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) February 12, 2008

GENERAL MOTORS CORPORATION

(Exact Name of Registrant as Specified in its Charter)

DELAWARE
(State or other jurisdiction of
incorporation) 38-0572515
(I.R.S. Employer
Identification No.)

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

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

Not Applicable
(Former name or former address, if changed since last report)

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

	ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS
	ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
SIGNATURES
News Release dated February 12, 2008 and Financial Statements
Charts Furnished to Securities Analysts

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS

On February 12, 2008, a news release was issued on the subject of fourth quarter 2007 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 Annual Report on Form 10-K. The news release and financial statements are incorporated as Exhibit 99.1.

Charts furnished to securities analysts in connection with GM’s fourth quarter 2007 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 February 12, 2008 and Financial Statements	Attached as Exhibit
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: February 12, 2008	By:	/s/ NICK S. CYPRUS
		(Nick S. Cyprus, Controller and
		Chief Accounting Officer)

EX-99.1

Exhibit 99.1

News			General Motors Corporation	GM Communications Detroit, Mich., USA media.gm.com
	For Release: February 12, 2008
	7:00 a.m. Eastern Standard Time

GM Reports Preliminary 2007 Financial Results

2007 adjusted net loss of $23 million, reported net loss of $38.7 billion
2007 adjusted automotive operating pre-tax income improved by almost $900 million
Strong emerging market performance helps drive record automotive revenue of $178 billion
Adjusted automotive operating cash flow improvement of $2 billion
Continued improvement in automotive earnings expected for 2008

DETROIT — General Motors Corp. (NYSE: GM) today announced a 2007 calendar-year adjusted net loss, excluding special items, of $23 million, or $.04 per diluted share. This compares to adjusted net income of $2.2 billion, or $3.84 per diluted share in 2006, as significantly improved automotive performance was offset by large losses at GMAC. Including special items, the company reported a loss of $38.7 billion, or $68.45 per diluted share, compared to a reported loss of $2 billion, or $3.50 per diluted share in 2006. The loss is almost entirely attributable to the non-cash $38.3 billion special charge in the third quarter related to the valuation allowance against deferred tax assets.

GM’s core automotive business generated record revenue of $178 billion in 2007, a $7 billion improvement over 2006, aided by explosive growth in emerging markets and favorable foreign exchange against a weaker U.S. dollar. In total, GM generated $181 billion in revenue in 2007, compared with $206 billion in 2006. The decrease versus last year is due to the non-consolidation of GMAC revenue, following GM’s sale of 51 percent of GMAC in November of 2006.

“2007 was another year of important progress for GM, as we implemented further significant structural cost reductions in North America, grew aggressively in emerging markets, negotiated an historic labor contract with our UAW partners in the U.S., advanced development of a broad range of advanced propulsion technologies and most importantly, introduced a series of breakthrough cars and trucks around the world,” GM Chairman and CEO Rick Wagoner said. “We’re pleased with the positive improvement trend in our automotive results, especially given the challenging conditions in important markets like the U.S. and Germany, but we have more work to do to achieve acceptable profitability and positive cash flow,” Wagoner added.

In the fourth quarter 2007, GM posted adjusted net income of $46 million or $.08 per diluted share, compared to adjusted net income of $180 million, or $.32 per diluted share in the year-ago period. Including special items, the company reported a net loss of $722 million, or $1.28 per diluted share in the fourth quarter 2007, compared to net income of $950 million, or $1.68 per diluted share in the year-ago period. The fourth quarter results reflect a $1.6 billion tax benefit in continuing operations related to SFAS No. 109 guidelines for intra-period tax allocations between continuing operations, other comprehensive income and discontinued operations.

Special charges recorded in the fourth quarter totaled $768 million, including an $805 million adjustment principally related to a favorable tax item related to the gain on the sale of Allison Transmission, which was offset by $622 million in charges associated with GM’s support of Delphi’s restructuring efforts, $552 million for pension benefits provided to Delphi employees and retirees and $290 million in other restructuring-related charges. Details on special items are included in the “Highlights” section of the press release.

GM reported revenue of $47.1 billion in the fourth quarter versus $50.8 billion in the year ago period, with the decline more than accounted for by the exclusion of GMAC revenue starting December 1, 2006. Revenue from automotive operations totaled $46.7 billion in the quarter, a $3 billion increase over the prior year and a new quarterly revenue record, reflecting strong growth in Latin America, Asia Pacific and Eastern Europe.

Beginning in the fourth quarter of 2007 and reflected in the remainder of this release, GM will report its automotive operations and regional results on a pre-tax basis, with taxes reported on a total corporate basis.

GM Automotive Operations
GM’s global automotive operations posted adjusted earnings before tax of $553 million in 2007 (reported loss of $1.9 billion), compared to an adjusted loss before tax of $339 million in 2006 (reported loss of $6.1 billion). In the fourth quarter 2007, GM’s automotive operations had an adjusted loss before tax of $803 million (reported loss of $1.2 billion), compared to adjusted earnings before tax of $8 million in the year-ago quarter (reported loss of $111 million).

GM’s worldwide vehicle sales increased 3 percent, or 277,000 units, to 9.4 million vehicles in 2007, marking the second best year in units sold in the company’s 100-year history. For the third consecutive year, a majority of the company’s sales — almost 60 percent — were outside of the U.S. Record sales performance was achieved in key growth markets throughout Eastern Europe, Latin America and the Asia Pacific.

2

GM North America (GMNA) posted an adjusted loss before tax of $1.5 billion for 2007 (reported loss of $3.3 billion), compared to a loss before tax of $1.6 billion in the year-ago period, excluding special items (reported loss of $7.5 billion). GMNA had an adjusted loss before tax of $1.1 billion in the fourth quarter (reported loss of $1.3 billion), compared to an adjusted loss before tax of $129 million in the fourth quarter 2006 (reported loss of $30 million).

Losses for the year in GMNA were largely attributable to a softer U.S. market, and the strategic actions to reduce dealer inventory by approximately 150,000 units and lower sales of daily rental vehicles by about 110,000 vehicles in the U.S. High commodity prices, unfavorable foreign exchange and lower unit sales exerted pressure on profitability, but were more than offset by better product mix, stronger pricing, and significantly reduced manufacturing and legacy costs. GMNA also incurred higher engineering costs to support continuing product and technology development activities.

“Our North America turnaround remains on track despite the weak U.S. economy and continued high commodity prices,” Wagoner said. “The actions we’ve taken to further reduce structural costs and strengthen our product lineup with great new vehicles like the award-winning Chevrolet Malibu and Cadillac CTS are fundamentally improving our ability to compete in the U.S. and around the world. We’re building a solid foundation for continued growth and improved operating results,” Wagoner added.

GM reached its structural cost reduction target of $9 billion in North America in 2007 versus 2005, a key part of reducing global automotive structural cost as a percent of revenue from 34 percent in 2005 to 29.7 percent in 2007. GM expects to derive additional structural cost savings of $4 billion to $5 billion by 2010 in the U.S. as it fully implements the 2007 GM-UAW contract, including the independent healthcare trust. These savings will help GM reach its goal to reduce structural cost as a percent of revenue to 25 percent of revenue by 2010, and further to 23 percent of revenue by 2012.

GM Europe (GME) posted its second consecutive year of adjusted profitability in 2007 with earnings before tax of $55 million (reported loss of $524 million), down from earnings before tax of $357 million in 2006, excluding special items (reported loss of $297 million). For the fourth quarter GME posted an adjusted loss before tax of $215 million (reported loss of $445 million) versus an adjusted loss before tax of $12 million in the year ago period (reported loss of $154 million). The decline in calendar year and fourth quarter earnings were attributable primarily to a markedly softer German market as well as unfavorable foreign exchange rates. Other key areas of GME’s business performed relatively well, including strong sales outside Germany, increases in net pricing, and improvements in structural and material cost performance.

