DaimlerChrysler Announces Resignation of Freightliner President

Stuttgart . . . DaimlerChrysler announced today that its Board of Management has accepted the resignation of Mr. Jim Hebe, President of Freightliner LLC, a business unit of the Commercial Vehicles Division. The Board also announced the appointment of Mr. Rainer Schmueckle as Mr. Hebe’s successor.

Mr. Schmueckle, most recently Senior Vice President Controlling of DaimlerChrysler AG, and formerly CFO and CEO of Adtranz, the former DaimlerChrysler rail systems business unit, is known for his turnaround expertise. From 1994 to 1997, Rainer Schmueckle already served as CFO of Freightliner.

Mr. Roger Nielsen, previously Vice President – Business Segment Specialized Vehicles of Freightliner, is also appointed Chief Operating Officer of Freightliner.

Mr. Herbert Kaufmann, CFO of DaimlerChrysler Services will replace Mr. Schmueckle. He brings with him broad international experience in finance.

Dr. Eckhard Cordes, Member of Board of Management responsible for the Commercial Vehicles Division of DaimlerChrysler stated, “We wish to thank Jim Hebe for his years dedicated to building the Freightliner division in North America and wish him well in his future endeavors.”

Due to the dramatic collapse and continued weakness in the demand for heavy trucks in the United States, Freightliner has already initiated a comprehensive profit improvement program, focused on reducing production capacity and cutting costs. This program will continue under the new management.

DaimlerChrysler confirmed that it remains on track to achieve all Group targets set out on February 26 and in particular its targeted operating performance of Eur 1.2 – 1.7 bn (excluding one-time effects) in 2001.

This press release contains forward-looking statements based on beliefs of DaimlerChrysler management. When used in this release, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan” and “project” are intended to identify forward-looking statements. Such statements reflect the current views of DaimlerChrysler with respect to future events and are subject to risk and uncertainties. Many factors could cause the actual results to be materially different, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services in business strategy. Actual results may vary materially from those projected here. DaimlerChrysler does not intend or assume any obligation to update this forward-looking statements.

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