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July 8, 2011Page 1 . . .Major Equity Market Indices; U .S . Government Yield Curve Page 2 . . .Currency; Significant Interest Rates; Interest Rate Spreads; Treasury Rate MonitorPage 3 . . .Forward Calendar; IPO Activity Page 4 . . .U .S . Economic Releases; Top Ten Announced M&A TransactionsPage 5 . . .Selected Equity Indices by Industry Group; Announced M&A Transactions

Major Equity Market Indices

U.S. Government Yield Curve

Source: Capital IQ.

Source: U.S. Treasury Department.

Friday Close % Change FromIndex Current 1 Week 1 Year Dec. 31 '10 1 Week 1 Year YTDDow Jones Industrial 12,657.20 12,582.77 10,198.03 11,577.51 0.59% 24.11% 9.33%S&P 500 1,343.80 1,339.67 1,077.96 1,257.64 0.31% 24.66% 6.85%Nasdaq Composite 2,859.81 2,816.03 2,196.45 2,652.87 1.55% 30.20% 7.80%Wilshire 5000 14,251.62 14,172.16 11,225.81 13,290.03 0.56% 26.95% 7.24%Russell 2000 852.57 840.04 629.43 783.65 1.49% 35.45% 8.79%S&P/TSX Composite 13,371.70 13,300.87 11,570.45 13,443.22 0.53% 15.57% -0.53%Mexican Bolsa 36,499.85 36,800.72 32,004.31 38,550.79 -0.82% 14.05% -5.32%Tokyo (Nikkei 225) 10,137.73 9,868.07 9,585.32 10,228.92 2.73% 5.76% -0.89%Hang Seng Stock Index 22,726.43 22,398.10 20,378.66 23,035.45 1.47% 11.52% -1.34%FTSE 100 Index 5,990.58 5,989.76 5,132.94 5,899.94 0.01% 16.71% 1.54%Korea Composite Index 2,180.35 2,125.74 1,723.01 2,051.00 2.57% 26.54% 6.31%Shanghai Composite Index 2,797.77 2,759.36 2,470.92 2,808.08 1.39% 13.23% -0.37%

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Houlihan Lokey Publications • Weekly Market Newsletter • 2

Currency Significant Interest Rates

Canadian Dollar 0.964 0.961 1.032Mexican Peso 11.641 11.635 12.789Euro Curr. Unit 0.703 0.689 0.791British Pound 0.624 0.622 0.662Swiss Franc 0.838 0.847 1.057Japanese Yen 80.675 80.825 88.455S. Korean Won 1,056.900 1,066.600 1,197.100Indonesian Rupiah 8,515.000 8,547.000 9,045.000Malaysian Ringgit 2.995 3.011 3.195Thai Baht 30.245 30.785 32.365Chinese Yuan 6.468 6.468 6.777Indian Rupee 44.310 44.525 46.555

Friday CloseDenomination Spot Rate 1 Week 1 Year

Units of currency per US$.Source: Capital IQ.

Prime Rate 3.25% 3.25% 3.25%1-Month LIBOR 0.19% 0.19% 0.34%3-Month LIBOR 0.25% 0.25% 0.53%6-Month LIBOR 0.40% 0.40% 0.73%1-Year LIBOR 0.74% 0.73% 1.15%

Friday CloseDenomination Current 1 Week 1 Year

Source: Capital IQ.

Interest Rate Spreads

Sources: U.S. Treasury Department and Bloomberg.

AA Corporate BBB Corporate BB Corporate B+ Corporate B- Corporate Treasury Implied Implied Implied Implied ImpliedTerm YTM YTM Spread YTM Spread YTM Spread YTM Spread YTM Spread

Treasury Rate MonitorTerm Current 1 Week 1 Month 3 Months 6 Months 1 Year

Source: U.S. Treasury Department.

