GM Reports Preliminary Fourth Quarter and Calendar Year 2008 Financial Results

Results reflect global economic crisis and industry-wide collapse in vehicle
demand

Fourth quarter adjusted net loss of $5.9 billion, reported net loss of $9.6
billion

2008 adjusted net loss of $16.8 billion, reported net loss of $30.9 billion

Structural cost improvement in North America of $3.0 billion in 2008

DETROIT, Feb. 26 /PRNewswire/ --

Calendar Year
2008 2007* '08 O/(U) '07
---- ---- -------------
Revenue (bils.): $149 $180 $(31)
Adjusted automotive earnings
before tax (bils.): $(10.4) $0.6 $(11.0)
Reported automotive earnings
before tax (bils.): $(16.3) $(1.9) $(14.4)
Adjusted net income (bils.): $(16.8) $(0.3) $(16.5)
Reported net income (bils.): $(30.9) $(43.3) $12.4
Reported earnings per share
(diluted): $(53.32) $(76.52) $23.20
Adjusted operating cash flow (bils): $(19.2) $(2.4) $(16.8)

* 2007 figures reflect continuing operations

General Motors Corp. (NYSE: GM) today announced its fourth quarter and
calendar year 2008 financial results, which were affected by the dramatic
deterioration in global economic and market conditions during the year,
declining consumer confidence and a 50-year low in per-capita auto sales in
the United States.

For the 2008 calendar year, GM reported an adjusted net loss, excluding
special items, of $16.8 billion, or $29.00 per diluted share. This compares
to an adjusted net loss of $279 million, or $0.49 per diluted share in 2007.
The 2008 results were driven by the impact of the U.S. recession and
subsequent global contagion. Including special items, the company reported a
loss of $30.9 billion, or $53.32 per diluted share, compared to a reported
loss of $43.3 billion, or $76.52 per diluted share in 2007, which included a
non-cash special charge of $38.3 billion in the third quarter related to the
valuation allowance against deferred tax assets.

"2008 was an extremely difficult year for the U.S. and global auto markets,
especially the second half," Chairman and CEO Rick Wagoner said. "These
conditions created a very challenging environment for GM and other automakers,
and led us to take further aggressive and difficult measures to restructure
our business.

"We expect these challenging conditions will continue through 2009, and so we
are accelerating our restructuring actions. At the same time, we are
continuing our commitment to exciting, fuel-efficient cars and trucks, and the
leadership in advanced propulsion technology."

GM total revenue in 2008 was $149 billion, compared with $180 billion in 2007.
GM's core automotive business generated revenue of $148 billion in 2008, down
from $178 billion in 2007. The revenue decline was predominantly due to the
precipitous drop in sales amid record low consumer confidence in the U.S. and
sharply lower sales across all of GM's operating regions due to economic
turmoil in the global markets. Global industry sales in 2008 were down 5
percent, or 3.6 million vehicles, versus 2007 levels, and U.S. industry sales
fell by 18 percent, or nearly 3 million units.

Fourth Quarter
2008 2007* '08 O/(U) '07
---- ----- -------------
Revenue (bils.): $30.8 $46.8 $(16.0)
Adjusted automotive earnings
before tax (bils.): $(4.0) $(0.8) $(3.2)
Reported automotive earnings
before tax (bils.): $(6.4) $(1.2) $(5.2)
Adjusted net income (bils.): $(5.9) $0.05 $(5.9)
Reported net income (bils.): $(9.6) $(1.5) $(8.1)
Reported earnings per share
(diluted): $(15.71) $(2.70) $(13.01)
Adjusted operating cash flow
(bils): $(5.2) $(1.3) $(3.9)

* 2007 figures reflect continuing operations

In the fourth quarter 2008, GM posted an adjusted net loss of $5.9 billion or
$9.65 per diluted share, compared to adjusted net income of $46 million, or
$0.08 per diluted share in the year-ago period. Including special items, the
company reported a net loss of $9.6 billion, or $15.71 per diluted share in
the fourth quarter 2008, compared to a net loss of $1.5 billion, or $2.70 per
diluted share in the year-ago period.

The fourth quarter 2008 results reflect special items totaling $3.7 billion.
Special charges include:

-- $1.1 billion impairment charge primarily relating to actions being
taken
regarding the Hummer and Saab brands
-- $1.0 billion charge relating to adjustments to the value of deferred
tax
assets in various countries outside of the U.S.
-- $900 million of restructuring and capacity-related costs
-- $660 million increase to the Delphi reserve relating to the valuation
of
future pension obligations
-- $610 million of gross goodwill impairments in Europe and North America
-- $533 million net gain relating to GM's portion of the GMAC bond
exchange gain, net of an impairment taken on GM's holdings in GMAC

Details on all special items are included in the "Highlights" section of this
news release.

Effective Oct. 1, 2008, GM discontinued the use of hedge accounting treatment,
on a prospective basis, to comply with SFAS 133. This resulted in a positive
net effect on fourth quarter earnings of $436 million.

In accordance with SFAS 157, GM incorporates its credit risk when measuring
the fair value of its derivative liabilities. As a result of GM's increasing
credit risk, the fair value of its derivative liabilities declined in the
fourth quarter, resulting in a net gain of $1.4 billion.

GM reported revenue of $30.8 billion in the fourth quarter 2008, down from
$46.8 billion in the fourth quarter 2007. Revenue from automotive operations
totaled $30.6 billion in the quarter, compared to $46.5 billion from the prior
year, largely driven by the sharp decline in global industry volume.

GM reports its automotive operations and regional results on a pre-tax basis,
with taxes reported on a total corporate basis.

GM Automotive Operations
GM's global automotive operations posted an adjusted loss before tax of $10.4
billion in 2008 (reported loss of $16.3 billion), compared to adjusted income
before tax of $553 million in 2007 (reported loss of $1.9 billion). In the
fourth quarter 2008, GM's automotive operations had an adjusted loss before
tax of $4.0 billion (reported loss of $6.4 billion), compared to an adjusted
loss before tax of $803 million in the year-ago quarter (reported loss of $1.2
billion).

GM 2008 worldwide sales were 8.35 million vehicles, down 11 percent, or 1.01
million vehicles, driven by the industry-wide contraction in global vehicle
sales. In 2008, 5.38 million vehicles, or 64 percent of GM's global sales,
were outside of the U.S., up from 59 percent a year ago. GM's Asia Pacific
(GMAP) and Latin America, Africa and Middle East (GMLAAM) regions each grew
sales volume by nearly 3 percent, and more than 2 million vehicles were sold
in Europe for the third consecutive year. Despite softer industry sales, GM
continues to lead in emerging markets, posting market share growth in 14 of 26
of the emerging markets.

GMNA

Fourth Quarter
2008 2007 '08 O/(U) '07
---- ---- ------------
Revenue (bils.) $19.3 $28.1 $(8.8)
Adjusted earnings before tax (bils.) $(2.1) $(1.1) $(1.0)
Reported earnings before tax (bils.) $(3.5) $(1.3) $(2.2)
GM market share 21.0% 22.7% (1.7)p.p.

