-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CvvDdp7SE+sjEE4XLLO7sWGXYDNBiilhUYmUlPg3TWJUtiguf8YtHfV+4KKcDYig 0vph6rgzQ4PoL3a6L8S8jQ== 0000950131-00-002762.txt : 20000425 0000950131-00-002762.hdr.sgml : 20000425 ACCESSION NUMBER: 0000950131-00-002762 CONFORMED SUBMISSION TYPE: SC TO-I PUBLIC DOCUMENT COUNT: 17 FILED AS OF DATE: 20000424 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MOTORS CORP CENTRAL INDEX KEY: 0000040730 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 380572515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC TO-I SEC ACT: SEC FILE NUMBER: 005-37025 FILM NUMBER: 607490 BUSINESS ADDRESS: STREET 1: 300 RENAISSANCE CTR CITY: DETROIT STATE: MI ZIP: 48265-3000 BUSINESS PHONE: 3135565000 MAIL ADDRESS: STREET 1: 3044 W GRAND BOULEVARD CITY: DETROIT STATE: MI ZIP: 48202-3091 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: GENERAL MOTORS CORP CENTRAL INDEX KEY: 0000040730 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 380572515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC TO-I BUSINESS ADDRESS: STREET 1: 300 RENAISSANCE CTR CITY: DETROIT STATE: MI ZIP: 48265-3000 BUSINESS PHONE: 3135565000 MAIL ADDRESS: STREET 1: 3044 W GRAND BOULEVARD CITY: DETROIT STATE: MI ZIP: 48202-3091 SC TO-I 1 SCHEDULE TO - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE TO Tender Offer Statement Under Section 14(d)(1) or 13(e)(1) of The Securities Exchange Act of 1934 GENERAL MOTORS CORPORATION (Name of Subject Company (issuer)) GENERAL MOTORS CORPORATION (ISSUER) (Names of Filing Persons (identifying status as offeror, issuer or other person)) COMMON STOCK $1 2/3 Par Value Per Share (Title of Class of Securities) 370442105 (CUSIP Number of Class of Securities) Peter R. Bible Chief Accounting Officer General Motors Corporation 300 Renaissance Center Detroit, MI 48265-3000 (313) 556-5000 (Name, Address and Telephone Numbers of Person Authorized to Receive Notices and Communications on Behalf of Filing Persons) -Copies to- Warren G. Andersen Marcy J.K. Tiffany General Motors Corporation Hughes Electronics Corporation 300 Renaissance Center 200 North Sepulveda Boulevard Detroit, Michigan 48265 El Segundo, California 90245 (313) 665-4921 (310) 662-9688 Joseph P. Gromacki Frederick S. Green Francis J. Morison Victor I. Lewkow Kirkland & Ellis Michael E. Lubowitz Sarah Beshar Cleary, Gottlieb, Steen & Hamilton 200 East Randolph Drive Weil, Gotshal & Manges LLP Davis Polk & Wardwell One Liberty Plaza New Chicago, Illinois 60601 767 Fifth Avenue 450 Lexington Avenue York, New York 10006 (312) 861-2000 New York, New York 10153 New York, New York 10017 (212) 225-2000 (212) 310-8000 (212) 450-4000
------------- CALCULATION OF FILING FEE ------------------------------------------------ ------------------------------------------------
Transaction Valuation* Amount of Filing Fee ---------------------------------------------------------------- $7,586,739,033 $1,517,347.81 ----------------------------------------------------------------
------------------------------------------------ * Estimated solely for the purpose of calculating the filing fee pursuant to Rule 0-11 under the Securities Exchange Act of 1934, as amended. [x] Check the box if any part of the fee is offset as provided by Rule 0- 11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number or the Form or Schedule and the date of its filing. Amount Previously Paid: $2,121,428.17 Form or Registration No.: Form S-4 Filing party: General Motors Corporation Registration No. 333-30826 Date Filed: March 22, 2000 [_]Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. Check the appropriate boxes below to designate any transactions to which the statement relates: [_]third-party tender offer subject to Rule 14d-1. [X]issuer tender offer subject to Rule 13e-4. [_]going-private transaction subject to Rule 13e-3. [_]amendment to Schedule 13D under Rule 13d-2. Check the following box if the filing is a final amendment reporting the results of the tender offer: [_] - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- This Schedule TO is being filed with the Securities and Exchange Commission (the "Commission") by General Motors Corporation ("General Motors" or "GM") in connection with the filing under the Securities Act of 1933, as amended, of a registration statement on Form S-4 (Registration No. 333-30826) (as amended through the date hereof, the "Registration Statement") regarding an offer by General Motors to holders of $1 2/3 par value common stock to exchange 1.065 shares of Class H common stock of General Motors for each share of $1 2/3 par value common stock validly tendered and accepted by GM in the exchange offer. GM will accept up to 86,396,977 shares of $1 2/3 par value common stock in the aggregate and will issue up to a total of 92,012,781 shares of Class H common stock in the exchange offer. If more than 86,396,977 shares of $1 2/3 par value common stock are validly tendered, GM will accept shares for exchange on a pro rata basis as described in the Offering Circular-Prospectus dated April 24, 2000 (the "Offering Circular-Prospectus"). A copy of the Offering Circular-Prospectus is incorporated herein by reference to the Registration Statement. Pursuant to General Instruction F to Schedule TO, the information contained in the Offering Circular- Prospectus is hereby incorporated by reference in answer to the following items: Item 2; Item 3; Item 4(a)(1)(i)-(iii) and (v)- (xii); Item 5; Item 6(a), (b) and (c)(3); Item 7(a); Item 9; and Item 11(a)(2) and (3). Item 1. Summary Term Sheet. Not applicable. Item 4. Terms of the Transaction. (a) (1)(iv) Not applicable. (2) Not applicable. (b) The exchange offer is open to all holders of $1 2/3 par value common stock who tender their shares in a jurisdiction where the exchange offer is permitted under the laws of that jurisdiction. Therefore, any officer, director or affiliate of General Motors who is a holder of $1 2/3 par value common stock may participate in the transaction. Item 6. Purposes of the Transaction and Plans or Proposals. (c) (1)-(2) None. (4)-(8) None. (9) General Motors may acquire various General Motors securities from time to time in the future and expects to issue various General Motors securities from time to time, in each case for general or special corporate purposes. (10) None. Item 7. Source and Amount of Funds or Other Consideration. (b) Not applicable. (d) Not applicable. Item 8. Interest in Securities of the Subject Company. (a) Not applicable. 1 (b) On December 15, 1999, in order to fulfill its previously disclosed goal of repurchasing shares of $1 2/3 par value common stock, General Motors entered into a derivative transaction pursuant to which it purchased for cash from a financial institution on that date 8,510,700 shares of $1 2/3 par value common stock. GM is obligated to deliver to the financial institution any difference in the notional value of such amount of shares, based on trading prices to be determined during a period following July 25, 2000. GM has the option to settle this derivative trade either in cash or through delivery of securities. GM also has the right from time to time to settle all or part of the transaction prior to July 25, 2000 by delivering a notice of early settlement, in which event the notional value for the shares settled will be determined in respect of the earlier settlement date. On the dates listed below, GM required early settlement of the number of shares of $1 2/3 par value common stock specified below. The final price per share used in the calculation of payments is also specified below. All settlements were cash settlements and no transfer of shares to or by GM was made in connection with these settlements. GM has been informed by its financial institution counterparty that on the dates specified the counterparty effected purchases of the shares of $1 2/3 par value common stock through floor transactions on the New York Stock Exchange in corresponding amounts and at corresponding prices. GM has been informed by its counterparty that such shares were used to make adjustments to its hedging positions to the transaction made necessary by the early settlement.
Date Number of Shares Price Per Share ---- ---------------- --------------- 12/15/1999............................... 500,000 $70.9409 12/16/1999............................... 500,000 72.8146 12/17/1999............................... 631,000 72.4705 02/03/2000............................... 630,500 81.6928 02/04/2000............................... 500,000 81.9806 02/07/2000............................... 650,000 81.0157 02/08/2000............................... 820,000 79.1695 02/09/2000............................... 850,000 79.7829
Based on information available to GM as of April 20, 2000, the following table sets forth the transactions in shares of $1 2/3 par value common stock by GM executive officers and directors during the 60 days prior to the date of this filing, including transactions pursuant to the GM Savings-Stock Purchase Plan ("S-SPP") which includes "matching" and other contributions by GM.
Acquired Disposed of --------------- ------------- Name Date Shares Price Shares Price Transaction Type ---- ---------- ------ -------- ------ ------ ----------------- Barclay, Kathleen S..... 02/29/2000 13 $76.0625 S-SPP Acquisition 03/10/2000 5 77.8125 S-SPP Acquisition 03/15/2000 12 78.8125 S-SPP Acquisition 03/31/2000 11 82.8125 S-SPP Acquisition 04/14/2000 14 82.0625 S-SPP Acquisition Bible, Peter R.......... 02/29/2000 5 76.0625 S-SPP Acquisition 03/10/2000 10 77.8125 S-SPP Acquisition 03/15/2000 4 78.8125 S-SPP Acquisition 03/31/2000 4 82.8125 S-SPP Acquisition 04/14/2000 5 82.0625 S-SPP Acquisition 04/18/2000 1,253 44.73 1,253 $85.50 Option Exercise 04/18/2000 1,128 46.59 1,128 85.50 Option Exercise 04/18/2000 1,659 71.53 1,659 85.50 Option Exercise Briggs, Guy D........... 02/28/2000 7,321 36.87 7,321 78.07 Option Exercise 02/29/2000 18 76.0625 S-SPP Acquisition 03/10/2000 114 77.8125 S-SPP Acquisition 03/15/2000 17 78.8125 S-SPP Acquisition 03/31/2000 17 82.8125 S-SPP Acquisition 04/14/2000 19 82.0625 S-SPP Acquisition
2
Acquired Disposed of --------------- ------------- Name Date Shares Price Shares Price Transaction Type ---- ---------- ------ -------- ------ ------ ----------------- Burns, Lawrence, D...... 02/29/2000 10 $76.0625 S-SPP Acquisition 03/10/2000 8 77.8125 S-SPP Acquisition 03/15/2000 9 78.8125 S-SPP Acquisition 03/31/2000 9 82.8125 S-SPP Acquisition 04/14/2000 11 82.0625 S-SPP Acquisition Burns, Michael J........ 02/29/2000 43 76.0625 S-SPP Acquisition 03/10/2000 24 77.8125 S-SPP Acquisition 03/16/2000 744 44.73 408 $81.38 Option Exercise 03/16/2000 715 46.59 409 81.38 Option Exercise 03/31/2000 39 82.8125 S-SPP Acquisition 04/18/2000 6,210 44.73 6,210 84.25 Option Exercise Card, Jr., Andrew H..... 02/29/2000 2 76.0625 S-SPP Acquisition 03/15/2000 2 78.8125 S-SPP Acquisition 03/31/2000 2 82.8125 S-SPP Acquisition 04/14/2000 2 82.0625 S-SPP Acquisition Cherry, Wayne K......... 02/29/2000 16 76.0625 S-SPP Acquisition 03/10/2000 3 77.8125 S-SPP Acquisition 03/15/2000 15 78.8125 S-SPP Acquisition 03/31/2000 8 82.8125 S-SPP Acquisition 04/14/2000 10 82.0625 S-SPP Acquisition Clark, Darwin E......... 02/29/2000 16 76.0625 S-SPP Acquisition 03/10/2000 20 77.8125 S-SPP Acquisition 03/15/2000 16 78.8125 S-SPP Acquisition 03/27/2000 2,233 44.73 1,153 86.57 Option Exercise 03/27/2000 1,430 46.59 769 86.57 Option Exercise 03/31/2000 15 82.8125 S-SPP Acquisition 04/14/2000 16 82.0625 S-SPP Acquisition 04/18/2000 5,882 45.30 5,882 86.07 Option Exercise 04/18/2000 10,547 40.07 10,547 86.07 Option Exercise 04/18/2000 14,720 44.73 14,720 86.07 Option Exercise 04/18/2000 8,988 46.59 8,988 86.07 Option Exercise Clarke, Troy A.......... 02/29/2000 14 76.0625 S-SPP Acquisition 03/10/2000 4 77.8125 S-SPP Acquisition 03/31/2000 13 82.8125 S-SPP Acquisition Colvin, Frank L......... 02/29/2000 29 76.0625 S-SPP Acquisition 03/10/2000 7 77.8125 S-SPP Acquisition 03/31/2000 27 82.8125 S-SPP Acquisition Cowger, Gary L.......... 02/29/2000 19 76.0625 S-SPP Acquisition 03/10/2000 28 77.8125 S-SPP Acquisition 03/15/2000 19 78.8125 S-SPP Acquisition 03/31/2000 18 82.8125 S-SPP Acquisition 04/14/2000 21 82.0625 S-SPP Acquisition Creek, Wallace W........ 02/29/2000 8 76.0625 S-SPP Acquisition 03/10/2000 2 77.8125 S-SPP Acquisition 03/15/2000 7 78.8125 S-SPP Acquisition 03/31/2000 7 82.8125 S-SPP Acquisition 04/14/2000 8 82.0625 S-SPP Acquisition
3
Acquired Disposed of --------------- -------------- Name Date Shares Price Shares Price Transaction Type ---- ---------- ------ -------- ------ ------- ----------------- Davis, Thomas J......... 02/29/2000 2,800 $ 78.25 Sale 02/29/2000 22 $76.0625 S-SPP Acquisition 03/15/2000 13 78.8125 S-SPP Acquisition 04/06/2000 2,492 40.07 1,182 84.41 Option Exercise 04/06/2000 745 44.73 394 84.41 Option Exercise 04/19/2000 15,765 40.07 15,765 87.82 Option Exercise Elson, Gerald L......... 02/29/2000 9 76.0625 S-SPP Acquisition 03/10/2000 2 77.8125 S-SPP Acquisition 03/15/2000 9 78.8125 S-SPP Acquisition 03/31/2000 8 82.8125 S-SPP Acquisition 04/14/2000 10 82.0625 S-SPP Acquisition Feldstein, Eric A....... 02/29/2000 13 76.0625 S-SPP Acquisition 03/10/2000 7 77.8125 S-SPP Acquisition 03/15/2000 12 78.8125 S-SPP Acquisition 03/31/2000 12 82.8125 S-SPP Acquisition 04/14/2000 14 82.0625 S-SPP Acquisition Finnegan, John D........ 02/29/2000 26 76.0625 S-SPP Acquisition 03/10/2000 10 77.8125 S-SPP Acquisition 03/15/2000 20 78.8125 S-SPP Acquisition Gillum, Roderick D...... 02/29/2000 9 76.0625 S-SPP Acquisition 03/10/2000 4 77.8125 S-SPP Acquisition 03/15/2000 9 78.8125 S-SPP Acquisition 03/31/2000 8 82.8125 S-SPP Acquisition 04/14/2000 10 82.0625 S-SPP Acquisition Gottschalk, Thomas A.... 02/29/2000 39 76.0625 S-SPP Acquisition 03/10/2000 3 77.8125 S-SPP Acquisition 03/15/2000 37 78.8125 S-SPP Acquisition 03/31/2000 15 82.8125 S-SPP Acquisition Grimaldi, Michael A..... 02/29/2000 15 76.0625 S-SPP Acquisition 03/10/2000 16 77.8125 S-SPP Acquisition 03/15/2000 15 78.8125 S-SPP Acquisition 03/31/2000 14 82.8125 S-SPP Acquisition 04/14/2000 17 82.0625 S-SPP Acquisition Guarascio, Philip....... 03/10/2000 35 77.8125 S-SPP Acquisition 03/15/2000 6 78.8125 S-SPP Acquisition 03/27/2000 744 44.73 384 86.57 Option Exercise 03/27/2000 715 46.59 384 86.57 Option Exercise 03/27/2000 467 71.53 385 86.57 Option Exercise 03/31/2000 5 82.8125 S-SPP Acquisition 04/14/2000 48 82.0625 S-SPP Acquisition 04/18/2000 850 45.30 850 86.07 Option Exercise 04/18/2000 9,293 44.73 9,293 86.07 Option Exercise 04/18/2000 4,493 46.59 4,493 86.07 Option Exercise Hackworth, Donald E..... 04/18/2000 19,561 28.62 19,561 85.6381 Option Exercise 04/18/2000 23,473 25.99 23,473 85.6381 Option Exercise
4
Acquired Disposed of ---------------- -------------- Name Date Shares Price Shares Price Transaction Type ---- ---------- ------- -------- ------- ------ ----------------- Happel, Roy William..... 02/29/2000 8 $76.0625 S-SPP Acquisition 03/10/2000 1 77.8125 S-SPP Acquisition 03/15/2000 7 78.8125 S-SPP Acquisition 03/31/2000 7 82.8125 S-SPP Acquisition 04/14/2000 8 82.0625 S-SPP Acquisition Harris, Steven J........ 02/29/2000 13 76.0625 S-SPP Acquisition 03/15/2000 13 78.8125 S-SPP Acquisition 03/31/2000 9 82.8125 S-SPP Acquisition 04/14/2000 14 82.0625 S-SPP Acquisition Henderson, Frederick A.. 02/29/2000 29 76.0625 S-SPP Acquisition 03/10/2000 19 77.8125 S-SPP Acquisition 03/31/2000 27 82.8125 S-SPP Acquisition Hendry, Robert W........ 02/29/2000 25 76.0625 S-SPP Acquisition 03/10/2000 1 77.8125 S-SPP Acquisition 03/31/2000 23 82.8125 S-SPP Acquisition Herman, David J......... 02/29/2000 19 76.0625 S-SPP Acquisition 03/31/2000 18 82.8125 S-SPP Acquisition Hogan, Mark T........... 02/29/2000 31 76.0625 S-SPP Acquisition 03/10/2000 20 77.8125 S-SPP Acquisition 03/15/2000 18 78.8125 S-SPP Acquisition 03/29/2000 1,488 44.73 802 $82.91 Option Exercise 03/29/2000 715 46.59 401 82.91 Option Exercise Hughes, Jr., Louis R.... 02/29/2000 23 76.0625 S-SPP Acquisition 03/10/2000 14 77.8125 S-SPP Acquisition 03/15/2000 1 78.8125 S-SPP Acquisition 04/19/2000 65,204 45.30 65,204 87.82 Option Exercise 04/19/2000 130,410 40.07 130,410 87.82 Option Exercise Hurlbert, Jeffrey P..... 02/29/2000 19 76.0625 S-SPP Acquisition 03/10/2000 5 77.8125 S-SPP Acquisition 03/31/2000 17 82.8125 S-SPP Acquisition 04/12/2000 2,202 45.30 1,117 89.25 Option Exercise Idei, Nobuyuki.......... 02/17/2000 4,250 75.81 Purchase Kutner, Harold R........ 02/29/2000 12 76.0625 S-SPP Acquisition 03/10/2000 1 77.8125 S-SPP Acquisition 03/15/2000 11 78.8125 S-SPP Acquisition 03/31/2000 11 82.8125 S-SPP Acquisition 04/14/2000 13 82.0625 S-SPP Acquisition 04/19/2000 6,578 40.07 6,578 87.82 Option Exercise LaSorda, Thomas W....... 02/29/2000 13 76.0625 S-SPP Acquisition 03/10/2000 5 77.8125 S-SPP Acquisition 03/15/2000 12 78.8125 S-SPP Acquisition 03/31/2000 11 82.8125 S-SPP Acquisition 04/14/2000 13 82.0625 S-SPP Acquisition
5
Acquired Disposed of --------------- ------------- Name Date Shares Price Shares Price Transaction Type ---- ---------- ------ -------- ------ ------ ----------------- Losh, J. Michael........ 02/29/2000 19 $76.0625 S-SPP Acquisition 03/10/2000 10 77.8125 S-SPP Acquisition 03/15/2000 16 78.8125 S-SPP Acquisition Lovejoy, William J...... 02/29/2000 20 76.0625 S-SPP Acquisition 03/10/2000 17 77.8125 S-SPP Acquisition 03/15/2000 19 78.8125 S-SPP Acquisition 03/31/2000 18 82.8125 S-SPP Acquisition 04/14/2000 20 82.0625 S-SPP Acquisition McClurg, Ned S.......... 02/29/2000 15 76.0625 S-SPP Acquisition 03/10/2000 9 77.8125 S-SPP Acquisition 03/15/2000 15 78.8125 S-SPP Acquisition 03/28/2000 744 44.73 395 $84.22 Option Exercise 03/28/2000 1,430 46.59 791 84.22 Option Exercise 03/31/2000 14 82.8125 S-SPP Acquisition 04/14/2000 16 82.0625 S-SPP Acquisition 04/19/2000 5,339 44.73 5,339 87.82 Option Exercise 04/19/2000 5,695 46.59 5,695 87.82 Option Exercise Middlebrook, John G..... 02/29/2000 14 76.0625 S-SPP Acquisition 03/10/2000 19 77.8125 S-SPP Acquisition 03/15/2000 14 78.8125 S-SPP Acquisition 03/24/2000 744 44.73 389 85.35 Option Exercise 03/24/2000 715 46.59 390 85.35 Option Exercise 03/31/2000 13 82.8125 S-SPP Acquisition 04/14/2000 15 82.0625 S-SPP Acquisition Minano, Dennis R........ 02/29/2000 8 76.0625 S-SPP Acquisition 03/10/2000 1 77.8125 S-SPP Acquisition 03/15/2000 8 78.8125 S-SPP Acquisition 03/31/2000 8 82.8125 S-SPP Acquisition 04/14/2000 9 82.0625 S-SPP Acquisition Mueller, Arvin F........ 02/29/2000 12 76.0625 S-SPP Acquisition 03/10/2000 2 77.8125 S-SPP Acquisition 03/15/2000 10 78.8125 S-SPP Acquisition Nerod, Richard C........ 02/29/2000 12 76.0625 S-SPP Acquisition 03/10/2000 2 77.8125 S-SPP Acquisition 03/15/2000 5 78.8125 S-SPP Acquisition Patel, Homi K........... 02/29/2000 9 76.0625 S-SPP Acquisition 03/10/2000 2 77.8125 S-SPP Acquisition 03/15/2000 9 78.8125 S-SPP Acquisition 03/31/2000 8 82.8125 S-SPP Acquisition 04/14/2000 10 82.0625 S-SPP Acquisition Pearce, Harry J......... 02/29/2000 18 76.0625 S-SPP Acquisition 03/10/2000 18 77.8125 S-SPP Acquisition 03/15/2000 6 78.8125 S-SPP Acquisition Queen, James E.......... 02/29/2000 23 76.0625 S-SPP Acquisition 03/10/2000 17 77.8125 S-SPP Acquisition 03/15/2000 22 78.8125 S-SPP Acquisition 03/31/2000 21 82.8125 S-SPP Acquisition 04/14/2000 24 82.0625 S-SPP Acquisition
6
Acquired Disposed of --------------- ------------- Name Date Shares Price Shares Price Transaction Type ---- ---------- ------ -------- ------ ------ ----------------- Reed, W. Allen.......... 02/29/2000 18 $76.0625 S-SPP Acquisition 03/10/2000 4 77.8125 S-SPP Acquisition 03/15/2000 18 78.8125 S-SPP Acquisition 03/31/2000 17 82.8125 S-SPP Acquisition 04/14/2000 19 82.0625 S-SPP Acquisition Roberts, Roy S.......... 02/29/2000 12 76.0625 S-SPP Acquisition 03/10/2000 2 77.8125 S-SPP Acquisition 03/15/2000 11 78.8125 S-SPP Acquisition 03/31/2000 11 82.8125 S-SPP Acquisition 04/11/2000 2,202 45.30 1,143 $87.25 Option Exercise 04/11/2000 2,233 44.73 1,144 87.25 Option Exercise 04/11/2000 1,430 46.59 763 87.25 Option Exercise 04/11/2000 467 71.53 382 87.25 Option Exercise Schlais, Jr., Rudolph A...................... 02/29/2000 41 76.0625 S-SPP Acquisition 03/10/2000 2 77.8125 S-SPP Acquisition 03/31/2000 38 82.8125 S-SPP Acquisition Smith, Jr., John F...... 02/29/2000 10 76.0625 S-SPP Acquisition 03/10/2000 25 77.8125 S-SPP Acquisition 03/17/2000 5,000 Gift Smith, John F........... 02/29/2000 8 76.0625 S-SPP Acquisition 03/10/2000 3 77.8125 S-SPP Acquisition 03/15/2000 7 78.8125 S-SPP Acquisition 03/31/2000 7 82.8125 S-SPP Acquisition 04/14/2000 9 82.0625 S-SPP Acquisition Spielman, Joseph D...... 02/29/2000 9 76.0625 S-SPP Acquisition 03/10/2000 2 77.8125 S-SPP Acquisition 03/15/2000 9 78.8125 S-SPP Acquisition 03/31/2000 8 82.8125 S-SPP Acquisition 04/10/2000 2,202 45.30 1,144 87.13 Option Exercise 04/10/2000 2,492 40.07 1,146 87.13 Option Exercise 04/14/2000 10 82.0625 S-SPP Acquisition 04/18/2000 13,446 45.30 13,446 85.75 Option Exercise 04/18/2000 12,634 33.17 12,634 85.75 Option Exercise Stephens, Thomas G...... 02/29/2000 1,790 78.44 Sale 02/29/2000 9 76.0625 S-SPP Acquisition 03/10/2000 1 77.8125 S-SPP Acquisition 03/15/2000 9 78.8125 S-SPP Acquisition 03/31/2000 9 82.8125 S-SPP Acquisition 04/14/2000 10 82.0625 S-SPP Acquisition Szygenda, Ralph J....... 02/29/2000 26 76.0625 S-SPP Acquisition 03/10/2000 3 77.8125 S-SPP Acquisition 03/15/2000 26 78.8125 S-SPP Acquisition 03/31/2000 24 82.8125 S-SPP Acquisition 04/14/2000 21 82.0625 S-SPP Acquisition Trudell, Cynthia M...... 02/29/2000 11 76.0625 S-SPP Acquisition 03/10/2000 2 77.8125 S-SPP Acquisition 03/15/2000 11 78.8125 S-SPP Acquisition 03/31/2000 10 82.8125 S-SPP Acquisition
7
Acquired Disposed of --------------- ------------- Name Date Shares Price Shares Price Transaction Type ---- ---------- ------ -------- ------ ------ ----------------- 04/04/2000 744 $ 44.73 402 $82.60 Option Exercise 04/04/2000 858 46.59 483 82.60 Option Exercise 04/14/2000 12 82.0625 S-SPP Acquisition 04/20/2000 2,855 44.73 2,855 90.31 Option Exercise Wagoner, Jr., G. Richard................ 03/10/2000 16 77.8125 S-SPP Acquisition Wetzell II, John J...... 02/29/2000 21 76.0625 S-SPP Acquisition 03/10/2000 28 77.8125 S-SPP Acquisition 03/15/2000 20 78.8125 S-SPP Acquisition 03/31/2000 19 82.8125 S-SPP Acquisition 04/14/2000 21 82.0625 S-SPP Acquisition 04/20/2000 7,433 36.87 74.33 90.00 Option Exercise Wiemels, James R........ 02/29/2000 31 76.0625 S-SPP Acquisition 03/10/2000 26 77.8125 S-SPP Acquisition 03/31/2000 28 82.8125 S-SPP Acquisition 04/10/2000 2,202 45.30 1,144 87.13 Option Exercise 04/10/2000 2,233 44.73 1,146 87.13 Option Exercise Zarrella, Ronald L...... 02/29/2000 3,000 28.62 1,929 77.07 Option Exercise 02/29/2000 744 44.73 431 77.07 Option Exercise 02/29/2000 1,430 46.59 864 77.07 Option Exercise 02/29/2000 40 76.0625 S-SPP Acquisition 03/10/2000 5 77.8125 S-SPP Acquisition 03/15/2000 20 78.8125 S-SPP Acquisition
Item 10. Financial Statements. (a) (1) Reference is made to Item 8 in the Annual Report on Form 10-K of General Motors for the fiscal year ended December 31, 1999, and "Appendix A: Hughes Electronics Corporation Audited Financial Statements" and "Where You Can Find More Information" in the Offering Circular-Prospectus, which are incorporated herein by reference. (2) Not applicable. (3) Reference is made to Exhibit 12 to the Annual Report on Form 10-K of General Motors for the fiscal year ended December 31, 1999. (4) Reference is made to "Comparative Per Share Data" in the Offering Circular-Prospectus, which is incorporated herein by reference. (b) Reference is made to "Comparative Per Share Data" and "Capitalization of GM" in the Offering Circular-Prospectus, which is incorporated herein by reference. Item 11. Additional Information. (a) (1) None. (4) Not applicable. (5) None. (b) None. Item 12. Exhibits. A list of exhibits filed herewith is contained in the Index to Exhibits, which is incorporated herein by reference. Item 13. Information Required by Schedule 13E-3. Not applicable. 8 SIGNATURE After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: April 24, 2000 General Motors Corporation /s/ Warren G. Andersen By: _________________________________ Name: Warren G. Andersen Title: Assistant Secretary and Attorney In Fact 9 INDEX TO EXHIBITS
Exhibit No. Description ----------- ----------- 12(a)(1)(i) Offering Circular-Prospectus dated April 24, 2000, incorporated by reference to the Registration Statement. 12(a)(1)(ii) Letter of Transmittal and Instructions to the Letter of Transmittal, incorporated by reference to Exhibit 99.1 to the Registration Statement. 12(a)(1)(iii) Notice of Guaranteed Delivery, incorporated by reference to Exhibit 99.2 to the Registration Statement. 12(a)(1)(iv) Letter to Brokers, Securities Dealers, Commercial Banks, Trust Companies and Other Nominees, incorporated by reference to Exhibit 99.3 to the Registration Statement. 12(a)(1)(v) Letter to Clients for use by Brokers, Securities Dealers, Commercial Banks, Trust Companies and Other Nominees, incorporated by reference to Exhibit 99.4 to the Registration Statement. 12(a)(1)(vi) Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9, incorporated by reference to Exhibit 99.5 to the Registration Statement. 12(a)(1)(vii) Letter from General Motors Corporation to holders of $1 2/3 par value common stock, incorporated by reference to Exhibit 99.6 to the Registration Statement. 12(a)(1)(viii) Checklist for Participation in the Exchange Offer, incorporated by reference to Exhibit 99.7 to the Registration Statement. 12(a)(1)(ix) Letter from General Motors Corporation to Savings Plan Participants. 12(a)(1)(x) Correspondence to GM Savings Plan Participants. 12(a)(1)(xi) Correspondence to GM of Canada Savings Plan Participants. 12(a)(1)(xii) Correspondence to GMAC Mortgage Group Savings Plan Participants. 12(a)(1)(xiii) Supplemental Disclosure for Belgium in French. 12(a)(1)(xiv) Supplemental Disclosure for Belgium in Dutch. 12(a)(1)(xv) Supplemental Disclosure for Germany, which together with the U.K. Prospectus, as defined below, constitutes the German prospectus. 12(a)(1)(xvi) Supplemental Disclosure for the Canadian Province of Quebec. 12(a)(1)(xvii) Supplemental Disclosure for the United Kingdom, which together with substantially all of the Registration Statement, incorporated herein by reference, and the Annual Report on Form 10-K of General Motors for the fiscal year ended December 31, 1999, incorporated herein by reference, constitutes the United Kingdom prospectus (the "U.K. Prospectus"). 12(a)(1)(xviii) Letter to holders of $1 2/3 par value common stock in Germany. 12(a)(1)(xix) Notice to registered holders of $1 2/3 par value common stock in the Netherlands. 12(a)(1)(xx) Letter of Transmittal for holders of $1 2/3 par value common stock in the Netherlands. 12(a)(1)(xxi) Checklist for Participation in the Exchange Offer for holders of $1 2/3 par value common stock in the Netherlands. 12(a)(2) Not applicable. 12(a)(3) Not applicable. 12(a)(4) Offering Circular-Prospectus dated April 24, 2000, incorporated by reference to the Registration Statement. 12(a)(5)(i) Newspaper Advertisement of Exchange Offer for publication in several U.S. newspapers. 12(a)(5)(ii) Form of Information Regarding U.S. Federal Income Tax Basis. 12(a)(5)(iii) Form of Stockholder Attachment to 2000 Federal Income Tax Return.
10
Exhibit No. Description ----------- ----------- 12(b) Not applicable. 12(d)(1) Registration Rights Agreement, dated as of June 21, 1999, between General Motors Corporation and America Online, Inc., incorporated by reference to Exhibit 99.10 to the Registration Statement. 12(d)(2) Purchase Agreement, dated as of June 21, 1999, by and among General Motors Corporation, Hughes Electronics Corporation and America Online, Inc., incorporated by reference to Exhibit 99.11 to the Registration Statement. 12(d)(3) Registration Rights Agreement, dated as of April 28, 1999, between General Motors Corporation and PRIMESTAR, Inc., incorporated by reference to Exhibit 99.12 to the Registration Statement. 12(d)(4) Stock Transfer Agreement, dated April 28, 1999, by and among General Motors Corporation, PRIMESTAR, Inc., TCI Satellite Entertainment, Inc. and Hughes Electronics Corporation, incorporated by reference to Exhibit 99.13 to the Registration Statement. 12(d)(5) Form of Registration Rights Agreement, by and among General Motors Corporation and United States Trust Company of New York, as Trustee of the General Motors Hourly-Rate Employees Pension Plan and as Trustee of a dedicated account within the General Motors Welfare Benefit Trust, incorporated by reference to Exhibit 99.14 to the Registration Statement. 12(d)(6) Master Agreement, dated as of March 13, 2000, between Fiat S.p.A. and General Motors Corporation, incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K of General Motors Corporation dated March 13, 2000. 12(g) Not applicable. 12(h) Opinion of Kirkland & Ellis, incorporated by reference to Exhibit 8 to the Registration Statement.
