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GE Capital Solutions Announces Fleet Services Leadership Appointments

April 24, 2007

DANBURY, CT – GE Capital Solutions has announced top leadership appointments for its fleet services business, upon the completion of its previously announced merger with PHH Arval.

On Mar. 15, GE Capital Solutions and Blackstone Group, through its affiliates, agreed to acquire PHH Corp. GE will purchase PHH Corp., retain PHH Arval, and sell PHH Mortgage to Blackstone immediately after closing. The acquisition is subject to PHH shareholder and regulatory approvals and other closing conditions. It’s expected to close in the third quarter of 2007.

George Kilroy, president and CEO of PHH Arval since 2001, will become chairman of the merged business, which will operate as GE Capital Solutions, Fleet Services. Bob Mitchell, president and CEO of GE’s Fleet Services business, will remain in his current position.

“Our intent in combining PHH Arval with our own Fleet Services business is to provide more to customers by bringing the best of two great businesses together. The appointment of George and Bob to these positions is an illustration of that. George has 31 years of deep experience in the fleet management industry, and Bob has an extensive operating background in several GE businesses,” said Richard Laxer, president and CEO of GE Capital Solutions.

While waiting for required government approvals, GE and PHH will each form a separate integration planning team to evaluate technology, processes, and a framework for the businesses going forward. Throughout this process, each business will actively involve its respective customers, gaining their feedback on what’s most important to them. Upon approval and completion of the merger, the PHH Arval and GE Fleet teams will become one.

“As we’ve said before, GE Capital Solutions, Fleet Services and PHH Arval are a great fit. Both are completely focused on the customer experience — in terms of service and how we can innovate and use technology to help our clients run their fleets most effectively,” Laxer said. “When you blend PHH’s strategic consulting and excellent service offerings with our commitment to process improvements, technology investments, and asset management, our customers will greatly benefit.”

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