Earning Presentation of General Motors: Q4 2007

Preliminary 2007 Fourth Quarter and CY Results

Forward Looking Statements

1

In this presentation and in related comments by our management, our use of the words “expect,” “anticipate,” “estimate,”“goal,” “target,” “believe,” “improve,” “intend,” “potential,” “continue,” “designed,” “opportunity,” “risk,” “may,” “would,”“could,” “should” or the negative of any of those words or similar expressions is intended to identify forward-looking statements that represent our current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors. Such factors include, among others, the following: our ability to realize production efficiencies, to achieve reductions in costs as a result of the turnaround restructuring and health care cost reductions and to implement capital expenditures at levels and times planned by management; market acceptance of our products; significant changes in the competitive environment and the effect of competition in our markets, including on our pricing policies; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt; shortages of and price increases for fuel; adoption of new laws or changes in existing laws that may affect the production, licensing, distribution, cost or sale of our products; the final results of investigations and inquiries by the SEC and other governmental agencies; changes in GMAC’s ability to make distributions on the Preferred Membership Interests we hold; completion of the final settlement with the UAW and UAW retirees, including obtaining court approval in a form acceptable to us, the UAW, and class counsel; treatment of the terms of the 2006 Settlement Agreement pursuant to the Retiree MOU in a form acceptable to us, the UAW and class counsel; our completion of discussions with the staff of the SEC regarding accounting treatment with respect to the New VEBA and the Post-Retirement Medical Benefits for the Covered Group as set forth in the Retiree MOU, on a basis reasonably satisfactory to us; and as applicable, a determination by us that the New VEBA satisfies the requirements of section 302(c)(5) of the Labor-Management Relations Act of 1947, as amended (LMRA), as well as bank and other regulatory approval; and changes in economic conditions, commodity prices, currency exchange rates or political stability in the markets in which we operate. In addition, GMAC’s actual results may differ materially due to numerous important factors that are described in GMAC’s most recent report on SEC Form 10-K, which may be revised or supplemented in subsequent reports on SEC Forms 10-K, 10-Q, and 8-K. The factors identified by GMAC include, among others, the following: possible downgrades for GMAC or ResCap by rating agencies; inability to maintain adequate financing sources for its substantial capital needs; credit exposure to us and recent developments in the residential mortgage market, especially in the nonprime sector. The most recent reports on SEC Forms 10-K, 10-Q or 8-K filed by us or GMAC provide information about these and other factors, which may be revised or supplemented in future reports to the SEC on those forms.

Fourth Quarter & Calendar Year HighlightsFourth Quarter• GAAP net loss of $(0.7)B, $(1.28) EPS• Adjusted net income of $46 million, $0.08 EPS, excluding special items

including significant unfavorable items related to Delphi • Adjusted automotive earnings before tax (EBT) down $0.8B• Total automotive revenue of $46.7B, an all-time record• Adjusted automotive operating cash flow (OCF) of $(1.3)B

Calendar Year• GAAP net loss of $(38.7)B, $(68.45) EPS due principally to Q3 charge of

$(38.3)B for valuation allowance taken against deferred tax assets • Adjusted net loss of $(23) million, or $(0.04) EPS• Adjusted automotive EBT improved $0.9B on strength of GMLAAM and GMAP• Global market share of 13.3%, down 0.2 p.p. vs. CY 2006

– Share outside North America of 9.5%, up 0.4 p.p. vs. CY 2006

• Adjusted automotive OCF of $(2.4)B, improved $2.0B vs. CY 2006• Year-end gross automotive liquidity of $27.3B

2

Calendar Year 2007 Adjusted Results

3Refer to Supplemental Charts for reconciliation to GAAP figures

($ Millions) 2005 2006 20072007 F/(U)

2006

GMNA (7,431)$ (1,626)$ (1,535)$ 91$ GME (460) 357 55 (302)GMLAAM 197 561 1,348 787GMAP 438 403 744 341Auto Eliminations (51) (34) (59) (25) Total Auto Earnings Before Tax (7,307) (339) 553 892

GMAC Earnings Before Tax 4,189 2,208 (1,147) (3,355)Corp. Other Earnings Before tax (1,392) (1,241) (776) 465 Total Earnings Before Tax/(Loss) (4,510) 628 (1,370) (1,998)

Taxes 992 1,103 1,091 (12) Total Net Income/(Loss) from Cont. Ops. (3,518) 1,731 (279) (2,010)

Discontinued Ops. - Allison Transmission 313 445 256 (189) Total GM Net Income/(Loss) (3,205) 2,176 (23) (2,199)

EPS from Cont. Ops (6.22)$ 3.06$ (0.49)$ (3.55)$ EPS from Disc. Ops 0.55 0.79 0.45 (0.34)$ Total EPS (Basic) (5.67)$ 3.85$ (0.04)$ (3.89)$ Total EPS (Diluted) (5.67)$ 3.84$ (0.04)$ (3.88)$

Worldwide Production (000's) 9,051 9,181 9,286 105Global Market Share 14.1% 13.5% 13.3% (0.2) p.p.

Fourth Quarter Adjusted Results

4Refer to Supplemental Charts for reconciliation to GAAP figures

($ Millions) 2006 20072007 F/(U)

2006

GMNA (129)$ (1,060)$ (931)$ GME (12) (215) (203)GMLAAM 76 424 348GMAP 105 72 (33)Auto Eliminations (32) (24) 8 Total Auto Earnings Before Tax 8 (803) (811)

GMAC Earnings Before Tax (508) (394) 114Corp. Other Earnings Before tax (146) (383) (237) Total Earnings Before Tax/(Loss) (646) (1,580) (934)

Taxes 731 1,626 895 Total Net Income/(Loss) from Cont. Ops. 85 46 (39)

Discontinued Ops. - Allison Transmission 95 - (95) Total GM Net Income/(Loss) 180 46 (134)

EPS from Cont. Ops 0.15$ 0.08$ (0.07)$ EPS from Disc. Ops 0.17 - (0.17)$ Total EPS (Basic) 0.32$ 0.08$ (0.24)$ Total EPS (Diluted) 0.32$ 0.08$ (0.24)$

Worldwide Production (000's) 2,274 2,380 106Global Market Share 13.3% 13.1% (0.2) p.p.