3

GME sales were up 8.9 percent in 2007 to a record 2.2 million units, led by Chevrolet, up 34 percent, Opel/Vauxhall, up 4.3 percent and Cadillac up 31 percent. Strong demand for GM vehicles in the United Kingdom, Ukraine, Italy, Greece and Russia — where sales doubled to 260,000 units — made the company the fastest growing major automobile manufacturer in Europe in 2007. Financial results generated from the rapidly growing sales of GM Daewoo-built Chevrolet vehicles in Europe are consolidated in Korea and reflected in GM Asia Pacific (GMAP) results.

With a 19 percent increase in sales to a record 1.2 million units in 2007, GM Latin America, Africa, Middle East (GMLAAM) achieved a record $1.3 billion in adjusted earnings before tax for the year (reported income of $1.3 billion), up 140 percent over 2006 adjusted earnings of $561 million (reported income of $518 million). GMLAAM also set a sales record in the fourth quarter with 341,000 units, up 18 percent year over year, generating $424 million in adjusted earnings before tax (reported income of $424 million), up from $76 million in the fourth quarter of 2006 (reported income of $76 million). Robust sales in the GMLAAM region resulted in record revenue of $18.9 billion for the calendar year and $6 billion in the fourth quarter.

The year-over-year gain in GMLAAM pre-tax earnings was largely driven by strong volume growth, which outpaced industry growth, as well as favorable price and mix. Robust sales contributed to record GM sales in Argentina, Brazil, Chile, Colombia, Egypt and Venezuela in 2007. Continued strong sales of the Chevrolet Corsa, Aveo and Celta throughout the region were complemented by the successful launch of several new entries, including the Chevrolet Captiva in Latin America and Chevrolet Suburban and Cadillac Escalade in the Middle East. Chevrolet sales in the region were up 23 percent for the calendar year, and accounted for 90 percent of units sold in GMLAAM in 2007.

GMAP posted adjusted earnings before tax of $744 million in 2007 (reported income of $681 million) compared to $403 million (reported income of $1.2 billion) for 2006. GMAP adjusted earnings before tax for the fourth quarter were $72 million (reported income also $72 million), compared to $105 million in fourth quarter of 2006 (reported income of $29 million). The calendar year earnings gain was driven by favorable volume and mix, increased equity income from GM’s China joint ventures and improved operating performance at Holden. The results were partially offset by increased structural cost increases associated with continued investment in high growth markets and lower Suzuki equity income resulting from the sale of a majority of GM’s equity in 2006.

GMAP had continued strong performance in China, where domestic sales grew 18.5 percent in 2007 and GM, with its local partners, became the first global automotive manufacturer to sell more than 1 million vehicles. In addition, GM sales in India rose 74 percent, and export sales of the GM Daewoo products built in Korea increased by 30 percent to 870,000 vehicles.

4

GMAC
On a standalone basis, GMAC Financial Services reported a net loss of $2.3 billion in 2007, compared with net income of $2.1 billion in 2006. Profitable results in the global automotive and insurance businesses were more than offset by the significant loss at Residential Capital, LLC (ResCap). In the fourth quarter, GMAC reported a net loss of $724 million, compared to net income of $1.0 billion in the fourth quarter of 2006. The effect on ResCap of the continued disruption in the mortgage, housing and capital markets was the primary driver of adverse performance.

GM reported a $1.1 billion net loss attributable to GMAC, as a result of its 49 percent equity interest and preferred dividends received for the full year 2007, and a $394 million reported net loss for the fourth quarter.

While market conditions remain uncertain, GMAC has taken aggressive actions in 2007 across all its businesses in an effort to mitigate future risk, rationalize the cost structure and position the company for growth. As a result, GMAC currently expects to be profitable in 2008. GMAC’s liquidity position is at relatively high historical levels and GM believes that GMAC remains adequately capitalized.

Cash and Liquidity
Cash, marketable securities and readily available assets of the Voluntary Employees Beneficiary Association (VEBA) trust totaled $27.3 billion as of December 31, 2007, up from $26.4 billion as of December 31, 2006. GM ended the 2007 calendar year with negative adjusted automotive operating cash flow of $2.4 billion, a significant $2 billion improvement compared to 2006. It marks the second consecutive year-over-year improvement in operating cash flow for all four of GM’s operating regions.

Consistent with past years, GM withdrew $2.7 billion from the VEBA in December, leaving a balance of $16.3 billion at 2007 year-end, of which the UAW related portion is estimated at $14.5 billion. In negotiations with the UAW and UAW retiree class counsel on a Settlement Agreement involving the healthcare MOU that will shortly be filed with the court, the parties have agreed in principle that of the $18.5 billion that was agreed to be set aside upfront for future retiree healthcare claims, the difference of approximately $4 billion will be funded with a short term note maturing January 2010 with interest at 9 percent. This will enhance interim liquidity for GM and provide the UAW and plan participants a 9 percent return.

The parties have also agreed in principle, as part of the overall Settlement Agreement, to execute a series of derivatives that would effectively reduce the conversion price of the convertible note from $40 to $36, and would entitle GM to recover the additional economic value provided if the GM stock price appreciates to between $63.48 and $70.53 per share.

5

Future Outlook
Despite the uncertainty in the U.S. market, the company announced it expects improved pre-tax automotive earnings in 2008 versus 2007, largely driven by continued strong performance in emerging markets. GM expects improvements in automotive revenue, favorable pricing, favorable material cost performance and continued reductions in structural cost as a percentage of revenue in the 2008 calendar year. Operating cash flow is expected to be relatively flat in 2008 versus 2007, despite planned increases in capital spending to about $8 billion, up from $7.5 billion in 2007.

GM remains confident in the 2010-2011 opportunities to further improve earnings and cash flow. Most notable is the potential to realize the full impact of the GM-UAW labor agreement which is expected to provide significantly greater flexibility and yield additional savings of $4 billion to $5 billion. In addition, GM estimates that if the U.S. market volume returns to trend levels in 2009 and beyond, which would be an increase of 1 million units, the change would generate additional pre-tax income to GM in the range of approximately $1 billion to $1.5 billion annually. GM also expects to reduce a substantial portion of the cost premiums it has historically paid to Delphi for systems and components over the next three to five years. The savings will be offset by various labor and transitional subsidies of $300-400 million per year under Delphi’s plan of reorganization, however GM expects to achieve annual net savings over the mid-term of approximately $500 million.

In addition, significant additional opportunities to further improve GM earnings and cash flow by 2010-2011 include improved pricing driven by a host of new products, continued strong growth in revenue and profitability in emerging markets, and improved performance at GMAC.

General Motors Corp. (NYSE: GM), the world’s largest automaker, has been the annual global industry sales leader for 77 years. Founded in 1908, GM today employs about 266,000 people around the world. With global headquarters in Detroit, GM manufactures its cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM’s OnStar subsidiary is the industry leader in vehicle safety, security and information services. More information on GM can be found at www.gm.com.

# # #

Contacts:
Reneé Rashid-Merem
Phone: 313-665-3128
Email: renee.rashid-merem@gm.com

Randy Arickx
Phone: 313-667-0006
Email: randy.c.arickx@gm.com

6

Forward-Looking Statements
In this press release 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.

