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News of May 08, 2002

Covisint Increases Pan-European Presence

New office opened in Frankfurt; Senior executives appointed

DETROIT and FRANKFURT, Germany - Covisint, the global independent ebusiness exchange for the automotive industry, today announced major new initiatives to build on its strong position in Europe. With particular focus on Germany and the supplier community, Covisint has opened an office in Frankfurt and appointed four senior executives.

The Frankfurt office demonstrates Covisint's commitment to its customer base in Germany and is a strong signal to the entire European automotive community that Covisint is expanding its reach throughout the supply chain, from OEMs to suppliers. It will be Covisint's third office in Europe in addition to its headquarters in Amsterdam and a sales office in France.

The four newly appointed executives, who will be based in Frankfurt, all have in-depth experience of the automotive industry. Dr. Heinrich Eichenauer, previously CIO of Magna Steyr, joins as Executive Sales Director, Germany, Austria and Switzerland. Martin Thiele, now Account Director, Tiers Germany for Covisint, was the former e-Business Director of Continental. Both Dr. Eichenauer and Mr. Thiele will focus on increasing the adoption rate of Covisint products and services throughout the supplier tiers.

Philipp Popov, VP DaimlerChrysler Global Account and Dr. Wolfgang Bernhart, European Account Director, DaimlerChrysler, who both have German supply industry background, will apply their extensive knowledge in this area to facilitate supplier relationships within DaimlerChrysler. They will also be responsible for identifying new opportunities to further develop the relationship between the automaker and Covisint.

"Today's announcement is another decisive step in our continuing expansion across Europe," said Lars Olrik, Managing Director, Covisint Europe. "The Frankfurt office will allow us to significantly strengthen our presence in Germany, one of our key markets. The joint experience of these four sales executives brings Covisint an unrivaled depth of automotive industry knowledge, especially from the supplier perspective, enabling us to offer our customers a unique insight into how Covisint's products and services can bring them efficiency and cost-saving opportunities."

Covisint Europe is a wholly owned subsidiary of Covisint LLC, based in Southfield, Michigan. Launched in 2001, Covisint Europe realized 25% of Covisint LLC's global revenue in 2001, and is expected to contribute approximately 30% of Covisint's increased 2002 revenue.

About Covisint

Covisint is the technology company whose business-to-business products and services connect and enable the global automotive industry to reduce costs, increase efficiency, enhance quality and improve time-to-market. Covisint was founded by DaimlerChrysler, Ford, General Motors, Nissan, Renault, Commerce One and Oracle. Since its inception, PSA Peugeot Citroen has also joined the initiative. Covisint has headquarters in Amsterdam, Tokyo and Southfield, Michigan and offices in Frankfurt, Paris and Brazil.

(May 7, 2002)

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