2. Bankruptcy
 When businesses become
insolvent, meaning they
service their debts, they
have two possibilities
 Reorganization (Chapter 7)
 IR down
 Term to maturity up
 Some debt exchanged for equity
 Liquidation (Chapter 11)
 When the company is deemed
to be to far to be saved

3. Part I

4. Risks due to Political and Economic
Situation gas prices .> shift in demand: SUVs and light
 Volatility of
trucks to smaller cars
 Slowing economic growth ->cars=durable goods->
purchases delayed
 Commodities prices -> GM/Ford dependent of steel
and plastics
 Cessations of govt incentives on certain vehicles
 Geopolitical events such as war of restrictive customs
are bad for the business
 Currency

5. Comparisons

6. 2.20
Company Name Toyota Motor Corporation
2.10 2.10 Volkswagen AG
2.00
Toyota Motor Corporation 1.93 Daimler AG 102,527
1.90 1.88 Tata Motors, Ltd. Corporation
Toyota Motor
1.80 13.764 1.79
Volkswagen AG
400 Volkswagen AG 84,633
1.70 369.928
58.167 General Motors Corporation
8.102 Daimler AG
1.60 76.658 1.62
Honda Motor Company 44,440
350 1.50 1.50 General Motors Corporation
322.045 229.460 Daimler AG
1.40 General Motors Corporation
Daimler AG 30,599
80.094 Ford Motor Company
300 1.30 Ford Motor Company
Fuji Heavy Industries 273.216 Ford Motor Company 24,992
1.20
92.758
149.733
1.10 243.000 FiatHonda Motor Company
S.p.A.
250
Industry Average Fiat S.p.A. 19,069
1.00 213.000
111.863 0.95
0.90 198.348 Nissan Motor
Nissan Motor
200 0.80
Bayerische Motoren Werke AG 186.421 149.021 Honda Motor Company18,662
0.70 0.62
158.201 Fiat S.p.A.
Bayerische Motoren Werke AG
Nissan0.60
150 Motor Nissan Motor 18,128
0.50 0.59 Bayerische Motoren Werke AG
Fuji Heavy Industries
Fiat S.p.A. 100.041 8,466
0.40
100 0.30 Bayerische Motoren Werke AG
146.277 Industry Average
Honda Motor Company
Ford Motor Company
0.20 6,535
148.979
36.364 Tata Motors, Ltd.
50 0.10 Toyota Heavy Industries
Fuji Motor Corporation
General Motors Corporation 27.884 2,045
0.00
Fuji Heavy Industries
0 -0.10 0
Tata Motors, Ltd.
-0.11 1 Volkswagen AGLtd.
Tata Motors,
1,966
-0.20

8. +46.37
+26.44 -20.64 -95.17
+25.97
+8.88 -7.35
-60.49
Years Sept. 2005 to May 2006 May 2006 to July 2006 July 2006 to June 2007 June 2007 to March 2009
Auto & Truck +0% to +26.44% +26.44 to +5.80% +5.80% to +52.17% +52.17% to -43.00%
Manufacturer
+2644 basis points -2064 basis points +4637 basis points -9517 basis points
S&P 500 Index +0% to +8.88% +8.88% to +1.53% +1.53% to +27.50% +27.50% to -32.99%
+888 basis points -735 basis points +2597 basis points -6049 basis points

10. General Motors Corporation
Volume Carmakers Luxury Brands
Chevrolet GM Daewoo GMC Holden Opel Buick Cadillac
Pontiac Vauxhall Saab Wuling Saturn Hummer

11. Ford Motors Company
Volume Carmakers Luxury Brands
Ford Mazda
Mercury Lincoln
Volvo

12. GENERAL
MOTORS
CORPORATION
Dividend Max:
$1.50
Frequent
Dividend Dividend Min:
Moderately Frequent No Dividend
Dividend
$0
FORD
Moderately Frequent
Dividend
MOTORS
COMPANY
Dividend Max:
$12.06
Frequent Dividend Min:
Dividend $0
No Dividend