2 Year 0.40% 0.50% 0.42% 0.83% 0.60% 0.63%3 Year 0.70% 0.85% 0.75% 1.34% 1.02% 1.03%5 Year 1.57% 1.80% 1.60% 2.31% 1.96% 1.85%7 Year 2.32% 2.54% 2.28% 2.99% 2.69% 2.52%10 Year 3.03% 3.22% 2.99% 3.59% 3.34% 3.07%20 Year 3.97% 4.12% 3.90% 4.41% 4.25% 3.85%30 Year 4.27% 4.40% 4.22% 4.63% 4.48% 4.04%

3 Mo 0.03% 0.26% 23 1.63% 160 2.75% 272 3.03% 300 3.80% 3776 Mo 0.07% 0.44% 37 1.54% 147 2.72% 265 3.00% 293 3.82% 3751 Year 0.17% 0.58% 41 1.62% 145 2.85% 268 3.19% 302 3.92% 3752 Year 0.40% 0.80% 40 1.87% 147 3.33% 293 3.67% 327 4.63% 4233 Year 0.70% 1.24% 54 2.38% 168 3.77% 307 4.09% 339 5.11% 4415 Year 1.57% 2.20% 63 3.26% 169 4.91% 334 5.41% 384 6.45% 4887 Year 2.32% 3.15% 83 4.02% 170 5.79% 347 6.26% 394 7.33% 50110 Year 3.03% 3.97% 94 4.65% 162 6.69% 366 7.32% 429 8.71% 56820 Year 3.97% 5.04% 107 5.63% 166 7.35% 338 7.90% 393 9.18% 52130 Year 4.27% 5.22% 95 5.83% 156 7.67% 340 NA NA NA NA

Houlihan Lokey Publications • Weekly Market Newsletter • 3

Forward Calendar Coupon AmountIssuer Type/MTY (Percent) (US $ in millions) Priced Lead ManagerAnheuser-Busch InBev Snr. Unsec./2014 3Mo. LIBOR +36bps 300 Priced BAML, BARC, DB, RBS, SGAnheuser-Busch InBev Snr. Unsec./2014 1.500 750 Priced BAML, BARC, DB, RBS, SGBank of America Corporation Snr. Unsec./2016 3.750 1,000 Priced BAMLDevon Energy Corporation Snr. Unsec./2016 2.400 500 Priced GS, MS, UBSDevon Energy Corporation Snr. Unsec./2021 4.000 500 Priced GS, MS, UBSDevon Energy Corporation Snr. Unsec./2041 5.600 1,250 Priced GS, MS, UBSEquinix Inc. Snr. Unsec./2021 7.000 750 Priced CITI, JPMEuropean Investment Bank Snr. Unsec./2014 1.125 5,000 Priced DB, HSBC, JPMGeneral Dynamics Corp. Snr. Unsec./2015 1.375 500 Priced BAML, JPM, RBS, WFSGeneral Dynamics Corp. Snr. Unsec./2016 2.250 500 Priced BAML, JPM, RBS, WFSGeneral Dynamics Corp. Snr. Unsec./2021 3.875 500 Priced BAML, JPM, RBS, WFSJapan Finance Corporation Snr. Unsec./2016 2.250 2,000 Priced BNP, BAML, DAIWA, JPMJohn Deere Capital Corp. Snr. Notes/2013 3Mo. LIBOR +15bps 150 Priced BAML, CITI, CS, DBJohn Deere Capital Corp. Snr. Notes/2021 3.900 500 Priced BAML, CITI, CS, DBMcCormick & Co. Inc. Snr. Unsec./2021 3.900 250 Priced BAML, STRH, WFSSEK Corp. Snr. Unsec./2016 2.125 1,000 Priced BARC, BAML, MSSvenska Handelsbanken AB Snr. Unsec./2016 3.125 1,250 Priced BAML, CITI, GS, MSThe Toronto-Dominion Bank Snr. Unsec./2014 3Mo. LIBOR +30bps 500 Priced CITI, GS, MS, TD

IPO ActivityCompany Name Industry Filing Date Manager $ Total (Millions)

Sources: Thomson Reuters and Capital IQ.

Sources: Reuters Extra and Capital IQ.

