Charts Furnished to Securities Analysts

Forward Looking Statements

In this presentation and in related comments by our management, our use of

the words

“expect,”

“anticipate,”

“estimate,”

“goal,”

“target,”

“believe,”

“improve,”

“intend,”

“potential,”

“continue,”

“designed,”

“opportunity,”

“risk,”

“may,”

“would,”

“could,”

“should,”

“project,”

“projected,”

“positioned”

similar

expressions is intended to identify forward-looking statements that represent

our current judgment about possible future events. We believe these

judgments are reasonable, but these statements are not guarantees of any

events or financial results, and our actual results may differ materially due to

a variety of important factors. The most recent reports on SEC Forms 10-K,

10-Q and 8-K filed by us or GMAC provide information about these and other

factors, which may be revised or supplemented in future reports to the SEC

on those forms.

Unless specifically required by law, we assume no obligation to update or

revise these forward-looking statements to reflect new events or

circumstances.

Fourth Quarter & Calendar Year Highlights

Fourth Quarter

•

GAAP net loss of $(9.6)B, $(15.71) EPS including special items of $(3.7)B

•

Adjusted net loss of $(5.9)B, $(9.65) EPS, excluding special items

•

Adjusted automotive earnings before tax (EBT) of $(4.0)B, down $3.2B vs. Q4 2007

(excluding discontinued operations) on weakening conditions across all regions

•

Adjusted GMAC results recognized by GM of $(1.9)B

•

Adjusted automotive operating cash flow (OCF) of $(5.2)B

Calendar Year

•

GAAP net loss of $(30.9)B, $(53.32) EPS due largely to volume deterioration and

unfavorable mix

•

Adjusted net loss of $(16.8)B, or $(29.00) EPS

•

Adjusted automotive EBT of $(10.4)B, down $10.9B compared to 2007 CY, primarily

on significant losses in GMNA

•

Global market share of 12.4%, down 0.9 p.p. vs. CY 2007

–

Share outside North America of 9.5%, flat vs. CY 2007

•

Adjusted automotive OCF of $(19.2)B

•

Year-end gross automotive liquidity of $14.0B

Fourth Quarter Adjusted Results

($ Millions)

4Q07

4Q08

Inc/(Dec)

vs 4Q07

GMNA

(1,060)

(2,101)

(1,041)

GME

(215)

(956)

(741)

GMLAAM

424

(154)

(578)

GMAP

(879)

(951)

Auto Eliminations

(24)

103

127

Total Auto Earnings Before Tax

(803)

(3,987)

(3,184)

GMAC

(394)

(1,939)

(1,545)

Corp. Other

(383)

(288)

Total Earnings Before Tax/(Loss)

(1,580)

(6,214)

(4,634)

Taxes

1,626

319

(1,307)

Total GM Net Income/(Loss)

(5,895)

(5,941)

Total EPS (Basic & Diluted)

0.08

(9.65)

(9.73)

Worldwide Production (000)

2,380

1,648

(732)

Global Market Share

13.1%

12.0%

(1.1) p.p.

Calendar Year Adjusted Results

($ Millions)

2007

2008

Inc/(Dec)

2007

GMNA

(1,535)

(9,442)

(7,907)

GME

(1,633)

(1,688)

GMLAAM

1,348

1,322

(26)

GMAP

744

(664)

(1,408)

Auto Eliminations

(59)

Total Auto Earnings Before Tax

553

(10,383)

(10,936)

GMAC Earnings Before Tax

(1,147)

(4,657)

(3,510)

Corp. Other Earnings Before tax

(776)

(1,430)

(654)

Total Earnings Before Tax/(Loss)

(1,370)

(16,470)

(15,100)

Taxes

1,091

(316)

(1,407)

Total Net Income/(Loss) from Cont. Ops.

(279)

(16,786)

(16,507)

Discontinued

Ops.

Allison

Transmission

256

(256)

Total GM Net Income/(Loss)

(23)

(16,786)

(16,763)

EPS from Cont. Ops

(0.49)

(29.00)

(28.51)

EPS from Disc. Ops

0.45

(0.45)

Total EPS (Basic & Diluted)

(0.04)

(29.00)

(28.96)

Worldwide Production (000's)

9,286

8,144

(1,142)

Global Market Share

13.3%

12.4%

(0.9) p.p.

