Delphi Board Declares Quarterly Dividend

TROY, Mich., March 23 -- The Delphi Corp. Board of Directors today declared a quarterly dividend of $0.03 per share on Delphi $0.01 par value common stock. The previous quarterly dividend was $0.07 per share paid in December 2004.

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The Board determined that the reduction of the dividend is the prudent course of action at this time given the uncertain near-term industry outlook. The Board will continue to evaluate the company's dividend policy on a quarterly basis.

"We recognize that our dividend is an important part of our total shareholder return," said J.T. Battenberg III, Delphi chairman and CEO. "This decision is aimed at balancing the near-term industry challenges with our commitment to our shareholder value creation."

The dividend is payable May 2, 2005, to shareholders of record as of the close of business April 4, 2005.

For more information about Delphi, visit Delphi's website at http://www.delphi.com/ .

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