8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549-1004

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) April 20, 2006

GENERAL MOTORS CORPORATION

(Exact Name of Registrant as Specified in its Charter)

STATE OF DELAWARE	1-143	38-0572515
(State or other jurisdiction of Incorporation or Organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

300 Renaissance Center, Detroit, Michigan	48265-3000
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code (313) 556-5000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

INDEX TO EXHIBITS

News Release Dated April 20, 2006 and Financial Statements

Charts Furnished to Securities Analysts

 News Release, dated April 20, 2006

 Charts Furnished to Securities Analysts

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

On April 20, 2006, a news release was issued on the subject of first quarter 2006 consolidated earnings for General Motors Corporation (GM). The news release did not include certain financial statements, related footnotes and certain other financial information that will be filed with the Securities and Exchange Commission as part of GM’s Quarterly Report on Form 10-Q. The first quarter earnings release for GM is attached as Exhibit 99.1.

Charts furnished to securities analysts in connection with GM’s first quarter 2006 earnings release are attached as Exhibit 99.2.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

EXHIBITS

Exhibits	Description	Method of Filing
Exhibit 99.1	News Release Dated	Attached as Exhibit
	April 20, 2006 and
	Financial Statements
Exhibit 99.2	Charts Furnished to
	Securities Analysts	Attached as Exhibit

* * * * * *

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	GENERAL MOTORS CORPORATION (Registrant)
Date: April 20, 2006	By:	/s/PETER R. BIBLE
		(Peter R. Bible, Chief Accounting Officer)

EXHIBIT INDEX

Exhibits	Description	Method of Filing
Exhibit 99.1	News Release Dated	Attached as Exhibit
	April 20, 2006 and
	Financial Statements
Exhibit 99.2	Charts Furnished to
	Securities Analysts	Attached as Exhibit

EX-99.1

Exhibit 99.1

General Motors	GM Communications
	media.gm.com

For Release:
April 20, 2006

GM Reports Preliminary Q1 Financial Results

• Reported Net Loss $323 Million, About $1 Billion Improvement From 2005

• Record Quarterly Revenue of $52.2 Billion

• $567 Million GMNA Improvement Despite $484 Million Health-Care Charge

• Automotive Liquidity Stronger at $21.6 Billion

DETROIT — General Motors Corp. (NYSE: GM) today reported significantly improved financial results for the first quarter of 2006, with operations from every automotive region in the world contributing to the turnaround efforts.

“The first quarter represented an important milestone in GM and GM North America’s turnaround,” said GM Chairman and Chief Executive Officer Rick Wagoner. “Not only did we see significant improvement in the financial results of all our automotive units, we also announced numerous additional actions to improve our North American competitiveness and liquidity. And, we made significant progress in implementing those and previously announced initiatives, such as the UAW health-care agreement and the North American capacity plan.

“We’re pleased to see the significant progress in our first-quarter results and in the implementation of all four elements of our North American turnaround plan,” Wagoner continued. “And we remain focused on accelerating our return to profitability and cash generation.”

GM reported a preliminary net loss of $323 million, or $0.57 per share, in the first quarter of 2006, including special items. This was more than accounted for

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by the inclusion of a $681 million after-tax charge, or $1.20 per share, related to the recently approved health-care settlement agreement for U.S. hourly retirees. These first-quarter results represent a significant improvement from the year-ago loss of $1.3 billion, or $2.22 per share. Reported revenue rose 14.1 percent to a record $52.2 billion in the first quarter of 2006.

Excluding special items but including the effect of the $681 million health-care charge ($1 billion pretax), GM reported a preliminary adjusted loss of $529 million, or $0.94 per share in the first quarter of 2006. In the year-ago quarter, GM reported an adjusted loss before special items of $988 million, or $1.75 per share.

The reported results for the first quarter of 2006 include special items totaling a favorable $206 million after tax, or $0.37 per diluted share. These results include a gain of $317 million, or $0.56 per share, from the sale of most of GM’s stake in Suzuki, partially offset by restructuring charges totaling $111 million, or $0.19 per share, at GM North America (GMNA), GM Europe (GME) and GM Latin America/Africa/Middle East (GMLAAM). Additional details on the special items are included in the “Highlights” section of this press release.

GM’s results for the first quarter of 2006 are preliminary and may be revised prior to the filing of GM’s first quarter report on Form 10-Q in early May, depending on factors such as the final determination of the accounting treatment for the retiree health-care settlement agreement.

Health Care Agreement to Reduce Liability by $15 billion

The unprecedented health-care settlement between GM and its largest labor union, the United Auto Workers, was approved by the U.S. District Court on March 31, 2006.

“The health-care agreement is expected to result in an immediate 25-percent reduction in GM’s hourly retiree health-care liability, or about $15 billion,” Wagoner said. “The court approval is an important milestone, enabling us to implement this on the schedule we had anticipated.”

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As part of the agreement, GM will make contributions to a new independent Defined Contribution Voluntary Employees’ Beneficiary Association (DC VEBA) of $1 billion in each of 2006, 2007, and 2011. GM will also make supplemental contributions to the DC VEBA related to events like profit-sharing payments and increases in the value of GM stock.

Because the settlement received final court approval on March 31, the first $1 billion DC VEBA contribution is being recorded in the first quarter of 2006 even though the cost savings will not be realized until the second half of the year. Beginning July 1, the pretax savings associated with the health-care agreement will be approximately $750 million per quarter through 2011.

According to the accounting treatment that GM believes is appropriate under U.S. Generally Accepted Accounting Principles, the obligation to make the contributions would be recognized in each of the three periods in which they become due and payable. Other possible accounting treatments include recognizing the present value of all three payments as expense on March 31, 2006, which would significantly increase the amount of the first-quarter charge and eliminate any future charges. GM is currently in discussions with the U.S. Securities and Exchange Commission to determine the final accounting treatment and expects the issue to be resolved before it files its Form 10-Q.

GM financial results described throughout the remainder of this release exclude special items unless otherwise noted (see “Highlights”).

GM Automotive Operations

GM’s automotive operations reported an adjusted loss of $721 million in 2006, including the health-care charge, halving the year-ago adjusted loss of $1.5 billion. All of the company’s automotive units reported progress in the quarter, with three out of the four units posting profitable results.

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Global automotive sales rose 4.4 percent to 2.2 million units as strong sales in GM’s Asia Pacific and Latin American regions were partially offset by declines in the United States and Canada. Global market share was down slightly to 13.2 percent from 13.3 percent a year ago.

GM North America Shows Improvement

GM North America reported an adjusted loss of $946 million in the first quarter of 2006, including $484 million of the retiree health-care settlement charge. This compares to an adjusted loss of $1.5 billion a year ago. Higher production volumes, improved mix and better net pricing contributed $1.1 billion of improvement to GMNA operating earnings, offset in part by the health-care charge. Revenue per unit sold in GMNA was significantly higher in the quarter versus a year ago, mostly attributable to better pricing and richer mix. U.S. dealer inventories ended the quarter at 1,169,000 vehicles, down 74,000 units from the year-ago period, and well positioned for the spring selling season.

GM recently increased its structural cost reduction target in North America by more than $1 billion, to $7.5 billion on a running rate basis by the end of 2006, excluding the cost of the three $1 billion DC VEBA contributions in 2006, 2007 and 2011. Approximately $4 billion of this reduction will be cash savings. GM also continues to focus on achieving the previously reported $1 billion target of material cost savings in 2006, which is under pressure due to high raw material and commodity prices.

GM remains committed to revitalizing its product portfolio through an aggressive product spending program. In 2006, GM expects capital spending to total approximately $8.7 billion. This represents an increase of approximately $800 million over 2005 levels.