Fourth Quarter Adjustments to Income

Exclusion of special items useful for:

•

Management to measure operations

•

Comparisons between reporting periods

•

Investors to measure and assess company’s core performance

(497)

Saab Related

(229)

HUMMER Related

(367)

Other

$ Millions

EPS

Adjusted Net Income / (Loss)

(5,895)

(9.65)

Fourth Quarter Adjustments

Impairments

(1,093)

Deferred Tax Asset Valuation Allowance, net

(1,007)

Restructuring

(900)

Delphi Related

(660)

Goodwill Impairments, net

(574)

GMAC Related

533

Total Adjustments

(3,701)

GAAP Net Income / (Loss)

(9,596)

(15.71)

Calendar Year Adjustments to Income

Exclusion of special items useful for:

•

Management to measure operations

•

Comparisons between reporting periods

•

Investors to measure and assess company’s core performance

$ Millions

EPS

Adjusted Net Income / (Loss)

(16,786)

(29.00)

Calendar Year Adjustments

UAW VEBA Curtailment Gain

4,901

Restructuring & 2008 SAP

(6,463)

Delphi Related

(4,797)

GMAC Related

(2,504)

Salaried Post-65 Healthcare Settlement

(1,704)

Deferred Tax Asset Valuation Allowance, net

(1,401)

Impairments

(1,093)

Goodwill Impairment, net

(574)

All Other

(439)

Total Adjustments

(14,074)

GAAP Net Income / (Loss)

(30,860)

(53.32)

Accounting for Derivatives

•

Effective January 1, 2008, updated derivative liability valuation methodology

in accordance with SFAS 157 to consider own nonperformance risk

•

In Q4, significant deterioration in credit markets and own financial condition

caused CDS spreads to widen, driving net gain of $1.4B

•

Nonperformance risk effect on fair value measurements reduced

effectiveness of derivatives used as hedge instruments (SFAS 133)

•

As a result, as of October 1, 2008, we discontinued application of hedge

accounting treatment on a prospective basis

–

Amounts recorded in Accumulated OCI at September 30, 2008 will continue to

be reclassified to earnings in the same period that originally hedged transactions

affect earnings

–

Net effect of this change on Q4 earnings was $0.4B gain

SFAS

157

Adjustments

2008

Millions)

GMNA

GME

GMAP

LAAM

Corp

Total

950

149

226

1,425

GMNA 4Q08 Adjusted Results

2007 excludes results from Allison Transmission, recorded as Discontinued Operations

($ Millions)

4Q07

4Q08

Inc/(Dec)

4Q07

Revenue

$28,121

$19,280

($8,841)

Earnings Before Tax/(Loss)

(1,060)

(2,101)

(1,041)

Earnings Before Tax Margin

(3.8)%

(10.9)%

(7.1) p.p.

North America:

Production Volume (000)

1,042

815

(227)

GM Total Deliveries (000)

1,054

675

(379)

Market Share

22.7%

21.0%

(1.7) p.p.

United States:

Industry SAAR (Mil.)

16.5

10.6

(5.9)

Market Share

23.2%

21.6%

(1.6) p.p.

Retail/Fleet Mix -

% Fleet

23.9%

32.2%

8.3 p.p.

Dealer Inventory (000)

908

872

GMNA

Adjusted

EBT

–

4Q08

vs.

4Q07

2007 excludes results from Allison Transmission, recorded as Discontinued Operations

Key Drivers

2007 Earnings Before Tax

$ (1.1)

Volume

(1.5)

Mix

(0.7)

Price

(1.1)

Net Material

0.1

Pension / OPEB / Manufacturing

0.1

Hedging / Exchange / Other

2.1

2008 Earnings Before Tax

$ (2.1)

$ Billions –

Continuing Operations Only

(2.2) Industry decline

1.0 YoY Inventory Change

(0.3) Segment mix/Other

1.0 SFAS 157

1.0 Exchange related

(0.5) Commodity hedging

0.6 Other

0.3 Manufacturing/attrition

(0.2) Pension/OPEB

(0.7) Product line mix

(0.1) Commodities

0.2 Material performance

(0.9) Lease reserve adj.

