QUARTERLY NEWSLETTER TERMS

Enclosed in this email is the quarterly investor letter for the Centerbridge Partners, L.P. fund in which you are invested.

Centerbridge’s quarterly investor letters are prepared for existing investors in Centerbridge’s funds for their investment monitoring purposes and are not marketing materials. They should not be used or relied upon for the purposes of making an investment decision with respect to any Centerbridge fund, and only the relevant private placement memorandum and governing documents may be relied upon for such purpose. Our investor letters are a short narrative reflection of select matters that are believed by Centerbridge to be of potential interest to existing investors in the relevant fund – for example, to illustrate a theme in the marketplace of relevance to the applicable fund during the period or to provide detail into one or more of the fund’s investments that may be generally illustrative of Centerbridge’s approach to investing. Each investor letter is intended to be reviewed by the fund’s existing investors in the larger context of that fund’s investment program and various other reports furnished by such fund.

As you know, these letters are highly confidential and not intended for public disclosure, and are subject to the same confidentiality obligations to which the other confidential information in the Centerbridge fund data room are subject.