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Houlihan Lokey Acquires Red Pine Advisors

Press Release

Move Strengthens Houlihan Lokey’s Capabilities in the Valuation of Complex, Illiquid Securities

NEW YORK – Houlihan Lokey, an international investment bank, today announced the acquisition of Red Pine Advisors LLC, a New York‐based financial advisory firm that specializes in the valuation and pricing of illiquid structured product portfolios.

Red Pine will be part of Houlihan Lokey’s Portfolio Valuation & Advisory Services practice, a market leader in valuing illiquid instruments held by alternative asset managers and other financial institutions. Red Pine’s principals bring decades of experience in various asset classes, including structured products, real estate loans and illiquid corporate credit instruments. Red Pine’s three principals and 20 employees join Houlihan Lokey as part of this transaction.

Red Pine was founded two and a half years ago, in the midst of the financial crisis, as market participants struggled to determine the value of complex securities that could not be traded on traditional exchanges. Decreased liquidity, heightened financial reporting requirements and demands for greater transparency by regulators and investors created an increased need for third party valuations and led to significant growth for Red Pine since inception.

“Red Pine has developed a compelling platform and a strong reputation for the valuation of structured products, particularly in the banking, insurance and asset management industries,” said Michael Fazio, Managing Director and head of Houlihan Lokey’s Portfolio Valuation & Advisory Services. “Their expertise, technology and market position complement our existing business and will allow us to compete aggressively within this growing market segment.”

Red Pine combines unparalleled product expertise with powerful proprietary modeling techniques and robust access to market data. The result is valuations that are more accurate and efficient. Red Pine models project cash flows on the basis of deal and collateral credit fundamentals and capture up‐to‐the‐minute market color in order to calibrate modeling and yield assumptions, thereby allowing for constant reflection of market developments in the valuation process.

“We are excited to join forces with Houlihan Lokey, a pioneer in the valuation business, at a time when the firm is clearly expanding its footprint across the globe,” said Mitchell Kahn, Managing Principal of Red Pine. “We think our capabilities in structured products will be a valuable addition to the organization and clients of both firms will benefit greatly from the combination.” Prior to founding Red Pine Advisors with Thomas Bogal and Wade Vandegrift, Mr. Kahn was the Co‐President of RAIT Financial Trust (NYSE: RAS).

Houlihan Lokey Expands Global Platform to India and Singapore

Press Release

Strategic Investment in Avista Group Furthers Global Expansion in Dynamic, High-Growth Regions

LOS ANGELES and MUMBAI – July 7, 2010 – Houlihan Lokey, an international investment bank, announced today its expansion into India and Singapore through a strategic minority investment in the Avista Advisory Group, one of the region’s fastest-growing investment banks.

Avista, an investment bank and independent advisor with offices in Mumbai and Singapore, will partner with Houlihan Lokey to provide a wide range of advisory services, including mergers and acquisitions, financing, restructuring and valuation. Houlihan Lokey’s investment in Avista will provide capital for expansion efforts in India and Singapore.

“Moving into India is the clear next step in our global expansion effort," said Scott Adelson, Senior Managing Director and global co-head of Corporate Finance. "The investment we are making in Avista allows us to expand further into these high-growth markets with a dynamic and well-connected partner with a shared vision of client service.”

“We sought out Houlihan Lokey because of the firm's reputation and capabilities, but most importantly because of the shared commitment to our clients,” said Rajiv Kochhar, Founder and Chief Executive Officer of Avista. “With the capital investment and access to Houlihan Lokey’s network, we will be even better positioned to serve our clients.”

Houlihan Lokey launched its international expansion in 2002 with the opening of the firm’s London office. Since then, Houlihan Lokey has opened offices in Paris, Frankfurt, Hong Kong, Tokyo and Beijing.

About Avista Advisory Group

Avista Advisory Group is a Pan Asian investment banking advisory firm, with operations in India and Singapore, focusing on the mid-market sector. Avista provides a unique combination of investment banking advisory and consulting services to its growing clientele across the Asian region. Avista’s key product expertise is across M&A, financing and restructuring advisory, which is well supported by an experienced team with industry expertise across key sectors of industrials, services, TMT & infrastructure. The simple strategy for growth at Avista has been to service its high growth, mid-market clientele through its integrated platform of product, industry expertise and regional coverage across the corporate finance spectrum.

Houlihan Lokey Appoints Eileen Kamerick Chief Financial Officer

Press Release

LOS ANGELES – June 21, 2010 – Houlihan Lokey, an international investment bank, announced today that Eileen Kamerick has joined as a Managing Director and Chief Financial Officer responsible for leading the firm’s global financial management operations, including reporting, capital structure, taxes and treasury.

Ms. Kamerick brings 25 years of senior-level financial and legal experience gained at several Fortune 500 companies. Prior to joining Houlihan Lokey, she served as Chief Financial Officer and Chief Legal Officer for TectaAmerica Corp., the nation’s largest commercial roofing company. Before that, Ms. Kamerick was the Chief Financial Officer and Chief Administrative Officer for Heidrick & Struggles International, Inc. (NASDAQ: HSII), the world’s leading executive search and leadership development firm.

“We are delighted to have Eileen join our senior management team at this exciting time in the growth of Houlihan Lokey,” said Co-Chief Executive Officer Jeff Werbalowsky. “Her sharp financial skills and proven track record make her an excellent fit for us at a time when our global expansion effort is well under way,” added Co-CEO Scott Beiser.

“It is an honor to accept this leadership role at Houlihan Lokey, a firm that I have always held in the highest regard throughout my career,” Ms. Kamerick said. “Houlihan Lokey’s ability to advocate for its clients and to provide strategic resources across three continents creates unique opportunities for continued growth and expansion.”

Earlier in her career, Ms. Kamerick was Vice President and Treasurer of Amoco, and she served as Executive Vice President and Chief Financial Officer of BCOM3 Group, a media holding company with operations in more than 90 countries.

