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Slide 1: Investor Update February 2007 David Walker Group Vice President – Global Borrowings
Slide 2: Forward Looking Statements In the presentation that follows and in related comments by GMAC LLC (“GMAC”) management, our use of the words “expect”, “anticipate”, “estimate”, “forecast”, “objective”, “plan”, “could”, “should”, “would”, “may”, “goal”, “project”, “outlook”,” “priorities,” ”targets”, “intend”, “evaluate”, “pursue”, “seek” and similar expressions is intended to identify forward looking statements. While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, actual results may differ materially due to numerous important factors that are described in GMAC’s most recent report on SEC Form 10-K, which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. Such factors include, among others, the following: securing low cost funding to sustain growth for GMAC and ResCap and maintaining the mutually beneficial relationship between GMAC and General Motors; changes in economic conditions, currency exchange rates, significant terrorist attacks or political instability in the major markets where we operate; changes in the laws, regulations, policies or other activities of governments, agencies and similar organizations where such actions may affect the production, licensing, distribution or sale of our products, the cost thereof or applicable tax rates; and the outbreak or escalation of hostilities between the United States and any foreign power or territory and changes in international political conditions may continue to affect both the United States and the global economy and may increase other risks. Investors are cautioned not to place undue reliance on forward-looking statements. GMAC undertakes no obligation to update or revise any forward-looking statements unless required by law. Use of the term “loans” describes products associated with direct and indirect lending activities of GMAC’s global operations. The specific products include retail installment sales contracts, loans, lines of credit, leases or other financing products. The term “originate” refers to GMAC’s purchase, acquisition or direct origination of various “loan” products. 1 2
Slide 3: Overview of GMAC 3
Slide 4: GMAC Net Income $ Billions 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2001 2002 2.8 1.8 1.9 2.9 2.8* 1.9* 2003 2004 2005 2006 Q3 YTD *These amounts are non-GAAP financial measures. Net income presented for 2005 excludes a goodwill impairment charge of $439 million ($398 million related to Commercial Finance, $41 million related to Commercial Mortgage), and YTD net income presented for 2006 excludes a goodwill impairment charge of $695 million related to Commercial Finance 4
Slide 5: Organization Structure GMAC Financial Services Automotive Finance ResCap Insurance Other North American Auto MIC Commercial Finance Group Equity interest in Capmark* International Auto Personal Lines * Minority equity interest in Capmark. In March 2006, we closed the sale of approximately 78% of our equity in Capmark (formerly GMAC Commercial Mortgage) 5
Slide 6: 4 Major Lines of Business Automotive Financing ― Financing loans to automotive retail and lease customers ― Inventory financing to automotive dealers ― Real estate and working capital loans to dealers ― Full-service leasing ResCap ― Residential mortgages ― Securitization of mortgages ― Expanding international mortgage operations Insurance ― Extended warranty contracts ― Personal auto insurance ― Commercial insurance for dealers ― Reinsurance Total Assets as of Septem ber 30, 2006 ($ Billions) $14 $6 $157* $132 Auto Financing ResCap Insurance Other * Includes intercompany eliminations of $18 Other ― Commercial Finance Asset-based lending ― Minority equity interest in Capmark 6
Slide 7: World-class Origination Platform Q3 YTD ($ Billions) 2002 2003 2004 2005 2006 Global Automotive Financing Volume Consumer (units in millions) Wholesale (units in millions) Consumer Financing Avg. Wholesale Assets Outstanding 2.6 6.3 2.3 6.3 2.5 6.6 2.2 6.4 1.8 4.7 $71 $18 $68 $24 $69 $28 $58 $23 $49 $22 Mortgage Loan Origination & Acquisition $143 $3.6 $206 $3.9 $170 $4.1 $206 $4.2 $145 $3.2 Total Insurance Premiums Written 7
Slide 8: Sale of Controlling Interest in GMAC 8
Slide 9: GMAC Sale On November 30, 2006 GM sold 51% (a controlling interest) of GMAC to FIM Holdings LLC, a consortium of investors led by Cerberus FIM Investors, LLC This transaction effectively separated GMAC from GM control, while still maintaining the benefits of the GM and GMAC business relationship Following the closing of the GMAC transaction, GMAC emerged as an independent company with an improved credit profile ― ― ― ― ― ― New ownership Independent governance Strengthened capital position New and expanded funding facilities Formalized long-term operating agreements with GM Broader business strategies GMAC Strategic Plan ― Transform GMAC from a captive operation into an independent globally-diversified financial services company 9
Slide 10: Strategic Vision Create Premier Global Financial Services Company GMAC Business Strengths Leadership positions across all major sectors ― ― ― ― Benefits Brought by Transaction Competitive cost of funds Additional GMAC balance sheet capacity Improved credit rating Strengthened capital base Committed term funding facility Cerberus operational expertise #1 auto finance Top ten player in mortgage #1 provider of Auto Extended Warranty #1 provider of dealer inventory insurance Tremendous asset origination capability World-class servicing Well-managed risk profile Global franchise spanning roughly 40 countries on five continents 10
Slide 11: Symmetry of Shareholder/Bondholder Interest “VALUE PLAY” Increase the return on capital to equity holders by strengthening the bondholder profile and reducing funding costs on GMAC’s very large borrowing base Priority Equity Holder Initiatives • Bolster Capital Base • Enhance Liquidity • Strengthen Credit Measures Provides Significant Protection to Unsecured Bondholders Aligned Interests • Reduce Borrowing Costs • Expand Net Margins • Increase Net Income Drives Equity Holder Returns Interests of GMAC equity holders uniquely aligned with GMAC bondholders and other creditors 11