11 EX-12.A.1.IX 2 LETTER FROM GM TO SAVINGS PLAN EXHIBIT 12(a)(1)(ix) JOHN F. SMITH, JR. [GM LOGO] Chairman of the Board & Chief Executive Officer April 24, 2000 Dear Savings Plan Participant: I am pleased to inform you that GM is commencing the exchange offer of up to $9 billion of Class H common stock for outstanding $1 2/3 par value common stock, as announced earlier this year in conjunction with the restructuring of our economic interest in our Hughes Electronics Corporation subsidiary. This is an opportunity for stockholders who hold GM $1 2/3 par value common stock, whether directly, through a brokerage account, a GM stock savings plan, or otherwise, to voluntarily exchange their shares of $1 2/3 par value common stock for shares of Class H common stock. Class H common stock is a GM common stock which tracks the financial performance of Hughes Electronics Corporation. The proposed exchange of newly issued Class H common stock for outstanding $1 2/3 par value common stock will allow $1 2/3 par value stockholders to realize some of the economic value arising from GM's ownership of Hughes while also improving the liquidity of the Class H common stock, thus providing benefits to both classes of stockholders. As a participant in one of GM's savings plans, if you choose to participate in the exchange offer, the transaction will be tax-free to you for U.S. income tax purposes. If you hold shares directly or through a brokerage account, the transaction will be generally tax free, except for any cash you receive instead of fractional shares of Class H common stock. Also, there is a 17.7% premium on the value of the $1 2/3 par value common stock reflected in the exchange ratio at the time it was set by GM. This premium means that, based on the closing trading prices for shares of $1 2/3 par value common stock and Class H common stock on April 19, 2000, the exchange ratio would result in a tendering $1 2/3 par value stockholder receiving shares of Class H common stock with a market value 17.7% greater than the market value of the shares of $1 2/3 par value common stock tendered. However, you should know that the market prices for $1 2/3 par value common stock and Class H common stock will fluctuate during the period of the exchange offer (at least 20 business days), and the premium you ultimately realize, if any, will be determined based on the price of the two stocks at the end of the exchange offer period. It should be noted, that if more than 86,396,977 shares of $1 2/3 par value common stock are validly tendered for exchange in the exchange offer, we intend to accept shares for exchange on a pro rata basis. If less than 28,798,992 shares of $1 2/3 par value common stock are tendered in the exchange for shares of Class H common stock, we may choose not to complete the exchange offer. In such event, we may choose to reevaluate our current plan with respect to realizing some of the economic value arising from our ownership of Hughes. I urge each of you to make your own investment decision based on a careful review of the offering circular- prospectus, dated April 24, 2000, and the other exchange offer materials. None of GM, the GM Board of Directors or any other person involved in the exchange offer is making a recommendation as to whether you should participate in the exchange offer. If you have any questions relating to the terms and conditions of the exchange offer, I encourage you to call Morrow & Co., GM's information agent, toll-free in the U.S. (877-816-5329) and collect outside the U.S. (212-754-8000). Please keep in mind that Morrow will only answer questions on the terms of the offer and will not provide any investment advice. If you have any questions regarding how to participate in the offer through your GM stock savings plan, you should contact your plan administrator at the number provided in the enclosed instruction letter. Sincerely, [SIGNATURE] John F. Smith, Jr. Chairman of the Board of Directors and Chief Executive Officer General Motors Corporation 300 Renaissance Center P.O. Box 300 Detroit, Michigan Mail Code 482-C39-B10 48265-3000 EX-12.A.1.X 3 CORRESPONDENCE TO GM SAVINGS PLAN PARTICIPANTS EXHIBIT 12(a)(1)(x) [GM LOGO] April 24, 2000 IMMEDIATE ATTENTION REQUIRED Dear GM Savings Plan Participant: Earlier this year, General Motors announced that it would be conducting an exchange offer, whereby owners of GM $1 2/3 par value common stock may voluntarily exchange some or all of their shares of GM $1 2/3 par value common stock for shares of GM Class H common stock. GM has now commenced the exchange offer and participants in any of the GM Savings Plans who hold GM $1 2/3 par value common stock within their savings plan accounts are eligible to participate in the exchange offer. The GM Savings Plans eligible to participate in this offer are the GM Savings-Stock Purchase Program, the GM Personal Savings Plan and the Saturn Individual Savings Plan. This package, which includes this letter and question and answer document, a letter from the Chairman, the Offering Circular-Prospectus and the Instructions to the Letter of Transmittal, provides you with detailed information about the exchange offer as well as the procedure you must follow if you wish to participate in the exchange offer through your GM Savings Plan account. We strongly recommend that you read this material carefully. If you own shares of GM $1 2/3 par value common stock in more than one savings plan or hold GM $1 2/3 par value common stock outside your GM Savings Plan account, you will receive separate instructions relating to those shares and you will need to tender those shares separately. How to Participate in the Exchange Offer Through Your GM Savings Plan Account If you want to participate in the exchange offer you must call the GM Investment Service Center during the exchange election period at 1-800-489- 4646. If you are calling from outside the United States or Canada, the number is 1-606-491-8257 (this is not a toll-free number, but you may call collect by instructing the local operator to place the collect call), and if you are hearing and/or speech impaired, you may call a special TTY number, 1-800-655- 0969. You can make your exchange election through the Voice Response System (VRS) or by speaking to a service representative. The VRS is available 24 hours a day. Service representatives are available Monday through Friday from 8:30 a.m. through 12:00 midnight, Eastern Time. The exchange election period for the GM Savings Plans begins at 8:30 a.m. on Monday, April 24, 2000 and ends at 4:00 p.m., Eastern Time, Tuesday, May 16, 2000. Determining How Much to Exchange If your savings plan account holds assets in the GM $1 2/3 Par Value Common Stock Fund, you may elect to exchange all or a percentage of your eligible GM $1 2/3 Par Value Common Stock Fund assets into the GM Class H Common Stock Fund. The GM $1 2/3 Par Value Common Stock Fund assets you wish to exchange must be specified as a whole percent. YOU MAY NOT ELECT A SPECIFIC DOLLAR AMOUNT OR SHARE AMOUNT TO BE EXCHANGED. You may increase, decrease or cancel your exchange election percent at any time during the GM Savings Plans exchange election period by calling the GM Investment Service Center at the telephone numbers and during the times stated above. If you decide to make an exchange election, remember that at the time the GM Savings Plans exchange election period closes (Tuesday, May 16, 2000, at 4:00 p.m., Eastern Time), the balance in your GM $1 2/3 Par Value Common Stock Fund account may have changed as a result of fund exchanges you may have initiated and/or contributions and loan payments that may have been posted to your account during the exchange election period. Your exchange election percent will be applied to your GM $1 2/3 Par Value Common Stock Fund balance as of Tuesday, May 16, 2000 at 4:00 p.m., Eastern Time. As a plan participant, your exchange election will serve as a direction to the plan Trustee, State Street Bank and Trust Company. To the extent it is consistent with ERISA and the Internal Revenue Code, the Trustee will tender shares equivalent to the current value of your election percent in accordance with your direction. Impact of the Exchange Election on Your Account If you elect to exchange all or a percentage of your GM $1 2/3 Par Value Common Stock Fund assets for GM Class H Common Stock Fund assets, commencing after the close of the GM Savings Plans exchange election period, (Tuesday, May 16, 2000, 4:00 p.m., Eastern Time), your GM $1 2/3 Par Value Common Stock Fund will be frozen until the administrative processing is complete. During the period that your GM $1 2/3 Par Value Common Stock Fund is frozen, you will be temporarily suspended from initiating any transactions involving such Fund. The suspended transactions include loans, withdrawals, distributions and fund exchanges from the GM $1 2/3 Par Value Common Stock Fund. Impact on Your Account of Not Making an Election in the Exchange Offer If you do not want to exchange any of your GM $1 2/3 Par Value Common Stock Fund assets, there is nothing you need to do. If you do not call the GM Investment Service Center to request an exchange during the exchange election period, you will be considered to have made an election NOT to exchange. Thus, your GM $1 2/3 Par Value Common Stock Fund will not be frozen at the conclusion of the exchange election period. GM has hired an information agent, Morrow & Company, to answer general questions about the exchange offer. Please note that Morrow & Company will only address questions regarding the terms and conditions of the exchange offer. Morrow & Company CANNOT answer questions about your GM Savings Plan account and the GM Investment Service Center CANNOT address any questions related to the exchange offer. If you have questions or want to discuss your GM Savings Plan account, you must call the GM Investment Service Center. The material contained in this package is intended to provide you with information related to the exchange offer. Please read the Offering Circular- Prospectus carefully before deciding to participate in the exchange offer. The ratio at which shares of GM Class H common stock will be exchanged in this offer for shares of GM $1 2/3 par value common stock is stated in Question 8 of the Offering Circular-Prospectus. Also, please refer to the question and answer document that is included in this package. Sincerely, The GM Investment Service Center Questions & Answers Concerning the Exchange Offer May I participate in the exchange offer? You are eligible to participate in the exchange offer if you participate in any one of the GM Savings Plans (i.e., the GM Savings-Stock Purchase Program, the GM Personal Savings Plan and the Saturn Individual Savings Plan) and your account holds assets in the GM $1 2/3 Par Value Common Stock Fund at the time that the GM Savings Plans exchange offer election period ends (on Tuesday, May 16, 2000, 4:00 p.m., Eastern Time). How do I decide whether to participate in the exchange offer? To decide whether to participate in the exchange offer, review all the material contained in this package, including the Offering Circular- Prospectus. You may also want to consult with your tax and/or financial advisor before making a final decision. How do I make my election to exchange my GM Savings Plan assets in the GM $1 2/3 Par Value Common Stock Fund? If you wish to exchange assets from your GM $1 2/3 Par Value Common Stock Fund, you must call the GM Investment Service Center at 1-800-489-4646 during the exchange election period and make your election through the Voice Response System (VRS) or by speaking with a service representative. If you are located outside the United States or Canada, you will need to place a collect call (or instruct the local operator to place a collect call) to 1-606-491-8257. Service representatives are available Monday through Friday during the hours of 8:30 a.m. until 12:00 midnight, Eastern Time. If I elect to participate in the exchange offer through my GM Savings Plan account, how much can I exchange? You may elect to exchange all or a portion of your eligible assets in the GM $1 2/3 Par Value Common Stock Fund. Your election must be in whole percents. No specific dollar amount or share amount election will be permitted. Remember, if you do nothing during the exchange election period, you will be deemed to have made an election NOT to exchange any of your assets in the GM $1 2/3 Par Value Common Stock Fund. If I elect to participate in the exchange offer, will the GM matching contributions in my GM Savings-Stock Purchase Program account be included? The eligible assets in your GM Savings-Stock Purchase Program account will automatically include any GM matching contributions that are invested in the GM $1 2/3 Par Value Common Stock Fund and were contributed to your account by GM prior to January 1, 2000. However, as per the plan's required retention provision, GM matching contributions contributed after December 31, 1999 will not be included in the exchange. Can I change my mind after I elect to exchange my assets in the GM $1 2/3 Par Value Common Stock Fund? Yes. You may withdraw your exchange directive any time before the exchange offer expires at 4:00 p.m., Eastern Time, on Tuesday, May 16, 2000. Why is the closing date for the exchange election period earlier in the GM Savings Plans than for the general public? The GM Savings Plans election period will close on May 16, 2000, three days earlier than for the general public, to enable the plan administrator to tabulate the plan participants elections and transmit the election results to the trustee and exchange agent for the exchange offer prior to the expiration date of the exchange offer. What happens if GM declares a quarterly dividend on GM $1 2/3 par value common stock during the exchange period and I have made an election to exchange all or a portion of my assets in the GM $1 2/3 Par Value Common Stock Fund? If a dividend is declared with a record date before the completion of the exchange offer, you will be entitled to that dividend even if you have made an election to tender all or a portion of your assets in the GM $1 2/3 Par Value Common Stock Fund provided you held such assets on the record date for the dividend. Tendering your assets in the $1 2/3 Par Value Common Stock Fund in the exchange offer is not a sale or transfer of the assets until they are accepted by GM for exchange upon completion of the exchange offer. If I elect to participate in the exchange offer through my GM Savings Plan account, will I receive anything confirming the exchange? Yes. After the exchange offer has been completed and your Savings Plan account is updated, Fidelity will send you a confirmation statement acknowledging your election to participate in the exchange and the percentage amount you elected. Who should I call if I have questions or want copies of additional documents related to the exchange offer? You may call the information agent, Morrow & Company, to (1) ask any questions related to the exchange offer, or (2) request additional documents at 1-877-816-5329 (toll free) in the United States or 1-212-754-8000 (collect) elsewhere. You may also obtain free copies of other documents publicly filed by General Motors at the Securities and Exchange Commission's website at www.sec.gov or at the General Motors website at www.gm.com. As a savings plan participant, I elected to participate in the exchange offer. Once the GM Class H Common Stock Fund assets have been posted to my account, can I exchange out of this Fund? You may exchange out of the GM Class H Common Stock Fund at any time; however, this Fund imposes a 1.0% redemption fee on assets that are held less than 90 days. This redemption fee is deducted from the assets redeemed. The redemption fee is paid to the Fund and helps protect the Fund's performance and stockholders by discouraging frequent trading in response to short-term market fluctuations. EX-12.A.1.XI 4 CORRESPONDENCE TO GM OF CANADA SAVINGS PLAN EXHIBIT 12(a)(1)(xi) [LOGO OF GM] April 24, 2000 IMMEDIATE ATTENTION REQUIRED Dear GM of Canada Savings Plan Participant: Earlier this year, General Motors announced that it would be conducting an exchange offer, whereby owners of GM $1 2/3 Par Value Common Stock ("$1 2/3 Shares") may voluntarily exchange some or all of their $1 2/3 Shares for shares of GM Class H Common Stock ("Class H Shares"). GM has now commenced the exchange offer and participants in the GM of Canada Savings Plans who hold $1 2/3 Shares or units of the General Motors $1 2/3 Par Value Common Stock Fund (the "Fund") within their individual savings plan accounts are also eligible to participate in the exchange offer. The GM of Canada Savings Plans eligible to participate in this offer are the General Motors Canadian Savings-Stock Purchase Program for Salaried Employees and the General Motors of Canada Limited Group RRSP and Savings Plan for Hourly Employees. If you choose to participate, you will receive Class H Shares in your share account. This package, which includes this letter and question and answer document, a letter from the Chairman, the Offering Circular-Prospectus and the Instructions to the Letter of Transmittal, provides you with detailed information about the exchange offer as well as the procedure you must follow if you wish to participate in the exchange offer through your GM of Canada Savings Plan account. We strongly recommend that you read this material carefully. Note: If you hold $1 2/3 Shares outside of your GM of Canada Savings Plan account you will receive separate instructions relating to those shares and you will need to tender those shares separately. How To Participate in the Exchange Offer Through Your GM of Canada Savings Plan Account If you want to participate in the exchange offer you must contact Fidelity Investments. You may call the Fidelity Service Centre during the exchange election period at 1-800-945-GMGM (4646) or contact Fidelity at www.fidelity.ca. The exchange election period begins at 8:30 a.m. on Monday, April 24, 2000 and ends at 4:00 p.m., Eastern Time, Tuesday, May 16, 2000. Determining How Much to Exchange If your individual savings plan account holds units in the Fund and/or $1 2/3 Shares in the GM Share Account, you may elect to exchange all or a percentage of your eligible assets into Class H Shares. The units of the Fund and/or the $1 2/3 Shares in your GM Share Account you wish to exchange must be specified as a whole percentage. YOU MAY NOT ELECT A SPECIFIC DOLLAR AMOUNT, UNIT AMOUNT OR SHARE AMOUNT TO BE EXCHANGED. An election to exchange units in the Fund will result in two separate transactions: (1) the redemption of all or a portion of your units in the Fund as at 2:00 p.m., Eastern Time, Tuesday, May 16, 2000 in exchange for $1 2/3 Shares having a value equal to all or a portion of the units of the Fund you have tendered; and (2) the exchange of the $1 2/3 Shares you receive on the redemption for Class H Shares. Although the enclosed Offering Circular- Prospectus indicates that the exchange described in (2) generally will not be a taxable event, please note that the redemption described in (1) will be a taxable event--and you may realize a capital gain or loss--if you hold units through a non-registered plan (i.e., Employee Profit Sharing Plan for salaried employees or Employee Savings Plan for hourly employees). The redemption described in (1) may also affect the foreign content amount in your registered plans. For a description of the tax impact of an election to exchange units in the Fund, see the section "Tax Consequences of Exchange of Units in the Fund" below. These tax consequences will apply even if GM decides to terminate the offer after the expiration of the tender period or if GM only accepts the tender of a portion of the shares you have tendered. If you decide to make an exchange election, remember that at the time the exchange election period closes (Tuesday, May 16, 2000, at 4:00 p.m., Eastern Time), the balance of units and/or $1 2/3 Shares in your account may have changed as a result of fund exchanges you may have initiated and/or contributions that may have been posted to your account prior to Tuesday, May 16, 2000. Your exchange election percent will be applied to your units in the Fund and/or $1 2/3 Shares in your GM Share Account at the time the election period closes on Tuesday, May 16, 2000 at 4:00 p.m., Eastern Time. Changing Your Exchange Election You may increase, decrease or cancel your exchange election percent at any time during the exchange election period by contacting Fidelity Investments at 1-800-945-GMGM (4646) or at www.fidelity.ca, during the exchange election period stated above. The latest direction that Fidelity has on file at the close of the exchange election period will be considered your final direction. Trading Blackout Period Your holdings in the Fund and/or $1 2/3 Share account will be frozen from Tuesday, May 16, 2000 at 2:00 p.m., Eastern Time, until the administrative processing for the exchange of shares has been completed. This will apply to your holdings even if you have not chosen to participate in the exchange offer. While your units in the Fund and/or $1 2/3 Shares in your Share Account are frozen, you will be unable to make any transactions involving these investments. This includes contributions, withdrawals, distributions and inter-fund transfers. If You Do Not Want to Participate in the Exchange Offer If you do not want to exchange any of your units in the Fund and/or $1 2/3 Shares in your GM Share Account, there is nothing you need to do. If you do not contact Fidelity Investments to request an exchange during the exchange election period, you will be considered to have made an election NOT to exchange. Tax Consequences of Exchange of Units in the Fund As indicated above under "Determining How Much to Exchange", the exchange of units in the Fund will result in two separate transactions, one of which is the receipt by you of $1 2/3 Shares having a value equal to the percentage of units in the Fund you have chosen to tender as at 4:00 p.m., Eastern Time, Tuesday May 16, 2000 (upon the redemption of your units). The Fund will be considered to have sold the $1 2/3 Shares it is paying to you and others upon the redemption of Fund units of those who have decided to exchange their units in the Fund. This means that the redemption will be a taxable event to the Fund. If your holdings are in Registered Plans (RRSP, Spousal RRSP and/or Locked In Retirement Account) The distribution of $1 2/3 Shares will not be a taxable event. This means that you will not have taxable income as a result of the distribution. The distribution may affect the cost amount of Foreign Property in your Registered plan. If this occurs, a re-balancing of your account may be required to ensure that it is within foreign property limits. In this circumstance, you will receive a confirmation of re-balancing in the mail. The cost amount of your holdings will change because you will be deemed to have acquired the $1 2/3 Shares at their fair market value at the time of the redemption. If the fair market value of the $1 2/3 Shares exceeds the cost amount of the units of the Fund you have tendered, the cost amount of foreign property in your registered plan will increase. If this occurs, the re- balancing of your account noted above may be required to ensure that it is within foreign property limits. If the fair market value of the $1 2/3 Shares is less than the cost amount of the units of the Fund you have tendered, the cost amount of foreign property in your registered plans will decrease. If your holdings are in Non-registered Plans (Employee Profit Sharing Program for salaried employees or Employee Savings Plan for hourly employees) If the Fund realizes a gain from the redemption: The redemption of units of the Fund for $1 2/3 Shares will be considered a distribution of taxable income to the extent of the gain, with the balance of the redemption proceeds considered to be a proceeds of disposition. If this is the case, Fidelity, as trustee of the Fund, may determine to deem a portion of the redemption proceeds to be a distribution of income. This means that you may have taxable income as a result of the redemption. If this occurs, the distribution will be reported to you by Fidelity. You may also realize a capital gain or loss as described below. If your cost amount for units in the Fund you have tendered is less than your proceeds of disposition: Because some or all of the redemption proceeds will be treated as the proceeds of disposition of your units in the Fund, you will realize a capital gain. The amount at which your units were "sold" and your $1 2/3 Shares were "purchased" will be shown on the quarterly Participant statement you receive after the redemption. If the cost amount for units in the Fund you have tendered is more than your proceeds of disposition: Because some or all of the redemption proceeds will be treated as the proceeds of disposition for your units in the Fund, you will realize a capital loss. Again, the amount at which your units were "sold" and your $1 2/3 Shares were "purchased" will be shown on the quarterly Participant statement you receive after the redemption. If the Fund has other income it has accrued prior to the time of the redemption of all units being exchanged: Fidelity, as trustee of the Fund, may determine to pay an income distribution to all unitholders of the Fund prior to the redemption. If a distribution is paid, it will be reported to you by Fidelity. We recommend that you consult a tax advisor for details on the specific tax implications of the distributions that may apply to you. For More Information GM has hired an information agent, Morrow & Co., to answer general questions about the exchange offer. Please note that Morrow will only address questions regarding the terms and conditions of the exchange offer. Morrow may be reached at 1-212-754-8000 (collect) in Canada and elsewhere outside of the United States, or at 1-877-816-5329 in the United States. . Morrow CANNOT answer questions about your GM of Canada Savings Plan account. If you have questions or want to discuss your GM of Canada Savings Plans, you must call the Fidelity Service Centre at 1-800-945- GMGM (4646). . Fidelity Investments CANNOT address any questions related to the exchange offer. If you have questions regarding the exchange offer, you must contact Morrow. The material contained in this package is intended to provide you with information related to the exchange offer. Please read the Offering Circular- Prospectus carefully before deciding to participate in the exchange offer. Also, please refer to the question and answer section of this document. Sincerely, Fidelity Investments Questions & Answers Concerning the Exchange Offer May I participate in the exchange offer? You are eligible to participate in the exchange offer if you participate in one of the GM of Canada Savings Plans (i.e., General Motors Canadian Savings- Stock Purchase Program for Salaried Employees, and the General Motors of Canada Limited Group RRSP and Savings Plan for Hourly Employees) and you hold units in the General Motors $1 2/3 Par Value Common Stock Fund (the "Fund") and/or GM $1 2/3 par value common stock ("$1 2/3 Shares") in the GM Share Account at 2:00 p.m., Eastern Time, on Tuesday, May 16, 2000. How do I decide whether to participate in the exchange offer? To decide whether to participate in the exchange offer, review all the material contained in this package, including the Offering Circular-Prospectus carefully. You may also want to consult with your tax and/or financial advisor before making a final decision. How do I make my election to exchange my GM of Canada Savings Plan assets in the Fund and/or $1 2/3 Share Account? If you wish to participate in the exchange offer, you must contact Fidelity Investments at 1-800-945-GMGM (4646) or at www.fidelity.ca. If I elect to participate in the exchange offer through my GM of Canada Savings Plan account, how much can I exchange? You may elect to exchange all or a portion of your eligible units in the Fund and/or $1 2/3 Shares in your GM Share Account. Your election must be in whole percentages. No specific dollar amount, unit amount or share amount election is possible. Remember, if you do nothing during the exchange election period, you will be deemed to have made an election NOT to exchange any of your units in the Fund and/or $1 2/3 Shares in your GM Share Account. As a member of the GM of Canada Savings-Stock Purchase Program, if I elect to participate in the exchange, will the GM matching contributions in my GM of Canada Savings-Stock Purchase Program account be included? The eligible assets in your GM of Canada Savings-Stock Purchase Program account will automatically include any GM contributions that were contributed to your account by GM prior to January 1, 2000 and are invested in the Fund and/or $1 2/3 Share account. GM matching contributions contributed after December 31, 1999 are not included in the exchange. Can I change my mind after I elect to exchange assets in my GM Stock Fund and/or GM Share Account? Yes. You may withdraw or change your exchange directive any time before the exchange offer expires at 4:00 p.m., Eastern Time, on Tuesday, May 16, 2000. Why is the closing date for the exchange election period earlier in the GM of Canada Savings Plans than for the general public? The GM of Canada Savings Plans election period closes at 4:00 p.m., Eastern Time, on Tuesday, May 16, 2000, three days earlier than the election period for the general public, to allow the plan administrator to tabulate the plan participants' elections and transmit the election results to the trustee and exchange agent for the exchange offer prior to the expiration date of the exchange offer. Are there tax consequences for participating in the exchange offer? 1. The enclosed Offering Circular-Prospectus indicates that the exchange of $1 2/3 Shares for Class H Shares will be done on a tax deferred basis (please refer to the Offering Circular-Prospectus for further details). This would apply to holdings of $1 2/3 Shares in the GM Share Account. 2. However, the exchange of units in your GM $1 2/3 Par Value Stock Fund will be a taxable event for non-registered accounts and may also have an impact on registered accounts. See the letter portion of this document under the headings "Determining How Much to Exchange" and "Tax Consequences of Exchange of Units in the Fund". What happens if GM declares a quarterly dividend to holders of GM $1 2/3 par value common stock during the exchange period and I have made an election to exchange all or a portion of my assets in the GM Stock Fund and/or GM Share Account? If a dividend is declared with a record date before the completion of the exchange offer and you hold $1 2/3 Shares in your GM Share Account on the record date, you will be entitled to that dividend even if you have made an election to tender all or a portion of your $1 2/3 Shares in your GM Share account. Tendering your $1 2/3 Shares in your GM Share Account in the exchange offer is not a sale or transfer of the assets until they are accepted by GM for exchange upon completion of the exchange offer. However, tendering $1 2/3 Shares held through the Fund will result in a cancellation of your units in the Fund and the receipt of $1 2/3 Shares whether or not GM accepts the $1 2/3 Shares for exchange upon completion of the offer. If I elect to participate in the exchange offer through my GM of Canada Savings Plan account, will I receive anything confirming the exchange? Yes. After the exchange offer has been completed and your individual account is updated, Fidelity Investments will send you a confirmation statement of the exchange. Who should I call if I have questions or want copies of additional documents related to the exchange offer? You may call the information agent, Morrow & Co., to (1) ask any questions exclusively related to the exchange offer, or (2) request additional documents at 1-212-754-8000 (collect) in Canada or other locations outside of the United States, or at 1-877-816-5329 (toll free) in the United States. You may also obtain free copies of other documents publicly filed by General Motors at the Securities and Exchange Commission's website at www.sec.gov or at General Motors website at www.gm.com. As a GM Savings Plan participant, I elected to participate in the exchange offer. Once the GM Class H Common Share Account assets have been posted to my account, can I exchange out of this Account? You may sell GM Class H Common Shares at any time after the trading blackout period has ended, subject to the usual rules of the Savings Plans. EX-12.A.1.XII 5 CORRESPONDENCE TO GMAC MORTGAGE GROUP EXHIBIT 12(a)(1)(xii) [GMAC MORTGAGE GROUP LOGO] IMMEDIATE ATTENTION REQUIRED April 24, 2000 Re: GMAC Mortgage Group Savings Incentive Plan Dear Plan Participant: Our records reflect that, as a participant in the plan above (the "Plan"), all or a portion of your individual account is invested in the GM Stock Fund (the "Stock Fund"). General Motors Corporation ("GM") has initiated an offer to exchange shares of its $1 2/3 par value common stock for shares of GM Class H common stock. Enclosed are exchange offer materials that require your immediate attention. These materials describe an offer to exchange shares of GM $1 2/3 par value common stock for shares of GM Class H common stock. As described below, you have the right to instruct Fidelity Management Trust Company ("Fidelity"), as trustee of the Plan, concerning whether to "exchange" (offer to sell) all or a portion of the shares of GM $1 2/3 par value common stock credited to your individual account under the Plan. You will need to call Fidelity at 1-800-835-5092 by 4:00 P.M., Eastern Time, on May 16, 2000, if you wish to make an exchange election. The remainder of this letter summarizes the transaction, your rights under the Plan and the procedures for directing Fidelity of your election. You should also review the more detailed explanation provided in the other materials enclosed with this letter, including the Offering Circular- Prospectus. Background GM has made an offer to exchange shares of GM $1 2/3 par value common stock, (the "Shares"), for GM Class H common stock. The precise ratio for the exchange is set forth in the enclosed Offering Circular-Prospectus dated April 24, 2000 (the "Offer to Exchange"), and the related Letter of Transmittal (together with the Offer to Exchange, the "Offer") set forth the objectives, terms and conditions of the Offer and are being provided to all of GM's shareholders. GM's Offer to Exchange extends to the Shares held by the Plan. Only Fidelity, as trustee of the Plan, can exchange these Shares in the Offer. Nonetheless, as a participant under the Plan, you have the right to direct Fidelity whether or not to exchange some or all of the Shares credited to your individual account in the Plan. Unless otherwise required by applicable law, Fidelity will exchange Shares credited to participant accounts in accordance with participant instructions and Fidelity will not exchange Shares credited to participant accounts for which it does not receive timely instructions. If you do not call Fidelity and make an election to exchange by 4:00, Eastern Time, on Tuesday, May 16, 2000, you will be deemed to have elected not to participate in the Offer and no Shares credited to your Plan account will be exchanged in the Offer. Please note that the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the trust agreement between GMAC Mortgage Group, Inc. and Fidelity, prohibit the sale of Shares to GM for less than "adequate consideration". ERISA defines adequate consideration for a publicly traded security as the prevailing market price. Fidelity will