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Secretary John Snow is Pleased at the Opportunity to Work With Leading Private Investment Firm Cerberus Capital Management, L.P.

NEW YORK, October 31 /PRNewswire/ --

- Feinberg and Quayle Welcome Snow's Contribution to the Firm

John W. Snow, who served as 73rd Secretary of the Treasury of the United States of America, today issued the following statement about his previously announced appointment as Chairman of Cerberus Capital Management, L.P. Cerberus Capital CEO Steve Feinberg, and Chairman of Cerberus Global Investments, LLC and former Vice President Dan Quayle, added comments recognizing the valuable addition of Snow's insight, operational experience and knowledge of global economic issues.

Snow stated, "I am pleased to be joining this outstanding organization after a long career in both the public and private sectors working to improve the performance of capital markets here and abroad. Well-functioning capital markets play a central role in strengthening business performance around the globe. One of the things that drew me to Cerberus is their intense focus on improving the competitiveness and operating performance of the businesses in which they invest by marrying high-level financial expertise with their experienced operating executives. I am also impressed by their willingness to be a patient investor that allows companies to pursue their long-term strategies. This investment philosophy helps create stronger business enterprises, more secure and well-paying jobs and economic growth, which of course leads to prosperity. These are worthy and important objectives.

"I am deeply impressed by Cerberus' focus on sound management, operational excellence, good corporate governance, unwavering integrity and unrelenting commitment to the highest ethical business practices. These are the cornerstones to outstanding company performance. Well-performing companies create good jobs with strong long-term prospects. As Treasury Secretary, I felt deeply that the primary objective of economic policy was the creation of good, well-paying jobs as the foundation for rising standards of living. I am pleased to be joining an organization whose investment strategies further these objectives."

Quayle added, "I am very pleased to welcome John Snow as the Chairman of Cerberus Capital Management. I have known John for many years, both in his role as U.S. Treasury Secretary and in his many positions as a private sector business leader and corporate governance advocate. I look forward to working with him as part of the Cerberus team. Because of his extensive global experience, I am excited about the contributions John will bring to Cerberus and the Cerberus companies. Together, I look forward to continuing our work of improving the performance of the companies in which we invest.

"As Treasury Secretary, John combined calm leadership and a unique understanding of the global markets to maintain the ongoing expansion of the U.S. economy and international economic growth. As CEO of CSX Corporation, he successfully combined his intricate understanding of global economics trends, capital markets and emerging markets to promote growth and industry leadership. He has earned a reputation as an expert on capital markets, business operations and corporate governance. We welcome his wisdom, experience and knowledge to Cerberus."

Feinberg concluded, "It's an honor to have a person of Secretary Snow's stature join the Cerberus team. Secretary Snow has worked tirelessly, traveling the globe, to build a consensus on global economic issues. We will benefit enormously from his vast experience in business operations as well as his keen insights into economic trends and forces."

Following this press release is complete biographical information for Snow.

About Cerberus:

Established in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms with US$16.5 billion under management in funds and accounts. Through its team of more than 275 investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus is headquartered in New York City, with offices in Chicago, Los Angeles, and Atlanta, as well as advisory offices in London, Baarn, Frankfurt, Tokyo, Osaka and Taipei. More information on Cerberus can be found at http://www.cerberuscapital.com.

    
    Media Contacts:
    Peter Duda: +1-(212)-445-8213
    JJ Rissi: +1-(212)-445-8224
    Cerberus Media Line: +1-(212)-891-1558

                                    Appendix

                           Biography of John. W. Snow

John W. Snow served as the 73rd Secretary of the Treasury from February 3, 2003 until June 29, 2006. As Treasury Secretary, he led the Bush Administration's Economic Team and was its leading voice on economic issues.

A signature accomplishment was his leadership on the effort to pass the historic 2003 Jobs and Growth Tax Relief Act, which significantly lowered tax rates on individuals as well as on capital investment, leading to the strong economic recovery enjoyed during his tenure.

Under Snow, the U.S. economy grew at nearly 4%, the unemployment rate fell from 6.3% to 4.7%, over 6 million new jobs were created, while inflation remained low and well-contained, equity markets climbed, and the federal deficit dropped from 3.6% of GDP to under 2%, a performance to rival any on record.

Snow led the international economic community to consensus on key issues, including policies on currency flexibility, global growth, IMF reform, the Iraq debt deal and debt relief for the world's poorest countries. During his tenure the global economy performed extraordinarily well. It was an era of stability with no international crises and global growth rose to over 4%.

Snow aggressively fought the financial war on terror and founded an office dedicated to that task at Treasury. Because of his actions, America and the world community were made safer.

Prior to becoming Treasury Secretary, Snow was Chairman and Chief Executive Officer of CSX Corporation, a global transportation company. Snow held that position for over a decade, during which time he successfully guided the multi-modal global transportation company through a period of tremendous change.

Snow held several high-ranking positions in the Department of Transportation during the Ford Administration where he led the efforts to deregulate the motor carrier, airline, barge and rail industries.

From 1994 through 1996 Snow served as Chairman of the Business Roundtable, the foremost business policy group comprised of 250 chief executive officers of the nation's largest companies. During that period, he played a major role in supporting passage of the North American Free Trade Agreement and working on the deficit reduction agreement. Snow also served on the Executive Committee of the Business Council.

Snow is widely recognized as a leading champion of improved corporate governance practices. He served as co-chairman of the influential Conference Board's Blue-Ribbon Commission on Public Trust and Private Enterprise, which made a number of recommendations to improve corporate governance. He also served as co-chairman of the National Commission on Financial Institution Reform, Recovery and Enforcement in 1992 that made recommendations following the savings and loan crisis.

Snow was born in Toledo, Ohio, on August 2, 1939, and did undergraduate work at Kenyon College and the University of Toledo, from which he received a BA in 1962. Both schools have honored him with honorary degrees.

Snow holds a Masters Degree from Johns Hopkins University and a Ph.D. in economics from the University of Virginia where he studied under two Nobel Prize winners. Snow went on to do legal studies at George Washington University, taking a JD in 1967.

Coming from a family of teachers, Snow has had a life-long interest in education. He has served on the economics faculties at the University of Maryland and the University of Virginia. He also taught on the law faculty at George Washington and was a Visiting Fellow at the American Enterprise Institute in 1977 and a Distinguished Fellow at the Yale School of Management from 1978 until 1980. His interest in education also includes service on the School Board of the City of Richmond from 1983 to 1985.

Prior to joining the Administration, Snow served on various corporate and non-profit boards including Johnson and Johnson, USX, Verizon, Textron, the University of Virginia Darden School, the American Enterprise Institute and Johns Hopkins University.

Web site: http://www.cerberuscapital.com

SOURCE Cerberus Capital Management, L.P.



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