Cerberus Capital Management Appoints John W. Snow as Chairman

Cerberus Capital Management Appoints John W. Snow as Chairman

October 20, 2006

    NEW YORK, Oct. 20 /Xinhua-PRNewswire/ -- John W. Snow,
the 73rd Secretary of the Treasury of the United States of
America, has been appointed Chairman of Cerberus Capital
Management, L.P.  Prior to becoming Secretary of the
Treasury in February 2003, Secretary Snow was Chairman and
Chief Executive Officer of CSX Corporation.

    "It's an honor to have a person of Secretary
Snow's stature join the Cerberus team," said Stephen
Feinberg, CEO of Cerberus Capital.  "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 to economic trends and
forces."

    Mr. Snow also held several high-ranking positions in
the Department of Transportation during the Ford
Administration.  Additionally, Mr. Snow served as Chairman
of the Business Roundtable, comprised of 250 CEO's of the
nation's largest companies.  He has served on various
corporate and non-profit boards, including Johnson &
Johnson, USX, Verizon, the University of Virginia Darden
School, and Johns Hopkins University.

    Mr. Snow holds a Master's Degree from Johns Hopkins
University and a Ph.D. in Economics from the University of
Virginia, a J.D. from George Washington University, a B.A.
from the University of Toledo and numerous honorary
degrees.  He has also served on the faculty of several
academic institutions.

    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 .

    For more information, please contact:

     Cerberus Capital Management, L.P.
     Tel: [phone]

SOURCE  Cerberus Capital Management, L.P.