“We are very pleased with the market’s reaction to our launch products,” Wagoner said. “In the first three months of the year, our new products accounted for about 30 percent of our total sales — more than double where we were a couple of years ago. We’re especially encouraged by the early sales of the Chevrolet Tahoe, GMC Yukon,

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and Cadillac Escalade. And we’re pleased with the reaction last week to the new Saturn Sky and Aura at the New York Auto Show.”

GM is revitalizing its sales and marketing strategy by focusing on the strength of its products, emphasizing their great value and features in relation to the competition. GM is focused on improving the mix and quality of its share by reducing incentives and the volume of sales to daily rental car companies. While this may result in short-term declines in sales and market share, it also is expected to result in improved retail sales and financial performance over time.

“Despite even higher incentives by many of our competitors, we think our new product-focused marketing strategy is the right one, and early results are in line with our expectations,” Wagoner said.

GM Europe Posts Profitable Quarter

GM Europe reported adjusted earnings of $88 million in the first quarter of 2006, a significant improvement from the year-ago loss of $92 million, reflecting improved pricing, continued progress in reducing structural and material costs, better mix and lower warranty and policy costs. In addition, Saab showed significant financial improvement and sold more than 34,000 vehicles worldwide, an all-time first-quarter record.

“Our European turnaround plan moved into high gear in the first quarter,” Wagoner said. “Looking forward, we’ll continue to focus on that, as well as growing our multi-brand strategy in Europe and on important vehicle launches. The Cadillac BLS is arriving in dealerships now, followed by the Chevrolet Epica in June and the Opel Corsa and Chevrolet Captiva in the third quarter.”

GM Asia Pacific Reports Improved Results

GM Asia Pacific (GMAP) reported adjusted earnings of $81 million in the first quarter of 2006, up from $70 million a year ago, reflecting improved sales volumes in China and higher sales volumes from GM Daewoo.

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“Asia Pacific continues to be a very positive story for GM,” Wagoner said. “GM vehicle sales in China were up 76 percent during the quarter, and our steady commitment to expanding our product line-up continues to pay dividends. Likewise, our investment in GM Daewoo continues to pay returns, with domestic sales and export shipments rising 60 percent in the first quarter.”

GM Latin America/Africa/Middle East

GM Latin America/Africa/Middle East reported adjusted earnings of $56 million in the first quarter of 2006, up from $31 million in the same period last year. This reflects a significant improvement in Brazil.

“GM continues to set sales and market share records in the Latin America/Africa/Middle East region,” Wagoner said. “In the first quarter, LAAM achieved an all-time first quarter sales record of 230,100 units, up 26 percent from the year-ago period. Of the 11 major markets in the region, four set all-time quarterly GM sales records and another four set first-quarter sales records.”

GMAC

General Motors Acceptance Corporation (GMAC) earned $605 million in the first quarter of 2006, compared to $728 million in the year-ago period, reflecting improved earnings from financing operations and insurance, offset by lower mortgage earnings.

“GMAC continued to post strong earnings despite lower credit ratings and higher borrowing costs,” Wagoner said. “The agreement that we announced earlier this month to sell a 51-percent controlling interest in GMAC to a consortium of investors led by Cerberus Capital Management is expected to close later this year. Once implemented, the new ownership structure should strengthen GMAC’s ability to support GM’s automotive operations, improve GMAC’s access to cost-effective funding and provide $14 billion in liquidity to GM over the next three years.”

GMAC had cash reserve balances at March 31, 2006 of approximately $22.1 billion, including $17.3 billion in cash and cash equivalents and $4.8 billion in marketable securities. This compares with cash balances of approximately $20 billion at Dec. 31, 2005.

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GMAC’s financing operations reported earnings of $270 million in the first quarter of 2006, compared to $216 million a year ago. The increase is largely due to the effect of lower consumer credit provisions, primarily as a result of automotive whole loan activity and favorable international credit performance.

ResCap earnings were $197 million in the first quarter 2006, down from the $351 million earned in the year-ago period. While revenues were strong from higher asset levels, results were negatively affected by lower net margins resulting from both pricing pressures and higher funding costs. In addition, gains on sales of loans were down due to a significant gain in the year-ago quarter from the sale of a portfolio of distressed mortgage loans. Mortgage originations were $41.6 billion for the latest quarter, representing an increase from the $36.4 billion in the year-ago period.

GMAC completed the sale of approximately 78 percent of its equity in GMAC Commercial Mortgage on March 23, 2006, for approximately $1.5 billion in cash. At the closing, GMAC Commercial Mortgage, now named CapMark Financial Group Inc., also repaid to GMAC approximately $7.3 billion in intercompany loans, bringing the total cash proceeds from the transaction to $8.8 billion. GMAC earnings related to Commercial Mortgage were $9 million, representing operating income of $50 million and a loss on sale of $41 million, after closing costs.

GMAC’s insurance operations generated net income of $129 million in the first quarter of 2006, up from $94 million in the same period a year ago primarily reflecting the impact of strong underwriting results. In addition, first quarter results also benefited from the strategic acquisition of MEEMIC Insurance Co., a personal lines business that offers automobile and homeowners insurance in the Midwest.

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Cash and Liquidity

Cash, marketable securities, and readily-available assets of the Voluntary Employees’ Beneficiary Association (VEBA) trust totaled $21.6 billion at March 31, 2006, up from $20.4 billion on Dec. 31, 2005 and $19.8 billion on March 31, 2005. GM withdrew approximately $2 billion from the VEBA trust in the first quarter of 2006, including $1 billion from the short-term VEBA.

Liquidity remains a key focus of the corporation. GM sold most of its 20-percent stake in Suzuki during the first quarter, generating approximately $2 billion in cash. Also, GM recently announced the sale of its stake in Isuzu which generated approximately $300 million in proceeds in the second quarter of 2006. In February, GM reduced its common stock dividend by 50 percent, which is expected to save approximately $565 million annually. Finally, the planned sale of 51-percent of GMAC is expected to provide GM with up-front cash proceeds of about $10 billion and significant ongoing cash flow from retained assets and GMAC distributions over time.

Outlook

GM has made significant progress to turn around its North American operations, including the UAW retiree health-care agreement, the manufacturing capacity actions, the changes to GM’s U.S. salaried retiree health-care benefits and salaried pension plan benefits and the hourly accelerated attrition program.

“While we are encouraged by the speed and scale of the changes we’re implementing, there is clearly more work to be done,” Wagoner said. “Our next key priority is to reach a consensual agreement with Delphi and its unions that makes sense for all of the parties. The agreement we recently reached with the UAW on the attrition program is a significant step in achieving this objective, but there is more important work to do.”

# # #

Forward-Looking Statements

     In this press release and in related comments by General Motors’ and General Motors Acceptance Corporation’s management, the use of the words “expect,” “anticipate,”

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“estimate,” “forecast,” “initiative,” “objective,” “plan,” “goal,” “project,” “outlook,” “priorities,” “target,” “intend,” “evaluate,” “pursue,” “seek,” “may,” “would,” “could,” “should,” “believe,” “potential,” “continue,” “designed,” “impact,” or the negative of any of those words or similar expressions is intended to identify forward-looking statements. Other than statements of historical fact, all statements in this press release and in related comments, including without limitation, statements about future events and financial performance, are forward-looking statements that involve certain risks and uncertainties. While these statements represent our current judgment on possible future events, and we believe that when we made these judgments they were reasonable, these statements are not guarantees of any events or financial results, and GM’s actual results may differ materially due to numerous important factors that may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K.

