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DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW Restructuring Advisors Full Year 2012

Full Year 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$422.6 billion over the course of 2012, a 102.5% increase compared to the US$208.6 billion accrued during 2011. In total, 430 deals totaling $470.8 billion were announced in 2012 – 344 fewer deals compared to the same period in 2011. Activity was led by Greece's US$263.1 billion debt exchange transaction, the largest Restructuring deal on record. US deal activity totalled US$61.6 billion throughout 2012, a 19.2% decrease compared to 2011 totals. There were 129 announced US Restructuring transactions during 2012, 107 fewer than the previous year. The Media & Entertainment industry accounted for 34% of the US debt restructuring market. Throughout 2012, EMEA distressed debt restructuring deal volume totalled US$342 billion, with the Government sector dominating the marketplace with 81% of the volume due to the Greece restructuring. Excluding deals involving sovereign debt, activity was down by 29.5% from 2012. Asia Pacific (including Japan) deal volumes during 2012 reached US$10.2 billion, down 25% from the total value reached in 2011. Telecom was the most active sector, capturing 48% of the market, followed by Industrials and Materials, with 30% and 7% market shares, respectively.

Worldwide Completed Restructuring (DR1)

Jan 1 - Dec 31

Restructuring Value per Advisor (US$m) Restructuring Market 2012 2011 Rank Rank Value US$m Sh (%) 1 3 330,237.4 78.1 2 5 323,073.9 76.5 3 4 54,242.9 12.8 4 1 46,867.5 11.1 5 2 33,789.6 8.0 6 7 9,136.6 2.2 7 8,013.5 1.9 8 18 6,412.5 1.5 9 6,193.3 1.5 10 11 5,747.1 1.4 11 22 5,262.8 1.3 12 21 5,130.6 1.2 13 14 5,024.3 1.2 14 19 4,892.2 1.2 15 4717.0 1.1 16 44 4,100.0 1.0 17 8 4,072.2 1.0 18 13 3,857.3 0.9 19 9 3,699.1 0.9 20 15 3,188.0 0.8 21 46 3,162.8 0.8 22 2,419.5 0.6 23* 2,377.8 0.6 23* 2,377.8 0.6 23* 26 2,377.8 0.6 422,596.6

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

# of Deals per Advisor # of Market Change in Deals Sh (%) # of Deals 39 78.1 9 ▲ 24 76.5 11 ▲ 28 12.8 11 ▲ 40 11.1 6 ▲ 32 8.0 -2 ▼ 5 2.2 -1 ▼ 2 1.9 2 1.5 -3 ▼ 1 1.5 8 1.4 4 ▲ 3 1.3 1 ▲ 2 1.2 0 3 1.2 -3 ▼ 3 1.2 0 3 1.1 1 1.0 0 3 1.0 -2 ▼ 3 0.9 -1 ▼ 4 0.9 0 3 0.8 -1 ▼ 1 0.8 0 1 0.6 1 0.6 1 0.6 1 0.6 0 131 -138 ▼

WW Announced Restructuring (DR1a) 2012 Rank 1 2 3 4 5 6 7 8 9* 9* 9* 12* 12* 12* 12* 16* 16* 16* 16* 20* 20* 20*

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

# of Deals

Worldwide Announced Bankruptcy Sales

Jan 1 - Dec 31

# of Deals per Advisor 2011 # of Change in Rank Deals # of Deals 2 39 -8 ▼ 1 36 -16 ▼ 5 31 8 ▲ 3 29 -14 ▼ 6 25 3 ▲ 4 17 -7 ▼ 12* 9 3 ▲ 21* 7 4 ▲ 45* 6 5 ▲ 10 6 -2 ▼ 31* 6 4 ▲ 5 16* 5 0 11 5 -2 ▼ 21* 5 2 ▲ 45* 4 3 ▲ 12* 4 -2 ▼ 19* 4 0 7 4 -9 ▼ 3 21* 3 0 31* 3 1 ▲ 430 -344 ▼

Value (US$m) Restructuring Value (US$m) 49,155.2 331,828.4 60,356.6 35,490.2 306,410.0 47.7 8,065.5 31,368.4 5,117.0 18,971.4 14,100.3 8,938.2 4,027.3 6,412.5 4732.0 0.1 3278.4 9548.2 7907.