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Chrysler Group – Poised and Ready for the Future

June 22, 2007

AUBURN HILLS, MI – Chrysler Group Fleet Operations is poised and ready for the future following the sale of a majority stake in the automaker to Cerberus Capital Management. Earlier, DaimlerChrysler signed a definitive agreement to sell 80.1 percent equity position in the Chrysler Group, including Chrysler Financial, to Cerberus Capital Management, L.P. with Daimler to retain the remaining 19.9 percent.

“As a private (non-public) company we will be better positioned to concentrate on our long-term plan for recovery, rather than on short-term results,” said Pat Dougherty, Director, Fleet Operations for the Chrysler Group. “With the financial strength and additional operational expertise brought by our investment partner Cerberus, Chrysler will renew its focus on what has always made us special: our passion, creativity and commitment to delivering exciting Chrysler, Jeep and Dodge vehicles and quality Mopar parts to our customers.”

Dougherty added: “Our future success will also be supported by our continued relationship with Daimler. In particular, we will continue to collaborate on technologies for clean diesel engines, two-mode hybrids, fuel cells and other alternative powertrains that are especially important in this climate of rising consumer demand for more fuel-efficient vehicles. Other on-going joint projects with Mercedes-Benz will also continue.”

According to an earlier press release, Chrysler Group stated that it remains fully committed to the company’s fleet business. “We are confident that with our new organization our fleet customers will see a stronger Chrysler organization which will continue to be an industry leader with the best products and best support available to the fleet market,” said Dougherty.

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