REMINDERS The audience will be in listen-only mode. Listeners can e-mail questions to the panel via the Q&A box to the right of your screen. Select questions will be answered during the last 10 minutes of the program. If you are having technical difficulties, please call customer support at 866-229-3239. and welcome you to our webcast: Bankruptcy and Restructuring Outlook 2012 Introduction Moderator: Matt Miller editor at large The Deal LLC Expert Panel Harvey Miller partner Weil Gotshal & Manges LLP Expert Panel Tiffany Kosch managing director HIG Capital Inc. Expert Panel Charles M. Moore senior managing director Conway MacKenzie Inc. The state of bankruptcy: Today vs. 2010 U.S. Business Bankruptcy Filings 59,608 60,000 55,021 52,134 50,000 40,000 30,000 33,822 Bankruptcies, year ended June 30 23,889 20,000 10,000 0 2007 2008 2009 2010 2011 Source: Administrative Office of U.S. Courts Top 5 Sectors for Announced U.S. Bankruptcies Year-to-date 2011 Real Estate 1,362 Retail 477 Leisure 371 Financial Services 280 Construction 263 Source: The Deal Pipeline Lessons learned from GM’s bankruptcy Announced Global Bankruptcies in the Auto Sector 250 224 200 150 100 119 112 99 66 50 0 2007 2008 2009 2010 2011 Source: The Deal Pipeline Impact of GM’s Chapter 11 on the restructuring of smaller players in the auto industry 363 Auction Sales 388 400 335 350 300 250 200 254 217 182 150 # of announced 363 auctions 100 50 0 2007 2008 2009 2010 2011 Source: The Deal Pipeline DIP Dollar Amount and Number of Financings 50 45 40 35 30 25 20 15 10 5 $B 0 $48.6 (430) Dollar amount and ( ) number of financings $18.6 (347) $13.7 (237) $13.6 (310) $3.8 (225) 2007 2008 2009 2010 2011 Source: The Deal Pipeline Investment strategies in uncertain times Impact of cash pileup on companies restructuring or filing for bankruptcy The possible impact of the reordering of capital on bankruptcy/restructuring Pension liability factor in restructuring/bankruptcy equation Notable bankruptcy cases of 2011 Near-term outlook Audience Q&A and thank you for joining our webcast