Bumi Armada Bhd Industrials 7/8/2011 CIMB Investment Bank Bhd; RHB Investment Bank 889.0 Bhd; Credit Suisse Ltd.; Clsa Singapore Pte. Ltd.; UBS AG Ophir Energy PLC Energy 7/8/2011 RBC Capital Markets LLC; Credit Suisse Securities 375.9 Ltd.; JPMorgan Cazenove Ltd. Daeyang Electric Co. Ltd. Industrials 7/7/2011 Samsung Securities Co. Ltd. 24.1SHW AG Consumer Products 7/6/2011 Commerzbank AG; BNP Paribas 87.6Stroc Industries SA Industrials 7/6/2011 Undisclosed 28.0Anhui Jinhe Industry Co. Ltd. Consumer Products 7/6/2011 Ping'an Securities Co. Ltd. 111.3Shandong Zhangqiu Blower Co. Ltd. Industrials 7/6/2011 Qilu Securities Co. Ltd. 61.8Hainan Ruize New Building Materials Materials 7/6/2011 GF Securities Co. Ltd. 63.9 Co. Ltd. Mauna Kea Technologies SAS Healthcare 7/5/2011 SG Corporate & Investment Banking; Societe 71.0 De Bourse Gilbert Dupont; Dexia Securities France SA Danske Andelskassers Bank A/S Financials 7/5/2011 Undisclosed 85.1Jastrzebska Spolka Weglowa SA Materials 7/5/2011 Bank Handlowy W Warszawie SA; Goldman 1,969.2 Sachs International; J.P. Morgan Securities Ltd.; UniCredit CAIB Poland SA; UniCredit Bank AG Baotou Dongbao Bio-Tech Co. Ltd. Healthcare 7/5/2011 Dongxing Securities Co. Ltd. 26.4Grandhope Biotech Co. Ltd. Healthcare 7/5/2011 Shenyin & Wanguo Securities Co. Ltd. 43.1Jiangsu Feiliks International Logistics Inc. Industrials 7/5/2011 Soochow Securities Co. Ltd. 83.5Silver City Minerals Ltd. Materials 7/4/2011 Locantro Capital Pty Ltd. 12.9

Houlihan Lokey Publications • Weekly Market Newsletter • 4

Source: Bloomberg.

TimeIndicator Period Survey Actual Prior

U.S. Economic Releases

Personal Income MAY 0.4% 0.3% 0.4%Personal Spending MAY 0.1% 0.0% 0.4%PCE Deflator (YoY) MAY 2.5% 2.5% 2.2%PCE Core (MoM) MAY 0.2% 0.3% 0.2%PCE Core (YoY) MAY 1.1% 1.2% 1.0%Chicago Purchasing Manager JUN 54.0 61.1 56.6Construction Spending (MoM) MAY 0.1% -0.6% 0.4%NAPM-Milwaukee JUN 59.0 59.3 62.0University of Michigan Confidence JUN F 72.0 71.5 71.8ISM Manufacturing JUN 52.0 55.3 53.5ISM Prices Paid JUN 70.9 68.0 76.5Pending Home Sales (MoM) MAY 3.0% 8.2% -11.6%Factory Orders MAY 1.0% 0.8% -1.2%Bloomberg Consumer Comfort JUL 3 -44.3 -45.5 -43.9Total Vehicle Sales JUN 12.08M 11.41M 11.76MDomestic Vehicle Sales JUN 9.40M 8.95M 9.22MMBA Mortgage Applications JUL 1 - -5.20% -2.7%Challenger Job Cuts (YoY) JUN - 5.3% -4.3%

Top Ten Announced M&A Transactions Transaction Size Announced ($ in Date Buyer Name Seller Name Unit Sold Millions) Industry Description

Note: Excludes minority-interest transactions Source: Capital IQ.

07/04/2011 Energy Transfer Partners Energy Transfer Equity Citrus Corporation (50% stake) 1,881.0 Energy 07/05/2011 Jinchuan Group International Investor group Metorex Ltd. 1,497.6 Materials Resources Co. Ltd. 07/03/2011 OM Group Inc. One Equity Partners LLC VACUUMSCHMELZE Gmbh & 1,007.0 Industrials Co. KG 07/08/2011 BMW AG ING Lease Holding NV ING Car Lease Ltd. 996.0 Industrials 07/05/2011 Western Union Co. Travelex Group Ltd. Travelex Global Business 975.3 Information Payments Inc. Technology 07/08/2011 Tim Celular SA Companhia Brasiliana de Energia Eletropaulo Telecomunicações 720.6 Telecommunication Ltda. Services07/07/2011 NCO Group Inc. APAC Customer Services Inc. 438.5 Industrials07/06/2011 Unipapel SA DS Smith PLC Spicers Ltd. 320.0 Information Technology07/06/2011 POSCO Thainox Stainless PLC (51% stake) 300.3 Materials07/06/2011 HTC Corporation VIA Technologies Inc. S3 Graphics Co. Ltd. 300.0 Information Technology

Houlihan Lokey Publications • Weekly Market Newsletter • 5

Aerospace & DefenseCommunications: Broadcast & Cable Movies & Entertainment Communications EquipmentConstruction & EngineeringFood ProductsHealthcare: Healthcare Providers & Services Managed Healthcare Healthcare Healthcare EquipmentInsurance: Insurance Brokers Life & Health Insurance Property & CasualtyRetail: Specialty Drugs Apparel Foods Department StoresReal EstateRestaurantsTechnology Hardware & EquipmentTextile & Apparel

