Cerberus Global NPL Fund, L.P.

1 Strong Downside Protection Since inception, profitable investments accounted for 96% of total NPL capital invested, $104 million of capital lost from a total of $17 billion deployed Gross IRR Distribution of NPL Investments (1) Capital Deployed, USD Million Loss-Making Positions Capital Deployed, USD Million Avg Gross MOIC Avg Cost ($m) # Transactions $453 (2) $18 <(5%) (3) 0.0x -0.5x 0.39x 6.2 3 $119 4% of Capital Invested $104m capital lost (70bps of total invested cost) 0.5x -0.75x 0.63x 19.9 6 $508 0.75x-1.0x 0.91x 21.1 24 $637 0 - 5% Proprietary and Confidential | Not for Further Distribution $2,914 5-15% (1) Figure represents the total capital deployed in NPL investments which fall into the Gross IRR range denoted on the axis below (see point (3)). (2) Figure denotes the Gross IRR range within which the NPL investments fall. 21 $4,587 15 - 25% only erberus al NPL Fund, L.P. - North Dakota State Investment with $7,183 25% + cerberus

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