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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 b