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Page 1: DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

DISTRESSED DEBT & BANKRUPTCYDISTRESSED DEBT & BANKRUPTCYRESTRUCTURING REVIEWRestructuring AdvisorsRestructuring AdvisorsThird Quarter 2012

Page 2: DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

# of Deals per Advisor

Deals Sh (%)Market Change in

9.0

295,37081.0294,916

18 941

Value (US$m)▼

Restructuring2012 RankFinancial Advisor

1 -1

1

Houlihan Lokey

Moelis & Co 5 4

3 1Rothschild ▲

9.07.12 7.1 3

32,877LazardBlackstone Group LP 1Financial Advisor

2

2012 Rank

3 299

Restructuring Value per Advisor (US$m)2011 Rank

Restructuring# of Deals per Advisor

6 81.181.1Value US$m

Market

35▲7 2

# of Deals

# of# of Deals

41,003.4# of DealsChange in

Value (US$m)

2

2319

116

▼Houlihan Lokey

-111

6

-12 ▼3301,505.5

21,270.7306,436.9

Moelis & Co

3

5

7▲

Blackstone Group LP24 038 9

▼-15425,735▲

RothschildLazard

4

2011 Rank

Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

81.0

5 2

Global Distressed Debt & Bankruptcy Restructuring Rankings

Sh (%)

Third Quarter 2012

Worldwide Completed Restructuring (DR1)

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 thanthe 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 sovereigndebt, 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 andHigh Tech, with 28% and 7% market share, respectively.

25,734.8

Global Deals Intelligence

32,876.6

Worldwide Completed Value by Industry ($bil)Jan 1 - Sep 30Jan 1 - Sep 30 WW Announced Restructuring(DR1a)

18 941 2

295,369.7294,915.5

5 26%

6%5%

3% 2%

*tie

Top Ten Completed Restructuring Deals (US$m)

