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DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW Restructuring Advisors Third Quarter 2012

Third Quarter 2012 Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$364.1 billion during the first nine months of 2012, a 234.8% increase compared to the US$155.1 billion from the same period last year. In total, 337 deals totaling $408.3 billion were announced in the first nine months – 284 fewer deals compared to the same period in 2011. Activity was led by Greece's US$263.1 billion debt exchange transaction, which is the largest Restructuring deal on record. US deal activity totalled US$37.2 billion during the first nine months of 2012, a 31.4% decrease compared to the same period last year. There were 107 Restructuring transactions announced in the first three quarters of 2012, 96 fewer than the previous year. The Financials industry accounted for 36% of the US debt restructuring market. EMEA distressed debt restructuring deal volume totalled US$311.1 billion in the first three quarters of 2012, with Governments the leading sector with 88% of the volume due to the Greece restructuring. Excluding deals involving sovereign debt, activity was down by 48.4%. Asia Pacific (including Japan) deal volumes during the first nine months of 2012 reached US$9 billion, up 36.4% from the same period last year. Telecoms was the most active sector, capturing 51% of the market, followed by Industrials and High Tech, with 28% and 7% market share, respectively.

Worldwide Completed Restructuring (DR1)

Jan 1 - Sep 30

Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Sh (%) Rank Rank Value US$m 295,369.7 1 6 81.1 294,915.5 81.0 2 3 3 1 32,876.6 9.0 2 7.1 4 25,734.8 5 4 18 941 2 5 2 18,941.2 5.2 2.5 6 7 9,257.5 2.3 8,315.4 7 1.4 5,024.3 8 10 4,552.8 9* 15* 1.3 4,552.8 38 9* 1.3 4,100.0 1.1 11 34 12 8 4,072.2 1.1 9 1.1 13 4,001.0 1.1 14 22 3,909.1 15 11 1.1 3857.3 16 1.0 3,762.5 3,162.8 0.9 17* 37 0.9 17* 14 3,162.8 0.7 19 2,419.5 0.7 2,377.8 20* 20* 0.7 2,377.8 20* 2,377.8 0.7 23 13 2,374.9 0.7 2,371.7 0.7 24 1,990.5 0.6 25 51* 364,140.3

Financial Advisor Blackstone Group LP Lazard Houlihan Lokey Rothschild Moelis & Co Alvarez & Marsal Gleacher & Co Inc Jefferies & Co Inc Morgan Stanley Canaccord Genuity Corp Zolfo Cooper LLC PricewaterhouseCoopers Leonardo & Co KPMG UBS Mediobanca Greenhill & Co, LLC Evercore Partners BNP Paribas SA RBC Capital Markets KordaMentha Pty Ltd McGrathNicol Services Pty Ltd AlixPartners LLC Altium Capital Limited JP Morgan Industry Total *tie

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 295,370 81.1 7 ▲ 294,916 81.0 9 ▲ 32,877 7 ▲ 9.0 7.1 3 ▲ 25,735 18 941 5 2 1 ▲ 18,941 5.2 1 ▲ 9,258 2.5 2.3 8,315 5,024 1.4 ▼ -2 0 4,553 1.3 1.3 4,553 -3 ▼ 4,100 1.1 0 4,072 1.1 ▼ -1 ▲ 4,001 1.1 1 2 ▲ 3,909 1.1 0 3,857 1.1 3,763 1.0 3,163 0.9 0 -1 3,163 ▼ 0.9 0.7 2,420 2,378 0.7 2,378 0.7 2,378 0.7 2,375 ▼ 0.7 -1 2,372 0.7 -1 1,991 0.6 ▼ 226 -138 ▼

WW Announced Restructuring(DR1a)

Jan 1 - Sep 30

# of Deals per Advisor 2012 2011 # of Change in Rank Rank Deals # of Deals ▼ 1 -1 2 35 1 ▼ 29 -11 2 3 3 23 -12 ▼ 19 4 5 -1 ▼ 5 6 16 1 ▼ -1 4 14 -9 ▼ 6 7 11* 7 2 ▲ 6 4 ▲ 31* 8 9* 0 11* 5 31* 5 ▲ 3 9* 2 9* 19* 5 ▲ 41* ▲ 4 3 12* 12* 4 19* 4 12* 1 ▲ 0 15* 3 19* 15* 15* 3 -1 ▼ 15* 15* 3 -1 ▼ 15* 7 3 -10 ▼ 337 -284 ▼

