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Ford

(Update) March 23, 2009

Ford Motor Credit Company's $500 million cash tender offer for Ford Motor Company's senior secured term loan debt was over-subscribed; based on the tenders received, Ford Credit will increase the amount of cash used from $500 million to $1 billion to purchase $2.2 billion principal amount of term loan debt at a price of 47 percent of par.

Through the Early Tender Date of Ford Credit's $1.3 billion cash tender offer for Ford's unsecured, non-convertible debt securities, approximately $3.4 billion principal amount of debt securities have been tendered.

March 05, 2009

Ford Motor Co on Wednesday announced a plan to cut its $25.8 billion in automotive debt by about 40 percent by offering creditors cash and new shares.

According to Financial 24, Ford said it was making up to $2.2 billion cash available for the debt restructuring, which included conversion of debt to equity and two cash tender offers.  The automaker is also paying out between 30 cents and 55 cents on the dollar as incentive to covert its debt. Ford has the potential to restructure up to $10.4 billion of debt, given the cash available and the prices, it said.

According to Bloomberg, Ford late yesterday offered to pay bondholders $1.3 billion for a portion of their $8.9 billion in senior unsecured debt, a 55 percent premium for some issues. The only U.S. automaker not surviving on government cash also said it would pay a premium of as much as 52 percent to buy $500 million of a $6.9 billion loan, and offer a combination of cash and stock to induce holders of $4.9 billion in convertible bonds to trade for shares.

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**This is for informational purposes only.  This is not a recommendation.**

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The information provided is from sources believed to be reliable, but we cannot give assurance as to the accuracy or completeness.  By providing this general information, APS Financial Corporation (“APSF”) is suggesting neither a recommendation as to the appropriateness of investing in the securities, nor are we providing any specific investment advice for any particular investor.  These investments will be sold to qualified investors only.