GM Chairman John F. Smith Jr. to Become Chairman Of AlixPartners/Questor Partners Advisory Board in May

Effective with his retirement from GM

Will Help Guide Growth of Performance-Improvement Services and Turnaround Equity Firms

SOUTHFIELD, Mich., April 9 -- John F. Smith Jr., Chairman and former Chief Executive Officer of General Motors Corp., has been appointed Chairman of the joint Advisory Board of AlixPartners LLC, the performance- improvement, turnaround and financial-advisory consulting firm, and Questor Partners Funds, the affiliated private-equity firm that invests in underperforming and turnaround companies. Jay Alix, founder of the two firms, made the announcement today and it is effective following Mr. Smith's retirement from GM on May 1, 2003.

"I am delighted with the prospect of being part of the Advisory Board for AlixPartners and Questor Partners Funds. Each business is a leader in its field, is well respected internationally, and is poised for exciting growth opportunities. I look forward to putting my business management and global business perspective to work to help the firm's and the fund's teams to achieve Jay's vision for the enterprise," said Jack Smith.

"As AlixPartners and Questor grow and expand both in terms of the services we provide to Fortune 500 companies and in our global geographic footprint, we are seeking the best minds in America and globally," said Alix. "Advising senior executives on issues ranging from managing turnarounds of troubled companies and improving the performance of healthy corporations, and investing institutional funds in underperforming companies and special situations requires specialized experience, a seasoned perspective and dynamic leadership. Jack Smith's unparalleled experience in successfully managing General Motors over the last decade will be invaluable to our enterprise and to its clients, portfolio companies and business partners."

Smith was named CEO and President of GM in November 1992 and became Chairman of the Board of Directors in January 1996. He served as CEO until June 2000, and will retire as Chairman in May. He was President from April 1992 to October 1998, and President and Chief Operating Officer from April 1992 to November 1992. Smith, 64, joined General Motors in 1961 at the Fisher Body facility in Framingham, Massachusetts.

Installed as President and CEO, Smith and his management team undertook and successfully led a restructuring and corporate turnaround at GM. He transformed the company into a nimble and healthy operation that is expanding globally, is increasing its global market share, and is known for the strength and depth of its management team worldwide.

As Chairman of the Advisory Board, Smith will assist the enterprise in building strong relationships with senior executives of corporations, corporate directors, institutional investors and other business partners around the world. He also will work with external business groups and act as a mentor and liaison between the Advisory Board and the management teams of AlixPartners and Questor Partners Funds.

Born in Worcester, Massachusetts, Smith received his bachelor of business degree from the University of Massachusetts in 1960 and a master of business administration degree from Boston University in 1965.

Smith is a member of the Board of Directors of Delta Air Lines, Suzuki Motor Corporation and The Procter & Gamble Company. He is a member of the Economic Club of Detroit, the Business Council and the U.S.-Japan Business Council. He also serves on the Board of Trustees of the United Way of Southeastern Michigan.

Smith is a member of the American Society of Corporate Executives and The Nature Conservancy Board of Directors. He is President of the Beta Gamma Sigma's Directors' Table, a member of the Chancellor's Executive Committee of the University of Massachusetts and a member of the Board of Trustees at Boston University. He has been awarded honorary doctoral degrees from both institutions as well as from Providence College, Michigan State University, Kettering University and Holy Cross. He was awarded the distinction of Officer of the Legion of Honor by the President of the French Republic as well as the Order of Merit of the Republic of Hungary, Middle Cross with Star.

About AlixPartners

AlixPartners, LLC, is recognized internationally as the industry standard in solving complex corporate challenges, creating value and restoring corporate performance. With more than 230 people, it provides implementation- focused performance improvement and corporate turnaround expertise to large and middle market companies, as well as IT turnaround consulting and financial advisory services. The firm currently has significant involvement in the restructurings at WorldCom, Kmart and an Enron affiliate. The company has offices in New York, Chicago, Dallas, Detroit, Los Angeles, London and Munich. For further information, go to www.alixpartners.com .

About Questor Partners

Questor Management Company, based in Southfield, Michigan, manages the Questor Partners Funds (www.questorfund.com ), which have more than $1.1 billion of committed equity capital. With just over 25 people, the funds' objective is to acquire significant positions in companies that are considered non-core or are underperforming or have not met their owners' expectations, but offer the potential for superior returns with the application of appropriate levels of capital and performance improvement management expertise. Questor Partners and its affiliates have acquired over 20 companies with more than $7 billion in combined revenue since 1996.