7

General Motors Corporation

Use of Non-GAAP Financial Measures

          This press release and the accompanying tables include the following non-GAAP financial measures: (a) adjusted net income, (b) managerial cash flow and (c) GM North America vehicle revenue per unit. Each of these financial measures excludes the impact of certain items and therefore has not been calculated in accordance with U.S. generally accepted accounting principles (GAAP). This press release also contains a reconciliation of each presented non-GAAP measure to its most comparable GAAP financial measure.

          Management believes these non-GAAP financial measures provide meaningful supplemental information regarding our operating results because they exclude amounts that GM management does not consider part of operating results when assessing the performance of the organization and measuring the results of GM’s performance. In addition, GM has historically reported similar non-GAAP financial measures and believes that inclusion of these non-GAAP financial measures provides consistency and comparability with past earnings releases. GM management uses these non-GAAP financial measures to evaluate GM’s performance and believes these measures allow GM management to readily view operating trends, perform analytical comparisons, benchmark performance among geographic regions and assess whether the GM North American structural cost turnaround plan is on target. Also, GM management uses adjusted net income for forecasting purposes and in determining our future capital investment allocations. Accordingly, GM believes these non-GAAP financial measures are useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making.

          While GM believes that these non-GAAP financial measures provide useful supplemental information, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be comparable to similarly titled measures of other companies due to potential differences in the method of calculation between companies. Costs such as the special attrition program and restructuring charges that are excluded from GM’s non-GAAP financial measures can have a material impact on net earnings. As a result, these non-GAAP financial measures have limitations and should not be considered in isolation from, or as a substitute for, net earnings, cash flow from operations, or other measures of performance or liquidity prepared in accordance with GAAP. GM compensates for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures that are included elsewhere in this press release.

Adjusted Net Income

          Adjusted net income excludes charges for certain tax related items, gains and losses on the sale of business units and business interests, charges associated with certain changes in estimates, restructuring, plant closure and impairment charges, charges associated with Delphi and special attrition program charges.

          The following is a discussion of each adjustment to net income (loss) determined in accordance with GAAP to arrive at adjusted net income:

• Deferred tax assets and tax-related items. GM established valuation allowances against its deferred tax assets in the U.S., Canada and Germany. The charge associated with establishing these valuation allowances is excluded from adjusted net income. Other tax related items excluded from adjusted net income are: (1) the impact of the reduction in corporate income and trade tax rates in Germany; (2) the reversal of our deferred tax asset valuation allowance at GM Daewoo; and (3) unusual tax events that may result as GM is involved in the sales of its business units and business interests from time-to-time. Management believes the exclusion of these valuation allowance charges and tax related items from adjusted net income is useful because management does not consider these charges part of GM’s core earnings in evaluating the performance of the business and excludes these costs when evaluating the performance of the Corporation, its business units and its management team and when making decisions to allocate resources among GM’s business units.

8

General Motors Corporation

Use of Non-GAAP Financial Measures (Continued)

• Gains and losses on the sale of business units and business interests. The gains and losses on the sale of business units and business interests are excluded from adjusted net income. While GM is involved in sales of its business units and business interests from time-to-time and may have significant gains or losses from such sales in the future, such events have historically occurred sporadically. Management excludes the gains and losses associated with these events when it evaluates the Corporation’s operations and for internal reporting and forecasting purposes and for allocation of additional resources.

• Change in estimate regarding period of economic benefit of existing pension prior service cost. Our non-GAAP financial measures exclude the charge associated with this change in accounting estimate. Management believes the exclusion of this change in estimate from adjusted net income is useful because management does not consider these non-recurring charges part of GM’s core earnings. Accordingly, management excludes such costs when evaluating the performance of the Corporation, its business units and its management teams and when making decisions to allocate resources among GM’s business units.

• Restructuring, impairment, idling and plant closure charges. Our non-GAAP financial measures exclude exit costs and related charges, primarily consisting of severance costs, lease abandonment costs, product impairments, any subsequent changes in estimates related to exit activities and goodwill impairment and other intangible asset impairment charges. Management believes the exclusion of restructuring and impairment charges from adjusted net income is useful because management does not consider these costs part of GM’s core earnings in evaluating GM’s operational managers and the exclusion permits investors to evaluate the performance of our management the same way management does. Additionally, management excludes restructuring and impairment charges in determining the allocation of resources, such as capital investments, among the Corporation’s business units and as part of its forecasting and budgeting.

• Delphi charges. Our non-GAAP financial measures exclude the estimated charges associated with the comprehensive settlement agreements entered into with Delphi in connection with the restructuring of Delphi’s operations and certain pension related charges for lump-sum payments to Delphi retirees. Management does not consider these costs as part of its core earnings for purposes of evaluating the performance of the business, and excludes such costs when evaluating the performance of the Corporation, its business units and its management teams and when making decisions to allocate resources among GM’s business units.

• Special attrition program charges. Our non-GAAP financial measures exclude the estimated charges associated with the special attrition program agreement among the UAW, GM and Delphi. Management believes it is useful in evaluating the performance of GM, its management teams and its business units during a particular time period to exclude charges associated with the special attrition program. Accordingly, management does not consider these costs as part of its core earnings, and excludes such costs when evaluating the performance of the Corporation, its business units and its management teams and when making decisions to allocate resources among GM’s business units.

Managerial Cash Flow

          GM also reports 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 GM’s core business, before funding non-operating-related obligations including debt maturities, dividends and other non-operating items. Management uses this non-GAAP financial measure to assess its automotive cash flow when evaluating the performance of GM, its business units and its management teams and when making decisions to allocate resources among GM’s business units.

9

General Motors Corporation

Use of Non-GAAP Financial Measures (Concluded)

GM North America Vehicle Revenue per Unit

          GM’s earnings releases and charts for securities analysts also include the use of a non-GAAP measure of revenue per vehicle. 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 vehicle 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 fees on the GM credit card. Management also includes sales to daily car rental companies in revenue per vehicle, although they are not treated as sales under GAAP reporting because of GM’s repurchase obligations.

10

General Motors Corporation
List of Special Items

(Dollars in millions except per share amounts)
(Unaudited)

	Three Months Ended						Year Ended
	December 31, 2007						December 31, 2007
	Earnings			EPS			Earnings			EPS
REPORTED
Loss from continuing operations	$	(1,527	)	$	(2.70	)	$	(43,297	)	$	(76.52	)
Income from discontinued operations		—			—			256			.45
Gain on sale of discontinued operations		805			1.42			4,309			7.62
Net Loss	$	(722	)	$	(1.28	)	$	(38,732	)	$	(68.45	)
ADJUSTMENTS
Pre-Tax Adjustments:
Delphi (A)	$	622					$	1,547
Pension benefits for Delphi retirees (B)		552						552
Restructuring/Special attrition program (C)		290						918
Product impairments (D)		169						277
Pension prior service cost (E)		—						1,561
Plant closures (F)		(43	)					(90	)
		1,590						4,765
Tax related:
Valuation allowance on deferred tax assets and associated tax items (G)		—						38,300
Income tax impact of pre-tax adjustments		(17	)					(47	)
		(17	)					38,253
Total Continuing Operations		1,573		$	2.78			43,018		$	76.03
Gain on sale of discontinued operations (H)		(805	)		(1.42	)		(4,309	)		(7.62	)
Total Adjustments	$	768		$	1.36		$	38,709		$	68.41
ADJUSTED
Income (loss) from continuing operations	$	46		$	.08		$	(279	)	$	(.49	)
Income from discontinued operations		—			—			256			.45
Adjusted Income — Basic *	$	46		$	.08		$	(23	)	$	(.04	)
Adjusted Income — Diluted *				$	.08					$	(.04	)

* See average shares outstanding on page 18.