determine what constitutes "adequate consideration" for the Shares based the prevailing market price of the Shares on or about the date the Shares are tendered for exchange by Fidelity pursuant to the Offer. Accordingly, depending on the prevailing or closing market price of the Shares on or about such date, Fidelity may be unable to exchange Shares in accordance with participant directions. If the prevailing or closing market price of the Shares is greater than the prevailing or closing market price of GM Class H common shares (multiplied by the exchange ratio), notwithstanding participant direction to exchange Shares in the Offer, no Shares will be exchanged. If you would like further explanation regarding adequate consideration, please call Fidelity at 1-800-835-5092. An exchange of Shares credited to your individual account under the Plan can be made only by Fidelity as the holder of record. If you wish to direct Fidelity concerning the exchange of your Shares in the Plan, you must call and make an election. Fidelity makes no recommendation as to whether to direct the exchange of Shares or whether to refrain from directing the exchange of Shares. EACH PARTICIPANT MUST MAKE HIS OR HER OWN DECISION ON THESE MATTERS. Confidentiality To assure the confidentiality of your decision, Fidelity and its affiliates or agents will tabulate the Direction Forms. Neither Fidelity nor its affiliates or agents will make the results of your individual direction available to GM or to GMAC Mortgage Group, Inc. Procedure for Directing Trustee If you want to participate in the exchange offer, you must call Fidelity during the exchange election period at 1-800-835-5092, Monday through Friday, from 8:30 a.m. to 8:00 p.m. in your time zone. You can make your exchange election through the Voice Response System or by speaking to a phone representative. The exchange election period starts on Monday April 24, 2000 and ends at 4:00 P.M., Eastern Time, Tuesday May 16, 2000. Determining How Much to Exchange You may elect to exchange all or a percentage of your Stock Fund into the GM Class H Common Stock Fund. The Stock Fund assets you wish to exchange must be specified as a whole percent. YOU MAY NOT ELECT A SPECIFIC DOLLAR AMOUNT TO BE EXCHANGED. You may make an exchange election even if your Plan account does not hold assets in the Stock Fund at the time of the election. You may increase, decrease or cancel your exchange election percent at any time during the exchange election period by calling Fidelity at 1-800-835- 5092, Monday through Friday starting at 8:30 a.m. through 8:00 p.m. in your time zone. After the election period closes, you will receive a written confirmation of your exchange election percent. At the time the exchange election period closes (4:00 P.M., Eastern Time, May 16, 2000) your Stock Fund balance may have changed as a result of transfers you may have initiated and/or contributions and loan payments that have been posted to your account during the exchange election period. Your election will apply to your Stock Fund account balance as of May 16, 2000. After the deadline for making an election, Fidelity will complete the calculation and tabulation and Fidelity, as trustee, will tender for exchange the appropriate number of Shares. Impact of the Exchange Election on Your Account If you elect to exchange all or a percentage of your Stock Fund account, at the close of the exchange election period, May 16, 2000, your GM $1 2/3 Common Stock Fund will be frozen to any negative activity until the administrative processing is complete. All distributions, withdrawals, loans and exchanges from your balance in the Stock Fund will be unavailable throughout the freeze. However, your balance in the Stock Fund will be utilized to calculate amounts eligible for distributions, loans and withdrawals throughout the freeze. Fidelity will process the exchange from the Stock Fund into a new stock fund, the GM Class H Stock Fund, as soon as administratively feasible after the GM Class H shares are received. It is anticipated the processing will be completed in five to seven business days after Fidelity receives the Class H Stock. Upon the completion of the processing, the freeze will be lifted and you may call Fidelity at 1-800-835-5092 to learn the effect of the exchange on your account. You will also receive a written confirmation of the exchange transaction. Please note that the GM Class H Stock Fund will be closed to new investments after the exchange is processed. Dividends received on shares of GM Class H Stock shall be re-invested into GM Class H stock. Proration As described in the Offer, if there is an excess of this number of Shares tendered for exchange, some or all of the Shares tendered by Plan on behalf of participants may not be accepted for exchange. If only some of the Shares tendered by the Plan are accepted for exchange, all participants who have elected to exchange Shares shall have the number of shares they exchanged reduced in the same proportion. If you do not want to direct Fidelity to exchange any of your Shares held in the Plan, there is nothing you need to do. If you do not call Fidelity during the exchange election period, you will be considered to have made an election NOT to exchange and your Stock Fund account will not be frozen. Shares Outside the Plan If you hold Shares directly, you will receive, under separate cover, exchange offer materials directly from the Company which can be used to tender such Shares directly to the Company. Those exchange offer materials may not be used to direct Fidelity to exchange or not exchange the Shares credited to your individual account under the Plan. The direction to exchange Shares credited to your individual account under the Plan may only be made in accordance with the procedures in this letter. Similarly, the enclosed procedures cannot be used to exchange non-Plan Shares. Further Information If you require additional information concerning the procedure to exchange Shares credited to your individual account under the Plan, please contact Fidelity at 1-800-835-5092. If you require additional information concerning the terms and conditions of the Offer, please call Morrow & Co., the Information Agent, at 1-877-816-5329. Sincerely, Fidelity Management Trust Company QUESTIONS & ANSWERS CONCERNING THE EXCHANGE OFFER May I participate in the exchange offer? You are eligible to participate in the exchange offer if you participate in the GMAC Mortgage Group Savings Plan and your account holds assets in the Stock Fund at the time that the exchange offer election period ends (4:00 P.M., Eastern Time, Tuesday, May 16, 2000). How do I decide whether to participate in the exchange offer? To decide whether to participate in the exchange offer, review all the material contained in this package, including the Offering Circular- Prospectus. You may also want to consult with your tax and/or financial advisor before making a final decision. How do I make my election to exchange my GMAC Group Mortgage Savings Plan assets in the GM Stock Fund? If you wish to exchange assets from your individual GM Stock Fund account, you must call Fidelity at 1-800-835-5092, Monday through Friday, from 8:30 a.m. to 8:00 p.m. in your time zone, during the exchange election period and make your election through the Voice Response System (VRS) or by speaking with a service representative. The exchange election period starts on Monday April 24, 2000 and ends at 4:00 P.M., Eastern Time, Tuesday, May 16, 2000. If I elect to participate in the exchange offer through my GMAC Mortgage Group Savings Plan account, how much can I exchange? You may elect to exchange all or a portion of the shares in your individual GM Stock Fund account. Your election must be in whole percents. No specific dollar amount or share amount election will be permitted. Remember, if you do nothing during the exchange election period, you have made an election NOT to exchange any of the shares in your Stock Fund account. Can I change my mind after I elect to exchange my shares in my GM Stock Fund account? Yes. You may withdraw your exchange directive any time before the exchange offer expires at 4:00 P.M., Eastern Time, Tuesday, May 16, 2000. Why is the closing date for the exchange election period earlier in the GMAC Mortgage Group Savings Plan than for the general public? The GMAC Mortgage Group Savings Plan election period will close at 4:00 P.M., Eastern Time, Tuesday, May 16, 2000, three days earlier than for the general public, to enable the plan administrator to tabulate the plan participants elections and transmit the election results to the trustee and exchange agent for the exchange offer prior to the expiration date of the exchange offer. What happens if GM declares a quarterly dividend on GM $1 2/3 par value common stock during the exchange period and I have made an election to exchange all or a portion of my assets in the GM Stock Fund? If a dividend is declared with a record date before the completion of the exchange offer, you will be entitled to that dividend even if you have made an election to tender all or a portion of your assets in the GM Stock Fund provided you held such assets on the record date for the dividend. Tendering your assets in the GM Stock Fund in the exchange offer is not a sale or transfer of the assets until they are accepted by GM for exchange upon completion of the exchange offer. If I elect to participate in the exchange offer through my GMAC Mortgage Group Savings Plan account, will I receive anything confirming the exchange? Yes. After the exchange offer has been completed and your GMAC Mortgage Group Savings Plan account is updated, Fidelity will send you a confirmation statement of the exchange. Who should I call if I have questions or want copies of additional documents related to the Exchange Offer? You may call the information agent, Morrow & Co., to (1) ask any questions related to the exchange offer, or (2) request additional documents at 1-877- 816-5329 (toll free) in the United States or 1-212-754-8000 (collect) elsewhere. You may also obtain free copies of other documents publicly filed by General Motors at the Securities and Exchange Commission's website at www.sec.gov or at General Motors website at www.gm.com. As a savings plan participant I elected to participate in the exchange offer. Once the GM Class H Common Stock Fund assets have been posted to my account, can I exchange out of this Fund? You may exchange out of the GM Class H Common Stock Fund at any time; however, this Fund imposes a 1.0% redemption fee on assets that are held less than 90 days. This redemption fee is deducted from the assets redeemed. The redemption fee is paid to the Fund and helps protect the Fund's performance and stockholders by discouraging frequent trading in response to short-term market fluctuations. EX-12.A.1.XIII 6 SUPPLEMENTAL DISCLOSURE FOR BELGIUM IN FRENCH Exhibit 12(a)(1)(xiii) OFFRE PUBLIQUE D'ECHANGE D'ACTIONS PROPRES par GENERAL MOTORS CORPORATION societe de droit de l'etat du Delaware, dont le siege social est situe a 1209 Orange St., Wilmington, New Castle, Delaware 19898 (Etats-Unis) (ci-apres " GM ") GM offre a ses actionnaires detenteurs d'actions ordinaires d'une valeur nominale de USD 1 2/3, y compris les detenteurs de certificats Soges-Fiducem representant de telles actions, la possibilite d'echanger ces actions ou certificats, contre des actions ordinaires de classe H emises par GM selon le rapport d'echange suivant : 1,065 actions ordinaires de classe H pour 1 action de valeur nominale de USD 1 2/3 (ci-apres " l'Offre "). L'Offre est decrite dans le prospectus americain (" Offering Circular- Prospectus ") du 24 avril 2000. Elle est resumee dans le present complement de prospectus belge, qui contient egalement des informations destinees plus particulierement au public belge. Les investisseurs sont invites a prendre connaissance de l'Offering Circular-Prospectus du 24 avril 2000, redige en langue anglaise, accompagne du present complement de prospectus, redige en francais et en neerlandais, et du bulletin d'acceptation. Ces documents sont disponibles au siege de la B.B.L., Avenue Marnix 24, 1000 Bruxelles, ou des informations complementaires peuvent egalement etre obtenues (Tel : 02/547.27.25). Les detenteurs de certificats Soges-Fiducem representatifs d'actions ordinaires de USD 1 2/3 GM qui desirent participer a l'offre sont pries de deposer leurs certificats, accompagnes du bulletin d'acceptation, aux guichets de la B.B.L. le 15 mai 2000 au plus tard. L'Offre est ouverte en Belgique du 25 avril au 15 mai 2000 BBL Le present complement de prospectus et le prospectus americain (" Offering Circular-Prospectus ") du 24 avril 2000 relatif a l'Offre dans sa version en langue anglaise constituent un tout ne pouvant circuler separement en Belgique. COMPLEMENT DE PROSPECTUS relatif a une offre publique d'echange d'actions ordinaires propres de valeur nominale de USD 1 2/3 contre des actions ordinaires de classe H faite par GM Approbation de la Commission bancaire et financiere L'Offering Circular-Prospectus relatif a l'Offre etabli en langue anglaise complete par le present complement de prospectus a ete approuve le 21 avril 2000 par la Commission bancaire et financiere conformement a l'article 17 de l'arrete royal du 8 novembre 1989, relatif aux offres publiques d'acquisition et aux modifications du controle des societes et a l'article 29ter, (S) 1er, 1o de l'arrete royal no 185 du 9 juillet 1935 relatif au controle des banques et aux emissions de titres et valeurs. Cette approbation ne comporte aucune appreciation de l'opportunite et des merites de l'operation, ni de la situation de celui qui la realise. Conformement a l'article 21 de l'arrete royal du 8 novembre 1989 et a l'article 29, (S) 1er de l'arrete royal no 185 du 9 juillet 1935, l'avis prescrit par ces articles a ete publie dans la presse. En cas de divergence d'interpretation entre la version francaise et la version neerlandaise du present complement de prospectus, seule la version francaise fait foi. Regime legal L'Offre constitue l'extension en Belgique de l'offre americaine qui est regie par le droit americain. Celui-ci differe sur un certain nombre de points de l'arrete royal du 8 novembre 1989 relatif aux offres publiques d'acquisitions et aux modifications du controle des societes, notamment quant au role de la societe visee par une offre et aux conditions auxquelles une offre publique d'acquisition peut etre soumise. Contexte et motifs de l'Offre L'Offre vise a offrir des actions ordinaires de classe H emises par GM en echange d'actions ordinaires de valeur nominale de USD 1 2/3 ou de certificats Soges-Fiducem representant de telles actions (dans l'un ou l'autre cas une " Action $1 2/3 ") selon le rapport d'echange suivant : 1,065 actions ordinaires de classe H a creer pour 1 Action $1 2/3. Les actions ordinaires de classe H ont le caractere de " tracking stock ", qui permet de lier le montant des dividendes eventuels qu'elles produisent aux resultats financiers de Hughes Electronics Corporation (" Hughes "), filiale a 100% de GM. L'Offre qui porte sur des titres d'une valeur d'environ USD 9 milliards est un element important du plan visant a valoriser l'interet economique de GM dans Hughes. Un autre aspect de ce plan a pour objet d'apporter des actions ordinaires de classe H d'une valeur d'environ USD 7 milliards a certains plans de pension en faveur du personnel de GM. En supposant que l'Offre soit entierement souscrite et que les apports a ces plans de pension soient effectues comme prevu, GM emettra au total 92.012.781 nouvelles actions ordinaires de classe H, pour une valeur totale d'environ USD 16 milliards (sur la base du cours de cloture des actions ordinaires de classe H le 19 avril 2000). (Pour plus d'information sur le contexte de l'Offre, voir Offering Circular-Prospectus QUESTIONS AND ANSWERS ABOUT THE EXCHANGE OFFER pages 4 et suivantes) 1 Situation financiere de Hughes Des informations financieres relatives a Hughes sont contenues dans l'Offering Circular-Prospectus, sous les rubriques Summary Historical FINANCIAL DATA OF HUGHES, pages 19 et 20, SELECTED HISTORICAL FINANCIAL DATA OF HUGHES, page 57 et MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS OF HUGHES, pages 58 et suivantes. Facteurs de risques Une description des facteurs de risques qu'il y a lieu d'apprecier avant de repondre a l'Offre, parmi lesquels une modification possible de la loi fiscale americaine, est contenue dans l'Offering Circular-Prospectus, RISK FACTORS, pages 22 et suivantes. 2 Resume des conditions de l'Offre 1. L'Offre................ Sous reserve de reduction et des autres conditions de l'Offre (voir point 4. infra), GM echangera les Actions $1 2/3 qui sont apportees a l'Offre et acceptees par GM, pour des actions ordinaires de classe H nouvellement emises, selon les termes suivants : 1,065 (un virgule zero soixante cinq) actions ordinaires de classe H pour 1 (une) Action $1 2/3. L'acceptation de l'Offre est facultative et reserve au detenteur d'Actions $1 2/3 la faculte d'apporter tout ou partie de ses Actions $1 2/3. L'Offre porte sur un maximum de 86.396.977 Actions $1 2/3 et un maximum de 92.012.781 actions ordinaires de classe H seront emises. (Voir Offering Circular-Prospectus, THE EXCHANGE OFFER, pages 38 et suivantes) 2. Description des actions offertes en echange................ Les actions ordinaires de classe H ont le caractere de "tracking stock", de sorte que le montant des dividendes eventuels auxquelles elles donnent droit est lie aux resultats financiers de Hughes. A ce jour, aucun dividende n'a ete distribue pour les actions ordinaires de classe H et aucune distribution n'est prevue dans un futur proche. (Voir Offering Circular-Prospectus, DESCRIPTION OF CLASS H COMMON STOCK, pages 124 et suivantes) Les actions ordinaires de classe H ne seront pas representees par des certificats au porteur emis par Soges-Fiducem ou autres. 3. Justification du rapport d'echange...... Le rapport d'echange prevu par l'Offre a ete determine entre autre sur la base des cours de bourse recents au New York Stock Exchange/1/ des deux actions ordinaires de GM. Sur la base des cours de bourse du 19 avril 2000, ce rapport d'echange degage une prime d'environ 17,7% en faveur de l'actionnaire qui repond a l'Offre. (Voir Offering Circular-Prospectus, THE EXCHANGE OFFER--Terms of the Exchange Offer, page 38, PRICE RANGE AND DIVIDENDS FOR $1 2/3 PAR VALUE COMMON STOCK, page 54, et PRICE RANGE FOR CLASS H COMMON STOCK, page 55). 4. Conditions de l'Offre et reduction eventuelle............. L'Offre est soumise a plusieurs conditions. GM se reserve notamment le droit de renoncer a l'Offre si moins de 28.798.992 Actions $1 2/3 sont presentees a l'Offre. (Voir Offering Circular-Prospectus, THE EXCHANGE OFFER-- Conditions for completion of the Exchange Offer, page 45). - -------- /1 /Les Actions $1 2/3 et les actions ordinaires de classe H sont cotees et negociees a la Bourse de New York (New York Stock Exchange). Les Actions $1 2/3 sont negociees sous le symbole "GM", et les actions ordinaires de classe H de GM sont negociees sous le symbole "GMH". 3 Si plus de 86.396.977 Actions $1 2/3 sont presentees a l'Offre, GM reduira au pro rata le nombre d'actions pour lequel l'Offre est acceptee, sauf pour les detenteurs de moins de 100 Actions $1 2/3 pour autant qu'ils presentent toutes leurs Actions $1 2/3. (Voir Offering Circular-Prospectus, THE EXCHANGE OFFER--Proration; Tenders for Exchange by Holders of Fewer than 100 Shares of $1 2/3 Par Value Common Stock, page 38, et Conditions for Completion of the Exchange Offer, page 45). 5. Rompus................. L'Offre ne donnera pas lieu a l'attribution de fractions d'actions ordinaires de classe H. Au cas ou l'actionnaire aurait droit a une fraction d'une action ordinaire de classe H, cette fraction lui sera payee en especes, sous la forme d'un cheque tire sur une banque americaine (les frais d'encaissement etant a charge de l'actionnaire). (Voir Offering Circular-Prospectus, THE EXCHANGE OFFER--No Fractional Shares, page 39). 6. Periode de l'Offre..... L'Offre est ouverte en Belgique du 25 avril jusqu'au 15 mai 2000. Les detenteurs d'Actions $1 2/3 peuvent revoquer leur acceptation de l'Offre avant l'expiration de celle-ci et, a certaines conditions, egalement posterieurement a celle-ci. (Voir Offering Circular-Prospectus, THE EXCHANGE OFFER--Withdrawal Rights, pages 43-44). 7. Depots des acceptations (banque- guichet en Belgique)... Les detenteurs de certificats Soges-Fiducem representatifs d'Actions $1 2/3 peuvent repondre a l'Offre en deposant leur certificats, accompagnes du bulletin d'acceptation ci-joint et moyennant le respect des conditions prevues par celui-ci, aupres des sieges et agences de la Banque Bruxelles Lambert S.A., banque guichet en Belgique. Les detenteurs d'Actions $1 2/3 qui ne sont pas representees par des certificats Soges-Fiducem peuvent repondre a l'Offre moyennant les formalites decrites dans l'Offering Circular-Prospectus, PROCEDURES FOR TENDERING SHARES OF $1 2/3 PAR VALUE COMMON STOCK, pages 40 et suivantes. 8. Publication des resultats de l'Offre... Les resultats de l'Offre seront publies dans L'Echo et le Financieel Economische Tijd des qu'ils seront disponibles. 9. Cotation en Bourse..... Les actions ordinaires de Classe H ne seront cotees qu'a la Bourse de New York (New York Stock Exchange). Elles ne seront pas cotees a la bourse de Bruxelles. GM n'a pas l'intention de demander apres la cloture de l'offre la radiation de la Bourse de Bruxelles de l'action ordinaire de valeur nominale de USD 1 2/3 circulant sous la forme de certificats au porteur emis par Soges-Fiducem. 4 10. Frais................. Les frais resultant de l'acceptation de l'Offre sont a charge de l'actionnaire, Ces frais comprennent (i) la commission emetteur (1% de la valeur des actions ordinaires de classe H delivrees); (ii) les frais et taxes eventuelles occasionnees par l'immatriculation, le transfert ou l'envoi de ces actions, qui s'elevent a minimum USD 15, - (livraison aux USA) ou USD 50, - (rapatriement) par poste (soumis a la TVA au taux de 21%) et (iii) la taxe sur les operations de bourse dont question en page 8 (Impots indirects). 11. Informations complementaires....... Toutes informations complementaires, et notamment les comptes annuels de Hughes pour l'exercice 1999, peuvent etre obtenues sur Internet ou demandees par ecrit ou par telephone, selon les modalites decrites dans Offering Circular-Prospectus. (Voir Offering Circular-Prospectus, WHERE YOU CAN FIND MORE INFORMATION, pages 140-141). En outre, des informations complementaires peuvent egalement etre obtenues au siege de la B.B.L., Avenue Marnix 24, 1000 Bruxelles (Tel : 02/547.27.25). 5 Certaines consequences fiscales belges La presente section resume les aspects principaux du regime fiscal belge applicable aux actionnaires residents belges (tels que definis ci-dessous). Ce resume se base sur la legislation fiscale belge et les directives administratives en vigueur a la date du present document, lesquelles sont susceptibles d'etre modifiees. Il est recommande aux actionnaires residents belges de solliciter l'avis de leurs conseillers fiscaux sur les consequences fiscales de l'Offre propres a leur situation personnelle. Dans la suite de la presente section, un actionnaire resident belge est defini comme une personne physique assujettie a l'impot des personnes physiques, une societe assujettie a l'impot des societes ou toute autre entite (telle un fonds de pension) assujettie a l'impot des personnes morales. Consequences fiscales belges de l'Offre. La qualification de l'Offre d'un point de vue fiscal belge souleve des problemes delicats. Nous pensons que l'echange d'Actions $1 2/3 contre des actions ordinaires de la classe H dans le cadre de l'Offre devrait etre analyse en droit fiscal belge comme un rachat d'actions ordinaires propres par GM retribue par des actions ordinaires d'une autre categorie. Quoique les cours et tribunaux ou les autorites fiscales belges ne se sont pas exprimes sur la qualification fiscale de ce type d'offre d'echange dans un jugement, arret ou circulaire publies, cette qualification est supportee par le caractere optionnel de l'Offre pour les titulaires d'Actions $1 2/3 ainsi que par le fait que l'Offre n'aura pas pour effet d'alterer le montant du capital social de GM. L'echange d'Actions $1 2/3 contre des actions ordinaires de classe H dans le cadre de l'Offre (et le paiement des rompus) ne sera en principe pas une operation imposable pour les personnes physiques residentes belges qui detiennent les Actions $1 2/3 a titre d'investissement prive ainsi que pour les entites assujetties a l'impot des personnes morales. Les plus-values realisees par des societes assujetties a l'impot des societes lors d'un rachat d'actions ordinaires propres sont traitees par la legislation fiscale belge comme des dividendes dans la mesure ou la societe qui procede au rachat d'actions ordinaires propres considere le montant de ces plus-values comme un dividende conformement a l'article 186 du Code des impots sur les revenus 1992 ( " CIR 1992 ") ou a des dispositions analogues de droit etranger. Il s'ensuit que ces societes devront en principe traiter comme un dividende l'excedent que presente, le cas echeant, la valeur de marche des actions ordinaires de classe H recues en echange, augmentee des especes recues au titre d'une fraction d'une action ordinaire de classe H, sur la valeur fiscale nette de leurs Actions $1 2/3 echangees/2/. Les dividendes sont en principe soumis a l'impot des societes au taux de 39%, augmente de la contribution complementaire de crise de 3%, soit 40.17%. Toutefois, les societes assujetties a l'impot belge des societes peuvent deduire de leurs benefices imposables 95% du dividende percu si ce dividende est susceptible de beneficier du regime des revenus definitivement taxes (voy. a ce sujet le point qui suit Regime fiscal belge des dividendes distribues a des actionnaires titulaires d'actions ordinaires de classe H.) Regime fiscal americain des dividendes distribues a des actionnaires titulaires d'actions ordinaires de classe H. En vertu de la legislation americaine actuellement en vigueur, les dividendes payes par GM a des non- residents seront soumis a une retenue a la source (" withholding tax ") de 30% aux Etats-Unis, reduit a 15%/3/ par la convention preventive de la double imposition conclue entre les Etats-Unis et la Belgique si l'actionnaire est un resident belge et pour autant qu'il ne soit pas un resident des Etats-Unis. Afin de beneficier de la reduction a 15%, l'actionnaire pourra etre requis de prouver sa qualite de resident belge, le cas echeant au moyen du formulaire W- 8 BEN exige par l'administration fiscale americaine. - -------- /2 /Neanmoins, les societes residentes belges pourraient envisager de consulter leurs conseillers fiscaux afin de determiner si le fait que l'Offre n'est pas traitee d'un point de vue fiscal americain comme une distribution de dividendes par GM leur permettrait de traiter la plus-value realisee dans le cadre de l'Offre comme une plus-value sur actions exoneree d'impot aux conditions de l'article 192 du CIR 1992 plutot que comme un dividende. /3 /5% dans des cas qui ne se presentent pas en l'occurrence. 6 Regime fiscal belge des dividendes distribues a des actionnaires titulaires d'actions ordinaires de classe H. Le dividende net (apres deduction de la retenue a la source americaine) distribue a des actionnaires titulaires d'actions ordinaires de classe H sera impose comme suit. La legislation fiscale belge n'offre pas de credit d'impot aux actionnaires residents belges pour la retenue a la source americaine prelevee sur le dividende, le cas echeant au taux prevu par la convention fiscale conclue entre les Etats-Unis et la Belgique. (i) Precompte mobilier belge. Un precompte mobilier belge de 25% est retenu sur les dividendes nets (apres deduction de la retenue a la source americaine) distribues aux titulaires d'actions ordinaires de classe H en cas d'encaissement en Belgique aupres d'un intermediaire financier. Les societes assujetties a l'impot belge des societes ont cependant le droit d'invoquer une exoneration de precompte mobilier belge. (ii) Personnes physiques. Pour les personnes physiques residentes qui detiennent des actions ordinaires de classe H a titre d'investissement prive, le precompte mobilier belge est liberatoire et les dividendes distribues au titre de ces actions ordinaires ne doivent pas etre declares dans leur declaration a l'impot des personnes physiques. Les personnes physiques qui percoivent leurs dividendes sans retenue de precompte mobilier belge (par exemple en cas d'encaissement en dehors de la Belgique) sont tenues de declarer ceux-ci dans leur declaration a l'impot des personnes physiques et seront imposees au taux distinct, en principe de 25%, augmente des centimes additionnels locaux (variant en principe entre 6 et 9% du montant de l'impot sur le revenu). (iii) Societes. Pour les societes assujetties a l'impot des societes, le dividende net percu (apres deduction de la retenue a la source americaine) est en principe imposable a l'impot des societes au taux de 39%, augmente de la contribution complementaire de crise de 3%, soit 40.17%. Toutefois, les societes residentes belges peuvent deduire de leurs benefices imposables 95% du dividende percu si ce dividende est susceptible de beneficier du regime des revenus definitivement taxes. Le regime des revenus definitivement taxes s'applique a condition que la participation detenue par une societe belge s'eleve, a la date de l'attribution ou de la mise en paiement du dividende, a un minimum de 5% du capital de GM ou represente au moins 50 millions de francs belges en valeur d'acquisition/4/ et que GM n'appartienne pas a l'une des categories de societes etrangeres (essentiellement des societes a fiscalite privilegiee) dont les dividendes sont exclus du regime des revenus definitivement taxes. (iv) Entites assujetties a l'impot des personnes morales. Le precompte mobilier belge de 25% est liberatoire. En cas d'encaissement en dehors de la Belgique et sans l'intervention d'un intermediaire belge, les entites assujetties a l'impot des personnes morales sont neanmoins tenues de verser elles-memes le precompte mobilier belge, en principe au taux de 25%. Regime fiscal de la cession des actions ordinaires de classe H. Les plus- values ou moins-values realisees a l'occasion de la cession d'actions ordinaires de classe H par des actionnaires personnes physiques residents belges detenant leurs actions ordinaires a titre d'investissement prive et par des entites belges assujetties a l'impot des personnes morales ne sont en principe pas imposables ou deductibles en Belgique. Les personnes physiques residents belges peuvent cependant etre soumises a l'impot des personnes physiques en Belgique au taux de 33% (a majorer des centimes additionnels locaux et de la contribution complementaire de crise de 3% calcules sur le montant de l'impot) si les plus-values realisees proviennent d'operations sortant de la gestion normale d'un patrimoine prive. Les plus-values realisees par des societes assujetties a l'impot des societes en Belgique sur des actions ordinaires de classe H sont exonerees d'impot si les dividendes verses sur les actions ordinaires de classe H entrent en ligne de compte pour la deduction au titre de revenus definitivement taxes. Pour l'exoneration de ces plus-values, l'exigence d'une participation minimale n'est pas requise. Les moins-values eventuelles ne sont en principe pas deductibles. - -------- /4 /Cette condition de participation minimale n'est pas exigee des etablissements de credit, des entreprises d'assurance et des societes de bourse. 7 Impots indirects Taxe sur les operations de bourse. Tant la souscription que l'achat et la vente en Belgique d'actions ordinaires de classe H par le biais d'un intermediaire financier etabli en Belgique sont soumis a la taxe sur les operations de bourse. Le taux de cette taxe est fixe a 0,35% pour les souscriptions et devra etre liquide sur la valeur d'echange des Actions $1 2/3 (non compris les commissions payees aux intermediaires financiers). Le taux de cette taxe est fixe a 0,17% pour les transmissions a titre onereux. Ce taux devra etre liquide sur les montants payes en espece pour les rompus (Voir Resume des conditions de l'Offre, point 5) tant sur les sommes a acquitter par GM (non compris les commissions payees aux intermediaires financiers) que sur les sommes percues par l'actionnaire qui repond a l'offre (sans deduction des commissions payees aux intermediaires financiers). Cependant, la taxe due est limitee a 10.000 francs belges par operation de souscription, d'achat et de vente. L'actionnaire supportera la totalite de cette taxe. Une exoneration de cette taxe est toutefois prevue pour les operations realisees par des intermediaires financiers (tels des banques), des entreprises d'assurance, des fonds de pension, des organismes de placement collectif ou des non-residents. 