Fourth Quarter Taxes

5

• In Q3 2007 GM established valuation allowance for deferred tax assets in the U.S., Germany and Canada

• In Q4 2007 GM re-measured pension and OPEB liabilities, resulting in pension and OPEB related gains in Other Comprehensive Income (OCI)

– Gain in OCI generated tax related liability on balance sheet

• SFAS 109 sets forth guidelines for intra-period tax allocation, and requires that tax expense on discontinued operations and OCI be reduced to the level of tax benefit in continuing operations

• Since GM had a significant current year net operating loss and had tax expense on OCI and discontinued operations, tax benefit is recognized even when a valuation reserve is established

• As a result, GM recorded tax benefit of $1.6B in continuing operations

Adjustments to Income

6

Exclusion of special items useful for:• Management to measure operations• Comparisons between reporting periods• Investors to measure and assess company’s core performance

($ Millions) Q4 CY

Adjusted Net Income (Loss) 46 (23) Pre-Tax AdjustmentsDelphi reserve (622) (1,547) Delphi employee pension benefits (552) (552) Restructuring related (290) (918) Pension prior service - (1,561) Impairments / Other (126) (187) Tax-related AdjustmentsDTA valuation allowance - (38,300) Tax on regional special items 17 47

Discontinued Ops - Allison gain on sale 805 4,309

Total Adjustments (768) (38,709)

GAAP Net Loss (722) (38,732)

Fourth Quarter Allison-related Special Item

7

• As a result of the intra-period tax allocation, tax expense on the Allison discontinued operations was reduced by $0.8B

• Change in tax expense allocation to discontinued operations results in final net after-tax gain on sale of Allison of $4.3B

– Final tax on transaction of $1.0B vs. $1.8B previously calculated

• Additional pre-tax special item of $(25) million related to Allison gain on sale due largely to purchase price adjustment related to post-closing working capital adjustments

Fourth Quarter Delphi-related Special Items

8

• GM recorded Q4 charge of $622 million as result of amendments tothe GM-Delphi Settlement Agreements, support of Delphi’s sale businesses, updated estimates of Delphi retiree healthcare costs and possible support based on ongoing discussions with Delphi

– Total of approximately $7.5B in Delphi-related charges taken to date

• Estimate for combined annual labor-related and transitional payments revised downward $100 million, to between $300-400 million thru 2015

– To be recognized in the future as incurred

• Additional Q4 charge of $552 million taken to reflect GM agreement to pay pension benefit increases granted in 2007 GM-UAW labor contract to Delphi employees and retirees/surviving spouses

– Non-cash in nature since GM pension plan to absorb payment obligations– Expensed upfront instead of amortized since payments to be made to

individuals not part of the GM pension plan

Delphi Update

9

• Bankruptcy Court approved Delphi’s Disclosure Statement in December– Included amendments to the GM-Delphi Settlement Agreements, whereby

GM agreed to accept a reduction in preferred stock recovery from$1.2 billion to $1.0 billion at Plan of Reorganization Value

• Bankruptcy Court confirmed Delphi’s Plan of Reorganization in January

• Delphi currently seeking exit financing to support Plan consummation– Market conditions causing difficulty in obtaining planned financing levels– GM is exploring alternatives with Delphi in the event that the planned

financing level is not achieved

Fourth Quarter Other Items

10

• $0.3B of restructuring special items, largely related to GME– Approximately $0.2B related to separation programs implemented

in Belgium, Germany and Sweden– Balance of approximately $0.1B in GMNA largely related to

adjustments to plant closing reserve

• $0.1B or impairment/other special items primarily related to vehicle-specific asset impairments in GMNA

• Corporate Other deteriorated by about $0.2B vs. Q4 2006– Approximately $(0.1)B related to higher central office expense– Approximately $(0.1)B related to increased legacy expense related

to additional Delphi flowbacks and continued health care inflation

GMNA Fourth Quarter Adjusted Results

11

($ Millions) 2006 20072007 F/(U)

2006

Revenue $28,516 $28,121 ($395)Earnings Before Tax/(Loss) (129) (1,060) (931)Earning Before Tax Margin (0.5)% (3.8)% (3.3) p.p.

North America:- Production Volume (000) 1,107 1,042 (65)- Market Share 23.2% 22.7% (0.5) p.p.

United States: - Industry SAAR (Mil.) 16.9 16.5 (0.4)- Market Share 23.6% 23.1% (0.5) p.p.- Retail/Fleet Mix - % Fleet 25.8% 23.9% 1.9 p.p.- Dealer Inventory (000) 1,055 908 147

Excludes results from Allison Transmission, now recorded as Discontinued Operations

19,500

19,75919,417

19,425

20,189

21,487

20,779

21,915

20,204

19,160

$18,000

$19,000

$20,000

$21,000

$22,000

$23,000

CY '03 CY '04 CY '05 CY '06 CY '07 Q4 '03 Q4 '04 Q4 '05 Q4 '06 Q4 '07

GMNA Vehicle Revenue Per Unit

Calendar Year Fourth Quarter

Net RevenueGross Revenue lessSales Incentives

Vehicle revenue per unit excludes items such as daily rental accounting impact, Service Parts, OnStar, other outside sales

12Adjusted to remove Allison. Refer to Supplemental Charts for reconciliation to GAAP figures

