Overview of Qualifications Granite Equity Partners Stakeholder MERGERS & ACQUISITIONS Tradeshow CAPITAL MARKETS May 23, 2012 FINANCIAL RESTRUCTURING FINANCIAL ADVISORY SERVICES Confidential HL.com Overview of Houlihan Lokey A Leading Firm

Corporate Finance Financial Advisory Financial Restructuring

² Fairness Opinions ² Chapter 11 Planning ² Solvency Opinions ² Restructuring Debt and Equity ² Sell-side & Buy-side ² Opinions ² Debtor-in-Possession (“DIP”) Financing Transactions ² Transaction Advisory Services ² Exchange Offers ² Leveraged Transactions ² Tax & Financial Reporting Valuation ² Plans of Reorganization ² Minority Equity Transactions ² Portfolio Valuation & Advisory Services ² Distressed Mergers and Acquisitions Capital Markets ² Derivatives Valuation & Advisory Services ² Debt & Equity Private Placements ² Dispute Resolution & Financial Expert ² High Yield Opinions ² PIPEs Financings ² Liabilities Management ² Special Situations Advisory Ranked Among Top 10 M&A Advisors for Ten M&A Advisor’s No. 1 Investment Banking Straight Years 2011Valuation Firm of the Year Restructuring Advisor

2011 M&A Advisory Rankings Global M&A Fairness Advisory Rankings Global Distressed Debt & Bankruptcy U.S. Transactions Under $1 Billion Announced or Completed Deals – 2002 to 2011 RestructuringRankings 2011 Number Number Rank Advisor of Deals Number Rank Advisor of Deals Rank Advisor of Deals 1 Houlihan Lokey 103 1 Houlihan Lokey 33 2 of America Lynch 91 1 Houlihan Lokey 549 2 * Rothschild 28 3 & Co 80 2 JP Morgan 500 2 * 28 4 Jefferies & Co Inc 73 3 Bank of America Merrill Lynch 338 4 Moelis & Co. 17 5 72 4 Morgan Stanley 337 5 Blackstone Group LP 14 * denotes tie. 5 Goldman Sachs & Co 289 Source: Thom son R euters Source: Thom son R euters, January 2012. Source: Thom son R euters

2 Overview of Serving the Evolving Needs of Our Middle Houlihan Lokey Market Clients

Trusted Partner and Independent Advisor to Boards of Directors, Management Teams, Investors and Entrepreneurs

Acquisition and Divestiture Investment Capital, Debt and Equity Capital Markets Advisory, Recapitalization, Sale of Company Alternatives (IPO, High-Yield, Covenant Resets, Refinancing Private Placements) Restructuring Corporate Infrastructure Advice, Executive Personnel

Introductions Strategic Acquisitions

Growth Capital (Majority/Minority Equity Stable Investments, Debt Offering) Growth & Size Maturing Innovatio Relationship Building, n Strategic Introductions & Advice, Stock Option Planning Rapid Growth

Startup

Time

Ongoing ² Valuation Opinions ² Financial Expert Opinions ² Derivatives Valuation & Advisory Client ² Tax & Financial Reporting Valuations ² Portfolio Valuation & Advisory ² Solvency Opinions Needs: ² Dispute Resolutions ² Transaction Advisory Services ² Fairness Opinions

3 Overview of Houlihan Lokey Strategic Global Presence

² Houlihan Lokey has approximately 850 employees in 14 offices worldwide

² With three offices in Europe and three offices in Asia, Houlihan Lokey has the global reach and local country presence to support international transactions

² In 2005, Houlihan Lokey partnered with Corporation (NYSE:IX), a leading integrated group, headquartered in , Japan

² In 2010, Houlihan Lokey expanded its presence into India and through a strategic minority investment in the Avista Advisory Group, a 25-person investment banking firm headquartered in Mumbai

Avista Advisory locations

ORIX Corporation locations

4 Introduction Recent Highlights and Accomplishments

Closed More Mid-Cap Deals Than Any Other Firm Winner of Numerous Industry Awards

² Investment Banking Firm of the Year 2011 2010 ² Valuation Firm of the Year 2011 M&A Advisory Rankings 2010 M&A Advisory Rankings ´ Awarded by the M&A Advisor U.S. Transactions Under $1 Billion U.S. Transactions Under $1 Billion International Awards in September Number Number Rank Advisor of Deals Rank Advisor of Deals 2011 1 Houlihan Lokey 103 1 Houlihan Lokey 117 2 Bank of America Merrill Lynch 91 2 Goldman Sachs & Co 99 3 Goldman Sachs & Co 80 3 Lazard 82 ² Investment Banking Firm of the Year 4 Jefferies & Co Inc 73 4 Bank of America Merrill Lynch 77 5 Morgan Stanley 72 5 JP Morgan 73 ² Financing Dealmaker of the Year 6 JP Morgan 67 6 Jefferies & Co Inc 72 7 UBS 60 7 Morgan Stanley 59 ´ Awarded by the M&A Advisor 8 55 8 Credit Suisse 57 Financing Awards in May2011 9 Lazard 51 9 Barclays Capital 56 10 Barclays Capital 50 10 RBC Capital Markets 53 Source: Thom son R euters Source: Thom son R euters

2009 2008 ² 2010 Mid-market Financial Advisor of the Year – United States 2009 M&A Advisory Rankings 2008 M&A Advisory Rankings U.S. Transactions Under $1 Billion U.S. Transactions Under $1 Billion ´ Awarded by Financial Times and Number Number Mergermarket on December 13, Rank Advisor of Deals Rank Advisor of Deals 2010 1 Houlihan Lokey 71 1 Houlihan Lokey 112 2 Goldman Sachs & Co 57 2 Goldman Sachs & Co 87 Bank of America Merrill Lynch 55 3 3 JP Morgan 85 JP Morgan 53 4 4 Credit Suisse 78 5 Lazard 51 5 Merrill Lynch 62 6 * Credit Suisse 50 6 Morgan Sta nley 61 ² 2010 Investment Bank of the Year – 6 * Morgan Stanley 50 7 * Lazard 59 8 UBS 40 North America 7 * UBS 59 9 RBC Capital Markets 38 Citi 57 10 * Citi 36 9 ´ Awarded by InterContinental Jefferies & Co Inc 56 10 * AG 36 10 Finance Magazine on September * denotes tie. * denotes tie. Source: Thomson R euters Source: Thom son R euters 20, 2010 5 Fully Integrated Industry, Product and Financial Introduction Sponsors Capabilities

Product Expertise Dedicated Industry Groups Financial Sponsors

Aerospace • Defense • Government

Mergers & Business Services Acquisitions Consumer, Food & Retail Active Energy dialogue with a Financial Institutions Capital diversified Markets Financial Technology group of private Healthcare equity firms, Industrials hedge funds, Restructuring capital Infrastructure Services & Materials alliances and Media & Telecom limited Real Estate, Lodging & Leisure partners Financial Advisory Technology Transportation & Logistics

6 Overview of Houlihan Lokey Contact Information

Kreg J. Jackson Jeffrey A. Arnesen Managing Director & Director & Head of Financial Head of Financial Sponsor Coverage – Upper Advisory Services – Midwest Midwest & Canada P: 312.456.4748 P: 612.215.2260 E: [email protected] E: [email protected]

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