Contrarian Capital Management, LLC.

Real estate has been a key focus of the firm since inception
Focus on distressed and opportunistic real estate situations where either real estate debt and or equity can be purchased at a discount to its fundamental values
Selective origination of real estate debt in special situations including recapitalization of distressed capital structures, “white knight” financing, section 363 Chapter 11 court mandated asset sale financing
Fast track due diligence process utilizing Contrarian’s extensive network of real estate industry resources
Ability to close transactions quickly, all-cash basis with a strong industry reputation of integrity and execution
Dedicated real estate team of professionals with an average industry experience in excess of 15 years
Will form partnerships with local operating partners to purchase and manage investments
Transactions target size minimum of $5 million investment
Investments nationally as well as select markets in Europe and Brazil with a present focus on the US

Specific types of investments include:

Sub or Non-performing first mortgage loan

Syndicated bank debt and mortgage participations secured by dfdlarge single assets or real estate portfolios

Bankruptcy secured and unsecured claims

White knight recapitalizations/rescue financing

Selective highly discounted CMBS and CRE CDO bonds

Defaulted municipal debt instruments

Credit impaired sale-leaseback paper

Distressed finished lot and unsold condo inventory fee simple dfdacquisitions

Asset turnarounds/repositioning on commercial real estate

Secondary purchase of Limited Partnership and General dfdPartnership interests

Stressed liquidations of assets or interests from existing dfdinvestment fund vehicles

Prospective real estate investments and joint venture opportunities should be referred via email to Gil Tenzer at
real-estate@contrariancapital.com

Portfolio Manager: Gil Tenzer