Ms. Kamerick holds a Bachelor of Arts from Boston College, a Juris Doctor from the University of Chicago and a Masters in Business Administration from the Graduate School of Business at the University of Chicago.

Houlihan Lokey’s Global Hiring Push Continues with Additions to Healthcare Team

Press Release

John Soden Joins the Firm in San Francisco and Craig Cook in London

June 16, 2010 – Houlihan Lokey, an international investment bank, announced that two veteran investment bankers have joined the firm’s Healthcare Group: John Soden, a Managing Director in the San Francisco office, and Craig Cook, a Director in the London office.

Mr. Soden, formerly a Managing Director with Thomas Weisel Partners, is leading Houlihan Lokey’s Medical Technologies practice, overseeing medical devices and products, life science tools and reagents, diagnostics and biopharmaceuticals. Mr. Cook, formerly CEO of the private equity firm Lydian Capital, is the head of Healthcare Services in Europe.

“Rapid and monumental changes in healthcare are driving the growth of our business in this industry,” said Patrick Hurst, Managing Director and Head of Houlihan Lokey’s Healthcare Group. “John and Craig are joining us at an exciting time and their expertise will be a great asset to our clients going forward.”

Houlihan Lokey's Healthcare Group is a recognized leader in M&A advisory and capital-raising services. Its Healthcare Group is among the largest in the field, focusing on four sectors: Healthcare Services, Managed Care, Healthcare Information Technology and Life Sciences.

Mr. Soden comes to Houlihan Lokey with more than 14 years experience in investment banking. His key deals include: the $1.1 billion sale of AB Sciex and related assets to Danaher on behalf of Life Technologies; the $780 million merger of FoxHollow Technologies with ev3; the $715 million acquisition of Laserscope by American Medical Systems; and the $273 million acquisition of Ambion by Applied Biosystems. Prior to Thomas Weisel Partners, Mr. Soden was a Director in the healthcare and M&A groups at UBS Investment Bank. He joined the predecessor firm, Dillon, Read & Co., as an Associate in 1997.

Mr. Cook joins Houlihan Lokey with more than 17 years of experience in investment banking and private equity, specializing in mergers and acquisitions. Some of his key industry deals include the $400 million acquisition of Castlebeck Holdings on behalf of Lydian Capital and the $50 million acquisition of Clinovia by Lyceum Capital. Most recently, he was the CEO of Lydian Capital, a $3 billion private equity fund focused on the U.K. and U.S. Healthcare sectors.

HOULIHAN LOKEY ANNOUNCES OFFICER-LEVEL PROMOTIONS

Press Release

LOS ANGELES – June 9, 2010 – Houlihan Lokey, an international investment bank, has announced the following promotions:

Senior Managing Directors

• Anita Antenucci – Corporate Finance
• Bill Peluchiwski – Corporate Finance
• Sandy Purcell – Financial Advisory Services

Managing Directors

• Gary Brewster - Financial Advisory Services
• Mark Goldman - Financial Sponsors Coverage
• Steve Hughes - Corporate Finance
• Brad Jordan - Financial Restructuring
• Niklas Lerche - Financial Restructuring
• Matthew Mazzucchi - Financial Restructuring
• Karen Miles - Financial Advisory Services
• Derek Pitts - Financial Restructuring
• Stephen Spencer - Financial Restructuring

Directors

• Jeffrey Arnesen - Financial Sponsors Coverage
• Christina Carroll - Financial Advisory Services
• Kushal Kapadia - Corporate Finance
• Manuel Martinez-Fidalgo - Financial Restructuring
• Ann Miller - Financial Restructuring
• Andrew Morrow - Financial Restructuring
• Rit Amin - Corporate Finance
• Robert Rosenberg - Financial Advisory Services
• Reid Snellenbarger - Financial Restructuring
• Setch Subudhayangkul - Corporate Finance

Senior Vice Presidents

• Scott Alford - Corporate Finance
• Helen Cheng - Financial Advisory Services
• Chris Foley - Financial Restructuring
• Dan Gissinger - Financial Restructuring
• Nickolay Ivin - Financial Advisory Services
• Scott Jackson - Financial Restructuring
• Michael Jenny - Corporate Finance
• Matthew Kaczmarek - Corporate Finance
• Jason Price - Corporate Finance
• Matthew Ryan - Corporate Finance
• David Salemi - Financial Restructuring
• Thomas Seward - Financial Restructuring
• John Song- Corporate Finance
• Terry Treemarcki - Financial Advisory Services
• Andrew Walter - Corporate Finance
• Malte Wulfetange - Financial Restructuring

Vice Presidents

• Hamadi Ben Mustapha - Corporate Finance
• Matthew Bowersox - Corporate Finance
• Alexander Clinton - Financial Advisory Services
• Nathan Court - Financial Restructuring
• Kinga Elo - Financial Advisory Services
• Kevin Hou - Financial Advisory Services
• Andrew MacNamara - Financial Advisory Services
• Daniel Mallegni - Corporate Finance
• Michael McDermott - Financial Advisory Services
• Michael Morabito - Corporate Finance
• Daniel O'Donnell - Financial Advisory Services
• Michael Pisani - Corporate Finance
• Alexey Raskin - Financial Restructuring
• Arun Reddy - Financial Restructuring
• Youmna Salameh - Financial Advisory Services

Tangible Asset Group

• Brent Maier – Senior Vice President
• Sean Robison – Senior Vice President
• Richard Edwards – Vice President
• Kevin Secrist – Manager

“Please join me in congratulating our colleagues on these well-deserved promotions,” said Scott Beiser, co-Chief Executive Officer of Houlihan Lokey. “They have all distinguished themselves in personally enhancing our franchise value through their hard work and stellar performance.”

