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Employees From Around the World Gather to Celebrate Delphi IPO

5 February 1999

Employees From Around the World Gather on Broad Street to Celebrate Delphi IPO

               Each Receives 'Founder's Grant' of Stock Options

    NEW YORK, Feb. 5 -- Symbolic of the company's desire to share
a significant milestone with all employees, over 40 employees representing
each of Delphi Automotive Systems global operating regions and divisions, met
at the New York Stock Exchange today to celebrate the company's initial public
offering (IPO).  The "Delphi Delegate Program" employee participants were sent
by their local unit to participate in the company's listing of stock
as part of its separation from parent company General Motors.
    Each delegate received an expenses-paid trip to New York to be on hand for
the IPO, complete with a behind the scenes look at operations of the New York
Stock Exchange.  Four employee delegates joined Delphi Chairman, Chief
Executive Officer and President J.T. Battenberg III and CFO Alan Dawes to ring
the bell to start trading.  The delegates received a personal visit from
Battenberg after the bell ringing, during which he presented them with their
"Founder's Grant" of stock options in the new company.
    "The Founder's Grant Program is a one-time distribution of Delphi stock
options to all eligible Delphi employees globally," said Battenberg.  "It is
intended to align employee and company interests with those of Delphi's new
stockholders, to celebrate completion of the initial public offering, and to
recognize employees' contributions to Delphi's business success."
    The Founder's Grant provides eligible employees an opportunity to purchase
a specified number of shares at the IPO price at a future time.  Delphi
employees worldwide received the grants on the occasion of the IPO.
    The Delphi tent, which dominated Broad Street in front of the New York
Stock Exchange, was packed with displays of advanced technology from the
world's most diversified automotive products and technology supplier.  The
crowd of employees, media, and Wall Street passersby was entertained by
costumed characters Airbag Man, Battery Man, Ms. (silicon) Chip, and Ms.
Satellite. The quartet of technology superheroes flanked a stage designed to
look like a giant instrument panel.
    "The event on Wall Street and our employee delegates are an element of the
celebration underway at Delphi sites worldwide," said Battenberg.  "This is a
once-in-a-lifetime event for each of us and we are enthusiastic about the
future.  This celebration is coupled with a Directed Share Purchase Program,
the Founder's Grant, and other programs that impart the culture of teamwork
and participation of Delphi," he said.
    Following warm-up entertainment by a Motown-style musical group,
Battenberg welcomed the group to Delphi's celebration, and thanked the
assembled guests for traveling to New York for the event.  He then moved
inside the exchange, taking four employees with him to share the bell-ringing
platform at the start of trading.
    Delphi, with 1998 annual sales of $28.4 billion, ranks among the top 30 US
companies on Fortune's 500 list, and is the world's most diversified
automotive products and technology supplier.  Until today's IPO, Delphi was a
wholly owned subsidiary of General Motors Corporation, which continues to hold
465 million shares.
    While General Motors continues to hold over 80% of the remaining stock in
Delphi, GM has said it intends to distribute the remaining shares to GM
shareholders later this year in either a split-off or spin-off, or some
combination of both.
    The offering is being made through an underwriting group lead-managed by
Morgan Stanley Dean Witter and co-managed by Goldman, Sachs & Co., Merrill
Lynch & Co., Donaldson, Lufkin & Jenrette, and Schroder & Co. Inc.
    A prospectus relating to these securities may be obtained from Morgan
Stanley Dean Witter, 1585 Broadway, New York, NY 10036.
    Delphi, with headquarters in Troy, Mich., USA, has more than
200,000 employees and operates 169 wholly owned manufacturing sites, 40 joint
ventures and 27 technical centers in 36 countries.  Regional headquarters are
located in Paris, Tokyo and Sao Paulo.  Delphi can be found on the Internet at
http://www.delphiauto.com.