18,941

9*

Gleacher & Co IncAlvarez & Marsal

7 -Jefferies & Co Inc 8

9,258 2.51

Morgan Stanley 9*1015*

Moelis & Co 5 46 7

▲ -116 ▼647.71

Moelis & Co 5 24,038.9144 -9 ▼

8,315 7IREA Corporate Finance▲

7Jefferies & Co Inc

0▼ ▲4

9*6

38 ▲2

-3

2- 11*-

5Leonardo & Co▼

- 9*FTI Consulting Inc 19*

-5

Zolfo Cooper LLC 11 341.1PricewaterhouseCoopers

1.112 8

4,100.04,072

Leonardo & Co1.1

13 14,00144

4,072.2 ▼1.1

3,909 1.115*

AlixPartners LLC 9,388.1

41*

Evercore Partners 2890.014 22

31*

9 1.1

3,857

Perella Weinberg Partners LP

3

12*▲▲

0 -2

UBS1.11.115

KPMG11

BNP Paribas SA0.9

-

Mediobanca 16 -3,162.8 0.9

KordaMentha Pty Ltd 20*--

-1

0.7 0.7

0.7

2,378

2,375

3,1631.0

▼3,163

0.7

0.7

3,162.8

2,377.8 2,378 0.7

2,4202,377.8 0.7

-2,371.7 2,372 -0.7 0.7-1

-1381,990.5 0.6 0.61,991

Worldwide Announced Bankruptcy Sales Jan 1 - Sep 30 2012

KPMG

RBC Capital Markets 20*

7,224.1

-

-14,100.3

4,674.6.1

11,939.5

31*

316,723.30

-

19*1

Alvarez & Marsal 11*

-

59*

12*

6

8

▲-

12*

4,329.2

JP Morgan24

Industry Total

408,268.0

-Altium Capital LimitedAlixPartners LLC

51*25

337

-10.72,374.9 0.7

5.2

2.31.45,024

-

4,553-2

1.34,553

2.52.31.4

-

-

1.0

-

0.9

--

3-1

4

1.31.3

0

19*

ORIX M&A Solutions Corp4,100 1.1

3,763

-

2,3780.7

0.9 0 --

McGrathNicol Services Pty Ltd 20* -

17*Greenhill & Co, LLC 17* 37

-

14

-

23 13

226

0

-284Industry Total

364,140.3

Canaccord Genuity Corp

Evercore Partners19

3,762.5

2,419.5

18,941.29,257.58,315.45,024.3

1.1

4,552.84,552.8

3857.3

4,001.0

2,377.8

3,909.1

5.2

1.3

GLC Advisors & Co 15* 15* 3 -1 ▼ 3183.0Canaccord Genuity Corp 15* 15* 3 -1 ▼ 6352.8Goldman Sachs & Co 15* 7 3 -10 ▼ 4481.9

02468

101214161820

Media and

Entertainm

ent

Energy and P

owe

Retail

Materials

Consum

er Staple

High Technology

Healthcare

Consum

er Produ c

and Services

Real E

state

Financials

Telecomm

unicati o

# of

Dea

ls

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

$263,123

$10,350

$4,553

$4,460

$3,163

$3,100

$2,644

$2,600

$2,500

$2,419

Greece

Washington Mutual,Seattle,WA

eircom Ltd

Yell Group PLC

Viridian Group Ltd

Houghton Mifflin Harcourt

Nokia Siemens Networks Oy

Kerzner International Resorts

Dubai International Capital

Materis Corporate Services SAS

https://www.thomsonone.com

er s cts

ons

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Page 3: DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

0.3-48

Change in

66

# of

1.5 -1 1.5 -

Industry Total

Restructuring Value per Advisor (US$m) # of Deals per Advisor20112012 Change inMarket

37,219.5

MarketRestructuring# of Deals per Advisor

-

--

107

EMEA Completed Value by Industry

-

Perella Weinberg Partners LP 8*FTI Consulting Inc 11,521.5

10* 1

-▲

Navigant Consulting Inc 13 -14 -Global Hunter Securities LLC

1.5

1,090.03,183.0

Peter J. Solomon Co Ltd

1

17 2

FTI Consulting IncJefferies & Co Inc

250.012 -3.0 -2

16*10*

9 -1.5 0471.5

GLC Advisors & Co1.620 Evercore Partners

12

-111* 3

-

316*2.5 -2.6

4,034.2▲

3.0-1 - 8*

31.5

Alvarez & Marsal 8 5 27 9 2

942.1GLC Advisors & Co 983.0

2-3

- 9,547.5-3.0 0

7 4

5 63.0 1 ▲

Rothschild 9.1 ▼4.06UBS

846

Jefferies & Co Inc26*

6,357.7 17.1Moelis & CoMoelis & Co

10 0

4 8 -4 4,521.7

-1 3*12.1

5Lazard 1 10-2

▼163 15

3*Rothschild 5

▲ Blackstone Group LP 2 2 33,256.4▲Houlihan Lokey

2012 Rank # of Deals

US Completed Value by Industry

Financial Advisor2 -4

2011 Rank

# of Change in # of Deals

8

MarketRestructuring# of Deals per Advisor

-

4,202.9

2011 Rank

11,606.21

6

RestructuringChange in

-

Value (US$m)

18,370.4

13 19.7

21.72

57.5

19.7

Financial Advisor

8,084.3

DealsSh (%)Blackstone Group LPHoulihan Lokey 35.1

21,396.02

121 31.8 4

▼13

-

▼1.3

471.5 1.3 ▼

175.0 0.5110.3

0.71

Value (US$m)Restructuring

Jan 1 - Sep 30

53,668.8Industry Total

2012 2011

# of Deals per Advisor

-12

US/EMEA/Asia/Japan Distressed Debt & Bankruptcy Restructuring Rankings

Lazard

3

3

1

3,221.8 8.7

590.0

13,062.1

Value US$m

4

Perella Weinberg Partners LP

2012 Rank

Market

# of

Restructuring Value per Advisor (US$m)