GM North America (GMNA) posted an adjusted loss before tax of $2.1 billion in
the fourth quarter 2008 (reported loss of $3.5 billion), compared to an
adjusted loss before tax of $1.1 billion in the fourth quarter 2007 (reported
loss of $1.3 billion). These results were impacted by significant declines in
U.S. industry volume, leased vehicle residual adjustments, increased
incentives and unfavorable product mix, partially offset by favorable cost
performance, SFAS 157 adjustments and foreign exchange. For 2008, GMNA posted
an adjusted loss before tax of $9.4 billion (reported loss of $14.1 billion),
compared to an adjusted loss before tax of $1.5 billion in the year-ago
period, excluding special items (reported loss of $3.3 billion).

As a result of GM's ongoing restructuring initiatives to adapt to current
economic conditions, significant actions have been taken to reduce its
structural cost. In North America, GM reduced structural cost from $33.8
billion to $30.8 billion, or $3.0 billion, during 2008.

GME

Fourth Quarter
2008 2007 '08 O/(U) '07
---- ---- -------------
Revenue (bils.) $6.4 $10.7 $(4.3)
Adjusted earnings before tax (mils.) $(956) $(215) $(741)
Reported earnings before tax (mils.) $(1,890) $(445) $(1,445)
GM market share 9.1% 9.2% (0.1)p.p.

For the fourth quarter 2008, GM Europe (GME) posted an adjusted loss before
tax of $956 million (reported loss of $1.9 billion) versus an adjusted loss
before tax of $215 million in the year-ago period (reported loss of $445
million). The decline in fourth quarter earnings was largely attributable to
the lower industry volume across the region, unfavorable model mix and
unfavorable foreign exchange and commodity hedging, partially offset by strong
cost performance. For 2008, GME posted an adjusted loss before tax of $1.6
billion (reported loss of $2.8 billion), compared to adjusted income before
tax of $55 million in the year-ago period, excluding special items (reported
loss of $524 million).

GMLAAM

Fourth Quarter
2008 2007 '08 O/(U) '07
---- ---- -------------
Revenue (bils.) $4.7 $6.0 $(1.3)
Adjusted earnings before tax (mils.) $(154) $424 $(578)
Reported earnings before tax (mils.) $(181) $424 $(605)
GM market share 16.2% 17.3% (1.1)p.p.

In the fourth quarter, GMLAAM posted an adjusted loss before tax of $154
million (reported loss of $181 million), down from adjusted income of $424
million in the fourth quarter of 2007 (reported income of $424 million).
Fourth quarter results were impacted by lower industry volume in Brazil,
Venezuela and other key markets, and unfavorable foreign exchange, offset by
favorable model mix and pricing. For the year, GMLAAM posted adjusted
earnings before tax of $1.3 billion (reported income of $1.3 billion), which
was comparable to 2007 adjusted earnings of $1.3 billion (reported income of
$1.3 billion). Despite a slowdown in the fourth quarter, GMLAAM achieved
record revenue of $20.3 billion and sales volume of almost 1.3 million
vehicles for the calendar year.

GMAP

Fourth Quarter
2008 2007 '08 O/(U) '07
---- ---- -------------
Revenue (bils.) $2.6 $5.3 $(2.7)
Adjusted earnings before tax (mils.) $(879) $72 $(951)
Reported earnings before tax (mils.) $(917) $72 $(989)
GM market share 7.2% 7.3% (0.1) p.p.

GMAP posted an adjusted loss before tax of $879 million for the fourth quarter
(reported loss of $917 million), compared to adjusted income of $72 million in
the year-ago period (reported income of $72 million). GMAP fourth quarter
earnings were impacted by lower industry volume, unfavorable pricing,
unfavorable foreign exchange and commodity hedging, partially offset by
favorable model and mix and continued favorable cost performance. For the
year, GMAP posted an adjusted loss before tax of $664 million (reported loss
of $800 million) compared to adjusted income of $744 million (reported income
of $681 million) for 2007.

GMAC
In the fourth quarter, GMAC Financial Services (GMAC) reported net income of
$7.5 billion, driven largely by the company's December bond exchange, compared
to a net loss of $724 million in the fourth quarter of 2007. Excluding the
$11.4 billion gain on its bond exchange, GMAC's results in the fourth quarter
reflected a net loss of $4.0 billion, driven primarily by losses in North
America automotive finance and continued losses at Residential Capital, LLC
(ResCap). GMAC reported net income of $1.9 billion in 2008, compared with a
net loss of $2.3 billion in 2007.

GM realized an adjusted loss of $4.7 billion attributable to GMAC, as a result
of its 49 percent equity interest for the year, and an adjusted loss of $1.9
billion for the fourth quarter. This excludes a fourth quarter net gain of
$533 million related to GM's portion of GMAC's bond exchange gain that was
largely offset by an impairment of GM's investment in GMAC.

Cash and Liquidity
Cash, marketable securities and readily available assets of the Voluntary
Employees Beneficiary Association (VEBA) trust totaled $14.0 billion as of
Dec. 31, 2008, down from $27.3 billion on Dec. 31, 2007. GM had adjusted
automotive operating cash flow of negative $5.2 billion in the fourth quarter,
and ended the 2008 calendar year with adjusted automotive operating cash flow
of negative $19.2 billion, largely due to lower volume across GM's global
operations and negative working capital.

On Dec. 31, 2008, GM entered into a loan agreement with the U.S. Department of
Treasury (UST) for funding of $13.4 billion, payable in three tranches. The
initial installment of $4.0 billion was provided to GM on Dec. 31, 2008,
followed by subsequent installments of $5.4 billion and $4.0 billion on Jan.
21, 2009 and Feb. 17, 2009, respectively.

In accordance with the terms of the loan, GM submitted to the UST on Feb. 17,
2009 a comprehensive global restructuring plan that demonstrates GM's
long-term viability. GM is working with its key stakeholders as the company
implements the actions outlined in the plan, to create a revitalized, more
cost competitive company, dedicated to developing world-class vehicles and
leading advanced propulsion technologies.

As a result of year-end measurements of GM's net pension obligations, it was
determined that the U.S. hourly and salaried qualified pension plans are
currently underfunded, on a combined basis, by approximately $12.4 billion.
Several factors contributed to the underfunded status, including service and
interest costs; lower asset returns; lower discount rates; changes in
actuarial assumptions; various hourly initiatives including the UAW special
attrition program, VEBA agreement, Delphi pension transfer and IUE contract;
and salaried initiatives including the pension benefit changes relating to the
elimination of post-65 retiree healthcare and the salaried retirement program.
While no additional pension contributions are anticipated over the next three
years, the funded status of the pension plan is subject to a number of
variables. GM will continue to analyze its pension funding strategies going
forward.

