DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

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1 DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW Restructuring Advisors Restructuring Advisors First Quarter 2012

2 Global Distressed Debt & Bankruptcy Restructuring Rankings Global Deals Intelligence Completed Distressed Debt and Bankruptcy Restructuring activity totalled US$38.3 billion during the first quarter of 2012, a 38.5% decline from the same period last year. In terms of volume, the number of completed deals decreased by 29.8% to 86 transactions. The largest completed transaction of the quarter was the US$10.4 billion Washington Mutual restructuring, and the largest announced transaction was Greece's US$272.6 billion debt exchange transaction. US deal activity totalled US$20.8 billion during the first quarter of 2012, a 7.2% decrease compared to the same period last year. There were 47 restructuring transactions announced in the first quarter of 2012, a 53.9% increase compared to the previous year. The and Media & Entertainment industries accounted for over 70% of the US debt restructuring market. EMEA distressed debt restructuring deal volume totalled US$14.9 billion in the first three months of 2012, marking a 57.3% decrease in activity compared to the first quarter of was the leading sector with approximately 53% of total completed EMEA distressed debt restructuring deal volume. Asia Pacific (including Japan) deal volumes during the first quarter of 2012 reached US$1.1 billion, down 76.4% from the same period last year. was the most active sector, capturing 38% of the market, followed by and, with 31% and 21% market share respectively. Worldwide Completed Restructuring (DR1) WW Announced Restructuring (DR1a) Worldwide Completed Value by Industry ($bil) Value (US$m) Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Blackstone Group LP , * ,265.1 Houlihan Lokey 2 1 7, Rothschild 2 2* ,727.4 Rothschild 3 3 7, Houlihan Lokey 3* , , Moelis & Co 3* ,196.4 Bank of America Merrill Lynch 5-1, Blackstone Group LP ,467 PricewaterhouseCoopers , AlixPartners LLC 6 13* 4 2 9,388.1 KPMG , Perella Weinberg Partners LP 7* ,584.6 UBS 8 8 1, FTI Consulting Inc 7* 13* 2 0-7,168 Alvarez & Marsal DC Advisory Partners 7* 21* Moelis & Co Evercore Partners 10* 13* 1-1 1,800 Global Partners Consulting Inc KPMG 10* 21* 1 0-2,200 Peter J. Solomon Co Ltd Gordian Group, LP Nomura 13* 31* Mizuho Financial Group Wingate Direct Investments Pty 13* Alvarez & Marsal 10* 13* GCA Savvian Group Corp Global Hunter Securities LLC Global Hunter Securities LLC ORIX M&A Solutions Corp.1 ABeam M&A Consulting Ltd BDO International Mizuho Financial Group Nomura Masters Trust Inc Brookland Partners LLP FinTech Global Inc Wingate Direct Investments Pty ORIX M&A Solutions Corp BDO International 22* DC Advisory Partners 22* 31* % 6% 9% 12% Energy and Power 12% 49% Telecommunications Media and Entertainment *tie 38, ,953.6 Consumer Staples Worldwide Announced Bankruptcy Sales Top Ten Completed Restructuring Deals (US$m) # of Deals Media and Entertainment Energy and Powe er Consumer Staple s Consumer Produc cts and Services Telecommunicatio ons Washington Mutual,Seattle,WA $10,350 Eiffarie SAS $5,029 Nokia Siemens Networks Oy $2,644 AfriSam(South Africa)(Pty)Ltd $1,859 Quabit Inmobiliaria SA $1,686 Vitro SAB de CV $1,216 CEVA Investments Ltd $1,112 Cemex SAB de CV $1,076 National Bank of Greece SA $1,062 DBSD North America Inc $1,000

3 US / EMEA Distressed Debt & Bankruptcy Restructuring Rankings US Completed Restructuring (DR2) US Announced Restructuring (DR2a) US Completed Value by Industry Value (US$m) Restructuring Market # of Market Change in # of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Blackstone Group LP , Moelis & Co 1* Houlihan Lokey 2 2 5, Houlihan Lokey 1* , , Blackstone Group LP 1* 5* ,467 UBS 4-1, ,909.1 Alvarez & Marsal Rothschild 5* Moelis & Co AlixPartners LLC 5* 10* 2 1 7,013.2 Rothschild Gordian Group, LP 7* Peter J. Solomon Co Ltd Alvarez & Marsal 7* 10* Global Hunter Securities LLC Perella Weinberg Partners LP 7* DC Advisory Partners Global Hunter Securities LLC 7* FTI Consulting Inc 7* 10* 1 0-6,750 DC Advisory Partners 7* - 20, ,625 11% Energy and Power 9% 4% 16% 56% Media and Entertainment Telecommunications EMEA Completed Restructuring (DR4) EMEA Announced Restructuring (DR4a) EMEA Completed Value by Industry Value (US$m) Restructuring Market #of Market Change in #of Change in Restructuring Sh (%) Deals Sh (%) # of Deals Rothschild 1 4* 5, * ,356 Houlihan Lokey 2 1 2, Rothschild ,081.4 Bank of America Merrill Lynch 3* - 1, DC Advisory Partners 3* * 2 1, AlixPartners LLC 3* ,374.9 PricewaterhouseCoopers 5-1, Evercore Partners 5* ,800 BDO International 6* KPMG 5* 12* 1 0-2,200 DC Advisory Partners 6* 14* BDO International 5* - Brookland Partners LLP 5* 12* % 11% 4% 18% 53% Telecommunications 14, ,446.3 Asia Pacific & Japan Completed Restructuring AP / Japan Announced Restructuring 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 Global Partners Consulting Inc Houlihan Lokey 1* - Nomura 2* 12* Mizuho Financial Group 1* Wingate Direct Investments Pty 2* Moelis & Co 1* 2* 1-1 GCA Savvian Group Corp ORIX M&A Solutions Corp 1* -.1 ABeam M&A Consulting Ltd FTI Consulting Inc 1* Mizuho Financial Group Wingate Direct Investments Pty 1* - Masters Trust Inc Nomura 1* - FinTech Global Inc ORIX M&A Solutions Corp , , % 21% 31% 38% Consumer Staples

4 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 Anthony Pico ( ) EMEA Serkan Tecimer ( ) Asia-Pacific Jason Pacannuayan ( ) Criteria Summary - Announced and completed rankings include all transactions announced or completed between January 1, 2011 and March 30, 2012 and of which Thomson Reuters was made aware. All 2012 data is as of 9:00am EDT on April 10, 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 person in connection with this document 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.

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