8 Bulletin d'acceptation de l'offre publique d'echange d'actions propres de General Motors Corporation decrite dans le Prospectus A etablir en deux exemplaires (Exemplaire destine a l'intermediaire financier) Je soussigne, (nom et prenom) ____________, demeurant a ____________, rue/avenue/place ____________, no ___ apres avoir pris connaissance des conditions et des modalites de l'offre publique d'echange de GM visant a offrir 1,065 actions ordinaires de la classe H a creer pour 1 action ordinaire GM d'une valeur nominale USD 1 2/3 representee par des certificats Soges- Fiducem (l'"Offre"), et du prospectus emis par GM en date du 24 avril 2000 relatif a l'Offre (le "Prospectus"), declare vouloir repondre a l'Offre et apporter a cet effet a la BBL : . ___ (nombre) certificats Soges-Fiducem representatifs de 2 actions ordinaires GM d'une valeur nominale USD 1 2/3 actions) . ___ (nombre) certificats Soges-Fiducem representatifs de 10 actions ordinaires GM d'une valeur nominale USD 1 2/3 actions) entierement libere(e)s et libres de tout gage, nantissement ou restriction de quelque nature que ce soit au libre transfert de leur propriete, dont je suis proprietaire. Je m'engage a echanger ces certificats contre des actions nouvelles ordinaires de la classe H, a raison de : . ___ (nombre) actions ordinaires de la classe H emises selon les modalites de l'Offre pour________ (nombre) certificats Soges-Fiducem representatifs de 2 actions ordinaires GM d'une valeur nominale USD 1 2/3 . ___ (nombre) actions ordinaires de la classe H emises selon les modalites de l'Offre pour________ (nombre) certificats Soges-Fiducem representatifs de 10 actions ordinaires GM d'une valeur nominale USD 1 2/3 L'echange sera realise selon la procedure et dans les conditions fixees par le Prospectus, les frais tels que decrits au point 10 du Prospectus etant a ma charge. Pour que mon engagement soit valable, le present bulletin d'acceptation doit etre depose, directement ou par le biais d'une institution financiere ou d'un intermediaire financier, aux guichets de la BBL et ce au plus tard le 15 mai 2000 pendant les heures d'ouverture des guichets. J'accepte la reduction eventuelle telle qu'elle sera decidee par GM et le fait que GM se reserve le droit de renoncer a l'Offre dans certaines circonstances decrites dans le Prospectus. Au cas ou, apres reduction j'aurais droit a une fraction d'une action ordinaire de classe H ("rompu"), j'accepte que cette fraction me soit versee en especes au moyen d'un cheque tire sur une banque americaine. Je souhaite que les actions ordinaires de classe H auxquelles j'ai droit et le produit net de la vente eventuelle des actions formant rompu soient : . portes en ou verses sur mon compte no ______ ouvert aupres de _______. . soient tenus a ma disposition aupres des guichets de la BBL. La presente acceptation peut etre retiree a tout moment jusqu'a la cloture de l'Offre. Fait en deux exemplaires a _______ (lieu), le _______ 2000 (date). - ----------------------------- ----------------------------- L'intermediaire financier L'actionnaire . Biffer la(les) mention(s) inapplicable(s). Bulletin d'acceptation de l'offre publique d'echange d'actions propres de General Motors Corporation decrite dans le Prospectus A etablir en deux exemplaires (Exemplaire destine a l'actionnaire) Je soussigne, (nom et prenom) _______________, demeurant a _____________, rue/avenue/place _____________, no _____ apres avoir pris connaissance des conditions et des modalites de l'offre publique d'echange de GM visant a offrir 1,065 actions ordinaires de la classe H a creer pour 1 action ordinaire GM d'une valeur nominale USD 1 2/3 representee par des certificats Soges- Fiducem (l'"Offre"), et du prospectus emis par GM en date du 24 avril 2000 relatif a l'Offre (le "Prospectus"), declare vouloir repondre a l'Offre et apporter a cet effet a la BBL : . ____ (nombre) certificats Soges-Fiducem representatifs de 2 actions ordinaires GM d'une valeur nominale USD 1 2/3 actions . ____ (nombre) certificats Soges-Fiducem representatifs de 10 actions ordinaires GM d'une valeur nominale USD 1 2/3 actions entierement libere(e)s et libres de tout gage, nantissement ou restriction de quelque nature que ce soit au libre transfert de leur propriete, dont je suis proprietaire. Je m'engage a echanger ces certificats contre des actions nouvelles ordinaires de la classe H, a raison de : . ____ (nombre) actions ordinaires de la classe H emises selon les modalites de l'Offre pour ____ (nombre) certificats Soges-Fiducem representatifs de 2 actions ordinaires GM d'une valeur nominale USD 1 2/3 . ____ (nombre) actions ordinaires de la classe H emises selon les modalites de l'Offre pour ____ (nombre) certificats Soges-Fiducem representatifs de 10 actions ordinaires GM d'une valeur nominale USD 1 2/3 L'echange sera realise selon la procedure et dans les conditions fixees par le Prospectus, les frais que decrits au point 10 du Prospectus etant a ma charge. Pour que mon engagement soit valable, le present bulletin d'acceptation doit etre depose, directement ou par le biais d'une institution financiere ou d'un intermediaire financier, aux guichets de la BBL et ce au plus tard le 15 mai 2000 pendant les heures d'ouverture des guichets. J'accepte la reduction eventuelle telle qu'elle sera decidee par GM et le fait que GM se reserve le droit de renoncer a l'Offre dans certaines circonstances decrites dans le Prospectus. Au cas ou, apres reduction j'aurais droit a une fraction d'une action ordinaire de classe H ("rompu"), j'accepte que cette fraction me soit versee en especes au moyen d'un cheque tire sur une banque americaine. Je souhaite que les actions ordinaires de classe H auxquelles j'ai droit et le produit net de la vente eventuelle des actions formant rompu soient : . portes en ou verses sur mon compte no ______ ouvert aupres de ________. . soient tenus a ma disposition aupres des guichets de la BBL. La presente acceptation peut etre retiree a tout moment jusqu'a la cloture de l'Offre. Fait en deux exemplaires a ________ (lieu), le ________ 2000 (date). - ------------------------------- ------------------------------- L'intermediaire financier L'actionnaire . Biffer la(les) mention(s) inapplicable(s) EX-12.A.1.XIV 7 SUPPLEMENTAL DISCLOSURE FOR BELGIUM IN DUTCH EXHBIT 12(a)(1)(xiv) OPENBAAR RUILBOD OP EIGEN AANDELEN door GENERAL MOTORS CORPORATION vennootschap naar het recht van de staat van Delaware, met hoofdzetel te 1209 Orange St., Wilmington, New Castle, Delaware 19898 (Verenigde Staten van Amerika) (hierna "GM") GM biedt aan haar aandeelhouders die houders zijn van gewone aandelen van GM met een nominale waarde van USD 1 2/3, met inbegrip van de houders van Soges- Fiducem certificaten die dergelijke aandelen vertegenwoordigen, de mogelijkheid aan om deze aandelen en certificaten om te ruilen voor gewone aandelen van klasse H tegen de volgende ruilverhouding: 1,065 (een komma vijfenzestig) gewone aandelen van klasse H voor 1 gewoon aandeel met een nominale waarde van USD 1 2/3 (hierna "het Bod"). Het Bod wordt beschreven in het Amerikaanse prospectus ("Offering Circular- Prospectus") van 24 april 2000. Het Bod wordt samengevat in dit aanvullend Belgisch prospectus, dat eveneens inlichtingen bevat die speciaal bestemd zijn voor het Belgische publiek. De investeerders worden uitgenodigd kennis te nemen van het Offering Circular- Prospectus van 24 april 2000, opgesteld in het Engels, vergezeld van dit aanvullend prospectus, opgesteld in het Frans en het Nederlands, en van het aanvaardingsbulletin. Deze documenten zijn beschikbaar op de zetel van de BBL, Marnixlaan 24, 1000 Brussel waar ook bijkomende informatie kan worden verkregen (tel.: 02/547.27.25). De houders van Soges-Fiducem certificaten die gewone aandelen van USD 1 2/3 vertegenwoordigen die wensen deel te nemen aan het Bod, worden verzocht hun certificaten, vergezeld van het aanvaardingsbulletin, uiterlijk op 15 mei 2000 in te dienen aan de loketten van de BBL. Het Bod is geopend in Belgie van 25 april 2000 tot en met 15 mei 2000. BBL Deze aanvulling bij het prospectus en het Amerikaans prospectus ("Offering Circular-Prospectus") van 24 april 2000 betreffende het Bod in de originele Engelse versie vormen een geheel en kunnen niet afzonderlijk verspreid worden in Belgie. AANVULLING BIJ HET PROSPECTUS betreffende het openbaar ruilbod, voorgesteld door GM, op eigen gewone aandelen met een nominale waarde van USD 1 2/3 waarvoor gewone aandelen van klasse H worden geboden Goedkeuring door de Commissie voor het Bank- en Financiewezen Het Offering Circular-Prospectus betreffende het Bod opgesteld in het Engels en aangevuld door deze aanvulling bij het prospectus is op 21 april 2000 door de Commissie voor het Bank- en Financiewezen goedgekeurd overeenkomstig Artikel 17 van het Koninklijk Besluit van 8 november 1989 op de openbare overnameaanbiedingen en de wijzigingen in de controle op vennootschappen en overeenkomstig Artikel 29 ter (S) 1, 1(degrees) van het Koninklijk Besluit nr. 185 van 9 juli 1935 op de bankcontrole en het uitgifteregime voor titels en effecten. Deze goedkeuring houdt geen beoordeling in van de opportuniteit noch van de intrinsieke waarde van de verrichting. Overeenkomstig Artikel 21 van het Koninklijk Besluit van 8 november 1989 en Artikel 29 (S) 1 van het Koninklijk Besluit nr. 185 van 9 juli 1935 is het door deze artikelen voorgeschreven kennisgeving gepubliceerd in de pers. In geval van interpretatieverschillen tussen de Nederlandse en de Franse versie van dit prospectus, heeft de Franse versie voorrang. Wettelijk Stelsel Huidig Bod is de uitbreiding naar Belgie, van het Amerikaanse bod dat door Amerikaans recht wordt beheerst. Dit Bod verschilt in een bepaald aantal punten van het Koninklijk Besluit van 8 november 1989 op de openbare overnameaanbiedingen en de wijzigingen in de controle op vennootschappen, in het bijzonder met betrekking tot de rol van de vennootschap die door een bod wordt beoogd en de voorwaarden aan dewelke een openbaar overnamebod kan worden onderworpen. Achtergrond en motieven van het Bod Het Bod beoogt het aanbieden van gewone aandelen van klasse H, uitgegeven door GM, in ruil voor gewone aandelen met een nominale waarde van USD 1 2/3 of Soges-Fiducem certificaten die dergelijke aandelen vertegenwoordigen (in beide gevallen, een "$1 2/3 Aandeel") overeenkomstig de volgende ruilverhouding: 1,065 (een komma vijfenzestig) gewone aandelen van klasse H die zullen worden uitgegeven voor 1 $1 2/3 Aandeel. De gewone aandelen van klasse H hebben de kenmerken van "tracking stock" dat toelaat om het bedrag van eventuele dividenden, die deze aandelen zouden opbrengen, te verbinden aan de financiele resultaten van Hughes Electronics Corporation ("Hughes"), een 100% dochteronderneming van GM. Het Bod, dat betrekking heeft op effecten met een waarde van ongeveer USD 9 miljard, is een belangrijk element in het plan dat tot doel heeft de waarde van het economisch belang van GM in Hughes te valoriseren. Een ander element van dit plan heeft tot doel gewone aandelen van klasse H met een waarde van ongeveer USD 7 miljard in te brengen in bepaalde pensioenplannen ten voordele van het personeel van GM. In de veronderstelling dat er op het Bod volledig wordt ingeschreven en dat de inbrengen in deze pensioenplannen 2 worden uitgevoerd zoals voorzien, zal GM in totaal 92.012.781 nieuwe gewone aandelen van klasse H uitgeven, voor een totale waarde van ongeveer USD 16 miljard (gebaseerd op de slotkoers van de gewone aandelen van klasse H op 19 april 2000). (Voor meer inlichtingen in verband met het Bod, zie Offering Circular- Prospectus, QUESTIONS AND ANSWERS ABOUT THE EXCHANGE OFFER, pagina 4 en volgende). Financiele toestand van Hughes De financiele informatie met betrekking tot Hughes is vervat in het Offering Circular-Prospectus, onder de rubrieken Summary Historical FINANCIAL DATA OF HUGHES, pagina's 19 en 20, SELECTED HISTORICAL FINANCIAL DATA OF HUGHES, pagina 57 en MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS OF HUGHES, pagina 58 en volgende. Factoren en risico's Een beschrijving van de factoren en risico's die moeten worden onderkend vooraleer op het Bod in te gaan, waaronder een mogelijke wijziging van de Amerikaanse belastingwet, is vervat in het Offering Circular-Prospectus, RISK FACTORS, pagina 22 en volgende. 3 Samenvatting van het Bod 1. Het Bod Onder voorbehoud van vermindering en de andere voorwaarden van het Bod (zie punt 4 infra), zal GM de $1 2/3 Aandelen, die worden ingebracht tijdens de duur van het Bod en door GM worden aanvaard, omruilen tegen nieuwe uit te geven gewone aandelen van klasse H aan de volgende ruilverhouding: 1,065 (een komma nul vijfenzestig) gewone aandelen van klasse H voor 1 (een) $1 2/3 Aandeel De aanvaarding van het Bod is vrijwillig en geeft de mogelijkheid aan de houders van $1 2/3 Aandelen om al of een deel van hun $1 2/3 Aandelen in te brengen. Het Bod slaat op maximum 86.396.977 $1 2/3 Aandelen en maximum 92.012.781 gewone aandelen van klasse H zullen worden uitgegeven. (Zie Offering Circular-Prospectus, THE EXCHANGE OFFER, pagina 38 en volgende). 2. Beschrijving van de aandelen aangeboden in het Bod De gewone aandelen van klasse H hebben de kenmerken van "tracking stock", met als gevolg dat de eventuele dividenden op dewelke ze recht zouden geven, verbonden zijn aan de financiele resultaten van Hughes. Tot op heden werd geen dividend uitgekeerd op de gewone aandelen van klasse H en er is in de onmiddellijke toekomst geen uitkering voorzien. (Zie Offering Circular-Prospectus, DESCRIPTION OF CLASS H COMMON STOCK, pagina 124 en volgende). De gewone aandelen van klasse H zullen niet vertegenwoordigd worden door certificaten aan toonder uitgegeven door Soges-Fiducem of door andere partijen. 3. Verantwoording van de ruilverhouding De ruilverhouding voorzien door het Bod werd onder meer bepaald op basis van de recente beurskoersen van de twee gewone aandelen van GM op de New York Stock Exchange./1/ Op basis van de beurskoers van 19 april 2000, geeft de ruilverhouding aanleiding tot een premie van ongeveer 17,7 % ten voordele van de aandeelhouder die op het Bod ingaat. - -------- /1/$1 2/3 Aandelen en gewone aandelen van klasse H zijn genoteerd en verhandeld op de beurs van New York (New York Stock Exchange). De $1 2/3 Aandelen van GM worden verhandeld onder het symbool "GM", en de gewone aandelen van klasse H van GM worden verhandeld onder het symbool "GMH". 4 (Zie Offering Circular-Prospectus, THE EXCHANGE OFFER--Terms of the Exchange Offer, pagina 38, PRICE RANGE AND DIVIDENDS FOR $1 2/3 PAR VALUE COMMON STOCK, pagina 54, en PRICE RANGE FOR CLASS H COMMON STOCK, pagina 55). 4. Voorwaarden van het Bod en eventuele vermindering Het Bod is onderworpen aan verschillende voorwaarden. GM behoudt zich in het bijzonder het recht voor om aan het Bod te verzaken indien minder dan 28.798.992 $1 2/3 Aandelen in het Bod worden aangeboden. (Zie Offering Circular-Prospectus, THE EXCHANGE OFFER--Conditions for completion of the Exchange Offer, pagina 45). Indien meer dan 86.396.977 $1 2/3 Aandelen ter gelegenheid van het Bod worden aangeboden, zal GM het aantal aandelen waarvoor het Bod wordt aanvaard pro rata verminderen, met uitzondering van de houders van minder dan 100 $1 2/3 Aandelen voor zover deze al hun $1 2/3 Aandelen aanbieden. (Zie Offering Circular-Prospectus, THE EXCHANGE OFFER--Proration: Tenders for Exchange by Holders of Fewer than 100 Shares of $1 2/3 Par Value Common Stock, pagina 38, en Conditions for Completion of the Exchange Offer, pagina 45. 5. Fracties van aandelen Er zullen geen fracties van gewone aandelen van klasse H worden toegekend met betrekking tot het Bod. Indien de aandeelhouder gerechtigd is om een fractie van een gewoon aandeel van klasse H te ontvangen, zal deze fractie in contanten worden uitbetaald onder de vorm van een cheque getrokken op een Amerikaanse bank (de inningkosten zijn ten laste van de aandeelhouder). (Zie Offering Circular-Prospectus, THE EXCHANGE OFFER--No Fractional Shares, pagina 39). 6. Periode van het Bod Het Bod is open in Belgie van 25 april 2000 tot en met 15 mei 2000. De houders van $1 2/3 Aandelen kunnen hun aanvaarding van het Bod intrekken alvorens het Bod eindigt en, onder bepaalde voorwaarden, eveneens na beeindiging van het Bod. (Zie Offering Circular-Prospectus, THE EXCHANGE OFFER--Withdrawal Rights, pagina's 43-44). 7. Deponeren van de aanvaardingen (loketbank in Belgie) De houders van certificaten Soges-Fiducem die $1 2/3 Aandelen vertegenwoordigen kunnen op het Bod ingaan door het indienen van hun certificaten, vergezeld van het aanvaardingsbulletin dat in bijlage is toegevoegd en door het vervullen van de voorwaarden die door dit bulletin worden bepaald op de zetel en de agentschappen van de Bank Brussel Lambert N.V., loketbank in Belgie. 5 De houders van $1 2/3 Aandelen die niet door Soges-Fiducem certificaten zijn vertegenwoordigd, kunnen op het Bod ingaan mits nakoming van de formaliteiten beschreven in het Offering Circular-Prospectus, PROCEDURES FOR TENDERING SHARES OF $1 2/3 PAR VALUE COMMON STOCK, pagina 40 en volgende. 8. Publicatie van de resultaten van het Bod De resultaten van het Bod zullen gepubliceerd worden in L'Echo en de Financieel Economische Tijd van zodra deze beschikbaar zijn. 9. Beursnotering De aandelen van klasse H zullen enkel op de beurs van New York (New York Stock Exchange) worden genoteerd. Zij zullen niet worden genoteerd op de beurs van Brussel. GM neemt zich niet voor om de schrapping van de $1 2/3 Aandelen die verhandeld worden onder de vorm van certificaten aan toonder uitgegeven door Soges-Fiducem uit de notering van de beurs van Brussel aan te vragen na afsluiting van het Bod. 10. Kosten De kosten verbonden aan het ingaan op het Bod zijn ten laste van de aandeelhouder, Deze omvatten (i) de uitgeverscommissie (1% van de waarde van de geleverde gewone aandelen van klasse H), (ii) de mogelijke kosten en taksen ten gevolge van de inschrijving, de overdracht of de verzending van de anndelen, die minimum USD 15 (levering in de USA) of USD 50 (repatriering) per verrichting bedragen (plus BTW aan 21%), en (iii) de taks op de beursverrichtingen waarvan sprake op blad 9 (Indirekte belastingen). 11. Bijkomende informatie Bijkomende informatie, en ondermeer de jaarrekening van Hughes voor het boekjaar 1999, is beschikbaar op Internet of kan schriftelijk of telefonisch worden bekomen, volgens de regels nader beschreven in het Offering Circular-Prospectus. (Zie Offering Circular-Prospectus, WHERE CAN YOU FIND MORE INFORMATION, pagina's 140-141). Bovendien kan bijkomende informatie worden bekomen op de zetel van de B.B.L., Marnixlaan 24, 1000 Brussel (tel.: 02/547.27.25). 6 Bepaalde fiscale gevolgen onder het Belgische belastingstelsel Deze afdeling vat de belangrijkste aspecten samen van het Belgisch belastingstelsel dat van toepassing is op aandeelhouders die verblijfhouders in Belgie zijn (zoals hierna gedefinieerd). Deze samenvatting is gebaseerd op de Belgische fiscale wetgeving en de administratieve richtlijnen die van kracht zijn op datum van dit document, maar die mogelijkerwijze kunnen worden gewijzigd. Er wordt de aandeelhouders die verblijfhouders in Belgie zijn aangeraden om het advies van hun belastingconsulenten in te winnen met betrekking tot de fiscale gevolgen van het Bod die op hun persoonlijke situatie van toepassing zijn. In deze afdeling wordt een aandeelhouder die verblijfhouder in Belgie is gedefinieerd als een natuurlijke persoon onderworpen aan de personenbelasting, een vennootschap onderworpen aan de vennootschapsbelasting of elke andere entiteit (zoals bijvoorbeeld een pensioenfonds) onderworpen aan de rechtspersonenbelasting. Fiscale gevolgen voor het Bod onder het Belgische belastingstelsel. De kwalificatie van het Bod vanuit Belgisch fiscaal oogpunt stelt delicate problemen. Wij zijn van mening dat de omruiling van $1 2/3 Aandelen voor gewone aandelen van klasse H in het kader van het Bod onder Belgisch fiscaal recht zou moeten worden ontleed als een inkoop van eigen aandelen door GM, vergoed door aandelen van een andere klasse. Alhoewel de rechtbanken en hoven of de Belgische fiscale overheden zich niet hebben uitgesproken over de fiscale kwalificatie van dergelijk ruilaanbod in een gepubliceerd vonnis, besluit of omzendbrief, wordt deze kwalificatie gestaafd door het optioneel karakter van het Bod voor de houders van $1 2/3 Aandelen, en ook door het feit dat het Bod geen wijziging van het bedrag van het maatschappelijk kapitaal van GM tot gevolg zal hebben. De omruiling van $1/2///3/ Aandelen voor gewone aandelen van klasse H in het kader van het Bod (en de betalingen met betrekking tot de fracties) zal, in principe, geen belastbare verrichting zijn voor Belgische natuurlijke personen die $1/2///3/ Aandelen als prive-belegging houden en voor de entiteiten die onderworpen zijn aan de rechtspersonenbelasting. De meerwaarden gerealiseerd door vennootschappen onderworpen aan de vennootschapsbelasting ingevolge een inkoop van eigen aandelen, worden door de Belgische fiscale wetgeving behandeld als dividenden voor zover de vennootschap die overgaat tot de inkoop van eigen aandelen het bedrag van deze meerwaarden als een dividend beschouwd overeenkomstig artikel 186 van het Wetboek van de Inkomstenbelastingen 1992 ("WIB 1992") of gelijkaardige bepalingen naar buitenlands recht. Daaruit volgt dus dat deze vennootschappen de meerwaarde, in voorkomend geval, gelijk aan het excedent van de marktwaarde van gewone aandelen van klasse H die in ruil worden ontvangen, vermeerderd met het bedrag ontvangen als fractie van een gewoon aandeel van klasse H, over de netto fiscale waarde van hun geruilde $1 2/3 Aandelen, in principe als een dividend zullen moeten behandelen/2/. De dividenden zijn in wezen onderworpen aan de vennootschapsbelasting tegen de belastingvoet van 39%, vermeerderd met de aanvullende crisisbijdrage die 3% bedraagt, hetzij 40,17%. De vennootschappen onderworpen aan de Belgische vennootschapsbelasting kunnen echter van hun belastbare winsten 95% van het ontvangen dividend aftrekken indien dit dividend eventueel kan genieten van het stelsel van de definitief belaste inkomsten (zie in verband hiermee het volgende punt: Belgisch belastingstelsel met betrekking tot dividenden uitgekeerd aan aandeelhouders die houders zijn van aandelen van klasse H.) Amerikaanse belastingstelsel van toepassing op dividenden uitgekeerd aan aandeelhouders die houders zijn van gewone aandelen van klasse H. Krachtens de Amerikaanse wetgeving die momenteel van kracht is, zullen de dividenden betaald door GM aan niet-verblijfhouders worden onderworpen aan een bronheffing (withholding tax) van 30% in de Verenigde Staten, verminderd tot 15%/3/ door het verdrag ter voorkoming van de dubbele belasting gesloten tussen de Verenigde Staten en Belgie indien de aandeelhouder een verblijfhouder van Belgie is en voor zover hij geen verblijfhouder van de Verenigde Staten is. Teneinde de vermindering tot 15% te genieten, kan de aandeelhouder het bewijs worden verzocht dat hij een verblijfhouder van Belgie is, in voorkomend geval door middel van het formulier W-8 BEN vereist door de Amerikaanse belastingdiensten. - -------- /2/De in Belgie gevestigde vennootschappen zouden echter kunnen overwegen om hun belastingconsulenten te raadplegen om na te gaan of het feit dat het Bod vanuit het standpunt van het Amerikaans belastingstelsel niet als een uitkering van dividenden door GM wordt behandeld, hen zou toelaten om de meerwaarde die gerealiseerd wordt in het kader van het Bod te behandelen als een meerwaarde op aandelen, vrijgesteld in overeenstemming met de voorwaarden van artikel 192 van het WIB 1992, eerder dan als een dividend. /3/5% in gevallen die zich hier niet voordoen. 7 Belgisch belastingstelsel met betrekking tot dividenden uitgekeerd aan aandeelhouders die houders zijn van aandelen van klasse H. Het netto-dividend (na aftrek van de Amerikaanse bronheffing) uitgekeerd aan aandeelhouders die houder zijn van aandelen van klasse H zal als volgt worden belast. De Belgische fiscale wetgeving biedt geen belastingkrediet aan aan de aandeelhouders die verblijfhouders van Belgie zijn voor de Amerikaanse bronbelasting geheven op het dividend, in voorkomend geval tegen het verminderde tarief bepaald in het belastingverdrag gesloten tussen de Verenigde Staten en Belgie. (i) Belgische roerende voorheffing. Er wordt een Belgische roerende voorheffing van 25% ingehouden op de netto-dividenden (na aftrek van de Amerikaanse bronheffing) uitgekeerd aan de aandeelhouders van gewone aandelen van klasse H in geval van inning in Belgie bij een financiele tussenpersoon. De vennootschappen onderworpen aan de Belgische vennootschapsbelasting hebben echter het recht een vrijstelling van de Belgische roerende voorheffing in te roepen. (ii) Natuurlijke personen. Voor de Belgische natuurlijke personen die gewone aandelen van klasse H houden als prive-investering, is de Belgische roerende voorheffing bevrijdend en moeten de dividenden uitgekeerd op deze aandelen niet worden aangegeven in hun aangifte in de personenbelasting. De natuurlijke personen die hun dividenden ontvangen zonder inhouding van de Belgische roerende voorheffing (bijvoorbeeld in geval van inning in het buitenland) zijn ertoe gehouden deze aan te geven in hun aangifte in de personenbelasting en zullen worden belast tegen een afzonderlijke aanslagvoet van in principe 25%, vermeerderd met de lokale opcentiemen (die in principe varieren tussen 6% en 9% van het bedrag van de inkomstenbelasting). (iii) Vennootschappen. Voor de vennootschappen onderworpen aan de vennootschapsbelasting, is het nettodividend (na aftrek van de Amerikaanse bronheffing) in principe belastbaar met de vennootschapsbelasting van 39%, vermeerderd met de aanvullende crisisbijdrage van 3%, hetzij 40,17%. De vennootschappen die in Belgie zijn gevestigd kunnen echter van hun belastbare winsten 95% van het ontvangen dividend aftrekken indien dit dividend kan genieten van het stelsel van de definitief belaste inkomsten. Het stelsel van de definitief belaste inkomsten is van toepassing op voorwaarde dat de participatie van een Belgische vennootschap op de datum van de toekenning of de betaling van het dividend, minimum 5% bedraagt van het kapitaal van GM of minstens 50 miljoen Belgische frank vertegenwoordigd in aanschaffingswaarde/4/ en dat GM niet behoort tot een van de categorieen buitenlandse vennootschappen (die voornamelijk vennootschappen zijn die fiscaal bevoorrecht zijn) waarvan de dividenden uitgesloten zijn van het stelsel van de definitief belaste inkomsten. (iv) Entiteiten onderworpen aan de rechtspersonenbelasting. De Belgische roerende voorheffing van 25% is bevrijdend. In geval van inning in het buitenland zonder de bemiddeling van een Belgische tussenpersoon, zijn de entiteiten onderworpen aan de rechtspersonenbelasting er echter toe gehouden zelf de Belgische roerende voorheffing te storten, die in beginsel 25% bedraagt. Belastingstelsel van toepassing op de overdracht van gewone aandelen van klasse H. De eventuele meerwaarden of minderwaarden gerealiseerd door Belgische aandeelhouders, ter gelegenheid van de overdracht van hun gewone aandelen van klasse H, zijn in principe niet belastbaar of aftrekbaar in Belgie. De meerwaarden of minderwaarden gerealiseerd ter gelegenheid van de overdracht van gewone aandelen van klasse H door aandeelhouders die natuurlijke personen verblijfhouder van Belgie zijn die aandelen houden als prive-belegging en door Belgische entiteiten onderworpen aan de rechtspersonenbelasting, zijn in principe niet belastbaar of aftrekbaar in Belgie. De natuurlijke personen die verblijfhouder van Belgie zijn kunnen echter worden onderworpen aan de Belgische personenbelasting tegen een aanslagvoet van 33% (te vermeerderen met de lokale opcentiemen en de aanvullende crisisbijdrage van 3% berekend op het bedrag van de belasting) indien de gerealiseerde meerwaarden voortvloeien uit verrichtingen met betrekking tot het normaal beheer van een prive-vermogen. - -------- /4/Deze minimale deelnemingsvereiste is niet van toepassing op kredietinstellingen, verzekeringsinstellingen en beursvennootschappen. 8 De meerwaarden gerealiseerd door vennootschappen onderworpen aan de Belgische vennootschapsbelasting op gewone aandelen van klasse H, zullen worden vrijgesteld van belasting indien de dividenden uitgekeerd op de gewone aandelen van klasse H in aanmerking komen voor de aftrek van definitief belaste inkomsten. Voor de vrijstelling van deze meerwaarden is de minimale deelnemingsvereiste niet van toepassing. De eventuele minderwaarden zijn in principe niet aftrekbaar. Indirecte belastingen Taks op de beursverrichtingen. Zowel de inschrijving als de aankoop en de verkoop in Belgie van gewone aandelen van klasse H via bemiddeling van een financiele tussenpersoon gevestigd in Belgie, zijn onderworpen aan de taks op de beursverrichtingen. Het tarief van deze taks is vastgesteld op 0,35% voor de inschrijvingen, en zal worden vastgesteld op de ruilwaarde van de $1 2/3 Aandelen (exclusief de commissie betaald aan de financiele tussenpersonen). Het tarief van deze taks is vastgesteld op 0,17% voor overdrachten onder bezwarende titel. Deze taks zal worden vastgesteld voor de bedragen die in ruil voor de fracties van aandelen in specien worden betaald (Zie Samenvatting van de voorwaarden van het Bod, punt 5), zowel op de bedragen die door GM moeten worden betaald (exclusief de commissie betaald aan de financiele tussenpersonen) als op de bedragen ontvangen door de aandeelhouder die op het Bod ingaat (zonder aftrek van de commissie betaald aan de financiele tussenpersonen). De te betalen belasting is echter beperkt tot 10.000 Belgische frank per inschrijving, aankoop- of verkoopverrichting. Het volledige bedrag van deze belasting komt ten laste van de aandeelhouder. Er wordt echter een vrijstelling van deze belasting voorzien voor de verrichtingen gerealiseerd door de financiele tussenpersonen (zoals banken), verzekeringsinstellingen, pensioenfondsen, gemeenschappelijke beleggingsinstellingen of voor niet-verblijfhouders. 9 - -------------------------------------------------------------------------------- Aanvaardingsbulletin voor het openbaar bod tot omruiling met betrekking tot aandelen van General Motors beschreven in het Prospectus In tweevoud op te maken (Exemplaar bestemd voor de financiele tussenpersoon) - -------------------------------------------------------------------------------- Ik, de ondergetekende, (naam en voornaam) .........................., wonende te .........................., straat / laan / plein .........................., nr .... heb kennis genomen van de voorwaarden en nadere regels van het openbaar bod tot omruiling van GM strekkende tot het aanbod van 1,065 (een komma vijfenzestig) gewone aandelen van klasse H die zullen worden uitgegeven voor 1 gewoon aandeel van GM met een nominale waarde van $1/2///3/, vertegenwoordigd door certificaten Soges-Fiducem ("het Bod") en van het prospectus uitgegeven door GM op datum van 24 april 2000 met betrekking tot het Bod ("het Prospectus"), en verklaar te willen ingaan op het Bod en te dien einde bij de BBL in te dienen: . .... (aantal) Soges-Fiducem certificaten die 2 gewone aandelen van GM met een nominale waarde van $1 2/3 vertegenwoordigen . .... (aantal) Soges-Fiducem certificaten die 10 gewone aandelen van GM met een nominale waarde van $1 2/3 vertegenwoordigen volledig volgestort en vrij van elk pand, inpandgeving of enigerlei beperking op de vrije overdracht van hun eigendom, waarvan ik eigenaar ben. Ik verbind mij ertoe om deze aandelen in te ruilen voor gewone aandelen van klasse H, a rato van: . .... (aantal) gewone aandelen van klasse H, uitgegeven volgens de nadere regels van het Bod voor . .... (aantal) Soges-Fiducem certificaten die 2 gewone aandelen van GM met een nominale waarde van $1 2/3 vertegenwoordigen . .... (aantal) gewone aandelen van klasse H, uitgegeven volgens de nadere regels van het Bod voor . .... (aantal) Soges-Fiducem certificaten die 10 gewone aandelen van GM met een nominale waarde van $1 2/3 vertegenwoordigen De ruil zal geschieden overeenkomstig de procedure en volgens de voorwaarden bepaald in het Prospectus, de kosten zoals beschreven in punt 10 van de Prospectus zijnde te mijnen laste. Opdat mijn verbintenis geldig zou zijn, moet dit aanvaardingsbulletin worden ingediend, rechtstreeks of door bemiddeling van een financiele instelling of een financiele tussenpersoon, bij de loketten van de BBL, uiterlijk op 15 mei 2000 tijdens de openingsuren van de loketten. Ik aanvaard de mogelijke verdeling zoals zij door GM zal worden beslist alsook het feit dat GM zich het recht voorbehoudt om onder bepaalde omstandigheden beschreven in het Prospectus aan het Bod te verzaken. In geval ik, na de verdeling, recht zou hebben op een fractie van een gewoon aandeel van klasse H, aanvaard ik dat deze fractie mij in specien wordt betaald, door middel van een cheque getrokken op een Amerikaanse bank. Ik wens dat de gewone aandelen van klasse H waarop ik recht heb en de netto- opbrengst van de eventuele verkoop van de fracties van aandelen . op mijn rekeningnr. .............. bij ............... worden gecrediteerd of gestort . te mijner beschikking worden gehouden bij de loketten van de BBL. De aanvaarding kan te allen tijde worden ingetrokken tot op de sluitingsdatum van het Bod. Gedaan in tweevoud te ... (plaats), op ....2000 (datum). - ------------------- ------------ De financiele tussenpersoon De aandeelhouder (*)Schrappen wat niet van toepassing is. 10 - -------------------------------------------------------------------------------- Aanvaardingsbulletin voor het openbaar bod tot omruiling met betrekking tot aandelen van General Motors beschreven in het Prospectus In tweevoud op te maken (Exemplaar bestemd voor de aandeelhouder) - -------------------------------------------------------------------------------- Ik, de ondergetekende, (naam en voornaam) .........................., wonende te .........................., straat / laan / plein .........................., nr .... heb kennis genomen van de voorwaarden en nadere regels van het openbaar bod tot omruiling van GM strekkende tot het aanbod van 1,065 (een kooma nul vijfenzestig) gewone aandelen van klasse H die zullen worden uitgegeven voor 1 gewoon aandeel van GM met een nominale waarde van $1/2///3/, vertegenwoordigd door certificaten Soges-Fiducem ("het Bod") en van het prospectus uitgegeven door GM op datum van 24 april 2000 met betrekking tot het Bod ("het Prospectus"), en verklaar te willen ingaan op het Bod en te dien einde bij de BBL in te dienen: . .... (aantal) Soges-Fiducem certificaten die 2 gewone aandelen van GM met een nominale waarde van $1 2/3 vertegenwoordigen . ... (aantal) Soges-Fiducem certificaten die 10 gewone aandelen van GM met een nominale waarde van $1 2/3 vertegenwoordigen volledig volgestort en vrij van elk pand, inpandgeving of enigerlei beperking op de vrije overdracht van hun eigendom, waarvan ik eigenaar ben. Ik verbind mij ertoe om deze aandelen in te ruilen voor gewone aandelen van klasse H, a rato van: . .... (aantal) gewone aandelen van klasse H, uitgegeven volgens de nadere regels van het Bod voor . .... (aantal) Soges-Fiducem certificaten die 2 gewone aandelen van GM met een nominale waarde van $1 2/3 vertegenwoordigen . .... (aantal) gewone aandelen van klasse H, uitgegeven volgens de nadere regels van het Bod voor . .... (aantal) Soges-Fiducem certificaten die 10 gewone aandelen van GM met een nominale waarde van $1 2/3 vertegenwoordigen De ruil zal geschieden overeenkomstig de procedure en volgens de voorwaarden bepaald in het Prospectus, de kosten zoals beschreven in punt 10 van de Prospectus zijnde te mijnen laste. Opdat mijn verbintenis geldig zou zijn, moet dit aanvaardingsbulletin worden ingediend, rechtstreeks of door bemiddeling van een financiele instelling of een financiele tussenpersoon, bij de loketten van de BBL, uiterlijk op 15 mei 2000 tijdens de openingsuren van de loketten. Ik aanvaard de mogelijke verdeling zoals zij door GM zal worden beslist alsook het feit dat GM zich het recht voorbehoudt om onder bepaalde omstandigheden beschreven in het Prospectus aan het Bod te verzaken. In geval ik, na de verdeling, recht zou hebben op een fractie van een gewoon aandeel van klasse H, aanvaard ik dat deze fractie mij in specien wordt betaald, door middel van een cheque getrokken op een Amerikaanse bank. Ik wens dat de gewone aandelen van klasse H waarop ik recht heb en de netto- opbrengst van de eventuele verkoop van de fracties van aandelen . op mijn rekeningnr. .............. bij ............... worden gecrediteerd of gestort . te mijner beschikking worden gehouden bij de loketten van de BBL. De aanvaarding kan te allen tijde worden ingetrokken tot op de sluitingsdatum van het Bod. Gedaan in tweevoud te ... (plaats), op ....2000 (datum). - ------------------- ------------ De financiele tussenpersoon De aandeelhouder (*)Schrappen wat niet van toepassing is. 11 EX-12.A.1.XV 8 SUPPLEMENTAL DISCLOSURE FOR GERMANY EXHIBIT (a)(1)(xv) Offentliches Umtauschangebot der General Motors Corporation, Detroit, Michigan, U.S.A. an ihre Aktionare Erganzendes Informationsmemorandum fur die Bundesrepublik Deutschland General Motors Corporation, Detroit, Michigan, U.S.A., beabsichtigt, in der Bundesrepublik Deutschland ein offentliches Umtauschangebot an ihre Aktionare zum Umtausch von $1 2/3 Stammaktien in Class H Stammaktien vorzunehmen. Grundlage fur dieses offentliche Umtauschangebot ist das Offer to Exchange in englischer Sprache, welches von der London Stock Exchange am 20. April 2000 gebilligt wurde. General Motors Corporation, Detroit, Michigan, U.S.A., ubernimmt die Verantwortung fur den Inhalt des Offer to Exchange und erklart, da" ihres Wissens die darin enthaltenen Angaben richtig und keine wesentlichen Umstande ausgelassen sind. Dieses Erganzende Informationsmemorandum enthalt zusatzliche Informationen fur Anleger in der Bundesrepublik Deutschland zu folgenden Punkten: Umtauschfrist: die Umtauschfrist beginnt am Mittwoch, 26. April 2000, und endet am 19. Mai 2000. Umtauschstelle: Deutsche Bank Aktiengesellschaft, Taunusanlage 12, 60325 Frankfurt am Main. Das Offer to Exchange sowie eventuelle Nachtrage dazu sind bei der Umtauschstelle kostenlos erhaltlich. Bekanntmachungen: Frankfurter Allgemeine Zeitung und Handelsblatt. Steuern: Die General Motors Corporation geht davon aus, da" der Umtausch von $1 2/3 Stammaktien in Class H Stammaktien und eine Geldzahlung fur in Deutschland unbeschrankt steuerpflichtige Privatanleger, welche die $1 2/3 Stammaktien langer als ein Jahr gehalten haben, kein steuerpflichtiges Ereignis darstellt. Wenn Privatanleger die $1 2/3 Stammaktien ein Jahr oder kurzer gehalten haben, ist der Umtausch als steuerpflichtiges privates Verau"erungsgeschaft anzusehen, wobei der zu versteuernde Gewinn dem Differenzbetrag zwischen (i) den Anschaffungskosten fur die zum Umtausch eingereichten $1 2/3 Stammaktien und (ii) dem Wert der dafur erhaltenen Class H Stammaktien und der Geldzahlung entspricht. Gewinne bleiben steuerfrei, wenn der aus privaten Verau"erungsgeschaften erzielte Gesamtgewinn im Kalenderjahr weniger als DM 1.000 betragen hat. Die vorstehenden Angaben zur steuerlichen Behandlung des Umtauschs von $1 2/3 Stammaktien in Class H Stammaktien und eine Geldzahlung bei in Deutschland unbeschrankt steuerpflichtigen Privatanlegern enthalten keine erschopfende Darstellung der einschlagigen steuerlichen Bestimmungen. Insbesondere wird nicht auf die steuerlichen Folgen fur Inhaber von $1 2/3 Stammaktien eingegangen, die steuerlichen Sondervorschriften unterliegen. Die vorstehenden Angaben enthalten au"erdem keine Aussage zu den steuerlichen Folgen der Inhaberschaft oder der Verau"erung von Class H Stammaktien, wobei die Anbieterin davon ausgeht, da" sie sich nicht wesentlich von den steuerlichen Folgen unterscheiden, die sich aus dem Besitz der $1 2/3 Stammaktien ergeben. Allen Inhabern von $1 2/3 Stammaktien wird empfohlen, wegen der steuerlichen Behandlung des Umtauschs unter Berucksichtigung ihrer individuellen Umstande einen steuerlichen Berater zu konsultieren. Detroit, Michigan, im April 2000 GENERAL MOTORS CORPORATION EX-12.A.1.XVI 9 SUPPLEMENTAL DISCLOSURE FOR CANADIAN QUEBEC EXHIBIT 12(a)(1)(xvi) LE TEXTE QUI SUIT EST UNE TRADUCTION D'UN EXTRAIT DE LA SECTION "SUMMARY" (SOMMAIRE) DU PROSPECTUS AMERICAIN (CI-APRES DESIGNE LE "DOCUMENT" OU "PRESENT DOCUMENT") DE GENERAL MOTORS AYANT TRAIT A L'OFFRE D'ECHANGE. TOUS LES MONTANTS EN DOLLARS SONT EXPRIMES EN DOLLARS AMERICAINS. SOMMAIRE Le sommaire presente les principaux renseignements plus amplement decrits dans le document. Il ne contient pas necessairement tous les renseignements dont vous devriez tenir compte avant de decider de participer ou non a l'offre d'echange. Nous vous prions instamment de lire tout le document attentivement, notamment la rubrique "Facteurs de risque" ("Risk Factors") et les etats financiers consolides ainsi que les notes s'y rapportant. Sauf si le contexte n'exige une interpretation differente, les termes definis ci-dessous ont le meme sens que dans le document: . " General Motors ", " GM " ou " nous ": General Motors Corporation et ses filiales consolidees, y compris Hughes; et . " Hughes ": Hughes Electronics Corporation, ses filiales consolidees et sa participation dans les membres de son groupe. Apercu Nous emettrons 1,065 actions ordinaires de categorie H en echange de chaque action ordinaire d'une valeur nominale de 1 2/3$ dument deposee en reponse a l'offre et que nous acceptons dans le cadre de l'offre d'echange, jusqu'a concurrence d'un nombre total de 92 012 781 actions ordinaires de categorie H. En outre, nous nous proposons de cotiser environ 7 milliards de dollars en actions ordinaires de categorie H a certains regimes d'avantages sociaux de nos salaries au cours du deuxieme trimestre de 2000. Nous procedons a ces operations pour mettre en oeuvre notre plan d'ensemble consistant a restructurer notre participation financiere dans notre filiale Hughes afin de realiser une partie de la valeur economique provenant de notre propriete de Hughes. Nous prevoyons que ces operations, si elles sont realisees, accroitront de maniere significative le benefice par action imputable aux actions ordinaires d'une valeur nominale de 1 2/3$ dans l'avenir. General Motors General Motors exerce ses activites principalement dans le secteur de l'automobile et, par l'entremise de sa filiale en propriete exclusive, Hughes, dans le secteur des services de communications. GM est le premier fabricant de vehicules automobiles en importance au monde. GM exerce des activites dans les secteurs du financement et de l'assurance et, dans une moindre mesure, dans d'autres secteurs industriels. Notre siege social est situe au 300 Renaissance Center, Detroit (Michigan) 48265-3000, et notre numero de telephone est le (313) 556-5000. Hughes Hughes est l'un des principaux fournisseurs de services de divertissement, d'information et de communications numeriques et de reseaux satellites commerciaux prives au monde. Voici quelques renseignements supplementaires concernant notre filiale Hughes. . A bien des egards, Hughes est une pionniere du secteur des communications par satellite et sans fil; ses procedes technologiques sont a l'origine de la creation de nouveaux services et marches et ont permis a Hughes de s'imposer comme chef de file dans chacun des marches qu'elle dessert. Hughes est d'avis que sa capacite a identifier, a cibler et a exploiter rapidement de nouveaux marches lui a procure un avantage concurrentiel non negligeable en lui assurant une position de controle des marches durable. 