HOULIHAN LOKEY NAMES CHRIS CROFT CO-HEAD OF FAIRNESS OPINION PRACTICE

Press Release

NEW YORK – June 9, 2010 – Houlihan Lokey is pleased to announce that Chris Croft, Managing Director in the firm’s New York office, has been named Co-Head of its Fairness Opinion practice. Chris also serves as Co-Head of the firm’s Solvency Opinion practice, and during his career has completed more than 250 fairness and solvency opinion assignments related to buyside and sellside mergers and acquisitions, going-private transactions, debt and equity offerings, spin-offs, stock repurchases and asset sales. He has served as a member of the firm’s Fairness Opinion Committee since 2005.

Houlihan Lokey is an international investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation. More boards of directors and special committees turn to Houlihan Lokey to advise on the fairness of pending transactions than any other advisor. In 2009, Thomson Reuters ranked the firm the No. 1 M&A fairness opinion advisor for global transactions over the past 10 years. Houlihan Lokey’s recent fairness opinion experience includes opinions to the Board of Directors of Kraft Foods Inc in connection with the company’s sale of its North American frozen pizza business to Nestle S.A. and acquisition of Cadbury PLC, and an opinion to the Special Committee of the Board of Directors of Orbitz Worldwide, Inc. in connection with a debt-for-equity exchange and equity raise.

HOULIHAN LOKEY AND KNIGHT FORM JOINT MARKETING ALLIANCE

Press Release

NEW YORK – May 18, 2010 – Houlihan Lokey, an international investment bank, today announced a joint marketing alliance with Knight Capital Group, Inc. (Nasdaq: NITE), a leading provider of market access and trade execution services across multiple asset classes.

Houlihan Lokey and Knight will team up to provide investment banking, capital markets and sales and trading services to their clients. Houlihan Lokey offers the industry-driven expertise of its investment banking division and its experience in developing financing solutions through a detailed understanding of its clients’ industries and capital structures. Knight brings deep and broad capabilities in distribution, and trading and after-market support, leveraging its position as a leading liquidity provider to institutional and retail investors. Together, the two firms will work to deliver world-class capital markets capability, focused on equity and fixed-income underwriting.

“By joining Knight’s distribution prowess with Houlihan Lokey’s independent investment banking advice, this alliance allows us each to focus on what we do best,” said Scott Adelson, Senior Managing Director and Co-Head of Corporate Finance at Houlihan Lokey. “We looked at other options for entering the distribution business and everything else paled in comparison. Knight is the best at what they do, and we are the best at what we do. It’s a powerful combination.”

“The alliance between Houlihan Lokey and Knight is a great example of two firms, each playing to their strengths, working together to deliver an outstanding result,” said Thomas Joyce, Chairman and Chief Executive Officer of Knight Capital. “It is a strategic and cost effective move to provide Houlihan Lokey clients with expanded distribution and Knight clients with access to new issues.”

UPDATE: On May 25, 2010, Knight's ticker symbol changed to "KCG" as the company's stock commenced trading on the New York Stock Exchange (NYSE), as well as the Professional Segment of the Paris market of NYSE Euronext.

About Knight

Knight Capital Group, Inc. (Nasdaq: NITE) is a global financial services firm that provides market access and trade execution services across multiple asset classes to buy- and sell-side firms. Knight's hybrid market model features complementary electronic and voice trade execution services in global equities and fixed income as well as foreign exchange, futures and options. The firm is the leading source of liquidity in U.S. equities by share volume. Knight also offers capital markets services to corporate issuers. Knight is headquartered in Jersey City, NJ with a growing global presence across North America, Europe and the Asia-Pacific region. For more information, please go to www.knight.com.

HOULIHAN LOKEY TO HOST 5TH ANNUAL GLOBAL INDUSTRIALS CONFERENCE IN NEW YORK

Press Release

Event Will Focus on Industrial Growth Opportunities in the New Decade

NEW YORK – May 12, 2010 – Houlihan Lokey, an international investment bank, will hold its 5th Annual Global Industrials Conference on Tuesday, May 18, 2010 at the Grand Hyatt Hotel in New York City.

This year’s event, hosted in partnership with Knight Capital Group, will focus on growth opportunities at the dawn of a new decade. Approximately 40 public and private companies are scheduled to make presentations and more than 800 executives are expected to attend.

“This is an excellent forum to build relationships, expand industry contacts and gain insights into successful strategies across several key industries,” said Bill Peluchiwski, Co‐Head of the Industrials Group at Houlihan Lokey. “The conference will provide a dynamic platform for capital providers and companies alike to explore their options.”

“And this year, for the first time, we are delighted to partner with Knight, a global capital markets firm that provides trade execution capabilities across multiple asset classes,” added Jim Lavelle, Co‐Head of the Industrials Group. “With Knight’s involvement, we will offer an expanded conference experience by hosting special tracks dedicated to public and private presenting companies.”

In addition to the company presentations, Houlihan Lokey and Knight will host panel discussions addressing the following timely issues:

Mergers & Acquisitions: Current State of the Market and Outlook for 2010 and 2011
Capital Markets: Out of the Darkness and Into the Glaring Sun – Return of the Debt and Equity Financing Markets
Government’s New Role in the Private Sector: Implications for Healthcare, Taxes and the Environment

The following industry sectors will be represented at the conference: Metals & Mining, Industrial& Environmental Technologies, Chemicals, Capital Goods, Plastics & Packaging, and Automotive& Transportation.

Houlihan Lokey’s Industrials Group is a leader in the financial services industry, ascending the league tables for the past several years. In 2009, Thomson Reuters ranked Houlihan Lokey the No. 1 M&A advisor for all U.S. Industrial transactions.