Memo:Q3 ’07 $21,605Q2 ‘07 $21,375Q1 ’07 $21,072

GMNA Adjusted EBT – Q4 2007 vs. Q4 2006

$ Billions – Continuing Operations Only Q4

2006 Earnings Before Tax $(0.1)Volume (0.5)

Mix 0.3

Price (0.4)

Material / Other Contribution Cost (0.1)

Policy & Warranty / Campaigns 0.0

Pension / OPEB / Manufacturing 0.0

Engineering / Exchange / Other (0.3)

2007 Earnings Before Tax $(1.1)

13Excludes results from Allison Transmission, now recorded as Discontinued Operations

(0.3) ~40k unit dealerstock reduction

(0.2) ~30k unit dailyrent decline

(0.1) ~20k unit lowerU.S. industry

(0.3) Commodityhedging

(0.2) Engineering0.2 Other

0.3 Mfg performance(0.2) Pension increase due to labor contract

(0.1) Foreign exchange

Larger stock adjust for higher full-size PU inventory vs. Q4 2006

GMNA Adjusted EBT – CY 2007 vs. CY 2006

$ Billions – Continuing Operations Only CY

2006 Earnings Before Tax $(1.6)Volume (2.7)

Mix 2.0

Price 0.4

Material / Other Contribution Cost (0.6)

Policy & Warranty / Campaigns (0.5)

Pension / OPEB / Manufacturing 2.8

Engineering / Exchange / Other (1.3)

2007 Earnings Before Tax $(1.5)

14Excludes results from Allison Transmission, now recorded as Discontinued Operations

(1.0) ~160k unit dealerstock reduction

(0.7) ~108k unit dailyrent decline

(0.5) ~80k unit lowerU.S. industry

(0.5) GM share decline

(0.6) Engineering(0.5) Commodity hedging(0.3) Foreign exchange

1.5 Model & option mix0.4 Product mix

1.8 Pension/OPEB1.0 Mfg productivity &

attrition

Material performance more than offset by

(1.0) Steel & non-ferrous

Overview of Other Regions• GM automotive revenue up 23% in regions outside of North America in Q4

– 40% of revenue and 54% of unit sales generated outside GMNA; 61% of unit sales generated outside the U.S.

• GM market share gains continue outside GMNA, up 0.3 p.p. and 0.4. p.p. for Q4 and CY, respectively

• GME volume and share both up in Q4, despite weakness in Germany which led to financial losses

– GM was the fastest growing manufacturer in Europe in 2007– Q4 volume and share in Russia up 89% and 2.6 p.p., respectively– Robust Chevrolet growth due to continued strong imports from GMDAT

(significant GMDAT operating profit attributable to sales in Europe)

• GMLAAM revenue up over 50% and earnings before tax up over five-fold vs. Q4 2006, on continued strong industry growth and pricing environment

• GMAP continues to deliver strong volume and share growth, but with moderating financial results in Q4 due largely to cost increases to support continued strong product development

– GM volume and share in China up 22% and 0.6 p.p., respectively

15

GME Fourth Quarter Adjusted Results

16

($ Millions) 2006 20072007 F/(U)

2006

Revenue $8,998 $10,692 $1,694 Earnings Before Tax/(Loss) (12) (215) (203)Earning Before Tax Margin (0.1)% (2.0)% (1.9) p.p.

Total Europe:- Production Volume (000) 443 457 14 - Industry SAAR (Mil.) 22.4 24.1 1.7 - Market Share 9.1% 9.3% 0.2 p.p.

Germany: - Industry SAAR (Mil.) 4.1 3.6 (0.5)- Market Share 10.1% 9.4% (0.7) p.p.

UK:- Industry SAAR (Mil.) 2.7 2.8 0.1 - Market Share 14.4% 15.4% 1.0 p.p.

Russia:- Industry SAAR (Mil.) 2.2 3.1 0.9 - Market Share 7.5% 10.1% 2.6 p.p.

GME Adjusted EBT – 2007 vs. 2006

$ Billions Q4 CY

2006 Earnings Before Tax $(0.0) $0.4German Market Impact (0.3) (0.6)

Foreign Exchange (0.1) (0.1)

Volume / Mix / Price (ex. Germany) 0.1 0.4

Material / Structural Cost 0.2 0.2

Other (0.1) (0.2)

2007 Earnings Before Tax $(0.2) $0.1

17

GMLAAM Fourth Quarter Adjusted Results

18

($ Millions) 2006 20072007 F/(U)

2006

Revenue $3,975 $6,040 $2,065 Earnings Before Tax/(Loss) 76 424 348 Earning Before Tax Margin 1.9% 7.0% 5.1 p.p.

Total LAAM:- Production Volume (000) 215 253 38 - Industry SAAR (Mil.) 6.2 7.4 1.2 - Market Share 17.9% 17.6% (0.3) p.p.

Brazil: - Industry SAAR (Mil.) 2.1 2.7 0.6 - Market Share 21.0% 19.9% (1.1) p.p.

Argentina:- Industry SAAR (Mil.) 0.45 0.6 0.15 - Market Share 17.3% 15.3% (2.0) p.p.

ANDEAN Markets- Industry SAAR (Mil.) 0.9 1.1 0.2 - Market Share 29.8% 30.4% 0.6 p.p.

GMAP Fourth Quarter Adjusted Results

19

($ Millions) 2006 20072007 F/(U)

2006

Revenue $4,502 $5,534 $1,032 Pre-Tax Income/(Loss) 71 13 (58)

China JVs Equity Income 86 90 4 Minority Interest (52) (31) 21

Earnings Before Tax/(Loss) 105 72 (33)Earnings Before Tax Margin 2.3% 1.3% (1.0) p.p.

Total Asia Pacific:- Industry SAAR (Mil.) 20.2 21.7 1.5 - Market Share 6.6% 7.1% 0.5 p.p.

China: - Industry SAAR (Mil.) 8.1 9.2 1.1 - Market Share 11.4% 12.0% 0.6 p.p.