GM intends to take advantage of the extension of the time required to file its
2008 10-K, which the SEC rules allow by filing Form 12b-25. This provides GM
with up to 15 additional days in which to file its 2008 10-K, without being
considered "late" by the SEC. The company believes this is a prudent step to
take at this critical time as it allows more time for thorough review of the
extensive financial and other disclosures regarding the events that occurred
at year-end 2008 and during early 2009. Additionally, as a result of the bond
exchange, GM's 2008 10-K will contain information regarding executive
compensation, which would not normally be disclosed until the proxy statement
is issued for GM's annual stockholder meeting.

Finally, GM anticipates receiving a "going concern" opinion from its auditors
in the 2008 10-K. GM and its auditors must determine whether there is
substantial doubt about GM's ability to continue as a going concern. GM's
Viability Plan filed with the UST on Feb. 17, 2009, included a request for
additional funding from the UST, as well as support from other governments
outside of the U.S. GM requires this funding in 2009 to continue operations
until global automotive sales recover and its restructuring actions generate
benefits, resulting in the company being able to fund its own operating
requirements.

About GM
General Motors Corp. (NYSE: GM), one of the world's largest automakers, was
founded in 1908, and today manufactures cars and trucks in 34 countries. With
its global headquarters in Detroit, GM employs 244,500 people in every major
region of the world, and sells and services vehicles in some 140 countries.
In 2008, GM sold 8.35 million cars and trucks globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's largest national market is
the U.S., followed by China, Brazil, the United Kingdom, Canada, Russia and
Germany. GM's OnStar subsidiary is the industry leader in vehicle safety,
security and information services. More information on GM can be found at
www.gm.com.

Forward-Looking Statements
In this press release and in related comments by our management, our use of
the words "expect," "anticipate," "ensure," "promote," "target," "believe,"
"improve," "intend," "enable," "continue," "will," "may," "would," "could,"
"should," "project," "projected," "positioned" or similar expressions is
intended to identify forward-looking statements that represent our current
judgment about possible future events. We believe these judgments are
reasonable, but these statements are not guarantees of any events or financial
results, and our actual results may differ materially due to a variety of
important factors. Among other items, such factors might include: our ability
to comply with the requirements of our credit agreement with the U.S.
Treasury; the availability of funding for future loans under that credit
agreement; our ability to execute the restructuring plans that we have
disclosed, our ability to maintain adequate liquidity and financing sources
and an appropriate level of debt; and changes in general economic conditions,
market acceptance of our products; shortages of and price volatility for fuel;
significant changes in the competitive environment and the effect of
competition on our markets, including on our pricing policies, financing
sources and an appropriate level of debt; and changes in general economic
conditions.

General Motors Corporation
Use of Non-GAAP Financial Measures

This press release, the accompanying tables and the charts for securities
analysts include the following financial measures, which are not prepared in
accordance with Accounting Principles Generally Accepted in the United States
of America (GAAP): (1) adjusted net income; (2) adjusted earnings before tax;
(3) managerial cash flow; and (4) GM North America vehicle revenue per unit.
Each of these financial measures is therefore considered a non-GAAP financial
measure. This press release and the charts for securities analysts also
contain a reconciliation of each non-GAAP financial measure to its most
comparable GAAP financial measure. Certain prior period amounts have been
reclassified in the consolidated statements of operations and related
summaries to conform to the current period presentation.

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

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

Adjusted Net Income and Adjusted Earnings Before Tax

Adjusted net income excludes charges for certain tax related items, gains and
losses on the sale of business units and business interests, charges
associated with accounting changes, restructuring, plant closure and
impairment charges, charges associated with Delphi Corporation (Delphi),
special attrition program charges, and other gains and losses which management
excludes when assessing the internal performance of the organization.

Adjusted earnings before tax begins with adjusted net income and is adjusted
to remove any remaining tax expense or benefit.

General Motors Corporation
Use of Non-GAAP Financial Measures (Continued)

Managerial Cash Flow

GM reports non-GAAP managerial automotive operating cash flow in its earnings
releases and charts for securities analysts. Management believes that
providing managerial automotive operating cash flow furnishes it and investors
with useful information by representing the cash flow generated or consumed by
its automotive operations, including cash consumed by automotive capital
expenditures and equity investments in companies related to GM's core business
and cash generated by sales of automotive operating assets and equity
investments in companies related to GM's core business, before funding
non-operating-related obligations including debt maturities, dividends and
other non-operating items. Management uses this non-GAAP financial measure to
assess its automotive cash flow when evaluating the performance of GM, its
business units and its management teams and when making decisions to allocate
resources among GM's business units.

General Motors Corporation
List of Special Items
2008

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

Fourth Quarter 2008 Year Ended 2008
------------------- ---------------
Earnings EPS Earnings EPS
REPORTED
--------
Net Loss - Basic and
Diluted * $(9,596) $(15.71) $(30,860) $(53.32)

ADJUSTMENTS
-----------
Pre-Tax Adjustments:
Goodwill impairments (A) $610 $610
Asset impairments (B) 974 974
Charges (income)
related to
investment in GMAC
LLC (C) (533) 2,504
Delphi (D) 660 4,797
Restructuring and
2008 Special
Attrition Programs
(E) 900 6,463
UAW VEBA curtailment
gain (F) - (4,901)
Salaried post-65
healthcare
settlement (G) - 1,704
Canadian Auto
Workers labor
contract (H) - 340
American Axle (I) - 197
Gain on sales of
investments (J) - (98)
- ----
2,611 12,590
----- ------

Tax related:
Valuation allowance
on net deferred tax
assets (K) 1,056 1,450

Equity
Income/Minority
Interest:
Equity investment
impairments (L) 83 83
Minority interest
effects (M) (49) (49)
---- ----
34 34
-- --

Total Adjustments $3,701 $6.06 $14,074 $24.32
====== ===== ======= ======

ADJUSTED
--------
Adjusted Loss -
Basic and Diluted * $(5,895) $(9.65) $(16,786) $(29.00)
=========== =========== ========= ===========

* See average shares outstanding on page 16.

General Motors Corporation
List of Special Items
2008

(Unaudited)

(A) Fourth quarter and year to date charges of $610 million were recorded for
goodwill impairments as follows: $154 million related to GMNA and $456
million related to GME.

(B) Fourth quarter charges of $974 million were recorded for asset impairments
as follows: GMNA, $412 million; GME, $497 million; LAAM, $27 million; and
GMAP, $38 million.

(C ) Fourth quarter income of $5.6 billion representing our proportionate
share of GMAC's bond extinguishment gain recorded related to its debt tender
offer partially offset by impairment charges of $5.1 billion related to our
investment in GMAC Common Membership Interests. Year to date impairment
charges of $8.1 billion related to GM's investment in GMAC's Common and
Preferred Membership Interests partially offset by the $5.6 billion bond
extinguishment gain.

(D) Fourth quarter charges of $660 million and year to date charges of $4.8
billion were recorded for increased liabilities under the Delphi-GM Settlement
Agreements, primarily due to expectations of increased obligations and lower
estimates of the expected amount of recoveries associated with the Delphi
Benefit Guarantee Agreements.