1 . Hughes consacre ses activites a fournir des services de communications de pointe a l'echelle mondiale et elle a elabore un vaste eventail de services de divertissement, d'information et de communications destines tant aux marches residentiel que commercial, dont notamment les services de transmission d'images video, de donnees, de la voix et les services multimedias et Internet. Au cours des deux dernieres annees, ces services ont constitue une part de plus en plus importante des revenus de Hughes. Celle-ci estime que, grace a leurs marges beneficiaires et croissance superieures a celle de ses entreprises traditionnelles de fabrication, ces services presentent un potentiel de valeur accrue. . Plus tot cette annee, Hughes a annonce une strategie consistant a mobiliser ses ressources sur ses entreprises de services a croissance elevee. Dans le cadre de cette strategie, a l'heure actuelle, Hughes: . vend ses entreprises de fabrication de systemes satellites; . abandonne plusieurs gammes de produits de son entreprise de sans fil pour se concentrer sur son entreprise phare de reseau sans fil a large bande; et . reoriente ses efforts marketing pour se concentrer sur sa clientele de consommateurs et d'entreprises commerciales. . Au nombre des entreprises de Hughes figurent notamment : . DIRECTV. En termes de nombre d'abonnes, soit plus de 8,3 millions d'abonnes partout dans le monde, Hughes est, grace a DIRECTV, le premier fournisseur de services de divertissement multicanaux numeriques en importance au monde. . PanAmSat. La filiale PanAmSat de Hughes dispose de la plus imposante flotte de satellites commerciaux au monde, soit 20 satellites capables de transmettre des signaux vers des zones geographiques ou habite une grande partie de la population mondiale. . Services et produits a large bande. Detenant plus de 50 % de la part du marche mondial des reseaux satellites commerciaux prives, Hughes est un important fournisseur de materiel terrestre de communications par satellite et sans fil et de services de communications aux entreprises. A l'heure actuelle, l'entreprise de Hughes inclut egalement Hughes Space and Communications, un chef de file du domaine de la fabrication de satellites. Toutefois, Hughes a recemment convenu de vendre ses entreprises de fabrication de systemes satellites a The Boeing Company. La vente de la plus importante partie de ses entreprises traditionnelles de fabrication s'inscrit dans la strategie de Hughes visant a axer davantage son entreprise sur les services integres de divertissement, d'information et de communications. . L'objectif d'entreprise de Hughes consiste a ameliorer sa position en tant que premier fournisseur de services integres d'information, de divertissement et de communications en optimisant ses connaissances des systemes de communications satellites et sans fil et en misant sur ses avantages concurrentiels. Les strategies de base de Hughes pour atteindre cet objectif sont les suivantes : . Prendre la tete du marche du divertissement multicanaux. Hughes entend miser sur l'evolution favorable de la demande pour le divertissement multicanaux aux Etats-Unis et dans des marches internationaux de choix, notamment en maintenant la position de controle de DIRECTV aux Etats- Unis grace a sa marque vedette de programmation originale, en tablant sur son experience du marche du divertissement multicanaux americain et sur sa marque sur les marches internationaux ou Hughes estime qu'il existe d'importantes occasions de croissance et en augmentant le revenu moyen par abonne. . Miser sur les occasions de croissance dans les marches de services Internet et de donnees numeriques. Hughes entend miser sur la croissance de l'Internet et la presence accrue des donnees numeriques dans l'industrie des services de communications en integrant dans la programmation de DIRECTV un choix de technologies recourant a Internet et au mode interactif et en mettant au point 2 une gamme de services de transmission de donnees numeriques, intranet et Internet destines aux marches des consommateurs et des entreprises commerciales. . Atteindre des positions de controle du marche de facon durable. Hughes vise a occuper et a garder des positions de controle du marche en identifiant, en ciblant et en exploitant de nouveaux marches et en lancant des produits et services novateurs pour approvisionner ces marches. Le siege social de Hughes est situe au 200 North Sepulveda Boulevard, El Segundo (Californie) 90245 et son numero de telephone est le (310) 662-9688. Actions ordinaires de categorie H General Motors compte deux categories d'actions ordinaires : . Les actions ordinaires d'une valeur nominale de 1 2/3$; et . Les actions ordinaires de categorie H. Les actions ordinaires de categorie H de GM consistent en des " actions evolutives " ("tracking stock") concues pour procurer aux porteurs des rendements financiers fondes sur la performance financiere de Hughes. Toutefois, comme les actions ordinaires de categorie H de GM sont des actions ordinaires de GM, en cas de liquidation, d'insolvabilite ou toute autre situation semblable de GM, les porteurs d'actions ordinaires de categorie H n'auraient aucun droit direct sur l'actif de Hughes, mais auraient les droits sur l'actif de GM qu'ont les porteurs d'actions ordinaires de GM. Nous determinons le benefice par action et les sommes destinees au versement de dividendes sur les actions ordinaires de categorie H a l'aide d'une fraction qui represente la portion des benefices de Hughes affectes aux actions ordinaires de categorie H. Cette fraction est parfois designee " fraction de categorie H " ("Class H fraction"). Le numerateur et le denominateur de la fraction de categorie H sont etablis a la fin de chaque trimestre de la facon suivante : . Le numerateur de la fraction de categorie H correspond au nombre moyen pondere d'actions ordinaires de categorie H en circulation au cours de la periode de reference. . Le denominateur de la fraction de categorie H correspond au nombre theorique d'actions ordinaires de categorie H qui, si elle sont en circulation, representent 100 % de la participation des actions evolutives dans les benefices de Hughes. Le denominateur de la fraction de categorie H est parfois designe "dividende de base de categorie H " ("Class H dividend base"). Le dividende de base de categorie H peut etre rajuste par le conseil d'administration de GM dans certains cas precis, dont notamment en vue de tenir compte des apports de GM a Hughes. L'emission d'actions ordinaires de categorie H dans le cadre de l'offre d'echange et les cotisations aux regimes d'avantages sociaux des salaries entraineront une augmentation du numerateur de la fraction de categorie H sans pour autant modifier le denominateur. Par consequent, ces emissions auront pour effet d'accroitre la portion des benefices de Hughes pouvant etre affectes aux actions ordinaires de categorie H et de reduire la portion pouvant etre affectee aux actions ordinaires d'une valeur nominale de 1 2/3$ aux fins d'etablir le benefice par action et les sommes destinees au versement de dividendes. Dans l'hypothese ou l'offre d'echange est entierement souscrite et que les cotisations aux regimes d'avantages sociaux des salaries sont effectuees tel que prevu, la combinaison de ces operations aurait pour effet de porter la participation des actions evolutives dans les benefices de Hughes representes par les actions ordinaires de categorie H de 38 % a 73 %, avec pour corollaire une reduction de la portion des benefices de Hughes attribuables aux actions ordinaires d'une valeur nominale de 1 2/3$ de 62 % a 27 %. Ces pourcentages ne sont fournis qu'a titre d'illustration uniquement et sont fondes sur certaines hypotheses que nous etayons ailleurs dans le present document. Pour de plus amples 3 renseignements, se reporter a la rubrique "Description des actions de categorie H--Calcul detaille des sommes destinees au versement de dividendes sur les actions ordinaires de categorie H--Illustration du calcul de la fraction de categorie H apres l'offre d'echange et les cotisations aux regimes d'avantages sociaux des salaries" "Description of Class H Common Stock--Detailed Calculation of Amount Available for Dividends on Class H Common Stock-- Illustrative Calculation of Class H Fraction Following the Exchange Offer and the Contributions to the Employee Benefit Plans". Etant donne que les benefices de Hughes pouvant etre affectes aux actions ordinaires de categorie H augmenteront en proportion de l'accroissement du nombre d'actions ordinaires de categorie H en circulation, ces emissions n'auront pas pour effet de diluer le benefice par action attribuable aux actions ordinaires de categorie H. Le versement de dividendes sur les actions ordinaires de categorie H releve de la discretion du conseil d'administration de GM. Depuis la realisation, en 1997, d'une serie d'operations comportant la restructuration de la societe remplacee par Hughes et auxquelles il est parfois fait renvoi dans le present document sous la designation d'"operations de restructuration de Hughes" ("Hughes restructuring transactions"), aucun dividende n'a ete verse sur les actions ordinaires de categorie H. A l'heure actuelle, nous ne prevoyons pas verser de dividendes sur les actions ordinaires de categorie H dans le proche avenir. Modalites de l'offre d'echange Modalites de l'offre (se reporter a la page 38)...... Nous offrons d'echanger 1,065 actions ordinaires de categorie H contre chaque action ordinaire d'une valeur nominale de 1 2/3$ validement deposee en reponse a l'offre d'echange, jusqu'a concurrence de 86 396 977 actions ordinaires d'une valeur nominale de 1 2/3$ a etre acceptees, soit environ 14% du total des actions ordinaires d'une valeur nominale de 1 2/3$ en circulation en date du 31 mars 2000, et 92 012 781 actions ordinaires de categorie H a etre emises. La presente offre d'echange est facultative, ce qui signifie que vous pouvez deposer la totalite, une partie ou aucune de vos actions ordinaires d'une valeur nominale de 1 2/3$ en reponse a l'offre d'echange. Toutes les actions ordinaires d'une valeur nominale de 1 2/3$ validement deposees en reponse a l'offre, dont le depot n'est pas revoque et qui sont acceptees par GM seront echangees a raison d'un ratio d'echange, suivant les modalites et sous reserve des conditions prevus dans l'offre d'echange, notamment les dispositions relatives a la repartition proportionnelle. Les modalites et conditions de l'offre d'echange sont decrites dans le present document, la lettre d'envoi (letter of transmittal) et les directives de la lettre d'envoi (instructions to the letter of transmittal). Nous remettrons sans delai, par inscription en compte, les actions ordinaires d'une valeur nominale de 1 2/3$ qui n'ont pas ete acceptees par GM aux fins d'echange, apres l'expiration de l'offre d'echange et l'etablissement du facteur definitif de repartition proportionnelle. Date d'expiration; prorogation; resiliation (se reporter aux pages 38 et 44 a 45)................. L'offre d'echange et les droits de revocation expireront a minuit, heure de New York, vendredi, le 19 mai 2000, sauf si GM proroge l'offre d'echange. Vous devez validement deposer vos actions ordinaires d'une valeur nominale de 1 2/3$ de sorte qu'elles 4 parviennent a l'agent charge de l'echange avant cette date si vous desirez participer a l'offre d'echange. Nous pouvons egalement resilier l'offre d'echange dans les circonstances decrites a la page 45. Repartition proportionnelle; lots irreguliers (se reporter aux pages 38 a 39).......... Si plus de 86 396 777 actions ordinaires d'une valeur nominale de 1 2/3$ sont deposees en reponse a l'offre, nous accepterons toutes les actions validement deposees sur une base proportionnelle. Nous annoncerons tout facteur de repartition proportionnelle provisoire par communique de presse aussitot apres l'expiration de l'offre d'echange. Nous prevoyons annoncer le facteur de repartition proportionnelle definitif environ sept jours ouvrables apres la date d'expiration. Si vous detenez moins de 100 actions ordinaires d'une valeur nominale de 1 2/3$, et que vous deposez toutes ces actions, toutes vos actions seront acceptees aux fins d'echange sans repartition proportionnelle si l'offre d'echange est realisee. Les actions dont vous etes proprietaire dans le cadre d'un regime d'epargne de GM ou d'un membre du groupe de GM ne sont pas visees par ce traitement preferentiel. Droits de revocation (se reporter aux pages 43 a 44)......................... Vous pouvez revoquer le depot de vos actions ordinaires d'une valeur nominale de 1 2/3$ en tout temps avant l'expiration de l'offre d'echange et a d'autres moments dans certains cas. Si vous changez d'avis avant l'expiration de l'offre d'echange, vous pouvez deposer de nouveau vos actions ordinaires d'une valeur nominale de 1 2/3$ en suivant les memes modalites de depot et en les redeposant avant la date d'expiration. Conditions de realisation de l'offre d'echange (se reporter aux pages 45 a 47)......................... L'offre d'echange est assujettie a diverses conditions qui doivent etre remplies afin que nous soyons tenus de realiser l'offre d'echange, dont la condition qu'il y ait au moins 28 798 992 actions ordinaires d'une valeur nominale de 1 2/3$ validement deposees en reponse a l'offre et dont le depot n'est pas revoque. GM peut, en tout temps, renoncer a l'une quclconque ou a la totalite des conditions de l'offre d'echange. Aucune fraction d'actions (se reporter a la page 39).. Aucune fraction d'actions ordinaires de categorie H ne sera emise dans le cadre de l'offre d'echange. Si vous etiez par ailleurs habilite a recevoir une fraction d'actions ordinaires de categorie H, vous recevrez un montant en especes en echange de la fraction d'actions. Modalites de depot des actions ordinaires d'une valeur nominale de 1 2/3$ (se reporter aux pages 40 a 42)......................... Si vous detenez des certificats representant vos actions ordinaires d'une valeur nominale de 1 2/3$, vous devez remplir et signer la lettre d'envoi et y indiquer le nombre d'actions ordinaires d'une valeur nominale de 1 2/3$ que vous desirez deposer en reponse a l'offre. Faites parvenir a l'agent charge de l'echange la lettre d'envoi, accompagnee de vos certificats d'actions ordinaires d'une valeur 5 nominale de 1 2/3$ ainsi que tout autre document requis par la lettre d'envoi et les directives de la lettre d'envoi, par courrier recommande, contre accuse de reception, a l'adresse pertinente indiquee au verso du present document afin qu'il les recoive avant l'expiration de l'offre d'echange. Si vous detenez des actions ordinaires d'une valeur nominale de 1 2/3$ par l'entremise d'un courtier, vous devriez recevoir des directives de votre courtier sur la maniere de participer. Vous n'aurez pas a remplir de lettre d'envoi. Veuillez communiquer avec votre courtier directement si vous n'avez toujours pas recu de directives. Certaines institutions financieres peuvent egalement effectuer des depots par voie de transfert par inscription en compte, par l'entremise de la Depository Trust Company. Si vous detenez des certificats d'actions ordinaires d'une valeur nominale de 1 2/3$ ou si vous detenez des actions ordinaires d'une valeur nominale de 1 2/3$ par l'entremise d'un courtier, vous pouvez egalement suivre les modalites de livraison garantie. Si vous detenez des actions ordinaires d'une valeur nominale de 1 2/3$ sous forme d'inscription en compte par l'entremise du systeme d'inscription directe, vous devriez faire parvenir la lettre d'envoi signee et y indiquer le nombre d'actions a deposer a l'agent charge de l'echange, par courrier recommande, contre accuse de reception, a l'adresse pertinente indiquee au verso du present document, afin que ce dernier les recoive avant l'expiration de l'offre d'echange. Si vous participez a un regime d'epargne de GM ou d'une societe membre du groupe de GM dont le nom figure dans la liste de la page 41, vous recevrez des directives distinctes des fiduciaires ou de l'administrateur du regime concernant la maniere de deposer ces actions en reponse a l'offre. Vous devriez suivre ces instructions et vous ne devriez pas utiliser la lettre d'envoi pour deposer vos actions detenues dans ces regimes. Livraison des actions ordinaires de categorie H (se reporter aux pages 39 et 44)...................... Nous livrerons les actions ordinaires de categorie H emises dans le cadre de l'offre d'echange par voie de transfert par inscription en compte et d'especes en lieu et place de fraction d'actions, aussitot que possible apres l'expiration de l'offre d'echange, l'acceptation des actions ordinaires d'une valeur nominale de 1 2/3$ aux fins d'echange et l'etablissement de tout facteur de repartition proportionnelle. Renseignements relatifs aux cours comparatifs de l'action (se reporter aux pages 54 et 55)............. Les actions ordinaires d'une valeur nominale de 1 2/3$ et les actions ordinaires de categorie H sont actuellement negociees et inscrites a la cote de la Bourse de New York. Les actions ordinaires d'une 6 valeur nominale de 1 2/3$ de GM sont negociees sous le symbole "GM", et les actions ordinaires de categorie H de GM sont negociees sous le symbole "GMH". Le 31 janvier 2000, le dernier jour de bourse avant l'annonce publique de l'offre d'echange, le cours de cloture des actions ordinaires d'une valeur nominale de 1 2/3$ affiche au telescript de la Bourse de New York etait de 80,56 $ et le cours de cloture des actions ordinaires de categorie H etait de 112,50 $. Dans le present document, le "cours de cloture" pour une journee donnee renvoie au cours de cloture affiche au telescript de la Bourse de New York cette journee. Le 19 avril 2000, l'avant dernier jour de bourse avant le lancement de l'offre d'echange, le cours de cloture des actions ordinaires d'une valeur nominale de 1 2/3$ etait de 88,50 $, et le cours de cloture des actions ordinaires de categorie H etait de 97,81 $. Incidences fiscales federales americaines (se reporter a la page 136)..... A l'heure actuelle, nous prevoyons recevoir un avis fiscal de Kirkland & Ellis selon lequel, aux fins fiscales federales americaines, l'echange des actions ordinaires de categorie H contre des actions ordinaires d'une valeur nominale de 1 2/3$ dans le cadre de l'offre d'echange sera quitte d'impot pour GM et, a l'exception des cas ou un montant en especes est recu en lieu et place de fraction d'actions, pour les porteurs d'actions ordinaires d'une valeur nominale de 1 2/3$ qui participent a l'offre d'echange. Chaque porteur d'actions ordinaires d'une valeur nominale de 1 2/3$ devrait consulter son conseiller fiscal pour s'informer des incidences fiscales de l'offre d'echange propres a son cas. Les reglements de l'IRS imposent l'obligation de fournir certains renseignements dans votre declaration d'impot federal americain pour l'annee au cours de laquelle l'offre d'echange a lieu si vous participez celle-ci. GM fournira ces renseignements une fois l'offre d'echange realisee. Aucun droit d'evaluation.... Les porteurs d'actions de GM ne disposent d'aucun droit d'evaluation dans le cadre de l'offre d'echange. Agent charge de l'echange... Fleet National Bank Agent d'information......... Morrow & Co., Inc. Courtier gerant............. Morgan Stanley Dean Witter Gerant de marketing de Hughes...................... Salomon Smith Barney Facteurs de risques (se reporter aux pages 22 a 31)......................... Vous devriez lire et etudier attentivement le texte de la rubrique "Facteurs de risque" ("Risk Factors"), de meme que tous les autres renseignements se trouvant dans le present document avant de decider de participer ou non a l'offre d'echange. 7 Decision quant a la participation a l'offre d'echange................... Ni General Motors ni Hughes ni l'agent charge de l'echange ni l'agent d'information ni le courtier gerant ni le gerant de marketing ni l'un quelconque des membres de la direction ou des administrateurs de celles-ci ne se prononce quant a l'opportunite pour vous de deposer vos actions ordinaires d'une valeur nominale de 1 2/3$ dans le cadre de l'offre d'echange. Une fois que vous aurez lu le present document et les documents connexes et consulte vos conseillers et tenu compte de votre situation financiere et de vos besoins et d'autres elements pertinents, vous devrez decider vous meme si vous deposez ou non vos actions et etablir le nombre d'actions que vous deposerez. Nous vous prions instamment de lire le present document et les documents qui y sont joints tres attentivement. Questions d'ordre reglementaire............... Afin de conclure l'offre d'echange, nous devons effectuer certains depots et donner certains avis et obtenir certaines autorisations et dispenses des autorites de reglementation en valeurs mobilieres de territoires etrangers. Nous croyons qu'il ne reste aucune autre exigence reglementaire essentielle a respecter ni aucune autre autorisation essentielle a obtenir. Restriction legale.......... Nous n'offrons pas de vendre, ni ne sollicitons d'offre d'achat, de titres dans un territoire dans lequel l'offre ou la vente n'est pas autorisee. 8 EX-12.A.1.XVII 10 SUPPLEMENTAL DISCLOSURE FOR UNITED KINGDOM EXHIBIT 12(a)(1)(xvii) A copy of this document, which comprises a prospectus relating to General Motors Corporation prepared in accordance with the rules made pursuant to section 156A of the Financial Services Act 1986 providing for the submission to and approval by the London Stock Exchange of a prospectus where no application for listing is made in respect of the securities to which the prospectus relates, has been delivered to the Registrar of Companies of England and Wales as required by section 149(1) of the Financial Services Act 1986. If you are in any doubt about the contents of this document you should consult a person authorised under the Financial Services Act 1986 who specialises in advising on the acquisition of shares and other securities. General Motors Corporation (a company incorporated in the State of Delaware, USA with limited liability under the General Corporation Law of the State of Delaware, USA with SEC Commission Number 1-143, and having its registered office at 1209 Orange Street, City of Wilmington, County of New Castle, State of Delaware, its principal executive offices being at 300 Renaissance Center, Detroit, Michigan, USA 48265-3000) Offer to Exchange Shares of Class H Common Stock for shares of $1 2/3 Par Value Common Stock - ------------------------------------------------------------------------------- THIS DOCUMENT IS ONLY FOR DISTRIBUTION TO HOLDERS OF $1 2/3 PAR VALUE COMMON STOCK OF GENERAL MOTORS CORPORATION RESIDENT IN THE UNITED KINGDOM. IT SHOULD NOT BE PASSED ON TO ANY OTHER PERSON. - ------------------------------------------------------------------------------- THE DATE OF THIS PROSPECTUS IS APRIL 20, 2000 The directors of General Motors Corporation (whose names appear on pp 1-5 under Additional Information in Part III) accept responsibility for the information contained in this document. To the best of the knowledge and belief of the directors (who have taken all reasonable care to ensure that this is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. CONTENTS I. Offering Circular-Prospectus prepared in connection with General Motors Corporation's offer to exchange shares of GM Class H common stock for shares of GM $1 2/3 par value common stock validly tendered at an exchange ratio to be determined by GM prior to the commencement of the exchange offer. II. General Motors Corporation's Annual Report on Form 10-K relating to the year ended December 31, 1999 and financial information relating to the three year's ended December 31, 1998. III. Additional Information required to be included in this prospectus pursuant to the rules made under s156A of the Financial Services Act 1986. IN CONNECTION WITH THIS EXCHANGE OFFER, IN ACCORDANCE WITH APPLICABLE LAW, MORGAN STANLEY INTERNATIONAL LIMITED, MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILISE OR MAINTAIN THE MARKET PRICE OF THE CLASS H COMMON STOCK AT LEVELS WHICH MIGHT OTHERWISE NOT PREVAIL. SUCH STABILISING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. Additional Information 1. General Motors Corporation has its registered office at 1209 Orange Street, City of Wilmington, County of New Castle, State of Delaware 19801, USA, its principal business address being 300 Renaissance Center, Detroit, Michigan, USA 48265-3000. 2. The Board of Directors of General Motors Corporation on February 1, 2000 formally approved the making of the exchange offer to the holders of GM $1 2/3 par value common stock, and resolved that General Motors Corporation be authorized to issue shares of GM Class H common stock in the exchange offer in such numbers as may be determined to be appropriate, and that upon such issuance, such shares should be deemed validly issued, fully paid-up and non- assessable. 3. Since December 31, 1999 there has been no significant change in the financial or trading position of General Motors Corporation and its consolidated subsidiaries. 4. Directors of General Motors Corporation:
Significant activities outside Name Functions of Director General Motors Corporation ---- --------------------- ------------------------------ Percy N. Barnevik Public Policy Committee, Chairman, ABB Ltd., Chairman, and Investment Funds Investor AB; Chairman, Astra Committee Zeneca PLC, Chairman, Sandvik AB. Representative of the European Commission to the ASEM (Asia-Europe) Vision Group, Chairman of the EU Enlargement Work Group, Member of the World Economic Forum Foundation Board, European Round Table of Industrialists, the Advisory Board of the Council on Foreign Relations, the Center for Strategic and International Studies, The Business Council, Advisory Councils at the Graduate Business School of Stanford University, Wharton School of Business Administration, and Humboldt University (Berlin) John H. Bryan Audit Committee, Capital Chairman and Chief Executive Stock Committee, Officer, Sara Lee Corporation, Executive Committee, Director, BP Amoco Corporation Chairman of Executive plc, Bank One Corporation, and Compensation Committee Goldman Sachs Group Inc., Member of The Business Roundtable and The Business Council, President's Committee on the Arts and Humanities; Chairman, National Trust Council of the National Trust for Historic Preservation; Member of the Board and past Chairman of Catalyst; Trustee of the University of Chicago and life Trustee of Rush-Presbyterian-St. Luke's Medical Center; Chairman of the Board of Trustees of the Art Institute of Chicago Thomas E. Everhart Committee on Director President Emeritus, California Affairs, and Public Institute of Technology, Policy Committee Director, Hughes Electronics Corporation, Saint-Gobain Company, Reveo Inc., Raytheon Corporation and Agilent Technologies; Member of the Board of Trustees of California Institute of Technology; Member of the Board of Directors of Electric Power Research Institute (EPRI) and the Corporation for National Research Initiatives (CNRI); Senior Scientific Advisor to the W.M. Keck Foundation; Member of National Academy of Engineering Council, Council on Competitiveness; Former Chairman of General Motors Science Advisory Committee, Member of the Harvard College Board of Overseers
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Significant activities outside Name Functions of Director General Motors Corporation ---- --------------------- ------------------------------ Charles T. Fisher, Committee on Director Retired Chairman and President, III Affairs, Executive NBD Bankcorp Inc and its Compensation Committee, principal subsidiary NBD Bank Public Policy Committee N.A., Honorary Director, Bank and Chairman, Investment One Corporation; Trustee of Funds Committee Citizens Research Council of Michigan; Member, Finance Council of the Archdiocese of Detroit, Michigan Association of Certified Public Accountants and American Institute of Certified Public Accountants George M.C. Fisher Committee on Director Chairman (January 2000), Eastman Affairs, Executive Kodak Company, Director, AT&T Compensation Committee Corporation and Delta Air Lines and Investment Funds Inc.; Member of The Business Committee Council, and President's Advisory Committee for Trade Policy and Negotiations Nobuyuki Idei Director President and Chief Executive Officer, Sony Corporation and Director, AB Electrolux Karen Katen Audit Committee, Public Executive Vice-President and Policy Committee, Corporate Senior Vice President, Committee on Director Pfizer Pharmaceuticals Group, Affairs President U.S. Pharmaceuticals, Pfizer Inc. Director, Harris Corporation; Member of the International Council of J.P. Morgan & Co. Incorporated and the Pharmaceutical Research and Manufacturers Association of America, Member of the Board of National Pharmaceutical Council, Trustee of the University of Chicago and council member of the Graduate School of Business; Member of Board of the National Alliance for Hispanic Health, the American Bureau for Medical Advancement in China, the Columbia University School of Nursing Board of Visitors, the Women's Forum, Inc., the United Way Tri-State Catalyst, and National Board of Trustees of American Cancer Society Foundation J. Willard Chairman, Committee on Chairman and Chief Executive Marriott, Jr. Director Affairs, Officer, Marriott International Executive Committee, Inc., Director, Host Marriott Executive Compensation Corporation, Director of the Committee and Investment Naval Academy Endowment Trust; Funds Committee Serves on Board of Trustees of the National Geographic Society and Board of Directors of Georgetown University; Member of the Executive Committee of the World Travel and Tourism Council and The Business Council Ann D. McLaughlin Audit Committee, Capital Director, AMR Corporation and Stock Committee, its subsidiary, American Executive Committee, Airlines Inc., Fannie Mae, Chairman, Public Policy Harman International Industries, Committee Host Marriott Coporation, Donna Karan Inc., Kellogg Company, Nordstrom, Microsoft Corporation and Vulcan Materials Company; Chairman, the Aspen Institute Member of the Board of The Public Agenda Foundation, The Conservation Fund, Board of Overseers of the Wharton School of the University of Pennsylvania, Rand Corporation and Charles A. Dona Foundation
