29 7,179.2 7.2 10 7,175.0 9 7.2 11 30 3,431.4 3.5 12* 3,425.7 3.4 3,425.7 3.4 12* 12* 37 3,425.7 3.4 15 8 3,330.0 3.3 16 20 2,932.3 2.9 17 35 2,680.5 2.7 18 2,646.4 2.7 19* 15 2,516.0 2.5 19* 39* 2,516.0 2.5 99,603.7

Jan 1 - Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 25 7.3 5 ▲ 17 5.0 -19 ▼ 37 10.8 4 ▲ ▼ 6.7 -7 23 7 2.0 5 ▲ 15 4.4 -3 ▼ 6 1.8 2 ▲ 3 0.9 0 4 1.2 2 ▲ 0.6 2 -1 ▼ 3 0.9 1 ▲ 1 0.3 1 0.3 1 0.3 0 3 0.9 -1 ▼ 1.2 4 3 ▲ 3 0.9 2 ▲ 2 0.6 1 0.3 -4 ▼ 1 0.3 0 85 ▲ 342

WW Announced Restructuring (DR1a)

# of Deals per Advisor 2013 2012 # of Change in Rank Rank Deals # of Deals 1 2 40 6 ▲ 1 -11 ▼ 24 2 3 5 23 0 3 -13 ▼ 4 19 17 -9 5 4 ▼ 6* 9* 9 4 ▲ 9 6* 8 3 ▲ 8 6 8 -6 ▼ 9* 12* 5 1 ▲ 12* 9* 5 ▲ 1 11* 23* 4 2 ▲ 11* 0 12* 4 9* 11* -1 ▼ 4 14* 23* 3 1 ▲ 14* 23* 3 1 ▲ -1 14* 12* 3 ▼ 14* 12* 3 -1 ▼ 2 ▲ 14* 34* 3 14* 23* 3 1 ▲ 14* 20* 3 0 446 79 ▲

Financial Advisor Lazard Rothschild Blackstone Group LP Houlihan Lokey Moelis & Co Alvarez & Marsal FTI Consulting Inc IREA Corporate Finance Evercore Partners Greenhill & Co, LLC Vitale & Associati SpA Canaccord Genuity Leonardo & Co Ernst & Young LLP PricewaterhouseCoopers GLC Advisors & Co AlixPartners LLC Deloitte Brookland Partners LLP Goldman Sachs & Co Industry Total *tie

Worldwide Announced Bankruptcy Sales

# of Deals

Jan 1 - Sep 30 Value (US$m) Restructuring Value (US$m) 70,176.9 67,380.1 94,109.1 20,276.2 28,959.9 14,207.3 17,834.6 19.8 42,238.3 44,544.9 19.5 52.1 1,121.0 2,169.7 3988.7 1,790.5 7,721.5 2,252.2 5,826.0 8,959.3 229,878.5

Worldwide Completed Value by Industry (US$bil)

5%

4%

3% 3% 1%

18%

7% 7%

15% 11%

14%

12%

Energy and Power

Industrials

Media and Entertainment

High Technology

Financials

Materials

Consumer Products and Services

Retail

Telecommunications

Consumer Staples

Real Estate

Healthcare

Top Ten Completed Restructuring Deals (US$m) TNEB

140 120 100 80 60 40 20 0

$8,883

Eastman Kodak Co

$6,750

CMA CGM SA Nine Entertainment Co Pty Ltd Grupo Eroski SA Arcapita Bank BSC Travelport Inc Saur SAS

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$4,600 $3,426 $3,322 $3,000 $2,964 $2,680

Elpida Memory Inc

$2,516

Hawker Beechcraft Acquisition

$2,500

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First Nine Months 2013 Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

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

Financial Advisor Blackstone Group LP Lazard FTI Consulting Inc Houlihan Lokey AlixPartners LLC Jefferies LLC Alvarez & Marsal Perella Weinberg Partners LP Moelis & Co GLC Advisors & Co Greenhill & Co, LLC Rothschild Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2013 2012 Value US$m Sh (%) Rank Rank 1 1 25,478.3 62.3 2 3 14,393.3 35.2 3 11* 11,356.9 27.8 4 2 7,953.6 19.5 5 9 7,721.5 18.9 6 11* 7,175.0 17.6 7 8 4,724.4 11.6 8 10 4,499.0 11.0 9 4 4,191.4 10.3 10 7 3,431.4 8.4 11 3,330.0 8.2 12 5 2,828.6 6.9 40,879.4

EMEA Completed Restructuring (DR4)

Financial Advisor Rothschild Houlihan Lokey Lazard Moelis & Co Blackstone Group LP Alvarez & Marsal Credit Suisse Macquarie Group Goldman Sachs & Co FTI Consulting Inc Perella Weinberg Partners LP PricewaterhouseCoopers Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2013 2012 Rank Rank Value US$m Sh (%) 1 3 18,866.8 43.5 2 4 16,295.3 37.6 3 1 9,534.4 22.0 4 5 7,474.4 17.2 11.7 5 2 5,088.6 6 6* 4,264.5 9.8 7* 3,425.7 7.9 3,425.7 7.9 7* 7* 27 3,425.7 7.9 10 3,000.0 6.9 11 26 2,680.3 6.2 12 23 2,107.0 4.9 43,371.9

