1. Surviving in an economic downturn

2. Surviving in an economic downturn Chair: John Wm. Butler Jr. Skadden, Arps, Slate,Meagher & Flom LLP Alistair Dick, Rothschild Simon Freakley, Zolfo Cooper Adolfo Laurenti, Mesirow Financial Dr. Nasser H. Saidi, DIFC and Hawkamah

3. Experiencing worst financial/credit crisis in more than 70 years Regional financial market turmoil has spilled over to the broader global economy, leading to significant uncertainty and volatility Coordinated global governmental measures have had some effect on thawing credit conditions, have begun to stabilize credit markets and have stemmed the systemic failure risk in the global financial system Global Economic Outlook

4. What We Don't Know Long-term consequences of this crisis Impact of consumer savings and de-leveraging Impact of growing crisis in commercial real estate market and structured credit card syndication conduits Business reactions to crisis Collateral consequences of government intervention and "quasi" nationalization Timing of recovery Global Economic Outlook

5. Despite improvements in capital markets over the last six to nine months, significant challenges remain for many corporations with near- and medium-term debt maturities Hundreds of billions of dollars of bank debt, high-yield debt, and commercial real estate debt is scheduled to come due between 2010 and 2014 Exacerbated by the financing boom that peaked in the middle of the last decade Potential solutions: –“Amend-to-extend” transactions –Covenant relief amendments and refinancings –Exchange offers –Prepackaged or prenegotiated reorganizations and insolvency cases (including sales and other change of control transactions) The “Wall of Debt” Ahead

6. “The Best of Both Approaches” LBO Funds Distressed Hedge Funds Prefers medium to long-term investments: Less comfortable with buying distressed debt without certainty of attaining ‘blocking’ position Concerned about contentious restructuring situations Pays up for control Pays higher multiple for management Extensive usage of financial leverage with significant equity commitment Conducts extensive due diligence, often with access to management and non-public information Longer lead time Excels at short to medium term trading of distressed debt securities Does not require control Does not pay a premium for management Requires little to no equity contribution Makes investment decisions based on publicly available information Quick turnaround Approaching Distressed Investing from Different Private Equity Angles Distressed Investing

7. A Distressed Debt Primer

8. 9. Reorganization Legal documentation and implementation 8. Investor Fatigue Consensus based on pro- portional sharing of pain 7. Core Business Plan Leads to an outline of a Reorganization plan 6. Investor Despair It is always worse and more complex than they thought 5. Creditors Organize Due diligence commences 4. Further Erosion Leading to admission of a serious problem 3. Management Delays Seeks an internal solution 2. Crisis Event Rising management awareness of distress 1. Financial Deterioration Often without full management awareness Different Stages in the Distress Cycle

9. Cash Conservation and Supplemental Liquidity Measures Assess Non- Strategic Businesses and Assets Restructure/Retire Loan and/or Note Obligations Consolidation/ Strategic Transactions Additional Financing or Equity Infusion Human Capital Initiatives Potential Strategic Platforms

10. Creditors' Committee Government Agencies Government Investigations Strategic Partners Suppliers Customers Lenders / Steering Committees Litigation Plaintiffs Salaried Employees Unions Ad Hoc Equity Committee Equity Committee Ad Hoc Trade Creditors Committee Indenture Trustee (sub. debt) Indenture Trustee (Senior Debt) Ad Hoc Bondholders Committee Plan Investors Rights Offering Standby Purchasers Stakeholders Company

11. Surviving in an economic downturn Chair: John Wm. Butler Jr. Skadden, Arps, Slate,Meagher & Flom LLP Alistair Dick, Rothschild Simon Freakley, Zolfo Cooper Adolfo Laurenti, Mesirow Financial Dr. Nasser H. Saidi, DIFC and Hawkamah

12. When the bank goes bust: Rewriting the rulebook 11.30am – 12.45pm

16. Conference Co-Chair Dr. Nasser H. Saidi DIFC and Hawkamah

18. When the bank goes bust: Rewriting the rulebook

19. Chair: Peter Spratt, PricewaterhouseCoopers Edward Middleton, KPMG Christopher Mirick, Cadwalader, Wickersham &Taft LLP Rutger Schimmelpenninck, Houthoff Buruma

20. VIDEO CLIP

21. When the bank goes bust: Rewriting the rulebook Chair: Peter Spratt, PricewaterhouseCoopers Edward Middleton, KPMG Christopher Mirick, Cadwalader, Wickersham &Taft LLP Rutger Schimmelpenninck, Houthoff Buruma

23. Government intervention or interference?: State aid to financially troubled companies 2.00pm – 3.15pm