GENERAL MOTORS CORP: GM Completes the Sale of Controlling

                 Interest in GMAC             GM Completes the Sale of a Controlling Interest in GMAC     DETROIT, Nov. 30 -- General Motors Corp. (NYSE: GM) today announced that  it has completed the sale of a 51-percent interest in GMAC to a consortium of  investors led by Cerberus FIM Investors, LLC and including wholly owned  subsidiaries of Citigroup Inc., Aozora Bank Ltd. and The PNC Financial  Services Group, Inc.    The transaction will preserve the mutually beneficial relationship between  GM and GMAC, while improving GMAC's access to cost-effective funding.  In  addition, the sale of the controlling interest in GMAC will provide  significant liquidity to GM that will support its North American turnaround  plan, finance global growth initiatives and strengthen its balance sheet.       "This has been a year of significant actions and progress for GM, as we  aggressively execute our North America turnaround plan and position the  company for long-term growth and profitability.  Successfully completing the  GMAC transaction has been a key priority for the company, and an important  step to further support GM's turnaround," said GM Chairman and Chief Executive  Officer Rick Wagoner.  "This transaction will result in a stronger GMAC, with  enhanced access to funding at lower costs and greater opportunities for growth,  including leveraging their traditionally strong relationships with GM dealers.    "Although GMAC will have a new majority owner, GM and GMAC will remain  strategic partners through various long-term agreements.  GM will retain a  49 percent ownership stake in GMAC, and the close operating relationship  between the companies will continue," Wagoner said.  "We look forward to  working with the Cerberus-led consortium as majority owners of GMAC in the  future.  All the parties are committed to maintaining a high degree of service  to our dealers by providing the right wholesale, retail and lease products to  support the sale of GM cars and trucks."  GM expects to receive approximately $14 billion in net cash proceeds and  distributions over three years, after repayment of intercompany debt but  before purchases of preferred equity in GMAC.  This includes a $7.4 billion  purchase price, a $2.7 billion cash dividend from GMAC and other transaction  related cash flows including the monetization of certain retained assets.  GM  and the Cerberus-led consortium invested $1.9 billion of cash in preferred  equity in GMAC -- $1.4 billion by GM and $500 million by the consortium.  General Motors Corp., the world's largest automaker, has been the global  industry sales leader for 75 years.  Founded in 1908, GM today employs about  318,000 people around the world.  With global headquarters in Detroit, GM  manufactures its cars and trucks in 33 countries.  In 2005, 9.17 million GM  cars and trucks were sold globally under the following brands:  Buick,  Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab,  Saturn and Vauxhall.  GM's OnStar subsidiary is the industry leader in vehicle  safety, security and information services.  More information on GM can be  found at http://www.gm.com .    Forward-Looking Statements  In this press release and in related comments by General Motors'  management, we use words like "expect," "anticipate," "estimate," "forecast,"  "initiative," "objective," "plan," "goal," "project," "outlook," "priorities,"  "target," "intend," "evaluate," "pursue," "seek," "may," "would," "could,"  "should," "believe," "potential," "continue," "designed," or "impact" to  identify forward-looking statements that represent our current judgments about  possible future events.  We believe these judgments are reasonable, but GM's  actual results may differ materially due to a variety of important factors.  Among other items, such factors include GM's ability to achieve reductions  in costs as a result of the turnaround restructuring, health care cost  reductions and the Attrition Program, to realize production efficiencies and  to implement capital expenditures at levels and times planned by management;  the pace of product introductions and market acceptance of GM's new products;  GM's ability to maintain adequate liquidity and financing sources and an  appropriate level of debt; restrictions on GMAC's and ResCap's ability to pay  dividends and prepay subordinated debt obligations to GM; possible downgrades  of GM's credit rating and their effects; or changes in economic conditions,  commodity prices, currency exchange rates or political stability in the  markets in which we and our competitors operate.     SOURCE  General Motors Corporation /NOTE TO EDITORS:  For additional media information visit  http://media.gm.com ./  /CONTACT:  Gina Proia, +1-212-418-6389, or Renee Rashid-Merem,  +1-313-665-3128, both of General Motors Corporation/        /Web site:  http://media.gm.com                  http://www.gm.com /     (GM)                     END -0- Nov/30/2006 17:17 GMT    
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