Daimler AG

ots Ad hoc-Service: DaimlerChrysler AG DaimlerChrysler and Mitsubishi Motors to form alliance

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    Stuttgart (ots Ad hoc-Service) -      
    - DaimlerChrysler to acquire 34 % of Mitsubishi Motors - Alliance
gives DaimlerChrysler greatly expanded access to growth markets in

    DaimlerChrysler Chairman Jürgen E. Schrempp and Mitsubishi Motors (MMC) President Katsuhiko Kawasoe signed a Letter of Intent in Stuttgart to form an alliance regarding the design, development, production and distribution of passenger cars and light commercial vehicles. The final contracts will be signed within the next few months.

    It has been agreed that DaimlerChrysler will acquire a 34% equity stake for EUR 2.1 bn (Yen 450 per share) in MMC through a capital increase. The combined unit sales and revenues of the allies ranks them among the top three automotive companies worldwide. DaimlerChrysler and MMC will have a combined market share of about 10.8 % in Japan and 9.4% in the other parts of Asia Pacific.

    It has been agreed that the representation of DaimlerChrysler on the Board of Management of MMC is in line with the equity participation. The board members, who have not yet been nominated, will serve as regular board members. Together with the influence associated with the 34% equity stake, this will enable DaimlerChrysler to be part of the decision making process at Mitsubishi Motors.

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