Houlihan Lokey is an advisory-focused investment

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1 A d v a n c i n g Yo u r V i s i o n

2 Houlihan Lokey is an advisory-focused investment bank dedicated to providing strategic insight and industry expertise. Our professionals bring depth of experience and senior-level attention to every client, helping you advance your vision RANKINGS Source: Thomson Reuters No. 1 M&A Advisor for U.S. Transactions Under $3 Billion No. 1 Global M&A Advisor Over the Past 10 Years No. 1 Global Investment Banking Restructuring Advisor 2012 Accomplishments The M&A Advisor s International Awards Investment Banking Firm of the Year Industrial Goods and Basic Resources Deal of the Year Acquisition of Ferretti S.p.A. by Weichai Group Holdings Limited International Financing Review EMEA Restructuring Deal of the Year eircom Euromoney Best Global Corporate Restructuring House DealMakers Country Awards 2012 Investment Bank of the Year North America EuroWeek Best Loan Restructuring House The Banker s Deals of the Year Awards 2012 Americas Restructuring Deal of the Year Capmark Financial Group s $21 Billion Recapitalization Asia-Pacific Restructuring Deal of the Year Centro Retail Group

3 As your business evolves, so do your objectives. Over the lifetime of our relationship with clients, we ve helped them adapt, expand and thrive. Clients have relied on our global investment banking capabilities at every stage on their path toward success. MERGERS & ACQUISITIONS Houlihan Lokey has extensive expertise in mergers, acquisitions, divestitures, activist shareholder and takeover defense and other related advisory services for a broad range of U.S. and international clients. Our experience in M&A has earned us consistent recognition throughout the industry. In 2012, we were ranked the No. 1 M&A advisor for U.S. transactions under $3 billion and we ve been ranked No. 1 for U.S. transactions under $1 billion for the past seven years, according to Thomson Reuters. CAPITAL MARKETS As trusted advisors, we have the proven ability to engineer and execute financing solutions that are essential for growth and success. We offer access to financing in the public and alternative capital markets through the issuance of debt, equity or hybrid securities. Our integrated Capital Markets Group provides clients with independent solutions, free from conflicts of interest arising from credit extensions or proprietary investments. This dedicated team of financial professionals handles large, complex engagements and all aspects of capital-raising to help maximize its clients financial flexibility over the long term. Thanks to our extensive relationships with alternative capital providers, we have the unique ability to raise customized capital for those situations where the public markets do not offer an attractive solution. In addition, we offer liability management expertise, enabling issuers to optimize their capital structure or resolve conflicts with existing debt securities. Houlihan Lokey s Capital Markets team has decades of combined experience and a track record of successfully executed financings in a variety of market conditions. FINANCIAL RESTRUCTURING Houlihan Lokey has the largest, most experienced worldwide financial restructuring practice of any investment banking firm with approximately 170 professionals in offices in the United States, Europe and Asia. In 2012, we worked on approximately 150 restructuringrelated transactions on behalf of companies, their creditors and shareholders, and other constituents. Over the past decade, Houlihan Lokey has advised on over 1,000 restructuring transactions with aggregate debt claims in excess of $1.5 trillion. Our group employs an interdisciplinary approach to engagements and is accustomed to evaluating complex, highly leveraged situations in short time frames. We are also a recognized leader in achieving merger and acquisition transactions for distressed companies. FINANCIAL ADVISORY SERVICES Over the past 40 years, Houlihan Lokey has established one of the largest worldwide financial advisory practices. Our transaction expertise and leadership in the field of valuation inspire confidence in the financial executives, boards of directors, special committees, retained counsel, investors and business owners we serve. In 2012, Thomson Reuters ranked us the No. 1 global M&A fairness opinion advisor over the past 10 years. Our stability, integrity, technical leadership and global capabilities make us a trusted advisor for clients worldwide, across a wide range of services including: Transaction Opinions, Transaction Advisory Services, Portfolio Valuation & Advisory Services and Financial Consulting.

4 2012 HIGHLIGHTS CIT Group, Inc. We served as the exclusive financial advisor to CIT Group, Inc. a bank holding company focused on providing lending, leasing and advisory services to small- and mid-cap businesses on the sale of a commercial and industrial loan portfolio to Lone Star Funds. As part of this unique secondary advisory assignment, we performed a detailed valuation and recovery analysis to develop comprehensive asset-level disclosure materials. We also conducted a targeted sales process including participation from both financial and strategic investors. By creating a high degree of transparency to support price discovery, we were able to achieve an optimal outcome that met CIT s objectives and enabled Lone Star Funds to accelerate the development of its corporate credit platform. eircom We acted as the financial advisor to the coordinating committee of the first-lien lenders of eircom the largest fixed-line telecommunications operator in the Republic of Ireland in the largest bankruptcy in Irish history. We designed a restructuring plan in which the first-lien lenders acquired eircom through a partial equitization of its 3 billion senior facilities and restructuring of its 350 million floating-rate note and 700 million floating-rate senior PIK notes. Despite a large and diverse syndicate, the restructuring plan received consent from a majority of senior lenders as well as support from other key stakeholders, such as the trade unions and the Irish telecom regulator. The restructuring plan was implemented through Irish examinership with no precedent for a transaction of this size and complexity. Lehman Brothers Holdings Inc. We served as the financial advisor to the official committee of unsecured creditors of Lehman Brothers Holdings Inc. and its domestic affiliates. This transaction marks the largest bankruptcy filing in history with filed claims in excess of $1 trillion globally and pre-petition assets of more than $630 billion. We oversaw the asset disposition strategies of all major asset categories, including real estate, private equity, loan book and derivatives, negotiating resolutions on hundreds of transactional and claim situations, including the resolution of Lehman s two FDIC insured banks. We helped structure, negotiate and consummate the plan of reorganization that restructured approximately $350 billion of liabilities for Lehman Brothers and its affiliates, which was unanimously accepted by all classes voting for the plan. Schiff Nutrition International, Inc. We served as financial advisor to Schiff Nutrition International, Inc. a market leader in the U.S. vitamins, minerals and supplements (VMS) category on its sale to Reckitt Benckiser LLC (a subgroup of Reckitt Benckiser Group plc) for $42 per share or a transaction value of $1.45 billion (approximately 1.13 billion). In addition, we rendered a fairness opinion on behalf of Schiff s board of directors. The purchase price represented an 81.1% premium to the company s undisturbed stock price. The transaction allows Reckitt to solidify its position in the Consumer Health sector and expand into the large and rapidly growing VMS category. PROVEN CAPITAL MARKETS EXPERTISE Selected Recent Capital Markets Transactions has completed a financing consisting of Series A Convertible Preferred Stock $100,000,000 Second Lien Term Loan has completed a follow-on offering $21,620,000 of common stock has issued $66,000,000 Senior Secured Notes due 2017 $105,500,000 Senior Secured Notes due 2018 and 7,500,000 Common Shares Placement Agent Sole Placement Agent Lead Left Bookrunner Lead Left Bookrunner

