Bowlmor and AMF Bowling Worldwide Announce Completion of Merger

  Bowlmor and AMF Bowling Worldwide Announce Completion of Merger

 The New Company, Bowlmor AMF, is the Largest Operator of Bowling Centers in
                                  the World

Business Wire

NEW YORK -- July 1, 2013

AMF Bowling Worldwide, Inc. and certain of its affiliates (“AMF”) and Strike
Holdings LLC (known as “Bowlmor”), today announced the completion of their
merger. The new company, known as Bowlmor AMF, is the largest operator of
bowling centers in the world with 7,500 employees, 272 bowling centers and
combined annual revenue of approximately $450 million.

As a result of the transaction, AMF, which filed for Chapter 11 in May 2013,
will reorganize and combine with Bowlmor to create Bowlmor AMF. The new
company will be jointly owned by Bowlmor, certain of AMF’s second lien
lenders, including an affiliate of Cerberus Capital Management, L.P. and
Credit Suisse. The new company will include three different brands and
categories of bowling centers, including Bowlmor Centers, Bowlero Centers and
AMF Centers.

In addition, Bowlmor AMF will hold a 50% ownership in Qubica AMF, the industry
leader in bowling scoring, pinsetters, lanes, ball returns, pins and other
capital and replacement equipment. The company and its partner, Qubica, look
forward to a revitalized and renewed focus on Qubica AMF and expanding its
innovation leadership and customer focus in the bowling industry.

Tom Shannon, Chairman, CEO and President of Bowlmor AMF said, “I am pleased to
announce the completion of this merger. We are confidentthat Bowlmor’s proven
approach to marketing and operations, coupled with AMF’s incredible scale and
penetration in key markets, will ensure the company’s future growth and
success and we are excited about the potential for renewed innovation and
growth at Qubica AMF.”

“For generations, the AMF brand has been synonymous with bowling in America,”
said Brett Parker, Vice Chairman, CFO and EVP of Bowlmor AMF. “Bowlmor is the
leading upscale bowling brand. The completion of this merger will effectively
bridge these two worlds, creating what we envision as the ultimate American
leisure company.”

About Bowlmor AMF: Bowlmor AMF is the largest operator of bowling centers in
the world, with 264 domestic locations and 8 locations in Mexico that
specialize in corporate and special events, as well as league and walk-in
retail bowling. The company was created in 2013 following the merger of
Bowlmor, an upscale bowling and entertainment company, and AMF Bowling
Worldwide, which was at the time the world’s largest owner and operator of
bowling centers.

About Cerberus Capital Management, L.P.: Established in 1992, Cerberus Capital
Management, L.P. is one of the world's leading private investment firms.
Cerberus has more than US $20 billion under management invested in four
primary strategies: distressed securities & assets; control and non-control
private equity; commercial mid-market lending and real estate-related
investments. From its headquarters in New York City and large network of
affiliate and advisory offices in the US, Europe and Asia, Cerberus has the
on-the-ground presence to invest in multiple sectors, through multiple
investment strategies in countries around the world.

About Credit Suisse: Credit Suisse AG is one of the world's leading financial
services providers and is part of the Credit Suisse group of companies
(referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse is
able to offer clients its expertise in the areas of private banking,
investment banking and asset management from a single source. Credit Suisse
provides specialist advisory services, comprehensive solutions and innovative
products to companies, institutional clients and high net worth private
clients worldwide, and also to retail clients in Switzerland. Credit Suisse is
headquartered in Zurich and operates in over 50 countries worldwide. The group
employs approximately 46,900 people. The registered shares (CSGN) of Credit
Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland
and, in the form of American Depositary Shares (CS), in New York. Further
information about Credit Suisse can be found at www.credit-suisse.com.

Contact:

For Bowlmor AMF:
Rubenstein Associates
Marcia Horowitz
212-843-8014 (office)
917-922-0408 (mobile)
mhorowitz@rubenstein.com
or
For Cerberus Capital Management, L.P.:
Peter Duda, 212-445-8213
John Dillard, 212-445-8052
Cerberus Media Line
212-891-1558
or
For Credit Suisse:
Drew Benson, Corporate Communications
212-325-0932 (office)
drew.benson@credit-suisse.com
 
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