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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 Hexion Specialty Apollo Management, L.P. Kohlberg Kravis Roberts & Co. USA Health Care / 4/21/2009 Chemicals Inc. Chemicals NTK Holdings Inc. USA Forest and Building Products / Homebuilders 4/21/2009 Barrington Broadcasting LLC USA Leisure Time / Media 4/21/2009 Emmis Smulyan, Jeffrey H.; Luther King Capital Apax Partners L.P., Apax Partners USA Leisure Time / Media 4/21/2009 Communications Corp. Management Corporation; Martin Capital Worldwide LLP, Metalmark Capital Management, LLP; Dimensional Fund Advisors LLC, Morgan Stanley Leveraged LP; OppenheimerFunds, Inc. Equity Fund, L.P. BTA Bank J.S.C. East Capital Asset Management Raiffeisen International BankHolding Kazakhstan Financial Institutions 4/24/2009 AB, East Capital Private Equity AB (Jyrki Talvitie, Kestutis Sasnauskas, Margot Jacobs), Firebird Management LLC, JSC SamrukKazyna National Welfare Fund (Arman Dunayev) AG (WBAG:RIBH) Banco Hipotecario Met AFJP S.A., Asset Management Arm; Buenos Aires Trade and Finance Ritelco S.A. Argentina Financial Institutions 4/24/2009 S.A. Origenes AFJP S.A.; Credit Suisse Asset Center S.A., Corsair Capital LLC, IRSA Management, LLC; Previsol AFJP S.A.; Investments and Representations Inc. ProfesiónAuge AFJP S.A. (BASE:IRSA) Metrofinanciera S.A. de C.V. SOFOM. E.N.R. Mexico Financial Institutions 4/24/2009 Synagro Technologies Neuberger Berman, LLC Dancap Private Equity Inc., The Astoria Capital Management, USA Aerospace / 4/27/2009 Inc. Carlyle Group Inc., GTCR Capital Partners, Automotive / Capital L.P., GTCR Fund VII, L.P., GTCR Golder Rauner, LLC, TCW Crescent Mezzanine II, TCW/Crescent Mezzanine Partners, L.L.C. Goods / Metal Syncora Guarantee Syncora Holdings Ltd. XL Capital Ltd. (NYSE:XL) USA Insurance 4/27/2009 Inc. (OTCPK:SYCR.F) Airborne Health Inc. Summit Partners (C. J. USA Health Care / 4/28/2009 Fitzgerald, Joseph Trustey, Sonya Brown) Chemicals Brand Development Sunway Group Belize Consumer / Service 4/28/2009 Inc. Sector Chrysler LLC Cerberus Capital Management, Sun Capital Partners, Inc., Versa USA Aerospace / 4/30/2009 L.P., Daimler AG (XTRA:DCX), Fiat Capital Fund I, Versa Capital Automotive / Capital S.p.A. (CM:F) (Pending) Management, Inc. Goods / Metal Rexnord LLC RBS Global Inc. Carlyle Partners III, L.P., The Carlyle Group Mark IV Industries Inc. Lucchini S.p.A (Pending), Sun Capital Partners, Inc. Source Interlink Companies, Inc. Workflow Management Inc. AEC Associates LLC; Scopia Management Inc; Goldman, Sachs & Co., Asset Management Arm; Dimensional Fund Advisors LP; Soundpost Partners, LP The Yucaipa Companies, LLC Monroe Capital L.P., Monroe Capital LLC EdgeStone Capital Partners Inc., GF Private Equity Group, LLC, Perseus, L.L.C., The Renaissance Group, LLC Wolverine Tube Inc. Alpine Group Inc.; Deason, James E.; Johnson, Alpine Group Inc. Garry K.; Glickenhaus & Co.; Gabelli Funds, (OTCPK:APNI), Plainfield Asset LLC Management LLC, Wellington Management Company L.L.P. USA Aerospace / Automotive / Capital Goods / Metal 4/30/2009 21 Partners SGR S.p.A, AAC Capital USA Aerospace / 5/1/2009 Partners, Arca Impresa, Arca Impresa Automotive / Capital Gestioni SGR SpA, Arca Merchant SpA, Athena Private Equity SA, BC Partners,Interbanca SpA (Stefano Manservisi), Mediobanca S.p.A. (CM:MB), Meliorbanca SpA, Teachers' Private Capital Goods / Metal TD Capital Mezzanine Partners, TD Capital Mezzanine Partners Fund II, L.P. USA Leisure Time / Media 5/1/2009 USA Leisure Time / Media 5/1/2009 Deephaven Capital Management USA Aerospace / 5/4/2009 LLC, Deephaven Small Cap Growth Automotive / Capital Fund LLC, Delta Institutional, LP, Delta Offshore Ltd, Delta Onshore, LP, Delta Pleiades, LP, Diversified Investment Advisors, Inc., Fidelity Management & Research Company, Fidelity Northstar Fund, Fidelity Puritan Trust Fidelity LowPriced Stock Fund (NasdaqGM:FLPS.X), Genstar Capital Partners I, L.P., Genstar Capital, LLC, Prism Partners I, L.P., Silver Oak Investments, Trafelet Capital Management, L.P, Weintraub Capital Management, L.P. Goods / Metal GSCP (NJ) L.P. USA Financial Institutions 5/5/2009 Global Credit Comment: Exposure To Deteriorating Assets Increases Risks To Private Equity Page 19