For more information about attending the conference, contact a Houlihan Lokey representative at (866)321‐1766 or GIConference@HL.com. For an updated list of presenting companies, please click on the following link:

http://www.hl.com/conference/GIC2010/registration/speakers.asp

HOULIHAN LOKEY LAUNCHES PENSION FUND ADVISORY PRACTICE, HIRES INDUSTRY VETERAN FRANCIE HELLER

Press Release

NEW YORK – May 11, 2010 – Houlihan Lokey, an international investment bank, announced today that Francie Heller has joined as a Managing Director responsible for leading the firm’s rapidly growing pension fund advisory practice.

Ms. Heller, a 20-year pension industry veteran formerly with Bears Stearns & Co. and MBIA Inc., will run Houlihan Lokey’s Pension Services group, which will focus exclusively on building relationships with public and corporate pension funds, foundations and endowments.

“Pension fund administrators are increasingly turning to Houlihan Lokey for objective and independent advisory work related to valuation, corporate finance, secondary market transactions and special situations,” said John Mavredakis, Senior Managing Director and Head of the Financial Sponsors Coverage Group. “We have already completed several high-profile engagements with some of the world’s largest pension funds and we feel now is the right time to establish a dedicated business practice focused solely on the needs of the pension fund community.”

Ms. Heller brings a wealth of experience to her new role. At Bear Stearns, she ran the Pension, Endowment and Foundation Services Group. At MBIA, she launched MBIA’s Asset Management Business with more than $30 billion under management. Most recently, she was a Managing Director of Pension Fund Solutions at Chilton Investment Company. Earlier in her career, Ms. Heller was an Educational Director with several New York State public school districts.

“I am excited to join Houlihan Lokey and lead this effort at such a crucial time in the pension fund industry,” Ms. Heller said. “The need for expert financial advice – without conflicting interests – has never been more important than it is today.”

Ms. Heller holds a B.S. in Speech Therapy from Boston University, a Professional Diploma in Educational Administration from Fordham University and an M.S. Equivalent in Special Education from the University of Georgia, Athens. She is an advisor to the Government Finance Officers Association’s Committee on Retirement and Benefits Administration and a trustee and chair of Furman University’s Investment and Debt Committee.

ASIA SOCIETY SOUTHERN CALIFORNIA ANNOUNCES NEW CHAIRMAN

Press Release

LOS ANGELES, CA (March 22, 2010) Asia Society Southern California (ASSC) announced today the appointment of James H. Zukin as its Chairman. Mr. Zukin, co-founder and Senior Managing Director of Houlihan Lokey, is committed to fostering the Pan-Asian mission of Asia Society to build strong relationships between the United States and Asia focusing on economic, political and cultural ties between the two global regions.

Mr. Zukin joins the ASSC after being elected to the society’s Board of Trustees on February 25, 2010. He joins ASSC’s Executive Committee Vice Chairman Thomas McLain of Arnold & Porter and members Richard Drobnick of USC’s Marshall School of Business, Michael Gisser of Skadden Arps, Andrew Knox formerly of Korn/Ferry International, Randall Love of KPMG, Catherine Park of Giant Robot, and Peter Shiao of Orb Media Group.

“It’s an honor and a privilege to serve as chairman of this outstanding non-profit organization,” Mr. Zukin said. “At Houlihan Lokey, I have spent decades building close ties with our friends and business partners in Asia, and I look forward to doing the same in my new role with the Asia Society.”

Mr. Zukin and co-founders O. Kit Lokey and Robert F. Howard built and established Houlihan Lokey Howard & Zukin with the assistance of more than 200 officers over the past 35 years. His focus on Asia for the past five years gives him the contacts and perspective to facilitate and strengthen understanding between the people of Asia and America. Houlihan Lokey, an international investment bank, provides a wide range of advisory services in the areas of mergers and acquisitions, capital markets, financial restructuring, and valuation. The firm has more than 800 employees in 14 offices in the United States, Europe and Asia.

Mr. Zukin often presents on Chinese M&A and restructuring issues to various Chinese officials, including the China Securities Regulatory Commission, and the Chinese Banking Regulatory Commission. He speaks frequently at business conferences in the United States and Asia on M&A, financial restructuring and financial valuation, among other topics. He also serves on the advisory board of XBMA.

“Asia Society is delighted to welcome Mr. Zukin to Asia Society’s Board of Trustees and to the Chairmanship of the Asia Society Southern California Center,” said Asia Society President Vishakha N. Desai. “Mr. Zukin’s extensive experience and contacts in Asia, business acumen and appreciation of the importance of cultural fluency in today’s global marketplace make him an ideal board member and chairman. We also thank outgoing ASSC Chairman Donald Tang, who during his five years of service raised the profile of the center, creating and supporting new and exciting programs that will provide the building blocks for our future activities in the Los Angeles area.”

Asia Society is the leading global and Pan-Asian organization working to strengthen relationships and promote understanding among the people, leaders, and institutions of the United States and Asia. We seek to increase knowledge and enhance dialogue, encourage creative expression, and generate new ideas across the fields of arts and culture, policy and business, and education.

Founded in Los Angeles in 1985, Asia Society Southern California is an independently funded regional Center that develops unique programs and activities. Home to the largest Asian population in the United States, Los Angeles is a vibrant microcosm of Asian and American relations. Asia Society and its network of Centers in the U.S. and Asia are supported by contributions from foundations, corporations, and individuals.

For more information visit www.AsiaSocietySoCal.org and www.AsiaSociety.org

HOULIHAN LOKEY CONTINUES HIRING SURGE AND NAMES WILLIAM HOOD A DIRECTOR IN CONSUMER PRODUCTS

Press Release

NEW YORK – April 7, 2010 – Houlihan Lokey, an international investment bank, announced today that William S.J. Hood has joined the firm’s Consumer, Food & Retail Group as a Director, focusing on the Consumer Products sector. Mr. Hood will be responsible for non-food consumer products including Personal Care, Consumer Health, Household Products and Housewares.

