Cerberus Global NPL Fund, L.P.

The Cerberus NPL Edge Cerberus has several competitive advantages in NPL investing 1 >> $16.6bn Equity Invested >>> Experienced and tenured investment team >>> Experienced NPL Investor Over $16.6 billion of equity invested in 213 NPL transactions across 18. countries globally Strong track record of generating compelling risk adjusted returns across multiple cycles >>> 2 High Barriers to Entry >>> 213 Global Transactions Cerberus believes only a limited number of buyers have the expertise to invest in NPLs: since 2014, the top 4 buyers accounted for ~50% of volume sold in Europe (2) Cerberus has been the largest buyer of NPLs in Europe since 2014, accounting for 21% of the market (2) A Cerberus Proprietary and Confidential | Not for Further Distribution Highlights 18 Countries Globally und, orth >> whyota vestment Board Cerberus has strong third- party relationships with industry counterparties Transactions with over 40 distinct sellers Repeat transactions with 17 of Europe's largest banks since 2010 >> Cerberus has been able to close a number of large proprietary transactions 4 11 Strategy IRR (1) >>> Servicing Expertise >>> Servicing oversight is key to underwriting and monetizing NPL transactions (2) Source: Cushman & Wakefield (Real Estate Loans Sales - 2014, 2015, 2016); Evercore (European Distressed RE Market Report, 2016, 2017). Cerberus has been adept at establishing relationships with local servicing partners across multiple geographies CES is a platform of 50 employees with offices in London, Amsterdam, Frankfurt, Dublin, Belfast and Madrid 21.1% Net Strategy IRR (1) 5 Network of Senior Advisors >>> Experienced team of senior advisors Deep networks cerberus

View entire presentation