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Chrysler Acquisition Complete

Workers prepare the lawn area outside the Chrysler World Headquarters for the Monday, August 6, scheduled employee celebration, marking the "First Day" of The New Chrysler.

AUBURN HILLS - August 3, 2007: Chrysler officially made the break withformer German partner Daimler on Friday, to become the first major,privately owned North American automobile manufacturer in more than 50years.


Tom LaSorda, President and CEO of The New Chrysler
Under the $7.4 billion deal, initially announced May 14, 2007,private equity firm Cerberus Capital Management has acquired 80.1 percentequity interest in Chrysler LLC, as the automaker is now known. The Germanhalf of the now-defunct partnership will now be called Daimler AG. Pendingshareholder approval in the fall, Daimler AG will retain the remaining 19.9percent. Chrysler’s break with German automaker Daimler becameofficial Aug. 3, ending the nine-year old company, DaimlerChrysler. Workersare preparing for an employee celebration that is planned for Aug. 6 on thegrounds of the Chrysler World Headquarters in Auburn Hills, Michigan.

Tom LaSorda, President and CEO, issued the following statement regarding theclosing of a transaction for the company: "With the transaction complete,we can now focus all of our efforts on our day-to-day business by movingfaster, quickly reacting to customer needs and bringing out industry-leading products," said LaSorda. "We have support from two solid partners -Cerberus and Daimler - which will give us the strong financial backing andthe resources we need to fuel the long-term success of this greatcompany."

About The New Chrysler
The New Chrysler, headquartered in Auburn Hills, Michigan, producesChrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. Totalsales worldwide in 2006 were 2.7 million vehicles. Sales outside of NorthAmerica were the highest in a decade with an increase of 15 percent over2005. On the heels of the company"s record product launch year (Chryslerlaunched 10 all- new vehicles in 2006), the company plans to extend thatstreak with eight all- new products in 2007. Its product lineup featuressome of the world"s most recognizable vehicles, including the Chrysler 300,Jeep Commander and Dodge Charger. The Chrysler Foundation, the company"sphilanthropic arm, gave $23.6 million in grants in 2006. Chrysler is a unitof Cerberus Capital Management.

About Cerberus
Established in 1992, Cerberus Capital Management, L.P. is one of theworld"s leading private investment firms with approximately $25 billionunder management in funds and accounts. Through its team of more than 275investment and operations professionals, Cerberus specializes in providingboth financial resources and operational expertise to help transformundervalued companies into industry leaders for long-term success and valuecreation. Cerberus is headquartered in New York City, with affiliate and/oradvisory offices in Atlanta, Chicago, Los Angeles, London, Baarn,Frankfurt, Tokyo, Osaka and Taipei. More information on Cerberus can befound at http://www.theautochannel.com/link.html?http://www.cerberuscapital.com.