Cerberus Global NPL Fund, L.P.

Main Target Geographies While Cerberus adopts an opportunistic approach to geographic focus, we believe the opportunities are currently in Europe, China and Brazil 1 European Opportunity Market Size (1) €800 billion+ Key Drivers of Transaction Volume >> Regulatory pressure (2) >> Banks improving profitability (3) >> Changes to foreclosure processes(4) 2 China Opportunity Market Size (5) $1.0 to $2.0 Proprietary and Confidential | Not for Further Distribution Key Drivers of Transaction Volume » Government Reforms and pressure (6) >> bal NPL FOwing NPL stock (7) of Norimakota State Investment alling ad (5) Source: China Banking Regulatory Commission (CBRC) dataset, 2017; Citi Research, "China Banks," February 23, 2017. (6) Source: Bank of America Merrill Lynch, "No deleveraging, no new cycle," September 22, 2017. (7) Source: China Banking Regulatory Commission (CBRC) dataset, 2017. (8) Source: Deloitte Analysis, Banco Central do Brasil and BNDES. February 2017. (9) Source: World Bank WEO Dataset, December 22, 2017; Source: Federal Reserve Bank of St. Louis, April, 2017. 3 Brazil Opportunity 24 Market Size (8) $160 to $200 billion (1) Source: PWC, "European Portfolio Advisory Group Market Update," April 2017. (2) Source: European Commission, "Progress in the Reduction of Non-Performing Loans in Europe," January 18, 2018.; Citi Research, "ECB Reinforces NPL Guidance," October 6, 2017; European Central Bank, "Addendum to the ECB Guidance to banks on non-performing loans," October 4, 2017. (3) Source: European Banking Authority, "Risk Assessment of the European Banking System," November 2017. (4) Source: PWC research, "The Italian NPL Market," December 2017. Key Drivers of Transaction Volume (⁹) >> Regulatory pressure >>> >> Strong banks » Improving economic/political outlook Fast foreclosure process cerberus

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