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Slide 1: Preliminary 2009 First Quarter Results May 7, 2009
Slide 2: Exchange Offers Information & Forward Looking Statements Exchange Offers Information: In connection with the public exchange offers General Motors has filed documents with the Securities and Exchange Commission, including a Registration Statement on Form S-4 and a Schedule TO containing a prospectus, consent solicitation and tender offer statement regarding the transaction. Investors and security holders of GM are urged to carefully read the documents because they contain important information about the transaction Investors and transaction. security holders may obtain free copies of these documents and other documents filed with the SEC at the SEC’s web site at www.sec.gov or by contacting Nick S. Cyprus at (313)556-5000. GM and its directors and executive officers may be deemed participants in the solicitation of proxies with respect to the transaction. Information regarding the interests of these directors and executive officers in the transaction will be g g included in the documents described above. Additional information, including information regarding the directors and executive officers, is available in our Annual Report on Form 10-K, which was filed with the SEC on March 5, 2009. Forward Looking Statements: In this press release and in related comments by our management, our use of the words “plan,” “expect,” “anticipate,” “ensure,” “ “ ” “promote,” “b li t ” “believe,” “i ” “improve,” “i t d ” “ ” “intend,” “enable,” “ bl ” “continue,” “ ill ” “ ti ” “will,” “may,” “ ” “would,” “ ld ” “could,” “ h ld ” ld ” “should,” “project,” “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; our ability to execute the restructuring plans that we have disclosed our U.S. disclosed, ability to maintain adequate liquidity and financing sources and an appropriate level of debt; the ability of our foreign subsidiaries to restructure and receive financial support from their local governments or other sources; our ability to restore consumers’ confidence in our viability and to continue to attract customers, particularly for our new products; our ability to sell, spin-off or phase out some of our brands, to manage the distribution channels for our products, and to complete other planned asset sales; and the overall strength and stability of general economic conditions and of the automotive industry, both in the U.S. and globally. Our most recent reports on SEC Forms 10-K, 10-Q and 8-K provide information about these and other factors, which may be revised or supplemented in future reports to the SEC on those forms.
Slide 3: First Quarter Results Overview • GAAP net loss of $(6.0)B, $(9.78) EPS incl. special items of $(73)M – Change in segment presentation, FIO included as part of Corp Sector in GAAP financial statements • • Adjusted net loss of $(5.9)B, $(9.66) EPS, excl. special items Adjusted automotive earnings before interest and tax (EBIT) of $(3.9)B, down $4 7B vs. Q1 2008 $(3 9)B d $4.7B – Change in automotive managerial presentation from EBT to EBIT, moving interest expense/income to Corp Sector, allowing focus at region and business unit level to be on controllable operational results • • Adjusted GMAC results recognized by GM of $(0.9)B Adjusted automotive operating cash flow (OCF) of $(10.2)B 1
