DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW RESTRUCTURING ADVISORS. REUTERS / Brendan McDermid

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1 DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW RESTRUCTURING ADVISORS REUTERS / Brendan McDermid First Half 204

2 First Half 204 Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$59.2 billion during the first half of 204, a.4% decrease from the same period last year. The number of completed deals also decreased from, 250 to 3 transactions. The largest completed transaction of the first six months was the US$0 billion Dubai Group debt restructuring. US completed deal activity totalled US$22.3 billion during the first half of 204, a 0.5% decrease compared to the same period last year. There were 37 restructuring transactions completed in the first six months of 204, 3 fewer deals than the previous year. Companies in the Energy & Power sector accounted for 4% of the US debt restructuring market. EMEA completed distressed debt restructuring deal volume totalled US$30.3 billion in the first six months of 204, marking a 6.2% decrease in activity compared to the first half of 203. led all sectors in EMEA, with 35% of total completed EMEA distressed debt restructuring deal volume. Asia Pacific (including Japan) completed deal volumes during the first half of 204 reached US$2. billion, down 86.% from the same period last year. was the most active sector, capturing 46% of the market, followed by Energy & Power. Worldwide Completed Restructuring (DR) Jan - June 30 WW Announced Restructuring (DRa) Jan - June 30 Worldwide Completed Value by Industry (US$bil) Value (US$m) Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Lazard 5 26, , , Blackstone Group LP , Moelis & Co 3 4 5, * 4 7-6, , Moelis & Co 3* , Blackstone Group LP 5 3 3, Lazard ,544.6 PricewaterhouseCoopers 6 3 7, Alvarez & Marsal , Alvarez & Marsal 7 6 6, Leonardo & Co 7* * FTI Consulting Inc 8 7 5, AlixPartners LLC 7* * 3-3,908 KPMG 9 26* 4, Jefferies LLC 7* 4* 3 0 -,742.7 Goldman Sachs & Co 0 9* 4, McQueen Ltd 0* Perella Weinberg Partners LP * 8 4, Deloitte 0* 9* McKinsey & Co * - 4, FTI Consulting Inc 0* 7* 2-5 5,800 Greenhill & Co, LLC 3* 2 3, Canaccord Genuity 0* 4* 2 - Zolfo Cooper LLC 3* 20 3, ,77.6 Lincoln International 5-2, Macquarie Group 6* 9*, One Square Advisors GmbH 6* -, Montalban Atlas Capital 8 -, Centerview Partners LLC 9 -, Jefferies LLC RBC Capital Markets Consumer Staples McQueen Ltd Canaccord Genuity 23 36* Deloitte Duff and Phelps , Real Estate Healthcare Worldwide Announced Bankruptcy Sales Top Ten Completed Restructuring Deals (US$m) # of Deals Dubai Group Cengage Learning Inc Al Jaber Group LLC Pescanova SA Edison Mission Energy Co Hibu PLC $5,800 $4,500 $4,345 $4,045 $3,538 $0,000 Master Asset Vehicle II $3,32 Edison Mission Energy Co $3,2 WR Grace & Co $2,570 Rede Energia SA $,555

3 First Half 204 US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings US Completed Restructuring (DR2) Jan - June 30 US Announced Restructuring (DR2a) Jan - June 30 US Completed Value by Industry Value (US$m) Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Blackstone Group LP 3, * 9 3,62.8 Moelis & Co 2 9 2, Moelis & Co 2 4* 6 0-0, , ,723.8 Lazard 4 3 9, Blackstone Group LP 4* , , Lazard 4* ,99.6 Alvarez & Marsal 6 5 6, Alvarez & Marsal 4* 6* 4-7,99.6 FTI Consulting Inc 7 4 5, AlixPartners LLC 7* ,908 Perella Weinberg Partners LP 8* 6 4, Deloitte 7* - 50 McKinsey & Co 8* - 4, Jefferies LLC 7* 9* 2 -,480 Lincoln International 0-2, ,70. Centerview Partners LLC -, Goldman Sachs & Co Jefferies LLC Deloitte , % 3% Healthcare Real Estate 6% 2% 26% 4% EMEA Completed Restructuring (DR4) Jan - June 30 EMEA Announced Restructuring (DR4a) Jan - June 30 EMEA Completed Value by Industry Restructuring Market #of Market Change in #of Change in Sh (%) Deals Sh (%) # of Deals Rank Rank Deals # of Deals Lazard 4 7, PricewaterhouseCoopers 2 9 7, Leonardo & Co 2 5* , * , McQueen Ltd 3* 5* KPMG 5 4* 4, Canaccord Genuity 3* 2 - Goldman Sachs & Co 6 6* 4, Blackstone Group LP 3* 2* 2-4 Greenhill & Co, LLC 7* 20* 3, Zolfo Cooper LLC 7* - 3, Macquarie Group 9* 6*, One Square Advisors GmbH 9* -, Montalban Atlas Capital -, Blackstone Group LP , Value (US$m) Restructuring Value (US$m) 5, ,000 36,5.2 9% 5% 5% 5% 35% 2% Consumer Staples Asia Pacific & Japan Completed Restructuring Jan - June 30 AP / Japan Announced Restructuring Jan - June 30 Asia Pac & Japan Completed Value by Industry Value (US$m) Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Moelis & Co Jefferies LLC Deloitte 2* 3* 0 - Lazard Macquarie Group 485 Blackstone Group LP ,7.3 2, % 8% 3% 46% 2

4 First Half 204 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 ( ) EMEA Redina Doda ( ) Asia-Pacific Kelvin Bian ( ) Criteria Summary - Announced and completed rankings include all transactions announced or completed between January, 203 and June 30, 204 and of which Thomson Reuters was made aware. All 204 data is as of Noon EDT on July 8, 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 undertakenany liability or obligation relating to the purchaseor sale of securities for or by any personin connectionwith this document. 204 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. 3

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