Third Quarter 2012

1,485.6

10*

-96

EMEA Announced Restructuring (DR4a)

Sh (%) # of Deals

Jan 1 - Sep 30US Completed Restructuring (DR2)

Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

Value (US$m)

US Announced Restructuring (DR2a) Jan 1 - Sep 30

EMEA Completed Restructuring (DR4) Jan 1 - Sep 30

- 5

Alvarez & Marsal 10* 7* 2 -2 2,902.07,013.2AlixPartners LLC 10* 11* 2 0 -

36%

21%10%10%

8% 5% 5%

2% 1%1%

1%

Financials Media and EntertainmentIndustrials Energy and PowerRetail TelecommunicationsMaterials High TechnologyConsumer Staples Consumer Products and ServicesHealthcare

-

1.0 0 -

-1.0 - -

Evercore Partners 13* 9* 3,162.8 1.0 1

-Greenhill & Co, LLC 13* - 3,162.8 1.0 1Mediobanca 12

1.0

- 3,762.5 1.2 1

8* 20 1.5 1

1.0Leonardo & Co 11 6 4,001.0 1.3 ▲

2.7 2

1.5

Jefferies & Co Inc 8* - 4,552.8 1.5 1

# of DealsChange in # of

Deals Sh (%)

-

9,851.1-9

7

5

4,552.8

2011 Rank

-3

2012 Rank

Change inMarket

▼1.0

Industry Total 311,130.0

Canaccord Genuity Corp- -

-

1.0 0 Leonardo & Co

17.5

103

4 3.9

4.9

1

4

270,828.8

5.02

89.8

2115,664.1

8 18 13

-

7.422,877.9

MarketRestructuring

279,424.65

1.9

▲ Rothschild

Houlihan Lokey3Rothschild

Sh (%)Lazard

4 1

21

Moelis & Co 5

Financial Advisor

Blackstone Group LP 87.1 278,106.2▲

Restructuring

47.720

# of Deals Value (US$m)24

Financial Advisor

36,381.9

▲ 2

1

2012 Rank

2011 Rank

# of Deals

310

20.44 7

3 14IREA Corporate Finance20 Lazard-

96

3▼9.7 3 Houlihan Lokey 4▲

KPMG 7*

Moelis & Co 5*10 -5

019*63.9

4,608.45 2 ▲19*- 276,777.26Alvarez & Marsal 6* - -8,315.4 Blackstone Group LP 5*

8* 9* 4,329.27* - 5 ▲314,552.88,315.4 1.9

--Gleacher & Co Inc 6* - 22.7

Morgan Stanley

13Mizuho Financial Group

2,377.8

1.9McGrathNicol Services Pty Ltd

-1

- 3.72

Sh (%)Market

# of Deals

3.7- -

Value (US$m)

Value (US$m)

-128 ▼

7,124.2Sh (%)

2012 Rank

2011 RankDeals

▲▲

-

1.9 - --- -

-

2,730.9

Moelis & Co 1 3*

35.632 -

Nomura

1 4Financial AdvisorORIX M&A Solutions Corp 16*

2*KPMG

23

1▲ 3,634.1

5*

.1

6,616.9▼▲2* 16*Houlihan Lokey 6,616.93*

-24,746.4 53.0

50.82-

3* -2

4,552.8Houlihan Lokey -

Gleacher & Co Inc

1

3*4,552.8- 1

Jefferies & Co Inc-

Morgan Stanley

1

Moelis & Co4,552.8

332,765.5147

-

-47

# of Deals per AdvisorChange in

-1.91

-

1.9

50.8

79.5

# of Change in

1

14,552.82,386.3

50.8

3*4,552.8

- 1

6.6

-22

1.9

Lazard

-

2,377.8

1.93.7

50.850.8

1

26.5

2

1

-11PricewaterhouseCoopers 8

1.93*

3*

9*

- ▲

2012 Rank

16*2* 2* 3

3

# of Deals # of Deals

Industry Total

2011 RankFinancial Advisor

Restructuring Value per Advisor (US$m)

