FOR RELEASE: May 3, 1999
CONTACT: Catherine Dunsby
PHONE: (212) 418-6385

DETROIT -- The General Motors Board of Directors 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, 1999, to holders of record as of May 13, 1999. The dividend rate is unchanged from the previous quarter.

The GM Board of Directors intends to maintain the current $0.50 quarterly dividend on GM $1-2/3 common stock subsequent to the separation of Delphi Automotive Systems from General Motors on May 28, 1999. This will provide GM $1-2/3 stockholders with an effective dividend increase, since GM's dividend will remain constant and Delphi currently intends to pay quarterly dividends of $0.07 per share on Delphi common stock. GM stockholders who retain their Delphi shares (approximately 0.7 shares of Delphi for every share of GM owned) will benefit from an increased dividend payment of approximately $0.20 per GM share per year.

"This action reflects the financial strength of General Motors and the confidence that the board and management have in our ability to meet our future financial objectives," said John F. Smith, Jr., chairman and chief executive officer of General Motors.

The GM board also today declared the following quarterly dividends: $0.495 per Series D depositary; and $0.57 per GM Series G depositary share. These dividends are payable Aug. 2, 1999, to holders of record on July 6, 1999.