419.93 423.81 334.63 373.52 -0.91% 25.49% 12.43% 350.31 350.56 231.86 289.39 -0.07% 51.08% 21.05%172.50 175.17 136.48 152.10 -1.52% 26.39% 13.42%206.72 206.21 197.63 217.69 0.25% 4.60% -5.04%233.91 228.36 187.62 234.45 2.43% 24.67% -0.23%319.14 319.24 273.06 289.59 -0.03% 16.88% 10.21% 310.63 314.11 221.76 251.86 -1.11% 40.08% 23.34%509.16 520.44 305.08 356.72 -2.17% 66.89% 42.73%414.00 416.15 336.64 364.78 -0.52% 22.98% 13.49%557.91 561.16 465.20 499.29 -0.58% 19.93% 11.74% 256.86 258.15 190.21 226.76 -0.50% 35.04% 13.27%239.72 243.21 218.25 243.79 -1.44% 9.84% -1.67%208.77 211.27 200.81 210.77 -1.18% 3.96% -0.95% 99.69 99.16 88.61 111.86 0.53% 12.51% -10.88%577.41 569.18 415.82 519.62 1.45% 38.86% 11.12%658.58 635.01 477.07 564.65 3.71% 38.05% 16.64%115.01 114.79 89.48 101.47 0.19% 28.53% 13.34%181.68 177.10 134.94 166.86 2.59% 34.63% 8.88%139.03 136.55 101.98 120.58 1.81% 36.33% 15.30%693.14 693.67 520.17 601.04 -0.08% 33.25% 15.32%446.41 439.08 381.01 434.72 1.67% 17.17% 2.69%469.74 462.33 311.14 403.44 1.60% 50.97% 16.43%

Friday Close % ChangeIndex Current 1 Week 1 Year Dec 31 '09 1 Week 1 Year YTD

Selected Equity Indices by Industry Group

Source: Capital IQ.

Announced M&A Transactions Announce Transaction Size Date Buyer Name Seller Name Unit ($ in Millions) Industry Description

Note: Excludes minority-interest transactionsSource: Capital IQ.

07/06/2011 CRH PLC VVM Group 143.3 Consumer Products07/06/2011 Sports Direct International PLC West Coast Capital West Coast Capital (USC) Ltd. (80%

stake); Cruise Clothing Ltd. (80% stake)11.2 Consumer Products

07/06/2011 Agrium Inc. Evergro Canada Inc. 50.0 Consumer Products07/06/2011 Reser's Fine Foods Inc. Hillson Financial Management Inc. Vaughan Foods Inc. 26.6 Consumer Products07/05/2011 BE Universal Ltd. Private investors Zegna Management Ltd. 32.1 Consumer Products07/05/2011 China Resources Enterprise Ltd. China Resources Beijing Medication

Investment Company Ltd.Shenzhen Hua Yi Run Sheng Medication Investment Company Ltd.

11.3 Consumer Products

07/04/2011 Thesan Capital SL Private investor Hispania Racing F1 Team (undisclosed controlling stake)

29.0 Consumer Products

07/04/2011 Asahi Holdings Pty Ltd. Collins Asset Management Charlie's Group Ltd. 110.0 Consumer Products07/05/2011 Shoreline Energy Corp. Lakeridge Energy Corp.; Shoreline

Acquisition Corp.; Shoreline Oil & Gas Ltd.

47.3 Energy

07/04/2011 Energy Transfer Partners Energy Transfer Equity Citrus Corporation (50% stake) 1,881.0 Energy07/04/2011 Trap Oil Group PLC Private investors Reach Oil & Gas Limited 47.6 Energy07/08/2011 Phillips Plastics Corporation Ratos AB Medisize Corporation 142.0 Financials07/07/2011 Amazing Glory Investments Ltd. China Infrastructure Investment Ltd. Central Bingo Group Ltd. 74.9 Financials07/07/2011 Principal Global Investors LLC IPGL Ltd. Origin Asset Management (74% stake) 66.0 Financials07/07/2011 Medtronic Inc. Investor group PEAK Surgical Inc. 105.0 Financials07/06/2011 Dollar Financial Corp. Risicum Oyj 46.0 Financials07/06/2011 ZAO FarmFirma Sotex OOO AnviLab 60.0 Financials07/06/2011 Biolin Scientific AB (publ) Investor group Sophion Bioscience A/S 29.8 Financials07/04/2011 Shandong Luye Pharmaceutical