Slide 4: First Quarter Adjusted Results 1Q09 Fav/(Unfav) vs 1Q08 $ (2,516) (2 16) (1,479) (458) (331) 49 (4,735) (583) (576) (5,894) 373 (5,521) $ (8.99) (903) (1.2) p.p. ($ Millions) GMNA GME GMLAAM GMAP Auto Eliminations Total Automotive EBIT GMAC Corp. Other (Incl. Net Interest) Total Earnings Before Taxes Taxes Total GM Net Income/(Loss) Total EPS (Basic & Diluted) Worldwide Production (000) Global Market Share $ $ 1Q08 (248) 241 500 310 5 808 (302) (628) (122) (259) (381) (0.67) 2,233 12.4% $ 1Q09 $ (2 64) (2,764) (1,238) 42 (21) 54 (3,927) (885) (1,204) (6,016) 114 (5,902) (9.66) 1,330 11.2% 2
Slide 5: First Quarter Adjustments to Income $ Millions Adjusted Net Income / (Loss) First Quarter Adjustments Gain on Debt Extinguishment GMAC Related SAAB Related Impairments Delphi Related Restructuring Total Adjustments GAAP Net Income / (Loss) (5,902) 906 385 (822) (291) (135) (116) (73) (5,975) $ (9.78) $ EPS (9.66) Exclusion of special items useful for: • • • Management to measure operations Comparisons between reporting periods Investors to measure and assess company’s core performance 3
Slide 6: Total Auto Adjusted EBIT – 1Q09 vs. 1Q08 $ Billions Q1 $ 0.8 (5.4) () (0.5) 0.6 0.0 00 3.1 (2.5) $ (3.9) Key Drivers 2008 Earnings Before Int. & Tax Volume Mix Price Net Material Structural Cost Hedging / Exchange / Other 2009 Earnings Before Int. & Tax (3.8) Industry decline (1.0) Mkt. Share / Segment mix (0.6) YoY inventory change () (0.5) Product / Model Option 0.7 Lease reserve adj. (0.1) Pricing/incentives 1.1 1.0 0.7 0.3 GMNA Manufacturing Exchange Eng. / Product dev’t Advertising / Other (1.3) Exchange (1.0) Commodity/FX hedging (0.2) Other 4
Slide 7: GMNA 1Q09 Adjusted Results 1Q09 Fav/(Unfav) vs 1Q08 ($12,224) (2,516) (21.4) p.p. ($ Millions) Revenue Earnings Before Int. & Tax/(Loss) Earnings Before Int. & Tax Margin North America: - Production Volume (000) - GM Total Deliveries (000) - M k t Share Market Sh United States: - Industry SAAR (Mil.) - M k t Share Market Sh - Retail/Fleet Mix - % Fleet - Dealer Inventory (000) 1Q08 $24,543 (248) (1.0)% 1Q09 $12,319 (2,764) (22.4)% 885 947 21.7% 21 7% 371 501 17.9% 17 9% (514) (446) (3.8) (3 8) p.p. 15.6 22.1% 22 1% 26.7% 875 9.7 18.4% 18 4% 17.1% 767 (5.9) (3.7) (3 7) p.p. (9.6) p.p. 108 5
Slide 8: GMNA Adjusted EBIT – 1Q09 vs. 1Q08 $ Billions Q1 $ (0.2) (3.4) (0.6) 0.4 0.1 01 1.9 (1.0) $ (2.8) Key Drivers 2008 Earnings Before Int. & Tax Volume Mix Price Net Material Structural Cost Hedging / Exchange / Other 2009 Earnings Before Int. & Tax (2.2) Industry volume (0.6) YoY inventory change (0.6) Mkt. Share / Segment mix () (0.6) Product / Model Option p 0.7 Lease reserve adj. (0.3) Pricing/incentives 1.1 0.7 0.2 (0.1) Manufacturing Eng. / Product dev’t Exchange Other (0.8) Commodity/FX hedging (0.3) Exchange 0.1 Other 6
Slide 9: GME 1Q09 Adjusted Results 1Q09 Fav/(Unfav) vs 1Q08 ($4,591) ($4 591) (1,479) (25.7) p.p. ($ Millions) Revenue Earnings Before Int. & Tax/(Loss) Earnings Before Int. & Tax Margin Total Europe: p - Production Volume (000) - Industry SAAR (Mil.) - GM Total Deliveries (000) - Market Share Germany: - Industry SAAR (Mil.) - Market Share UK: - Industry SAAR (Mil ) (Mil.) - Market Share - Memo: EUR/GBP exchange Russia: - Industry SAAR (Mil.) y ( ) - Market Share 1Q08 $9,909 $9 909 241 2.4% 1Q09 $5,318 $5 318 (1,238) (23.3)% 493 23.9 571 9.6% 3.6 9.3% 3.1 31 14.8% 0.757 3.2 12.2% 267 18.1 405 8.9% 4.0 8.6% 1.9 19 14.7% 0.909 1.9 10.6% (226) (5.8) (166) (0.7) p.p. 0.4 (0.7) p.p. (1.2) (1 2) (0.1) p.p. () (1.3) (1.6) p.p. 7