Such factors include, among others, the following: the ability of GM to realize production efficiencies, to achieve reductions in costs as a result of the turnaround restructuring, health care cost reductions and an accelerated attrition program and to implement capital expenditures at levels and times planned by management; the pace of product introductions; market acceptance of the Corporation’s new products; significant changes in the competitive environment and the effect of competition in the Corporation’s markets, including on GM’s pricing policies; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt; restrictions on GMAC’s and ResCap’s ability to pay dividends and prepay subordinated debt obligations to us; changes in the existing, or the adoption of new, laws, regulations, policies or other activities of governments, agencies and similar organizations where such actions may affect the production, licensing, distribution or sale of our products, the cost thereof or applicable tax rates; costs and risks associated with litigation; the final results of investigations and inquiries by the SEC; changes in our accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions underlying the estimates, including the range of estimates for the Delphi pension benefit guarantees, which could result in an impact on earnings; changes in relations with unions and employees/retirees and the legal interpretations of the agreements with those unions with regard to employees/retirees; negotiations and bankruptcy court actions with respect to Delphi’s obligations to GM, negotiations with respect to GM’s obligations under the pension benefit guarantees to Delphi employees, and GM’s ability to recover any indemnity claims against Delphi; labor strikes or work stoppages at GM or its key suppliers such as Delphi or financial difficulties at GM’s key suppliers such as Delphi; additional credit rating downgrades and the effects thereof; our ability to complete the sale of a 51-percent controlling interest in GMAC and the effect of that sale on the results of GM’s and GMAC’s operations and liquidity; other factors affecting financing and insurance operating segments’results of operations and financial condition such as credit ratings, adequate access to the market, changes in the residual value of off-lease vehicles, changes in U.S. government-sponsored mortgage programs or disruptions in the markets in which its mortgage subsidiaries operate, and changes in its contractual servicing rights; shortages of and price increases for fuel; 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-Q and 8-K. Such factors include, among others, the following: the ability of GM to complete the sale of a 51-percent controlling interest in GMAC; significant changes in the competitive environment and the effect of competition in GMAC’s and GM’s markets, including on GMAC’s and GM’s pricing policies; GMAC’s ability to maintain adequate financing sources and an appropriate level of debt; the profitability and financial condition of GM, including changes in production or sales of GM vehicles, risks based on GM’s contingent benefit guarantees and the possibility of labor

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strikes or work stoppages at GM or at key suppliers such as Delphi; funding obligations under GM and its subsidiaries’ qualified U.S. defined benefits pension plans; restrictions on ResCap’s ability to pay dividends and prepay subordinated debt obligations to GMAC; changes in the residual value of off-lease vehicles; changes in U.S. government-sponsored mortgage programs or disruptions in the markets in which GMAC’s mortgage subsidiaries operate; changes in GMAC’s contractual servicing rights; costs and risks associated with litigation; changes in GMAC’s accounting assumptions that may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; changes in the credit ratings of GMAC or GM; the threat of natural calamities; changes in economic conditions, currency exchange rates or political stability in the markets in which we operate; and changes in the existing, or the adoption of new, laws, regulations, policies or other activities of governments, agencies and similar organizations.

Investors are cautioned not to place undue reliance on forward-looking statements. GM undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other such factors that affect the subject of these statements, except where expressly required by law.

###

Contacts:

Toni Simonetti, 212-418-6380 (office)
Mobile: 917-822-3392

Jerry Dubrowski, 212-418-6261 (office)
Mobile: 917-544-4885

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General Motors Corporation
Non-GAAP Disclosure

     GM includes the use of non-GAAP adjusted net income (loss) in its earnings releases and charts for securities analysts. GM management evaluates its business and makes certain operating decisions (e.g., budgeting, forecasting, employee compensation, asset management and resource allocation) using adjusted net income. Management believes that because this measure provides it with useful supplemental information for evaluating and operating the business, investors would find it beneficial to have the opportunity to view the business in the same manner. Adjusted net income is a measure that focuses on the Corporation’s core business operations and facilitates comparison of those businesses from period to period on a consistent basis. Management also believes it is appropriate in evaluating the Corporation’s operations to exclude restructuring charges and any gain or losses from one-time items because these costs vary in size and frequency among the four geographic regions, since inclusion of these events would make results less comparable between periods and between regions.

     GM also includes the use of non-GAAP managerial automotive operating cash flow in its earnings releases and charts for securities analysts. Management believes that providing managerial automotive operating cash flow furnishes it and investors with useful information by representing the cash flow generated or consumed by its automotive operations, including cash consumed by automotive capital expenditures and equity investments in companies related to our core business and cash generated by sales of automotive operating assets and equity investments in companies related to our core business, before funding non-operating-related obligations including debt maturities, dividends and other non-operating items.

     GM’s earnings releases and charts for securities analysts also include the use of non-GAAP measures of revenue per vehicle and the GM North American structural cost reduction target. Management uses revenue per vehicle to track operating efficiency and to facilitate comparisons between periods and between manufacturers, and believes that it would provide valuable information to investors who are interested in identifying trends and comparing different companies. Revenue per vehicle includes certain sales to other GM regions that are excluded from GAAP reporting, and excludes non-vehicle sales such as service parts and operations and OnStar service and other income that GM does not derive from the sale of vehicles such as interest or the GM credit card. Management also includes sales to daily car rental companies in revenue per vehicle, although they are excluded from GAAP reporting because of GM’s repurchase obligations. GM North America’s structural cost reduction target excludes the cost of the three $1 billion DC VEBA contributions in 2006, 2007, and 2011. Management uses this measure to track the structural cost reduction target on a running rate basis since a significant portion of the benefit of the health-care Settlement Agreement related to hourly employees is anticipated to extend well beyond the periods in which the expense related to the contributions will be incurred. Management believes that this measure is useful to investors as it allows them to evaluate the ongoing effects of GM’s structural cost reduction initiatives.

     Non-GAAP measures should not be considered as a substitute for measures of financial performance prepared in accordance with GAAP. Investors and potential investors are encouraged to review the reconciliation of non-GAAP financial measures contained within the attached press release with their most directly comparable GAAP financial results.

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General Motors Corporation
List of Special Items — After Tax
(Dollars in millions except per share amounts)
(Unaudited)

	Three Months Ended
	March 31, 2006
	Net			$1-2/3
	Income			EPS
REPORTED
Net (loss)	$	(323	)	$	(0.57	)
ADJUSTMENTS
Restructuring (A)		111			0.19
Sale of Suzuki investment (B)		(317	)		(0.56	)
Subtotal		(206	)		(0.37	)
ADJUSTED
Adjusted income	$	(529	)	$	(0.94	)

(A) Relates to various restructuring initiatives, as follows (all amounts after tax):

• Estimated charges of $65 million related to separations of salaried employees at GMNA.

• Curtailment charges associated with modifications to the U.S. Retirement Program for Salaried Employees announced in the first quarter of 2006. GMNA and Other Operations recognized charges of $12 million and $3 million respectively associated with these modifications.

• A favorable adjustment of $88 million for higher than anticipated headcount reductions associated with previously announced GMNA plant idling activities,

• A charge of $52 million for certain components of the hourly attrition program related to retroactive lump-sum payments, recognized at GMNA.

• Other restructuring charges of $40 million and $27 million, recognized at GME and GMLAAM, respectively.

(B) Relates to the sale of 92.36 million shares of GM’s investment in Suzuki for approximately $2.0 billion in cash, reducing GM’s equity stake in Suzuki from 20.4% to approximately 3.7% (16.3 million shares). The after-tax gain of $317 million was recognized at GMAP.

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General Motors Corporation
List of Special Items — After Tax
(Dollars in millions except per share amounts)
(Unaudited)

	Three Months Ended
	March 31, 2005
	Net			$1-2/3
	Income			EPS
REPORTED
Net (loss)	$	(1,253	)	$	(2.22	)
ADJUSTMENTS
Salaried Attrition Program (A)		148			0.26
Plant and Facility Impairments (B)		84			0.15
GME Restructuring Charge (C)		422			0.75
Tax Items (D)		(389	)		(0.69	)
Subtotal		265			0.47
ADJUSTED
Adjusted (loss)	$	(988	)	$	(1.75	)

(A) Salaried Attrition Program relates to voluntary early retirement and other separation programs in the U.S. in the first quarter of 2005.

