DETROIT -

FOR RELEASE: August 7, 2001

GM Board Declares Quarterly Dividend

DETROIT - General Motors today declared a quarterly dividend of $0.50 per share on GM $1-2/3 par value common stock. The dividend is payable Sept. 10, 2001, to holders of record as of Aug. 17, 2001. The dividend rate is unchanged from the previous quarter.

GM also declared a quarterly dividend of $8.7793 per GM Series H automatically convertible preference stock. This dividend is payable on Nov. 1, 2001, to AOL Time Warner, the sole holder of record, on Oct. 1, 2001.