Table 3: Defaulted Entities In 2009* (Continued) Entity Public Ownership (Largest shareholders) Private Ownership (Current) Private Ownership (Prior) Country Sector Date Thomson S.A. Brandes Investment Partners, L.P.; Societe NEC Corp. (TSE:6701), Silver Massachusetts Technology France Consumer / Service 5/7/2009 Generale Asset Management; Sparinvest Fondæglerselskab A/S; Templeton Investment Counsel, LLC; JPMorgan Asset Management (UK) Limited Lake (David Roux), TSA Development Corporation Sector Sonic Automotive Inc. Sonic Financial Corporation, Asset USA Aerospace / 5/8/2009 Management Arm; Fidelity Management & Automotive / Capital Research Company; Dimensional Fund Advisors LP; Smith, O. Bruton; Barclays Global Investors, National Association Goods / Metal Standard Motor GAMCO Asset Management, Inc.; Sills, Arthur Dana Holding Corporation USA Aerospace / 5/8/2009 Products Inc. S.; Dimensional Fund Advisors LP; Davis, (NYSE:DAN) Automotive / Capital Susan F.; Davis, Arthur D. Goods / Metal November 2005 Land Investors, LLC International Banking Corp. (The) Hayes Lemmerz International Inc. Troob Capital Management; Rutabaga Capital Management LLC; Aspen Advisors LP, Asset Management Arm; Deutsche Bank Securities Inc., Asset Management Arm USA Real Estate 5/11/2009 Ahmad Hamad Algosaibi & Bros. Bahrain Forest and building products / homebuilders CIBC Wood Gundy Capital, J.P. Morgan Partners, LLC, JLL Partners (Paul Levy), Joseph Littlejohn & Levy Fund II, L.P., Palladium Equity Partners, LLC, TSG Capital Fund II, L.P., TSG Capital Group, Varity Corporation USA Aerospace / automotive / capital goods / metal PT Davomas Abadi Indonesia Consumer / service 5/12/2009 Tbk. sector G Steel Public Co. Ltd. Thailand Aerospace / automotive / capital goods / metal 5/12/2009 Pakistan Mobile Orascom Telecom Holding S.A.E Pakistan Telecommunications 5/12/2009 Communications Ltd. (LSE:OTLD); The Capital Trust Group, Investments Arm NES Rentals Holdings Rutabaga Capital Management LLC; Private Diamond Castle Holdings, 1818 Fund III, L.P., AIG USA Aerospace / 5/13/2009 Inc. Management Group, Inc.; Pacholder & LLC (Stephen Bassford) Investments, Brown Brothers Harriman automotive / capital Company, LLC; AIG Global Investment Corp. & Co. Investment Arm, GTCR Fund V, goods / metal (Asia) Ltd.; JPMorgan Investment Advisors Inc.; L.P., GTCR Golder Rauner, State Teachers Retirement System of Ohio; LLC, Lexington Partners,Oaktree AIG Global Investment Corp. (United States); Kentucky Retirement Systems Capital Management, L.P. Dex Media Inc. Internationale Kapitalanlagegesellschaft mbH; PPM America Capital Partners, LLC Carlyle Partners III, L.P., Lexington USA Leisure time / media 5/15/2009 HSBC Global Asset Management (Hong Kong) Partners, New York State Retirement Ltd. CoInvestment Fund, L.P., PCG Capital Partners LLC, TD Capital, TD Capital Communications Partners, The Carlyle Group, Welsh, Carson, Anderson & Stowe, Welsh, Carson, Anderson & Stowe IX L.P. Donnelley (R.H.), Inc. Doddsville Investments, LLC; Douglas, Kevin G.; Horizon Asset Management, Inc.; Corwin, Jack B.; Norges Bank Investment Management Carlyle Partners III, L.P., Goldman Sachs Group, Merchant Banking Division, The Carlyle Group Global Credit Comment: Exposure To Deteriorating Assets Increases Risks To Private Equity Page 20 5/12/2009 5/12/2009 USA Leisure time / media 5/15/2009 Rapsod Trade Ltd. British Virgin Islands Leisure time / media 5/15/2009 Atrium Cos. Inc. National City Equity Partners, Ardshiel, Inc. (Daniel Morley, Dennis USA Forest and building 5/18/2009 LLC, PPM America Capital Partners, McCormick, Roger Knight), GE products / LLC, UBS Capital Americas Investments Private Placement Partners II, LP, GE Investments, Heritage Fund I, L.P.,Heritage Partners, Inc., HM Capital Partners LLC homebuilders Mandra Forestry British Virgin Forest and building 5/18/2009 Finance Ltd. Islands products / homebuilders Inn of the Mountain Gods Resort and Casino USA Leisure time / media 5/18/2009 NeoChina Land Group Freight Links Express Holdings Ltd. Samsung C&T Corporation China Real Estate 5/18/2009 (Holdings) Ltd. (SGX:F01) (KOSE:A000830), Samsung Securities Co. Ltd. (KOSE:A016360), Yu Ming Investments Ltd. (SEHK:666)
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 and 16: Table 3: Defaulted Entities In 2009
Page 17 and 18: Table 3: Defaulted Entities In 2009
Page 19: Table 3: Defaulted Entities In 2009
Page 23: Subscription to Global Fixed Income

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