(B) Plant and Facility Impairments relates to the write-down to fair market value of various plant assets in connection with the discontinuance of production at the Lansing assembly plant during the second quarter of 2005.

(C) In the fourth quarter of 2004, GM Europe announced a restructuring plan targeting a reduction in annual structural costs of an estimated $600 million by 2006. A total reduction of 12,000 employees, including 10,000 in Germany, from 2005-2007 through separation programs, early retirements, and selected outsourcing initiatives is expected. The after-tax separation cost of $422 million in the first quarter of 2005 covers approximately 5,650 people, of whom 4,900 are in Germany.

(D) Tax Items relate to tax benefits (including the Medicare Part D benefit in the U.S), in excess of GM’s previously communicated annual effective tax rate of 15%, which do not vary with the level of pre-tax income. Adjusted loss reflects an effective tax rate of 15%.

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General Motors Corporation
Summary Corporate Financial Results
(Unaudited)

	First Quarter
	2006			2005
(Dollars in millions except per share amounts)
Total net sales and revenues	$	52,245		$	45,773
Adjusted	$	51,706		$	45,773
Net income (loss)	$	(323	)	$	(1,253	)
Adjusted	$	(529	)	$	(988	)
Net margin
(Net income /Total net sales and revenues)		(0.6	)%		(2.7	%)
Adjusted		(1.0)	%		(2.2	%)
Earnings (losses) per share — basic
$1-2/3 par value	$	(0.57	)	$	(2.22	)
Earnings (losses) per share — diluted
$1-2/3 par value	$	(0.57	)	$	(2.22	)
Earnings (losses) per share — adjusted diluted
$1-2/3 par value	$	(0.94	)	$	(1.75	)
GM $1-2/3 par value average shares outstanding (Mil’s)
Basic shares		566			565
Diluted shares		566			565
Cash dividends per share of common stocks
GM $1-2/3 par value	$	0.25		$	0.50

See reconciliation of adjusted financial results on pages 16 — 18.

15

General Motors Corporation
Summary Corporate Financial Results
(Unaudited)

	First Quarter
	2006		2005
Book value per share of common stocks at March 31
GM $1-2/3 par value	$	26.02	$	44.37
Auto & Other total cash & marketable securities at March 31 ($Bil’s)	$	18.8	$	15.6
Readily-available assets in VEBA		2.8		4.2
Total Auto & Other cash & marketable securities plus readily-available assets in VEBA	$	21.6	$	19.8
Auto & Other Operations ($Mil’s)
Depreciation	$	1,114	$	1,270
Amortization of special tools		733		816
Amortization of intangible assets		14		10
Total	$	1,861	$	2,096
GM’s share of nonconsolidated affiliates’ net income (loss) ($Mil’s)
Italy *	NA		$	21
Japan	$	21	$	50
China	$	70	$	33
South Korea #	NA		$	(8	)

* During the second quarter of 2005, GM and Fiat S.p.A. completed the liquidation and termination of all joint ventures between them in existence at that time. As a result, GM regained complete ownership of all assets it originally contributed to each joint venture.

# Effective for the third quarter 2005, the results of GM Daewoo’s operations are consolidated by GM.

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General Motors Corporation
Summary Corporate Financial Results
(Unaudited)

First Quarter
2006 and 2005

(Dollars in millions)	Reported						Special Items					Adjusted
	2006			2005			2006			2005		2006			2005
Total net sales and revenues
GMNA(1)	$	28,531		$	25,227		$	—		$	—	$	28,531		$	25,227
GME(1)		8,091			8,108			—			—		8,091			8,108
GMLAAM		3,140			2,299			—			—		3,140			2,299
GMAP		3,933			1,694			(539	)		—		3,394			1,694
Total GMA		43,695			37,328			(539	)		—		43,156			37,328
Other(2)		(305	)		(25	)		—			—		(305	)		(25	)
Total Auto & Other		43,390			37,303			(539	)		—		42,851			37,303
GMAC		8,822			8,221			—			—		8,822			8,221
Other Financing(2)		33			249			—			—		33			249
Total FIO		8,855			8,470			—			—		8,855			8,470
Total net sales and revenues	$	52,245		$	45,773		$	(539	)	$	—	$	51,706		$	45,773
Income (loss) before income taxes, equity income and minority interests
GMNA	$	(1,364	)	$	(2,212	)	$	64		$	357	$	(1,300	)	$	(1,855	)
GME		75			(860	)		63			671		138			(189	)
GMLAAM		80			55			27			—		107			55
GMAP		579			(23	)		(575	)		—		4			(23	)
Total GMA		(630	)		(3,040	)		(421	)		1,028		(1,051	)		(2,012	)
Other		(827	)		(412	)		4			13		(823	)		(399	)
Total Auto & Other		(1,457	)		(3,452	)		(417	)		1,041		(1,874	)		(2,411	)
GMAC		924			1,160			—			—		924			1,160
Other Financing		2			(2	)		—			—		2			(2	)
Total FIO		926			1,158			—			—		926			1,158
Total income (loss) before income taxes, equity income and minority interests	$	(531	)	$	(2,294	)	$	(417	)	$	1,041	$	(948	)	$	(1,253	)

See footnotes on page 21.

17

General Motors Corporation
Summary Corporate Financial Results
(Unaudited)

First Quarter
2006 and 2005

(Dollars in millions)	Reported						Special Items						Adjusted
	2006			2005			2006			2005			2006			2005
Net income (loss)
GMNA(1)	$	(987	)	$	(1,737	)	$	41		$	224		$	(946	)	$	(1,513	)
GME(1)		48			(514	)		40			422			88			(92	)
GMLAAM		29			31			27			—			56			31
GMAP		398			70			(317	)		—			81			70
Total GMA		(512	)		(2,150	)		(209	)		646			(721	)		(1,504	)
Other		(417	)		168			3			(381	)		(414	)		(213	)
Total Auto & Other		(929	)		(1,982	)		(206	)		265			(1,135	)		(1,717	)
GMAC		605			728			—			—			605			728
Other Financing		1			1			—			—			1			1
Total FIO		606			729			—			—			606			729
Net income (loss)	$	(323	)	$	(1,253	)	$	(206	)	$	265		$	(529	)	$	(988	)
Income tax expense (benefit)
GMNA	$	(379	)	$	(506	)	$	23		$	133		$	(356	)	$	(373	)
GME		29			(333	)		23			249			52			(84	)
GMLAAM		50			25			—			—			50			25
GMAP		237			(10	)		(258	)		—			(21	)		(10	)
Total GMA		(63	)		(824	)		(212	)		382			(275	)		(442	)
Other		(409	)		(574	)		1			394			(408	)		(180	)
Total Auto & Other		(472	)		(1,398	)		(211	)		776			(683	)		(622	)
GMAC		330			429			—			—			330			429
Other Financing		1			(3	)		—			—			1			(3	)
Total FIO		331			426			—			—			331			426
Income tax expense (benefit)	$	(141	)	$	(972	)	$	(211	)	$	776		$	(352	)	$	(196	)

See footnotes on page 21.

