Chicago and Denver Funds Announce Preliminary Approval by Court of $300 Million Settlement of DaimlerChrysler Securities Law Class Action

PHILADELPHIA, Oct. 6, 2003 -- In a Court Order entered today, Judge Joseph J. Farnan, United States District Judge for the District of Delaware, granted preliminary approval of the landmark settlement reached in the In re: DaimlerChrysler AG Securities Litigation class action. As the Court determined earlier in the litigation, the Class consists of all persons, except foreign investors, who exchanged their shares of Chrysler Corporation for shares of DaimlerChrysler in the November 1998 Merger between Chrysler and Daimler-Benz, and/or who purchased shares of DaimlerChrysler on the open market from the time of the Merger through November 17, 2000.

At the outset of the case, the Policemen's Annuity and Benefit Fund of Chicago ("PABF"), Municipal Employees Annuity and Benefit Fund of Chicago ("MEABF") and Denver Employees' Retirement Plan ("DERP") joined with the Florida State Board of Administration to lead the litigation. The four funds were appointed by the Court as Co-Lead Plaintiffs in March 2001, and were later certified as the representatives for the Class. After extensive litigation, the Lead Plaintiffs reached an agreement with defendants in late July, 2003 to settle the action for $300 million. Today, the Court granted preliminary approval of the settlement agreement and set December 5, 2003, as the date for a Final Hearing on the proposed settlement.

James B. Waters, Jr., Executive Director of the PABF, stated: "We are delighted with the settlement, which comes after more than two years of tough litigation and a series of settlement negotiations. Our Fund trustees are very pleased with the settlement, which will help protect the assets of current and future Chicago Police retirees and their families."

Terrance Stefanski, Executive Director of the MEABF, noted: "This settlement, which the Lead Plaintiffs expect will be granted final approval, represents a victory for all DaimlerChrysler shareholders who felt defrauded by the defendants' continual statements that the merger was a `merger of equals' when, as was ultimately admitted, it was planned as a takeover from the beginning. The magnitude of the settlement here should go far in ensuring that what occurred here will not be repeated."

Ruby Menon, General Counsel of the DERP, further noted that the result stands as a testament to the importance of public pension funds participating in class action lawsuits, as contemplated by the Private Securities Litigation Reform Act of 1995. "The amount being paid by DaimlerChrysler is among the ten largest ever obtained in a securities class action case. It demonstrates the importance of institutional investors, like our funds, taking the lead in securities law class action cases, and the importance of maintaining the vitality of the federal securities laws."

Persons with questions concerning the Settlement, the submission of claim forms, or who wish to obtain a copy of the Notice, which will be mailed to Class members by mid-October, may contact the attorneys for PABF, MEABF and DERP -- Barrack, Rodos & Bacine, 3300 Two Commerce Square, 2001 Market Street, Philadelphia, PA 19103, (215) 963-0600, www.barrack.com; and Bernstein Litowitz Berger & Grossmann LLP, 1285 Avenue of the Americas, New York, NY 10019, (212) 554-1400, www.blbglaw.com, who served as Co-Lead Counsel for the Class.