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Table 3: Defaulted Entities In 2009* (Continued) Entity Public Ownership (Largest shareholders) Private Ownership (Current) Private Ownership (Prior) Country Sector Date Independencia S.A. BNDESPARBNDES Participações, Brazil Consumer / Service 3/2/2009 S.A (Pending Parent/Investor) Sector Nadra Bank East Capital Private Equity AB ; East Capital Financials Fund Ukraine Financial Institutions 3/2/2009 Milacron Inc. Pzena Investment Management, Inc Mizuho International plc ; Glencore USA Aerospace / 3/10/2009 (NYSE:PZN) (4.47); Renaissance Technologies Finance AG Automotive / Capital Corp. (4.42); Fine Capital Partners, L.P. (5.34); David J. Greene and Company, LLC (4.71); Shah Capital Management (10.13); Dimensional Fund Advisors LP (5.73); Cannell Capital LLC (1.36); The Vanguard Group, Inc. (3.22); Regiment Capital Advisors, LLC (3.32); OTA Advisors LLC (0.995) Goods / Metal Fleetwood Enterprises Inc. Capital World Investors (1.27); TCW Asset Management Company (1.22); Rutabaga Capital Management LLC (1.40); Sleep Zakaria & Co (1.89); Barclays Global Investors, National Association (1.56); Marathon Asset Management, LLP (2.57); Fidelity Management & Research Company (3.08); Wells Capital Management Incorporated (4.52); SLS Capital Management, LLC (3.63); First Pacific Advisors, Inc. (4.01) Canwest Media Inc. Fairfax Financial Holdings Ltd. (TSX:FFH), RBC Capital Partners Primus Telecommunications Group Inc. Asia Aluminum Holdings Ltd. General Growth Properties, Inc. True Temper Sports Inc. Morgan Stanley Investment Management Inc. ; Mondrian Investment Partners Limited ; Longreach ; Longreach Capital Partners 1 ; FIL Limited Adelante Capital Management, L.L.C. (1.49); APG Investments US Inc. (1.80); Wellington Management Company L.L.P. (2.39); State Street Global Advisors, Inc. (3.43); RREEF America L.L.C. (2.99); Cohen & Steers Capital Management, Inc. (3.67); General Trust Company (22.30); Barclays Global Investors, National Association (4.12); The Vanguard Group, Inc. (4.71); Fidelity Management & Research Company (5.05) Acqua Wellington Asset Management LLC ; Acqua Wellington Private Placement Fund, Ltd. CIBC Capital Partners, SunTimes Media Group Inc. (OTCPK:SUTM.Q) AIG Capital Partners, Inc. Anita Kaufman Family Partnership, L.P., HewlettPackard Company (NYSE:HPQ), Inktomi Corporation, Oak Investment Partners, Quantum Industrial Holdings, The Chatterjee Group,TowerBrook Capital Partners, L.P., Warburg Pincus Investors, L.P., Warburg Pincus LLC USA Forest and Building Products / Homebuilders Global Credit Comment: Exposure To Deteriorating Assets Increases Risks To Private Equity Page 15 3/11/2009 Canada Leisure Time / Media 3/16/2009 USA Telecommunications 3/16/2009 China Aerospace / Automotive / Capital Goods / Metal 3/17/2009 Fidelity Investments USA Real Estate 3/17/2009 Gilbert Global Equity Partners ; Canterbury Capital Partners ; TCW/Crescent Mezzanine Partners, Cornerstone Equity Investors, LLC ; L.L.C. ; Gilbert Global Equity Partners, Goldman Sachs Group, Merchant L.P. ; Canterbury Capital Mezzanine II, L.P. ; True Temper Corporation (Current Parent) Fairchild Corp. HSBC Trinkaus & Burkhardt AG (BST:TUB), Sg Phoenix Ventures Llc, Stadtsparkasse Düsseldorf Community Distributors Inc. Chemtura Corp. The Vanguard Group, Inc. (2.77); Trian Fund Management, L.P. (4.09); Brandes Investment Partners, L.P. (3.33); ICC Capital Management, Inc. (2.41); State Street Global Advisors, Inc. (3.28); Fidelity Management & Research Company (14.61); GoldenTree Asset Management, LP (6.87); Lord, Abbett & Co. LLC (8.66); Barclays Global Investors, National Association (4.98); Wellington Management Company L.L.P. (6.79) Bite Finance International B.V. Banking Division ; The Black & Decker Corporation (NYSE:BDK) ; Goldman Sachs Private Equity Partners, L.P. ; Goldman Sachs Private Equity Group CDI Group, Inc. BancBoston Capital, Inc., Deutsche Beteiligungs AG (DB:DBA), Harvest Partners International, L.P., Harvest Partners, LLC (Harvey Mallement, Ira Kleinman), MidMarket Buyouts, Tucker Anthony Cleary Gull AXA Private Equity, Mid Europa Partners LLP USA Consumer / Service Sector 3/18/2009 USA Leisure Time / Media 3/18/2009 USA Consumer / Service Sector USA Health Care / Chemicals 3/18/2009 3/19/2009 Lithuania Telecommunications 3/19/2009