(E) Relates to various restructuring initiatives and the 2008 Special
Attrition Programs. Charges recorded by region are as follows:

GMNA: Fourth quarter charges of $757 million and year to date charges of $6.0
billion were recorded in GMNA for additional wage and benefit costs related to
announced capacity actions, plant idlings in the U.S. and Canada, Salaried
Window Program and IUE-CWA pension related items. Year to date charges of
$3.5 billion were recorded for pre-retirement and retirement pension and
benefit incentives and cash buyouts for employees leaving under the 2008
Special Attrition Programs.

GME: Fourth quarter charges of $33 million and year to date charges of $264
million were recorded for separation programs, primarily in Belgium, France,
Germany and the United Kingdom.

GMAP: Year to date charges of $98 million were recorded for separation
programs at GM Holden, Ltd.

Corporate and Other: Fourth quarter and year to date charges of $110 million
were recorded for additional wage and benefit costs related to the Salaried
Window Program and IUE-CWA pension related items.

(F) Year to date gain of $4.9 billion for the accelerated recognition of
unamortized net prior service credits due to the Settlement Agreement for the
UAW hourly medical plan becoming effective in 2008.

(G) Settlement loss of $1.7 billion associated with the elimination of
healthcare coverage for U.S. salaried retirees over age 65 beginning January
1, 2009. The settlement loss was recorded for participants over age 65 at
January 1, 2009 and considers the cost of the increased pension benefit
provided to those affected participants to help offset the cost of Medicare
and supplemental coverage.

(H) Year to date loss of $340 million due to a change in the estimate of the
amortization period for pension prior service costs related to the hourly
defined benefit pension plan in Canada. In conjunction with the 2008 Canadian
Auto Workers (CAW) labor agreement, it was determined that the three year
contractual life of the labor agreement is a better reflection of the period
of future economic benefit for the collectively bargained hourly pension
plans.

(I) Year to date charge of $197 million due to GM's agreement to provide
upfront support to American Axle to end the work stoppage that affected
approximately 30 GM plants in North America. GM's support partially funds
American Axle's costs associated with UAW employee buyouts, early retirements
and buydowns.

(J) First quarter gain of $50 million on the sale of GM's common equity
interest in Electro-Motive Diesel, Inc. and a third quarter gain of $48
million on the sale of GM's Oklahoma City facility.

(K) Fourth quarter and year to date charges of $1.1 billion and $1.5 billion,
respectively, for valuation allowances on GM's net deferred tax assets. Year
to date charge primarily related to GMDAT ($283 million), Spain ($261
million), Australia ($178 million), and the United Kingdom ($133 million).

(L) Fourth quarter and year to date charges of $83 million primarily related
to impairments on GM's equity investments in New United Motor Manufacturing,
Inc. and CAMI Automotive Inc.

(M) Fourth quarter and year to date gain of $49 million resulting from the
minority interest holder's portion of pre-tax adjustments and valuation
allowances.

General Motors Corporation
List of Special Items
2007

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

Fourth Quarter 2007 Year Ended 2007
------------------- ---------------
Earnings EPS Earnings EPS
REPORTED
--------
Loss from
continuing
operations $(1,527) $(2.70) $(43,297) $(76.52)
Income from
discontinued
operations - - 256 0.45
Gain on sale of
discontinued
operations 805 1.42 4,309 7.62
--- ---- ----- ----
Net Loss - Basic
and Diluted* $(722) $(1.28) $(38,732) $(68.45)
========== ========== ========== ========

ADJUSTMENTS
-----------
Pre-Tax
Adjustments:
Delphi (A) $1,174 $2,099
Restructuring/Special
attrition program (B) 290 918
Product specific
asset
impairments (C) 169 277
Plant closures
(D) (43) (90)
Pension prior
service cost (E) - 1,561
----- -----
1,590 4,765
----- -----
Tax Related Adjustments:
Valuation allowance on
deferred tax assets and
associated tax
items (F) - 38,300
Income tax effect
of pre-tax
adjustments (17) (47)
---- ----
(17) 38,253
---- ------

Total Continuing Operations
Adjustments 1,573 2.78 43,018 76.03
Gain on sale of
discontinued
operations (G) (805) (1.42) (4,309) (7.62)
----- ------ ------- ------
Total Adjustments $768 $1.36 $38,709 $68.41
==== ===== ======= ======

ADJUSTED
--------
Income from continuing
operations $46 $0.08 $(279) $(0.49)
Income from discontinued
operations - - 256 0.45
---- ---- --- ----
Adjusted Income -
Basic and Diluted* $46 $0.08 $(23) $(0.04)
========= ========== ========= =========

* See average shares outstanding on page 16.

General Motors Corporation
List of Special Items
2007

(Unaudited)

(A) GM, Delphi and the UAW entered into a Memorandum of Understanding (MOU) in
June 2007. GM recorded fourth quarter charges of $1.2 billion and year to
date charges of $2.1 billion to increase GM's estimated liability under the
Delphi Benefit Guarantee Agreements and to establish liabilities for certain
commitments in connection with the Delphi reorganization plan outlined in the
MOU.

(B) Relates to various restructuring initiatives and the 2006 Special
Attrition Program. Charges recorded by region are as follows:

GMNA: Fourth quarter charges of $61 million and year to date charges of $278
million were recorded for plant closing reserve adjustments. Additionally,
favorable curtailment adjustments of $1 million were recorded during the
quarter and reserve adjustments of $11 million for the year were recorded
under the Special Attrition Program.

GME: Fourth quarter charges of $230 million and year to date charges of $579
million were recorded for separation programs primarily in Belgium, Germany
and Sweden.

GMAP: Year to date charges of $50 million were recognized relating to
separation programs at Australian facilities.

(C ) Fourth quarter charges of $169 million and year to date charges of $277
million related to product specific asset impairments are as follows:

GMNA: Fourth quarter and year to date charges of $169 million and $264
million recorded.

GMAP: Year to date charges of $13 million recorded.

(D) Relates to curtailment gains and favorable reserve adjustments at GMNA
related to the closure of two former component plants.

(E) Relates to a change in the estimate of the amortization period for pension
prior service cost for certain of our employee benefit plans. In conjunction
with entering into the 2007 UAW/GM labor contract, GM determined that the four
year term of the labor contract better reflects the period of future economic
benefit received from plan amendments to U.S. hourly pension plans.
Concurrently, GM evaluated the remaining economic benefit related to the
unamortized prior service cost remaining from prior labor contracts and
determined the future economic benefit for those amounts that remained at the
end of the third quarter of 2007 did not extend beyond the third quarter.
Accordingly, during the third quarter 2007, GM recorded a charge of $1.3
billion in GMNA and $0.3 billion in Corporate and Other to expense the
remaining portion of unamortized prior service cost from the plan amendments
entered into as part of the 1999 and 2003 labor contracts.

(F) Relates to a net charge during the third quarter of 2007 for a valuation
allowance on certain deferred tax assets and associated tax items in the U.S.,
Canada and Germany. The net charge includes the valuation allowance of $39
billion, which is offset by an adjustment of $0.7 billion relating to tax
benefits recorded at loss entities through the third quarter of 2007.
Additionally, the allowance includes a $0.5 billion charge associated with a
reduction in the value of deferred tax assets due to a reduction in the
statutory corporate income tax and trade tax rates in Germany.