18

General Motors Corporation
Summary Corporate Financial Results
(Unaudited)

First Quarter
2006 and 2005

(Dollars in millions)	Reported						Special Items						Adjusted
	2006			2005			2006			2005			2006			2005
Effective tax rate
Total GM Corp.		27	%		42	%		51	%		75	%		37	%		16	%
GMNA		28	%		23	%		36	%		37	%		27	%		20	%
GME		39	%		39	%		37	%		37	%		38	%		44	%
GMAC		36	%		37	%		—			—			36	%		37	%
Equity income (loss) and minority interests
GMNA	$	(2	)	$	(31	)	$	—		$	—		$	(2	)	$	(31	)
GME		2			13			—			—			2			13
GMLAAM		(1	)		1			—			—			(1	)		1
GMAP		56			83			—			—			56			83
Total GMA	$	55		$	66		$	—		$	—		$	55		$	66

19

General Motors Corporation
Operating Statistics

	First Quarter
	2006			2005
(Units in thousands)
Worldwide Production Volume
GMNA — Cars		496			470
GMNA — Trucks		759			712
Total GMNA		1,255			1,182
GME		494			502
GMLAAM		194			185
GMAP		468			335
Total Worldwide		2,411			2,204
Vehicle Unit Deliveries
Chevrolet — Cars		195			218
Chevrolet — Trucks		376			397
Pontiac		99			100
GMC		105			123
Buick		62			61
Oldsmobile		—			1
Saturn		47			48
Cadillac		51			50
Other		28			17
Total United States		963			1,015
Canada, Mexico, and Other		163			167
Total GMNA		1,126			1,182
GME		522			514
GMLAAM		230			183
GMAP		323			231
Total Worldwide		2,201			2,110
Market Share
United States — Cars		20.7	%		23.3	%
United States — Trucks		26.4	%		27.1	%
Total United States		23.8	%		25.4	%
Total North America		23.7	%		25.2	%
Total Europe		9.5	%		9.7	%
Total LAAM		16.9	%		15.4	%
Asia Pacific		6.4	%		5.0	%
Total Worldwide		13.2	%		13.3	%
U.S. Retail/Fleet Mix
% Fleet Sales — Cars		41.6	%		39.5	%
% Fleet Sales — Trucks		22.4	%		18.1	%
Total Vehicles		30.0	%		26.9	%
GMNA Capacity Utilization
(2 shift rated)		98.8	%		87.6	%

20

General Motors Corporation
Operating Statistics

	First Quarter
	2006			2005
GMAC’s Worldwide Cost of Borrowing (3)		5.41	%		4.30	%
GMAC Period End Debt Spreads Over U.S. Treasuries
2 Year	445 bp			350 bp
5 Year	449 bp			465 bp
10 Year	474 bp			460 bp
GMAC Cash Reserve Balance ($Bil’s)(4)	$	22.1		$	18.5
GMAC Automotive Finance Operations Consumer Credit (North America)
Net charge-offs as a % of managed receivables		1.14	%		0.96	%
Retail contracts 30 days delinquent — % of average number of contracts outstanding (5)		2.34	%		2.09	%
Share of GM retail sales (U.S. only)
Total consumer volume (retail and lease) as % of retail sales		45	%		54	%
SmartLease as % of retail sales		22	%		17	%
Off-lease vehicle remarketing (U.S. only)
Sales proceeds on scheduled lease terminations (36-month) per vehicle	$	13,579		$	13,724
Off-lease vehicles terminated (units in 000s)		69			72
ResCap
Originations ($Bil’s)	$	41.6		$	36.4
Mortgage servicing rights, net ($Bil’s)	$	4.5		$	3.7
GMAC Insurance Operations ($Mil’s)
Combined ratio (6)		91.3	%		93.8	%
Premiums/revenue written	$	1,101		$	1,118
Investment portfolio market value	$	7,900		$	7,322
After-tax net unrealized capital gains	$	622		$	463
Worldwide Employment at March 31 (in 000’s)
United States Hourly		102			109
United States Salary		36			39
Total United States		138			148
Canada, Mexico, and Other		31			31
GMNA		169			179
GME (7)		64			58
GMLAAM		31			30
GMAP(8)		32			15
GMAC		31			34
Other		2			5
Total		329			321
Worldwide Payrolls ($Bil’s)	$	5.3		$	5.3

See footnotes on page 21.

21

General Motors Corporation

Footnotes:

(1) Effective January 1, 2006, four powertrain entities were transferred from GMNA to GME for management reporting. Accordingly, first quarter 2005 amounts have been revised for comparability by reclassifying $151 million of revenue and $33 million of net income from GMNA to GME.

(2) Other Operations and Other Financing include intercompany eliminations.

(3) Calculated by dividing total interest expense (excluding mark to market adjustments) by total debt.

(4) Balance at March 31, 2006 comprises $17.3 billion of cash and cash equivalents and $4.8 billion in marketable securities with maturities greater than 90 days. Balance at March 31, 2005 comprises $16.1 billion of cash and cash equivalents and $2.4 billion in marketable securities with maturities greater than 90 days.

(5) Excludes accounts in bankruptcy.

(6) Calculated as the sum of all reported losses and expenses (excluding interest and income tax expense) divided by the total of premiums and service revenues earned and other income.

(7) Approximately 7,000 employees were added in the fourth quarter of 2005 from a former powertrain joint venture with Fiat.

(8) Approximately 13,000 employees were added as a result of the GM Daewoo consolidation in the third quarter of 2005.

22

GENERAL MOTORS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	Three Months Ended
	March 31,
	2006			2005
	(dollars in millions
	except per share amounts)
Total net sales and revenues	$	52,245		$	45,773
Cost of sales and other expenses		43,013			39,499
Selling, general, and administrative expenses		5,534			4,889
Interest expense		4,229			3,679
Total costs and expenses		52,776			48,067
Income (loss) before income taxes, equity income and minority interests		(531	)		(2,294	)
Income tax expense (benefit)		(141	)		(972	)
Equity income (loss) and minority interests		67			69
Net income (loss)	$	(323	)	$	(1,253	)
Basic earnings (loss) per share attributable to common stock	$	(0.57	)	$	(2.22	)
Earnings (loss) per share attributable to common stock assuming dilution	$	(0.57	)	$	(2.22	)

23

GENERAL MOTORS CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION TO THE CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

	Three Months Ended
	March 31,
	2006			2005
	(dollars in millions)
AUTOMOTIVE AND OTHER OPERATIONS
Total net sales and revenues	$	43,390		$	37,303
Cost of sales and other expenses		40,615			37,146
Selling, general, and administrative expenses		3,402			2,837
Total costs and expenses		44,017			39,983
Interest expense		684			685
Net expense from transactions with Financing and Insurance Operations		146			87
Income (loss) before income taxes, equity income, and minority interests		(1,457	)		(3,452	)
Income tax (benefit)		(472	)		(1,398	)
Equity income (loss) and minority interests		56			72
Net income (loss) — Automotive and Other Operations	$	(929	)	$	(1,982	)
FINANCING AND INSURANCE OPERATIONS
Total revenues	$	8,855		$	8,470
Interest expense		3,545			2,994
Depreciation and amortization expense		1,511			1,398
Operating and other expenses		2,287			2,089
Provisions for financing and insurance losses		732			918
Total costs and expenses		8,075			7,399
Net income from transactions with Automotive and Other Operations		(146	)		(87	)
Income before income taxes, equity income, and minority interests		926			1,158
Income tax expense		331			426
Equity income (loss) and minority interests		11			(3	)
Net income — Financing and Insurance Operations	$	606		$	729