Australia:- Industry SAAR (Mil.) 0.9 1.1 0.2 - Market Share 15.6% 13.0% (2.6) p.p.

GM-DAT: - Production (Complete Build Units) 201 250 49

GM China Results

20

• China industry continues to show explosive growth, with volume up 20% in CY 2007 vs. CY 2006

• GM, with its joint venture partners, became first manufacturer to sell over 1 million units in China in 2007– GM volume up 18% in CY 2007, and up 22% in Q4 2007 (ahead of industry

growth in Q4 of 16%)

• GM realized $425 million of equity income in GMAP in 2007, principally driven by its China joint ventures

• GM will continue to work aggressively to keep pace with industry– Focus on leveraging multiple brands and mid-cycle product updates; five

new/updated products to launch across four brands in 2008

• Capital spending at GM’s China JVs expected to total approximately $1B/year thru 2010 in support of continued strong product and technology development

GMAC CY & Fourth Quarter Overview

21

Fourth Quarter• GMAC reported $(0.7)B net loss due to continued ResCap losses

– ResCap net loss of $(0.9)B driven by asset write downs/impairments, restructuring costs and weaker consumer

– Global Auto Finance remained profitable, but reported lower results due to lower gain on sale of receivables in North America and write downs

– Insurance results down predominantly due to lower capital gains, as significant one-time gains were realized in the prior period

• Earnings before tax as realized by GM was loss of $(0.4)B

Calendar Year• GMAC reported $(2.3)B net loss due entirely to ResCap loss of $(4.3)B

– Global Automotive Finance up over $0.2B or almost 20% vs. CY 2006

• Earnings before tax as realized by GM was loss of $(1.1)B

• GMAC ended 2007 with liquidity of $22.7B

GMAC Fourth Quarter Business Line Results

22

($ Millions) 2006 20072007 F/(U)

2006

Global Automotive Finance 593$ 137$ (456)$ Insurance 735 68 (667) Other* (184) (8) 176 Sub-Total Net Income/(Loss) 1,144$ 197$ (947)$

ResCap (128) (921) (793) Total Net Income/(Loss) 1,016$ (724)$ (1,740)$

Memo: LLC conversion impact 791$ -$ (791)$ Capital gains 570 - (570) Restructuring charges - (131) (131)

* Includes GMAC Commercial Finance and equity interest in Capmark

GMAC Calendar Year Business Line Results

23

($ Millions) 2006 20072007 F/(U)

2006

Global Automotive Finance 1,243$ 1,485$ 242$ Insurance 1,127 459 (668) Other* (950) 70 1,020 Sub-Total Net Income/(Loss) 1,420$ 2,014$ 594$

ResCap 705 (4,346) (5,051) Total Net Income/(Loss) 2,125$ (2,332)$ (4,457)$

Memo: LLC conversion impact 791$ -$ (791)$ Goodwill impairments (695) (455) 240 Capital gains 570 - (570) Restructuring charges - (131) (131)

* Includes GMAC Commercial Finance and equity interest in Capmark

GMAC Summary & Outlook

24

• Losses in Q4 2007 smaller than those in Q3 2007, showing that actions undertaken in 2007 are starting to produce results

– Restructured ResCap– Tightened lending standards– Reduced balance sheet– Accelerated Auto Finance “originate to distribute” model– Took appropriate impairments and reserves– Holding cash at high levels

• GMAC and ResCap are refocusing on core strengths– Maintaining scalable platforms to capitalize on larger share of retail and

commercial auto finance and utilize exclusive relationship with GM

• GMAC is forecasting to return to profitability in 2008

• GMAC liquidity is at relatively high historical levels and GM believes that GMAC remains adequately capitalized

GM Automotive Liquidity Position

25

• Strong gross automotive liquidity position of $27.3B at year-end 2007

– Includes $0.6B of readily-available VEBA assets (i.e. short-term VEBA)

– Represents increase of $0.9B from year-end 2006• Reflects proceeds from sale of Allison Transmission, partially offset

by negative adjusted automotive OCF and other non-operating flows

• Net automotive liquidity of $(12.1)B at year-end 2007, in-line with year-end 2006

Automotive Gross / Net Liquidity

26

1 Q4 2005 - Q3 2006 Net Liquidity figures exclude GMAC related debt

1

$ B

illio

ns

(13.8) (12.3) (11.4) (14.2) (12.3) (13.3) (12.1) (9.9) (12.1)

22.921.6

20.4 20.4

26.4

24.7

30.027.2 27.3

(15.0)

(10.0)

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Q4 '05

Q1 '06

Q2 '06

Q3 '06

Q4 '06

Q1 '07

Q2 '07

Q3 '07

Q4'07

Net Liquidity

Gross Cash (incl. ST VEBA)

Fourth Quarter Key Cash Flow Drivers

27

• Q4 2007 adjusted automotive OCF of $(1.3)B primarily driven by negative EBT, traditionally higher capital expenditures, and ongoing legacy payments

– Partially offset by seasonally favorable working capital performance

• CY 2007 adjusted automotive OCF of $(2.4)B, an improvement of $2.0B vs. CY 2006

– Second consecutive year-over-year improvement in OCF at all four GM regions

– Year-over-year performance driven primarily by lower sales allowance and net rental car payments

Automotive Cash Flow Summary

Refer to Supplemental Charts for reconciliation to GAAP figures 28

($ Billions)Operating Related Q4 CY Q4 CYEarnings Before Tax (Automotive & Corp/Other) * 0.3 (7.3) (2.9) (5.5) Depreciation & Amortization 2.1 8.1 2.2 8.3 Capital Expenditures (2.4) (7.5) (2.6) (7.5) Change in Receivables, Payables & Inventory 0.2 (0.8) 0.4 (0.5) Pension/OPEB Expense (Net of Payments) (1.1) 3.4 (0.3) (0.5) DC VEBA - (1.0) - (1.0) Accrued Expenses & Other 1.2 0.7 1.9 4.3

