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Completion of Daimler-Benz/Chrysler Business Combination

13 November 1998

Completion of Daimler-Benz/Chrysler Business Combination Agreement

    STUTTGART, Germany and AUBURN HILLS, Mich., Nov. 12 --
Daimler-Benz AG and Chrysler Corporation announced the
completion today of their business combination agreement.  The $75 billion
industrial merger, one of the biggest on record, creates DaimlerChrysler AG,
an international transportation and services company that ranks as the world's
third largest automobile company based on 1997 revenues.  The enterprise will
have operational headquarters in Stuttgart (Germany) and Auburn Hills, MI
(USA).
    Until such time as the Company's Supervisory Board is organized under the
German Co-determination Law, it is proposed that the DaimlerChrysler
Supervisory Board will consist of the following twelve shareholder
representatives:
    -  Hilmar Kopper, Chairman of the Supervisory Board of Deutsche Bank AG
    -  Robert E. Allen, Former Chairman of the Board and Chief Executive
       Officer of AT&T
    -  Sir E. John P. Browne, Group Chief Executive of British Petroleum
       Company p.l.c.
    -  Joseph A. Califano, Jr., Chairman of the Board and President of
       National Center on Addiction and Substance Abuse at Columbia University
    -  Dr. Martin Kohlhaussen, Spokesman of the Group Board of Commerzbank AG
    -  Robert J. Lanigan, Chairman Emeritus of Owens-Illinois, Inc.
    -  Peter A. Magowan, Retired Chairman of the Board of Safeway Inc.,
       President and Managing General Partner of San Francisco Giants
    -  Manfred Schneider, Chairman of the Board of Management of Bayer AG
    -  G. Richard Thoman, President and Chief Operating Officer of Xerox
       Corporation
    -  Bernhard Walter, Spokesman of the Group Board of Dresdner Bank AG
    -  Lynton R. Wilson, Chairman of BCE Inc.
    -  Dr. Mark Wossner, Chairman of the Supervisory Board of Bertelsmann AG

    The DaimlerChrysler Supervisory Board will be organized under the German
Co-determination Law as soon as requisite legal proceedings can be completed.
At that time, the number of shareholder representatives will be reduced from
twelve to ten, and ten employee representatives will be added to constitute a
20 member Supervisory Board.
    Terms of the business combination were approved by Daimler-Benz and
Chrysler shareholders at meetings held on September 18.  Under an exchange
offer completed on November 6, Daimler-Benz shareholders receive 1.005 shares
of the newly formed DaimlerChrysler AG for each Daimler-Benz share.  The
offer, which attracted over 98% of Daimler-Benz shares, and a recently
completed Chrysler share contribution will permit the new company to use
pooling of interests accounting and avoid goodwill charges in reporting future
results.  Chrysler shareholders receive .6235 of a DaimlerChrysler share for
each Chrysler share.
    Chrysler shares will cease trading on the New York Stock Exchange (NYSE)
at the close of business today, November 12, 1998.  "When-issued" trading of
DaimlerChrysler AG ordinary shares will continue through Monday, November 16,
with "regular way" trading under the DCX symbol scheduled to commence on both
the NYSE and Frankfurt Stock Exchanges on Tuesday, November 17.  The global
ordinary share will be traded on 19 exchanges located in eight countries.
    Deutsche Bank AG has been appointed exchange agent for Daimler-Benz
shares.  The Bank of New York is acting as exchange agent for Chrysler shares.