Cerberus Global NPL Fund, L.P.

Disclaimer - Strategy Returns & Gross Investment The selected portfolios, transactions, strategies and investments presented herein represent a limited number of investments made by the Cerberus NPL Funds, and do not purport to be representative of (or constitute a material portion of) all investments purchased, sold or recommended for investment by the Cerberus Funds, including, without limitation, the Cerberus NPL Funds, and are not necessarily indicative of investments that the Cerberus Funds, including, without limitation, the Fund, will make in the future. significantly lower than any performance information presented as gross returns. The actual results of any particular investor in the Cerberus NPL Funds likely will materially differ from the net performance figures herein due to a number of factors, including, without limitation, that the NPL investments constitute only a portion of the investment portfolios of such Cerberus NPL Funds, transaction dates of capital activity, individual investment limitations or opt outs, the inclusion of the interest equivalent payments, if any, into the capital contributions, whether the investor invests through a feeder fund and the actual management incentive compensation and other expenses respect of such investor. GROSS INVESTMENT TARGET IRR The information presented herein reflects the performance of the NPL Strategy since February 1, 1998. If different periods of time were selected by Cerberus for the performance results of the NPL Strategy, the performance information would be materially different from the performance information presented herein and could reflect a loss. The information presented herein has been created internally by Cerberus and has not been audited. The valuations of unrealized investments are determined on a fair value basis in accordance with Cerberus' valuation policies and procedures. There can be no assurance that unrealized investments will be realized at the valuations used to calculate the performance information contained herein, as actual realized returns will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used to calculate the performance information contained herein are based. Certain of the past performance information forth herein is presented on a gross (not net) basis, and does not reflect the actual returns that would have been achieved by any investor in any Cerberus NPL Fund. The actual returns achieved by investors in any Cerberus NPL Fund would be Cerco unde Proprietary and Confidential | Not for Further Distribution et IRR The gross investment IRR information presented herein represents the targeted gross rate of return on an investment before the effects of Fund level fees and expenses. The net return to investors in Fund will almost certainly be less than the gross investment target IRR set forth herein. The gross investment target IRR information presented herein should not be used as a basis for an investor's decision to invest in the Fund. e mat o akofte The gross investment target IRR formation presented herein does not represent a target rate of return for the Fund and is presented solely for the purpose of providing information regarding the Fund's investment objective, the nature and type of investments that the Fund likely will pursue, and the Fund's anticipated risk and reward characteristics on an investment-by-investment basis. The gross investment target IRR information presented herein is not a projection or prediction of the future performance of the Fund or the return to any investor in the Fund. 4 The gross investment target IRR set forth herein is based upon a number of factors and assumptions for each investment as determined by Cerberus in its sole discretion. The assumptions used to establish the gross investment target IRR presented herein are based upon assumptions regarding future events and situations; however, investment conditions are dynamic and may change during the term of the Fund. Neither Cerberus nor any other person or entity makes any representation that any investments of the Fund will achieve the gross investment target IRR presented herein. cerberus

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