Slide 12: Strategic Priorities 2007-2008 Strategic Priorities ― ― ― Strengthen Capital Base Enhance Liquidity Contain Risk ― ― ― Reduce Borrowing Costs Expand Operating Margins Increase Net Income Funding Plan Initiatives Capital Plan Initiatives Operating Plan Initiatives 2007-2008 Strategic Initiatives GMAC Funding Plan, Capital Plan, and Operating Plan initiatives all designed to underpin these strategic priorities 12
Slide 13: Funding Plan Initiatives 13
Slide 14: Strategic Priorities - Reduce all-in cost of borrowings - Maintain ample liquidity cushion to withstand severe downside scenarios Funding Initiatives Reduce large cash balances Manage liabilities to reduce expensive “legacy” debt Maintain significant retail auto loan “dry powder”, which can be monetized through committed whole loan facilities Enhance securitization programs to expand asset eligibility Continue executing whole loan sales in Mortgage and Auto Finance to reduce risk, free up capital and generate liquidity 14
Slide 15: Liquidity Protection GMAC maintains exceptional liquidity protection $Billions (As of Sep 30, 2006) Amount $14 $56 $48 $118 Global Cash* Available Bank Credit/Conduit Facilities Whole Loan Commitments Total Liquidity Protection * Includes $5B in cash invested in a portfolio of highly liquid marketable securities 15
Slide 16: U.S. Auto Funding Strategy U.S. Auto Funding Issuances 2001 21% 2005/2006 (Q1-Q3) Securitization Whole loans 36% 56% 79% Unsecured 8% Re-entered unsecured institutional bond market in December 2006 Plan to re-enter retail note market in a disciplined manner Continue significant use of securitizations/whole loan sales Continue to diversify across markets, asset types, currencies, investor profiles Aggregate projected funding in 2007-2008 consistent with 2005-2006 levels 16
Slide 17: Capital Plan Initiatives 17
Slide 18: GMAC Capitalization Summary Common Equity Ownership ― ― Consortium GM 51% 49% Long-term investment by Consortium ― ― ― Committed to a 5-year minimum hold period In first 2 years, agreement to retain all GMAC’s “after-tax” earnings In years 3-5, Cerberus committed to reinvest all of its “after-tax” distributions into GMAC preferred stock GM and Consortium invested additional $1.9 billion in preferred equity $1.4 billion investment by GM $0.5 billion investment by Consortium HIGH EQUITY CONTENT Preferred Equity ― GMAC and most of its U.S. operations (excluding Insurance Operations) converted to limited liability company (LLC) ― Efficient for GMAC and equity holders’ tax planning 18
Slide 19: Capital Planning Priorities Establish capital structure to support solid investment grade ratings ― ― Seeking to establish trajectory for an ultimate strong “A” rating Build capital base -- in line with significant earnings retention/re-investment provisions -- to support long-term growth initiatives Reduce capital requirements with increased whole loan sales of lower-return assets ― Goal is to contain capital requirements while maintaining significant origination and servicing volume ― Accelerate shift from “Storage” to “Moving” strategy across the organization (i.e., shift from “originate/hold” to “originate/sell” model) Continued use of automotive whole loan sales and full securitizations ― Insurance investment portfolio rebalanced towards more fixed income and less equity holdings in order to further reduce capital requirements 19
Slide 20: Operating Plan Initiatives 20
Slide 21: Strategic Priorities Operating Strategies Diversify operations beyond GM-related businesses ― Leverage existing dealer relationship to expand presence in non-GM dealer network Retail Auto Finance Dealer Floor Plan Financing Extended Auto Warranty Dealer Inventory Insurance ― Grow Mortgage revenue Continue to gain share of the U.S. mortgage market as industry further consolidates around “winners” Continue profitable expansion overseas ― Capitalize on uniquely broad footprint and extensive experience in international markets 21
Slide 22: Strategic Priorities (Contd…) Grow GMAC fee-based businesses (e.g., SmartAuction, Fee for Servicing, etc.) ― ― Generates cashflow with virtually no strain on capital position Boosts Return on Equity Capitalize on cross-sell opportunities across GMAC’s 18 million customers* ― ― Sell more products per customer Reduce asset acquisition cost Attack cost side of the business by aligning resources more efficiently across multiple operations and regions Maintain asset quality ― Further strengthen credit measures and historically strong credit culture across all major businesses 22 * Based on outstanding consumer loans and contracts; aggregate figures do not adjust for overlap
Slide 23: Summary 23
Slide 24: Summary Stronger GMAC capital base now and for long-term ― Preferred equity injection of $1.9 billion Governance provisions further enhance GMAC independence from GM Cap on unsecured credit exposure to GM Contractual arm’s-length agreements governing all GM/GMAC auto financing New funding facilities established with expanded asset class eligibility Re-entered unsecured institutional bond market in December 2006 Plan to re-enter retail note market in a disciplined manner Focused on improving operating metrics Opportunities for additional cost efficiencies under study Leveraging existing and new relationships Credit rating de-linkage from GM ― ― ― Strong liquidity ― ― ― Business positioned for growth ― ― ― Business and geographic diversification remain key strengths Shareholder and bondholder interests are aligned 24
Slide 25: Q&A Contact GMAC Investor Relations at +1 866 710 4623 or investor.relations@gm.com 25
Slide 26: Contact GMAC Investor Relations at +1 866 710 4623 or investor.relations@gm.com 26