Cerberus Global NPL Fund, L.P.

1 European Opportunity: Key Drivers of Transaction Volume Improving Bank Profitability European banks have been strengthening profitability and capital ratios, facilitating NPL disposals European Banks: Average Return on Equity (¹) In Percent 8.0% 6.0% 4.0% 2.0% 3.5% 0.0% Dec-14 Jun-15 Jun-16 7.0% Dec-16 Proprietary and Confidential | Not for Further Distribution Jun-17 (1) Source: European Banking Authority, "Risk Assessment of the European Banking System," November 2017. Evolution of Cerberus Global NPL Fnd, L.P. - North Dakota vesti faster potential pace of 27 In Percent 14.0% 13.0% 12.0% 11.0% 11.5% 10.0% Dec-14 Jun-15 Boa Loaded CET1 Ratios (1) Dec-15 Jun-16 14.0% Dec-16 Jun-17 cerberus

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