Value US$m

# of Deals per AdvisorRestructuring Market

Asia Pacific & Japan Completed Restructuring

5

▲2

19*

2 -1 ▼

Alvarez & Marsal

Canaccord Genuity Corp- -

-

1.9▼

Frontier Management Inc

Asia Pac & Japan Completed Value by IndustryJan 1 - Sep 30

Restructuring

2,377.8

54

26.5

16*

594.9

1.9

- 2,377.826.5

26.5RBC Capital Markets

14 26.6

8,958.5Industry Total

9*

▼-18

Jan 1 - Sep 30

11,146.5

76

KordaMentha Pty Ltd 9*-

3.6

Value US$m

9*

AP/Japan Announced Restructuring

20,421.0Industry Total

2

16,787.5▲

175.5Sumitomo Mitsui Finl Grp Inc 5* - 2 - - .0

5* 4*

10,058.7Alvarez & Marsal 5* 16* 2 1 ▲

51%28%

7% 6%

Telecommunications Industrials

High Technology Materials

Financials Retail

Consumer Products and Services Real Estate

88%

4% 3%

Government and Agencies Materials

Financials Telecommunications

Media and Entertainment Industrials

https://www.thomsonone.com

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Page 4: DISTRESSED DEBT & BANKRUPTCY RESTRUCTURING REVIEW

WW Completed Restructuring (excl. Sovereign Debt) Jan 1 - Sep 30 EMEA Completed Restructuring (excl. Sovereign Debt)

-Bank of America Merrill Lynch 21 - 1,858.7 3.9 1 1.0 - -

- -1.0 -JP Morgan 20 - 1,990.5 4.2 1

- -18* - 2,371.7 4.9 1 1.0

2.0 1 ▲Altium Capital Limited 18* - 2,371.7 4.9 1 1.0AlixPartners LLC 17 14 2,374.9 5.0 2

▲16 - 2,419.5 5.0 1 1.0 - -

0 -KPMG 15 22 2,593.4 5.4 3 2.9 2

13* 9* 3,162.8 6.6 1 1.0

-13* - 3,162.8 6.6 1 1.0 - -

1 ▲Mediobanca 12 - 3,762.5 7.8 1 1.0 -

11 6 4,001.0 8.3 4 3.9

▼8* - 4,552.8 9.5 1 1.0 - -

0 -Canaccord Genuity Corp 8* 20 4,552.8 9.5 1 1.0 -3

8* 9* 4,552.8 9.5 1 1.0

-Blackstone Group LP 7 7 7,705.6 16.1 4 3.9 -1 ▼

- -Gleacher & Co Inc 5* - 8,315.4 17.3 2 2.0 -

5* - 8,315.4 17.3 2 2.0

9.8 3 ▲23.2 4 3.9 3 ▲

▲Lazard 2 8 16,301.4 34.0 17 16.7 12 ▲

Sh (%) # of DealsRothschild 1 2 22,877.9 47.7 21 20.6 9

4 5 11,146.5

Deals

Houlihan Lokey 3 1 15,664.1 32.6 10

Jefferies & Co Inc

Greenhill & Co, LLC

BNP Paribas SA

UBS

# of Deals per Advisor

Alvarez & Marsal

Morgan Stanley

Leonardo & Co

Evercore Partners

Moelis & Co

Restructuring Value per Advisor (US$m)