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

General Motors Corporation
Summary Corporate Financial Results

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

Fourth Quarter Year to Date
-------------- ------------
2008 2007 2008 2007
---- ---- ---- ----
REPORTED
--------
Total net sales and
revenue $30,778 $46,804 $148,979 $179,984
Income (loss) from
continuing operations $(9,596) $(1,527) $(30,860) $(43,297)
Income from discontinued
operations $- $- $- $256
Net income (loss) $(9,596) $(722) $(30,860) $(38,732)
Net margin from
continuing operations * (31.2)% (3.3)% (20.7)% (24.1)%

Earnings (loss) per
share - basic and
diluted
Continuing operations $(15.71) $(2.70) $(53.32) $(76.52)
Income from discontinued
operations - 1.42 - 8.07
- ---- - ----
Net income (loss) $(15.71) $(1.28) $(53.32) $(68.45)
======== ======= ======== ========

ADJUSTED
--------
Total net sales and
revenue $30,778 $46,804 $148,979 $179,984
Income (loss) from
continuing operations $(5,895) $46 $(16,786) $(279)
Income from discontinued
operations $- $- $- $256
Net income (loss) $(5,895) $46 $(16,786) $(23)
Net margin from
continuing operations * (19.2)% 0.1% (11.3)% (0.2)%

Earnings (loss) per
share - basic and
diluted
Income (loss) from
continuing operations $(9.65) $0.08 $(29.00) $(0.49)
Income from discontinued
operations - - - 0.45
- - - ----
Net income (loss) $(9.65) $0.08 $(29.00) $(0.04)
======= ===== ======== =======

See reconciliation of adjusted financial results on pages 17 - 23.

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

General Motors Corporation
Summary Corporate Financial Results

(Unaudited)

Fourth Quarter Year to Date
-------------- ------------
2008 2007 2008 2007
---- ---- ---- ----
GM common stock average
shares outstanding: (Millions)
----------
Reported (GAAP):
Basic shares 611 566 579 566
Diluted shares 611 566 579 566
Adjusted (Non-GAAP):
Basic shares 611 566 579 566
Diluted shares 611 567 579 566

Cash dividends per share
of common stock $- $0.25 $0.50 $1.00

Automotive cash & marketable
securities and
readily-available
assets in VEBA at
December 31: (Billions)
----------
Automotive cash &
marketable securities $14.0 $26.7
Readily-available assets
in VEBA - 0.6
---- ---
Total automotive cash &
marketable securities
and readily-available
assets in VEBA $14.0 $27.3
========= =========

Automotive Operations: (Millions)
----------
Depreciation and
impairment $2,109 $1,212 $5,689 $4,937
Amortization and
impairment of special
tools 1,145 916 3,493 3,243
Amortization and
impairment of
intangible assets 632 23 693 74
--- -- --- --
Total $3,886 $2,151 $9,875 $8,254
====== ====== ====== ======

General Motors Corporation
Summary Corporate Financial Results

(Dollars in millions)
(Unaudited)

Fourth Quarter
2008 and 2007

Reported Special Items Adjusted
-------- ------------- --------
2008 2007 2008 2007 2008 2007
---- ---- ---- ---- ---- ----
Net sales and revenue:
GMNA $19,280 $28,121 $- $- $19,280 $28,121
GME 6,418 10,710 - - 6,418 10,710
GMLAAM 4,707 6,040 - - 4,707 6,040
GMAP 2,608 5,342 - - 2,608 5,342
Auto Elimination (a) (2,401) (3,695) - - (2,401) (3,695)
------- ------- - - ------- -------
Total GMA 30,612 46,518 - - 30,612 46,518
Corporate & Other - - - - - -
- - - - ---- ----
Total Auto & Other 30,612 46,518 - - 30,612 46,518
------ ------ - - ------ ------
GMAC - - - - - -
Other Financing 166 286 - - 166 286
--- --- - - --- ---
Total Financing 166 286 - - 166 286
--- --- - - --- ---

Total $30,778 $46,804 $- $- $30,778 $46,804
======= ======= ==== ==== ======= =======

Income (loss) from
continuing operations
before income taxes,
other equity income
and minority interests:
GMNA $(3,390) $(1,221) $1,323 $192 $(2,067)$(1,029)
GME (1,938) (449) 986 230 (952) (219)
GMLAAM (171) 424 27 - (144) 424
GMAP (921) 13 38 - (883) 13
Auto Elimination (a) 103 (24) - - 103 (24)
--- ---- ---- ---- --- ----
Total GMA (6,317) (1,257) 2,374 422 (3,943) (835)
Corporate & Other (a) (1,086) (1,652) 770 1,168 (316) (484)
------- ------- --- ----- ----- -----
Total Auto & Other (7,403) (2,909) 3,144 1,590 (4,259) (1,319)
------- ------- ----- ----- ------- -------
GMAC (1,406) (394) (533) - (1,939) (394)
Other Financing (a) 18 94 - - 18 94
-- -- ---- ---- -- --
Total Financing (1,388) (300) (533) - (1,921) (300)
------- ----- ----- ---- - ------ -----

Total $(8,791) $(3,209) $2,611 $1,590 $(6,180)$(1,619)
======== ======== ====== ====== ======= ========

See footnotes on page 26.

General Motors Corporation
Summary Corporate Financial Results

(Dollars in millions)
(Unaudited)

Fourth Quarter
2008 and 2007

Reported Special Items Adjusted
-------- ------------- --------
2008 2007 2008 2007 2008 2007
---- ---- ---- ---- ---- ----
Equity income (loss),
net of tax:
GMNA (153) $(28) $119 $- $(34) $(28)
GME 9 14 - - 9 14
GMLAAM (1) 8 - - (1) 8
GMAP 20 90 - - 20 90
Auto Elimination - - - - - -
- - - - - -
Total GMA (125) 84 119 - (6) 84
Corporate & Other 1 - - - 1 -
- - - - - -
Total Auto & Other (124) 84 119 - (5) 84
--- -- --- - --- --
GMAC - - - - - -
Other Financing - - - - - -
- - - - - -
Total Financing - - - - - -
- - - - - -

Total (124) $84 $119 $- $(5) $84
=== === ==== ======= ==== ===

Minority interests,
net of tax:
GMNA $20 $(3) $(20) $- $- $(3)
GME 39 (10) (52) - (13) (10)
GMLAAM (9) (8) - - (9) (8)
GMAP (16) (31) - - (16) (31)
Auto Elimination - - - - - -
- - - - - -
Total GMA 34 (52) (72) - (38) (52)
Corporate & Other 1 11 - - 1 11
- -- - - - --
Total Auto & Other 35 (41) (72) - (37) (41)
-- ---- ---- - ---- ----
GMAC - - - - - -
Other Financing 21 (4) (13) - 8 (4)
-- --- ---- - - ---
Total Financing 21 (4) (13) - 8 (4)
-- --- ---- - - ---

Total $56 $(45) $(85) $- $(29) $(45)
=== ----- ===== ======= ===== -----

See footnotes on page 26.