Adjusted Operating Cash Flow 0.3 (4.4) (1.3) (2.4)

Allison Operating Cash Flow - Discontinued Operations 0.1 0.6 - 0.2 Proceeds from Sale of Allison - - - 5.4 Proceeds from Other Asset Sales 0.3 2.5 - 0.1 Cash Restructuring Costs (0.6) (2.3) (0.4) (1.4) Delphi - Cash Restructuring Costs (0.2) (0.4) - (0.3) Adj. Operating Cash Flow after Special Items (0.1) (4.0) (1.7) 1.6

Non-Operating RelatedVEBA Withdrawals 0.1 4.1 2.7 2.7 Dividends (0.1) (0.6) (0.1) (0.6) Change in Debt 1.7 1.6 (0.9) (0.6) GMAC Purchase Price Adjustment - - - (1.0) GMAC Transaction Proceeds 10.1 10.1 - - Preferred Equity Investment in GMAC (1.4) (1.4) - - GM-GMAC Intercompany Exposures (3.1) (3.1) - - GMAC Dividends - 1.9 - - GMAC Lease Asset Carve-out 0.1 0.1 0.2 0.9 Change in ST VEBA - (1.3) (2.9) (1.9) Other (1.3) (1.4) 0.1 (0.2)

Total Non-Operating Related 6.1 10.0 (0.9) (0.7)

Net Change in Cash and Cash-related 6.0 6.0 (2.6) 0.9

20072006

* Earnings before Tax from Continuing Operations

Accrued Expenses and Pension/OPEB

29

• Accrued Expenses and Other reflects timing of cash flows vs. accruals

• Net variance related to Pension/OPEB driven primarily by lower net pension and OPEB expense

($ Billions) Q4 CY Q4 CY

Net Interest Accruals/ (Payments) 0.3 0.2 0.2 0.0Net Sales Allowances (0.2) (1.6) (0.3) 0.0Net Daily Rental Sales (0.4) (1.1) 0.1 (0.1)Net P&W Accruals/ (Payments) 0.0 (0.1) 0.1 0.7Non-Cash Charges 0.4 2.8 1.4 3.0Net Tax Refunds/ (Payments) & Other 1.1 0.5 0.4 0.7

Total Accrued Expenses & Other 1.2 0.7 1.9 4.3

20072006

($ Billions)Q4 CY Q4 CY

Pension Expense/ (Income) (0.1) 4.9 0.2 1.7Pension Contributions/ Payments (0.6) (1.3) (0.2) (0.9)US OPEB Expense 0.5 3.3 0.5 2.1US OPEB Payments (0.9) (3.7) (0.9) (3.6)Other Pension/ OPEB Adjustments (0.0) 0.2 0.1 0.2

Total Pension/OPEB Expense (1.1) 3.4 (0.3) (0.5)(Net of Payments)

2006 2007

U.S. Pension Expense

30

2006 2007 2008($ Billions) Actual Actual Outlook

U.S. Pension Expense / (Income) 1 (0.6) (1.1) (1.4) Related Interest Expense 1.0 1.1 1.1 Total Expense / (Income) 0.4 0.0 (0.3)

YE Funded Status 2 17.1 20.0 N/A- Hourly 11.6 11.8 - Salaried 5.5 8.2

YE Discount Rate (%) 5.90% 6.35% N/AActual Asset Returns (%) 15.2% 10.7% 8.5% 3

Contributions 2 0.0 0.0 0.0

1 FAS 87 expense2 Reflects U.S. Hourly and Salaried Pension Plans only3 2008 assumption

($ Billions) 2006 2007 2008Actual Actual Outlook

AssumptionsYear-end Discount Rate 5.90% 6.35% N/AOPEB Health Care Trend Rate1 10.00% 9.00% 8.25%

U.S. OPEB Expense 3.3 2.1 2.1

OPEB Liability 64.6 59.5 - VEBA Assets 16.9 16.3 - Net Liability 47.7 43.2 -

U.S. Health Care Cash PaymentsActive 1.5 1.3 1.3 Retired 3.3 3.3 3.3 Total Cash 4.8 4.6 4.6

Mitigation VEBA contributions3 1.0 1.0 0.0

2 OPEB liabillity and expense reflect UAW & IUE legal service benefit for all years

1 OPEB trend rate in initial year; ultimate trend rate assumed to be 5.0% in six years

3 Excludes $450 million Delphi-related payment to UAW to be paid into Mitigation VEBA

U.S. Health Care Spending & OPEB Expense

31

GM-UAW Healthcare Settlement Update

• Negotiations with the UAW and Class Counsel progressing well– Expect to complete negotiations and file Settlement Agreement

with court shortly– Do not anticipate delays in court approval process

• Agreement in principle on two developments– $4B short term note– Restructuring of the $4.4B convertible note set out in the MOU

32

$4 Billion Short Term Note• In Q4 2007 GM withdrew $2.7B from its VEBA,

representing residual salaried and hourly 2006 Healthcare PAYGO capacity– Post withdrawal, UAW-related portion of the hourly VEBA estimated

at $14.5B as of year-end 2007

• Under GM-UAW MOU, agreement to set aside $18.5B upfront

• Agreement in principle with UAW and Class Counsel to fund the difference of approximately $4B by way of short-term note maturing January 2010 with 9% interest

• Win-Win for both UAW, GM and plan participants– GM enhances interim liquidity– UAW and plan participants receive 9% interest

33

Restructuring $4.4B UAW Convertible• UAW and Class Counsel approached GM for adjustment to terms of

convertible note• In spirit of cooperation, as part of the overall settlement agreement process

GM agreed in principle to effective conversion price of $36 versus $40 through execution of derivative transactions

