The New Chrysler Moves Forward as Independent Company

    AUBURN HILLS, Mich. and STUTTGART, Germany, Aug. 3 /CNW/ -- Chrysler
announced that the sale of the majority interest in the Chrysler Group to an
affiliate of Cerberus Capital Management, L.P. was completed today, creating
Chrysler LLC, or "The New Chrysler" -- the first major North American
automotive manufacturer in more than a half century to be privately owned.
    On May 14, 2007, DaimlerChrysler AG announced that an affiliate of
Cerberus would acquire an 80.1 percent equity interest in the holding company
of what is now legally known as Chrysler LLC. DaimlerChrysler AG, which will
be renamed "Daimler AG" pending shareholder approval in the fall, will retain
the remaining 19.9 percent interest. As previously stated, joint projects
between the two companies will continue.
    First Day Activities
    The New Chrysler will celebrate its "First Day" on Monday, August 6, at
its Auburn Hills, Michigan world headquarters building and its facilities
around the world. The company will continue to roll out the launch of The New
Chrysler throughout the year. The Pentastar logo will also return as the
company's corporate mark in an updated form, and will be unveiled Monday.
    About Chrysler
    Chrysler LLC, headquartered in Auburn Hills, Michigan, produces Chrysler,
Jeep(R), Dodge and Mopar(R) brand vehicles and products. Total sales worldwide
in 2006 were 2.7 million vehicles. Sales outside of North America were the
highest in a decade with an increase of 15 percent over 2005. On the heels of
the company's record product launch year (Chrysler launched 10 all-new
vehicles in 2006), the company plans to extend that streak with eight all-new
products in 2007. Its product lineup features some of the world's most
recognizable vehicles, including the Chrysler 300, Jeep Commander and Dodge
Charger. The Chrysler Foundation, the company's philanthropic arm, gave $23.6
million in grants in 2006.
    About Cerberus
    Established in 1992, Cerberus Capital Management, L.P. is one of the
world's leading private investment firms with approximately $25 billion under
management in funds and accounts. Through its team of more than 275 investment
and operations professionals, Cerberus specializes in providing both financial
resources and operational expertise to help transform undervalued companies
into industry leaders for long-term success and value creation. Cerberus is
headquartered in New York City, with affiliate and/or advisory offices in
Atlanta, Chicago, Los Angeles, London, Baarn, Frankfurt, Tokyo, Osaka and
Taipei. More information on Cerberus can be found at

For further information:

For further information: Mike Aberlich, +1-248-512-2704, cell 
+1-248-635-7072,, or Shawn Morgan, +1-248-512-2692, cell 
+1-248-760-2621,, both of Chrysler Group; or Peter Duda, 
+1-212-445-8213, or JJ Rissi, +1-212-445-8224, both of Cerberus, or Cerberus 
Media Line, +1-212-891-1558

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