Cerberus Global NPL Fund, L.P.

Disclaimer - Strategy Returns This presentation includes information regarding the stand- alone performance of investments made pursuant to Cerberus' NPL strategy made by the Cerberus Funds since inception of the strategy. The NPL investments made by the Cerberus Funds constitute a specific investment strategy of Cerberus (the "NPL Strategy"), and generally consist of investments in NPL assets, including but not limited to purchases of portfolios of commercial real estate secured loans and unsecured loans which are suffering from some form of delinquency, as well as foreclosed real estate assets ("REOS"), made by Cerberus' NPL group (the "NPL Group"). Such investments may include NPLs, real estate assets, real estate servicing or asset management companies, and the NPLs may include obligations with varying terms with respect to collateral, relative seniority or subordination, purchase price, convertibility, interest requirements and maturity. Such investments are included because they were made by the NPL Group and would be made by the Fund in similar circumstances. The Cerberus Funds that have made NPL investments are referred to collectively herein as the "Cerberus NPL Funds". The information presented herein reflects the performance of all of the NPL investments made by all of the Cerberus NPL Funds since February 1, 1998. As a result, the information presented herein reflects investments made by many different Cerberus Funds, and does not reflect the investments made by, or the performance of, any particular Cerberus Fund or any small group of Cerberus or the returns with respect to any particular investor inds the Cerberus Funds. The purpose of the information presented herein is to present the performance information of the NPL Strategy and all of the NPL investments made by the Cerberus NPL Funds in the aggregate since February 1, 1998. The investments reflected here are based upon Cerberus' internal determination of the investments that are part of the the emer the ban Proprietary and Confidential | Not for Further Distribution NPL Strategy. While Cerberus believes such determination to be reasonable, Cerberus makes no representation that such determination encompasses every investment that I could possibly be included within the NPL Strategy or that certain investments that Cerberus has included in the NPL Strategy should not be so included. Because investments made by certain of the Cerberus Funds in the NPL Strategy generally were made as part of a more diversified portfolio of investments, and were not made as stand-alone portfolios for the NPL Strategy, investors should consider the limitations inherent in the strategy-level performance information set forth herein. In addition, if all of the investments reflected herein had been included as part of Cerberus Funds with a more diversified portfolio, different Fund terms and different Fund limitations, it may have affected how decisions were made with respect to the NPL Strategy and, therefore, the performance shown herein would have been materially different. While Cerberus manages certain funds that invest only in European NPLs. Cerberus has not included the performance of such funds herein as (i) there is no single Cerberus fund that has an investment mandate as broad as the Fund's, (ii) the Cerberus NPL Funds invested during different time periods, and (iii) the Cerberus NPL Funds each have unique terms, including without limitation, in respect of diversification, investment limits, leverage and fees. Accordingly, Cerberus believes the performance of such funds is not representative of its entire NPL track record. Not all of the Cerberus Funds had or have an interest in the investments within the NPL Strategy. Further, among the Cerberus NPL Funds that have investments in the NPL Strategy, the amounts, percentages, characteristics and returns for such investments have been and are materially different across such Cerberus NPL Funds. Among other things, the NPL investments of the Cerberus NPL Funds may have represented only a small portion of the overall 3 investments of such Cerberus NPL Funds. As a result, the past performance information of each particular Cerberus NPL Fund is mater different from the past performance information set forth herein for the NPL Strategy as a whole. The information presented herein with respect to the NPL Strategy has been prepared and calculated by Cerberus in accordance with the methodology described herein. While Cerberus believes that its methodology results in an appropriate and accurate determination of the performance of the NPL investments in the aggregate, there exists a large number of other methodologies that Cerberus could have used in calculating the performance returns of the NPL investments. Such other methodologies would incorporate one or more assumptions that are different from those described herein and, if one or more of such methodologies were used, the performance shown herein may have been materially different. In addition, the methodology described herein is different from the strategy-level past performance methodology previously employed by Cerberus. These differences reflect Cerberus' ongoing efforts to refine its calculation methodology to be as accurate as possible. If prepared in accordance with the methodology previously employed by Cerberus, the performance shown herein likely would have resulted in lower performance results. No conclusion of any type or kind should be drawn regarding the past, current or future performance of any Cerberus Fund, whether now existing or hereafter created, including but not limited to the Fund, whether or not based upon the information presented herein. It should not be assumed that any of the holdings, transactions or investments made by the Cerberus Funds, including, without limitation, the Cerberus NPL Funds and the Fund, will be profitable, or that the specific investments will be profitable, either individually or in the aggregate. Past performance is not indicative of, and is not a guarantee of, future results. cerberus

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