Slide 10: GMLAAM 1Q09 Adjusted Results 1Q09 Fav/(Unfav) vs 1Q08 $( , $(1,317) ) (458) (9.3) p.p. ($ Millions) Revenue Earnings Before Int. & Tax/(Loss) Earnings Before Int. & Tax Margin Total LAAM: - Production Volume (000) - Industry SAAR (Mil.) - GM Total Deliveries (000) - Market Share Brazil: - Industry SAAR (Mil.) - Market Share Argentina: - Industry SAAR (Mil ) (Mil.) - Market Share Rest of South America - Industry SAAR (Mil.) - Market Share 1Q08 $, $4,763 500 10.5% 1Q09 $, $3,446 42 1.2% 243 7.7 324 17.6% 185 6.8 274 16.9% (58) (0.9) (50) (0.7) p.p. 2.8 20.9% 2.9 18.5% 0.1 (2.4) p.p. 0.6 06 15.2% 0.5 05 14.9% (0.1) (0 1) (0.3) p.p. 1.1 29.7% 29 7% 0.7 34.6% 34 6% (0.4) 4.9 p p 4 9 p.p. 8
Slide 11: GMAP 1Q09 Adjusted Results 1Q09 Fav/(Unfav) vs 1Q08 $(2,867) $(2 867) (313) (27) 9 (331) (6.8) p.p. (1.8) 25 1.1 p.p. 0.7 1.2 p.p. 12pp (0.2) (0.3) p.p. (103) ($ Millions) Revenue Pre-Tax Income/(Loss) China JVs Equity Income Non-Controlling Interest Earnings Before Int. & Tax/(Loss) E i Bf It T /(L ) Earnings Before Int. & Tax Margin Total Asia Pacific: - Industry SAAR (Mil.) - GM Total Deliveries (000) - Market Share China: - Industry SAAR (Mil.) - Market Share Australia: - Industry SAAR (Mil.) - Market Share GM-DAT: GM DAT: - Production (Complete Build Units) 1Q08 $5,296 $5 296 226 134 (50) 310 5.9% 22.7 411 6.9% 9.9 12.5% 12 5% 1.1 13.1% 221 1Q09 $2,429 $2 429 (87) 107 (41) (21) (0.9)% 20.9 436 8.0% 10.6 13.7% 13 7% 0.9 12.8% 118 9
Slide 12: GMAC 1Q09 Business Line Results 1Q09 Fav/(Unfav) vs 1Q08 $ $ 105 (138) (33) (82) 734 (705) (86) ($ Millions) North America International Global Automotive Finance Insurance Mortgage Operations 1 Corporate and Other Consolidated Net Income / (Loss) 1 1Q08 154 104 $ 258 132 (859) (120) $ (589) $ $ $ 1Q09 259 (34) 225 50 (125) (825) (675) $ $ Corporate and Other segment includes Commercial Finance, equity investments and other corporate activities. Note: Presented as disclosed in GMAC preliminary earnings release on May 5. For full description regarding GMAC and ResCap, please refer to GMAC’s May 5 earnings release and corresponding press release, available on GMAC’s investor relations website 10
Slide 13: Delphi Related Items • Q1 adjustment of $0.1B to Delphi reserve – Primarily related to amounts advanced to Delphi under Advance Agreement g – Total of $12.5B in net Delphi-related charges taken to date • Delphi expected to fully draw $300M available under Advance Agreement in Q2 – Temporary acceleration of $300M in payment terms fully implemented • GM continues to work with the U.S. Treasury, Delphi, and Delphi’s DIP lenders to facilitate a resolution of the Delphi bankruptcy – Delphi’s DIP Agreement currently extends through May 9, 2009 – GM’s acquisition of Delphi’s Steering business to be addressed as part of overall Delphi resolution 11
Slide 14: Liquidity Summary • Liquidity position of $11.6B at March 31, 2009 – Decrease of $2.6B from prior quarter driven primarily by negative OCF of $(10.2)B offset by U.S. TARP funding $( ) y g • Net liquidity of $(42.8)B, a decrease of $11.1B from prior quarter – Debt balance in Q1 2009 at $54.4B, including U.S. TARP funding 45 35 25 15 $ Billions 5 (5) (15) (25) (35) (45) 1 Gross Cash (1) Net Liquidity 24.3 21.4 16.6 14.2 11.6 Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Chart Note: Cash and Debt balances include Financing and Insurance segment (FIO), previously disclosed separately (19.0) (21.1) (27.9) (27 9) (31.7) (42.8) Including readily available VEBA assets 12
