GMAC Enters Full Service Leasing Market In Eastern Europe

FOR RELEASE: June 27, 2001

GMAC Enters Full Service Leasing Market In Eastern Europe

Acquisition of Futura Leasing and Prime Car Management

Gdansk, Poland - General Motors Acceptance Corporation (GMAC), the financial services subsidiary of General Motors Corporation (GM) has acquired one hundred percent of the Polish leasing company Futura Leasing S.A. and Prime Car Management (PCM), an affiliated full service leasing company, both located in Gdansk. The acquisition is GMAC's first full service leasing venture into Eastern Europe. Futura and PCM will join the Masterlease group, GMAC's full service leasing organisation in continental Europe.

With full service leasing being an important part of GMAC's international growth strategy, the acquisition is timely in view of the rapidly growing leasing market in Poland and the country's upcoming entry to the European Union. GMAC has proven experience in this business through its subsidiaries Masterlease in Austria, Germany, Greece, Italy, Portugal and Spain; Interleasing in the UK; and HNL Fleet Services in Australia.

Len Clayton, Chief Executive GMAC Global Full Service Leasing, says, "This new acquisition allows GMAC to enter the rapidly growing full service leasing market in Poland with a professional, established local management team and an efficient, existing platform. We are excited not only about the opportunities in Poland, especially as the country prepares for entering the EU, but also see this as a platform for further expansion of full service leasing into other countries in Central and Eastern Europe."

Futura and PCM have a growing portfolio of approximately 2500 vehicles including full service lease and fleet management contracts. The companies employ 90 people in total and had assets of 30 million US dollars at year-end 2000.