13. 60% 50 120% 101
50% 101%
50% 100%
1st Quarter
40% 31% 1st Quarter 80%
28%
26% 25% 2nd Quarter
30% 21% 2nd Quarter 60%
20% 3rd Quarter 40% 24% 26% 24% 26% 3rd Quarter
11% 8%
10% 4th Quarter 20% 0% 2% 2% 4th Quarter
0% 0%
Net Sales and Net Income Net Sales and Net Income
Revenue Revenue
46 804
46,519 46,804
50,000 50,000 43,094 43,567
42,383 37,808
38,010
40,000 1st Quarter 40,000
30,778 1st Quarter
30 778 30,000
30,000 2nd Quarter
20,000 2nd Quarter
20,000 10,000 891
3rd Quarter 62 3rd Quarter
10,000 0
4th Quarter -722 4th Quarter
-10,000 Net Sales and Net Income
0 Revenue
-3,251 -20,000
Net Sales and Net Income
-10,000 Revenue -2,542 -9,596 -30,000
-20,000 -15,471 -40,000
-38,963
-38 963

14. $M GM Ford GM Ford
$ % $ % $ % $ %
$M Sales
Net 147 732 GM
100 129 166 Ford100 177 594 GM100 154 379 Ford 100
Cost of good sold -149 723 $
-149 723 -101 % -127 103$
103 -98 % -164 946 $ -93 % -142 587
-142 $ -92%
Gross Profit
Net Sales -1 991 414
-1 -1 100 2 083 406
2 063 2 100 12 648
500 7 100 11 792
11 792
479 8100
Cost of general and
Selling good sold -415 -100
-100 -353 -87
-87 -460 -92
-92 -396 -83
-83
administrative -13 147 -9 -11 356 -9 13 -13 590 -8 -13 660 -9 17
Gross Profit -1 00 53 13 -40 -8 83 17
expenses
Sellingincome and
Other general -8
-40 -10
-10 -60 -15
0 -15 0 -40 0 -8 -59 -12
-2 -12
administrative expenses -610
(expense) net
0 0 -2 400
Other income (expense) -15 748
Operating Income -15 748-19 -11 -9 293
-9 293 -7 -7 -942
-942 -12 -1 -2 -4 268
-4 268 -3-2
-4 -2 -9
net
Interest expenses -884 -1 -1 938 -2 -1 042 -1 -2 252 -1
Operating Income (loss)
Interest income - -59 -14
-14 -14 -3
-3 -12 -2 16 33
0 0 -755 -1 0 0 1 161 1
Interest -expenses
GMAC -7 -2 -27 -7 -9 -2 -30 -6
Income from affiliated
Interest income - GMAC - 0 1 0
0 163 0 0 0 0 4 0 1 389 1 0 0
company
Earnings from continuing
Earnings from -64 -16 -40 -10 -18 -4 -14 -3
operations -16 632 -11 -11 823 -9 -1 984 -1 -4 970 -3
continuing operations
Income Tax -5
-5 -1
-1 0
0 0
0 -103
-103 -21
-21 44 1
1
Income Tax (Loss) from
Net Income 0 0 0 0 0 0 0 0
Equity income net of -17 -4 0 0 0 0 3 1
affiliated companies 184 0 0 0 522 0 0 0
tax
Equity income net of tax 1 0 -1 0 1 0 -1 0
Minority interests, net of
Minority interests, net of tax 103 0,3
tax
0 0 0 0 0 0 -406 -1 0 0 0 0 0 0
Income from continued
Loss before income tax
operations -16 345 0
-16 345 -11 0 -11 823 0
-11 823 -9
-9 0 -1 86813
-1 -1 3
-1 -4 9700
-4 970 -3 0
-3
– automotive
Net earnings -86
-86 -21
-21 -41
-41 -10
-10 -108
-108 -22
-22 -8
-8 -2
-2

