Fortress VRF Advisors I LLC November 4, 2015 Dear VRF Investor: Fortress VRF Advisors I LLC is pleased to provide an update on the Fortress Value Recovery Fund I LLC (the "Fund" or the "Onshore Fund") for the months of July 2015 through September 2015. The Onshore Fund is one of the "VRF Funds" that includes the Fortress Value Recovery Fund I Ltd. (the "Offshore Fund"). Fortress Value Recovery Fund TE I LLC and Fortress Value Recovery Fund AP I LLC. as well as managed accounts. Asset Management and Dispositions: Since our engagement to manage the VRF Funds in June 2009. we continue to execute our asset management strategy. This strategy has enabled us to produce approximately $1.7 billion of gross proceeds to the VRF Funds. These gross proceeds include receipts from partial and/or complete resolutions of 48 positions on the list of the top 50 onshore investments that were originally included in the December 3. 2009 letter. We have also been able to reduce the number of legal entities across the VRF Funds from 750 entities when we first began managing the VRF Funds. down to 118 entities at quarter end, thereby reducing administrative costs of maintaining the entities. #sr Distributions to Investors: The following distributions totaling $113.0 million have been made to investors from June I. 2009. through the date of this letter: Date Distribution 6/1/2009 to 12/31/2014 he A191,000,000 6/4/2015 $22,000,000 We continue to analyze and project the Fund's anticipated cash lbws and cash needs on a periodic basis. When cash in the portfolio exceeds anticipated amounts necessary to meet the Fund's needs for the operation and management of the portfolio, the Fund considers distributing cash to investors. We expect to continue this process and make further distributions periodically on this basis. Net Asset Value: The estimated net asset value ("NAV") of the Fund for the dates indicated is listed below: As of Estimated NAV 6/30/2009 $248,000,000 1