FOR RELEASE: May 7, 2002

GM Declares Quarterly Dividend

DETROIT - General Motors Corp. today declared a quarterly dividend of $0.50 per share on GM $1-2/3 par value common stock. The dividend is payable June 10, 2002, to holders of record as of May 17, 2002. 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 June 24, 2002, to AOL Time Warner, the sole holder of record.