# of DealsSh (%)Change in

Financial Advisor Value US$mMarket

2 ▼10 9McGrathNicol Services Pty Ltd 20* - 2,377.8 2.4 1AlixPartners LLC

KordaMentha Pty Ltd 20* - 2,377.8 2.4

23 13 2 374 9 2 40.5 -

0.5 - -

-- -

-

1 0.5RBC Capital Markets 20* - 2,377.8 2.4 1

-1 ▼BNP Paribas SA 19 - 2,419.5 2.4 1 0.5 -

0.5 0 -Evercore Partners 17* 14 3,162.8 3.1 1 0.5Greenhill & Co, LLC 17* 37 3,162.8 3.1 1

-Mediobanca 16 - 3,762.5 3.7 1 0.5 - -

2 ▲UBS 15 11 3,857.3 3.8 3 1.3 0

1.8 1 ▲KPMG 14 22 3,909.1 3.9 5 2.2Leonardo & Co 13 9 4,001.0 4.0 4

-PricewaterhouseCoopers 12 8 4,072.2 4.0 3 1.3 -1 ▼

-3 ▼Zolfo Cooper LLC 11 34 4,100.0 4.1 1 0.5 0

0.5 0 -Canaccord Genuity Corp 9* 38 4,552.8 4.5 1 0.5Morgan Stanley 9* 15* 4,552.8 4.5 1

-Jefferies & Co Inc 8 10 5,024.3 5.0 3 1.3 -2 ▼

1 ▲Gleacher & Co Inc 7 - 8,315.4 8.2 2 0.9 -

5.8 1 ▲Alvarez & Marsal 6 7 9,257.5 9.2 4 1.8Moelis & Co 5 4 18,941.2 18.8 13

▲Rothschild 4 2 25,734.8 25.5 28 12.5 3 ▲

6 ▲Lazard 3 3 31,792.4 31.5 30 13.4 8

32 7 ▲Blackstone Group LP 2 6 32,246.5 32.0 17 7.6

Value US$m Sh (%) DealsRestructuring

Houlihan Lokey 1 1 32,876.6 32.6

Market # of # of# of Deals per Advisor

Restructuring

Jan 1 - Sep 30

2011 Rank

2012 Rank Sh (%)

Restructuring Value per Advisor (US$m)Market

Distressed Debt & Bankruptcy Restructuring Rankings

14.3Financial Advisor

Market

Distressed Debt & Bankruptcy Restructuring | Restructuring Advisors

Third Quarter 2012

Change in 2012 Rank

2011 Rank

PricewaterhouseCoopers 22 4 1,685.9 3.5 1 1.0 -2 ▼Ernst & Young LLP 23 875 5 1 8 1 1 0

*tie *tie

-

-

-

-

-

-

-44 ▼102Industry Total 48,006.9224 -940.5 -1 ▼

▼Industry Total 100,867.1

0.5 - -2

1,990.5 1

▼-10.91Altium Capital Limited 24 - 2,371.7 2.4

2.0JP Morgan 25 51*

AlixPartners LLC 23 13 2,374.9 2.4

E-mail: [email protected] 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 thetime of announcement of terms.

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.

Serkan Tecimer (+44 20 7542 3566)

Asia-Pacific

E-mail: [email protected] 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.

If you would like to participate in the submissionprocess, receive quarterly press releases, or havequestions about league table criteria please contact:

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. All2012 data is as of 9:00am EDT on October 5, 2012.

EMEA

E-mail: [email protected]

Kai Soriano-StaCruz (+65 9832 8945)

League tables, commentary, and charts citing announced activity are based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditionaltransactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

Criteria Summary

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 debtorcompany as a result of the transaction, or ad-hoc creditor committee.

AmericasMichael Rawlings (+1 646 223-8364)

Ernst & Young LLP 23 - 875.5 1.8 1 1.0 - -DC Advisory Partners 24 17 594.6 1.2 2 2.0 0 -Perella Weinberg Partners LP 25 - 590.0 1.2 1 1.0 - -

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 forany 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 tothe 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 transactionor 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 orselling 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.

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.g g p y p y g p y

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