Asia PR News

NEW YORK, Oct. 31 /PRNewswire-AsiaNet/ –

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 $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: (212) 445-8213
JJ Rissi: (212) 445-8224
Cerberus Media Line: (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.

SOURCE Cerberus Capital Management, L.P.

/CONTACT: Peter Duda, +1-212-445-8213, or JJ Rissi, +1-212-445-8224, both
for Cerberus Capital Management, L.P.; or Cerberus Capital Management, L.P.
Media Line: +1-212-891-1558/
/Web site: http://www.cerberuscapital.com /