Slide 15: U.S. TARP Balances and Accounting Treatment • As of March 31, 2009, GM had received $13.4B of TARP funding under LSA, plus an additional $0.9B related to GM’s investment in GMAC (related to GMAC achieving Bank Holding Company status) – GM issued an additional note to UST for $0.7B related to stock warrants for no consideration which resulted in an accounting discount that will be amortized through May 31, 2009 15 0.7 14 13 12 11 10 9 8 TARP Inflows Through 3/31/09 Additional Warrant Accounting Note Treatment/ Discount GMAC Note 1Q 2009 Total TARP Debt - GAAP Basis 13.4 (0.5) 0.9 14.5 $ Billions 13
Slide 16: Cash Flow Summary ($ Billions) GAAP Net Income Adjustment to Exclude Taxes g Earnings Before Tax Depreciation & Amortization Capital Expenditures Change in Receivables, Payables & Inventory Pension & OPEB Expense ( p (Net of Payments) y ) Accrued Expenses & Other Adjusted Operating Cash Flow Cash Restructuring Costs Delphi - Cash Restructuring Costs Special Cash Charges Adjusted Operating Cash Flow after Special Cash Charges Non-Operating Related Dividends Change in Debt Investment in GMAC Other Total Non Operating Related Non-Operating Net Change in Cash and Cash-related Refer to Supplemental Charts for reconciliation to GAAP figures 1Q 2008 (3.3) 0.7 () (2.6) 2.2 (1.9) (2.2) () (0.7) 2.1 (3.1) (0.3) (0.3) (3.4) (0.1) (0.6) 0.6 (0.1) (0 1) (3.5) 1Q 2009 (6.0) (0.1) () (6.1) 2.5 (1.6) (1.9) () (0.5) (2.6) (10.2) (0.5) (0.3) (0 3) (0.8) (11.0) 9.4 (0.9) (0.1) 8.4 84 (2.6) F/(U) (2.7) (0.8) () (3.5) 0.3 0.3 0.3 0.2 (4.7) (7.1) (0.2) (0.3) (0 3) (0.5) (7.6) 0.1 10.0 (0.9) (0.7) 8.5 85 0.9 14
Slide 17: Key Cash Flow Drivers • Significant variance in Accrued Expenses and Other driven by Special Charges, GMAC-related items, Sales Allowances and Policy & Warranty Accrued Expenses & Other Delphi Reserve Saab Related Charges Saab Related Payments Gain on Debt Extinguishment Restructuring & Other Subtotal Special Charges & Related Payments GMAC Related Special Charges GMAC Related EBT Loss Subtotal GMAC Policy & Warranty Sales Allowances Financial Derivatives Other Total Accrued Expenses & Other 1Q 2008 0.7 0.3 1.0 1.5 15 0.3 1.8 (0.1) (0.4) (0.6) 0.4 2.1 1Q 2009 0.1 0.8 (0.3) (0.9) 0.1 (0.2) (0.4) (0 4) 0.9 0.5 (0.6) (1.5) (0.7) (0.1) (2.6) F/(U) (0.6) 0.8 (0.3) (0.9) (0.2) (1.2) (1.9) (1 9) 0.6 (1.3) (0.5) (1.1) (0.1) (0.5) (4.7) 15
Slide 18: Second Quarter Perspectives • • Inventory adjustments in GMNA Execution of our Plan – – – – Brand B d resolution l ti Dealer consolidation and reduction Structural cost and capacity action Strengthen balance sheet • Managing bankruptcy risks – Consumer perception – Pl Planning f contingency i for i • European ownership and funding 16
Slide 19: Reinventing GM • • • • • • Focused 4 core brand distribution strategy supported by 3 channels Fewer, stronger, well-supported nameplates Strong dealer footprint of ~3,600 dealers in superior & prime locations , , g Lean, flexible, well-utilized manufacturing facilities Benchmark structural cost levels enabling lower breakeven Focus on key technologies 17
Slide 20: Portfolio Renaissance Continuing Select Current & Upcoming Launches North America 2010 Chevy Equinox (Summer 2009) Europe 2010 Chevy Cruze (Fall 2009) 2010 Opel Insignia Asia Pacific 2010 Cadillac SRX (Summer 2009) 2010 Buick LaCrosse (Summer 2009) 2009 Buick Regal 2009 Chevy Spark 2010 Chevy Camaro LAAM 2010 Chevy Cruze (Fall 2009) 2009 Chevy N200 18