24

GENERAL MOTORS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

				Dec. 31,
	Mar. 31, 2006			2005			Mar. 31, 2005
	(dollars in millions)
ASSETS
Cash and cash equivalents	$	34,868		$	30,726		$	26,389
Marketable securities		19,839			19,726			26,256
Total cash and marketable securities		54,707			50,452			52,645
Finance receivables — net		180,161			180,793			190,646
Loans held for sale		18,171			21,865			22,569
Accounts and notes receivable (less allowances)		16,801			15,578			18,001
Inventories (less allowances)		15,519			14,354			13,189
Assets held for sale		—			19,030			—
Deferred income taxes		29,495			29,889			26,967
Net equipment on operating leases — (less accumulated depreciation)		39,787			38,187			34,371
Equity in net assets of nonconsolidated affiliates		1,830			3,291			6,500
Property — net		40,235			40,214			38,106
Intangible assets — net		4,458			4,339			4,864
Other assets		62,835			58,086			60,239
Total assets	$	463,999		$	476,078		$	468,097
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable (principally trade)	$	30,210		$	29,913		$	28,519
Notes and loans payable		277,007			285,750			291,831
Liabilities related to assets held for sale		—			10,941			—
Postretirement benefits other than pensions		36,445			33,997			28,462
Pensions		11,723			11,304			9,295
Deferred income taxes		5,275			4,477			6,709
Accrued expenses and other liabilities		87,544			84,060			77,774
Total liabilities		448,204			460,442			442,590
Minority interests		1,075			1,039			416
Stockholders’ equity
$1-2/3 par value common stock (outstanding, 565,559,329; 565,518,106; and 565,470,511shares)		943			943			942
Capital surplus (principally additional paid-in capital)		15,296			15,285			15,234
Retained earnings		1,884			2,361			12,526
Subtotal		18,123			18,589			28,702
Accumulated foreign currency translation adjustments		(1,639	)		(1,722	)		(1,784	)
Net unrealized gains (losses) on derivatives		1,109			733			612
Net unrealized gains on securities		956			786			535
Minimum pension liability adjustment		(3,829	)		(3,789	)		(2,974	)
Accumulated other comprehensive loss		(3,403	)		(3,992	)		(3,611	)
Total stockholders’ equity		14,720			14,597			25,091
Total liabilities and stockholders’ equity	$	463,999		$	476,078		$	468,097

25

GENERAL MOTORS CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION TO THE CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

			Dec. 31,
	Mar. 31, 2006		2005		Mar. 31, 2005
	(dollars in millions)
ASSETS
Automotive and Other Operations
Cash and cash equivalents	$	17,427	$	15,187	$	10,205
Marketable securities		1,396		1,416		5,447
Total cash and marketable securities		18,823		16,603		15,652
Accounts and notes receivable (less allowances)		9,440		7,758		6,493
Inventories (less allowances)		14,862		13,851		12,736
Net equipment on operating leases — (less accumulated depreciation)		7,217		6,993		6,329
Deferred income taxes and other current assets		10,032		8,877		10,975
Total current assets		60,374		54,082		52,185
Equity in net assets of nonconsolidated affiliates		1,830		3,291		6,500
Property — net		38,457		38,466		36,265
Intangible assets — net		1,851		1,862		1,550
Deferred income taxes		21,401		22,849		18,093
Other assets		41,724		41,103		40,405
Total Automotive and Other Operations assets		165,637		161,653		154,998
Financing and Insurance Operations
Cash and cash equivalents		17,441		15,539		16,184
Investments in securities		18,443		18,310		20,809
Finance receivables — net		180,161		180,793		190,646
Loans held for sale		18,171		21,865		22,569
Assets held for sale		—		19,030		—
Net equipment on operating leases (less accumulated depreciation)		32,570		31,194		28,042
Other assets		31,576		27,694		34,849
Net receivable from Automotive and Other Operations		4,609		4,452		2,300
Total Financing and Insurance Operations assets		302,971		318,877		315,399
Total assets	$	468,608	$	480,530	$	470,397
LIABILITIES AND STOCKHOLDERS’ EQUITY
Automotive and Other Operations
Accounts payable (principally trade)	$	26,614	$	26,182	$	24,168
Loans payable		1,207		1,519		2,446
Accrued expenses		44,350		42,665		44,544
Net payable to Financing and Insurance Operations		4,609		4,452		2,300
Total current liabilities		76,780		74,818		73,458
Long-term debt		31,021		31,014		29,879
Postretirement benefits other than pensions		31,431		28,990		23,754
Pensions		11,568		11,214		9,204
Other liabilities and deferred income taxes		21,714		22,023		15,924
Total Automotive and Other Operations liabilities		172,514		168,059		152,219
Financing and Insurance Operations
Accounts payable		3,596		3,731		4,351
Liabilities related to assets held for sale		—		10,941		—
Debt		244,779		253,217		259,506
Other liabilities and deferred income taxes		31,924		28,946		28,814
Total Financing and Insurance Operations liabilities		280,299		296,835		292,671
Total liabilities		452,813		464,894		444,890
Minority interests		1,075		1,039		416
Total stockholders’ equity		14,720		14,597		25,091
Total liabilities and stockholders’ equity	$	468,608	$	480,530	$	470,397

EX-99.2

Exhibit 99.2

Preliminary 2006 First Quarter Results

Forward Looking Statements In this chart presentation and in related comments by General Motors' and General Motors Acceptance Corporation's management, the use of the words "expect," "anticipate," "estimate," "forecast," "initiative," "objective," "plan," "goal," "project," "outlook," "priorities," "target," "intend," "evaluate," "pursue," "seek," "may," "would," "could," "should," "believe," "potential," "continue," "designed," "impact," or the negative of any of those words or similar expressions is intended to identify forward-looking statements. Other than statements of historical fact, all statements in this chart presentation and in related comments, including without limitation, statements about future events and financial performance, are forward- looking statements that involve certain risks and uncertainties. While these statements represent our current judgment on possible future events, and we believe that when we made these judgments they were reasonable, these statements are not guarantees of any events or financial results, and GM's actual results may differ materially due to numerous important factors that may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among others, the following: the ability of GM to realize production efficiencies, to achieve reductions in costs as a result of the turnaround restructuring, health care cost reductions and an accelerated attrition program and to implement capital expenditures at levels and times planned by management; the pace of product introductions; market acceptance of the Corporation's new products; significant changes in the competitive environment and the effect of competition in the Corporation's markets, including on GM's pricing policies; our ability to maintain adequate liquidity and financing sources and an appropriate level of debt; restrictions on GMAC's and ResCap's ability to pay dividends and prepay subordinated debt obligations to us; changes in the existing, or the adoption of new, laws, regulations, policies or other activities of governments, agencies and similar organizations where such actions may affect the production, licensing, distribution or sale of our products, the cost thereof or applicable tax rates; costs and risks associated with litigation; the final results of investigations and inquiries by the SEC; changes in our accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions underlying the estimates, including the range of estimates for the Delphi pension benefit guarantees, which could result in an impact on earnings; changes in relations with unions and employees/retirees and the legal interpretations of the agreements with those unions with regard to employees/retirees; negotiations and bankruptcy court actions with respect to Delphi's obligations to GM, negotiations with respect to GM's obligations under the pension benefit guarantees to Delphi employees, and GM's ability to recover any indemnity claims against Delphi; labor strikes or work stoppages at GM or its key suppliers such as Delphi or financial difficulties at GM's key suppliers such as Delphi; additional credit rating downgrades and the effects thereof; our ability to complete the sale of a 51-percent controlling interest in GMAC and the effect of that sale on the results of GM's and GMAC's operations and liquidity; other factors affecting financing and insurance operating segments' results of operations and financial condition such as credit ratings, adequate access to the market, changes in the residual value of off-lease vehicles, changes in U.S. government-sponsored mortgage programs or disruptions in the markets in which its mortgage subsidiaries operate, and changes in its contractual servicing rights; shortages of and price increases for fuel; 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-Q and 8-K. Such factors include, among others, the following: the ability of GM to complete the sale of a 51-percent controlling interest in GMAC; significant changes in the competitive environment and the effect of competition in GMAC's and GM's markets, including on GMAC's and GM's pricing policies; GMAC's ability to maintain adequate financing sources and an appropriate level of debt; the profitability and financial condition of GM, including changes in production or sales of GM vehicles, risks based on GM's contingent benefit guarantees and the possibility of labor strikes or work stoppages at GM or at key suppliers such as Delphi; funding obligations under GM and its subsidiaries' qualified U.S. defined benefits pension plans; restrictions on ResCap's ability to pay dividends and prepay subordinated debt obligations to GMAC; changes in the residual value of off-lease vehicles; changes in U.S. government-sponsored mortgage programs or disruptions in the markets in which GMAC's mortgage subsidiaries operate; changes in GMAC's contractual servicing rights; costs and risks associated with litigation; changes in GMAC's accounting assumptions that may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; changes in the credit ratings of GMAC or GM; the threat of natural calamities; changes in economic conditions, currency exchange rates or political stability in the markets in which we operate; and changes in the existing, or the adoption of new, laws, regulations, policies or other activities of governments, agencies and similar organizations. Investors are cautioned not to place undue reliance on forward-looking statements. GM undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other such factors that affect the subject of these statements, except where expressly required by law. REPRODUCTION PROHIBITED GM is recording the remarks and visuals presented today. They are copyrighted by GM and may not be reproduced, transcribed, or distributed in any way without the express written consent of General Motors. Accordingly, attendees at this conference may not be record any portion of its content. We consider your participation to constitute your consent to being recorded today. Reg G Reconciliations Additionally, in accordance with Regulation G, supplemental financial disclosure is included which provides a quantitative reconciliation of non-GAAP financial disclosures addressed in the context of the following chart set to GM's GAAP financial results and provides definition around non-GAAP terminology addressed. Also GM's form 8-K filed 4/20/06 for quantitative reconciliations to GAAP. 1