Co. Ltd.Sichuan Baoguang Co. Ltd. 46.4 Financials

07/04/2011 SQI Diagnostics Inc. Investor group Scienion AG 18.3 Healthcare07/04/2011 Ansell Ltd. Ansell Sandel Medical Solutions LLC 13.5 Healthcare07/08/2011 BMW AG ING Lease Holding NV ING Car Lease Ltd. 996.0 Industrials07/08/2011 VRG Linhas Aereas SA GJP Participacoes Webjet Linhas Aéreas Ltda. 198.5 Industrials07/07/2011 NCO Group Inc. APAC Customer Services Inc. 438.5 Industrials

Houlihan Lokey Publications • Weekly Market Newsletter • 6

Announce Transaction Size Date Buyer Name Seller Name Unit Sold ($ in Millions) Industry Description

Note: Excludes minority-interest transactionsSource: Capital IQ.

07/07/2011 Bradken Ltd. Castle Harlan Inc. Norcast Wear Solutions Inc 217.4 Industrials07/07/2011 Bradken Ltd. Australian & Overseas Alloys Pty. Ltd. 21.5 Industrials07/06/2011 Castle Harlan Inc. Pala Investments AG Norcast Wear Solutions Inc 190.0 Industrials07/05/2011 Caisse de Depot et Placement du

QuebecGlobal Railway Industries Ltd. CAD Railway Industries Ltd. 13.4 Industrials

07/04/2011 ABB Ltd. Cardo AB AB Lorentzen & Wettre 119.6 Industrials07/04/2011 SCG Distribution Company Ltd. PT Kokoh Inti Arebama Tbk (remaining

29.65% stake)10.1 Industrials

07/03/2011 OM Group Inc. One Equity Partners LLC VACUUMSCHMELZE Gmbh & Co. KG 1,007.0 Industrials07/08/2011 Newport Corp. Ophir Optronics Ltd. 239.2 Information Technology07/08/2011 Halma PLC Whitecap Venture Partners; Zon Capital

Partners LLCAvo Photonics Inc. 20.0 Information Technology

07/07/2011 PayPal Inc. Advent Venture Partners; Matrix Partners; Newbury Ventures

Zong Inc. 240.0 Information Technology

07/07/2011 Tera Xtal Technology Corporation Alpha Crystal Technology Corporation 98.3 Information Technology07/07/2011 SFW Capital Partners LLC Foster-Miller Inc. Spectro Inc. 20.5 Information Technology07/06/2011 Unipapel SA DS Smith PLC Spicers Ltd. 320.0 Information Technology07/06/2011 HTC Corporation VIA Technologies Inc. S3 Graphics Co. Ltd. 300.0 Information Technology07/05/2011 Western Union Co. Travelex Group Ltd. Travelex Global Business Payments Inc. 975.3 Information Technology07/05/2011 Cap Gemini SA Investor group AIVE SpA 62.0 Information Technology07/05/2011 II-VI Inc. Investor group Aegis Lightwave Inc. 52.0 Information Technology07/05/2011 RJD Partners Ltd. Private investors Intrinsic Technology Ltd. 48.3 Information Technology07/05/2011 EOH Mthombo Pty Ltd. Tactical Software Systems Pty Ltd. TSS Managed Services Pty Ltd. 21.3 Information Technology07/04/2011 Mars Engineering Corp. Tohken Co. Ltd. (remaining 68.93% stake) 30.2 Information Technology07/04/2011 GO PLC BM IT Ltd. (remaining 40% stake); BM

Support Services Ltd.; Bell Net Ltd.11.6 Information Technology

07/04/2011 vwd Vereinigte Wirtschaftsdienste AG Il Sole 24 ORE SpA Finance business unit 10.2 Information Technology

07/06/2011 POSCO Thainox Stainless PLC (51% stake) 300.3 Materials07/05/2011 Jinchuan Group International

Resources Co. Ltd. Investor group Metorex Ltd. 1,497.6 Materials

07/08/2011 Tim Celular SA Companhia Brasiliana de Energia Eletropaulo Telecomunicações Ltda. 720.6 Telecommunication Services

Announced M&A Transactions (continued)

Houlihan Lokey Publications • Weekly Market Newsletter • 7

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