11

General Motors Corporation
List of Special Items
(Unaudited)

(A)	During the fourth quarter, we recorded charges of $622 million in Corporate and Other as a result of amendments to the GM-Delphi Settlement Agreements, support of Delphi’s sales of businesses, updated estimates of Delphi retiree healthcare costs and possible support based on ongoing discussions with Delphi.
	Including the fourth quarter charges, year-to-date charges for Delphi total $1.5 billion, of which $575 million was recorded during the second quarter and $350 million was recorded during the third quarter.
(B)	During the fourth quarter, we recorded charges of $552 million related to pension benefit increases granted to Delphi employees and retirees/surviving spouses as part of the 2007 UAW/GM labor contract.
(C)	Relates to various restructuring initiatives or the Special Attrition Program. Charges recorded by regions are as follows:
	GMNA: Charges of $61 million during the quarter and $278 million for the year were recognized relating to adjustments to plant closing reserves. Additionally, favorable curtailment adjustments of $1 million were recorded during the quarter and reserve adjustments of $11 million for the year were recorded under the Special Attrition Program. GME: Charges during the quarter and for the year of $230 million and $579 million, respectively, were recognized for separation programs primarily in Belgium, Germany and Sweden. GMAP: Year-to-date charges of $50 million were recognized relating to separation programs at Australian facilities.
(D)	Amounts relate to charges for product specific asset impairments. GMNA recorded a $169 million charge during the fourth quarter and $264 million in cumulative charges for the year. GMAP recorded $13 million for the year.
(E)	Relates to a change in the estimate of the amortization period for pension prior service cost for certain of our employee benefit plans. In conjunction with entering into the 2007 UAW/GM labor contract, GM determined that the four year term of the labor contract better reflects the period of future economic benefit received from plan amendments to U.S. hourly pension plans. Concurrently, GM evaluated the remaining economic benefit related to the unamortized prior service cost remaining from prior labor contracts and determined the future economic benefit for those amounts that remained at the end of the third quarter of 2007 did not extend beyond the third quarter. Accordingly, during the third quarter 2007, GM recorded a charge of $1.3 billion in GMNA and $.3 billion in Corporate and Other to expense the remaining portion of unamortized prior service cost from the plan amendments entered into as part of the 1999 and 2003 labor contracts.
(F)	Relates to curtailment gains and favorable reserve adjustments at GMNA related to the closure of two former component plants.
(G)	Relates to a net charge during the third quarter of 2007 for a valuation allowance on certain deferred tax assets and associated tax items in the U.S., Canada and Germany. The net charge includes the valuation allowance of $39 billion, which is offset by an adjustment of $.7 billion relating to tax benefits recorded at loss entities through the third quarter of 2007. Additionally, the allowance includes a $.5 billion charge associated with a reduction in the value of deferred tax assets due to a reduction in the statutory corporate income tax and trade tax rates in Germany.

12

General Motors Corporation
List of Special Items
(Unaudited)

(H) Relates to the gain on the sale of the commercial and military operations of our Allison Transmission business, which was completed in August 2007 and recorded as discontinued operations. The $805 million net gain during the fourth quarter includes a $830 million re-allocation of GM’s total year-to-date income tax expense between continuing operations, discontinued operations and other comprehensive income, as required under U.S. GAAP (SFAS 109). Additionally, $25 million in post-closing adjustments were determined and recorded during the fourth quarter.

13

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

	Three Months Ended						Year Ended
	December 31, 2006						December 31, 2006
	Earnings			EPS *			Earnings			EPS *
REPORTED
Income (loss) from continuing operations	$	855		$	1.51		$	(2,423	)	$	(4.29	)
Income from discontinued operations		95			.17			445			.79
Net Income (loss)	$	950		$	1.68		$	(1,978	)	$	(3.50	)
ADJUSTMENTS
Pre-tax adjustments:
Component plant settlement (A)	$	224					$	224
Restructuring (B)		218						(130	)
Special attrition program (C)		(53	)					6,387
Gain on sale (D)		(270	)					(270	)
GMAC transaction related (E)		(1,097	)					(1,056	)
GMAC commerical finance goodwill impairment (F)		—						839
Delphi (G)		—						500
Product impairments (H)		—						475
Sale of investments (I)		—						(977	)
		(978	)					5,992
Tax related:
Tax related adjustment items (J)		(158	)					(306	)
GMAC transaction related (E)		172						355
Income tax impact on pre-tax adjustments		194						(1,887	)
		208						(1,838	)
Total Adjustments — Continuing Operations	$	(770	)	$	(1.36	)	$	4,154		$	7.35
ADJUSTED
Income from continuing operations	$	85		$	.15		$	1,731		$	3.06
Income from discontinued operations		95			.17			445			.79
Adjusted Income — Basic	$	180		$	0.32		$	2,176		$	3.85
Adjusted Income — Diluted				$	0.32					$	3.84

* Adjusted EPS — Basic for the year ended December 31, 2006 has been changed from $3.89 per share to $3.85 per share to reflect a revision to the special item related to the gain on sale of our Suzuki investment from $372 million, after-tax, to $395 million, after-tax. Additionally, see average shares outstanding, Basic and Diluted, on page 18.

14

General Motors Corporation
List of Special Items, Pre-Tax
(Unaudited)

(A)	During the fourth quarter, GM announced its plan to cease production at two former component plants that are included in GM’s consolidated financial results. GMNA recorded a charge of $224 million related to the idling and separation costs of the workforce.
(B)	Relates to various restructuring initiatives and other matters. Charges for the fourth quarter of 2006 include:

• Additional charges of $142 million primarily related to separations at GME.

• Restructuring charges of $76 million at GMAP related to reduced volume and employee separation at Holden.

In addition to the fourth quarter charges, year-to-date amounts, reflecting a net favorable adjustment, include the following:

• GMNA recorded a favorable adjustment of approximately $1 billion to the accrual recorded in the fourth quarter of 2005 for the North American plant capacity actions.

• Charges totaling $512 million were recognized at GME relating to (1) the announced closure in December 2006 of the GM assembly plant in Azambuja, Portugal, which includes amounts for the writedown to fair market value of plant assets, employee separation costs, and contract cancellation charges; and (2) costs related to the elimination of a shift at the Ellesmere Port plant in the U.K.

• Estimated charges of $115 million related to separations of salaried employees at GMNA.

• Other restructuring charges of $43 million and $5 million at GMLAAM and Corporate and Other, respectively.

(C) During the fourth quarter, GMNA recorded a $53 million favorable adjustment primarily due to closed plants and the related JOBS bank. In addition to the fourth quarter charge, year-to-date charges totaling $6.4 billion at GMNA included the following:

• Favorable adjustments of $161 million during the third quarter to adjust other personnel related accruals as a result of the GMNA hourly attrition plan.

• Charges related to the results of the GM-UAW-Delphi Special Attrition Program primarily for payments to employees of approximately $2.1 billion.

• Curtailment charges of approximately $4.4 billion associated with GM’s U.S. hourly pension plan as a result of the attrition program.

(D)	During the fourth quarter, GM sold its desert proving grounds in Mesa, Arizona.
(E)	During the fourth quarter, GM recorded adjustments to previous estimated charges related to the pending sale of GMAC. These adjustments were recorded beginning in the second quarter of 2006 and were necessary in order to revise previously estimated charges based on the closing.
	At the end of November 2006, GM closed its sale of 51% of GMAC to a consortium of investors, and the year-to-date amounts reflect the charges associated with the sale. For the year-to-date period, GM recognized gains on curtailments of its pension and post retirement benefit liabilities of $607 million and favorable state and local pre-tax contingencies of $24 million related to the sale. These gains were offset by the loss on sale of GMAC of $447 million. Additionally, as part of its investment and capital strategy, GMAC Insurance Operations completed a securities portfolio review and decided to reduce the elevated investment leverage and free up capital for growth strategies and dividends. This was achieved by reducing the investment in equities from nearly 35% of total invested assets to approximately 10% and resulted in revenues of $872 million. The proceeds from the sales were invested in fixed income securities or will be used to remit dividends in 2007.
(F)	During the third quarter of 2006, GMAC’s commercial finance business recognized goodwill and other intangible asset impairment charges of $839 million. These charges were the result of a decision made by management to eliminate certain low margin product lines in its commercial finance business.