General Motors Corporation
Summary Corporate Financial Results

(Dollars in millions)
(Unaudited)

Fourth Quarter
2008 and 2007

Reported Special Items Adjusted
-------- ------------- --------
2008 2007 2008 2007 2008 2007
---- ---- ---- ---- ---- ----
Pre-tax earnings
(loss):*
GMNA $(3,523) $(1,252) $1,422 $192 $(2,101) $(1,060)
GME (1,890) (445) 934 230 (956) (215)
GMLAAM (181) 424 27 - (154) 424
GMAP (917) 72 38 - (879) 72
Auto Elimination
(a) 103 (24) - - 103 (24)
--- ---- - - --- ----
Total GMA (6,408) (1,225) 2,421 422 (3,987) (803)
Corporate & Other
(a) (1,084) (1,641) 770 1,168 (314) (473)
------- ------- --- ----- ----- -----
Total Auto & Other (7,492) (2,866) 3,191 1,590 (4,301) (1,276)
------- ------- ----- ----- ------- -------
GMAC (1,406) (394) (533) - (1,939) (394)
Other Financing
(a) 39 90 (13) - 26 90
-- -- ---- - -- --
Total Financing (1,367) (304) (546) - (1,913) (304)
------- ----- ----- - ------- -----

Total $(8,859) $(3,170) $2,645 $1,590 $(6,214) $(1,580)
======= ------- ====== ====== ======== --------

Income tax
(expense)
benefit:
Corporate & Other $(700) $1,553 $1,037 $(17) $337 $1,536
Other Financing (a) (37) 90 19 - (18) 90
---- -- -- - ---- --
Total $(737) $1,643 $1,056 $(17) $319 $1,626
====== ====== ====== ===== ==== ======

See footnotes on page 26.

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

General Motors Corporation
Summary Corporate Financial Results

(Dollars in millions)
(Unaudited)

Year to Date
2008 and 2007

Reported Special Items Adjusted
-------- ------------- --------
2008 2007 2008 2007 2008 2007
---- ---- ---- ---- ---- ----
Net sales and
revenue:
GMNA $86,187 $112,448 $- $- $86,187 $112,448
GME 34,388 37,478 - - 34,388 37,478
GMLAAM 20,260 18,894 - - 20,260 18,894
GMAP 17,828 20,317 - - 17,828 20,317
Auto Elimination
(a) (10,931) (11,543) - - (10,931) (11,543)
-------- -------- - - -------- --------
Total GMA 147,732 177,594 - - 147,732 177,594
Corporate & Other - - - - - -
- - - - - -
Total Auto & Other 147,732 177,594 - - 147,732 177,594
------- ------- - - ------- -------
GMAC - - - - - -
Other Financing 1,247 2,390 - - 1,247 2,390
----- ----- - - ----- -----
Total Financing 1,247 2,390 - - 1,247 2,390
----- ----- - - ----- -----

Total $148,979 $179,984 $- $- $148,979 $179,984
======== ======== ==== ==== ======== ========

Income (loss)
from continuing
operations
before income
taxes,
other equity
income
and minority
interests:
GMNA $(13,903) $(3,290) $4,535 $1,779 $(9,368) $(1,511)
GME (2,876) (541) 1,217 579 (1,659) 38
GMLAAM 1,306 1,349 27 - 1,333 1,349
GMAP (1,193) 557 136 63 (1,057) 620
Auto Elimination
(a) 34 (59) - - 34 (59)
-- ---- - - -- ----
Total GMA (16,632) (1,984) 5,915 2,421 (10,717) 437
Corporate & Other
(a) (5,745) (3,619) 4,171 2,344 (1,574) (1,275)
------- ------- ----- ----- ------- -------
Total Auto & Other (22,377) (5,603) 10,086 4,765 (12,291) (838)
-------- ------- ------ ----- -------- -----
GMAC (7,161) (1,147) 2,504 - (4,657) (1,147)
Other Financing (a) 150 497 - - 150 497
--- --- - - --- ---
Total Financing (7,011) (650) 2,504 - (4,507) (650)
------- ----- ----- ---- ------- -----

Total $(29,388) $(6,253)$12,590 $4,765 $(16,798) $(1,488)
========= -------- ======= ====== ========= --------

See footnotes on page 26.

General Motors Corporation
Summary Corporate Financial Results

(Dollars in millions)
(Unaudited)

Year to Date
2008 and 2007

Reported Special Items Adjusted
-------- ------------- --------
2008 2007 2008 2007 2008 2007
---- ---- ---- ---- ---- ----
Equity income
(loss), net of tax:
GMNA $(201) $22 $119 $- $(82) $22
GME 56 44 - - 56 44
GMLAAM 21 31 - - 21 31
GMAP 308 425 - - 308 425
Auto Elimination - - - - - -
- - - - - -
Total GMA 184 522 119 - 303 522
Corporate & Other 2 2 - - 2 2
- - - - - -
Total Auto & Other 186 524 119 - 305 524
--- --- --- - --- ---
GMAC - - - - - -
Other Financing - - - - - -
- - - - - -
Total Financing - - - - - -
- - - - - -

Total $186 $524 $119 $- $305 $524
==== ==== ==== ======= ==== ====

Minority interests,
net of tax:
GMNA $28 $(46) $(20) $- $8 $(46)
GME 22 (27) (52) - (30) (27)
GMLAAM (32) (32) - - (32) (32)
GMAP 85 (301) - - 85 (301)
Auto Elimination - - - - - -
- - - - - -
Total GMA 103 (406) (72) - 31 (406)
Corporate & Other 1 12 - - 1 12
- -- - - - --
Total Auto & Other 104 (394) (72) - 32 (394)
--- ----- ---- - -- -----
GMAC - - - - - -
Other Financing 4 (12) (13) - (9) (12)
- ---- ---- - --- ----
Total Financing 4 (12) (13) - (9) (12)
- ---- ---- - --- ----

Total $108 $(406) $(85) $- $23 $(406)
==== ------ ===== ======= === ------

See footnotes on page 26.

General Motors Corporation
Summary Corporate Financial Results

(Dollars in millions)
(Unaudited)

Year to Date
2008 and 2007

Reported Special Items Adjusted
-------- ------------- --------
2008 2007 2008 2007 2008 2007
---- ---- ---- ---- ---- ----
Pre-tax earnings
(loss): *
GMNA $(14,076) $(3,314) $4,634 $1,779 $(9,442) $(1,535)
GME (2,798) (524) 1,165 579 (1,633) 55
GMLAAM 1,295 1,348 27 - 1,322 1,348
GMAP (800) 681 136 63 (664) 744
Auto Elimination
(a) 34 (59) - - 34 (59)
-- ---- - - -- ----
Total GMA (16,345) (1,868) 5,962 2,421 (10,383) 553
Corporate & Other
(a) (5,742) (3,605) 4,171 2,344 (1,571) (1,261)
------- ------- ----- ----- ------- -------
Total Auto & Other (22,087) (5,473) 10,133 4,765 (11,954) (708)
-------- ------- ------ ----- -------- -----
GMAC (7,161) (1,147) 2,504 - (4,657) (1,147)
Other Financing
(a) 154 485 (13) - 141 485
--- --- ---- - --- ---
Total Financing (7,007) (662) 2,491 - (4,516) (662)
------- ----- ----- - ------- -----

Total $(29,094) $(6,135) $12,624 $4,765 $(16,470) $(1,370)
======== -------- ------- ====== ========= -------

Income tax
(expense)
benefit:
Corporate & Other $(2,458)$(37,129) $1,431 $38,130 $(1,027) $1,001
Other Financing
(a) 692 (33) 19 123 711 90
--- ---- -- --- --- --
Total $(1,766)$(37,162) $1,450 $38,253 $(316) $1,091
======= ======== ====== ======= ====== ======

See footnotes on page 26.

