DaimlerChrysler AG has new equity partner

PARTNERSHIP: DaimlerChrysler AG announced on 14 May 2007, that Cerberus Capital Management, a leading private equity company in the USA will take an 80.1% equity position in Chrysler Holding LLC and its related financial services business.

Daimler AG will retain the remaining 19.9% equity and work closely as business partners to reap the mutual benefits.

This announcement ends months of speculation, but more importantly it begins a new and exciting chapter in the long history of Chrysler Corporation.

It is with great confidence that Daimler AG. announces that with Cerberus, Chrysler has found the right strategic investor with a long-term commitment to the growth and success not only in the USA, but equally as important in international markets.

This new ownership structure will allow Chrysler to focus on its long term plan for growth, without having to focus just on short-term results. It will allow Chrysler to renew its focus on what has always made the Company special - the passion, creativity, and commitment of its employees to deliver exciting Chrysler, Jeep and Dodge automobiles to the customers.

The senior management of Chrysler is fully committed to the growth of Asia, Africa, Middle East and Central / Eastern Europe markets (DCAA). They have seen impressive sales results growing from 17,000 units in 2005 to a forecasted sale of almost 40,000 units in 2007.

Chrysler and Jeep brands which are already popular among top-end customers in Sri Lanka are marketed in Sri Lanka by Diesel & Motor Engineering Co Ltd (Dimo).

These automobile brands, as in the recent past will still continue to share the latest innovations in engine and transmission technologies developed by their partner Mercedes-Benz in addition to the procurement activities, shared logistics systems and more.