Table 3: Defaulted Entities In 2009* (Continued) Entity Public Ownership (Largest shareholders) Private Ownership (Current) Private Ownership (Prior) Country Sector Date U.S. Central Federal Credit Union USA Financial Institutions 3/23/2009 Western Corporate Federal Credit Union USA Financial Institutions 3/23/2009 BILO LLC Lone Star Funds Ahold U.S.A., Inc. (Prior Parent) USA Consumer / Service 3/24/2009 Sector Industrias Unidas S.A. Grupo IUSA, S.A. de C.V. (Current Mexico Aerospace / 3/26/2009 de C.V. Parent) Automotive / Capital Goods / Metal Freescale Semiconductor Inc. Charter Communications Inc. Sensata Technologies B.V. AbitibiConsolidated Inc. Ply Gem Industries Inc. Battery Ventures ; Lexington Partners ; Permira Advisers Ltd. ; TPG ; The SL Capital Partners LLP ; AXA Private Blackstone Group, Private Equity Equity ; AIG Private Equity AG Group ; The Carlyle Group ; Motorola (SWX:APEN) ; GIC Special Inc. (NYSE:MOT) (Prior Parent); AIG Investments ; HBK Private Equity ; Investments ; AIG Horizon Partners Freescale Semiconductor Holdings V, Fund, L.P. ; Carlyle Japan Partners, Inc. (Current Parent); Rosemont L.P. ; Carlyle European Capital Solebury Capital Management LLC Partners II, L.P. ; Carlyle Partners IV, L.P. ; Blackstone Capital Partners V, L.P. ; TPG Partners V, L.P. ; Permira IV ; Carlyle Asia Partners II, L.P. USA High technology / Computers / Office Equipment Global Credit Comment: Exposure To Deteriorating Assets Increases Risks To Private Equity Page 16 3/27/2009 Vulcan Capital (Lance Conn) BancBoston Capital, Inc., Catalyst Investors, Charterhouse Equity Partners II, L.P., Charterhouse Group, Inc., Cordova Ventures, Crestview Partners, L.P., Kelso & Company, Q Investments, L.P., Quadrangle Capital Partners, TD Capital, TD Capital Communications Partners, The Blackstone Group, Private Equity Group USA Leisure Time / Media 3/27/2009 Bain Capital, LLC ; Unitas Capital ; Sensata Technologies B.V. (Current Parent) Barclays Global Investors, National Association Fairfax Financial Holdings Ltd. (3.66); Lord, Abbett & Co. LLC (13.89); T. Rowe (TSX:FFH) ; Steelhead Partners, LLC Price Associates, Inc. (5.53); Bessemer (Pending Parent/Investor) Investment Management LLC (3.98); Wellington Management Company L.L.P. (3.84); Tradewinds NWQ Global Investors, LLC (8.76); Norges Bank Investment Management (6.29); Global Pension Fund (Norway) (3.79); Third Avenue Management, LLC (5.49); NWQ Investment Management Company, LLC (6.39) Idearc Inc. Capital Research and Management Company (9.98); Putnam Investment Management, LLC (5.08); Lord, Abbett & Co. LLC (3.71); Capital Research Global Investors (8.33); Hotchkis and Wiley Capital Management, LLC (10.43); Harris Associates L.P. (4.92); AllianceBernstein L.P. (4.96); Lazard Asset Management LLC (5.57); Renaissance Technologies Corp. (3.34); The Vanguard Group, Inc. (3.31) Riviera Holdings Corp. Chesapeake Partners Management Co., Inc. (2.91); Citigroup Inc., Asset Management Arm (1.81); M&I Investment Management Corp. (5.03); Riviera Holdings Corp., ESOP (5.73); Ramsey Asset Management, LLC (4.89); D. E. Shaw Investment Management, L.L.C. (9.57); Barclays Global Investors, National Association (3.65); Starwood Real Estate Securities (7.16); Arrow Capital Management, LLC (5.17); Plainfield Asset Management LLC (9.08) CI Capital Partners LLC ; Ply Gem Holdings, Inc (Current Parent) Texas Instruments Inc. (NYSE:TXN) (Prior Parent) Netherlands Aerospace / Automotive / Capital Goods / Metal 3/31/2009 Canada Forest and Building Products / Homebuilders 3/31/2009 Nortek Inc. (Prior Parent) USA Forest and Building Products / Homebuilders 3/31/2009 Verizon Communications Inc. (NYSE:VZ) (Prior Parent) USA Leisure Time / Media 3/31/2009 USA Leisure Time / Media 3/31/2009 MediaNews Group Inc. Hearst Corporation USA Leisure Time / Media 3/31/2009
Page 1 and 2: Diane Vazza, Managing Director (+1)
Page 3 and 4: Table 1: Global Corporate Transitio
Page 5 and 6: Table 2: Weakest Links With Private
Page 11 and 12: Entity Ownership Status Sector Meta
Page 15: Table 3: Defaulted Entities In 2009
Page 19 and 20: Table 3: Defaulted Entities In 2009
Page 21 and 22: Table 3: Defaulted Entities In 2009
Page 23: Subscription to Global Fixed Income

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