• Maximum potential value provided would be $0.8B if GM stock price is $63.48 after 3.5 years

– Provides mechanism for GM to recover additional economic value provided at stock prices between $63.48 and $70.53

– Fair market value of derivatives approximately $0.2B

34

Capital Spending Increase

Global Industry Increase

GM Revenue Increase

Adjusted Earnings Improve

Cash Flow Improve but Negative

2007 Recap – Total Automotive Metrics vs. 2006

Structural Cost Decrease

Net Material Performance Flat

Jan 2007 Outlook

CY 2007 Results

Increase

Increase

Slightly Unfavorable

Slight Increase (down as % of revenue)

Improve

Improve but Negative

About Flat

35

2008 GM Automotive Overview

• Continued global revenue growth

• Continued improvement in material cost and structural cost metrics

• U.S. total industry outlook in the low 16 million unit range

• Sufficient liquidity cushion even in event of further U.S. industry decline– Ahead of a possible downturn, should target liquidity of at least

$18-20B and access to $4-5B of credit lines– Year-end liquidity of $27.3B and access to approximately $7B of

undrawn credit facilities– One million unit downside in U.S. industry would have negative

liquidity impact estimated in $2-3B range

36

Capital Spending Continued strong product and advanced technology development

Global Automotive Revenue

Revenue growth in all regions, particularly in emerging markets

Footprint optimization, lower commodity increases, fewer majors

Down in all regions, particularly GMAP & GMLAAM due to revenue growth

Adjusted Pre-tax Earnings

Continued strength in emerging markets

Operating Cash Flow Improved earnings offset by higher capex, less favorable working capitalAbout Flat

Total Automotive Outlook – 2008 vs. 2007

Structural Cost as% of Revenue Decrease

Net Material Performance Favorable

Increase

Improved

Increase

37

Special Attrition Program – Phase II

38

• In Dec 2007, GM and the UAW reached agreement on Phase I of a new special attrition program (SAP)– Offered to all Service Parts facilities and five other plants

• Today, GM and the UAW announced a comprehensive SAP to be offered to all UAW-represented GM employees

• Eligible employees with 30 or more years service may choose retirement pension incentives of $45k to $62.5k– Funding for the retirement pension incentives will come from the GM Hourly

Pension Plan, which is currently overfunded

• Similar to the 2006 GM-UAW SAP, three other options are offered for employees with less than 30 years service:– Mutually satisfactory retirement for certain employees– Pre-retirement leave program for employees with 26 to 29 years’ service– Cash buyout option of $70k (less than 10 years’ service) or $140k

(10 or more years’ service) to voluntarily separate all ties to GM

Mid-term Outlook – 2010/11

Opportunities

• Full impact of labor contract$4B - $5B

• Delphi-related cost reduction~$0.5B

• If U.S. industry returns to trend~$1-1.5B

• Pricing for stronger brands

• Material cost reductions

• Improved GMAC performance

• Further emerging markets growth

Downside Risks

• U.S. industry mix shift

• Regulatory costs increase

• Continued competitive environment

Pricing, new entries

39

Summary• 2007 results improved, but near-term challenges remain

– CY adjusted automotive earnings before tax improved by $0.9B, largely due to continued strength in GMAP and GMLAAM

– Q4 adjusted automotive earnings before tax deteriorated by $(0.8)B, due largely to headwinds in the U.S. and Germany

– Continued share growth in GMAP and GMLAAM

• 2008 automotive pre-tax earnings outlook improved vs. 2007 on continued growth in emerging markets and focus on cost performance in mature markets– Anticipate adjusted automotive operating cash flow to be about flat

despite higher capital spending– Automotive liquidity remains strong at $27.3B

• Potential for significant earnings improvement in 2010/11 timeframe

40

Supplemental Charts

The following supplemental charts are provided to reconcile adjusted financial data comprehended in the primary chart set with GAAP-based data (per GM’s financial statements) and/or provide

clarification with regard to definition of non-GAAP terminology

Note: As previously disclosed, GM restated its financial statements for the first three quarters of 2006 for various accounting issues associated with derivatives contracts, deferred income tax and other adjustments. The results reported for the calendar year ending December 31, 2006 contained in this presentation reflect the adjustments.

Reconciliation to Adjusted Net Income / EPS Q4 – 2007

S1

$ Millions, except for EPS GMNA GME GMLAAM GMAPAutoElims

Total Auto GMAC

Corp.Other

OtherFinancing Total

QTD December 31, 2007Total Net Sales & Revenue 28,121 10,692 6,040 5,534 (3,695) 46,692 - - 393 47,085 Income (loss) before tax (1,252) (445) 424 72 (24) (1,225) (394) (1,641) 90 (3,170) Tax (expense)/benefit - - - - - - - 1,553 90 1,643 Net income (loss) from Cont. Ops. (1,252) (445) 424 72 (24) (1,225) (394) (88) 180 (1,527) Gain on sale of Disc. Ops. 805 - - - - 805 - - - 805 Net Income (loss) (447) (445) 424 72 (24) (420) (394) (88) 180 (722) EPS ($1.28)Pre-tax adjustments:Delphi - - - - - - - 1,174 - 1,174 Other valuation allow adjust - - - - - - - - - - Restructuring/Special attrition program 60 230 - - - 290 - - - 290 Product impairments 169 169 169 Plant closures (37) - - - - (37) - (6) - (43)

192 230 - - - 422 - 1,168 - 1,590 Tax adjustments:Tax on regional special items - non DTA - - - - - - - (17) - (17) Total Continuing Operations 192 230 - - - 422 - 1,151 - 1,573

Gain on sale of Allison (805) - - - - (805) - - - (805)

