GM, GMAC To File 10Q This Afternoon

GM, GMAC To File 10Q This Afternoon DETROIT, Nov. 11 -- General Motors Corp. (NYSE: GM) and its financial- services subsidiary, GMAC, will file quarterly financial information with the U.S. Securities and Exchange Commission (SEC) this afternoon. GM stated last night that it would delay the filing of its 2004-third- quarter Form 10Q in order to complete a change in how GMAC accounted for the transfer of certain mortgage assets. Effective Sept. 30, 2004, these assets will be accounted for as secured borrowings and will be consolidated on GM and GMAC's financial statements for the third quarter. Previously they were reflected as sold. The change will increase the total assets on GM's balance sheet by approximately 1.5 percent. However, contrary to what GM indicated last night, the change will have no effect on earnings of the corporation. SOURCE General Motors Corporation -0- 11/11/2004 P /NOTE TO EDITORS: For additional media information, visit http://media.gm.com ./ /CONTACT: Toni Simonetti, 212-418-6380, or Mark Tanner, 313-665-3146, both of General Motors Corporation/ /Web site: http://media.gm.com http://www.gm.com / (GM)