15

General Motors Corporation
List of Special Items, Pre-Tax
(Unaudited)

(G)	During the third quarter of 2006, GM increased its contingent liability associated with the restructuring of Delphi’s operations by $500 million, based on data available at that time and ongoing discussions with Delphi and other stakeholders. GM established a contingent liability in the fourth quarter of 2005 and recorded a charge of $5.5 billion.
(H)	GMNA recorded impairment charges related to product specific assets and the write-down of plant assets in connection with the planned stoppage of production at the Doraville, Georgia assembly plant.
(I)	Relates to the gain on the sale of the following investments recognized at GMAP:

• Gain of $666 million on the sale of 92.4 million shares of GM’s investment in Suzuki for approximately $2 billion in cash, reducing GM’s equity stake to approximately 3.7% (16.3 million shares). ·

• Gain of $311 million on the sale of GM’s entire investment in Isuzu Motors, Ltd.

(J) Relates to the following specific tax related items:

• Adjustments for the three and twelve months ended December 31, 2006 of $66 million and $214 million, respectively, primarily for the reversal of a deferred tax asset valuation allowance at GM Daewoo and residual taxes at Suzuki.

• GM recognized a $92 million tax benefit during the fourth quarter associated with Medicare Part D subsidies related to certain Delphi flow-back employees and retirees.

16

General Motors Corporation
Summary Corporate Financial Results

(Dollars in millions except per share amounts)
(Unaudited)

	Fourth Quarter						Year Ended
	2007			2006			2007			2006
REPORTED
Total net sales and revenue	$	47,085		$	50,803		$	181,122		$	205,601
Income (loss) from continuing operations	$	(1,527	)	$	855		$	(43,297	)	$	(2,423	)
Income from discontinued operations	$	—		$	95		$	256		$	445
Net income (loss)	$	(722	)	$	950		$	(38,732	)	$	(1,978	)
Net margin from continuing operations *		(3.2	)%		1.7	%		(23.9	)%		(1.2	)%
Earnings (loss) per share — basic
Continuing operations	$	(2.70	)	$	1.51		$	(76.52	)	$	(4.29	)
Income from discontinued operations		—			.17			.45			.79
Gain on sale of discontinued operations		1.42			—			7.62			—
Net income (loss)	$	(1.28	)	$	1.68		$	(68.45	)	$	(3.50	)
Earnings (loss) per share — diluted
Continuing operations	$	(2.70	)	$	1.51		$	(76.52	)	$	(4.29	)
Income from discontinued operations		—			.17			.45			.79
Gain on sale of discontinued operations		1.42			—			7.62			—
Net income (loss)	$	(1.28	)	$	1.68		$	(68.45	)	$	(3.50	)
ADJUSTED
Total net sales and revenue	$	47,085		$	49,931		$	181,122		$	204,729
Income (loss) from continuing operations	$	46		$	85		$	(279	)	$	1,731
Net income (loss)	$	46		$	180		$	(23	)	$	2,176
Net margin from continuing operations *		.1	%		.2	%		(.2	)%		0.8	%
Earnings (loss) per share — basic
Continuing operations	$	.08		$	.15		$	(.49	)	$	3.06
Net income (loss)	$	.08		$	.32		$	(.04	)	$	3.85
Earnings (loss) per share — diluted
Continuing operations	$	.08		$	.15		$	(.49	)	$	3.05
Net income (loss)	$	.08		$	.32		$	(.04	)	$	3.84

See reconciliation of adjusted financial results on pages 19 — 24.

* Calculated as Income (loss) from continuing operations / Total net sales and revenue.

17

General Motors Corporation
Summary Corporate Financial Results

(Unaudited)

	Fourth Quarter				Year Ended
	2007		2006		2007		2006
GM $1-2/3 par value average shares outstanding:
Reported (GAAP):	(Millions)
Basic shares		566		566		566		566
Diluted shares		566		567		566		566
Adjusted (Non-GAAP):
Basic shares		566		566		566		566
Diluted shares		567		567		566		567
Cash dividends per share of common stock	$	.25	$	.25	$	1.00	$	1.00
Automotive cash & marketable securities and readily-available assets in VEBA at December 31:					(Billions)
Automotive cash & marketable securities					$	26.7	$	23.9
Readily—available assets in VEBA						.6		2.5
Total automotive cash & marketable securities and readily-available assets in VEBA					$	27.3	$	26.4
Automotive Operations:	(Millions)
Depreciation	$	1,212	$	1,355	$	4,937	$	4,575
Amortization of special tools		916		738		3,243		3,450
Amortization of intangible assets		23		17		74		69
Total	$	2,151	$	2,110	$	8,254	$	8,094

18

General Motors Corporation
Summary Corporate Financial Results

(Dollars in millions)
(Unaudited)

Fourth Quarter
2007 and 2006

	Reported						Special Items					Adjusted
	2007			2006			2007		2006			2007			2006
Net sales and revenue:
GMNA	$	28,121		$	28,516		$	—	$	—		$	28,121		$	28,516
GME		10,692			8,998			—		—			10,692			8,998
GMLAAM		6,040			3,975			—		—			6,040			3,975
GMAP		5,534			4,502			—		—			5,534			4,502
Auto Elimination (a)		(3,695	)		(2,352	)		—		—			(3,695	)		(2,352	)
Total GMA		46,692			43,639			—		—			46,692			43,639
Corporate & Other (a)		—			(44	)		—		—			—			(44	)
Total Auto & Other		46,692			43,595			—		—			46,692			43,595
GMAC		—			6,486			—		(872	)		—			5,614
Other Financing (a)		393			722			—		—			393			722
Total Financing		393			7,208			—		(872	)		393			6,336
Total	$	47,085		$	50,803		$	—	$	(872	)	$	47,085		$	49,931
Income (loss) from continuing operations before income taxes, other equity income and minority interests:
GMNA	$	(1,221	)	$	5		$	192	$	(99	)	$	(1,029	)	$	(94	)
GME		(449	)		(153	)		230		142			(219	)		(11	)
GMLAAM		424			74			—		—			424			74
GMAP		13			(5	)		—		76			13			71
Auto Elimination		(24	)		(32	)		—		—			(24	)		(32	)
Total GMA		(1,257	)		(111	)		422		119			(835	)		8
Corporate & Other		(1,652	)		428			1,168		(631	)		(484	)		(203	)
Total Auto & Other		(2,909	)		317			1,590		(512	)		(1,319	)		(195	)
GMAC		(394	)		366			—		(872	)		(394	)		(506	)
Other Financing		94			(347	)		—		406			94			59
Total Financing		(300	)		19			—		(466	)		(300	)		(447	)
Total	$	(3,209	)	$	336		$	1,590	$	(978	)	$	(1,619	)	$	(642	)

See footnotes on page 26.

