GM Europe Media Statement: The Commitment of the U.S. Administration to Stabilize GM's Future Represents a Positive Development for GM Europe's Restructuring

ZURICH, SCHWITZERLAND – March 30, 2009: Today’s announcement from the U.S. Administration affirms that GM will emerge from the present restructuring stronger, leaner and more competitive globally. The news that GM is being strongly backed by the government only strengthens the resolve of the GM European operations in reinventing every part of its business.

While this announcement also comes with the urgent message that much work remains and that changes were needed, the situation for GM Europe’s viability planning remains largely unaffected. Constructive and significant talks on restructuring our labor costs are progressing, as is the dialogue to gain government support. The U.S. government has also been kept updated by the German government on the progress of the European restructuring discussions. Importantly, the initial outreach for third-party investors has been very promising. We expect that Opel/Vauxhall will emerge a significantly more independent part of a strong global GM product network as we navigate these very difficult economic times.

Key Points for Europe:

1. The commitment of the U.S. Administration to stabilize GM’s future represents a positive development for GM Europe’s restructuring

While difficult measures are being implemented, the statement that “The Administration will stand behind GM’s restructuring effort" gives clear signal that GM’s effort to reinvent the business can and will succeed

2. GM Europe continues normal operations and is not directly included in the U.S. actions

GM Europe customers can rely on their service and warranty, as they always have

Vehicle parts suppliers and employees to be paid in the normal course of business

Dealers, warranty and customer support operations unaffected by the announcement

3. GM Europe continues to aggressively work to reinvent its business model

While GME is not included in the U.S. process, work continues in earnest on reinventing and restructuring the European operations

Good progress is being made in discussions with government and labor on the necessary actions to achieve viability – but much work remains

Initial outreach to third-party investors has been promising, but GM Europe must achieve its benchmarks for labor restructuring and liquidity as soon as possible