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Significant activities outside Name Functions of Director General Motors Corporation ---- --------------------- ------------------------------ Harry J. Pearce Vice Chairman, General Director, Hughes Electronics Motors Corporation Corporation, Marriott International, Inc., and MDU Resources Group, Inc.; Member, U.S. Air Force Academy's Board of Visitors, Northwestern University School of Law's Law Board; Trustee of Northwestern University and Howard University; Member of The Conference Board Eckhard Pfeiffer Executive Committee, Chairman, Intershop Audit Committee, Communications AG/Inc., Chairman of Capital Chairman, ricardo.de AG; Stock Committee Director, Bell Atlantic Corporation and Hughes Electronic Corporation; Serves on Advisory Board of Deutsche Bank; Member of the Board of Trustees, Southern Methodist University and Executive Board of the Cox School of Business- Southern Methodist University John G. Smale Audit Committee, Capital Retired Chairman and Chief Stock Committee, Executive Officer, The Proctor & Committee on Director Gamble Company; Director, Hughes Affairs, Executive Electronics Corporation, Rand Committee, Chairman of McNally and Florida Keys Land Executive Compensation and Sea Trust Committee, Investment Funds Committee and Public Policy Committee John F. Smith, Jr. Chairman and Chief Director, Hughes Electronics Executive Officer, Corporation and The Procter & General Motors Gamble Company; Co-Chairman of Corporation, Investment The Business Roundtable and Funds Committee member of The Business Council, U.S.-Japan Business Council, Chairman of Catalyst, Member of the Chancellor's Executive Committee of the University of Massachusetts; Board of Trustees, Boston University, Board of The Nature Conservancy Louis W. Sullivan, Audit Committee, Public Director, Georgia Pacific, 3M M.D. Policy Committee Corporation, Household International Inc.; CIGNA Corporation, Bristol-Myers Squibb Company, and Equifax Corporation; President, Morehouse School of Medicine; United Way of America, Boy Scouts of America, Little League Foundation, and Board of Visitors, University of California School of Medicine at Davis G. Richard Wagoner, President and Chief Chairman of the Board of Jr. Operating Officer, Visitors for Duke University's General Motors Fuqua School of Business; Corporation, Chair of GM Chairman of the Society of Automatic Strategy Board Automotive Engineers (SAE) VISION 2000 Executive Committee; Member, Board of Trustees for Detroit Country Day School
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Significant activities outside Name Functions of Director General Motors Corporation ---- --------------------- ------------------------------ Dennis Weatherstone Chairman, Audit Retired Chairman, J.P. Morgan & Committee, Capital Stock Co., Inc, Member of J.P. Morgan Committee, Executive & Co., Inc. International Committee, Executive Council and The Business Compensation Committee Council; Director, Air Liquide and Merck & Co., Inc.; President and Trustee of the Royal College of Surgeons Foundation, Inc., New York; Trustee of the Alfred P. Sloan Foundation; Independent member of the Board of Banking Supervision of the Financial Services Authority, London; Director of the Institute for International Economics
The business address for each of the Directors of General Motors Corporation is 300 Renaissance Center, Detroit, Michigan 48265-3000, USA. 5. Deloitte & Touche LLP of Detroit, Michigan, USA have audited the annual accounts of General Motors Corporation without qualification for the three financial years ended December 31, 1999. 6. The nature of the business of General Motors Corporation and the objects and purposes proposed to be transacted, promoted, or carried on by it are set out in Article Third of its Restated Certificate of Incorporation, as amended, and are as follows: (a) to manufacture, buy, sell and deal in automobiles, trucks, cars, boats, flying machines and other vehicles, their parts and accessories, and kindred articles, and generally to conduct an automobile business in all its branches; (b) to purchase or otherwise acquire, lease, assign, mortgage, pledge or otherwise dispose of any trade names, trade marks, concessions, inventions, formulae, improvements, processes of any nature whatsoever, copyrights, and letters patent of the United States and of foreign countries, and to accept and grant licenses thereunder; (c) to subscribe or cause to be subscribed for, and to purchase or otherwise acquire, hold for investment, sell, assign, transfer, mortgage, pledge, exchange, distribute or otherwise dispose of the whole or any part of the shares of the capital stock, bonds coupons, mortgages, deeds of trust, debentures, securities, obligations, notes and other evidences of indebtedness of any corporation, stock company or association, now or hereafter existing, and whether created by or under the laws of the State of Delaware, or otherwise; and while owners of any of said shares of capital stock or bonds or other property to exercise all the rights, powers and privileges of ownership of every kind and description, including the right to vote thereon, with power to designate some person for that purpose from time to time to the same extent as natural persons might or could do; (d) to purchase, hold, sell and reissue the shares of its own capital stock; (e) to buy, lease, or otherwise acquire, so far as may be permitted by law, the whole or any part of the business, good-will, and assets of any person, firm, association or corporation (either foreign or domestic) engaged in a business of the same general character as that for which General Motors Corporation is organized; (f) to endorse, guarantee and secure the payment and satisfaction of bonds, coupons, mortgages, deeds of trust, debentures, securities, obligations and evidences of indebtedness, and also to guarantee and secure the payment or satisfaction of interest on obligations and of dividends on shares of the capital stock of other corporations; also to assume the whole or any part of the liabilities, existing or prospective, of any person, corporation, firm or association; and to aid in any manner any other person or corporation with which it has business dealings, or whose stocks, bonds, or other obligations are held or are in any manner guaranteed by General Motors Corporation, and to do any other acts and things for the preservation, protection, improvement, or enhancement of the value of such stocks, bonds, or other obligations; 4 (g) to engage in any other manufacturing or mercantile business of any kind or character whatsoever, and to that end to acquire, hold, own and dispose of any and all property, assets, stocks, bonds and rights of any and every kind; (h) without in any particular way limiting any of the objects and powers of General Motors Corporation, it is hereby expressly declared and provided that General Motors Corporation shall have power to do all things herein before enumerated, and also to issue or exchange stocks, bonds, and other obligations in payment for property purchased or acquired by it, or for any other object in or about its business; to borrow money without limit; to mortgage or pledge its franchises, real or personal property, income and profits accruing to it, any stocks, bonds or other obligations, or any property which may be acquired by it, and to secure any bonds or other obligations by it issued or incurred; and (i) to carry on any business whatsoever which General Motors Corporation may deem proper or convenient in connection with any of the foregoing purposes or otherwise, or which may be calculated, directly or indirectly, to promote the interests of General Motors Corporation or to enhance the value of its property; to conduct its business in this State, in other States, and in foreign countries; and to hold, purchase, mortgage and convey real and personal property, either in or out of the State of Delaware, and to have and to exercise all the powers conferred by the laws of Delaware upon corporations formed under the act pursuant to and under which General Motors Corporation is formed. 7. The following table presents changes in capital stock for the period from January 1, 1997 to December 31, 1999 (in millions):
Common Stocks ---------------------------------------- Total Preference $1 2/3 Capital Capital Stocks(/1/) par value Class H(/2/) Class H(/3/) Stock(/5/) Surplus ----------- --------- ------------ ------------ ---------- ------- Balance at January 1, 1997................... $ 1 $1,261 $-- $10 $1,272 $19,189 Shares reacquired(/6/)...... -- (122) -- -- (122) (4,243) Shares issued(/7/).... -- 17 -- -- 17 619 Recapitalization of Class H Common Stock. -- -- 10 (10) -- (196) ---- ------ ---- ----- ------ ------- Balance at December 31, 1997................... 1 1,156 10 -- 1,167 15,369 Shares reacquired(/6/)...... -- (75) -- -- (75) (3,105) Shares issued(/7/).... -- 11 1 -- 12 397 ---- ------ ---- ----- ------ ------- Balance at December 31, 1998................... 1 1,092 11 -- 1,104 12,661 Shares reacquired(/6/)...... (1) (75)(/4/) -- -- (76) (3,794) Shares issued(/7/).... -- 16 3 -- 19 3,588 Delphi initial public offering............. -- -- -- -- -- 1,244 Delphi spin-off....... -- -- -- -- -- 95 ---- ------ ---- ----- ------ ------- Balance at December 31, 1999................... $-- $1,033 $ 14 $ -- $1,047 $13,794 ==== ====== ==== ===== ====== =======
- -------- (1) The following describes the Corporation's preference stocks (in millions except par value, stated value, and per share amounts): --Preference Stock, $0.10 par value (authorized 100 shares): --Series B 9 1/8% Preference Stock, represented by Series B 9 1/8% Depositary Shares, liquidation preference $100 per share. --Series D 7.92% Preference Stock, represented by Series D 7.92% Depositary Shares in which the stated value is $25 per share, redeemable at Corporation option on or after August 1, 1999; outstanding at December 31, 1999, one Series D 7.92% Depositary Share is equivalent to one-fourth of a share of Series D 7.92% Preference Stock (see Note 17 to the GM consolidated financial statements). --Series G 9.12% Preference Stock, represented by Series G 9.12% Depositary Shares in which the stated value is $25 per share, redeemable at Corporation option on or after January 1, 2001; outstanding at 5 December 31, 1999, one Series G 9.12% Depositary Share is equivalent to one-fourth of a share of Series G 9.12% Preference Stock (see Note 17 to the GM consolidated financial statements). --Series H 6.25% Automatically Convertible Preference Stock, stated value $561.875 per share, automatically convertible into GM Class H common stock on June 24, 2002. (2) Subsequent to its recapitalization on December 17, 1997. (3) Prior to its recapitalization on December 17, 1997. (4) Includes approximately 8.5 million shares repurchased using a forward contract GM entered into as of December 31, 1999. (See Note 19 to the GM consolidated financial statements). (5) All shares are fully paid-in as of December 31, 1999. (6) Shares are reacquired for retirement and for use for certain employee benefit plans. The following represents a summary of shares reacquired in each period. Please note that average price per share is not a weighted average cost, but only a calculation based on the rounded amounts contained herein. In 1999, Depositary Shares representing GM's Series B 9 1/8% Preference Stock were redeemed and retired for approximately $501 million. There is currently no outstanding Series B 9 1/8% Preference Stock. In addition, GM used $2.6 billion to acquire approximately 36 million shares of GM $1 2/3 par value common stock for retirement (average price of $72.22 per share), and $727 million to repurchase approximately 9 million shares of GM $1 2/3 par value common stock (average price of $80.78 per share) and $13 million to repurchase approximately 0.3 million shares of GM Class H common stock (average price of $43.33 per share) for certain employee benefit plans. In 1998, GM used $2.6 billion to acquire approximately 38 million shares of GM $1 2/3 par value common stock for retirement (average price of $68.42 per share), and $427 million to repurchase approximately 7 million shares of GM $1 2/3 par value common stock (average price of $61.00 per share) for certain employee benefit plans. In 1997, GM used $3.8 billion to acquire approximately 64 million shares of GM $1 2/3 par value common stock for retirement (average price of $59.38 per share), and $600 million to repurchase approximately 9 million shares of GM $1 2/3 par value common stock (average price of $66.67 per share) for certain employee benefit plans. (7) Shares are issued (or registered) for stock options or stock awards granted pursuant to certain employee benefit plans. In addition, in 1999, as part of a strategic alliance with Hughes, AOL invested $1.5 billion in return for approximately 2.7 million shares of GM Series H 6.25% Automatically Convertible Preference Stock, par value $0.10 per share. As a result of the 1999 Hughes acquisitions of Primestar's direct-to-home business and USSB, 4.9 million shares (based on an average price of $47.87 per share) and 22.6 million shares (average price of approx. $57.00 per share) of GM Class H common stock were issued, respectively. 8. So far as is known to the General Motors Corporation there is no person (whether an individual, a corporate entity or otherwise) interested directly or indirectly in 3% or more of the capital of General Motors Corporation other than Fiat S.p.A. which is interested in approximately 5.1% of GM $1 2/3 par value common stock, pursuant to an agreement which is subject to certain conditions, including approvals of competition authorities in the United States and European Union. 9. The net turnover of General Motors Corporation during the last three financial years has been influenced by the following transactions: A. Restructuring of Hughes Electronics Corporation: On December 17, 1997, GM completed a series of transactions designed to address strategic challenges facing its Hughes Electronics Corporation subsidiary's predecessor, also known as Hughes Electronics Corporation, and its three principal businesses. These transactions included: . The tax-free spin-off of its defense electronics business, approximately 41.3% to holders of GM $1 2/3 par value common stock, and approximately 58.7% to holders of GM Class H common stock, $0.10 par value. Immediately after the spin-off, this business merged with Raytheon Company. 6 . The transfer of Delco Electronics Corporation, its automotive electronics business, to GM's Delphi Automotive Business sector which is now a separate corporation known as Delphi Automotive Systems Corporation. As a result of this transaction, the approximately 25.6% tracking stock interest in this business which was previously held by Class H common stockholders was effectively allocated to GM $1 2/3 par value common stockholders. . The recapitalization of GM Class H common stock into a new tracking stock of the same name that is related to Hughes' current business. B. Separation and Subsequent Spin-Off of Delphi Automotive Systems Corporation from General Motors Corporation: Pursuant to the terms of a Master Separation Agreement and certain Ancillary Agreements related thereto dated December 22, 1998, on January 1, 1999 General Motors transferred substantially all of the assets and liabilities related to its automotive parts supplier business sector known as the Delphi Automotive Business sector to a newly created, wholly-owned subsidiary of General Motors named Delphi Automotive Systems Corporation, a Delaware corporation ("Delphi"). On February 4, 1999, Delphi sold approximately 17.7% of its common stock to the public in an initial public offering, after which time GM owned approximately 82.3% of the common stock of Delphi. Finally, on May 28, 1999, General Motors contributed a small portion of its shares of Delphi to an employee benefit plan for the benefit of GM retired hourly employees and effected a tax-free distribution of all of its remaining shares of Delphi to the holders of GM $1 2/3 par value common stock, thereby relinquishing all of GM's ownership interest in Delphi. 10. The subsidiaries in which General Motors Corporation's interest in each such subsidiary's capital exceeds 10% of General Motors Corporation consolidated net profit, and which have a significant effect on the assessment of General Motors Corporation's own assets and liabilities and financial position are: General Motors Acceptance Corporation Hughes Electronics Corporation 1209 Orange Street 1209 Orange Street City of Wilmington City of Wilmington County of New Castle County of New Castle Delaware 19801 Delaware 19801 USA USA Both General Motors Acceptance Corporation and Hughes Electronics Corporation are wholly owned subsidiaries of General Motors Corporation. The subsidiaries which are important for the purposes of assessing the overall assets, liabilities, financial position and profits and losses of General Motors Corporation are General Motors Acceptance Corporation and Hughes Electronics Corporation. CERTAIN UNITED KINGDOM TAX CONSEQUENCES 11. The following is a summary of certain United Kingdom tax consequences relating to the exchange offer for persons that are U.K. Holders (as defined below). The summary is based on the law and practice in effect on the date hereof, which may be subject to change. U.K. Holders are urged to consult their tax advisors as to the particular tax consequences to them of the exchange offer. As used herein, a "U.K. Holder" is a person who (i) is resident and, in the case of an individual, ordinarily resident and domiciled in the United Kingdom for tax purposes, (ii) beneficially owns the $1 2/3 par value common stock as an investor and not as a dealer in securities or other person with special tax status and (iii) is entitled to the benefits of the Double Taxation Convention between the U.K. and the USA (the "Convention"). 7 Consequences of Exchange Offer. For U.K. tax purposes, the exchange of GM $1 2/3 par value common stock for Class H common stock pursuant to the exchange offer will not be treated as a disposal by the U.K. Holders who participate in the exchange offer. Instead, the GM Class H common stock received will be treated as the same asset acquired as the GM $1 2/3 par value common stock. The GM Class H common stock will, therefore, be treated as acquired at the same time as the GM $1 2/3 par value common stock. Where any fractional entitlement to GM Class H common stock is satisfied in cash, U.K. Holders should not be treated as making a part disposal for capital gains tax purposes (where the amount of cash received does not exceed either of 5% of the value of the GM Class H common stock received on exchange or (Pounds)3,000 (whether or not that exceeds 5%)). Consequences of Receiving Dividends on GM Class H Common Stock. The gross amount of any dividends distributed with respect to the GM Class H common stock (including amounts withheld in respect of U.S. tax) generally will be subject to U.K. taxation. Subject to generally applicable limitations, U.S. tax withheld from the dividend will constitute foreign income tax that is eligible for credit against a U.K. Holder's U.K. tax liability. Under the Convention, U.S. withholding tax will be no more than 15%. United Kingdom paying agents. If any dividend payable on the GM Class H common stock is entrusted to any person in the U.K. for payment or distribution (a "paying agent"), the paying agent will be obliged by law to withhold on account of U.K. income tax at the lower rate, currently 20%, (but may generally withhold at the rate of 10% which rate is anticipated to become law under currently proposed legislation), except that the paying agent will not be required to so withhold under certain conditions, including the following: (1) the GM Class H common stock is held in a recognised clearing system; and (a) payment is made direct to the recognised clearing system; or (b) payment is made to, or at the direction of, a depositary for the recognised clearing system and the paying agent has obtained a valid declaration from a depositary for the recognised clearing system; or (2) the paying agent has obtained a notice from the Inland Revenue instructing the paying agent to pay the dividend with no tax deducted; or (3) the person who is beneficially entitled to the dividend and is the beneficial owner of the GM Class H common stock is not resident in the United Kingdom; and (a) the paying agent obtains a valid declaration from the said person on the occasion of each payment; or (b) the paying agent obtains on the occasion of each payment a valid declaration from another person who holds the GM Class H common stock for the non-resident person and who is entitled to arrange for the dividends to be paid with no U.K. tax deducted; or (4) the person entitled to the dividends is eligible for certain reliefs, for example, a United Kingdom charity or United Kingdom approved pension fund, and completes an appropriate declaration where required. United Kingdom collecting agents. A person in the United Kingdom (a "collecting agent") who in the course of a trade or professions either (a) acts as custodian of the GM Class H common stock and receives dividends on the GM Class H common stock or directs that the dividends be paid to another person or consents to such payment; or (b) collects or secures payment of or receives dividends for a U.K. Holder (except by means solely of clearing a cheque or arranging for the clearing of a cheque); or (c) otherwise acts in the course of a trade or profession for another person in arranging to collect or secure payment of dividends on the GM Class H common stock, the collecting agent will be obliged by law to withhold on account of U.K. income tax at the lower rate, currently 20%, (but may generally withhold at the rate of 10% which rate is anticipated to become law under currently proposed legislation), subject to certain exceptions, including the following: (1) the GM Class H common stock are held in a recognised clearing system and either: (a) the collecting agent pays or accounts for the dividends directly or indirectly to the recognized clearing system and where such payment or account is made to, or at the direction of, a depositary for the recognised clearing system, the collecting agent holds a valid declaration from the depositary; or 8 (b) the collecting agent is acting as depositary for the recognised clearing system in respect of the GM Class H common stock; or (2) the collecting agent has obtained a notice from the Inland Revenue instructing the paying agent to pay the dividend with no tax deducted; or (3) the person who is beneficially entitled to the dividends and is the beneficial owner of the GM Class H common stock is not resident in the United Kingdom; and (a) the collecting agent obtains a valid declaration from the said person on the occasion of each payment; or (b) the collecting agent obtains on the occasion of each payment a valid declaration from another person who holds the GM Class H common stock for the non-resident person and who is entitled to arrange for the dividends to be paid with no U.K. tax deducted; or (4) the person entitled to the dividends is eligible for certain reliefs, for example, a United Kingdom charity or United Kingdom approved pension fund, and completes an appropriate declaration where required. In the case of each of the above exceptions to withholding, further administrative conditions may have to be satisfied for the relevant exception to be available. Consequences of Sales or Other Dispositions of GM Class H Common Stock. Any subsequent disposal of the GM Class H common stock may give rise to a gain or loss for the purposes of U.K. taxation of capital gains. U.K. Holders who are U.K. companies may incur a liability to U.K. corporation tax on chargeable gains (after taking account of indexation). U.K. Holders who are individuals may incur a liability to capital gains tax, subject to the availability of taper relief and other reliefs. Where, in satisfaction of a fractional entitlement to GM Class H common stock, cash is received, such amount of cash should be deducted from any expenditure allowable as a deduction in computing a gain or loss on a disposal of the GM Class H common stock. U.S. WITHHOLDING TAX POSITION In the event that any payment made by General Motors Corporation or any paying agent is subject to withholding of United States federal income tax (as a result of a change in law or otherwise), General Motors Corporation will not pay additional amounts to holders of GM Class H common stockholders. Holders of GM Class H common stock should refer to "Income Tax Consequences--Material U.S. Federal Income Tax Consequences--U.S. Federal Income Tax Consequences for Non-U.S. Persons" in Part I. 12. No director of General Motors Corporation has had any interest whatsoever in any transaction carried out by General Motors Corporation unusual in its nature or conditions or significant to the business of General Motors Group and which transaction was effected by General Motors Corporation during the current or immediately preceding financial year or during an earlier year and remains in any respect outstanding or underperformed. 13. The total aggregate of the remuneration paid, and benefits in kind granted to, the directors of General Motors Corporation during the financial year ending December 31, 1999 is $44,817,412.00. 14. The beneficial ownership of all classes of common stock of General Motors Corporation for each Director of General Motors Corporation is shown in the following table. All information is as of December 31, 1999. 9 NOTE: All shares are directly held unless otherwise noted. Reports are for share holdings as of December 31, 1999. Calculations are based on Forms 5 (for non-employee directors) and 4 (for employee directors) filed by directors with the United States Securities and Exchange Commission.
Amount of $1 2/3 Par Value Common Amount of Class H Common Stock Director Stock Held Held - -------- --------------------------------- ------------------------------ Percy N. 10,000 0 Barnevik John H. 7,000 0 Bryan Thomas E. 400 0 Everhart Charles T. 1,200--Shares held in Reporting 58--Shares held in Reporting Fisher, Person's Trust U/A DTD 3/24/88. Person's Trust U/A DTD 3/24/88. III 500--Reporting Person serving as Trustee of Sarah W. Fisher Trust for Mary Elizabeth Fisher. Beneficial ownership of securities held in this Trust so expressly disclaimed. 1,144--Reporting Person owns 1/7 remainderman interest in the Walter O. Briggs 1932 Trust D. 544--Reporting Person owns a 1/7 remainderman interest in the Walter O. Briggs Trust under Will for Elizabeth B. Fisher. George M. 5,000 0 C. Fisher Karen Katen 2,000 0 J. Willard 1,000 0 Marriot, Jr. Ann D. 2,240 0 McLaughlin 191--Shares owned pursuant to Rule 16b-3 exempt General Motors Dividend Reinvestment Plan. Amounts shown as of December 31, 1999. Bank of Boston, Trustee. Harry J. 44,377--Shares held in General 39,328--Directly Held which Pearce Motors Dividend Reinvestment Plan include 12,109 shares which are as of 12/31/99. Bank of Boston, subject to forfeiture under Trustee. certain conditions pursuant to 33,777--Directly Held which Rule 16b-3 qualified General include 26,803 shares which are Motors Performance Achievement subject to forfeiture under Plan. certain conditions pursuant to 12,879--Indirectly Held in trust Rule 16b-3 qualified General under General Motors Savings- Motors Performance Achievement Stock Purchase Program as of Plan. 12/31/99. State Street Bank & 2,976--Indirectly Held in trust Trust Co., Trustee. Shares owned under General Motors Savings- pursuant to Rule 16b-3 exempt Stock Purchase Program as of employee savings plan. 12/31/99. State Street Bank & Trust Co., Trustee. Shares owned pursuant to Rule 16b-3 exempt employee savings plan.
10
Amount of $1 2/3 Par Value Common Amount of Class H Common Stock Director Stock Held Held - -------- --------------------------------- ------------------------------ Eckhard 6,000 0 Pfeiffer John G. Smale 16,000--By Trust, John Smale, 200--By Trust, John Smale, Trustee. Trustee. John F. 250,694--Directly Held which 38,234--Directly Held which Smith, Jr. include 64,280 shares which are include 15,494 shares which are subject to forfeiture under subject to forfeiture under certain conditions pursuant to certain conditions pursuant to Rule 16b-3 qualified General Rule 16b-3 qualified General Motors Performance Achievement Motors Performance Achievement Plan Plan. 6,437--Indirectly Held in trust 7,306--Indirectly Held in trust under General Motors Savings- under General Motors Savings- Stock Purchase Program as of Stock Purchase Program as of 12/31/99. State Street Bank & 12/31/99. State Street Bank & Trust Co., Trustee. Shares owned Trust Co., Trustee. Shares owned pursuant to Rule 16b-3 exempt pursuant to Rule 16b-3 exempt employee savings plan. employee savings plan. Louis W. 100 0 Sullivan, M.D. Richard G. 95,640--Directly Held which 21,636--Directly Held which Wagoner, Jr. include 29,427 shares which are include 9,312 shares which are subject to forfeiture under subject to forfeiture under certain conditions pursuant to certain conditions pursuant to Rule 16b-3 qualified General Rule 16b-3 qualified General Motors Performance Achievement Motors Performance Achievement Plan Plan 2,565--Indirectly Held in trust 297--Indirectly Held in trust under General Motors Savings- under General Motors Savings- Stock Purchase Program as of Stock Purchase Program as of 12/31/99. State Street Bank & 12/31/99. State Street Bank & Trust Co., Trustee. Shares owned Trust Co., Trustee. Shares owned pursuant to Rule 16b-3 exempt pursuant to Rule 16b-3 exempt employee savings plan. employee savings plan. Dennis 6,000 0 Weatherstone [deliberately left blank]
11 The interests of each director of General Motor Corporation in the capital of General Motors Corporation as represented by stock options are set out in the tables below: Non-Employee Directors Stock Options
Total GM Total Balance $1 2/3 GM H GM $1 2/3 GM GM H Balance Options Options Shares $1 2/3 Shares GM H Granted Granted Exercised Shares Exercised Shares ------- ------- --------- ------- --------- ------- P. Barnevik................. 0 0 0 0 0 0 J.H. Bryan.................. 5,908 412 0 5,908 0 412 T.E. Everhart............... 2,395 140 0 2,395 0 140 C.T. Fisher, III............ 3,597 140 0 3,597 0 140 G.M.C. Fisher............... 5,908 412 0 5,908 0 412 N. Idei..................... 0 0 0 0 0 0 K. Katan.................... 2,311 272 0 2,311 0 272 J.W. Marriott............... 0 0 0 0 0 0 A.D. McLaughlin............. 2,295 140 0 2,295 0 140 E. Pfeiffer................. 4,606 412 0 4,606 0 412 J.G. Smale.................. 3,597 140 0 3,597 0 140 L.W. Sullivan............... 2,295 140 0 2,295 0 140 D. Weatherstone............. 0 0 0 0 0 0 ------ ----- --- ------ --- ----- TOTALS.................. 32,912 2,208 0 32,912 0 2,208 ====== ===== === ====== === =====
12 Summary of Incentive Compensation Stock Options John F. Smith, Jr.
Exercisable Shares Shares to be Option --------------------- Grant Date Granted Exercised Class Price ($) From Through ---------- ------- ------------ ----- --------- ---------- ---------- 01-10-1994 59,155 77,147 COM/1/ 45.30 01-10-1995 01-11-2004 59,155 77,144 COM 45.30 01-10-1996 01-11-2004 01-09-1995 48,844 63,700 COM 33.17 01-09-1996 01-10-2005 48,844 63,697 COM 33.17 01-09-1997 01-10-2005 50,000 65,204 COM 33.17 01-09-1998 01-10-2005 02-05-1996 956 1,246 COM 40.07 02-05-1997 02-04-2006 956 1,246 COM 40.07 02-05-1998 02-04-2006 65,710 85,696 COM 40.07 02-05-1997 02-04-2006 65,710 85,692 COM 40.07 02-05-1998 02-06-2006 66,668 86,941 COM 40.07 02-05-1999 02-06-2006 02-03-1997 572 745 COM 44.73 02-03-1998 02-02-2007 571 744 COM 44.73 02-03-1999 02-02-2007 571 744 COM 44.73 02-03-2000 02-02-2007 91,096 118,802 COM 44.73 02-03-1998 02-04-2007 91,095 118,797 COM 44.73 02-03-1999 02-04-2007 91,095 118,797 COM 44.73 02-03-2000 02-04-2007 01-12-1998 595 715 COM 46.59 01-12-1999 01-11-2008 595 715 COM 46.59 01-12-2000 01-11-2008 595 715 COM 46.59 01-12-2001 01-11-2008 99,405 119,487 COM 46.59 01-12-1999 01-13-2008 99,405 119,484 COM 46.59 01-12-2000 01-13-2008 99,405 119,484 COM 46.59 01-12-2001 01-13-2008 01-11-1999 389 467 COM 71.53 01-11-2000 01-10-2009 387 465 COM 71.53 01-11-2001 01-10-2009 387 465 COM 71.53 01-11-2002 01-10-2009 116,279 139,769 COM 71.53 01-11-2000 01-12-2009 116,279 139,767 COM 71.53 01-11-2001 01-12-2009 116,279 139,767 COM 71.53 01-11-2002 01-12-2009 01-10-2000 442 442 COM 75.50 01-10-2001 01-09-2010 441 441 COM 75.50 01-10-2002 01-09-2010 441 441 COM 75.50 01-10-2003 01-09-2010 132,892 132,892 COM 75.50 01-10-2001 01-11-2010 132,892 132,892 COM 75.50 01-10-2002 01-11-2010 132,892 132,892 COM 75.50 01-10-2003 01-11-2010 Total Shares to be Exercised 2,147,642 COM =========
13 Harry J. Pearce
Exercisable Shares Shares to be Option --------------------- Grant Date Granted Exercised Class Price ($) From Through - ---------- ------- ------------ ----- --------- ---------- ---------- 0-10-1994 845 1,101 COM/1/ 45.30 01-10-1995 01-09-2004 845 1,101 COM 45.30 01-10-1996 01-09-2004 11,655 15,200 COM 45.30 01-10-1995 01-11-2004 11,655 15,199 COM 45.30 01-10-1996 01-11-2004 4,675 6,125 COM 30.15 01-10-1995 01-11-2004 4,675 6,124 COM 30.15 01-10-1996 01-11-2004 4,675 8,094 H/2/ 22.82 01-10-1995 01-11-2004 4,675 8,094 H 22.82 01-10-1996 01-11-2004 01-09-1995 1,156 1,507 COM 33.17 01-09-1996 01-08-2005 1,156 1,507 COM 33.17 01-09-1997 01-08-2005 12,177 15,883 COM 33.17 01-09-1996 01-10-2005 12,177 15,879 COM 33.17 01-09-1997 01-10-2005 13,334 17,388 COM 33.17 01-09-1998 01-10-2005 4,167 7,215 H 20.01 01-09-1996 01-10-2005 4,166 7,213 H 20.01 01-09-1997 01-10-2005 4,166 7,213 H 20.01 01-09-1998 01-10-2005 02-05-1996 956 1,246 COM 40.07 02-05-1997 02-04-2006 956 1,246 COM 40.07 02-05-1998 02-04-2006 32,811 42,791 COM 40.07 02-05-1997 02-06-2006 32,811 42,788 COM 40.07 02-05-1998 02-06-2006 33,766 44,034 COM 40.07 02-05-1999 02-06-2006 5,234 6,859 COM 42.99 02-05-1997 02-06-2006 5,234 6,857 COM 42.99 02-05-1998 02-06-2006 5,233 6,855 COM 42.99 02-05-1999 02-06-2006 5,233 9,061 H 32.53 02-05-1997 02-06-2006 5,233 9,060 H 32.53 02-05-1998 02-06-2006 5,233 9,060 H 32.53 02-05-1999 02-06-2006 02-03-1997 572 745 COM 44.73 02-03-1998 02-02-2007 571 744 COM 44.73 02-03-1999 02-02-2007 571 744 COM 44.73 02-03-2000 02-02-2007 26,930 35,123 COM 44.73 02-03-1998 02-04-2007 26,928 35,116 COM 44.73 02-03-1999 02-04-2007 26,928 35,116 COM 44.73 02-03-2000 02-04-2007 4,384 5,746 COM 46.48 02-03-1998 02-04-2007 4,383 5,741 COM 46.48 02-03-1999 02-04-2007 4,383 5,741 COM 46.48 02-03-2000 02-04-2007 4,384 7,592 H 35.17 02-03-1999 02-04-2007 4,383 7,588 H 35.17 02-03-1999 02-04-2007 4,383 7,588 H 35.17 02-03-2000 02-04-2007 01-12-1998 595 715 COM 46.59 01-12-1999 01-11-2008 595 715 COM 46.59 01-12-2000 01-11-2008 595 715 COM 46.59 01-12-2001 01-11-2008 30,655 36,848 COM 46.59 01-12-1999 01-13-2008 30,655 36,847 COM 46.59 01-12-2000 01-13-2008 30,655 36,847 COM 46.59 01-12-2001 01-13-2008 18,033 18,033 H 32.35 01-12-1999 01-13-2008 18,031 18,031 H 32.35 01-12-2000 01-13-2008 18,031 18,031 H 32.35 01-12-2001 01-13-2008
14
Exercisable Shares Shares to be Option --------------------- Grant Date Granted Exercised Class Price ($) From Through ---------- ------- ------------ ----- --------- ---------- ---------- 01-11-1999 389 467 COM 71.53 01-11-2000 01-10-2009 387 465 COM 71.53 01-11-2001 01-10-2009 387 465 COM 71.53 01-11-2002 01-10-2009 43,363 52,123 COM 71.53 01-11-2000 01-12-2009 43,362 52,121 COM 71.53 01-11-2001 01-12-2009 43,362 52,121 COM 71.53 01-11-2002 01-12-2009 29,009 29,009 H 43.22 01-11-2000 01-12-2009 29,008 29,008 H 43.22 01-11-2001 01-12-2009 29,008 29,008 H 43.22 01-11-2002 01-12-2009 01-10-2000 442 442 COM 75.50 01-10-2001 01-09-2010 441 441 COM 75.50 01-10-2002 01-09-2010 441 441 COM 75.50 01-10-2003 01-09-2010 49,560 49,560 COM 75.50 01-10-2001 01-11-2010 49,558 49,558 COM 75.50 01-10-2002 01-11-2010 49,558 49,558 COM 75.50 01-10-2003 01-11-2010 11,137 11,137 H 103.32 01-10-2001 01-11-2010 11,136 11,136 H 103.32 01-10-2002 01-11-2010 11,136 11,136 H 103.32 01-10-2003 01-11-2010 Total Shares to be Exercised 794,955 COM ======= 262,307 H =======