19

General Motors Corporation
Summary Corporate Financial Results

(Dollars in millions)
(Unaudited)

Fourth Quarter
2007 and 2006

	Reported						Special Items				Adjusted
	2007			2006			2007		2006		2007			2006
Equity income (loss), net of tax:
GMNA	$	(28	)	$	(18	)	$	—	$	—	$	(28	)	$	(18	)
GME		14			7			—		—		14			7
GMLAAM		8			11			—		—		8			11
GMAP		90			86			—		—		90			86
Auto Elimination (a)		—			—			—		—		—			—
Total GMA		84			86			—		—		84			86
Corporate & Other		—			(2	)		—		—		—			(2	)
Total Auto & Other		84			84			—		—		84			84
GMAC		—			(2	)		—		—		—			(2	)
Other Financing		—			—			—		—		—			—
Total Financing		—			(2	)		—		—		—			(2	)
Total	$	84		$	82		$	—	$	—	$	84		$	82
Minority interests, net of tax:
GMNA	$	(3	)	$	(17	)	$	—	$	—	$	(3	)	$	(17	)
GME		(10	)		(8	)		—		—		(10	)		(8	)
GMLAAM		(8	)		(9	)		—		—		(8	)		(9	)
GMAP		(31	)		(52	)		—		—		(31	)		(52	)
Auto Elimination (a)		—			—			—		—		—			—
Total GMA		(52	)		(86	)		—		—		(52	)		(86	)
Corporate & Other		11			—			—		—		11			—
Total Auto & Other		(41	)		(86	)		—		—		(41	)		(86	)
GMAC		—			—			—		—		—			—
Other Financing		(4	)		—			—		—		(4	)		—
Total Financing		(4	)		—			—		—		(4	)		—
Total	$	(45	)	$	(86	)	$	—	$	—	$	(45	)	$	(86	)

See footnotes on page 26.

20

General Motors Corporation
Summary Corporate Financial Results

(Dollars in millions)
(Unaudited)

Fourth Quarter
2007 and 2006

	Reported						Special Items					Adjusted
	2007			2006			2007		2006			2007			2006
Pre-tax earnings (loss): *
GMNA	$	(1,252	)	$	(30	)	$	192	$	(99	)	$	(1,060	)	$	(129	)
GME		(445	)		(154	)		230		142			(215	)		(12	)
GMLAAM		424			76			—		—			424			76
GMAP		72			29			—		76			72			105
Auto Elimination (a)		(24	)		(32	)		—		—			(24	)		(32	)
Total GMA		(1,225	)		(111	)		422		119			(803	)		8
Corporate & Other		(1,641	)		426			1,168		(631	)		(473	)		(205	)
Total Auto & Other		(2,866	)		315			1,590		(512	)		(1,276	)		(197	)
GMAC		(394	)		364			—		(872	)		(394	)		(508	)
Other Financing (a)		90			(347	)		—		406			90			59
Total Financing		(304	)		17			—		(466	)		(304	)		(449	)
Total	$	(3,170	)	$	332		$	1,590	$	(978	)	$	(1,580	)	$	(646	)
Income tax expense (benefit):
Corporate & Other	$	(1,553	)	$	(256	)	$	17	$	(36	)	$	(1,536	)	$	(292	)
Other Financing (a)		(90	)		(267	)		—		(172	)		(90	)		(439	)
Total	$	(1,643	)	$	(523	)	$	17	$	(208	)	$	(1,626	)	$	(731	)

See footnotes on page 26.

* Defined here as income (loss) from continuing operations before income taxes and after equity income and minority interests.

21

General Motors Corporation
Summary Corporate Financial Results

(Dollars in millions)
(Unaudited)

Year Ended
2007 and 2006

	Reported						Special Items					Adjusted
	2007			2006			2007		2006			2007			2006
Net sales and revenue:
GMNA	$	112,448		$	116,653		$	—	$	—		$	112,448		$	116,653
GME		37,397			33,278			—		—			37,397			33,278
GMLAAM		18,894			14,627			—		—			18,894			14,627
GMAP		21,003			15,532			—		—			21,003			15,532
Auto Elimination (a)		(11,543	)		(8,655	)		—		—			(11,543	)		(8,655	)
Total GMA		178,199			171,435			—		—			178,199			171,435
Corporate & Other (a)		—			(256	)		—		—			—			(256	)
Total Auto & Other		178,199			171,179			—		—			178,199			171,179
GMAC		—			33,629			—		(872	)		—			32,757
Other Financing (a)		2,923			793			—		—			2,923			793
Total Financing		2,923			34,422			—		(872	)		2,923			33,550
Total	$	181,122		$	205,601		$	—	$	(872	)	$	181,122		$	204,729
Income (loss) from continuing operations before income taxes, other equity income and minority interests:
GMNA	$	(3,290	)	$	(7,575	)	$	1,779	$	5,908		$	(1,511	)	$	(1,667	)
GME		(541	)		(312	)		579		654			38			342
GMLAAM		1,349			527			—		43			1,349			570
GMAP		557			1,059			63		(901	)		620			158
Auto Elimination (a)		(59	)		(34	)		—		—			(59	)		(34	)
Total GMA		(1,984	)		(6,335	)		2,421		5,704			437			(631	)
Corporate & Other		(3,619	)		(1,188	)		2,344		(126	)		(1,275	)		(1,314	)
Total Auto & Other		(5,603	)		(7,523	)		4,765		5,578			(838	)		(1,945	)
GMAC		(1,147	)		2,242			—		(33	)		(1,147	)		2,209
Other Financing		497			(377	)		—		447			497			70
Total Financing		(650	)		1,865			—		414			(650	)		2,279
Total	$	(6,253	)	$	(5,658	)	$	4,765	$	5,992		$	(1,488	)	$	334

See footnotes on page 26.

22

General Motors Corporation
Summary Corporate Financial Results

(Dollars in millions)
(Unaudited)

Year Ended
2007 and 2006

	Reported						Special Items				Adjusted
	2007			2006			2007		2006		2007			2006
Equity income (loss), net of tax:
GMNA	$	22		$	104		$	—	$	—	$	22		$	104
GME		44			36			—		—		44			36
GMLAAM		31			16			—		—		31			16
GMAP		425			365			—		—		425			365
Auto Elimination (a)		—			—			—		—		—			—
Total GMA		522			521			—		—		522			521
Corporate & Other		2			3			—		—		2			3
Total Auto & Other		524			524			—		—		524			524
GMAC		—			(11	)		—		—		—			(11	)
Other Financing		—			—			—		—		—			—
Total Financing		—			(11	)		—		—		—			(11	)
Total	$	524		$	513		$	—	$	—	$	524		$	513
Minority interests, net of tax:
GMNA	$	(46	)	$	(63	)	$	—	$	—	$	(46	)	$	(63	)
GME		(27	)		(21	)		—		—		(27	)		(21	)
GMLAAM		(32	)		(25	)		—		—		(32	)		(25	)
GMAP		(301	)		(225	)		—		105		(301	)		(120	)
Auto Elimination (a)		—			—			—		—		—			—
Total GMA		(406	)		(334	)		—		105		(406	)		(229	)
Corporate & Other		12			—			—		—		12			—
Total Auto & Other		(394	)		(334	)		—		105		(394	)		(229	)
GMAC		—			10			—		—		—			10
Other Financing		(12	)		—			—		—		(12	)		—
Total Financing		(12	)		10			—		—		(12	)		10
Total	$	(406	)	$	(324	)	$	—	$	105	$	(406	)	$	(219	)

See footnotes on page 26.

