Cerberus Statement Regarding Chrysler Transaction Closing

NEW YORK, Aug. 3, 2007 -- Cerberus Capital Management, L.P. today issued the following statements with regard to the closing of the Chrysler transaction:

Steve Feinberg, CEO of Cerberus Capital Management, L.P., said, "I would like to thank Chrysler employees for their continued commitment to Chrysler's turnaround. We look forward to the long-term success of Chrysler."

"The domestic automotive industry has been the backbone of our nation for generations, and today is no different," said John Snow, Chairman of Cerberus Capital Management, L.P. "We are excited about realizing this monumental opportunity to help bring an American automotive icon back to a path for profitability and long-term success."

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, Hong Kong, Tokyo, Osaka, and Taipei. More information on Cerberus can be found at www.cerberuscapital.com.