Accelerated Way Forward Plan

The global automotive marketplace has become increasingly fragmented and crowded, and we anticipate that this trend will continue to accelerate into the future. Anticipating little growth in the overall volume of vehicles sold in North America for the foreseeable future, we expect more manufacturers to offer an increasing number of products in this market. To address this market reality and the factors and trends affecting the automotive industry, and toward the end of achieving profitable growth in all markets, we have been focusing and continue to focus on the following four key priorities:

• Aggressively Restructure to Operate Profitably at the Current Demand and Changing Model Mix

  To compete in the changing global marketplace, we are aggressively restructuring our Automotive business to address the realities of lower demand in developed markets, higher fuel prices and the shifting model mix from trucks and large SUVs to more fuel-efficient vehicles.

• Accelerate Development of New Products Our Customers Want and Value

  To meet changing customer demands, we are accelerating development of new products in high-growth segments, increasing the rate at which we upgrade existing products, and implementing innovative new technologies.

• Finance Our Plan and Improve Our Balance Sheet

  We are increasing liquidity and reducing debt to fund our restructuring and product development activities and to provide a cushion for unforeseen events in the near term.

• Work Together Effectively as One Team

  Every business unit is working together as a single, cohesive team and is accountable to meet the performance goals in our business plan. We truly have "One Team, One Plan, One Goal."