Tracinda Corporation Reinforces Intention to Pursue True Partnership

BEVERLY HILLS, Calif.--Tracinda Corporation today issued the following statement regarding its offer to acquire the Chrysler Group segment of DaimlerChryslerAG (“Chrysler”):

“What we have in mind is a true partnership of all the constituencies—the company’s management, all of its employees (both union and non-union) and the investors bringing the necessary new funds to the company to enable it to substantially enhance its product spending—the life blood of any auto company.

The economics of the automotive industry have become brutal, particularly in Chrysler’s principal market, North America. Consequently we believe the only realistic plan for Chrysler is one in which all the parties share equitably—with no one group (including ourselves) trying to gain an unfair advantage over the others.

What we are talking about is a transformation in the way the risks and rewards in a large enterprise are shared--an arrangement in which the interests of all constituencies are more fully aligned than in today’s typical structure.

We acknowledge that such an approach cannot be ‘forced’ on any of the parties, but rather can only be achieved with all parties feeling as if they are the recipients of a fair deal.”