Total Adjustments (613) 230 - - - (383) - 1,151 - 768

Adjusted Net Revenue 28,121 10,692 6,040 5,534 (3,695) 46,692 - - 393 47,085 Income (loss) before tax (1,060) (215) 424 72 (24) (803) (394) (473) 90 (1,580) Tax benefit - - - - - - - 1,536 90 1,626 Net income (loss) from Cont. Ops. (1,060) (215) 424 72 (24) (803) (394) 1,063 180 46 Gain on sale of Disc. Ops. - - - - - - - - - - Adjusted Net Income (loss) (1,060) (215) 424 72 (24) (803) (394) 1,063 180 46 Adjusted EPS - Diluted $0.08

Reconciliation to Adjusted Net Income / EPS Q4 – 2006

S2

$ Millions, except for EPS GMNA GME GMLAAM GMAPAutoElims

Total Auto GMAC

Corp.Other

OtherFinancing Total

QTD December 31, 2006Total Net Sales & Revenue 28,516 8,998 3,975 4,502 (2,352) 43,639 6,486 (44) 722 50,803 Income (loss) before tax (30) (154) 76 29 (32) (111) 364 426 (347) 332 Tax (expense)/benefit - - - - - - - 256 267 523 Net income (loss) from Cont. Ops. (30) (154) 76 29 (32) (111) 364 682 (80) 855 Net income for Disc. Ops. 95 - - - - 95 - - - 95 Net Income (loss) 65 (154) 76 29 (32) (16) 364 682 (80) 950 EPS - Basic & Diluted $1.68Pre-tax adjustments:Special attrition related (53) - - - - (53) - - - (53) GMAC transaction related - - - - - - (872) (631) 406 (1,097) Restructuring - 142 - 76 - 218 - - - 218 Component plant settlement 224 - - - - 224 - - - 224 Gain on sale (270) - - - - (270) - - - (270)

(99) 142 - 76 - 119 (872) (631) 406 (978) Tax adjustments:Tax on or tax related regional spcl items - - - - - - 36 36 Tax of GMAC/FIO special items - - - - - - 172 172 Total Adjustments (99) 142 - 76 - 119 (872) (595) 578 (770)

Total Adjust. - Net Revenue - - - - - - (872) - - (872)

Adjusted Net Revenue 28,516 8,998 3,975 4,502 (2,352) 43,639 5,614 (44) 722 49,931 Income (loss) before tax (129) (12) 76 105 (32) 8 (508) (205) 59 (646) Tax benefit - - - - - - - 292 439 731 Net income (loss) for Cont. Ops. (129) (12) 76 105 (32) 8 (508) 87 498 85 Net income for Disc. Ops. 95 - - - - 95 - - - 95 Adjusted Net Income (loss) (34) (12) 76 105 (32) 103 (508) 87 498 180 Adjusted EPS - Basic $0.32Adjusted EPS - Diluted $0.32

Reconciliation to Adjusted Net Income / EPS CY – 2007

S3

$ Millions, except for EPS GMNA GME GMLAAM GMAPAutoElims Total Auto GMAC

Corp.Other

OtherFinancing Total

YTD December 31, 2007Total Net Sales & Revenue 112,448 37,397 18,894 21,003 (11,543) 178,199 - - 2,923 181,122 Income (loss) before tax (3,314) (524) 1,348 681 (59) (1,868) (1,147) (3,605) 485 (6,135) Tax (expense)/benefit - - - - - - - (37,129) (33) (37,162) Net income (loss) from Cont. Ops. (3,314) (524) 1,348 681 (59) (1,868) (1,147) (40,734) 452 (43,297) Net income from Disc. Ops. 256 - - - - 256 - - - 256 Gain on sale of Disc. Op. 4,309 - - - - 4,309 - - - 4,309 Net Income (loss) 1,251 (524) 1,348 681 (59) 2,697 (1,147) (40,734) 452 (38,732) EPS ($68.45)Pre-tax adjustments:Delphi - - - - - - - 2,099 - 2,099 Pension prior service cost 1,310 - - - - 1,310 - 251 - 1,561 Restructuring/special atttrition program 289 579 - 50 - 918 - - - 918 Product impairments 264 13 277 277 Plant closures (84) - - - - (84) - (6) - (90)

1,779 579 - 63 - 2,421 - 2,344 - 4,765 Tax adjustments:Tax on regional special items - non DTA - - - - - - - (47) - (47) DTA valuation allow. & assoc. items - - - - - - - 38,177 123 38,300 Total Continuing Operations 1,779 579 - 63 - 2,421 - 40,474 123 43,018

Gain on sale of Allison (4,309) - - - - (4,309) - - - (4,309)

Total Adjustments (2,530) 579 - 63 - (1,888) - 40,474 123 38,709

Adjusted Net Revenue 112,448 37,397 18,894 21,003 (11,543) 178,199 - - 2,923 181,122 Income (loss) before tax (1,535) 55 1,348 744 (59) 553 (1,147) (1,261) 485 (1,370) Tax benefit - - - - - - - 1,001 90 1,091 Net income (loss) for Cont. Ops. (1,535) 55 1,348 744 (59) 553 (1,147) (260) 575 (279) Net income for Disc. Ops. 256 - - - - 256 - - - 256 Adjusted Net Income (loss) (1,279) 55 1,348 744 (59) 809 (1,147) (260) 575 (23) Adjusted EPS ($0.04)