2006 First Quarter Highlights Record quarterly revenue of $52.2B Adjusted EPS ($0.94), ($529) million Net Loss more than accounted for by impact of $1B contribution related to GM-UAW hourly retiree healthcare agreement (($681) million after-tax or ($1.20) EPS) Contribution recognized in Q1 due to March 31 court approval and reflected in operating results consistent with future healthcare savings Reported EPS ($0.57), ($323) million Net Loss including special items Special items of $206 million mostly related to gain on sale of Suzuki, partially offset by restructuring charges in GMNA, GME and GMLAAM Higher production volumes, improved mix and higher pricing contributed to improved GMNA operating earnings by $1.1B, offset in part by $484 million after-tax adjustment for GMNA portion of DC VEBA contribution Profitability reported in GME, GMLAAM and GMAP Continued strong profitability at GMAC Automotive liquidity remains strong at $21.6B, including $2.8B readily available VEBA assets 2

First Quarter Adjusted Results - Net Income 3 * This column represents GM funding of Defined Contribution VEBA (Voluntary Employee Beneficiary Association) per GM-UAW hourly retiree healthcare agreement approved by the courts on 3/31/06; no benefits from this agreement are included in Q1 2006 results. Refer to Supplemental Chart 1 for reconciliation to GAAP figures

First Quarter Adjustments to Income 4 Exclusion of special items useful for: - Management to measure operations - Comparisons between reporting periods - Investors to measure and assess company performance

GM/UAW Healthcare Agreement 5 March 31, 2006 court approval triggered liability in Q1 $1B pre-tax charge booked in Q1 2006 for contribution related to GM-UAW healthcare agreement for U.S. hourly retirees, with no offsetting benefits until Q3 2006 financial statements Beginning July 1, healthcare savings will be $750 million per quarter thru 2011 Partially offset by three $1B contributions in 2006 (full impact booked in Q1 results), 2007 and 2011 Projected to reduce GM's OPEB liabilities related to hourly employees by about 25% or $15B (Including IUE) Cash savings estimated to be $1B per year GM in discussion with the staff of the U.S. Securities and Exchange Commission on various methods of accounting for contributions Other possible accounting treatments include recognizing the present value of all three payments as expense on March 31, 2006, which would result in a significantly larger charge in the first quarter

North America First Quarter Adjusted Results 6

North America Adjusted Net Income Q1 2005 vs. Q1 2006 Q1 2005 Net Income ($1.5)B DC VEBA Contribution (0.5) Volume & Mix 0.6 Net Price (Including Sales Allowances) 0.5 Q1 2006 Net Income ($0.9)B 7

GMNA Vehicle Revenue Per Unit Calendar Year First Quarter Net Revenue Gross Revenue Less Sales Incentives Memo: Vehicle Revenue per Unit excludes such items as impact of daily rental acctg., Service Parts, other outside sales and OnStar Reported Rev/Unit 20,899 20,321 20,777 20,875 20,540 20,847 21,463 20,411 20,670 20,433 21,372 8 Drivers of improvement New Fullsize utility Discontinued vehicles Pricing strategy Refer to Supplemental Chart 2 for reconciliation to GAAP figures

Status of Turnaround Actions Announced in 2005 UAW Retiree Health Care Agreement ($15B liability reduction, $3B annual pre-tax savings) Announcement - Oct. 17, 2005 Court Approval - Mar. 31, 2006 Expense savings - Starting Q3 2006 Manufacturing Capacity Actions (1M units of capacity, 30,000 jobs by '08) Announcement - Nov. 21, 2005 Facilities already idled Oklahoma City - Feb. 21, 2006 Lansing Craft Center - Mar. 17, 2006 Expense savings - Starting Q1 2006 9

Shared Sacrifice (Cash savings of $565M+/year) 50% reduction in the cash dividend paid to stockholders Significant voluntary reduction in salary for Chairman and senior leadership team 50% reduction in compensation for outside board members U.S. Salaried Retiree Health Care Revisions ($4.8B liability reduction, $900M annual pre-tax savings) Announcement - Feb. 7, 2006 Effective Date - Jan. 1, 2007 Expense savings - Starting Q2 2006 U.S. Salaried Pension Plan Revisions ($400M annual pre-tax savings) Announcement - Mar. 7, 2006 Effective Date - Jan. 1, 2007 Expense savings - Starting Q2 2006 GM-UAW-Delphi Accelerated Attrition Program Announcement - Mar. 22, 2006 Delphi Bankruptcy Court Approval - Apr. 7, 2006 Sign-Up - Starting Q2 2006 Expense savings - Starting Q3 2006 Status of Turnaround Actions Announced in 2006 10

2005 CY Automotive Structural Cost GMNA Commercial Manufacturing Engineering Legacy Other $41B D&A Note : Commercial = Consumer Influence + Sales Promotion Legacy includes service cost 11 Non - GMNA Commercial Manufacturing Engineering Other $14B D&A Contribution Cost Structural Cost $55B $109B

Structural Cost Reduction in North America* Annual Running Rate Basis vs. 2005** ($ Billion) $7.5B $6.0B U.S. Salaried Retiree Healthcare U.S. Salaried Pension Plan Accelerated Attrition * Includes North American costs accounted for in Corp Sector ** Excludes impact of three $1 Billion contributions to DC VEBA in 2006, 2007, and 2011 12 Refer to Supplemental Chart 3 for reconciliation to GAAP figures

Structural Cost Reduction in North America* 2006 CY ($ Billion) $0.6B $(1.0)B $2.3B $2.1B 2006 CY pre-tax Savings $4B 13 * Includes North American costs accounted for in Corp Sector Includes impact of $1B DC VEBA contribution

Europe First Quarter Adjusted Results 14

Europe - Improved Q1 Performance Favorable net price, supported by successful launch of new Zafira and reduced rental sales Strong management focus on contribution margin improvement initiative Favorable material cost Improved structural cost, reflects restructuring effect and cost reduction effort Year-over-year improvement in policy & warranty SAAB brand significant contributor to GME profit improvement; sold 34,000 vehicles worldwide, all-time quarterly record 15

Latin America, Africa & Middle East First Quarter Adjusted Results 16

Asia Pacific First Quarter Adjusted Results 17 2006 Results reflect full consolidation of GM-DAT revenue and income.