Asia Pacific & Japan Completed Restructuring

Financial Advisor Moelis & Co Rothschild Credit Suisse Goldman Sachs & Co Macquarie Group Nomura KPMG Houlihan Lokey Deloitte State Bank of India Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2013 2012 Rank Rank Value US$m Sh (%) 1 1 5,296.2 25.5 2* 22 3,425.7 16.5 2* 3,425.7 16.5 16.5 2* 3,425.7 2* 3,425.7 16.5 6* 15* 2,516.0 12.1 6* 18 2,516.0 12.1 8 2 1,870.5 9.0 9 12.0 0.1 10 11.6 0.1 20,739.3

Jan 1 - Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 21 22.1 8 ▲ 25 26.3 10 ▲ 5 5.3 4 ▲ 10 10.5 -12 ▼ 3.2 ▲ 3 2 2 2.1 0 4 4.2 2 ▲ 3 3.2 2 ▲ 6 6.3 -4 ▼ 3 3.2 1 ▲ 2 2.1 1 ▲ 8 8.4 95 22 ▲

Jan 1 - Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals -5 17 ▼ 9.3 7 3.8 -5 ▼ ▼ 6.0 -7 11 7 3.8 1 ▲ ▼ 5 2.7 -2 1.1 0 2 1 0.5 1 0.5 1 0.5 0 1 0.5 1 0.5 0 2 1.1 1 ▲ 183 59 ▲

Jan 1 - Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 3 5.1 0 1 1.7 0 1 1.7 1 1.7 1 1.7 0 1 1.7 1 1.7 0 1 1.7 -1 ▼ 1 1.7 5 8.5 59 5 ▲

US Announced Restructuring (DR2a)

Jan 1 - Sep 30

# of Deals per Advisor # of Change in 2013 2012 Deals # of Deals Rank Rank 1 4 26 12 ▲ 2 2 16 -2 ▼ 3 3 9 -7 ▼ 4 1 8 -12 ▼ 5 5 7 -3 ▼ 6 12* 6 4 ▲ 7 8* 5 2 ▲ 8 6 4 -2 ▼ 9* 12* 3 1 ▲ 9* 7 3 -1 ▼ 9* 12* 3 1 ▲ 12 8* 2 -1 ▼ 114 0 -

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

EMEA Announced Restructuring (DR4a)

Jan 1 - Sep 30

# of Deals per Advisor 2013 2012 # of Change in Rank Rank Deals # of Deals 1 2 17 -7 ▼ 2 6 13 -8 ▼ 5 3 11 1 ▲ 4* 4 8 -6 ▼ 1 1 ▲ 8 4* 5 6 12* -4 ▼ 7* 21* 4 2 ▲ 7* 4 0 7* 12* 4 -1 ▼ 10* 3 1 ▲ 10* 3 2 ▲ 10* 3 1 ▲ 10* 2 ▲ 3 232 62 ▲

Financial Advisor Rothschild Lazard Houlihan Lokey IREA Corporate Finance Blackstone Group LP Moelis & Co Vitale & Associati SpA Canaccord Genuity Leonardo & Co Ernst & Young LLP PricewaterhouseCoopers Brookland Partners LLP Goldman Sachs & Co Industry Total *tie

AP / Japan Announced Restructuring

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Value (US$m) Restructuring Value (US$m) 19,735.3 11,871.1 14,907.1 19.8 14,302.8 3,109.0 19.5 52.1 1,121.0 2,169.7 3,988.7 5,826.0 8959.3 85,769.2

Jan 1 - Sep 30

# of Deals per Advisor 2013 2012 # of Change in Rank Rank Deals # of Deals 1* 1* 2 -2 ▼ 1* 2 3* 1 3* 4 1 -2 ▼ 3* 9* 1 0 3* 1 93 17 ▲

Financial Advisor Moelis & Co Kaede Group State Bank of India KPMG Deloitte FTI Consulting Inc Industry Total *tie

Value (US$m) Restructuring Value (US$m) 58,106.5 81,135.0 25,489.6 5,611.6 47,820.0 9,875.5 42,238.3 8,002.1 41,007.0 1,790.5 7,721.5 7,175.0 121,605.9

Value (US$m) Restructuring Value (US$m) 294.0 .0 8.4 4,110.0 12.0 1,900.0 22,605.6

US Completed Value by Industry 0%

6% 10%

1% 3% 4%4%

22% 18%

14%

18%

Media and Entertainment Industrials Financials Consumer Staples Telecommunications Retail

High Technology Consumer Products and Services Energy and Power Healthcare Materials

EMEA Completed Value by Industry

8%

13% 14%

19%

24% 22%

Industrials

Financials

Energy and Power

Media and Entertainment

Retail

Materials

Asia Pac & Japan Completed Value by Industry

15%

0% 0% 3% 1% 43%

17% 21%

Energy and Power

High Technology

Media and Entertainment

Materials

Industrials

Consumer Staples

Financials

Consumer Products and Services

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First Nine Months 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: 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]

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

aware. All 2013 data is as of Noon EDT on October 8, 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. 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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