Cerberus Statement Regarding Discussions with Daimler

NEW YORK, Sept. 24, 2008 - Cerberus Capital Management, L.P. today issued the following statement:

Cerberus confirms that it has approached Daimler about the possible redemption of its 19.9 percent stake in Chrysler. We are currently in discussions. In the event of a successful transaction, all existing industrial relationships between Daimler and Chrysler would continue.

About Cerberus

Established in 1992, Cerberus Capital Management, L.P., along with its affiliates, is one of the world's leading private investment firms with approximately $27 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, Hong Kong, Beijing, Tokyo, Osaka and Taipei.