General Motors Partners with Chase to Launch the GM Business Card; Co-branded Card Puts Business Owners on the Fast Track to a new GM Vehicle

    DETROIT & NEW YORK--May 15, 2003--Offering corporate-style rewards to small and mid-sized businesses, General Motors and Chase announce the launch of the GM Business Card from Chase.
    This new co-branded MasterCard offers small to mid-sized businesses outstanding vehicle savings and the type of strong online reporting capabilities that today's business owners need to keep an eye on the bottom line.
    The GM Business Card provides customers with a variety of reward components. Card accounts will be automatically enrolled in the earnings program, and will earn 1% on all purchases made anywhere MasterCard is accepted - over 30 million worldwide locations. In addition, customers will earn an additional 1% (for a total of 2%) on GM parts and service purchases at authorized GM vehicle dealers. Accounts will be charged 2.99% on balance transfers for 6 months, and will receive 2% earnings on balance transfers for the first 60 days after account opening.
    All earnings from employee accounts roll-up to the business owner's account, for personal or business redemption. There are no annual limits on earnings, and no limits on the amount of earnings that can be redeemed toward the purchase of eligible GM vehicles. As an added benefit, all transactions will appear on one consolidated statement, which will help business owners streamline expense reconciliation and fleet reporting. Card features include the flexibility of designating spending limits and categories for employees, consolidated central billing statements and online account access, reporting and payment capabilities.
    "We see tremendous potential in a product designed for small business owners, who are some of GM's best and most loyal customers. The GM Business Card offers the best of both worlds - the personal benefits of a consumer-oriented credit card and the detailed control and reporting capabilities of a business credit card," said Jack Bowen, general director, GM Customer Network. "As a leading provider of financial services to the business community, Chase was the perfect partner to launch this product, which will make it even easier for our fleet customers to do business with GM."
    "Business owners want to 'earn' even though they are spending," said Rajive Johri, executive vice president, Chase Cardmember Services. "For businesses that rely on their vehicles, this card is a smart expense management tool that will get them into a new GM vehicle faster."
    General Motors has 7,100 authorized vehicle dealers nationwide where cardmembers can redeem their earnings as well as apply for the card. To apply for the card, business owners may visit any authorized GM vehicle dealer, call 1-866-APPLYGM or apply online at www.GMbusinesscard.com/apply.
    In addition to earnings, the card also offers cash access at more than 900,000 ATMs worldwide and services including Auto Rental Insurance, Medical Assistance, Legal Assistance, Travel Accident Insurance Coverage up to $500,000 and Extended Warranty/Purchase Protection.

    About General Motors

    General Motors Corp. , the world's largest vehicle manufacturer, employs 349,000 people globally in its core automotive business and subsidiaries. Founded in 1908, GM has been the global automotive sales leader since 1931. GM today has manufacturing operations in 32 countries and its vehicles are sold in more than 190 countries. In 2002, GM sold more than 8.5 million cars and trucks, nearly 15 percent of the global vehicle market. GM's global headquarters is at the GM Renaissance Center in Detroit. More information on GM and its products can be found on the company's consumer website at www.gm.com.

    About Chase

    Chase's credit card portfolio, issued and owned by Chase Manhattan Bank USA, N.A., has more than 29 million accounts and more than $51 billion in outstandings. Chase is the fourth largest credit card issuer in the United States, and its joint venture with First Data Corporation is the largest merchant acquirer in the U.S. J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $755 billion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, private banking and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers nationwide, and many of the world's most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the internet at www.jpmorganchase.com.