Slide 21: Earnings Metrics Change (EBT to EBIT) • APPENDIX Beginning Q1 2009, adjusted results will be discussed on the basis of earnings before interest and taxes – Interest expense/income will be shown in our corporate sector on a consolidated basis – Allows focus at region and business unit level to be on controllable operational results ($ Millions) Earnings Before Taxes (EBT) GMNA GME GMLAAM GMAP Auto Elimination Total Automotive EBT Earnings Before Interest & Taxes (EBIT) GMNA GME GMLAAM GMAP Auto Elimination Total Automotive EBIT Q108 (611) 198 517 286 2 392 (248) 241 500 310 5 808 Q208 (4,435) 99 445 (65) (14) (3,970) (4,018) 137 347 (39) () (13) (3,586) Q308 (2,295) (974) 514 (6) (57) (2,818) (2,015) (929) 450 24 () (53) (2,523) Q408 (2,101) (956) (154) (879) 103 (3,987) (1,824) (921) (149) (866) 146 (3,614) Total (9,442) (1,633) (1 633) 1,322 (664) 34 (10,383) (8,105) (1,472) 1,148 (571) 85 (8,915) As previously presented A-1
Slide 22: Supplemental Charts The following supplemental charts are provided to reconcile adjusted financial data comprehended in the primary chart set with GAAPbased data (per GM’s financial statements) and/or provide GM s clarification with regard to definition of non-GAAP terminology S-0
Slide 23: Reconciliation to Adjusted Net Income / EPS 1Q09 $ Millions, except for EPS Auto Elims (1,259) 54 54 54 Corp / GMAC Other 178 (500) ( ) ( (195) ) (1,144) 906 (500) (433) 114 (500) (319) Total Corp / Other ( (695) ) (1,144) 906 (933) 114 (819) Quarter ended March 31, 2009 Total net sales & revenue Earnings before interest and taxes ( g (EBIT) ) Interest income (expense), net Gain on debt extinguishment Income (loss) before taxes Income tax (expense) benefit Net income (loss) Earnings (loss) per share, basic and diluted Pre-tax adjustments: Delphi related SAAB related Restructuring GMAC related Gain on debt extinguishment Impairments Tax adjustments: UK/Spain DTA valuation allowance Total adjustments Total Adjust. - Net Revenue Adjusted net revenue Adjusted earnings before interest and taxes (EBIT) Interest income (expense), net Gain on debt extinguishment Adjusted income (loss) before taxes Income tax (expense) benefit Adjusted net income (loss) Adjusted earnings (loss) per share, basic and diluted GMNA 12,319 (, (3,216) ) (3,216) (3,216) GME 5,318 (, (1,989) ) (1,989) (1,989) GMLAAM 3,446 16 16 16 GMAP 2,429 () (21) (21) (21) Total Auto 22,253 (, (5,156) ) (5,156) (5,156) Total 22,431 (, (5,851) ) (1,144) 906 (6,089) 114 (5,975) ($9.78) 88 73 291 452 452 12,319 (2,764) (2,764) (2,764) 734 17 751 751 5,318 (1,238) (1,238) (1,238) 26 26 26 3,446 42 42 42 2,429 (21) (21) (21) (1,259) 54 54 54 822 116 291 1,229 1,229 22,253 (3,927) (3,927) (3,927) (385) (385) (385) (885) (885) (885) 135 (906) (771) (771) 178 (60) (1,144) (1,204) 114 (1,090) 135 (385) (906) (1,156) (1,156) (945) (1,144) (2,089) 114 (1,975) 135 822 116 (385) (906) 291 73 73 22,431 (4,872) (1,144) (6,016) 114 (5,902) ($9.66) S-1
Slide 24: Reconciliation to Adjusted Net Income / EPS 1Q08 $ Millions, except for EPS Auto Elims 5 5 5 Corp / GMAC Other (1,612) (1 612) (956) (545) (1,612) (1,501) (653) (1,612) (2,154) Total Corp / Other (2,568) (2 568) (545) (3,113) (653) (3,766) Quarter ended March 31, 2008 Earnings before interest and taxes (EBIT) Interest income (expense), net Income (loss) before taxes Income tax (expense) benefit Net income (loss) Earnings (loss) per share, basic and diluted Pre-tax adjustments: Delphi Restructuring Impairment on investment in GMAC Tax adjustments: UK/Spain DTA valuation allowance Total adjustments Adjusted earnings before interest and taxes (EBIT) Interest income (expense), net Adjusted income (loss) before taxes (p ) Income tax (expense) benefit Adjusted net income (loss) Adjusted earnings (loss) per share, basic and diluted GMNA (449) (449) (449) GME 118 118 118 GMLAAM 500 500 500 GMAP 310 310 310 Total Auto 484 484 484 Total (2,084) (2 084) (545) (2,629) (653) (3,282) ($5.80) 201 201 201 (248) (248) (248) 123 123 123 241 241 241 500 500 500 310 310 310 5 5 5 324 324 324 808 808 808 1,310 1,310 1,310 (302) (302) (302) 731 142 873 394 1,267 (83) (545) (628) () (259) (887) 731 1,452 2,183 394 2,577 (385) (545) (930) () (259) (1,189) 731 324 1,452 2,507 394 2,901 423 (545) (122) () (259) (381) ($0.67) S-2
Slide 25: Reconciliation to Earnings Before Interest & Taxes (EBIT) – 2Q08 Reported to Adjusted $ Millions Auto Elims (13) Quarter ended June 30, 2008 Reported earnings before interest and taxes (EBIT) Pre-tax adjustments: Special attrition program Restructuring charges CAW contract American Axle Oe Other Total adjustments Adjusted earnings before interest and taxes (EBIT) GMNA (8,929) GME 58 GMLAAM 347 GMAP (137) Total Auto (8,674) 3,277 1,097 340 197 4,911 (4,018) 79 9 79 137 347 98 98 (39) (13) 3,277 1,097 340 197 177 5,088 (3,586) S-3
Slide 26: Reconciliation to Earnings Before Interest & Taxes (EBIT) – 3Q08 Reported to Adjusted $ Millions Auto Elims (53) Quarter ended September 30, 2008 Reported earnings before interest and taxes (EBIT) Pre-tax adjustments: UAW VEBA Curtailment Salaried Health Care Plan related Restructuring related / other Total adjustments Adjusted earnings before interest and taxes (EBIT) GMNA (115) GME (958) GMLAAM 450 GMAP 24 Total Auto (652) (3,684) 1,172 612 (1,900) (2,015) 29 29 (929) 450 24 (53) (3,684) 1,172 641 (1,871) (2,523) S-4
Slide 27: Reconciliation to Earnings Before Interest & Taxes (EBIT) – 4Q08 Reported to Adjusted $ Millions Auto Elims 146 Quarter ended December 31, 2008 Reported earnings before interest and taxes (EBIT) Pre-tax adjustments: Impairments Goodwill impairment Restructuring DTA valuation allow. & assoc. items Total adjustments Adjusted earnings before interest and taxes ( j g (EBIT) ) GMNA (3,246) GME (1,855) GMLAAM (176) GMAP (904) Total Auto (6,035) 531 134 757 1,422 ( (1,824) ) 497 440 33 (36) 934 ( (921) ) 27 27 ( (149) ) 38 38 ( (866) ) 146 1,093 574 790 (36) 2,421 ( (3,614) ) S-5
Slide 28: Reconciliation to Earnings Before Interest & Taxes (EBIT) – CY08 Reported to Adjusted $ Millions Auto Elims 85 Year ended December 31, 2008 Reported earnings before interest and taxes (EBIT) Pre-tax adjustments: Restructuring & 2008 SAP UAW VEBA curtailment gain t il ti Salaried post-65 healthcare settlement Product specific impairments Goodwill impairment DTA valuation allow. & assoc. items All other Total adjustments Adjusted earnings before interest and taxes (EBIT) GMNA (12,739) GME (2,637) GMLAAM 1,121 GMAP (707) Total Auto (14,877) 5,945 (3,684) (3 684) 1,172 531 134 536 4,634 (8,105) 264 497 440 (36) 1,165 (1,472) 27 27 1,148 98 38 136 (571) 85 6,307 (3,684) (3 684) 1,172 1,093 574 (36) 536 5,962 (8,915) S-6
Slide 29: Reconciliation of Automotive & Corp. Other Cash Flow (1Q09) General Motors Corporation GAAP to Managerial Cash Flow reconciliation $ Billions Q1 2008 Net Cash Provided By Operating Activities (GAAP) * Reclassifications to/ (from) U.S. GAAP Q1 2009 (9.4) (1.6) - Expenditures for PPE & Special Tools - VEBA Withdrawls g - Cash Restructuring Costs - Delphi - Cash Restructuring Costs - Other Total Reconciling Items Adjusted Operating Cash Flow before Special Items * Operating Cash Flow from Continuing Operations (1.9) 0.3 0.1 (1.5) (3.1) (1.6) 0.5 0.3 0.0 (0.8) (10.2) S-7