(0.2) Pricing/incentives

GMNA Adjusted EBT –

CY2008 vs. CY2007

2007 excludes results from Allison Transmission, recorded as Discontinued Operations

Key Drivers

2007 Earnings Before Tax

$ (1.5)

Volume

(5.4)

Mix

(3.5)

Price

(3.0)

Net Material

0.0

Pension / OPEB / Manufacturing

1.7

Hedging / Exchange / Other

2.3

2008 Earnings Before Tax

$ (9.4)

$ Billions –

Continuing Operations Only

(4.8) Industry decline

1.0 YoY Inventory Change

(1.6) Segment mix / Other

1.1 SFAS 157

1.6 Exchange related

(0.8) Commodity hedging

0.4 Other

1.3 Manufacturing/attrition

0.4 Pension/OPEB

(2.8) Product line mix

(0.5) Model/option mix

(0.2) Fleet mix/other

(0.5) Commodities

0.9 Material performance

(0.4) Cost of majors

(1.8) Lease reserve adj.

(1.2) Pricing/incentives

GME 4Q08 Adjusted Results

($ Millions)

4Q07

4Q08

Inc/(Dec)

vs 4Q07

Revenue

$10,710

$6,418

($4,292)

Earnings Before Tax/(Loss)

(215)

(956)

(741)

Earnings Before Tax Margin

(2.0)%

(14.9)%

(12.9) p.p.

Total Europe:

- Production Volume (000)

457

214

(243)

- Industry SAAR (Mil.)

24.2

19.5

(4.7)

- GM Total Deliveries (000)

529

420

(109)

- Market Share

9.2%

9.1%

(0.1) p.p.

Germany:

- Industry SAAR (Mil.)

3.5

3.2

(0.3)

- Market Share

9.4%

7.9%

(1.5) p.p.

UK:

Industry SAAR (Mil.)

2.8

2.0

(0.8)

- Market Share

15.4%

16.6%

1.2 p.p.

- Memo: EUR/GBP exchange

0.71

0.84

Russia:

Industry SAAR (Mil.)

3.1

2.7

(0.4)

- Market Share

10.2%

11.6%

1.4 p.p.

GMLAAM 4Q08 Adjusted Results

($ Millions)

4Q07

4Q08

Inc/(Dec)

vs 4Q07

Revenue

$6,040

$4,707

$(1,333)

Earnings Before Tax/(Loss)

424

(154)

(578)

Earnings Before Tax Margin

7.0%

(3.3)%

(10.3) p.p.

Total LAAM:

- Production Volume (000)

253

166

(87)

- Industry SAAR (Mil.)

7.4

6.2

(1.2)

- GM Total Deliveries (000)

341

266

(75)

- Market Share

17.3%

16.2%

(1.1) p.p.

Brazil:

- Industry SAAR (Mil.)

2.7

2.3

(0.4)

- Market Share

19.9%

16.9%

(3.0) p.p.

Argentina:

Industry SAAR (Mil.)

0.6

0.0

- Market Share

15.3%

16.5%

1.2 p.p.

ANDEAN Markets

Industry SAAR (Mil.)

1.1

0.8

(0.3)

- Market Share

29.7%

29.1%

(0.6) p.p.

GMAP 4Q08 Adjusted Results

($ Millions)

4Q07

4Q08

Inc/(Dec)

vs 4Q07

Revenue

$5,342

$2,608

$(2,734)

Pre-Tax Income/(Loss)

(883)

(896)

China JVs Equity Income

(70)

Minority Interest

(31)

(16)

Earnings Before Tax/(Loss)

(879)

(951)

Earnings Before Tax Margin

1.3%

(33.7)%

(35.0) p.p.

Total Asia Pacific:

- Industry SAAR (Mil.)

21.1

18.9

(2.2)

- GM Total Deliveries (000)

382

341

(41)

- Market Share

7.3%

7.2%

(0.1) p.p.

China:

- Industry SAAR (Mil.)

8.6

8.4

(0.2)

- Market Share

12.5%

12.1%

(0.4) p.p.

Australia:

Industry SAAR (Mil.)

1.1

0.9

(0.2)

- Market Share

13.0%

13.7%

0.7 p.p.