15 G. Richard Wagoner, Jr.
Exercisable Grant Shares Shares to be Option --------------------- Date Granted Exercised Class Price ($) From Through ----- ------- ------------ ----- --------- ---------- ---------- 08-10-1992 4,500 5,868 COM/1/ 28.62 08-10-1993 08-11-2002 4,500 5,868 COM 28.62 08-10-1994 08-11-2002 01-10-1994 845 1,101 COM 45.30 01-10-1995 01-09-2004 845 1,101 COM 45.30 01-10-1996 01-09-2004 24,155 31,503 COM 45.30 01-10-1995 01-11-2004 24,155 31,499 COM 45.30 01-10-1996 01-11-2004 01-09-1995 25,511 33,271 COM 33.17 01-09-1996 01-10-2005 25,511 33,268 COM 33.17 01-09-1997 01-10-2005 26,666 34,775 COM 33.17 01-09-1998 01-10-2005 02-05-1996 32,377 42,226 COM 40.07 02-05-1997 02-06-2006 32,377 42,222 COM 40.07 02-05-1998 02-06-2006 33,334 43,470 COM 40.07 02-05-1999 02-06-2006 02-03-1997 572 745 COM 44.73 02-03-1998 02-02-2007 571 744 COM 44.73 02-03-1999 02-02-2007 571 744 COM 44.73 02-03-2000 02-02-2007 32,762 42,727 COM 44.73 02-03-1998 02-04-2007 32,762 42,725 COM 44.73 02-03-1999 02-04-2007 32,762 42,725 COM 44.73 02-03-2000 02-04-2007 01-12-1998 595 715 COM 46.59 01-12-1999 01-11-2008 595 715 COM 46.59 01-12-2000 01-11-2008 595 715 COM 46.59 01-12-2001 01-11-2008 32,739 39,353 COM 46.59 01-12-1999 01-13-2008 32,738 39,351 COM 46.59 01-12-2000 01-13-2008 32,738 39,351 COM 46.59 01-12-2001 01-13-2008 01-11-1999 389 467 COM 71.53 01-11-2000 01-10-2009 387 465 COM 71.53 01-11-2001 01-10-2009 387 465 COM 71.53 01-11-2002 01-10-2009 57,947 69,655 COM 71.53 01-11-2000 01-12-2009 57,945 69,649 COM 71.53 01-11-2001 01-12-2009 57,945 69,649 COM 71.53 01-11-2002 01-12-2009 01-10-2000 442 442 COM 75.50 01-10-2001 01-09-2010 441 441 COM 75.50 01-10-2002 01-09-2010 441 441 COM 75.50 01-10-2003 01-09-2010 66,226 66,226 COM 75.50 01-10-2001 01-11-2010 66,225 66,225 COM 75.50 01-10-2002 01-11-2010 66,225 66,225 COM 75.50 01-10-2003 01-11-2010 Total Shares to be Exercised 967,132 COM =======
- -------- /1/$1)2/3 par value common stock /2/Class)H common stock 16 INFORMATION RELATING TO GENERAL MOTORS CORPORATION EMPLOYEE STOCK INCENTIVE SCHEMES 15. Defined terms and numerical references used in this Paragraph 15 (unless otherwise indicated) shall have application only in respect of this Paragraph 15 and shall not apply to this document generally. General Motors Corporation has a number of stock and option based incentive plans. The plans are primarily divided between plans that cover executives of General Motors Corporation and plans that cover other employees of General Motors Corporation (such employees are commonly referred to as classified employees; executives are considered unclassified). General Motors Corporation also offers a tax deferred (pursuant to Section 401(k) of the Internal Revenue Code of 1986, as amended) savings plan (S-SPP) pursuant to which eligible employees may contribute part of their salary and for which General Motors Corporation makes matching contributions on up to 6% of an employee's eligible salary. GENERAL MOTORS INFORMATION General Motors Corporation Non-Employee Director Long-Term Stock Incentive Plan (the "NEDSIP") General Motors Corporation operates NEDSIP. The purpose of the NEDSIP is to provide non-employee Directors of General Motors Corporation (the "Corporation") with a plan of stock ownership that will further ensure that the compensation of its Directors is closely aligned with stockholder interests and the performance of the Corporation. The following is a summary of the principal provisions of the NEDSIP. Participation in the NEDSIP is limited to non-employee Directors of the Corporation who are not former employees of the Corporation or any subsidiary. Eligibility is currently limited to each such non-employee Director who has attained age 56 as of the date of the annual meeting in such year (each a "Participant"). As reported in last year's proxy statement, each non-employee Director who would be required pursuant to the General Motors Director Retirement Policy to retire in 15 years or less, was credited on January 2, 1996 with an initial grant of restricted stock units of GM $1 2/3 par value common stock ("RSUs"). The dollar value of each Participant's initial grant of RSUs was determined based on the Director's estimated life expectancy. The dollar value of each initial grant of RSUs was established in such a way that the projected value of all of the subsequent annual grants of RSUs plus an estimate return (including dividend reinvestment and appreciation of the stock price) will be equivalent in value to the present value of the retirement benefit such Director would have received under the terminated General Motors Director Retirement Plan. On or before December 31 of each NEDSIP year, each Participant will have the opportunity to make an irrevocable election to receive his or her annual Plan award to be granted in the subsequent year, either: (1) in the form of a grant of RSUs with a market value of $10,000 on the first business day of June, or (2) in the form of a non-qualified stock option to purchase 1,000 shares of GM $1 2/3 par value common stock upon the terms provided in Section 11 of the Plan. The stock options have a term of up to 10 years and 2 days from the date of award, subject to earlier termination as provided herein. A stock option does not become exercisable until one year from the date of grant. If a Participant leaves the Board before the stock option becomes exercisable, the stock option will terminate on the date that such Participant is no longer a Director. Subject to adjustment as set forth in the NEDSIP, the aggregate maximum number of shares upon exercise of stock options granted pursuant to the Plan will be 250,000 shares. 17 The NEDSIP may at any time be amended, modified or terminated by the Board, to comport with changes in the Internal Revenue Code of 1986, as amended, and the Employee Retirement Income Security Act of 1974, as amended, or the rules or regulations promulgated thereunder. In addition, the Board may, in its sole discretion, modify the terms and conditions of the NEDSIP in response to and consistent with any changes in other applicable laws, rules or regulations. The Board also reserves the right to modify the NEDSIP from time to time, or to suspend or terminate the NEDSIP entirely, provided, however, that no modification of the NEDSIP, except for such modifications as may be required by law, rule or regulations, shall operate to annul an election already in effect for the current calendar year or any preceding calendar year. 1997 GENERAL MOTORS STOCK INCENTIVE PLAN (the "SIP") Under the 1997 Stock Incentive Plan, the General Motors Corporation Executive Compensation Committee (the "Committee") may grant stock options or Restricted Compensation Units ("RSUs") at any time from June 1, 1997, through May 31, 2002. Amount of Grants. Subject to adjustment as set forth in the SIP, the SIP provides for a pool of 60,000,000 shares of GM $1 2/3 par value common stock and 2,500,000 shares of GM Class H common stock from which options and RSUs may be granted prior to June 1, 2002, provided, however, that the maximum number of shares which may be granted as RSUs will not exceed 7,500,000 GM $1 2/3 par value common and 1,000,000 GM Class H common shares. The SIP provides for the use of authorized but previously unissued and/or reacquired shares; however, the Corporation has committed that a maximum of 40,000,000 shares of GM $1 2/3 common stock and 1,700,000 shares of GM Class H common stock would be previously unissued shares. Stock Options. Within the limits previously described, the SIP permits the Committee to make stock option grants in such amounts and at such times as it may determine. The Committee currently anticipates that, as in the past, the granting of stock options will normally be made on an annual basis. The Committee may delegate to the President's Council determination of individual grants for employees who are not officers of the Corporation. Any such determination shall be subject to a maximum number of shares which shall be approved by the Committee. Subject to adjustment as set forth in the Plan, the maximum number of shares of GM $1 2/3 par value common stock, GM Class H common stock or any combination thereof that may be granted to any individual in the form of stock options in any calendar year will not exceed 1,000,000 shares. Eligibility. To be eligible to receive an award under the SIP, a participant must be an employee of the Corporation or a subsidiary or an individual who has been requested by the Corporation to accept employment with an entity in which the Corporation has a substantial ownership interest. Option Exercise and Termination Provisions. The SIP provides, in accordance with past practice, that Incentive Stock Options will be exercisable for a term ten years from the date of grant as stipulated by the Internal Revenue Code, and non-qualified options will be exercisable for a term of ten years and two days from the date of grant (to distinguish them from Incentive Stock Options). The SIP provides that, except as otherwise determined by the Committee, following termination of an employee's employment and contingent upon satisfaction of the conditions precedent described below, options held by each employee will expire not later than five years from date of termination of employment, subject to earlier termination by the terms of the option. However, if termination is due to death, the options will expire three years from the date of death, subject to earlier termination by the terms of the option. These provisions are the same as under the existing SIP (except that in case of death the current SIP provides for termination of the options one year after the date of death). If required by the Committee, by accepting an option grant, an employee will agree to remain employed by the Corporation for a period of six months following the exercise of any option granted under this SIP. If the employee retires or terminates employment without the consent of the Committee for any reason (other than death) within six months of the date of exercise of a stock option, the employee will be required to pay to the Corporation the amount of any gain realized as of the time of the exercise. 18 Option Price. Except in connection with certain acquisitions and/or reorganizations as described in the SIP, the option price will be not less than 100% of the fair market value of the stock at the time the option is granted. Under both the current and proposed SIP, shares purchased upon exercise of an option must be paid for in full at the time of exercise. Payment upon exercise may be made in cash or, unless determined otherwise by the Committee, by delivery of previously acquired shares of the same class of the Corporation's common stock. Restricted Stock Unit Grants. The Committee may grant RSU awards to such individuals, at such times, and in such amounts as it may determine. It is not intended that these awards will be made on a regular basis. Subject to adjustment as set forth in the SIP, the maximum number of shares of GM $1 2/3 par value common stock, GM Class H common stock, or a combination thereof, that may be granted to any individual in the form of RSUs in any calendar year shall not exceed 250,000 shares. 1997 GENERAL MOTORS PERFORMANCE ACHIEVEMENT PLAN ("PAP") Under the PAP, the Committee may grant target awards at any time from June 1, 1997 through May 31, 2002. Eligibility. Eligibility under the PAP is the same as under the SIP (see above). Employees may participate in the PAP only upon recommendation of the Chief Executive Officer and with the approval of the Committee, except that the Committee alone has discretion with respect to participation by officers. Performance Period. The performance period for an award must be at least two and not more than five years. It is anticipated that new grants will be made annually and will be for a three-year period. Target Awards. Employees selected to participate in the PAP will be granted target awards payable in stock and/or cash which, in general, will be determined based on each participant's level of responsibility. At higher levels of responsibility, the target award will represent a greater portion of total compensation. At the beginning of each performance period, the Committee will establish a target performance level at which a target performance award may be earned, with a threshold or minimum performance level below which no award will be paid, and a maximum beyond which no additional amounts will be paid. In determining the performance criteria applicable to any grant of awards, the Committee may use one or more of the following business criteria: return on assets, return on net assets, asset turnover, return on equity, return on capital, market price appreciation of one or more of the Corporation's common stocks, economic value added total shareholder return, net income, pre-tax income, earnings per share, operating profit margin, net income margin, sales margin, cash flow, market share, inventory turnover, hours per vehicle, vehicles per employee, net income per vehicle, capacity utilization, increase in customer base, environmental health and safety, diversity, and/or quality. The business criteria may be expressed in absolute terms or relative to the performance of other companies or to an index. Final Awards. The percentage of each target award which will become a final award will be determined by the Committee on the basis of the performance goals established and the related performance achieved, as well as the employee's individual performance during the period. Final awards may be less than or greater than 100% of the target award. The Committee may, in its discretion, elect not to pay out the full amount and may increase or decrease final awards to reflect performance if, in its judgment, events have occurred which require changes to preserve the incentive features of this PAP. The Committee may delegate to the President's Council determination of individual final awards for employees who are not officers of the Corporation. Any such determinations by the President's Council shall be subject to a maximum amount which shall be approved by the Committee. No individual shall be granted a final award in excess of $7.5 million for any PAP period. Form of Final Award. The PAP provides, in accordance with past practice, that final awards may relate to, and upon vesting be paid in the form of, one or more classes of General Motors common stock, in cash, or partly in stock and partly in cash, as the Committee may determine. Unlike past practice, however, the PAP provides 19 that any stock delivered upon payment of final awards shall only be made with reacquired shares and will not be paid in the form of newly-issued shares. Payment of Final Awards. Each final award will be subject to a vesting schedule, as determined by the Committee. Vesting periods may vary depending on an executive's level of responsibility. At the Committee's discretion, dividend and/or interest equivalents may be paid on final awards during or at the end of the vesting period. GENERAL MOTORS 1998 STOCK OPTION PLAN (the "NESOP") General Information The NESOP authorizes the Corporation acting through a committee chaired by the Chairman of the Corporation (the "Chairman's Meeting") within certain limits and subject to certain exceptions involving acquisitions, to grant to eligible employees of GM and its subsidiaries options to purchase GM $1 2/3 par value common stock at a price which is at least equal to the fair market value of such stock on the date of grant (the "grant price.") The Corporation may not grant any options under the NESOP after December 31, 2007. Maximum Number of Shares and Duration of the NESOP. Under the NESOP, the Chairman's Meeting may grant stock options on General Motors common stock through December 31, 2007. The aggregate number of shares of GM $1 2/3 par value common stock for which the Chairman's Meeting may grant options to employees under the NESOP may not exceed 50,000,000 shares. The Chairman's Meeting may adjust the total class of shares which the Corporation may deliver under the NESOP and the number and the option grant price of shares subject to outstanding stock options under the NESOP. Eligibility. The Chairman's Meeting may grant options to such employees as it may determine. The NESOP provides that the Chairman's Meeting has the power to determine whether any person is an employee for purposes of the NESOP and when, and under what circumstances, their employment is terminated for purposes of the NESOP. Amounts of Grants. The Chairman's Meeting may establish for any calendar year an aggregate maximum number of shares awarded as stock options for such year. An option grant will be based on the employee's level (or VSSM broadband) of responsibility as of December 31 of the calendar year preceding the grant. Stock Option Term. Stock options are granted for a term of up to 10 years and two days from the date of grant. Stock Option Exercise and Vesting. A stock option grant vests one year following the date of grant by the Chairman's Meeting. A stock option grant cannot be exercised until two years from the date of grant. GM has chosen Fidelity Brokerage Services, Inc. ("Fidelity") as the exclusive broker participating employees must use if they wish to exercise a stock option under the NESOP. Each option exercised must be for at least 20 shares, or if less than 20 option shares held remain unexercised, participating employees must exercise the option in full. The Chairman's Meeting can change the vesting date or the broker participating employees must use. To allow for year-end payroll processing, the Corporation will not usually permit options to be exercised during the month of December. Stock Option Grant Price. The stock option grant price generally must be no less than 100% of the fair market value of GM $1 2/3 par value common stock at the time the Chairman's Meeting grants the 20 stock option. For this purpose, fair market value is the mean of the highest and lowest sales prices reported for the GM $1 2/3 par value common stock in The Wall Street Journal for the grant date. Payment of Stock Option Grant Price. Cash for Stock Exercise: Participating employees must pay the stock option grant price in full in cash (by cheque or money order). The option will be exercised the next business day after Fidelity receives the cheque or money order. When a stock option is exercised for cash, the stock received is valued at its fair market value based on the GM $1 2/3 par value common stock composite close price on the New York Stock Exchange on the date the option is exercised. Cashless Exercise. The Corporation may authorize the exercise of a stock option in accordance with a simultaneous exercise program which does not require the advance payment of the exercise price. When a stock option is exercised cashless, the fair market value of the GM $1 2/3 par value common stock sold is the actual sale price for the stock. Exercise requests confirmed prior to 12:00 p.m. (Eastern time) on a day when the New York Stock Exchange is open will be processed that day. Exercise requests confirmed after 12:00 p.m. (Eastern time) will be processed on the next New York Stock Exchange business day. At the time a stock option is exercised, the participating employee must pay any required federal, state, and/or local withholding taxes in connection with the exercise. These taxes must be paid as well as any brokerage or other transaction fees in connection with the sale of any stock involved with the exercise of a stock option. Prior to the exercise of a stock option, the participating employee has no rights to dividends and no other rights of a stockholder with respect to shares subject to that stock option. Requirements for Stock Option Exercises. If a participating employee is granted a stock option, he must satisfy certain requirements contained in the NESOP in order to exercise the stock option. These requirements must be met even if the participating employee has satisfied any required periods of active employment and have subsequently left General Motors' employment. These requirements include the following: . the participating employee must continue to render services to the Corporation or its subsidiaries (unless the Chairman's Meeting waives this requirement). . the participating employee must refrain from competitive activity and conduct that is in any way contrary to the best interests of the Corporation. . the participating employee must furnish reasonable information with respect to the satisfaction of the first two requirements. The Chairman's Meeting has the responsibility of interpreting and applying the above provisions. Source of General Motors Common Stock Used in NESOP. The GM $1 2/3 par value common stock to be delivered upon exercise of stock options will be shares reacquired by the Corporation, including shares it purchases in the open market. Restrictions on Resale. Any stock options received under the NESOP are generally nontransferable (except in the event of the death of the participating employee). 1999 GENERAL MOTORS SAVINGS STOCK PURCHASE PROGRAM ("S-SPP") Eligibility. Salaried employees may be eligible to enroll in the S-SPP after completing six months of employment. Employee Contributions. Participating employees may elect to contribute, through payroll deductions, up to the lesser of $10,000 for 1999 or 20% of their eligible salary into the S-SPP. Subject to U.S. tax regulations their contributions may be pre-tax, after-tax or any combination of the two, as long as their total contributions do not exceed 20% of their eligible salary. 21 Corporate Contributions. Currently, for every dollar participating employees contribute to their S-SPP account (up to 6% of their eligible salary), the Corporation will contribute, or in other words, "match" 70 cents (in April 2000, this "matching" component will be increased to 80 cents). Additionally, if participating employees were hired on or after January 1, 1993, and are eligible to participate in the S-SPP, the Corporation contributes an amount equal to 1% of their eligible salary whether or not they elect to participate in the S-SPP. This additional contribution called the 1% Benefit Contribution, is provided because participating employees are not eligible for Corporation contributions for post-retirement health care or Basic Life insurance. The Corporation does not match any contributions made by a temporary employee. Furthermore, the Corporation does not provide the 1% Benefit Contribution to a flexible service employee, or a temporary employee. All Corporation contributions are invested exclusively in the GM $1 2/3 Par Value Common Stock Fund and must remain in this fund during the calendar year (January through December) in which the contributions are made. This period is referred to as the "Required Retention Period". Investing Contributions. One half of participating employees contributions up to 6% of their eligible salary must be invested in either one or both of the GM Common Stock Funds during the Required Retention Period (the calendar year in which the contributions are made). Participating employees may elect, in 10% increments, how their contributions will be invested in the GM $1 2/3 Par Value or GM Class H Common Stock Funds. The other half of participating employees contributions up to 6% of their eligible salary and all contributions above 6% of eligible salary may be invested, as participating employees may elect, in 10% increments in any of the available S-SPP investment options. Vesting. Participating employees' contributions and any related earnings are always fully vested. Corporation matching contributions, the 1% Benefit Contribution, and any earnings thereon are fully vested upon the earlier of (1) January 1 following the calendar year in which the contributions are made, or (2) attainment of five years of service. Rollovers. Once participating employees are eligible to participate in the S-SPP they may make a rollover contribution. The rollover amount may not exceed the taxable portion of cash proceeds received from any former employer's qualified savings plan. Exchanges. Participating employees may exchange their assets among any of the investment options offered under the S-SPP. Exchanges may be made virtually 24 hours a day, seven days a week by calling the GM/Delphi Investment Service Center. Exchanges may be made in 1% increments or whole dollar amounts. A fund exchange must consist of assets having a market value of at least $500 or, if less, all the assets in the fund. During the Required Retention Period, contributions that are required to be invested in the GM Common Stock Funds may be exchanged only among the GM $1 2/3 Par Value and GM Class H Common Stock Funds. The Corporation's matching contributions and the 1% Benefit Contribution required to be invested in the Common Stock Funds may not be exchanged until completion of the Required Retention Period. Upon completion of the Required Retention Period, all assets may be exchanged among any of the investment options. Loans. Once each calendar year participating employees may borrow from their account. Participating employees may have up to five loans outstanding at any one time. Loans may be for any reason with no credit statement required. Amounts borrowed are not subject to income tax, except in the case of a loan default. The Corporation's contributions subject to the Required Retention Period cannot be borrowed. The minimum amount participating employees can borrow is $1,000. The maximum amount participating employees can borrow is the lesser of (1) $50,000 less the highest outstanding loan balance in the preceding 12 months or (2) one half of the current value of their total vested assets. 22 Loan repayment schedules have a minimum term of six months up to a maximum of five years. Participating employees may arrange for a 10 year loan if the money will be used to purchase or build their primary residence. There is no penalty if participating employees repay the loan earlier than scheduled. Repayment of a loan (principal and interest) is made through after-tax payroll deductions. Loan cheques are generally mailed within five business days after the request has been approved. Retired and terminated employees may borrow from their S-SPP account and must repay the loan by making monthly cash payments. Withdrawals. While employed by the Corporation, there are two primary types of withdrawals participating employees may take in-service and hardship. In-service withdrawals may be taken for any reason. This type of withdrawal may include (1) Regular Savings (after tax contributions), (2) the Corporation contributions (after completion of the Required Retention Period), (3) any rollover contributions, and (4) any earnings attributable to these sources. Additionally, if participating employees are 59 1/2 or older, in-service withdrawals may also include their Deferred Savings (pre-tax contributions) and any related earnings. Hardship withdrawals may be taken only for certain reasons if a participating employee is younger than 59 1/2 and he can demonstrate immediate and substantial financial need as outlined in published IRS guidelines. Hardship withdrawals include only Deferred Savings. Earnings on Deferred Savings are not available for hardship withdrawals. Before Deferred Savings may be withdrawn for hardship, participating employees must take all available loans, withdrawals, and distributions under the S-SPP and all other applicable Corporation plans. If a hardship withdrawal is taken, that participating employee will be suspended from contributing to the S-SPP and all other applicable Corporation plans for the next 12 months. In most instances, if a participating employee is under age 59 1/2, he will be required to pay a 10% early withdrawal penalty on the taxable amount of withdrawal. Distributions for participants who retire during or after the year in which age 55 is attained are not subject to the early withdrawal penalty. Federal income taxes will be withheld automatically at a rate of 20% on any eligible distribution that is not directly rolled over into another employer's qualification plan or IRA. Hardship withdrawals are not considered eligible rollover distributions and are not subject to 20% withholding; however, hardships will be taxed as ordinary income and may be subject to a penalty when income tax returns are filed. Retired and Terminated Employees. Participating employees may leave their assets in the S-SPP provided their account totals more than $5,000. Participating employees may not make new contributions. While participating employees assets remain in the Program they may exchange assets among the various investment options, take loans and partial distributions, and elect to receive monthly, quarterly, semiannual or annual installment payments. Upon attainment of age 65, if participating employees still have assets in the Program, they must elect to defer the distribution of their account, otherwise it will automatically be distributed to them. Participating employees will be notified in writing, of their deferral election option prior to any automatic distribution. Under current law, any assets remaining in participating employees S-SPP accounts after April 1 in the year following the year in which they reach age 70 1/2 will be subject to minimum required distributions. Canada. General Motors Corporation operates two plans similar to the S-SPP described above for General Motors Corporation employees resident in Canada. These schemes are specially tailored to satisfy the laws of Canada, and are drafted in both the English and French languages. 23 1999 GENERAL MOTORS ENHANCED VARIABLE PAY (THE "EVP") In 1999, Enhanced Variable Pay was introduced to reward U.S. and Canadian classified employees for achieving specific performance targets. Eligibility. U.S. and Canadian classified employees who were working in the following organizations on December 31, 1999 are eligible to participate in the EVP program: North America Region, Corporate Staffs, and GMAC/MIC. Allison Transmission Division ("ATD") employees are also eligible, however their payout is tied to unit metrics with a different schedule of options based on a business unit weighted payout percentage. The following units have different variable and/or incentive pay programs and are excluded from EVP: GM de Mexico, Electro-Motive, OnStar, GMIMCO, Saturn and certain VSSM employees. Description of EVP Scheme. EVP is a variable pay opportunity provided to employees that may be delivered in the form of cash and/or stock options. Cash represents the short-term component of variable pay, i.e., it provides a more immediate reward for employee contributions to the year's performance. Stock options represent the long-term component of variable pay; they have a 10-year life, during which employees can contribute to the company's performance and potential stock price growth. Through this increase in GM's stock price and total stockholder return, employees may realize a personal financial gain from the exercise of these stock options. HUGHES INFORMATION HUGHES ELECTRONICS CORPORATION INCENTIVE PLAN ("HECIP") The purposes of the HECIP are (1) to encourage employees of Hughes and its subsidiaries to contribute, both individually and in groups, to the creation of value for holders of GM Class H common stock and (2) to enable such employees to participate in the future success of Hughes through long-term accumulation of GM Class H common stock. Administration The Committee has full power, authority and discretion to construe, interpret and administer the HECIP. The Committee may delegate a portion of the administration of the HECIP to the Executive Compensation Committee of the Hughes Board of Directors (the "HE-ECC"). However, the Committee may not delegate any administrative powers or responsibilities with respect to an officer of Hughes who is subject to Section 16 of the Exchange Act (a "Section 16 Officer"), unless the Committee specifically determines that it is appropriate to do so. Decisions of the Committee and of the HE-ECC are final, conclusive and binding upon all parties, including the Corporation, its stockholders, Hughes and its subsidiaries, and their employees. Any person who is a member of the Committee, the HE-ECC, the General Motors Audit Committee or the Hughes Audit Committee is ineligible to participate in the HECIP. However, membership on any other committee of the Corporation or Hughes Board of Directors does not itself make an employee ineligible to receive an award under the HECIP. The General Motors Board of Directors selects the members of the Committee from among the non-employee directors. The stockholders elect the Corporation's directors annually. In general, each director holds office until the next annual election of directors. If the stockholders do not re-elect a director at an annual meeting, then that director holds office until the stockholders elect a successor and that successor takes office. Members of the Committee may serve for undefined terms. The General Motors Board of Directors may remove a member of the Committee. The HECIP does not specify a particular group of employees as eligible to receive grants under the HECIP. The Committee determines which Section 16 Officers will receive grants of options, restricted stock units or 24 other rights and the number of shares subject to those grants. Based on recommendations it receives from the Chairman and Chief Executive Officer of Hughes, the HE-ECC determines the other employees who receive grants of options, restricted stock units, or other rights and the number of shares subject to such grants. The HECIP is not qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended, (the "Code") and is not subject to any provisions of the Employee Retirement Income Security Act of 1974, as amended. Hughes pays the expenses of administering the HECIP. The only HECIP costs or expenses that participating employees may have include the payment of the stock option grant price, applicable brokerage fees and applicable taxes. Summary of Certain Additional Information Applicable to the HECIP Maximum Number of Shares and Duration of the HECIP. Under the HECIP, the Committee may grant stock options, restricted stock units, and other rights on GM Class H common stock through December 31, 1998. The aggregate number of shares of GM Class H common stock for which the Committee may grant options, restricted stock units, or other rights to employees under the HECIP may not exceed 35,579,211 shares of GM Class H common stock. The Committee may not grant stock options to any individual in any calendar year covering more than 1,000,000 shares of General Motors common stocks. The Committee may not grant restricted stock units to any individual in any calendar year covering more than 250,000 shares of General Motors common stock. The Committee may adjust (1) the class and number of shares which General Motors may deliver under the HECIP, (2) the class, number and the option grant price of shares subject to outstanding stock options under the HECIP and (3) the class and number of shares subject to restricted stock units granted under the HECIP. Amount of Grants. The Committee may establish for any calendar year an aggregate maximum number of shares awarded as stock options, restricted stock units, and other rights for such year. We expect that the Committee will make stock option grants under the HECIP in amounts consistent with competitive pay practices. The Committee currently believes that it will grant stock options each year during the term of the HECIP. The Committee does not intend to grant restricted stock units on an annual basis. Eligibility. Participating employees are eligible for selection to receive a grant under the HECIP if they are an employee of Hughes or one of its subsidiaries. They are also eligible for selection to receive a grant if they are an employee of an entity of which Hughes is a substantial owner and have accepted employment at that entity at Hughes' request. The Committee may determine whether any person is an employee for purposes of the HECIP and when, and under what circumstances, they have terminated employment for purposes of the HECIP. Stock Option Terms. The Committee determines whether the stock options it grants under the HECIP are incentive stock options or non-qualified stock options and what restrictions apply to such options and restricted stock units. Incentive stock options are exercisable for a term of up to 10 years from the date of grant. Non-qualified stock options are exercisable for a term of up to 10 years and two days from the date of grant. Both types of stock options become exercisable in full or in part after one year (or such longer period as the Committee determines). At the time it grants a stock option, the Committee determines whether the options will become exercisable all at once or in installments. Incentive stock options are not awarded to participating employees in any calendar year in an amount which exceeds $100,000 in aggregate market value of the stock. (The dollar limit may be adjusted by the Committee.) Stock Option Grant Price. The stock option grant price generally must be no less than 100% of the fair market value of the GM Class H common stock at the time the Committee grants the stock option. For this purpose, fair market value is the mean of the highest and lowest sales prices reported for the GM Class H common stock in The Wall Street Journal for the grant date. 25 Payment of Stock Option Grant Price. They must pay the stock option grant price in full in cash, through delivery of shares of GM Class H common stock, or a combination of such stock and cash. If participating employees wish to use shares of GM Class H common stock to pay the grant price, participating employees must have held the shares for six months if they use stock previously obtained from the exercise of a stock option. The Corporation will determine the number of shares needed to pay the grant price by valuing each share delivered at an amount equal to the mean of the GM Class H common stock's highest and lowest sales prices as reported in The Wall Street Journal for the stock option exercise date. At the time participating employees exercise a stock option, they must pay any required federal, state, and/or local withholding taxes in connection with the exercise. They must pay these taxes either in cash or by delivering GM Class H common stock or by directing the Corporation to withhold the appropriate number of shares from the proceeds resulting from the exercise of the stock option. The Corporation may authorize participating employees to exercise a stock option in accordance with a cashless exercise program. Prior to the exercise of an option, participating employees have no rights to dividends and no other rights of a stockholder with respect to shares under that option. Grant of Restricted Stock Units. The Committee may grant restricted stock units, each of which represents the potential right to receive one share of GM Class H common stock (the "corresponding share") or cash in an amount equal to the fair market value of a corresponding share. If the Committee grants to participating employees a restricted stock unit award, their right to receive shares of GM Class H common stock or cash with respect to the restricted stock units will vest according to a vesting schedule which the Committee will determine. The Committee may impose other limitations and restrictions on their award. Performance Vesting. The Committee may establish performance vesting criteria with respect to all or any portion of a restricted stock unit grant. In that case, their vesting will depend upon the extent to which, if at all, Hughes or a unit of Hughes where participating employees work satisfies specific goals that the Committee determined at the time of such restricted stock unit grant. If the Committee grants participating employees a restricted stock unit award that is subject to performance vesting, the Committee will establish a range of performance levels related to Hughes and/or a unit of Hughes where they work at which 100% of the award may be earned and a range (which need not be the same for all awards) under which greater and lesser percentages may be earned. If Hughes and/or the unit of Hughes achieve the maximum level of performance under the goal(s), then the rights of participating employees to receive stock or cash with respect to the total number of restricted stock units under the award will vest. If the performance of Hughes and/or the unit of Hughes does not meet the maximum performance level but is at least equal to the minimum level, then the rights of participating employees with respect to a proportionate number of the restricted stock units will vest and they will forfeit the remainder of the restricted stock units. Payment Upon Vesting of Restricted Stock Units. Upon the vesting of any portion of a particular grant of restricted stock units, participating employees become entitled to receive from General Motors a proportional number of corresponding shares of stock or cash of equivalent value. The Committee decides whether the restricted stock units are paid in stock, cash or a combination of stock and cash. The Committee will determine the proportional number of corresponding shares by multiplying the total number of corresponding shares subject to the award on the grant date by the percentage of the award which vests on the vesting date. Participating employees will not be required to pay any consideration, other than the rendering of services (including meeting any performance vesting criteria), in connection with the grant or vesting of restricted stock units or in connection with the delivery of any corresponding shares of stock or cash upon the vesting of such restricted stock units. The Committee may authorize current or deferred payments, or additional restricted stock 26 unit credits to reflect dividends or other distributions on unvested restricted stock units. The Committee will withhold applicable withholding taxes on the payment of any restricted stock units to participating employees. Requirements for Stock Option Exercises and/or Payment of Restricted Stock Units. If the Committee grants participating employees a stock option or a restricted stock unit award, they must satisfy certain requirements in order to exercise the stock option or receive a distribution or payment under the restricted stock unit award. These requirements must be met even if they have satisfied any required periods of active employment and have subsequently left Hughes employment. These requirements include the following: . Participating employees must continue to render services to Hughes or its subsidiaries (unless the Committee waives this requirement). . Participating employees must refrain from competitive activity and conduct that is in any way contrary to the best interests of Hughes. . Participating employees must furnish reasonable information with respect to the satisfaction of the first two requirements. Source of Shares Used in HECIP. The Board of Directors, or a committee of the Board that the Board designates, will determine whether to use authorized but previously unissued shares or shares that the Corporation reacquires (including shares it purchases in the open market) for the shares it delivers to employees upon the exercise of stock options or vesting of restricted stock units. If the Corporation purchases any shares in the open market for delivery upon the exercise of stock options or pursuant to the vesting of a restricted stock unit grant, it will hold those shares in a treasury account specifically for such awards. Restrictions on Resale. Any stock options and/or restricted stock units that participating employees receive under the HECIP are generally nontransferable (except in the event of death). HUGHES ELECTRONICS CORPORATION LONG-TERM ACHIEVEMENT PLAN ("HLTAP") The HLTAP was introduced on December 17, 1997, for eligible employees of Hughes Electronics Corporation and its subsidiaries. The HLTAP is a restricted stock unit plan as contemplated under the HECIP. In the event of any conflict between the terms of this HLTAP and the terms of the HECIP, the terms of the HECIP shall prevail. Purposes. The purposes of this HLTAP are to provide: (i) employees in positions of major responsibility with incentive and reward for achieving, individually or as a group, long-term financial and strategic business goals established to deliver value to Hughes customers and shareholders; (ii) competitive returns to holders of GM Class H common stock and GM $1 2/3 par value common stock; (iii) competitive levels of compensation to employees for competitive levels of performance; and (iv) a link between shareholders of GM Class H common stock and GM $1 2/3 par value common stock and Hughes employees in positions of major responsibility. HLTAP Administration A. The HE-ECC has full discretionary power and authority to construe, interpret and administer the HLTAP, and to delegate any of its power or authority to any one or more persons from time to time. Decisions of the HE- ECC are final, conclusive and binding upon all parties, including Hughes, the stockholders of the Corporation, and employees, provided, however, that the HE-ECC relies upon and is bound by the total amount of the Stock registered by the Corporation with the Securities Exchange Commission. The foregoing includes, but is not limited to, all determinations by the HE-ECC as to (i) eligibility of employees for consideration for awards, (ii) the amount of individual awards, (iii) the timing of payment of awards, (iv) whether unearned portions of prior awards are earned and paid as previously determined, (v) whether a participant has satisfied the conditions precedent to the payment of an award, (vi) whether the condition precedent of continued services be waived, and 27 (vii) the time of the first occurrence of any activity or act which constitutes a failure to satisfy any condition precedent. Any person who accepts any benefit hereunder thereby agrees to accept as final, conclusive and binding the determinations of the HE-ECC. B. The Committee makes all determinations under the HLTAP with respect to any participant who is a Section 16 Officer, unless the Committee specifically determines that it is not appropriate to do so, except that the Chairman with the approval of the HE-ECC makes the determination of the extent to which Hughes meets the Performance Targets for the applicable Performance Period as provided for by HLTAP. Notwithstanding anything in the HLTAP to the contrary contained in any other Section of this HLTAP, the Committee has the full discretionary power and authority granted to the HE-ECC under the HLTAP with respect to awards made to the designated Section 16 Officers. Eligible Employees. Employees eligible to participate in the HLTAP are persons whose continued employment is determined by the Chairman to be key to the achievement of long-term goals of Hughes and its Subsidiaries. During the first year of a Performance Period, the Chairman designates the employees who are to participate in the HLTAP for the Performance Period which commenced the immediately preceding January. Participation in the HLTAP is not automatic. Incentive Goals. During the first year of a performance period, the HE-ECC has broad discretion to determine performance s for Hughes (each a "Performance Target") for the performance period. The Performance Targets may consist of financial, operating, or other measure(s) as determined by the HE- ECC. The Chairman, with the approval of the HE-ECC, establishes weighting among the Performance Targets. Individual employee goals will not be established under the HLTAP. Target Awards A. Considering the level of responsibility and contribution made by the participant to the Company, individual participant target awards ("Target award") are computed based on a percentage of the participant's Base Salary. B. Each employee selected to participate in the HLTAP will be granted an award payable in Stock subject to meeting the applicable requirements. C. With respect to an employee who is not a Section 16 Officer, the Chairman, in his sole discretion, determines the ratio of GM Class H common stock and GM $1 2/3 par value common stock in each Target award. With respect to an employee who is a Section 16 Officer, the GM-ECC, in its sole discretion, determines the ratio of GM Class H common stock and GM $1 2/3 par value common stock in each Target award. The number of shares of each class of Stock to be awarded is determined by dividing that portion of the total value of the Target award relating to the applicable class of Stock by the average of the closing prices of such stock as reported in The Wall Street Journal for each trading day in the month immediately preceding the date the HE-ECC approves the Target award, rounded up to the next whole share. D. During the Performance Period and at all times prior to the distribution of the award to the employee, the Corporation retains all rights incident to the Stock. Performance And Allocation Of The Fund A. Prior to the end of the first calendar quarter of the first year following the Performance Period, the Chairman, with the approval of the HE- ECC, will determine the extent to which Hughes met the Performance Targets for the Performance Period. Awards will be based on the level of Hughes' achievement of the Performance Targets during the Performance Period. If an employee's individual performance does not meet 28 Hughes' expectations, the employee will not be eligible for all or a portion of the award as determined by the Chairman in his sole discretion. B. The percentage of the award earned in relation to the level of performance will be:
Hughes Financial Relative Total Percent of Performance Shareholder Return Award Earned ---------------- --------------------- ------------ 25% or more above Target 90th percentile 175% Target 75th percentile 100% 80% of Target 50th percentile 40% Less than 80% of Target Below 50th percentile 0%
C. The maximum amount earned cannot exceed one hundred and seventy-five percent (175%) of the Target award. An award will not be earned if the level of performance achieved is less than eighty percent (80%) of the Performance Target. Notwithstanding the foregoing, these amounts may be adjusted from time to time as determined by the HE-ECC. The actual percentage of the Target award earned which corresponds to the level of performance achieved will be determined by adjusting the above percentages on a straight line basis up or down from the Performance Target of 100% within the above ranges. The number of shares of any class of stock comprising the actual award will be rounded up to the next higher whole share. D. The HE-ECC may elect not to approve the payout of the full amount of the award, or may elect to approve an increase in the amount of the award, if, in its judgment, events have occurred which have altered the basis on which the Performance Targets were established. Payment Of Awards A. No distribution of an award will be made to an employee if his employment with Hughes is terminated for any reason whatsoever (with or without the approval of Hughes) within the first twelve months of their participation. Each award will be distributed as additional compensation to the participant as soon as administratively feasible after the relevant determination is made, subject to any applicable conditions precedent. B. Notwithstanding anything to the contrary, the payment of each award is subject to the satisfaction by the participant of the conditions precedent that the participant: (i) continue to render services as an employee (unless waived), (ii) refrain from engaging in any activity which, in the opinion of the Chairman, is competitive with any activity of the Corporation, Hughes or any of their respective subsidiaries, (iii) refrain from otherwise acting, either prior to or after termination of employment, in any manner which is in any way contrary to the best interests of the Corporation, Hughes, or any of their respective subsidiaries, and (iv) furnish to the Chairman such information with respect to the satisfaction of the foregoing conditions precedent as the Chairman reasonably requests. If the participant has failed to satisfy any of the foregoing conditions precedent, all awards granted under the HLTAP to such participant are immediately canceled and forfeited, and the participant is entitled to receive any consideration in respect to such cancellation and forfeiture. C. The requirement that a participant continue to render services as an employee is automatically waived with respect to any award under the HLTAP if the employee's employment is terminated with the approval of the Chairman, or by reason of death, layoff, disability or retirement, provided such termination of employment was not within the first twelve months of the performance period. Where the requirement for continuous services is waived as a result of any such termination, payment of the award shall continue to be subject to the satisfaction of other applicable conditions precedent. Any such award is reduced to reflect the actual number of full months worked during the Performance Period. The reduced award for such employee is calculated by multiplying the award by a fraction, the numerator of which is the number of full months actually worked during the Performance Period and the denominator of which is 36. An unpaid leave of absence of greater than 30 days determined in accordance with established procedures are not deemed to be a termination of employment. The employee's award, however, will be adjusted in accordance with the above formula. 29 D. Awards will be generally forfeited upon any termination of employment occurring prior to the distribution of the award without the prior approval of the Chairman. An employee who terminates his employment after obtaining such approval will receive his prorata share of any award. E. In the event of any merger, reorganization, consolidation, recapitalization, stock dividend or other change in corporate structure of the Corporation affecting the stock, such adjustment will be made in the class and the aggregate number of shares of stock or other property which may be delivered under the HLTAP (provided the number of shares of any class after the adjustment is always to be a whole number), as may be determined to be appropriate by the HE-ECC. F. Awards under the HLTAP may not be assigned, alienated, transferred, pledged or otherwise encumbered. G. An eligible participant in the Hughes Electronics Corporation Executive Deferred Compensation HLTAP effective September 1, 1998 (the "Deferred Compensation HLTAP") may elect to defer receipt of a portion or the total amount of an award hereunder in accordance with the terms of the Deferred Compensation HLTAP. Payment of any award that has been timely deferred will be governed by the participant's election under and pursuant to the terms of the Deferred Compensation HLTAP. HLTAP Expenses. The costs of administering the HLTAP are borne as expenses of Hughes and not charged to the awards. Source Of Stock. The shares representing the GM Class H common stock portion of the award to be delivered to participants pursuant to the terms of the HLTAP are delivered by Hughes through the HECIP; and the shares representing the GM $1 2/3 par value common stock portion of the award are delivered by Hughes through the PAP. GMAC GROUP, INC 1998 SAVINGS INCENTIVE PLAN (THE "GMAC SIP") Under the GMAC SIP, employees of General Motors Acceptance Corporation and its related companies are eligible to participate in a cash and stock based savings scheme under which each eligible employee's employer matches, up to certain limits, that eligible employee's contribution into the scheme's group trust fund. Eligible employees may elect for any of their entitlement under the scheme's group trust fund to be applied to purchase GM $1 2/3 par value common stock. 16. Except where otherwise set out in this document, there have been no significant changes relating to the general trend of General Motors Corporation's production, sales, stocks or state of its order book, or with respect to its costs or selling prices since the publication of its accounts for the year ending December 31, 1999. 17. General Motors Corporation holds treasury stock made up of both GM $1 2/3 par value common stock and GM Class H common stock. General Motors Corporation holds as of December 31, 1999: (a) 139,198,164 shares of GM $1 2/3 par value common stock, which have an aggregate book value of $9,070,981,214; and (b) 27,240,363 shares of GM Class H common stock: these shares have been in treasury several years, and it is not possible to ascertain their exact book value, although it is estimated that the aggregate book value of the GM Class H common stock held does not exceed $1,000,000,000. 18. General Motors Corporation is confident of its financial and trading prospects for the current financial year. 19. Each share of GM Class H common stock issued pursuant to the offer in exchange for GM $1 2/3 par value common stock is issued at an issue premium per share equal to the value of the shares of GM $1 2/3 par value common stock tendered in exchange for that share of GM Class H common stock less 10 cents. 30 20. The exchange offer is not made to the general public but to holders of GM $1 2/3 par value common stock only. 21. Copies of the consolidated annual accounts of General Motors Corporation and its subsidiary undertakings for each of the preceding two financial years will be made available for inspection during normal business hours on any weekday (but not any Saturday or public holiday) at the offices of Cleary, Gottlieb, Steen & Hamilton at City Place House, 55 Basinghall Street, London EC2V 5EH for a period starting on the date of this document and ending on the date on which the exchange offer period expires. 31 EX-12.A.1.XVIII 11 LTR TO HOLDERS OF $12/3 COMMON STOCK IN GERMANY EXHIBIT 12(a)(1)(xviii) 24. April 2000 An die Stammaktionare der General Motors Corporation in Deutschland Sehr geehrte Damen und Herren, Die General Motors Corporation ("GM") beabsichtigt, in der Zeit vom 24. April 2000 bis zum 19. Mai 2000 ihren Stammaktionaren, d.h. den Inhabern der $1 2/3 common stock (die "Stammaktien"), ein Angebot zum Umtausch ihrer Stammaktien in sogenannte tracking stock, bezogen auf die 100%ige Tochtergesellschaft von GM, Hughes Electronics Corporation (die "Class H Aktien"), zu unterbreiten (das "Umtauschangebot"). Das offentliche Umtauschangebot beginnt in Deutschland voraussichtlich am 26. April 2000 und endet voraussichtlich am 19. Mai 2000. In den Vereinigten Staaten von Amerika verwendet GM fur dieses Umtauschangebot das diesem Schreiben beigefugte Angebotsdokument (das "U.S. Angebotsdokument"). Von der U.S. Wertpapieraufsichtsbehorde (Securities and Exchange Commission, SEC) wurde GM aufgefordert, den Stammaktionaren weltweit das U.S. Angebotsdokument zu ubersenden. Wichtiger Hinweis: Die Ubersendung des U.S. Angebotsdokuments stellt fur Stammaktionare in Deutschland kein rechtswirksames Umtauschangebot dar. Diese Ubersendung erfolgt ausschlieBlich aufgrund der Anforderungen der SEC. Fur Stammaktionare in Deutschland ist ausschlieBlich der Verkaufsprospekt rechtsverbindlich, der durch die Londoner Wertpapierborse voraussichtlich am 20. April 2000 gebilligt und bei dem Bundesaufsichtsamt fur den Wertpapierhandel zum Zweck der gegenseitigen Anerkennung hinterlegt wurde. Nur dieser Verkaufsprospekt stellt in Deutschland ein rechtswirksames Angebot zum Umtausch von Stammaktien in Class H Aktien dar. Der Verkaufsprospekt ist voraussichtlich ab dem 26. April 2000 bei der Deutsche Bank AG, Taunusanlage 12, 60325 Frankfurt am Main, kostenlos erhaltlich. Beginn und Ende des offentlichen Umtauschsangebots in Deutschland werden in der Frankfurter Allgemeine Zeitung und im Handelsblatt bekannt gemacht. Mit freundlichen GruBen General Motors Corporation Anlage EX-12.A.1.XIX 12 NOTICE TO REGISTER HOLDERS OF COM STK NETHERLANDS EXHIBIT 12 (a)(1)(xix) NOTICE TO REGISTERED HOLDERS OF $1 2/3 PAR VALUE COMMON STOCK IN THE NETHERLANDS Enclosed you will find an offer from General Motors Corporation to exchange shares of Class H Common Stock for each share of $1 2/3 Par Value Common Stock. The offering materials contain a prospectus describing the terms and conditions of the exchange offer, which you should read carefully, and an exchange letter of transmittal (the "letter of transmittal"). Please note that notwithstanding any other information contained in the prospectus or in the letter of transmittal, two important exceptions apply to the registered holders of $1 2/3 Par Value Common Stock in the Netherlands. First, ABN AMRO Bank N.V., and not Fleet National Bank, will act as the local exchange agent in the Netherlands. If you would like to tender your shares, please send the enclosed letter of transmittal to the following address by mail or facsimile: ABN AMRO Bank N.V. Attn. Issuing Institutions/Corporate Actions MF2020 Kemelstede 2 4817 ST BREDA Nederland Facsimile:0031-76-5799620 Telephone:0031-76-5799482 Second, registered holders of $1 2/3 Par Value Common Stock in the Netherlands should, in order to constitute a valid acceptance, submit the enclosed letter of transmittal to ABN AMRO Bank N.V. at the latest on May 15, 2000 close of business. If you have any questions about the exchange offer, or want to request additional documents, you may call the information agent, Morrow & Co., at (212) 754-8000 (collect). EX-12.A.1.XX 13 LTR OF TRANSMITTAL HOLDERS OF COM STK NETHERLANDS EXHIBIT 12(a)(1)(xx) ------ GENERAL MOTORS VOLUNTARY EXCHANGE OFFER LETTER OF TRANSMITTAL Shares of GM $1 2/3 par value common stock owned by you: O 1 in certificate form: O 2 in GM's Dividend and Cash Investment Plan or in book-entry form: O 3 Total of O 1 and O 2 above: O 4 Taxpayer Identification Number: O 5 If the Taxpayer Identification Number listed above is incorrect, please provide your corrected Taxpayer Identification Number here: ________________ ___________ (Please refer to Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9 and, if applicable, complete Box B on the back of this Letter of Transmittal) O 6 Mark this box if you wish to tender all of your GM $12/3 par value common stock in exchange for GM Class H common stock. Please refer to Instruction I. O 7 Mark this box if you wish to tender some, but not all, of your shares. Indicate the number of shares of GM $12/3 par value common stock you wish to tender: ___________________. Please refer to Instruction I and Instruction II. You must mark either Box O 6 or O 7 to participate in the Exchange Offer. O 8 Mark this box if your $12/3 par value common stock certificates which you wish to tender in the Exchange Offer have been lost, destroyed, mutilated or stolen. Then, complete Box A on the back of this Letter of Transmittal. Please refer to Instruction VI. O 9 Mark this box to provide special issuance or delivery instructions for the shares and/or cash to which you may be entitled and complete pages 12 through 14, as applicable, of the Instructions to the Letter of Transmittal. Under penalties of perjury, I certify that: (i) The number shown in O 4 above, or if corrected in O 5 above, is my correct Taxpayer Identification Number (or I am waiting for a Taxpayer Identification Number to be issued to me); and (ii) I am not subject to backup withholding either because I am exempt from backup withholding or I have not been notified by the Internal Revenue Service ("IRS") that I am subject to backup withholding as a result of a failure to report all interest or dividends, or the IRS has notified me that I am no longer subject to backup withholding. The IRS does not require your consent to any provision of this document other than the certifications required to avoid backup withholding. You must cross out (ii) above if you have been notified by the IRS that you are subject to backup withholding because of underreporting interest or dividends on your tax return. However, if after being notified by the IRS that you were subject to backup withholding you received another notification from the IRS that you are no longer subject to backup withholding, do not cross out (ii). Required Information (Please refer to Instruction III and, if applicable, complete Box C on the back of this Letter of Transmittal): - ------------------------------------------------------------------------------- Signature of Owner (Date) - ------------------------------------------------------------------------------- Signature of Co-owner, if any (Date) - ------------------------------------------------------------------------------- Daytime Telephone # Evening Telephone # - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (Detach Form Before Mailing) Please read the Instructions to the Letter of Transmittal (blue pamphlet) before completing this form. By signing above: . I certify that I have read and understand the Instructions to the Letter of Transmittal. . I certify that all of the provisions set forth under "Representations, Warranties and Agreements By Tendering Stockholders" in the Instructions to the Letter of Transmittal are true and correct with respect to me or with respect to the beneficial owner of the shares tendered hereby, and that, by signing above, the tendering stockholder is making these representations and warranties to GM and agreeing to the terms and conditions of the Exchange Offer. . I certify that (i) I am eligible to participate in the Exchange Offer, and (ii) if I am tendering shares on behalf of a beneficial owner, to the best of my knowledge, such person is eligible to participate in the Exchange Offer. Box A LOST, DESTROYED, MUTILATED OR STOLEN $1 2/3 PAR VALUE COMMON STOCK CERTIFICATES By signing the front of this Letter of Transmittal, I certify that I am the lawful owner of the shares described on the front of this Letter of Transmittal. If I have filled out the surety bond calculation below, I have made a diligent search for the certificate(s), and I have been unable to find it (them) or it (they) have been destroyed, mutilated or stolen. I hereby agree (for myself, my heirs, assigns and personal representatives), in consideration of the exchange of the shares represented by the certificate(s), to completely indemnify, protect and hold harmless SAFECO Surety Company (the "Surety"), EquiServe Trust Company, Fleet National Bank, ABN AMRO Bank N.V., General Motors and their respective affiliates (collectively, the "Obligees') from and against all losses, costs and damages which they may be subject to, or liable for, in respect to the cancellation and exchange of the certificate(s). I agree that this Letter of Transmittal is delivered to accompany Bond of Indemnity # 5926165 underwritten by SAFECO Surety Company to protect the foregoing Obligees. I agree to surrender the certificate(s) for cancellation if I find it (them) or it (they) is (are) otherwise recovered at any time. Surety Bond Calculation: X $1.60 = $ ----------------------- ----------- ---------- (Minimum Premium of $20.00) # of Shares Lost, Insurance Total Destroyed, Mutilated or Premium per Premium Stolen Share Due Please make your check (minimum amount of $20.00) payable to SAFECO Surety Company and enclose with this Letter of Transmittal. We will not be able to complete your exchange without this premium. - ------------------------------------------------------------------------------- Box B Box C Box D Certification of Payee Medallion Signature Guaranteed Delivery Awaiting Guarantee (Please refer to Taxpayer (Please refer to Instruction I) Identification Number Instruction III) (Please refer to Instruction IX) - ------------------------------------------------------------------------------- I certify under For use by eligible If tendered shares of penalties of perjury, institutions only. $1 2/3 par value that a Taxpayer Place Medallion common stock are being Identification Number Guarantee in space delivered pursuant to has not been issued to below. a notice of guaranteed me, and that I mailed delivery, provide the or delivered an following information. application to receive a Taxpayer Identification Number to the appropriate IRS Center or Social Security Administration Office (or I intend to mail or deliver an application in the near future). I understand that if I do not provide a Taxpayer Identification Number within 60 days, 31% of all reportable payments made to me thereafter will be withheld until I provide a number. ----------------------- Name(s) of registered holder(s) ----------------------- Date of execution of ----------------------------------- notice of guaranteed (Signature of Current Owner) (Date) delivery ----------------------- ----------------------------------- Name of institution - ------------------------ (Signature of Co-(Date) that guaranteed (Signature) (Date) Owner, if any) delivery - --------------------------------------------------------------------------------------------------------------------------
Box E--Designation of Broker: If your broker has been instrumental in this tender, provide the following information. Name of your brokerage firm: ________ Your brokerage account #: __________ (Please refer to Instruction VIII) If you elect to participate in the Exchange Offer and your shares of GM $1 2/3 par value common stock are held in certificate form, you must return the stock certificate(s) with your completed Letter of Transmittal and any other required documents to the address below prior to the Expiration Date. ABN AMRO Bank N.V. Attn. Issuing Institutions/Corporate Actions MF2020 Kemelstede 2 4817 ST BREDA Nederland Delivery of the Letter of Transmittal to an address other than as set forth above will not constitute a valid delivery to the Exchange Agent. If you send certificate(s) representing shares of $1 2/3 par value common stock tendered with the Letter of Transmittal by mail, it is recommended that you use registered mail insured for 2% of the market value ($20.00 minimum), return receipt requested. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - EX-12.A.1.XXI 14 CHECKLIST FOR PARTICIPATION NETHERLANDS EXHIBIT 12(a)(1)(xxi) CHECKLIST FOR PARTICIPATION IN THE EXCHANGE OFFER (1) Check Contents of Package: Before proceeding, please ensure that this package contains the following materials: . Letter from John F. Smith, Jr., Chairman of the Board of Directors and Chief Executive Officer of GM. . Letter of Transmittal (printed on white paper) pre-printed with your account number and address. . Instructions to the Letter of Transmittal (printed on blue paper). . Return envelope addressed to ABN AMRO Bank N.V. . Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9 (printed on white paper). . Notice of Guaranteed Delivery (printed on yellow paper). . Offering Circular-Prospectus dated April 24, 2000. (2) Review Materials Carefully Before Deciding to Participate: Please review all enclosed materials carefully before deciding to participate in the Exchange Offer. If your shares of $1 2/3 par value common stock are registered in your name and you decide to participate, you must continue with instructions #3 and #4 below. If your shares of $1 2/3 par value common stock are held for you by a broker, dealer, bank, trust company or employee benefit plan sponsored by GM and you decide to participate, you must contact such person and instruct them to tender your shares of $1 2/3 par value common stock on your behalf. (If you have so instructed or plan to instruct such person, you do not need to proceed with instructions #3 and #4 below). (3) Complete the Letter of Transmittal: You must do the following to complete the Letter of Transmittal: . Read the Instructions to the Letter of Transmittal. . Complete Box O 6 or O 7 , as applicable, on the Letter of Transmittal. . Sign and date the Letter of Transmittal. . Correct the Tax Identification Number, if necessary, using the space provided at O 5 on the Letter of Transmittal and, if applicable, complete, sign and date Box B on the Letter of Transmittal. . Some portions of the Letter of Transmittal should only be completed if applicable: . If your stock certificates have been lost, destroyed, mutilated or stolen, you should complete Box O 8 and Box A of the Letter of Transmittal and include a check for the applicable surety bond amount. . If you are tendering shares of $1 2/3 par value common stock and you are not the registered holder of those shares (and are not tendering those shares for the account of an Eligible Institution), Box C on the Letter of Transmittal must be completed. . If you cannot deliver your certificate(s) to the Exchange Agent before the Expiration Date, a broker must guarantee delivery of your shares of $1 2/3 par value common stock and you should complete Box D of the Letter of Transmittal. The broker must submit the separate document entitled "Notice of Guaranteed Delivery." . If your tender has been solicited by a broker, the name of the firm and your brokerage account number should be identified in Box E of the Letter of Transmittal. (4) Special Issuance or Delivery Instructions: If you would like to designate special issuance or delivery instructions for the shares of Class H common stock, shares of $1 2/3 par value common stock not tendered or not accepted by GM in the Exchange Offer or cash you may receive instead of fractional shares of Class H common stock, please mark Box O 9 of the Letter of Transmittal, complete the appropriate sections of pages 12 through 14 of the Instructions to the Letter of Transmittal and return those completed sections with your Letter of Transmittal in the envelope provided. (5) Mail $1 2/3 Par Value Common Stock Certificates, Signed Letter of Transmittal and any Other Documents Required by the Letter of Transmittal to the Exchange Agent: Send the Letter of Transmittal together with your certificate(s) representing $1 2/3 par value common stock to ABN AMRO Bank N.V. at the addresses shown on the Letter of Transmittal. Use of registered mail, return receipt requested, is recommended. If you have any questions, have not received the Letter of Transmittal or other documents pertaining to the Exchange Offer, or need other assistance in completing the Letter of Transmittal, please contact the Information Agent: Morrow & Co. Inc., 445 Park Avenue, 5th Floor, New York, New York 10022, (877) 816-5329 (toll-free) for calls in the United States or (212) 754-8000 (collect) for calls outside the United States. EX-12.A.5.I 15 NEWSPAPER ADVERTISEMENT OF EXCHANGE OFFER EXHIBIT 12(a)(5)(i) ================================================================================ This announcement is not an offer to sell, and is not soliciting any offer to buy, any securities. The Exchange Offer is made only by means of the Offering Circular-Prospectus dated April 24, 2000 and the related Letter of Transmittal (and the instructions thereto) and is not being made to any General Motors Corporation stockholders in any jurisdiction where the making of the Exchange Offer or its acceptance would not be legal. In those jurisdictions in the United States where the securities or blue sky laws require the Exchange Offer to be made by a licensed broker or dealer, the Exchange Offer shall be deemed to be made an behalf of General Motors Corporation by Morgan Stanley & Co. Incorporated and in other jurisdictions by one or more registered brokers or dealers under the laws of such jurisdictions. General Motors Corporation Notice of Offer to Exchange 1.065 Shares of Class H Common Stock for each share of $1 2/3 Par Value Common Stock, up to 92,012,781 shares of Class H Common Stock -------------------------------------------------------- THE EXCHANGE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 12:00 MIDNIGHT, NEW YORK CITY TIME, ON MAY 19, 2000 UNLESS THE EXCHANGE OFFER IS EXTENDED. -------------------------------------------------------- General Motors Corporation, a Delaware corporation ("GM"), is offering to exchange 1.065 shares of Class H Common Stock, par value $0.10 per share, of GM ("Class H Common Stock") for each share of Common Stock, par value $1 2/3 per share, of GM ("$1 2/3 Par Value Common Stock") (the "Exchange Offer") validly tendered and not withdrawn by 12:00 midnight, New York City time, on May 19, 2000, or any later date to which the Exchange Offer may be extended by GM for any reason (such date and time, as it may be so extended, the "Expiration Date") and accepted by GM upon the terms and subject to the conditions set forth in the Offering Circular-Prospectus, dated April 24, 2000 (the "Offering Circular- Prospectus"), and the related Letter of Transmittal (and the instructions thereto). GM will accept up to a maximum of 86,396,977 shares of $1 2/3 Par Value Common Stock and will issue up to a maximum of 92,012,781 shares of Class H Common Stock in the Exchange Offer. GM's Class H Common Stock is a "tracking stock" of GM designed to provide holders with financial returns based on the financial performance of Hughes Electronics Corporation ("Hughes"), which is a wholly-owned subsidiary of GM. All persons holding $1 2/3 Par Value Common Stock are eligible to participate in the Exchange Offer if they tender their shares in a jurisdiction where the Exchange Offer is permitted under local law. The Exchange Offer is an important element of GM's overall plan to restructure its economic interest in Hughes in order to realize some of the economic value arising from GM's ownership of Hughes, as described in the Offering Circular-Prospectus. The Exchange Offer provides holders of $1 2/3 Par Value Common Stock with an opportunity to increase, in a manner generally free of U.S. federal income tax, their interest in the financial performance of Hughes. The Exchange Offer is subject to various conditions, including the condition that at least 28,798,992 shares of $1 2/3 Par Value Common Stock (approximately 4.6% of the outstanding $1 2/3 Par Value Common Stock as of March 31, 2000) are validly tendered and not withdrawn on or prior to the Expiration Date. If more than 86,396,977 shares of $1 2/3 Par Value Common Stock are validly tendered and not withdrawn on or prior to the Expiration Date, GM will accept such shares on a pro rata basis when the Exchange Offer expires. A holder of $1 2/3 Par Value Common Stock who beneficially owns an aggregate of fewer than 100 shares of $1 2/3 Par Value Common Stock and who validly tenders all such shares will generally not be subject to proration, as described in the Offering Circular-Prospectus. In addition, no fractional shares of Class H Common Stock will be issued in the Exchange Offer. Instead, cash will be paid to holders of $1 2/3 Par Value Common Stock otherwise entitled to receive fractional shares of Class H Common Stock as a result of the Exchange Offer. NONE OF GM, HUGHES, THE EXCHANGE AGENT, THE INFORMATION AGENT, THE DEALER MANAGER, THE MARKETING MANAGER OR ANY OF THEIR RESPECTIVE OFFICERS OR DIRECTORS MAKES ANY RECOMMENDATION TO ANY STOCKHOLDER AS TO WHETHER TO TENDER ANY SHARES OF $1 2/3 PAR VALUE COMMON STOCK PURSUANT TO THE EXCHANGE OFFER. EACH STOCKHOLDER MUST MAKE HIS OR HER OWN DECISION REGARDING WHETHER TO TENDER SHARES OF $1 2/3 PAR VALUE COMMON STOCK AND, IF SO, HOW MANY SHARES TO TENDER PURSUANT TO THE EXCHANGE OFFER. For purposes of the Exchange Offer, the exchange of shares will be complete if GM gives oral or written notice to Fleet National Bank (the "Exchange Agent") that it has accepted the tenders of such shares for exchange. Promptly following the announcement by GM of the final results of the Exchange Offer, including proration, if any, the Exchange Agent will deliver the tendered shares of $1 2/3 Par Value Common Stock to GM and, as agent for the tendering stockholders, will receive from GM the shares of Class H Common Stock that correspond to the number of shares of $1 2/3 Par Value Common Stock accepted and credit such shares to book-entry accounts maintained for the tendering stockholders. In all cases, exchange of shares of $1 2/3 Par Value Common Stock will be made only upon receipt by the Exchange Agent prior to 12:00 midnight, New York City time, on the Expiration Date of the Exchange Offer of (1) if applicable, certificates representing such shares of $1 2/3 Par Value Common Stock (or timely confirmation of a book-entry transfer of such $1 2/3 Par Value Common Stock into the Exchange Agent's account at The Depository Trust Company) and (2) a properly completed and duly executed Letter of Transmittal or an agent's message (as described in the Offering Circular-Prospectus) in connection with a book-entry transfer of shares, together with any other documents required by the instructions to the Letter of Transmittal. Under no circumstances will interest be paid by GM pursuant to the Exchange Offer, regardless of any delay in making such exchange or crediting or delivering shares. GM expressly reserves the right, at any time or from time to time, in its sole and absolute discretion for any reason and regardless of whether any of the conditions specified in the Offering Circular-Prospectus under the caption "The Exchange Offer--Conditions for Completion of the Exchange Offer" have been satisfied, (1) to extend the period of time during which the Exchange Offer is open or (2) to amend the Exchange Offer in any respect (including termination of the Exchange Offer if the conditions described in the Offering Circular- Prospectus are not met or changing the exchange ratio), in each case by issuing a press release or by making another public announcement of such extension or amendment. Tenders of shares of $1 2/3 Par Value Common Stock made pursuant to the Exchange Offer may be withdrawn as set forth in the Offering Circular-Prospectus under the caption "The Exchange Offer--Withdrawal Rights" and in the instructions to the Letter of Transmittal. Tendered shares may be withdrawn at any time prior to the Expiration Date and may also be withdrawn after the expiration of 40 business days from the commencement of the Exchange Offer if GM has not previously accepted such shares. To be effective, a written notice of withdrawal must be received by the Exchange Agent by the Expiration Date at one of its addresses set forth on the back cover of the Offering Circular-Prospectus and must specify the name of the person who tendered the shares of $1 2/3 Par Value Common Stock to be withdrawn, the number of shares of $1 2/3 Par Value Common Stock to be withdrawn and the name in which the $1 2/3 Par Value Common Stock certificates are registered, if different from that of the withdrawing holder, as described in the Offering Circular-Prospectus. All questions as to the form of documents (including notices of withdrawal) and the validity, form, eligibility (including time of receipt) and acceptance for exchange of any tender of shares of $1 2/3 Par Value Common Stock will be determined by GM in its sole and absolute discretion, which determination will be final and binding on all tendering stockholders. None of GM, Hughes, the Exchange Agent, the Information Agent, the Dealer Manager, the Marketing Manager, the soliciting dealers or any other person will be under any duty to give notification of any defect or irregularity in tenders or notices of withdrawal or incur any liability for failure to give any such notification. The Offering Circular-Prospectus, the Letter of Transmittal (and the instructions thereto) and other relevant materials are being mailed to record holders of $1 2/3 Par Value Common Stock and furnished to brokers, securities dealers, banks, trust companies and similar persons whose names, or the name of whose nominees, appear on the most recent stockholder list of GM or, if applicable, who are listed as participants in a clearing agency's security position listing for subsequent transmittal to beneficial owners of $1 2/3 Par Value Common Stock. The Offering Circular-Prospectus, the Letter of Transmittal (and the instructions thereto) and the related materials contain important information which should be read carefully before any decision is made with respect to the Exchange Offer. Salomon Smith Barney Inc. is acting as the Marketing Manager for Hughes in connection with the Exchange Offer. Questions and requests for assistance or additional copies of the Offering Circular-Prospectus, the Letter of Transmittal (and the instructions thereto) and other materials relating to the Exchange Offer may be directed to the Information Agent or the Dealer Manager, as set forth below. The Information Agent for the Exchange Offer is: Morrow & Co., Inc. 445 Park Avenue, 5th Floor New York, New York 10022 (877) 816-5329 (toll free) for calls in the United States (212) 754-8000 (collect) for calls outside the United States The Dealer Manager for the Exchange Offer is: MORGAN STANLEY DEAN WITTER Call (212) 761-0039 April 24, 2000 GM urges holders of $1 2/3 Par Value Common Stock to read the final Registration Statement, including the final Offering Circular-Prospectus, regarding the Exchange Offer, as well as the other documents that GM has filed or will file with the Securities and Exchange Commission (the "SEC"), because they contain or will contain important information for making an informed investment decision. Holders of $1 2/3 Par Value Common Stock may obtain a free copy of the final Offering Circular-Prospectus and other documents filed by GM at the SEC's website at www.sec.gov or at GM's website at www.gm.com, or from GM by directing such request in writing to: GM Fulfillment Center, 30200 Stephenson Hwy, (MC 480-000-FC1), Madison Heights, Michigan 48071. ================================================================================ EX-12.A.5.II 16 INFORMATION REGARDING U.S. FED INCOME TAX BASIS EXHIBIT 12(a)(5)(ii) INFORMATION REGARDING U.S. FEDERAL INCOME TAX BASIS The following information is provided to assist you in determining your basis in your $1 2/3 par value common stock and your Class H common stock for U.S. federal income tax purposes as a result of the exchange of your $1 2/3 par value common stock for Class H common stock (the "Exchange"). This information is not intended as tax advice. You should consult your tax advisor as to the particular basis consequences to you of the Exchange under U.S. federal, state, local and foreign tax laws. Generally, for U.S. federal income tax law purposes, your aggregate tax basis in the Class H stock you received (including any fractional share of Class H common stock you are deemed to have received) will be the same as your aggregate tax basis in the shares of $1 2/3 par value common stock surrendered in the Exchange. If you surrendered some, but not all of your shares of $1 2/3 par value common stock in the Exchange, your tax basis in the shares of $1 2/3 par value common stock you retained will remain unchanged. In addition, your holding period in the shares of Class H common stock you received (including any fractional share of Class H common stock you are deemed to have received) will include your holding period in the shares of $1 2/3 par value common stock you surrendered in the Exchange. If you received cash in lieu of a fractional share of Class H common stock, you will be treated as having first received such fractional share and then having sold such fractional share in exchange for the cash received. A portion of your tax basis in your Class H common stock will be allocated to the fractional share you are deemed to have sold in order to calculate your gain or loss on the deemed sale. The following example illustrates the above: Assume you exchanged 100 shares of $1 2/3 par value common stock in which you had a total tax basis of $6,000 ($60 per share) for Class H common stock. Based on the exchange ratio of 1.065 shares of Class H common stock for each share of $1 2/3 par value common stock, you would have received 106 shares of Class H common stock and would be deemed, for tax purposes, to have received an additional 0.5 fractional share, for a total of 106.5 (100 X 1.065) shares of Class H common stock. If the amount of cash paid in lieu of fractional shares equaled $100 per whole share of Class H common stock, you would be deemed, for tax purposes, to have sold the 0.5 fractional share for $50 ($100 X 0.5) in this example. (Note that your fractional share deemed sale price is equal to the amount of the check you received, if any, in lieu of a fractional share of Class H common stock.) Your tax basis in the 106.5 shares would be $6,000 (equal to your basis in the $1 2/3 par value common stock you surrendered in the Exchange). Your tax basis in each share of Class H common stock you received will be $56.34 ($6,000 / 106.5). Your tax basis in the 0.5 fractional share of Class H common stock you were deemed to receive is equal to $28.17 ($56.34 X 0.5). Your tax basis in the 0.5 fractional share of $28.17 is subtracted from the fractional share sale price of $50 to calculate your gain of $21.83 on your deemed sale of the 0.5 fractional share of Class H common stock. Your remaining total tax basis in the 106 shares of Class H common stock that you actually received would be $5,971.83 ($6,000 - $28.17). The tax law does not clearly address how tax basis should be allocated by holders of $1 2/3 par value common stock who exchange two or more blocks of stock with differing tax basis. We encourage you to consult with your own tax advisor regarding the tax basis and other tax consequences of the Exchange. EX-12.A.5.III 17 STOCKHOLDER ATTACHMENT 2000 FED INCOME TAX RETURN EXHIBIT 12(a)(5)(iii) GENERAL MOTORS CORPORATION STOCKHOLDER ATTACHMENT TO 2000 U.S. FEDERAL INCOME TAX RETURN Treas. Reg. (S)1.368-3(b) Please complete the blanks on this form and attach to your 2000 U.S. federal income tax return (if you are required to file such a return). Stockholder Name: _____________________________________________________________ Taxpayer Identification Number (TIN) or Social Security Number (SSN): _________ On May 19, 2000 the taxpayer listed above surrendered shares of General Motors Corporation ("GM") $1 2/3 par value common stock for shares of GM Class H common stock pursuant to an exchange offer by GM. The exchange qualified as a tax-free reorganization of GM under Section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended. The taxpayer did not assume any liabilities in the exchange and none of the shares of Class H common stock received by the taxpayer were subject to any liability. The taxpayer did not receive any money or property in the exchange other than GM Class H common stock (and cash in lieu of any fractional share of Class H common stock). The following information is included in the stockholder's U.S. federal income tax return pursuant to Treas. Reg. (S)1.368-3(b): . Number of shares of $1 2/3 par value common stock surrendered: _______________shares . Tax basis in shares of $1 2/3 par value common stock surrendered: $____________________ . Fair market value of shares of Class H common stock received (calculate by multiplying total number of shares of Class H common stock received in the exchange, including fractional shares deemed to be received, by [$118]): $____________________
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