Mr. Hood brings almost eleven years of Consumer Products related M&A transaction experience to Houlihan Lokey. Prior to joining the firm, he was a Partner and Director at Sawaya Segalas, a firm he joined at its inception. Mr. Hood was also previously at PaineWebber where he executed M&A, equity and debt transactions for various companies.

His most recent transaction experience includes the sales of Beiersdorf's Futuro business to 3M Company, CNS (Breathe Right brand) to GlaxoSmithKline, Advantage Sales & Marketing to J.W. Childs and Merrill Lynch Global Private Equity, Punica to PepsiCo (Germany), Medtech to GTCR, and JB Williams to Combe, among many others.

“William is an excellent addition to our growing practice and will be instrumental in spearheading growth in several important consumer segments,” said Jay Novak, Head of the Consumer, Food & Retail Group. “We are excited to have William onboard. His deep industry relationships coupled with our global capabilities should enable him to provide even more value to his clients in the years to come,” added Scott Adelson, Co-Head of Corporate Finance and Senior Managing Director.

Mr. Hood received a B.Sc. from Georgetown University and is registered with FINRA as a General Securities Principal (Series 7 and 24) he also is a Limited Representative – Investment Banking (Series 79).

HOULIHAN LOKEY BOOSTS CHEMICALS PRACTICE AND HIRES CHRIS CERIMELE TO LEAD THE CHARGE

Press Release

CHICAGO – March 31, 2010 – Houlihan Lokey, an international investment bank, announced today that Christopher D. Cerimele has joined the firm’s Industrials Group as a Director and Head of the Chemicals Practice. Mr. Cerimele will provide investment banking services to the chemicals industry globally, with coverage of all major sub-sectors including, but not limited to, organic and inorganic chemicals, specialty and fine chemicals, agrochemicals, pharmaceutical chemicals and specialty materials.

Mr. Cerimele is an advisor to leading public corporations, private equity firms and privately held companies. He has significant cross-border transaction experience and has worked with clients based in Asia, Europe and North America, including: Akzo Nobel, American Pacific Corp., American Vanguard, Catalent Pharma Solutions, Cognis, GenCorp, Haas TCM, Kuraray, Lamberti, Lanxess, Marubeni, Polynt, Sekisui Chemical, SOLVAY, and Syrgis Performance Products, among many others.

“Chemicals is a key sector within the Industrials Group and Chris’ proven track record and leadership complement our existing strong chemicals franchise,” said Bill Peluchiwski, Co-Head of the Industrials Group. “Chris has considerable experience internationally which is key for our global platform,” added Jim Lavelle, Co-Head of the Industrials Group. “We are very excited to have him join the team.”

Prior to joining Houlihan Lokey, Mr. Cerimele spent more than seven years with Lincoln International, where he founded the firm’s chemicals practice and served as its global co-head of chemicals and head of chemicals for North America. Under his leadership, Lincoln completed 25 chemicals transactions from 2006 to 2009, including eight in 2009.

Mr. Cerimele received a B.S. cum laude in accounting from the University of Southern California and an MBA from the University of Chicago Booth School of Business. He is a Certified Public Accountant (inactive) and registered with FINRA as a General Securities Principal (Series 7, 24 and 63) he also is a Limited Representative – Investment Banking (Series 79).

HOULIHAN LOKEY RANKS AMONG TOP GLOBAL ADVISORS

Press Release

Annual League Tables Underscore Firm’s Strong Growth in Difficult Times

LOS ANGELES – March 31, 2010 – Houlihan Lokey, an international investment bank, is pleased to announce the firm’s rankings as the No. 1 M&A advisor for U.S. transactions under $3 billion, the No. 1 investment banking restructuring advisor, and the No. 1 M&A fairness opinion advisor over the past 10 years, according to 2009 league tables.

Despite unprecedented turmoil in the financial markets, Houlihan Lokey’s global expansion and domestic growth has kept the firm at the top of the closely watched rankings in many areas. The firm also has continued to hire key investment bankers throughout the downturn of 2008-09.

“Our expertise and execution have delivered impressive results for our clients, regardless of market conditions,” said Scott Beiser, Co-CEO of Houlihan Lokey. “The 2009 league tables simply reflect the fact that we are aggressive, and we are growing, and we expect that to continue well into the new decade,” added Co- CEO Jeffrey Werbalowsky.

Houlihan Lokey also is ranked the No. 1 advisor for all U.S. transactions in several industries, including: Business Services; Consumer, Food & Retail; Industrials; Infrastructure, Services & Materials; Real Estate, Lodging & Leisure; and Technology.

The league tables are compiled by The Deal Pipeline for restructuring assignments, and Thomson Reuters for M&A engagements and fairness opinions, based on number of transactions. In December 2009, International Financing Review named Houlihan Lokey the “Restructuring House of the Year” and The M&A Advisor tapped the company as “Investment Banking Firm of the Year.”

ROBERT HYER JOINS HOULIHAN LOKEY TO LAUNCH FINANCIAL TECHNOLOGY GROUP

Press Release

NEW YORK – March 10, 2010 – Houlihan Lokey, an international investment bank, announced that Robert E. Hyer, Jr. has joined the firm as a Managing Director and head of the Financial Technology Group.

Mr. Hyer, a 23-year veteran investment banker formerly with Greenhill & Co. and Citigroup, will lead the practice, focusing exclusively on companies in the financial technology industry. He will be joined by Bruce Urbanek, a financial technology specialist formerly with Goldman Sachs and Citigroup.

“We continue to aggressively add senior talent to the firm and this is another example of that happening in a key area,” said Scott Adelson, Senior Managing Director and global co-head of Corporate Finance. “Rapid change in the financial technology industry is presenting new opportunities and Bob’s history of successful advisory work in this area will be instrumental to our growth going forward.”