23

General Motors Corporation
Summary Corporate Financial Results

(Dollars in millions)
(Unaudited)

Year Ended
2007 and 2006

	Reported						Special Items						Adjusted
	2007			2006			2007			2006			2007			2006
Pre-tax earnings (loss): *
GMNA	$	(3,314	)	$	(7,534	)	$	1,779		$	5,908		$	(1,535	)	$	(1,626	)
GME		(524	)		(297	)		579			654			55			357
GMLAAM		1,348			518			—			43			1,348			561
GMAP		681			1,199			63			(796	)		744			403
Auto Elimination (a)		(59	)		(34	)		—			—			(59	)		(34	)
Total GMA		(1,868	)		(6,148	)		2,421			5,809			553			(339	)
Corporate & Other (a)		(3,605	)		(1,185	)		2,344			(126	)		(1,261	)		(1,311	)
Total Auto & Other		(5,473	)		(7,333	)		4,765			5,683			(708	)		(1,650	)
GMAC		(1,147	)		2,241			—			(33	)		(1,147	)		2,208
Other Financing (a)		485			(377	)		—			447			485			70
Total Financing		(662	)		1,864			—			414			(662	)		2,278
Total	$	(6,135	)	$	(5,469	)	$	4,765		$	6,097		$	(1,370	)	$	628
Income tax expense (benefit):
Corporate & Other	$	37,129		$	(3,881	)	$	(38,130	)	$	2,298		$	(1,001	)	$	(1,583	)
Other Financing (a)		33			835			(123	)		(355	)		(90	)		480
Total	$	37,162		$	(3,046	)	$	(38,253	)	$	1,943		$	(1,091	)	$	(1,103	)

* Defined here as income (loss) from continuing operations before income taxes and after equity income and minority interests.

See footnotes on page 26.

24

General Motors Corporation
Operating Statistics
(Unaudited)

	Fourth Quarter						Year Ended
	2007			2006			2007			2006
Worldwide Production Volume:	(Units in thousands)
GMNA — Cars		358			446			1,526			1,821
GMNA — Trucks		684			661			2,741			2,828
Total GMNA		1,042			1,107			4,267			4,649
GME		457			443			1,828			1,806
GMLAAM		253			215			960			830
GMAP*		627			509			2,231			1,896
Total Worldwide **		2,380			2,274			9,286			9,181
Vehicle Unit Deliveries:
Chevrolet — Cars		162			160			757			798
Chevrolet — Trucks		355			377			1,509			1,617
Pontiac		81			88			358			410
GMC		125			118			506			481
Buick		42			50			186			241
Saturn		52			58			240			226
Cadillac		60			57			215			227
Other		20			32			96			125
Total United States		897			940			3,867			4,125
Canada, Mexico and Other		157			169			649			682
Total GMNA		1,054			1,109			4,516			4,807
GME		529			475			2,182			2,003
GMLAAM		341			290			1,236			1,035
GMAP *		382			327			1,436			1,248
Total Worldwide **		2,306			2,200			9,370			9,093
Market Share:
United States — Cars		18.7	%		20.2	%		19.4	%		20.7	%
United States — Trucks		27.0	%		26.4	%		27.0	%		27.1	%
Total United States		23.1	%		23.6	%		23.5	%		24.2	%
Total GMNA		22.7	%		23.2	%		23.0	%		23.8	%
Total GME		9.3	%		9.1	%		9.5	%		9.2	%
Total GMLAAM		17.6	%		17.9	%		17.2	%		17.0	%
Total GMAP		7.1	%		6.6	%		6.9	%		6.5	%
Total Worldwide		13.1	%		13.3	%		13.3	%		13.5	%
U.S. Retail/Fleet Mix:
% Fleet Sales — Cars		31.2	%		38.1	%		34.9	%		36.5	%
% Fleet Sales — Trucks		19.6	%		18.5	%		20.5	%		20.7	%
Total Vehicles		23.9	%		25.8	%		26.1	%		26.9	%
GMNA Capacity Utilization ***		86.2	%		89.5	%		88.3	%		93.1	%

*	GMAP production and sales volume includes SAIC-GM Wuling Automobile Co. Ltd. joint venture vehicles.
**	Total Worldwide may include rounding differences.
***	Two shift rated, annualized.

25

General Motors Corporation
Operating Statistics
(Unaudited)

	Fourth Quarter						Year Ended
	2007			2006			2007			2006
GMAC Automotive Finance Operations Consumer Credit (North America)
Net charge-offs as a % of managed receivables		1.30	%		1.36	%		1.20	%		1.20	%
Retail contracts 30 days delinquent — % of average number of contracts outstanding (b)		2.77	%		2.62	%		2.58	%		2.49	%
Share of GM retail sales (U.S. only)
Total consumer volume (retail and lease) as % of retail		43	%		36	%		45	%		48	%
SmartLease as % of retail		13	%		14	%		17	%		18	%
Worldwide Employment at December 31:							(Thousands)
United States hourly (c)								78			89
United States — Salaried (c)								32			33
Total United States								110			122
Canada, Mexico and Other								29			30
GMNA								139			152
GME								57			60
GMLAAM								34			32
GMAP								34			34
Other								2			2
Total GM								266			280
	(Billions)
Worldwide Payroll	$	4.6		$	5.6		$	18.0		$	22.3

Footnotes:

(a)	Auto Eliminations, Corporate & Other and Other Financing include inter-company eliminations.
(b)	Excludes accounts in bankruptcy.
(c)	Approximately 2,400 hourly and 1,250 salary employees are excluded from 2007 data due to the sale of Allison Transmission.

26

GENERAL MOTORS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts)

(Unaudited)

	Three Months Ended December 31,
	2007			2006
Net sales and revenue
Automotive sales	$	46,692		$	43,595
Financial services and insurance revenue		393			7,208
Total net sales and revenue		47,085			50,803
Costs and expenses
Automotive cost of sales		43,997			39,144
Selling, general and administrative expense		4,207			3,910
Financial services and insurance expense		408			6,186
Other expenses		1,174			1,087
Total costs and expenses		49,786			50,327
Operating income (loss)		(2,701	)		476
Equity in loss of GMAC LLC		(371	)		(5	)
Automotive and other interest expense		(646	)		(781	)
Automotive interest income and other non-operating income (expense)		509			646
Income (loss) from continuing operations before income taxes, other equity income and minority interests		(3,209	)		336
Income tax benefit		(1,643	)		(523	)
Equity income, net of tax		84			82
Minority interests, net of tax		(45	)		(86	)
Income (loss) from continuing operations		(1,527	)		855
Discontinued operations
Income from discontinued operations, net of tax		—			95
Gain on sale of discontinued operations, net of tax		805			—
Income from discontinued operations		805			95
Net income (loss)	$	(722	)	$	950
Basic earnings (loss) per share
Continuing operations	$	(2.70	)	$	1.51
Discontinued operations		1.42			.17
Total	$	(1.28	)	$	1.68
Weighted average common shares outstanding, basic (millions)		566			566
Diluted earnings (loss) per share
Continuing operations	$	(2.70	)	$	1.51
Discontinued operations		1.42			.17
Total		(1.28	)		1.68
Weighted average common shares outstanding, diluted (millions)		566			567
Cash dividends per share	$	0.25		$	0.25

27

GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts)