GM-DAT:

- Production (Complete Build Units)

250

162

(88)

GMAC Highlights

Fourth Quarter

•

GMAC reported $7.5B net income due primarily to bond exchange

•

Excluding the gain on bond exchange of $11.4B, Q4 2008 net loss was

$(4.0)B driven primarily by losses in North America automotive finance

and ongoing losses at ResCap

–

Global Auto Finance reflected a loss of $(1.3)B, due to weak credit conditions

and falling used vehicle prices

–

ResCap net loss of $(1.7)B driven by asset impairments from falling asset

values and persistent economic headwinds in the real estate market

•

Adjusted EBT as realized by GM was loss of $(1.9)B, excluding GM

portion of bond exchange gain

Calendar Year

•

GMAC reported $1.9B net income, including bond exchange

•

Adjusted EBT as realized by GM was loss of $(4.7)B

•

GMAC ended 2008 with liquidity of $15.2B

Note:

Presented as disclosed in GMAC preliminary earnings release on February 3. For full description regarding GMAC and ResCap, please refer

to GMAC’s February 3 earnings release and corresponding press release, available on GMAC’s investor relations website

GMAC 4Q08 Business Line Results

Note:

Presented as disclosed in GMAC preliminary earnings release on February 3. For full description regarding GMAC and ResCap, please refer

to GMAC’s February 3 earnings release and corresponding press release, available on GMAC’s investor relations website

($ Millions)

4Q07

4Q08

Inc/(Dec)

vs 4Q07

Global Automotive Finance

137

(1,313)

(1,450)

Insurance

Other (excl. Bond Exchange)*

(50)

(1,005)

(955)

Gain on Bond Exchange & Debt Retirement

562

11,420

10,858

Sub-Total Net Income/(Loss)

717

9,197

8,480

ResCap (excl. Debt Retirement)**

(1,441)

(1,735)

(294)

Total Net Income/(Loss)

(724)

7,462

8,186

** ResCap total GAAP net income was $981 million, including $754 million debt retirement gains.

* Other segment includes Commercial Finance, equity investments and other corporate activities. Other had total

GAAP net income of $9.66 billion, including $10.66 billion of bond exchange gain.

GMAC Update –

Ownership & Trust Structure

•

GM plans to reduce its ownership interest in GMAC to below 10%

•

Equity purchased with proceeds of $884 million U.S. Department of the

Treasury (UST) loan will be placed in a trust (UST to appoint trustee)

–

UST

has

the

right

convert

the

loan

into

the

underlying

GMAC

•

Remaining interest over 9.9% will be placed in separate trust

–

GM to appoint trustee (independent and approved by Federal Reserve)

•

Trusts have 3 years to dispose of GMAC equity

–

GM is the beneficiary of both trusts

•

GM will also retain its preferred interest in GMAC

–

Total

direct

ownership

common

and

preferred

will

less

than

10%

Est. Pro Forma GMAC Common Ownership

(After Exchange, Additional Equity and TARP)

Common Interest Ownership

Total GM and Trusts

59.9%

Other

40.1%

Total

100.0%

~ 7.4%

GM Trust

~ 17.1%

UST Trust

35.4%

Total GM and Trusts

59.9%

Delphi Update

•

Q4 adjustment of $0.7B to Delphi reserve

–

Primarily related to revaluation of pension obligations

–

Total of $12.3B in net Delphi-related charges taken to date

•

In December 2008, Delphi obtained an accommodation on its DIP

financing through June 30, 2009

–

In conjunction with the accommodation, GM agreed to:

Extend $300M advance agreement through June 30, 2009

Pull

forward

temporary

acceleration

payment

terms

$100M

occur

each of March, April and May (originally to occur upon emergence)

–

In January 2009, GM agreed to further pull ahead $50M of payment

terms acceleration from May to January

–

To date, Delphi has drawn $190M on the advance agreement

•

GM continues to work with Delphi and its stakeholders to facilitate

Delphi’s emergence from bankruptcy

•

Liquidity position of $14.0B at December 31, 2008

–

Represents

decrease

$2.2B

from

prior

quarter

driven

primarily

negative

OCF offset by U.S. TARP funding

–

Represents $13.3B decrease from year-end 2007

•

Net liquidity of $(31.3)B, a decrease of $4.2B from prior quarter and $19.2B

from year-end 2007

–

Debt balance in Q4 2008 at $45.3B, including U.S. TARP funding

Liquidity Summary

27.3

23.9

21.0

16.2

14.0

(12.1)

(16.2)

(19.5)

(27.1)

(31.3)

(35)

(25)

(15)

(5)

Q4'07

Q1'08

Q2'08

Q3'08

Q4'08

$ Billions

Gross Cash (1)

Net Liquidity

Including readily available VEBA assets

Automotive Cash Flow Summary

Refer to Supplemental Charts for reconciliation to GAAP figures

* Includes $39.1 billion Q3 2007 tax asset write-off

** Earnings before Tax from Continuing Operations on a GAAP basis

($ Billions)