5 Selected Recent Transactions AEROSPACE DEFENSE GOVERNMENT BUSINESS SERVICES CONSUMER, FOOD & RETAIL ENERGY & POWER and have been acquired by We provided valuation services in connection with BearingPoint Europe Holdings BV s annual impairment testing of their investments for financial reporting purposes under IFRS and Dutch GAAP. and its affiliates have completed a consensual out-of-court recapitalization transaction, restructuring approximately $590 million of outstanding debt has completed an out-of-court restructuring Valuation Services Lender Advisor Debtor Advisor has confirmed a pre-packaged Chapter 11 Plan of Reorganization has agreed to repurchase 15,000,000 shares of its common stock from certain shareholders has confirmed a Joint Chapter 11 Plan of Reorganization Secured Creditors Advisor Bondholder Committee Advisor It is not known whether the listed clients approve or disapprove of Houlihan Lokey or the advisory services provided. a business unit of The Test & Evaluation Business of TM Silver Lake Partners has completed a recapitalizaion Financial Opinion & has merged with We rendered a valuation opinion for financial reporting purposes to Susser Petroleum Partners LP regarding tangible and intangible assets of the newly formed operating subsidiary, Susser Petroleum Operating LLC. Financial Opinion

6 FINANCIAL INSTITUTIONS HEALTHCARE INDUSTRIALS MEDIA & TELECOM has sold a commercial-loan portfolio to has acquired $950 million a member of Al Ghurair Group Secondary Advisory Buyside Advisor & has completed a follow-on offering $21,620,000 of common stock has completed an exchange offer and consent solicitation for $225,000,000 Senior Floating Rate Notes due 2013 has been acquired in an Irish Examinership process by its Senior Lenders through a partial equitization of its Senior Facilities and restructuring of its Floating Rate and PIK Notes Lead Left Bookrunner Company Advisor Creditor Advisor has confirmed a Chapter 11 Plan of Reorganization, restructuring approximately $350 billion of liabilities has acquired has completed an out-of-court restructuring of its Foreign Currency Convertible Bonds Creditors Committee Advisor Buyside Advisor Debtor Advisor Zachry Holdings, Inc. has acquired has completed the restructuring of Willis Stein Partners III LP and affiliated entities Buyside Advisor

7 TM REAL ESTATE, LODGING & LEISURE TECHNOLOGY TRANSPORTATION & LOGISTICS Kerzner International has confirmed an out-of-court restructuring of its more than $3.0 billion in OpCo and PropCo debt General Maritime Corporation has confirmed a Chapter 11 Plan of Reorganization and received a new equity investment of $175 million from the Plan Sponsor Creditor Advisor Advisor to Plan Sponsor $225,000, % Senior Notes due 2017 and Tender Offer & Consent Solicitation $200,000, % Senior Notes due 2015 has acquired Horizon Lines, Inc. has confirmed an out-of-court restructuring of financial indebtedness and vessel charters Co-Manager & Dealer Manager Company Advisor Initial Public Offering of Common Stock $1,242,000,000 Price: $27.00 per share 46,000,000 shares Offer to Purchase and Exchange $76,243, % Convertible Subordinated Notes due 2026 and Offer to Purchase $26,666, % Convertible Senior Notes due 2026 has acquired certain assets and operations of $33,000,000 Senior Credit Facility Co-Manager Sole Dealer Manager Buyside Advisor & Placement Agent has confirmed a pre-packaged Chapter 11 Plan of Reorganization Creditor Advisor has completed a financing consisting of $24,000,000 Series D Convertible Preferred Stock Placement Agent In the United States, investment banking services are provided by Houlihan Lokey Capital, Inc., a SEC-registered brokerdealer and a member of FINRA ( and SIPC ( investment advisory services are provided by Houlihan Lokey Financial Advisors, Inc., a SEC-registered investment advisor. Houlihan Lokey (Europe) Limited, a company incorporated in England which is authorized and regulated by the U.K. Financial Services Authority, and Houlihan Lokey (China) Limited, a company incorporated in Hong Kong SAR which is licensed in Hong Kong by the Securities and Futures Commission, provide investment banking services and may direct this communication within the European Economic Area and Hong Kong, respectively, to intended recipients including professional investors, high-net-worth companies or other institutional investors. Publication#

8 MERGERS & ACQUISITIONS CAPITAL MARKETS FINANCIAL RESTRUCTURING FINANCIAL ADVISORY SERVICES HL.com