2. Acquiring Distressed Businesses in Ireland Jon Moulton

3. Ireland has lots of distressed companies. Fact. Irish Bank IPOs similar in frequency to distressed company acquisitions in Ireland. Also fact.

4. Total Insolvencies: Comparison from 2009 to 2011 Source: Insolvency Journal.(http://www.insolvencyjournal.ie/industrial_stats/11-09-01/Total_Insolvencies_Comparison_from_2009_to_2011.aspx)

5. Total Insolvencies by Industry: Comparison from 2009 to 2011 Source: Insolvency Journal. (http://www.insolvencyjournal.ie/industrial_stats.aspx?NewsCatID=7edd0572-1fa4-48df-bf06-9d64eedab7be)

6. Potential Targets Good businesses, bad balance sheets – debt for equity deals by banks Silly legacy cost base – rents -insolvency or law change Poor operating result, lots of debt (usually) - debt for equity - fresh equity - new management (mostly) (Our sort of deal) Poor businesses, bad balance sheets - liquidate and liberate people and assets

7. Owners NAMA – National hotel, golf and property conglomerate Irish Government backs NIB, Ulster, KBCR, other foreign owned International banks (Eircom) Private and public “owners”

8. Why Sort it Out Cons – Losses and job losses Pros – Get economy going again, restore reality to business Redeploy economic resources to economic activity Issues – What’s a fair price??? Won’t solve bloated and happy public sector I’m afraid

9. QUESTIONS