March 3, 2003

Group suing DaimlerChrysler gains access to Schrempp interview tape

London, England – An English High Court has ordered the Financial Times to release a tape of an interview with DaimlerChrysler CEO Juergen Schrempp to Tracinda Corporation, DaimlerChrysler’s largest shareholder group headed by Kirk Kerkorian. Tracinda is suing DaimlerChrysler’s senior managers claiming that they lied to Chrysler’s investors by claiming the deal between Daimler-Benz and Chrysler was a “merger of equals” instead of a corporate takeover. In the tape-recorded interview with the Financial Times in October of 2000, Schrempp is alleged to have described the deal as a takeover.

Following the court’s decision, DaimlerChrysler issued this statement: “We will not engage in a trivial debate about anything that is not central to Tracinda’s securities action against DaimlerChrysler. The facts relevant to that suit are clear, unequivocal, and contained in the memoranda filed by us last week in the U.S. District Court for the District of Delaware. DaimlerChrysler’s memoranda states that there is no evidence supporting Tracinda’s claim of fraud.

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