Finance Our Plan and Improve Our Balance Sheet

We obtained $23.5 billion of new liquidity in December 2006, including proceeds from a convertible debt offering of $4.95 billion, proceeds from a secured term loan of $7 billion and a secured revolving credit facility of $11.5 billion. During 2007, we took actions to reduce Automotive long-term debt by $2.7 billion and monetized our investments in certain non-core assets (e.g., Aston Martin Lagonda Group Limited and Automotive Protection Corporation). At year-end 2007, we had total Automotive liquidity, consisting of gross cash and available credit facilities, of about $46.5 billion, which we believe should allow us to fund the restructuring and product development priorities discussed above, and provide us with a cushion for a recession or other unforeseen events in the near term.