Before joining Houlihan Lokey, Mr. Hyer was a managing director at Greenhill & Co., where he advised KKR on the $27 billion acquisition of First Data, and Ceridian in their proxy defense and $5.2 billion sale to TH Lee. During his 19-year tenure at Citigroup, Mr. Hyer established Citi’s global electronic services group, advising clients including Certegy, PayPal, E*Trade, Fiserv, MasterCard, Concord EFS, Heartland, MoneyGram and NYCE.

Mr. Hyer is a graduate of the United States Naval Academy and the University of California Berkeley Haas School of Business. He is registered with FINRA as a General Securities Principal (Series 7, 24 and 63) and a Limited Representative – Investment Banking (Series 79).

CHARLES MILLS JOINS HOULIHAN LOKEY AS A MANAGING DIRECTOR IN ATLANTA

Press Release

ATLANTA – February 25, 2010 – Houlihan Lokey, an international investment bank, announced today that Charles W. Mills has joined the Atlanta office as a Managing Director, heading up mergers and acquisitions for the Southeast U.S. region.

In his new role, Mr. Mills will provide strategic financial advice to leading companies in the southeast. Mr. Mills will be assisting clients in raising capital and mergers and acquisitions. “With the addition of Charlie Mills, Houlihan Lokey continues its commitment to providing our clients the highest quality local advisers, while also providing them with our global capabilities and deep industry knowledge that clients have come to depend on us for,” said Scott Adelson, Senior Managing Director and global co-head of Corporate Finance.

Before joining Houlihan Lokey, Mr. Mills headed Macquarie Capital’s M&A practice in the Southeast U.S. region. He also previously served as Managing Director and head of the Industrial Practice Group at SunTrust Robinson Humphrey, where he specialized in providing private equity and corporate clients with financial advisory and capital raising services.

Prior to his 14 years in investment banking, Mr. Mills was a Lieutenant with the United States Navy, serving as a nuclear engineer and Surface Warfare Officer.

Mr. Mills holds a Bachelor of Science degree in Economics with Honors with Distinction from the United States Naval Academy and an MBA from the Harvard Graduate School of Business Administration. He is registered with FINRA as a General Securities Principal (Series 7, 24 and 63) and a Limited Representative – Investment Banking (Series 79).

BING CHEN JOINS HOULIHAN LOKEY AS A MANAGING DIRECTOR IN HONG KONG

Press Release

HONG KONG – January 14, 2010 – Houlihan Lokey, an international investment bank, announced today that Bing Chen has joined the Hong Kong office as a Managing Director, further advancing the firm’s ongoing global expansion.

Mr. Chen will be responsible for spearheading the growth of Houlihan Lokey’s Financial Advisory Services business unit in Asia. With Mr. Chen’s arrival, the firm now has expanded senior-level executive presence in Asia across its full range of investment banking services and can provide clients with seamless access to an integrated global platform.

Houlihan Lokey launched its international expansion in London, and has since established offices in Paris, Frankfurt, Hong Kong, Tokyo and Beijing.

During the past two decades, Mr. Chen has held leadership positions at global institutions in Asia, the United States and Europe. He has extensive experience and success in the areas of corporate development, restructuring, investment banking and financial advisory services. Prior to joining Houlihan Lokey, Mr. Chen served as the Chief Executive Officer of a European specialty financing company.

Houlihan Lokey’s Financial Advisory Services business unit provides clients with assessments, advice and opinions on the fairness or solvency of transactions, the valuation of assets, businesses, securities and complex financial instruments. As an investment banking firm, Houlihan Lokey is able to offer these services without the conflicts faced by other valuation service providers, and is also able to leverage the transaction expertise it gains from advising on hundreds of M&A and restructuring assignments each year. In 2009, Thomson Reuters ranked Houlihan Lokey the No. 1 M&A fairness opinion adviser over the past 10 years.

“There is a growing opportunity in Asia for the independent opinions and advisory services that Houlihan Lokey has come to be known for during the past 40 years,” said Jack W. Berka, Senior Managing Director and Global Head of Financial Advisory Services. “The addition of a seasoned professional such as Bing to our Asian team will allow Houlihan Lokey to capitalize on this opportunity and provide Asian clients with the full range of expertise and service that we are recognized for elsewhere in the world.”

Mr. Chen added: “Houlihan Lokey has a strong, established reputation as a trusted financial adviser to clients throughout North America and Europe, and this same reputation is rapidly developing in Asia. The convergence of global and local standards for governance and regulation in Asia are creating a healthy demand for quality valuation and advisory services. I look forward to accelerating the growth of our business by providing premier services to existing and new clients in the region.”

Earlier in his career, Mr. Chen was the Chief Financial Officer of Comdisco Europe, where he restructured businesses in 14 countries with a total value of more than $1.6 billion. Previously, as Director of Corporate Strategy at Deutsche Bank Americas, Mr. Chen directed investment banking strategy, M&A and corporate investments, regulatory compliance, risk and organizational management. He began his career at Arthur Andersen where he led global projects in several groups, including Structured Finance, Derivatives and Treasury Risk Management Consulting, and Audit Services. Mr. Chen holds an MBA in Finance with honors from Columbia Business School and a BBA in Accountancy from the City University of New York. He is a Certified Public Accountant in New York State, and a member of AICPA and Beta Gamma Sigma of Columbia University.

Houlihan Lokey offers a globally-integrated platform of investment banking services to clients located throughout Asia, Europe and the United States. Recent clients served in Asia and Europe include NTT Communications, Mandarin Oriental, Marubeni Corporation, Peak International Limited, France Telecom, Monier Group GmbH and EN+ Group.

LIBRA SECURITIES JOINS HOULIHAN LOKEY

Press Release

Jess Ravich Joins as a Managing Director and Head of Debt Capital Markets

NEW YORK, New York – November 3, 2009 – Houlihan Lokey, an international investment bank, announced today that it has significantly enhanced its ability to provide debt financing solutions for its clients with the addition of all of the Libra Securities professionals. Founded and headed by Jess Ravich, Libra has been providing innovative financing solutions to clients for more than 18 years with a focus on raising capital for the gaming industry, with such notable clients as Bally’s Park Place, Boyd Gaming and Horseshoe Gaming.