4Q 2007

4Q 2008

F/(U)

CY 2007

CY 2008

F/(U)

GAAP Net Income

(0.7)

(9.6)

(8.9)

(38.7)

(30.9)

7.8

Adjustment to Exclude Financing/Insurance Operations & Taxes *

(2.2)

2.1

4.3

33.2

8.8

(24.4)

Earnings Before Tax (Automotive & Corp/Other) **

(2.9)

(7.5)

(4.6)

(5.5)

(22.1)

(16.6)

Depreciation & Amortization (incl. Goodwill Impairment)

2.2

3.9

1.7

8.3

9.9

1.6

Capital Expenditures

(2.6)

(2.0)

0.6

(7.5)

Change in Receivables, Payables & Inventory

0.4

0.6

0.2

(0.5)

(3.5)

(3.0)

OPEB Expense (Net of Payments)

(0.3)

(1.1)

(0.8)

(1.4)

(5.9)

(4.5)

Pension Expense (Net of Payments)

0.8

0.9

3.8

2.9

DC VEBA

(1.0)

1.0

Accrued Expenses & Other

1.9

0.1

(1.8)

4.3

6.1

1.8

Adjusted Operating Cash Flow

(1.3)

(5.2)

(3.9)

(2.4)

(19.2)

(16.8)

Asset Sales (including Allison)

0.3

5.7

0.5

(5.2)

Cash Restructuring Costs

(0.4)

(0.2)

0.2

(1.4)

(1.2)

0.2

Delphi - Cash Restructuring Costs

(0.2)

(0.3)

(1.4)

(1.1)

Special Cash Charges

(0.4)

(0.1)

0.3

4.0

(2.1)

(6.1)

Adjusted Operating Cash Flow after Special Cash Charges

(1.7)

(5.3)

(3.6)

1.6

(21.3)

(22.9)

Non-Operating Related

VEBA Withdrawals

2.7

0.8

(1.9)

2.7

1.4

(1.3)

Dividends

(0.1)

0.1

(0.6)

(0.3)

0.3

Change in Debt

(0.9)

3.0

3.9

(0.6)

8.0

8.6

GMAC Related

(0.1)

(1.1)

(0.5)

0.6

GMAC Asset Carve Out Flows

0.2

0.3

0.1

0.9

1.4

0.5

Change in ST VEBA

(2.9)

(0.3)

2.6

(1.9)

(0.6)

1.3

FX Impact on Non-USD Cash Balances

(0.5)

0.3

(0.8)

(1.1)

Other

0.1

(0.1)

(0.2)

(0.4)

(0.7)

(0.3)

Total Non-Operating Related

(0.9)

3.1

4.0

(0.7)

7.9

8.6

Net Change in Cash and Cash-related

(2.6)

(2.2)

0.4

0.9

(13.4)

(14.3)

Key Cash Flow Variance Drivers

•

Change in Pension and OPEB mainly driven by UAW VEBA curtailment

$ Billions

4Q07

4Q08

F/(U)

CY 2007

CY 2008

F/(U)

UAW VEBA Curtailment

(4.9)

Salaried Post-65 OPEB Settlement

1.7

IUE-CWA Curtailment

(0.3)

All Other

0.0

(0.0)

0.0

Subtotal -

OPEB Special Charges

(0.3)

(0.0)

(3.5)

(3.4)

OPEB FAS 106 Expense

0.6

0.2

(0.4)

2.4

1.4

(1.0)

OPEB Payments

(0.9)

(1.0)

(0.1)

(3.8)

(0.1)

TOTAL OPEB expense (net of payments)

(0.3)

(1.1)

(0.8)

(1.4)

(5.9)

(4.5)

Restructuring, and U.S. Hourly SAP & Related

3.5

U.S. Salaried Window

0.3

All Other

0.2

0.3

0.1

Subtotal -

Pension Special Charges

0.4

0.2

4.1

3.9

Pension Payments

(0.2)

(0.3)

(0.0)

(0.9)

(1.1)

(0.1)

Pension FAS 87 Expense

0.3

0.7

0.4

1.6

0.8

(0.8)

TOTAL Pension expense (net of payments)

0.0

0.8

0.9

3.8

2.9

(0.3)

U.S. Pension Funded Status –

CY2008 vs. CY2007

Note: Funded status excludes U.S. Non-Qualified plan PBO of $1.2 billion

20.0

(5.9)