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

23

General Motors Corporation
Summary Corporate Financial Results

(Dollars in billions)
(Unaudited)

Fourth Quarter Year to Date
-------------- ------------
2008 2007 2008 2007
---- ---- ---- ----
Automotive &
Other Adjusted
Operating Cash
Flow:
Total Auto &
Other pre-tax earnings
(loss)* $(7.5) $(2.9) $(22.1) $(5.5)
Depreciation,
amortization
and impairments 3.9 2.2 9.9 8.3
Capital
expenditures (2.0) (2.6) (7.5) (7.5)
Change in
receivables,
payables and
inventory 0.6 0.4 (3.5) (0.5)
OPEB expense
(net of
payments) (1.1) (0.3) (5.9) (1.4)
Pension expense
(net of
payments) 0.8 - 3.8 0.9
VEBA - - - (1.0)
Accrued expenses
and other 0.1 1.9 6.1 4.3
--- --- --- ---
Total Auto &
Other Adjusted
Operating Cash
Flow $(5.2) $(1.3) $(19.2) $(2.4)
=========== =========== =========== ===========

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

Fourth Quarter Year to Date
-------------- ------------
2008 2007 2008 2007
---- ---- ---- ----
GAAP to Auto &
Other Adjusted
Operating Cash
Flow:
Net cash
provided by
operating
activities
(GAAP)** $(2.8) $3.4 $(13.3) $5.4
Capital
expenditures (2.0) (2.6) (7.5) (7.5)
VEBA withdrawals (0.8) (2.7) (1.4) (2.7)
Restructuring
costs 0.2 0.4 1.2 1.4
Delphi
restructuring
costs 0.2 - 1.4 0.3
Other - 0.2 0.4 0.7
- --- --- ---
Total Auto &
Other Adjusted
Operating Cash
Flow $(5.2) $(1.3) $(19.2) $(2.4)
=========== =========== =========== ===========

** Operating cash flow from continuing operations.

General Motors Corporation
Operating Statistics
(Unaudited)

Fourth Quarter Year to Date
-------------- ------------
2008 2007 2008 2007
---- ---- ---- ----
Worldwide Production Volume: (Units in thousands)
--------------------
GMNA - Cars 365 358 1,543 1,526
GMNA - Trucks 450 684 1,906 2,741
--- --- ----- -----
Total GMNA 815 1,042 3,449 4,267
GME 214 457 1,550 1,828
GMLAAM 166 253 961 960
GMAP * 453 627 2,184 2,231
--- --- ----- -----
Total Worldwide ** 1,648 2,380 8,144 9,286
===== ===== ===== =====

Vehicle Unit Deliveries:
Chevrolet - Cars 132 162 715 757
Chevrolet - Trucks 209 355 1,086 1,509
Pontiac 42 81 267 358
GMC 71 125 377 506
Buick 24 42 137 186
Saturn 29 52 188 240
Cadillac 32 60 161 215
Other 9 20 49 96
- -- -- --
Total United States 547 897 2,981 3,867
Canada, Mexico and Other 127 157 583 649
--- --- --- ---
Total GMNA 675 1,054 3,564 4,516
GME 420 529 2,041 2,182
GMLAAM 266 341 1,276 1,236
GMAP * 341 382 1,475 1,436
--- --- ----- -----
Total Worldwide ** 1,703 2,306 8,356 9,370
===== ===== ===== =====

*Under a contractual agreement with SGMW we also report Wuling China vehicle
sales as part of our global market share. Wuling China vehicle fourth quarter
sales included in our global vehicle sales and market share data was Worldwide
Production Volume of 152,000 vehicles and 163,000 vehicles and Vehicle Unit
Deliveries of 149,020 vehicles and 132,047 vehicles in 2008 and 2007,
respectively. Year to date Wuling China sales included in our global vehicle
sales and market share data was Worldwide Production Volume of 646,000
vehicles and 555,000 vehicles and Vehicle Unit Deliveries of 606,000 vehicles
and 516,000 vehicles in 2008 and 2007, respectively. Consistent with industry
practice, vehicle sales information includes estimates of industry sales in
certain countries where public reporting is not legally required or otherwise
available on a consistent basis.

**Totals may include rounding differences.

General Motors Corporation
Operating Statistics
(Unaudited)

Fourth Quarter Year to Date
-------------- ------------
2008 2007 2008 2007
---- ---- ---- ----
Market Share: (Units in thousands)
--------------------
United States - Cars 18.2% 19.0% 18.6% 19.7%
United States - Trucks 24.6% 26.6% 25.6% 26.7%
Total United States 21.6% 23.2% 22.1% 23.5%
Total GMNA 21.0% 22.7% 21.5% 23.1%
Total GME 9.1% 9.2% 9.3% 9.4%
Total GMLAAM 16.2% 17.3% 17.1% 17.0%
Total GMAP * 7.2% 7.3% 7.0% 6.9%
Total Worldwide 12.0% 13.1% 12.4% 13.3%

U.S. Retail/Fleet Mix (selling
day adjusted):
% Fleet Sales - Cars 45.6% 31.2% 34.8% 34.9%
% Fleet Sales - Trucks 23.2% 19.6% 22.4% 20.5%
Total Vehicles 32.2% 23.9% 27.6% 26.1%

GMNA Capacity Utilization *** 72.1% 86.2% 74.7% 88.5%

***Two shift rated, annualized.

General Motors Corporation
Operating Statistics

(Unaudited)

Fourth Quarter Year to Date
-------------- ------------
2008 2007 2008 2007
---- ---- ---- ----

GMAC's share of GM
retail sales
(U.S. only)
Total consumer volume
(retail and lease)
as % of retail 5% 43% 33% 45%
SmartLease/SmartBuy
as % of retail 0% 13% 11% 17%

Worldwide Employment (Thousands)
at December 31:
-----------
United States -
Hourly 62 78
United States -
Salaried 29 32
-- --
Total United States 91 110
Canada, Mexico and
Other 25 29
-- --
GMNA 116 139
GME 55 57
GMLAAM 35 34
GMAP 35 34
Other 2 2
- -
Total GM 243 266
=== ===

(Billions)
----------
Worldwide Payroll $3.8 $4.6 $16.8 $18.0

Footnotes:

(a) Auto Eliminations, Corporate & Other and Other Financing include
inter-company eliminations.

