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An Open Letter From Bob Nardelli About the Chrysler-Fiat Alliance

PRESS RELEASE

To All Chrysler Stakeholders:

In our continuing effort to build a profitable enterprise for the future, we are announcing today that Cerberus, Chrysler LLC and Fiat S.p.A. have entered into a non-binding term sheet to establish a global strategic alliance. Upon completion of a due diligence process that is now underway and required approvals, the agreement is expected to be completed by April.

This represents a positive business strategy for Chrysler in today’s difficult economic environment. Chrysler management believes the alliance provides significant strategic benefits that support our viability and long-term competitiveness.

As a condition of the U.S. government loan…

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An Open Letter From Bob Nardelli About the Chrysler-Fiat Alliance