(11.3)

(2.2)

(1.2)

(7.5)

(4.3)

(12.4)

-15

-10

-5

12/31/07

Funded

Status

Service &

Interest Cost

Asset

Returns

Actuarial

Assumptions

Discount

Rate

Hourly Plan

Specific

Salaried Plan

Specific

12/31/08

Funded

Status

$ Billions

Funded

Status

124%

Funded

Status

87%

Est. ROA = (11.0)%

(2.3)

UAW Special Attrition Program

(2.7)

VEBA Settlement Pension Increase

(2.3)

Delphi Hourly Pension

(0.2)

IUE Contract

(3.7)

Post-65 Benefit Increase

(0.6)

Window Retirement

Program

U.S. Healthcare Spending & OPEB Expense

Actuals

($ Billions)

2007

2008

U.S. OPEB Expense

2.1

(2.4)

OPEB Liability

59.7

40.0

VEBA Assets

16.3

10.0

Net Liability

43.4

30.0

U.S. Health Care Cash Payments

Active

1.3

1.1

Retired

3.3

Total Cash

4.6

4.4

Mitigation VEBA Contributions

1.0

Assumptions

2007

2008

Year-end Discount Rate

6.4%

OPEB Health Care Trend Rate*

9.0%

8.3%

* OPEB trend rate in initial year, ultimate trend rate assumed to be 5.0% in six years

GMNA

Contribution

Margin

–

CY2009

vs.

CY2008

(4.0) Industry decline

(1.3) Inventory related

(0.3) Segment mix / other

0.6 Brand/Option Mix

(0.2) Fleet mix/other

0.4 Commodities

0.2 Freight

Key Drivers

1.7 U.S.

(largely in market)

0.3 Canada

(largely in market)

0.5 All Other

2008 Aggregate CM

$ 21.1

Volume

(5.6)

Mix

0.4

Price

2.5

Absence of 2008 Lease Residual

1.8

Material & Freight

0.6

2009 Aggregate CM

$ 20.8

$ Billions –

Increase / (Decrease)

GMNA Structural Cost –

CY2009 vs. CY2008

JOBs Suspension

SAP Programs

Capacity Actions

Tier II Wage Structure

UAW Tentative Agreement

Impact of portfolio actions &

salaried headcount initiative

Higher Delphi Cost

Lower Scrap Revenue

Absence of favorable

intercompany eliminations &

inventory adjustments

Key Drivers

Reduction primarily due to

lower industry volume

2008 Structural Cost

$ 30.8

Tools/Manufacturing

(4.2)

Engineering

(0.6)

Marketing

(0.8)

Retiree Pension/OPEB

0.4

Other

0.7

2009 Structural Cost

$ 26.3

$ Billions –

Increase / (Decrease)

Primarily impact of

unfavorable asset returns

partially offset by labor

initiatives

Reconciliation to Adjusted Net Income / EPS Q4 2008

$ Millions, except for EPS

QTD December 31, 2008

GMNA

GME

GMLAAM

GMAP

Auto

Elims

Total Auto

GMAC

Corp.

Other

Financing

Total

Total Net Sales & Revenue

19,280

6,418

4,707

2,608

(2,401)

30,612

166

30,778

Income (loss) before tax

(3,523)

(1,890)

(181)

(917)

103

(6,408)

(1,406)

(1,084)

(8,859)

Tax (expense) benefit

(700)

(37)

(737)

Net Income (loss)

(3,523)

(1,890)

(181)

(917)

103

(6,408)

(1,406)

(1,784)

(9,596)

EPS - Basic and Diluted

($15.71)

Pre-tax adjustments:

Impairments

531

497

1,093

Delphi Related

660

Goodwill Impairment

134

440

574

Restructuring

757

790

110

900

GMAC Related

(533)

Deferred Tax Asset Valuation Allowance

(36)

(13)

(49)

1,422

934

2,421

(533)

770

(13)

2,645

Tax adjustments:

Deferred Tax Asset Valuation Allowance

1,037

1,056

Total Adjustments

1,422

934

2,421

(533)

1,807

3,701

Total Adjust. - Net Revenue

Adjusted Net Revenue

19,280

6,418

4,707

2,608

(2,401)

30,612

166

30,778

Income (loss) before tax

(2,101)

(956)

(154)

(879)

103

(3,987)

(1,939)

(314)

(6,214)

Tax expense

337

(18)

319

Adjusted Net Income (loss)

(2,101)

(956)

(154)

(879)

103

(3,987)

(1,939)

(5,895)

Adjusted EPS - Basic and Diluted

($9.65)

S-1

Reconciliation to Adjusted Net Income / EPS Q4 2007

S-2

$ Millions, except for EPS

QTD December 31, 2007

GMNA

GME

GMLAAM

GMAP

Auto

Elims

Total Auto

GMAC

Corp.