	Years Ended December 31,
	2007			2006			2005
Net sales and revenue
Automotive sales	$	178,199		$	171,179		$	158,623
Financial services and insurance revenue		2,923			34,422			34,427
Total net sales and revenue		181,122			205,601			193,050
Costs and expenses
Automotive cost of sales		166,259			163,742			158,254
Selling, general and administrative expense		14,412			13,650			13,003
Financial services and insurance expense		2,742			29,794			30,813
Other expenses		2,099			4,238			7,024
Total costs and expenses		185,512			211,424			209,094
Operating loss		(4,390	)		(5,823	)		(16,044	)
Equity in loss of GMAC LLC		(1,245	)		(5	)		—
Automotive and other interest expense		(2,902	)		(2,642	)		(2,534	)
Automotive interest income and other non-operating income		2,284			2,812			1,349
Loss from continuing operations before income taxes, equity income and minority interests and cumulative effect of a change in accounting principle		(6,253	)		(5,658	)		(17,229	)
Income tax expense (benefit)		37,162			(3,046	)		(6,046	)
Equity income, net of tax		524			513			610
Minority interests, net of tax		(406	)		(324	)		(48	)
Loss from continuing operations before cumulative effect of a change in accounting principle		(43,297	)		(2,423	)		(10,621	)
Discontinued operations
Income from discontinued operations, net of tax		256			445			313
Gain on sale of discontinued operations, net of tax		4,309			—			—
Income from discontinued operations		4,565			445			313
Cumulative effect of a change in accounting principle		—			—			(109	)
Net loss	$	(38,732	)	$	(1,978	)	$	(10,417	)
Basic earnings (loss) per share
Continuing operations	$	(76.52	)	$	(4.29	)	$	(18.78	)
Discontinued operations		8.07			0.79			0.55
Cumulative effect of a change in accounting principle		—			—			(0.19	)
Total	$	(68.45	)	$	(3.50	)	$	(18.42	)
Weighted average common shares outstanding, basic (millions)		566			566			565
Diluted earnings (loss) per share
Continuing operations	$	(76.52	)	$	(4.29	)	$	(18.78	)
Discontinued operations		8.07			0.79			0.55
Cumulative effect of a change in accounting principle		—			—			(0.19	)
Total	$	(68.45	)	$	(3.50	)	$	(18.42	)
Weighted average common shares outstanding, diluted (millions)		566			566			565
Cash dividends per share	$	1.00		$	1.00		$	2.00

28

GENERAL MOTORS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Dollars in millions)

	December 31,
	2007			2006
ASSETS
Current Assets
Cash and cash equivalents	$	24,549		$	23,774
Marketable securities		2,139			138
Total cash and marketable securities		26,688			23,912
Accounts and notes receivable, net		9,659			8,216
Inventories		14,939			13,921
Equipment on operating leases, net		5,283			6,125
Deferred income taxes and other current assets		2,594			11,957
Total current assets		59,163			64,131
Financing and Insurance Operations Assets
Cash and cash equivalents		268			349
Investments in securities		215			188
Equipment on operating leases, net		6,712			11,794
Equity in net assets of GMAC LLC		7,079			7,523
Other assets		2,715			2,269
Total Financing and Insurance Operations assets		16,989			22,123
Non-Current Assets
Equity in net assets of nonconsolidated affiliates		1,919			1,969
Property, net		43,017			41,934
Intangible assets, net		1,066			1,118
Deferred income taxes		2,116			33,079
Prepaid pension		20,175			17,366
Other assets		4,438			4,584
Total non-current assets		72,731			100,050
Total assets	$	148,883		$	186,304
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts payable (principally trade)	$	29,439		$	26,931
Short-term borrowings and current portion of long-term debt		6,047			5,666
Accrued expenses		35,327			35,225
Total current liabilities		70,813			67,822
Financing and Insurance Operations Liabilities
Accounts payable		30			192
Debt		4,908			9,438
Other liabilities and deferred income taxes		875			1,947
Total Financing and Insurance Operations liabilities		5,813			11,577
Non-Current Liabilities
Long-term debt		33,384			33,067
Postretirement benefits other than pensions		47,375			50,409
Pensions		11,381			11,934
Other liabilities and deferred income taxes		15,597			15,957
Total non-current liabilities		107,737			111,367
Total liabilities		184,363			190,766
Commitments and contingencies Minority interests		1,614			1,190
Stockholders’ Equity (Deficit)
Preferred stock, no par value, authorized 6,000,000, no shares issued and outstanding		—			—
$1 2/3 par value common stock (2,000,000,000 shares authorized, 756,637,541 and 566,059,249 shares issued and outstanding at December 31, 2007, respectively, and 756,637,541 and 565,670,254 at December 31, 2006, respectively)		943			943
Capital surplus (principally additional paid-in capital)		15,319			15,336
Retained earnings (deficit)		(39,392	)		195
Accumulated other comprehensive loss		(13,964	)		(22,126	)
Total stockholders’ deficit		(37,094	)		(5,652	)
Total liabilities, minority interests, and stockholders’ deficit	$	148,883		$	186,304

29

EX-99.2

Exhibit 99.2

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 Highlights Fourth 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 3 Refer to Supplemental Charts for reconciliation to GAAP figures Refer to Supplemental Charts for reconciliation to GAAP figures

Fourth Quarter Adjusted Results 4 Refer to Supplemental Charts for reconciliation to GAAP figures Refer to Supplemental Charts for reconciliation to GAAP figures

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

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 to the 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 11 Excludes results from Allison Transmission, now recorded as Discontinued Operations

GMNA Vehicle Revenue Per Unit Calendar Year Fourth Quarter Net Revenue Gross Revenue less Sales Incentives Vehicle revenue per unit excludes items such as daily rental accounting impact, Service Parts, OnStar, other outside sales 12 Adjusted to remove Allison. Refer to Supplemental Charts for reconciliation to GAAP figures Memo: Q3 '07 $21,605 Q2 '07 $21,375 Q1 '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) 13 Excludes results from Allison Transmission, now recorded as Discontinued Operations (0.3) ~40k unit dealer stock reduction (0.2) ~30k unit daily rent decline (0.1) ~20k unit lower U.S. industry (0.3) Commodity hedging (0.2) Engineering 0.2 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) 14 Excludes results from Allison Transmission, now recorded as Discontinued Operations (1.0) ~160k unit dealer stock reduction (0.7) ~108k unit daily rent decline (0.5) ~80k unit lower U.S. industry (0.5) GM share decline (0.6) Engineering (0.5) Commodity hedging (0.3) Foreign exchange 1.5 Model & option mix 0.4 Product mix 1.8 Pension/OPEB 1.0 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

GME Adjusted EBT - 2007 vs. 2006 $ Billions Q4 CY 2006 Earnings Before Tax $(0.0) $0.4 German 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

GMAP Fourth Quarter Adjusted Results 19 19

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 22

GMAC Calendar Year Business Line Results 23 23

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 $ Billions Q4'00 YE '01 Q4 '05 Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4'07 Net Liquidity 5.2 4.8 4.8 3.5 -0.7 -13.833 -12.303 -11.394 -14.2 -12.323 -13.294 -12.093 -9.9 -12.1 Gross Cash (incl. ST VEBA) 13.2 13 13.3 11.8 11.5 20.373 21.603 22.892 20.407 26.41 24.66 27.191 29.958 27.331 17.3 17.3 23

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 * 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

U.S. Pension Expense 30

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 capital About 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

Reconciliation to Adjusted Net Income / EPS Q4 - 2006 S2

Reconciliation to Adjusted Net Income / EPS CY - 2007 S3

Reconciliation to Adjusted Net Income / EPS CY - 2006 S4

Reconciliation of GMNA Revenue Per Unit Fourth Quarter S5 a). For GAAP reporting purposes, sales to other GM regions are eliminated whereas they are 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 * * * Excludes revenue from Allison Transmission, classified as discontinued operations

Reconciliation of GMNA Revenue Per Unit Calendar Year S6 a). For GAAP reporting purposes, sales to other GM regions are eliminated whereas they are 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 Note: Excludes revenue from Allison Transmission, classified as discontinued operations

Reconciliation of Automotive Cash Flow Fourth Quarter & Calendar Year S7