Net Income GMAC First Quarter Net Income 18 Note: Amounts are presented on the basis reported by GM, which may differ from those reported by GMAC during the comparable periods

GMAC Global Liquidity 19 GMAC continues to have access to large liquidity cushion Cash balance of $22 billion* at March 31, 2006 Over $45 billion of unutilized bank lines and conduit capacity Multi-year committed whole loan facilities with Bank of America and Bank of Nova Scotia with $59 billion of unutilized commitments Arranging credit facilities totaling $25 billion - supported by $12.5 billion Citigroup commitment - to enhance GMAC's already strong liquidity Committed 3-year revolving facility Asset-backed funding to support lease, wholesale, SmartBuy and other assets that have not been traditionally securitized In March, closed sale of majority interest in GMAC Commercial Mortgage and received $8.8 billion, comprised of sale proceeds and repayment of intercompany debt, thereby further increasing GMAC's liquidity position Strong stand-alone ResCap funding capability established ResCap expected to repay $3.6 billion subordinated note to GMAC using proceeds from recent bond transaction, thereby further increasing GMAC's liquidity position * Includes $4.8B in cash invested in a portfolio of highly liquid marketable securities

GMAC Medium-Term Outlook 20 Following the closing of the recently announced sale of a 51% controlling interest in GMAC to a consortium led by Cerberus, GMAC will be even better positioned to execute our business plan under which we will: Support GM vehicle sales with a broad range of auto financing activities Continue to maintain adequate liquidity position Continue to grow all segments of the business Generate a strong return on investment for GMAC's shareholders Operating metrics for Financing, Mortgage and Insurance remain strong Some margin pressures due to interest rate cycle and competitive trends, but expect to have solid performance in 2006 GM, GMAC and Cerberus led consortium working on speedy closing of 51% sale transaction Target fourth quarter closing Plan to maintain current conservative funding strategy until risks to closing are reduced

GMAC Transaction Benefits to GM 21 De-linked GMAC credit rating preserves value Liquidity benefit: $14B in cash over 3 years, $10B received upfront Maintaining GM-GMAC operating relationship GMAC contractually obligated to commit capital to auto finance consistent with historical practice Provides critical financing support to a significant portion of GM's global sales GM to retain 49% of a growing business Significant earnings benefits to GM Lower subvention cost (GMAC's lower cost-of-funds pass through) Significant liquidity on which GM can achieve a return on investment Annual payments to GM (exclusivity and trademark royalties) 49% of GMAC's pre-tax earnings

GM Liquidity Position Automotive liquidity remains strong at $21.6B1, up from $20.4B at Q4 2005 and $19.8B at Q1 2005 Additionally, approx. $14.7B2 VEBA assets available to fund healthcare costs GM remains committed to preserving strong liquidity and has sharpened focus on strategic capital deployment Completed sale of FHI stake in 2005 for $800 million Completed sale of Suzuki stake in Q1 2006 for $2B Completed sale of Isuzu stake in Q2 2006 for $300 million (not reflected in Q1 results) Reduced dividend by 50% in Q1 2006, saving $565 million annually GMAC transaction will provide GM with up-front proceeds of about $10B and significant ongoing cash flow from retained assets and GMAC distributions Near-term financial obligations are limited $1.2B3 of U.S. term debt maturing through 2007 U.S. pension plans $7.5B over-funded as of 12/31/05 1 Includes $2.8B in readily-available VEBA assets (i.e., short-term VEBA) 2 Preliminary numbers based on approximately 9% expected annual asset return 3 Assumes $1.2B in convertible bonds will be put in 2007 (bonds don't actually mature until 2032) 22

Gross / Net Liquidity 23 Q4'00 Q4'01 Q1'02 Q2'02 Q3'02 Q4'02 Q1'03 Q2'03 Q3'03 Q4'03 Q1'04 Q2'04 Q3'04 Q4'04 Q1'05 Q2 '05 Q3 '05 Q4 '05 Q1 '06 Net Liquidity 5.2 4.8 4.8 3.5 -0.7 0.8 1.8 2.5 1.1 4.2 6.5 -2.4 -5.5 -8.9 -7.4 -8.2 -9.2 -12.5 -12.375 -13.2 -12.1 -10.6 Gross Cash 13.2 13 13.3 11.8 11.5 17.3 17.6 18.2 17.3 20.6 23.7 29.3 26.9 23.5 25 24.5 23.3 19.8 20.231 19.2 20.4 21.6 17.3 17.3 18.7 20.1 21.5 23 24.2 $ Billions 2 1,2 1 Cash, Mkt. Securities & ST VEBA 2 Excluding Financing Operations

Managerial Cash Flow Summary (Excludes GMAC) 24

Current Outlook vs. 1/13 Same Same Better Same Key GMNA Financial Drivers 2006 CY vs. 2005 CY 1/13/06 Revenue Outlook U.S. Industry Volume Impact of reduced fleet on revenue/unit U.S. Inventory Net Pricing Product Mix 1/13/06 Cost Outlook Material Cost Health Care Capacity Related Other Structural Cost Pension Asset Returns Discount Rate Continue to Expect Significant Improvement in Operating Profitability Versus 2005 CY* * Before special items. 25 (Lower U.S. Share) Current Outlook vs. 1/13 Worse Better Same Better Same Better / Same

Summary Record quarterly revenue of $52.2B Significant turnaround actions in Q1: Hourly retiree healthcare agreement approved Accelerated attrition program announced Salaried retiree healthcare and salaried pension revisions Suzuki sale completed; Isuzu sale announced GMAC transaction announced Significant improvement in profitability vs. Q1 '05 Higher production volumes, improved mix and higher pricing contributed to improved GMNA operating earnings by $1.1B, offset in part by $484 million after-tax adjustment for GMNA portion of DC VEBA contribution GME, GMLAAM and GMAP all profitable, with improved results Continued strong profitability at GMAC Global share relatively flat despite GMNA decline, due to strength in developing markets - particularly China Automotive liquidity stronger at $21.6B Overall, good progress; remain focused on rapidly implementing key initiatives and generating positive earnings and cashflow ASAP 26

What's Next Resolve Delphi successfully Implementation of announced actions GM/UAW/Delphi attrition program GMAC transaction Discussions continue with PBGC Continue to improve earnings, cash flow, and strengthen liquidity Reduce structural cost from approximately 34% of revenue to 25% by 2010 Execute go-to-market strategy Emphasis on total value approach and improved quality of share Continue momentum of recent launch products Execute aggressive new product cadence Continued strong sales of current launch products Execute timely launch of new Saturn portfolio, fullsize pickups and mid-size crossovers Continue realignment of channel and strengthening of brands 27

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

Reconciliation to Adjusted Net Revenue, Net Income / EPS Q1 - 2005 & 2006 S1

Reconciliation of GMNA Q1 2006 Revenue Per unit a). For GAAP reporting purposes, sales to other GM regions are eliminated whereas they retained for managerial vehicle analysis b). Includes SPO parts, Powertrain engines, MSP, and Onstar service outside sales- excluded from managerial vehicle analysis c). Includes Interest Income, Daily Rental Income, and GM Credit Card Income- excluded from managerial vehicle analysis d). For GAAP reporting purposes, Daily Rental sales are eliminated whereas they retained for managerial vehicle analysis S2

Structural Cost Reduction in North America Annual Running Rate Basis vs. 2005 S3 * We expect $4 billion of the structural cost reduction to be realized during calendar year 2006. Further information about these matters may be found in the GM North American Restructuring Plan discussion in the 2005 10-K, starting on page II-20.