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MP (Thrift) Global Advisers IM LLC 520 Madison Avenue, 35th Fl New York, NY 10022-4213 “Tel: 212-651-9500 ‘Mark R, Patterson Chairman May 15, 2009 Mr. Richard Fletcher Executive Editor The Telegraph Telegraph Media Group Limited 111 Buckingham Palace Road, London, SW1W ODT Dear Sir: Mr. Evans-Pritchard’s recent article in The Telegraph fabricated, misquoted, and misstated my position on the Treasury’s TARP program and completely mischaracterized our firms investment in Flagstar Bancorp Ine. I'am writing to reiterate my views on TARP and the importance that private equity can play in stabilizing our banking system. Through TARP, the government is playing a critical role in alleviating liquidity concerns and providing a solid capital base for countless banks across the country. The salutary benefits of the government's actions are indisputable and I believe that the Obama administration and Secretary Geithner deserve credit for the proactive steps they have taken. MatlinPatterson strongly supports the government's actions and believes that private capital will be an important contributor to the success of the government's efforts to restore U.S. financial institutions to health, (Our firm’s investment in Flagstar demonstrates how private capital can work in conjunction with TARP. to strengthen institutions that have viable business models and balance sheets that can be fixed. We believe that private equity can and will be an invaluable contributor to the success of the Treasury's TARP program and that Flagstar isa successful example of how public and private funds can co-invest t0 create a healthy financial institution. Sincerely, 4 i Mark Patterson Chairman MP (Thrift) Global Advisers III LLC