This document, which is being provided on a confidential basis, shall not constitute an offer to sell or the solicitation of any offer to buy an interest in Cobalt Partners, LP, Cobalt Partners II, LP or Cobalt Offshore Fund Limited which may only be made at the time a qualified offeree receives a Confidential Private Offering Memorandum ("CPOM"), which contains important information regarding investment objective, policies, risk factors, fees, tax implications and relevant qualifications. In the case of any inconsistency between the descriptions or terms in this document and the CPOM, the CPOM shall control. These securities shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful until the requirements of the laws of such jurisdiction have been satisfied. This document is not intended for public use or distribution. While all the information presented on this website is believed to be accurate, Cobalt Capital Management, Inc. ("Cobalt") makes no express warranty as to the completeness or accuracy, nor can it accept responsibility for errors, appearing in the document. Accordingly, while this data was obtained from sources believed to be reliable, there is no assurance as to its accuracy or completeness. Because of these limitations, the performance information should not be relied upon as a precise reporting of actual or pro forma performance, but rather a general indication of past performance.

An investment in the fund is speculative and involves a high degree of risk. Opportunities for withdrawal and transferability of interests are restricted, so investors may not have access to capital when it is needed. There is no secondary market for the interests and none is expected to develop. An investor should not make an investment, unless it is prepared to lose all or a substantial portion of its investment. The fees and expenses charged in connection with this investment may be higher than the fees and expenses of other investment alternatives and may offset profits.

There is no guarantee that the investment objective will be achieved. Moreover, the past performance of the fund should not be construed as an indicator of future performance. Any projections, market outlooks or estimates in this document are forward-looking statements and are based upon certain assumptions. Other events which were not taken into account may occur and may significantly affect the returns or performance of the fund. Any projections, outlooks or assumptions should not be construed to be indicative of the actual events which will occur.

The performance in this presentation reflects the performance for Cobalt Partners, LP. Cobalt Partners II, LP and Cobalt Offshore Fund Limited trade pari passu to Cobalt Partners, LP.

Cobalt Capital Management, Inc. · 636 Morris Turnpike, Suite 3B · Short Hills, NJ 07078 · Ph: 212-808-3756 · Fx: 973-376-8160