Other

Financing

Total

Total Net Sales & Revenue

28,121

10,710

6,040

5,342

(3,695)

46,518

286

46,804

Income (loss) before tax

(1,252)

(445)

424

(24)

(1,225)

(394)

(1,641)

(3,170)

Tax (expense)/benefit

1,553

1,643

Net income (loss) from Cont. Ops.

(1,252)

(445)

424

(24)

(1,225)

(394)

(88)

180

(1,527)

Net income for Disc. Ops.

Gain on Sale of Disc Ops.

805

Net Income (loss)

(447)

(445)

424

(24)

(420)

(394)

(88)

180

(722)

EPS -

Basic and Diluted

($1.28)

Delphi

1,174

Restructuring/Special attrition program

230

290

Product impairments

169

Plant closures

(37)

(6)

(43)

192

230

422

1,168

1,590

Tax adjustments:

Deferred tax asset valuation allowance

(17)

Allison gain on sale

(805)

Total Adjustments

(613)

230

(383)

1,151

768

Total Adjust. -

Net Revenue

Adjusted Net Revenue

28,121

10,710

6,040

5,342

(3,695)

46,518

286

46,804

Income (loss) before tax

(1,060)

(215)

424

(24)

(803)

(394)

(473)

(1,580)

Tax (expense)/benefit

1,536

1,626

Net income (loss) from Cont. Ops.

(1,060)

(215)

424

(24)

(803)

(394)

1,063

180

Net income from Disc. Ops.

Adjusted Net Income (loss)

(1,060)

(215)

424

(24)

(803)

(394)

1,063

180

Adjusted EPS -

Basic and Diluted

$0.08

Pre-tax adjustments:

Reconciliation to Adjusted Net Income / EPS CY 2008

S-3

$ Millions, except for EPS

GMNA

GME

GMLAAM

GMAP

Auto

Elims

Total Auto

GMAC

Corp.

Other

Financing

Total

YTD December 31, 2008

Total Net Sales & Revenue

86,187

34,388

20,260

17,828

(10,931)

147,732

1,247

148,979

Income (loss) before tax

(14,076)

(2,798)

1,295

(800)

(16,345)

(7,161)

(5,742)

154

(29,094)

Tax (expense)/benefit

(2,458)

692

(1,766)

Net income (loss) from Cont. Ops.

(14,076)

(2,798)

1,295

(800)

(16,345)

(7,161)

(8,200)

846

(30,860)

Net income from Disc. Ops.

Gain on sale of Disc. Op.

Net Income (loss)

(14,076)

(2,798)

1,295

(800)

(16,345)

(7,161)

(8,200)

846

(30,860)

EPS

Basic

and

Diluted

($53.32)

Pre-tax adjustments:

Restructuring & 2008 SAP

5,945

264

6,307

110

6,417

UAW VEBA Curtailment Gain

(3,684)

(1,217)

(4,901)

Delphi Related

4,796

GMAC Related

2,504

Salaried Post-65 Healthcare Settlement

1,172

532

1,704

Product Specific Impairments

531

497

1,093

Goodwill Impairment

134

440

574

DTA valuation allow. & assoc. items

(36)

(13)

(49)

All Other

536

(50)

486

4,634

1,165

136

5,962

2,504

4,171

(13)

12,624

Tax adjustments:

DTA valuation allow. & assoc. items

1,431

1,450

Total Continuing Operations

4,634

1,165

136

5,962

2,504

5,602

14,074

Gain on sale of Allison

Total Adjustments

4,634

1,165

136

5,962

2,504

5,602

14,074

Total

Adjust.

Net

Revenue

Adjusted Net Revenue

86,187

34,388

20,260

17,828

(10,931)

147,732

1,247

148,979

Income (loss) before tax

(9,442)

(1,633)

1,322

(664)

(10,383)

(4,657)

(1,571)

141

(16,470)

Tax benefit

(1,027)

711

(316)

Net income (loss) from Cont. Ops.