Financial Advisor Rothschild Lazard Houlihan Lokey Blackstone Group LP Moelis & Co IREA Corporate Finance KPMG Jefferies & Co Inc Alvarez & Marsal Leonardo & Co FTI Consulting Inc ORIX M&A Solutions Corp Perella Weinberg Partners LP AlixPartners LLC Evercore Partners GLC Advisors & Co Canaccord Genuity Corp Goldman Sachs & Co Industry Total

# of Deals

Worldwide Announced Bankruptcy Sales

Value (US$m) Restructuring Value (US$m) 41,003.4 301,505.5 21,270.7 306,436.9 24 038 9 24,038.9 47.7 7,224.1 14,100.3 16,723.3 4,329.2 11,939.5 .1 4,674.6 9,388.1 2890.0 3183.0 6352.8 4481.9 408,268.0

Jan 1 - Sep 30 2012

Worldwide Completed Value by Industry ($bil)

5%

3% 2%

6% 6% 72%

Government and Agencies

Materials

Financials

Media and Entertainment

Industrials

Telecommunications

Energy and Power

High Technology

Retail

Real Estate

Consumer Staples

Consumer Products and Services

Top Ten Completed Restructuring Deals (US$m) Greece

20 18 16 14 12 10 8 6 4 2 0

Washington Mutual,Seattle,WA eircom Ltd

ons Telecommunicatio

Financials

Real Estate

cts Consumer Produc and Services

Healthcare

High Technology

Consumer Staples

Materials

Retail

Energy and Powe er

Media and Entertainment

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$263,123 $10,350 $4,553

Yell Group PLC

$4,460

Viridian Group Ltd

$3,163

Houghton Mifflin Harcourt

$3,100

Nokia Siemens Networks Oy

$2,644

Kerzner International Resorts

$2,600

Dubai International Capital

$2,500

Materis Corporate Services SAS

$2,419

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Third Quarter 2012 Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

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

Financial Advisor Blackstone Group LP Houlihan Lokey Lazard Moelis & Co Rothschild UBS GLC Advisors & Co Alvarez & Marsal Perella Weinberg Partners LP FTI Consulting Inc Jefferies & Co Inc Peter J. Solomon Co Ltd Navigant Consulting Inc Global Hunter Securities LLC Industry Total

Restructuring Value per Advisor (US$m) Market Restructuring 2012 2011 Rank Rank Sh (%) Value US$m 21,396.0 57.5 1 3 2 35.1 2 13,062.1 1 8,084.3 21.7 3 4 6,357.7 17.1 4 5 6 3,221.8 8.7 6 26* 4.0 1,485.6 7 9 983.0 2.6 8 5 942.1 2.5 590.0 9 1.6 1.3 20 471.5 10* 471.5 1.3 10* 7 0.7 12 250.0 175.0 0.5 13 110.3 0.3 14 37,219.5

EMEA Completed Restructuring (DR4)

Financial Advisor Lazard Blackstone Group LP Rothschild Houlihan Lokey Moelis & Co Alvarez & Marsal Gleacher & Co Inc Morgan Stanley Canaccord Genuity Corp Jefferies & Co Inc Leonardo & Co Mediobanca Greenhill & Co, LLC Evercore Partners Industry Total

Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Value US$m Sh (%) Rank Rank 1 279,424.6 8 89.8 2 87.1 7 270,828.8 3 2 22,877.9 7.4 4 1 15,664.1 5.0 3.6 5 5 11,146.5 2.7 6* 8,315.4 6* 8,315.4 2.7 1.5 8* 9* 4,552.8 8* 20 1.5 4,552.8 8* 4,552.8 1.5 11 6 4,001.0 1.3 12 3,762.5 1.2 13* 3,162.8 1.0 13* 9* 3,162.8 1.0 311,130.0

Asia Pacific & Japan Completed Restructuring

Financial Advisor Moelis & Co Houlihan Lokey Morgan Stanley Alvarez & Marsal Jefferies & Co Inc Canaccord Genuity Corp Gleacher & Co Inc PricewaterhouseCoopers Lazard RBC Capital Markets KordaMentha Pty Ltd McGrathNicol Services Pty Ltd Mizuho Financial Group Industry Total

Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Rank Rank Value US$m Sh (%) 1 3* 7,124.2 79.5 2 4,746.4 53.0 3* 4,552.8 50.8 3* 4,552.8 50.8 3* 4,552.8 50.8 4,552.8 3* 50.8 3* 50.8 4,552.8 8 2,386.3 14 26.6 9* 3* 26.5 2,377.8 9* 2,377.8 26.5 9* 2,377.8 26.5 26.5 2,377.8 9* 6.6 594.9 13 8,958.5