Mr. Ravich, who joins Houlihan Lokey as a managing director and head of Debt Capital Markets, brings a unique combination of capital markets experience coupled with the entrepreneurial experience of building a successful investment bank.

Commenting on these hires, Jeff Werbalowsky, Co-CEO of Houlihan Lokey, said, “We are excited to have Jess and the Libra team on board. Our middle market clients need capital in this recovering economy. With the skills and experience Jess brings to our firm and our busy financing team, we are looking forward to making a lot of those clients very happy through creative sale or financing solutions.”

Mr. Ravich said, “Houlihan Lokey is known as a premier advisor of clients in all areas of corporate finance. Their industry-driven, senior-focused approach to investment banking strongly aligns with our own, and we believe that their client base will benefit from our full range of financing expertise. We look forward to merging our teams as we continue to serve existing and new clients.”

Mr. Ravich was founder, president and CEO of Libra Securities with supervision over sales, trading and capital markets and corporate finance transactions. Prior to that, he was executive vice president of the fixed income department at Jefferies & Company. Prior to Jefferies, Mr. Ravich was at Drexel Burnham Lambert where he was a member of the Executive Committee of the high yield group and shared responsibility for running high yield trading from 1988 until Drexel closed in 1990. Mr. Ravich is a graduate of the Wharton School at the University of Pennsylvania, summa cum laude, and Harvard Law School, magna cum laude, as well as editor of The Harvard Law Review.

DR. KAI-CHING LIN JOINS HOULIHAN LOKEY AS A MANAGING DIRECTOR

Press Release

NEW YORK, New York – October 20, 2009 – Houlihan Lokey, an international investment bank, announced today that Dr. Kai-Ching Lin, Ph.D. has joined the firm’s New York office as a Managing Director, specializing in the valuation of complex securities including structured products and derivatives. Prior to joining the firm, Dr. Lin was a managing director in the Financial Engineering practice of Duff & Phelps, LLC. Earlier, he was the global head of quantitative methodology in the valuation risk group at Credit Suisse, where he was responsible for developing valuation risk methodology for the trading of derivatives tied to products such as: equities, interest rates, credit, mortgages, commodities and life insurance.

Commenting on the hire, Michael A. Fazio, Managing Director and Global Head of Portfolio Valuation & Advisory Services, said, “We are excited that Dr. Lin has chosen to join Houlihan Lokey’s platform, and even more excited to be able to offer his expertise to our clients. Dr. Lin has more than 12 years of experience in financial consulting in addition to his academic tenure and deep experience valuing the complex securities currently held by many financial institutions. We look forward to having Dr. Lin as part of our team.”

Dr. Lin added, “Houlihan Lokey has established itself as an authority in the valuation of complex securities and derivatives on behalf of hedge funds, other financial institutions and even government entities. As institutions continue to struggle with the valuation of these instruments, particularly in light of evolving standards for mark-to-market accounting, Houlihan Lokey is well-positioned to help clients face these challenges. I am delighted to join the firm.”

Dr. Lin received his B.S. from National Taiwan University and a Ph.D. in mathematics from UCLA. He taught and conducted research at various academic institutions, including the University of Chicago, the University of Wisconsin, UCLA, the Mathematical Science Research Institute and the University of Alabama. He was also Associate Editor of Financial Analysts Journal (FAJ), a publication for Chartered Financial Analysts.

Houlihan Lokey’s Portfolio Valuation & Advisory Services provide hedge funds, private equity firms, other investment managers and financial institutions with independent third-party valuation and advisory services for their illiquid assets. The firm values a broad range of securities and instruments including: illiquid debt and equity securities, mortgage-backed securities (MBS), collateralized debt obligations (CDO), collateralized loan obligations (CLO) and complex derivative instruments. The firm’s expertise in the valuation of complex securities and instruments has been particularly relevant in its advisory roles to creditors of both Lehman Brothers Holdings and CIT Group. In June 2009, the firm was appointed to a new expert group formed by the International Valuation Standards Committee (IVSC) on the valuation of financial assets and liabilities.

HOULIHAN LOKEY LAUNCHES TRANSACTION ADVISORY SERVICES GROUP

Press Release

LOS ANGELES, California – September 29, 2009 – Houlihan Lokey announced today the launch of a dedicated Transaction Advisory Services Group which will provide clients with comprehensive financial and tax due diligence services as they evaluate acquisition or investment targets. This service enables clients to benefit from:

an increased understanding of significant patterns in the historical performance of the target business.
a thorough evaluation of the quality and sustainability of the reported earnings and free cash flow of the target business.
an assessment of the achievability of the target business' financial forecasts.
an understanding of the key tax and financial reporting risks in purchase agreement negotiations.
an evaluation of the post-closing purchase price adjustments.
consideration of the effects of purchase accounting and valuation requirements in post-transaction financial models for recently acquired businesses.

The Group will be led by Sam W. Clark, Managing Director in Houlihan Lokey’s Dallas office. Commenting on the service expansion, Mr. Clark said, “We intend to draw on our transaction expertise from our leading M&A advisory practice to assist clients in executing deals that will help create shareholder value. We have established ourselves as a leading advisor in Tax & Financial Reporting Valuation Services. The addition of transaction due diligence services to our platform enables us to provide our corporate and private equity clients with independent advice starting at the earliest stages of a transaction through to the purchase accounting valuation analyses and ongoing impairment testing.”

Jack W. Berka, Senior Managing Director and Global Head of Financial Advisory Services, commented, “We have always explored new ways to leverage our experience and existing capabilities to meet the needs of our clients. We’re excited to add transaction due diligence to our robust—yet specialized—suite of services and bring new value to our clients.”