(9,442)

(1,633)

1,322

(664)

(10,383)

(4,657)

(2,598)

852

(16,786)

Net income from Disc. Ops.

Adjusted Net Income (loss)

(9,442)

(1,633)

1,322

(664)

(10,383)

(4,657)

(2,598)

852

(16,786)

Adjusted

EPS

Basic

and

Diluted

($29.00)

Reconciliation to Adjusted Net Income / EPS CY 2007

S-4

$ Millions, except for EPS

GMNA

GME

GMLAAM

GMAP

Auto

Elims

Total Auto

GMAC

Corp.

Other

Financing

Total

YTD December 31, 2007

Total Net Sales & Revenue

112,448

37,478

18,894

20,317

(11,543)

177,594

2,390

179,984

Income (loss) before tax

(3,314)

(524)

1,348

681

(59)

(1,868)

(1,147)

(3,605)

485

(6,135)

Tax (expense)/benefit

(37,129)

(33)

(37,162)

Net income (loss) from Cont. Ops.

(3,314)

(524)

1,348

681

(59)

(1,868)

(1,147)

(40,734)

452

(43,297)

Net income from Disc. Ops.

256

Gain on sale of Disc. Op.

4,309

Net Income (loss)

1,251

(524)

1,348

681

(59)

2,697

(1,147)

(40,734)

452

(38,732)

EPS -

Basic and Diluted

($68.45)

Pre-tax adjustments:

Delphi

2,099

Other valuation allow adjust

Pension prior service cost

1,310

251

1,561

Restructuring/special atttrition

program

289

579

918

Product impairments

264

277

Plant closures

(84)

(6)

(90)

1,779

579

2,421

2,344

4,765

Tax adjustments:

Tax

regional

special

items

non

DTA

(47)

DTA valuation allow. & assoc. items

38,177

123

38,300

Total Continuing Operations

1,779

579

2,421

40,474

123

43,018

Gain on sale of Allison

(4,309)

Total Adjustments

(2,530)

579

(1,888)

40,474

123

38,709

Total Adjust. -

Net Revenue

Adjusted Net Revenue

112,448

37,478

18,894

20,317

(11,543)

177,594

2,390

179,984

Income (loss) before tax

(1,535)

1,348

744

(59)

553

(1,147)

(1,261)

485

(1,370)

Tax benefit

1,001

1,091

Net income (loss) from Cont. Ops.

(1,535)

1,348

744

(59)

553

(1,147)

(260)

575

(279)

Net income from Disc. Ops.

256

Adjusted Net Income (loss)

(1,279)

1,348

744

(59)

809

(1,147)

(260)

575

(23)

Adjusted

EPS

Basic

and

Diluted

($0.04)

Reconciliation of Automotive & Corp/Other Cash Flow

Q4 and CYTD

S-5

General Motors Corporation

Automotive and Corp/Other

GAAP to Managerial Cash Flow reconciliation

$ Billions

Q4 2008

CYTD 2008

Q4 2007

CYTD 2007

Net Cash Provided By Operating Activities (GAAP) *

(2.8)

(13.3)

3.4

5.4

Reclassifications to/ (from) U.S. GAAP

Expenditures for PPE & Special Tools

(2.0)

(7.5)

(2.6)

(7.5)

VEBA Withdrawls

(0.8)

(1.4)

(2.7)

Cash Restructuring Costs

0.2

1.2

0.4

1.4

Delphi -

Cash Restructuring Costs

0.2

1.4

0.3

Other

0.4

0.2

0.7

Total Reconciling Items

(2.4)

(5.9)

(4.7)

(7.8)

Adjusted Operating Cash Flow before Special Items

(5.2)

(19.2)

(1.3)

(2.4)

* Operating Cash Flow from Continuing Operations

Reconciliation

Pension

Expense

(CY2007,

CY2008)

S-6

$ Millions

2007 Total

FAS 87 Expense

507

FAS 88 Expense

Other

Delphi Benefit Increases

552

Allison

Guide Prepaid

(17)

Other -

Data Remediation

Total Other

603

Total Pension Expense

1,114

$ Millions

2008 Total

FAS 87 Expense

(628)

FAS 88 Expense Items:

SAP II curtailment loss and special term benefit

3,241

Moraine plant closing special term benefit

Delphi SAP special term benefit

Salaried Window special term benefit

299

Total FAS 88 Expense

3,553

Other -

Data Remediation

269

Total Pension Expense

3,194