Jan 1 - Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 13 19.7 8 ▲ 21 31.8 4 -1 13 ▼ 19.7 12.1 -2 8 ▼ 6 9.1 ▼ -3 3.0 1 ▲ 2 3.0 0 2 2 3.0 -1 ▼ 1 1.5 1 1.5 0 ▼ 2 3.0 -2 1 1.5 1 1.5 1 1.5 -48 66 ▼

Jan 1 - Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals ▲ 17.5 18 13 5 0 4.9 ▲ 20.4 9 21 10 9.7 3 ▲ ▲ 3 3.9 4 2 1.9 2 1.9 1.0 0 1 1 1.0 -3 ▼ 1 1.0 ▲ 4 3.9 1 1 1.0 1 1.0 1 1.0 0 ▼ 103 -47

Jan 1 - Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 1 3 5.6 ▲ 2 3.7 1 1.9 1.9 1 1 1.9 1 1.9 1 1.9 1 2 ▲ 3.7 1.9 -1 ▼ 1 1 1.9 1 1.9 1.9 1 2 3.7 54 -18 ▼

US Announced Restructuring (DR2a)

Jan 1 - Sep 30

# of Deals per Advisor 2012 2011 # of Change in Rank Rank Deals # of Deals 16 ▼ 2 -4 1 3 15 2 2 ▲ 5 3* 10 0 3* ▼ 1 10 -12 5 4 8 -4 ▼ 5 6 7 4 16* 3 ▲ 8* 3 8* 11* 3 ▲ 1 10* 2 1 ▲ 16* ▼ 10* 7* 2 -2 10* 11* 2 0 ▼ 107 -96

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

EMEA Announced Restructuring (DR4a)

Jan 1 - Sep 30

# of Deals per Advisor # of Change in 2012 2011 Rank Rank Deals # of Deals 1 24 ▲ 3 2 20 10 2 6 ▲ ▼ 2 -9 3 14 4 4 7 -5 ▼ 5* 19* 5 ▲ 6 19* 0 5* 6 7* 19* 5 2 ▲ 7* 5 3 ▲ 147 -128 ▼

Financial Advisor Rothschild Lazard IREA Corporate Finance Houlihan Lokey Moelis & Co Blackstone Group LP KPMG Leonardo & Co Industry Total

AP/Japan Announced Restructuring

1% 2% 1% 1% 5% 5%

8%

Value (US$m) Restructuring Value (US$m) .1 3,634.1 6,616.9 6,616.9 2,730.9 175.5 .0 10,058.7 20,421.0

36%

10% 10%

21%

Financials Industrials Retail Materials Consumer Staples Healthcare

Media and Entertainment Energy and Power Telecommunications High Technology Consumer Products and Services

EMEA Completed Value by Industry

Value (US$m) Restructuring Value (US$m) 36,381.9 278,106.2 47.7 9,851.1 16,787.5 276,777.2 4,608.4 4,329.2 332,765.5

Jan 1 - Sep 30

# of Deals per Advisor # of Change in 2012 2011 Deals # of Deals Rank Rank 16* 4 3 ▲ 1 2* 16* 3 2 ▲ 2* 2* 3 -2 ▼ 2* 16* ▲ 2 3 5* 2 ▲ 1 16* 2 -1 ▼ 5* 4* 5* 2 5* 16* 2 1 ▲ 76 -22 ▼

Financial Advisor ORIX M&A Solutions Corp KPMG Moelis & Co Houlihan Lokey Nomura Frontier Management Inc Sumitomo Mitsui Finl Grp Inc Alvarez & Marsal Industry Total

Value (US$m) Restructuring Value (US$m) 11,606.2 33,256.4 4,202.9 18,370.4 4,521.7 9,547.5 11,521.5 4,034.2 3,183.0 1,090.0 2,902.0 7,013.2 53,668.8

US Completed Value by Industry

4%

3% 88%

Government and Agencies

Materials

Financials

Telecommunications

Media and Entertainment

Industrials

Asia Pac & Japan Completed Value by Industry

7%

6% 51% 28%

Telecommunications

Industrials

High Technology

Materials

Financials

Retail

Consumer Products and Services

Real Estate

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Third Quarter 2012 Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

Distressed Debt & Bankruptcy Restructuring Rankings WW Completed Restructuring (excl. Sovereign Debt)

Financial Advisor Houlihan Lokey Blackstone Group LP Lazard Rothschild Moelis & Co Alvarez & Marsal Gleacher & Co Inc Jefferies & Co Inc Morgan Stanley Canaccord Genuity Corp Zolfo Cooper LLC PricewaterhouseCoopers Leonardo & Co KPMG UBS Mediobanca Greenhill & Co, LLC Evercore Partners BNP Paribas SA RBC Capital Markets KordaMentha Pty Ltd McGrathNicol Services Pty Ltd AlixPartners LLC Altium Capital Limited JP Morgan Industry Total *tie

Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Value US$m Sh (%) Rank Rank 1 1 32,876.6 32.6 2 6 32,246.5 32.0 3 3 31,792.4 31.5 4 2 25,734.8 25.5 5 4 18,941.2 18.8 6 7 9,257.5 9.2 7 8,315.4 8.2 8 10 5,024.3 5.0 9* 15* 4,552.8 4.5 9* 38 4,552.8 4.5 11 34 4,100.0 4.1 12 8 4,072.2 4.0 13 9 4,001.0 4.0 14 22 3,909.1 3.9 15 11 3,857.3 3.8 16 3,762.5 3.7 17* 37 3,162.8 3.1 17* 14 3,162.8 3.1 19 2,419.5 2.4 20* 2,377.8 2.4 20* 2,377.8 2.4 20* 2,377.8 2.4 2 374 9 24 23 13 2,374.9 2.4 24 2,371.7 2.4 25 51* 2.0 1,990.5 100,867.1

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

Jan 1 - Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 32 7 ▲ 14.3 17 7.6 6 ▲ 30 13.4 8 ▲ 28 12.5 3 ▲ 13 5.8 1 ▲ 4 1.8 1 ▲ 2 0.9 3 1.3 -2 ▼ 1 0.5 0 1 0.5 -3 ▼ 1 0.5 0 3 1.3 -1 ▼ 4 1.8 1 ▲ 5 2.2 2 ▲ 3 1.3 0 1 0.5 1 0.5 0 1 0.5 -1 ▼ 1 0.5 0.5 1 1 0.5 1 0.5 09 1 2 0.9 -1 ▼ 0.5 1 1 0.5 -1 ▼ 224 -94 ▼

EMEA Completed Restructuring (excl. Sovereign Debt) Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Value US$m Rank Rank Sh (%) 1 2 22,877.9 47.7 2 8 16,301.4 34.0 3 1 15,664.1 32.6 4 5 11,146.5 23.2 5* 8,315.4 17.3 5* 8,315.4 17.3 7 7 7,705.6 16.1 8* 9* 4,552.8 9.5 8* 20 4,552.8 9.5 8* 4,552.8 9.5 11 6 4,001.0 8.3 12 3,762.5 7.8 13* 3,162.8 6.6 13* 9* 3,162.8 6.6 15 22 2,593.4 5.4 16 2,419.5 5.0 17 14 2,374.9 5.0 18* 2,371.7 4.9 18* 2,371.7 4.9 20 1,990.5 4.2 21 1,858.7 3.9 22 4 1,685.9 3.5 875 5 18 23 875.5 1.8 24 17 594.6 1.2 25 590.0 1.2 48,006.9

Financial Advisor Rothschild Lazard Houlihan Lokey Moelis & Co Alvarez & Marsal Gleacher & Co Inc Blackstone Group LP Morgan Stanley Canaccord Genuity Corp Jefferies & Co Inc Leonardo & Co Mediobanca Greenhill & Co, LLC Evercore Partners KPMG BNP Paribas SA AlixPartners LLC Altium Capital Limited UBS JP Morgan Bank of America Merrill Lynch PricewaterhouseCoopers Ernst & Young LLP DC Advisory Partners Perella Weinberg Partners LP Industry Total *tie

Jan 1 - Sep 30 # of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 21 20.6 9 ▲ 17 16.7 12 ▲ 10 9.8 3 ▲ 4 3.9 3 ▲ 2 2.0 2 2.0 4 3.9 -1 ▼ 1 1.0 0 1 1.0 -3 ▼ 1 1.0 4 3.9 1 ▲ 1 1.0 1 1.0 1 1.0 0 3 2.9 2 ▲ 1 1.0 2 2.0 1 ▲ 1 1.0 1 1.0 1 1.0 1 1.0 1 1.0 -2 ▼ 10 1 1.0 2 2.0 0 1 1.0 102 -44 ▼

Criteria Summary - Announced and completed rankings include all transactions announced or completed between January 1, 2011 and September 30, 2012 and of which Thomson Reuters was made aware. All

2012 data is as of 9:00am EDT on October 5, 2012. - 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 Michael Rawlings (+1 646 223-8364) E-mail: [email protected] EMEA Serkan Tecimer (+44 20 7542 3566) E-mail: [email protected] Asia-Pacific Kai Soriano-StaCruz (+65 9832 8945) 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. © 2012 Thomson Reuters. All rights reserved. g are registered g p y third p y name or mark herein belongs g to the relevant third p y trademarks and trademarks of Thomson Reuters and its affiliated companies. Any party party. Thomson Reuters and the Thomson Reuters logo

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