As part of this expansion, three new executive hires join Houlihan Lokey as Senior Vice Presidents in the firm’s Dallas office. Jack Elliott, most recently with Celanese Corporation and Brian Sipes, most recently with Flowserve Corporation, were previously directors of PricewaterhouseCoopers LLP’s Transaction Services practice. Travis Pittman was most recently a partner at the Lockton Companies, LLC and previously provided transaction due diligence services at KPMG LLP and Deloitte & Touche LLP.

MERGERMARKET AND HOULIHAN LOKEY STUDY INDICATES RISING IMPORTANCE OF SOLVENCY AND RELATED VALUATION OPINIONS IN CORPORATE TRANSACTIONS

Press Release

New York, New York and London, England, September 21, 2009 — Recently making news for their role in a number of high-profile failed buyouts, solvency opinions have become a hot topic for transaction professionals. In a new study released by mergermarket in association with Houlihan Lokey, the percentage of respondents who believed that solvency opinions will often have a direct impact on the terms or completion of a transaction over the next year nearly doubled compared to those who believed solvency opinions had this strong an impact before the onset of the credit crisis. This shift in sentiment underscores a rising importance of these types of opinions for transaction professionals and boards of directors worldwide.

The study, conducted during the third quarter of 2009, compiles interviews of senior corporate executives, private equity practitioners and lawyers from the US and Europe regarding their recent and historical experience with solvency and related valuation opinions.

A solvency opinion is a financial opinion issued typically at the close of a transaction that addresses certain financial tests of solvency. The opinion is often required by boards and/or lenders as additional protection in the case of a subsequent fraudulent conveyance claim. An overwhelming number of respondents—86% in Europe and 82% in North America—believed that M&A professionals have become more aware of solvency and fraudulent conveyance issues over the past two years, most likely due to the sudden appearance of the solvency opinion in business headlines.

Further, 78% of respondents said that the valuation process has been directly impacted by poor economic conditions, with the availability of financing and volatility in the equity markets cited as two variables that have a strong influence on the process.

“There is still a lot of uncertainty in today’s markets,” said Ben A. Buettell, Managing Director and Head of Houlihan Lokey’s Solvency Opinion practice. “In the transactions that are coming to market, buyers and lenders are taking a closer look at the valuations of assets and liabilities on a pre- and post-transaction basis. The study’s findings are in line with our observations that professionals are responding to ongoing market complexities and the growing concern that solvency opinions are more likely to be challenged in the future by spending more time on these valuation issues.”

The study also illuminates key differences between the market for solvency and related valuation opinions in Europe versus North America. Two-thirds of North American respondents reported to have been involved in a transaction that included a solvency opinion over the past three years, compared to just one-third of European respondents. However, three-quarters of European respondents expect demand for solvency opinions to increase in their region compared to only half of North American respondents, indicating that Europeans can expect to be hearing more about solvency and solvency opinions in the coming months.

E.W. “Sandy” Purcell, Managing Director and Co-Head of Houlihan Lokey’s Financial Advisory Services in Europe, commented, “While concepts of solvency and viability vary across the EU, we’re seeing a convergence around heightened concerns over solvency issues, both in and out of the transaction context. The regime varies across jurisdictions. For example, in France, the legal framework for solvency is still under development, while in Germany, directors of companies are obligated to file for insolvency if the company cannot pass the “cash flow test” (liquidity) projected over the next 24 months. Accordingly, directors will often hire an independent advisor to determine whether the company in question has in fact entered the “zone of insolvency.”

Perhaps most importantly, the study revealed a sense that solvency opinions have gone from being a “check-the-box” exercise, to a detailed, carefully handled analysis that “offers greater security from litigation post-transaction.”

Additional findings include:

82% of respondents say the process of projecting future cash flows has been directly impacted by poor economic conditions and uncertainties regarding a recovery.
76% of respondents expect the increase in demand for solvency opinions to be most significant for refinancings, while an additional 61% say asset sales will see the greatest increase in solvency opinion demand.
41% of respondents say solvency opinions will be used primarily to address concerns that the buyer is taking on more debt than it can service over the next 12 months.

For a complimentary copy of Solvency and Related Valuation Opinions, please visit http://www.HL.com/publications/solvencystudy/.

If you have questions regarding the study, members of the media should contact Hannah Bagshawe on +1 (646) 378-3194 or via email at Hannah.Bagshawe@mergermarket.com or Michael Utley on +1 (310)789-5765 or via email at MUtley@HL.com.

About Houlihan Lokey
Houlihan Lokey, an international investment bank, provides a wide range of advisory services in the areas of mergers and acquisitions, financing, financial restructuring, and valuation. The firm was ranked the No. 1 M&A advisor for U.S. transactions under $2 billion in 2008 and the No. 1 U.S. fairness opinion advisor over the past 10 years by Thomson Reuters. In addition, the firm advised on more than 500 restructuring transactions valued in excess of $1.25 trillion over the past 10 years. Notable engagements cover numerous sectors and virtually all of the largest U.S. corporate bankruptcies, including Lehman Brothers, General Motors, WorldCom and Enron. The firm has more than 800 employees in 14 offices in the United States, Europe and Asia. Each year we serve more than 1,000 clients ranging from closely held companies to Global 500 corporations.

About mergermarket
mergermarket, part of The Mergermarket Group, is an unparalleled, independent M&A intelligence tool used by the world's foremost financial institutions to originate deals. It provides proprietary intelligence on potential deal flow, potential mandates and valuations via the world's largest group of M&A journalists and analysts who have direct access to the most senior decision-makers and corporates. Mergermarket Group has over 450 employees worldwide and regional head offices in New York, London and Hong Kong. The Mergermarket Group is a division of the Financial Times Group, publisher of the Financial Times newspaper and FT.com. The FT Group is a division of Pearson plc, the international media group. Visit us at www.mergermarket.com.