Reconciliation to Adjusted Net Income / EPS CY – 2006

S4

$ Millions, except for EPS GMNA GME GMLAAM GMAPAutoElims Total Auto GMAC

Corp.Other

OtherFinancing Total

YTD December 31, 2006Total Net Sales & Revenue 116,653 33,278 14,627 15,532 (8,655) 171,435 33,629 (256) 793 205,601 Income (loss) before tax (7,534) (297) 518 1,199 (34) (6,148) 2,241 (1,185) (377) (5,469) Tax (expense) benefit - - - - - - - 3,881 (835) 3,046 Net income (loss) from Cont. Ops. (7,534) (297) 518 1,199 (34) (6,148) 2,241 2,696 (1,212) (2,423) Net income from Disc. Ops. 445 - - - - 445 - - - 445 Net Income (loss) (7,089) (297) 518 1,199 (34) (5,703) 2,241 2,696 (1,212) (1,978) EPS ($3.50)Pre-tax adjustments:Special attrition program 6,387 - - - - 6,387 - - - 6,387 Sale of investments - - - (977) - (977) - - - (977) GMAC transaction related - - - - - - (872) (631) 447 (1,056) GMAC commercial finanace goodwill impair. 839 839 Restructuring (908) 654 43 76 - (135) - 5 - (130) Component plant settlement 224 224 - - 224 Product impairments 475 - - - - 475 - - - 475 Gain on sale (270) (270) (270) GMDAT DTA 105 105 105 Delphi - - - - - - - 500 - 500

5,908 654 43 (796) - 5,809 (33) (126) 447 6,097 Tax adjustments:Tax on or tax related regional special items - - - - - - (2,298) (2,298) Tax of GMAC/FIO special items - - - - - - 355 355 Total Adjustments 5,908 654 43 (796) - 5,809 (33) (2,424) 802 4,154

Total Adjust. - Net Revenue - - - - - - (872) - - (872)

Adjusted Net Revenue 116,653 33,278 14,627 15,532 (8,655) 171,435 32,757 (256) 793 204,729 Income (loss) before tax (1,626) 357 561 403 (34) (339) 2,208 (1,311) 70 628 Tax benefit - - - - - - - 1,583 (480) 1,103 Net income (loss) for Cont. Ops. (1,626) 357 561 403 (34) (339) 2,208 272 (410) 1,731 Net income for Disc. Ops. 445 - - - - 445 - - - 445 Adjusted Net Income (loss) (1,181) 357 561 403 (34) 106 2,208 272 (410) 2,176 Adjusted EPS - Basic $3.85Adjusted EPS - Diluted $3.84

Reconciliation of GMNA Revenue Per UnitFourth Quarter

S5

a). For GAAP reporting purposes, sales to other GM regions are eliminated whereas they are retained for managerial vehicle analysisb). Includes SPO parts, Powertrain engines, MSP, and Onstar service outside sales- excluded from managerial vehicle analysisc). Includes Interest Income, Daily Rental Income, and GM Credit Card Income- excluded from managerial vehicle analysis

Revenue Revenue Revenue Revenue Revenue Revenue$ (Millions) per unit $ (Millions) per unit $ (Millions) per unit

GAAP 31,963 21,877$ 30,430 22,326$ 29,945 22,165$

add/(less): Allied Sales (17) a (284) a 382 aless: Non Vehicle Sales (2,859) b (2,084) b (2,828) bless: Other Income Items (597) c (524) c (804) c

Managerial 28,490 19,500$ 27,538 20,204 26,695 19,759$

Revenue Revenue Revenue Revenue$ (Millions) per unit $ (Millions) per unit

GAAP 28,516 24,207$ 28,121 25,518$

add/(less): Allied Sales (469) a (348) aless: Non Vehicle Sales (3,084) b (3,104) bless: Other Income Items (485) c (519) c

Managerial 24,478 20,779$ 24,150 21,915$

Q4 2003

Q4 2007Q4 2006

Q4 2005Q4 2004

**

* Excludes revenue from Allison Transmission, classified as discontinued operations

Reconciliation of GMNA Revenue Per UnitCalendar Year

S6

a). For GAAP reporting purposes, sales to other GM regions are eliminated whereas they are retained for managerial vehicle analysisb). Includes SPO parts, Powertrain engines, MSP, and Onstar service outside sales- excluded from managerial vehicle analysisc). Includes Interest Income, Daily Rental Income, and GM Credit Card Income- excluded from managerial vehicle analysis

Revenue Revenue Revenue Revenue Revenue Revenue$ (Millions) per unit $ (Millions) per unit $ (Millions) per unit

GAAP 120,566 21,537$ 119,071 21,736$ 111,376 21,838$

add/(less): Allied Sales (1,270) a (925) a (827) aless: Non Vehicle Sales 10,063 b (9,175) b (9,246) bless: Other Income Items (1,973) c (2,607) c (2,236) c

Managerial 107,260 19,160$ 106,364 19,417$ 99,067 19,425$

Revenue Revenue Revenue Revenue$ (Millions) per unit $ (Millions) per unit

GAAP 116,653 23,671$ 112,448 25,061$

add: Allied Sales (1,674) a (1,343) aless: Non Vehicle Sales (13,487) b (12,764) bless: Other Income Items (2,003) c (1,929) c

Managerial 99,489 20,189$ 96,412 21,487$

CY '07CY '06

CY '05CY '04CY '03

Note: Excludes revenue from Allison Transmission, classified as discontinued operations

Reconciliation of Automotive Cash FlowFourth Quarter & Calendar Year

S7

General Motors CorporationAutomotive and Corp/OtherGAAP to Managerial Cash Flow reconciliation

$ BillionsQ4 2007 CYTD 2007 Q4 2006 CYTD 2006

Net Cash Provided By Operating Activities (GAAP) * 3.4 5.5 1.1 5.0

Reclassifications to/ (from) U.S. GAAP- Expenditures for PPE & Special Tools (2.6) (7.5) (2.4) (7.5) - VEBA Withdrawls (2.7) (2.7) (0.1) (4.1) - Cash Restructuring Costs 0.4 1.4 0.6 2.3 - Delphi - Cash Restructuring Costs - 0.3 0.2 0.4 - Other 0.2 0.6 0.9 (0.5)

Total Reconciling Items (4.7) (7.9) (0.8) (9.4)

Total Operating before Special Items (1.3) (2.4) 0.3 (4.4)

* Operating Cash Flow from Continuing Operations