Cerberus Global NPL Fund, L.P.

1 European Opportunity: Market Size Despite the increasing pace of NPL sales, European banks have approximately € 800 remaining on their balance sheets (2) Sales of European NPLs and REO Assets (1) Face Value, EUR billion 25 2012 31 2013 82 2014 88 51 2016 (1) Source: Evercore (formerly (2) Source: European Banking Authority, Risk Dashboard, Q4 2017. Proprietary and Confidential | Not for Further Distribution 101 2017 2018E 95+ 77 YTD 2018 Cushman & Wakefield) European Real Estate Loan Sales Market Q3 2018. Estimated Quantum of 25 EUR million Germany UK 米 38 50 60 23 Greece 112 € 813bn 100 NPLs in 2017, (²) 106 of NPLs Spain 187 Cerberus Cobal Not Furd L.P.-North * State of Summentillon Italy 136 France cerberus

View entire presentation