27 January 2010

We are delighted to advise you that yesterday General Motors and Spyker Cars NV confirmed they have reached a binding agreement on the purchase of Saab Automobile AB.

The full press release is below:

26 January 2010

DETROIT - General Motors and Spyker Cars NV today confirmed that they have reached a binding agreement on the purchase of Saab Automobile AB.

"Today's announcement is great news for Saab employees, dealers and suppliers, great news for millions of Saab customers and fans worldwide, and great news for GM," said John Smith, GM vice president for corporate planning and alliances.

"General Motors, Spyker Cars, and the Swedish government worked very hard and creatively for a deal that would secure a sustainable future for this unique and iconic brand, and we're all happy for the positive outcome," Smith said.

As part of the agreement, Spyker intends to form a new company, Saab Spyker Automobiles, which will carry the Saab brand forward. The sale will be subject to customary closing conditions, including receipt of applicable regulatory, governmental and court approvals. Other terms and conditions specific to the sale will be disclosed in due time.

The Swedish government is at present reviewing the transaction and the related request for guarantees of a Saab Automobile loan that has been requested from the European Investment Bank. Assuming quick action, the transaction is expected to close in mid-February, and previously announced wind down activities at Saab will be immediately suspended, pending the close of the transaction.

"Throughout the negotiations, GM has always had the hope to find a solution for Saab that would avoid a wind down of the brand," added Nick Reilly, president, GM Europe. "We've worked with many parties over the past year, including governments and investors, and I'm very pleased that we could come to such a good conclusion, one that preserves jobs in Sweden and elsewhere. GM will continue to support Saab and Spyker on their way forward."

In addition to the above, we would like to make it clear to all our fleet customers that General Motors UK Limited will continue to stand behind our obligations on servicing and warranty. Furthermore, the Vauxhall Fleet Team will continue to handle all Saab fleet activities and enquiries. Please continue to contact your Fleet Sales Manager or get in touch on 0870 010 0651. Aftersales enquiries should be directed to the Saab Fleet Support Team on 0845 090 2047.

Yours sincerely

Maurice Howkins
Fleet Sales Director