GENERAL MOTORS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

Three Months Ended
December 31,
-------------------------------
2008 2007
---- ----
Net sales and revenue
Automotive sales $30,612 $46,518
Financial services and insurance
revenue 166 286
--- ---
Total net sales and revenue 30,778 46,804
------ ------
Costs and expenses
Automotive cost of sales 33,092 43,805
Selling, general and administrative
expense 3,549 4,207
Financial services and insurance
expense 202 301
Other expenses 1,271 1,174
----- -----
Total costs and expenses 38,114 49,487
------ ------
Operating loss (7,336) (2,683)
Equity in loss of GMAC LLC (Note 9) (1,406) (371)
Automotive and other interest expense (308) (664)
Automotive interest income and other
non-operating income, net 259 509
--- ---
Loss from continuing operations
before income taxes, equity income
and minority interests (8,791) (3,209)
Income tax expense (benefit) 737 (1,643)
Equity income (loss), net of tax (124) 84
Minority interests, net of tax 56 (45)
-- ----
Loss from continuing operations (9,596) (1,527)
Discontinued operations (Note 4)
Income from discontinued operations,
net of tax - -
Gain on sale of discontinued
operations, net of tax - 805
- ---
Income from discontinued operations - 805
- ---
Net loss $(9,596) $(722)
======== ======

Earnings (loss) per share, basic and
diluted
Continuing operations $(15.71) $(2.70)
Discontinued operations - 1.42
- ----
Net loss per share basic and diluted $(15.71) $(1.28)
======== =======

Weighted-average common shares
outstanding, basic and diluted
(millions) 611 566
=== ===

Cash dividends per share $- $0.25
========== =====

28

GENERAL MOTORS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

Years Ended December 31,
------------------------
2008 2007 2006
---- ---- ----
Net sales and revenue
Automotive sales $147,732 $177,594 $170,651
Financial services and insurance
revenue 1,247 2,390 33,816
----- ----- ------
Total net sales and revenue 148,979 179,984 204,467
------- ------- -------
Costs and expenses
Automotive cost of sales 149,311 165,573 163,214
Selling, general and administrative
expense 14,253 14,412 13,650
Financial services and insurance
expense 1,292 2,209 29,188
Other expenses 5,407 2,099 4,238
----- ----- -----
Total costs and expenses 170,263 184,293 210,290
------- ------- -------
Operating loss (21,284) (4,309) (5,823)
Equity in loss of GMAC LLC (Note 9) (6,183) (1,245) (5)
Automotive and other interest
expense (2,345) (2,983) (2,642)
Automotive interest income and other
non-operating income, net 424 2,284 2,812
--- ----- -----
Loss from continuing operations
before income taxes, equity income
and minority interests (29,388) (6,253) (5,658)
Income tax expense (benefit) 1,766 37,162 (3,046)
Equity income, net of tax 186 524 513
Minority interests, net of tax 108 (406) (324)
--- ----- -----
Loss from continuing operations (30,860) (43,297) (2,423)
Discontinued operations (Note 4)
Income from discontinued operations,
net of tax - 256 445
Gain on sale of discontinued
operations, net of tax - 4,309 -
- ----- -
Income from discontinued operations - 4,565 445
- ----- ---
Net loss $(30,860) $(38,732) $(1,978)
========= ========= ========

Earnings (loss) per share, basic and
diluted
Continuing operations $(53.32) $(76.52) $(4.29)
Discontinued operations - 8.07 0.79
- ---- ----
Net loss per share basic and diluted $(53.32) $(68.45) $(3.50)
======== ======== =======

Weighted-average common shares
outstanding, basic and diluted
(millions) 579 566 566
=== === ===

Cash dividends per share $0.50 $1.00 $1.00
===== ===== =====

29

GENERAL MOTORS CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)
(Unaudited)

December 31,
------------
2008 2007
---- ----
ASSETS
Current Assets
Cash and cash equivalents $13,953 $24,549
Marketable securities 13 2,139
-- -----
Total cash and marketable securities 13,966 26,688
Accounts and notes receivable, net 7,711 9,659
Inventories 13,042 14,939
Equipment on operating leases, net 3,363 5,283
Other current assets and deferred income taxes 3,142 3,566
----- -----
Total current assets 41,224 60,135
Financing and Insurance Operations Assets
Cash and cash equivalents 100 268
Investments in securities 128 215
Equipment on operating leases, net 2,221 6,712
Equity in net assets of GMAC LLC 491 7,079
Other assets 1,567 2,715
----- -----
Total Financing and Insurance Operations assets 4,507 16,989
Non-Current Assets
Equity in net assets of nonconsolidated affiliates 1,655 1,919
Property, net 39,656 43,017
Goodwill and intangible assets, net 265 1,066
Deferred income taxes 98 2,116
Prepaid pension 109 20,175
Other assets 3,533 3,466
----- -----
Total non-current assets 45,316 71,759
------ ------
Total assets $91,047 $148,883
======= ========

Current Liabilities
Accounts payable (principally trade) $22,236 $29,439
Short-term borrowings and current portion
of long- 15,754 6,047
Accrued expenses 35,921 34,024
------ ------
Total current liabilities 73,911 69,510
Financing and Insurance Operations Liabilities 23 30
Accounts payable
Debt 1,192 4,908
Other liabilities and deferred income taxes 607 875
--- ---
Total Financing and Insurance Operations
liabilities 1,822 5,813
Non-Current Liabilities
Long-term debt 29,594 33,384
Postretirement benefits other than pensions 28,919 47,375
Pensions 25,178 11,381
Other liabilities and deferred income taxes 16,963 16,900
------ ------
Total non-current liabilities 100,654 109,040
------- -------
Total liabilities 176,387 184,363
Commitments and contingencies (Note 18) 814 1,614
Minority interests
Stockholders' Deficit
Preferred stock, no par value, authorized
6,000,000, no shares issued and outstanding - -
Preference stock, $0.10 par value, authorized
100,000,000 shares, no shares issued
and outstanding - -
$1 2/3 par value common stock
(2,000,000,000 shares authorized, 800,937,541
and 610,483,231 shares issued and outstanding
at December 31, 2008, respectively, and
756,637,541 and 566,059,249 shares issued
and outstanding at December 31, 2007,
respectively) 1,017 943
Capital surplus (principally additional
paid-in capital) 15,755 15,319
Accumulated deficit (70,610) (39,392)
Accumulated other comprehensive loss (32,316) (13,964)
-------- --------
Total stockholders' deficit (86,154) (37,094)
-------- --------
Total liabilities, minority interests, and
stockholders' deficit $91,047 $148,883
========== ==========

SOURCE General Motors Corporation

Renee Rashid-Merem, +1-313-665-3128, Cell: +1-313-701-8560,
renee.rashid-merem@gm.com, Randy Arickx , +1-313-667-0006, +1-313-268-7070,
randy.c.arickx@gm.com, both of GM