15. $M GM Ford GM Ford GM Ford GM Ford
$M $ GM $ Ford $ GM $ Ford GM Ford GM Ford
Net Sales 147 732 $ 129 166 $ 177 594$ 154 379 $ -29 862 -25 213 -17% -16%
Cost Sales
Net of good sold -149 723414 -127 103
406 -164 946 -142 587
500 479 15 -86
223
-86 -73
15 484
-73 -17%
-9%
-17% -15%
-11%
-15%
Gross of good sold
Cost Profit -1 991
-415 2 063
-353 12 648
-460 11 792
-396 -1445639
45 -9 729
43
43 -116%
-10%
-10% -83%
-11%
-11%
Selling general and 39 -30 -98% -36%
Gross Profit -1 53 -40 83 39 -30 -98% -36%
administrative -13 147 -11 356 -13 590 -13 660 443 2 304 -3% -17%
Selling general and
expenses -40 -60 -40 -59 0 -1 -1% 1%
Other income expenses
administrative
-610 0 0 -2 400 -610 2 400 #DIV/0! -100%
(expense) net (expense)
Other income
-19 -7 -12 -9 -7 1 56% -14%
net
Operating Income -15 748 -9 293 -942 -4 268 -14 806 -5 025 1572% 118%
Interest expenses (loss) -884-59
Operating Income -14
-1 938 -12
-1 042 -2 25216 -47
-47
158 -29
-29
314 394%
394%
-15% -187%
-187%
-14%
Interest income -
Interest expenses 0 -7 -755-27 0 -9 -30
1 161 02 3
-1 916 -31%
0 -11%
-165%
GMAC - income - GMAC -
Interest 1 0 4 1 -2 -9 -68% -100%
Income from affiliated
Earnings from continuing 0 163 0 389 0 552 0 -58%
company -64 -40 -18 -14 -47 -27 264% 197%
operations
Earnings from
Income Tax -16 632 -5 0
-11 823 -103
-1 984 4
-4 970 -1498
98
648 -4
-4
-6 853 -95%
-95%
738% -105%
-105%
138%
continuing operations
Net Income (Loss) from
Income Tax
affiliated companies 0 -17 0 0 0 0 0 3 -17
0 -30 0%
0 -86%
0%
Equity income net of
Equity income net of tax 184 1 0 -1 522 1 0 -1 -1
-338 00 -65%
-65% -31%
0%
tax
Minority interests, net of
Minority interests, net
0,3 0 -1 0 1 0 -127% 0%
tax 103 0 -406 0 509 0 -125% 0%
of tax
Income from continued
Loss before income tax
-16 345 0 0
-11 823 13
-1 868 0
-4 970 -14-13
477 0
-6 853 -100%
775% -78%
138%
–operations
automotive
Net earnings -86 -41 -108 -8 22 -33 -20% 439%

16. Market Segments
GM F
Automotive Financial Automotive Financial
FORD FORD
GMNA GMAC
NORTH AM CREDIT
FORD
GME
SOUTH AM
FORD
GMLAAM
EUROPE
GMAP VOLVO
FORD APA

17. Market Segments
Change GM 2008 GM 2007
3%
Cars 2008 Cars 2007
41% 39%
Trucks 2008 Trucks 2007
56% 61%
Change
3%
F 2008 F 2007
Cars 2008 Cars 2007
34% 31%
Trucks 2008 Trucks 2007
63% 69%

18. Risks due to production techniques
 Decline in market -> increase of cost/unit. Companies
cannot reduce their capacity as quickly as they lose
market shares
 Suppliers’ distress: Giving up financial support to them
for avoiding bankruptcy
 Single source of components: Bankruptcy from the sole
supplier
 Overcapacities (17M/year), very competitive market
 Company incentives = pricing pressure -> Op.
Margin decreasing

19. Risks due to production techniques
 Decline in market -> Comparative Stock
Price
 Suppliers’ distress & Single source of
components:
 Ford: 1,600 today; 750 in the future
 GM: One large source of components
 Delphi: Bankrupt since 2005
 Op. Margin: Income Statement
 Overcapacity of 24M in 2008, industry-wide
(est.)
 Pricing pressure due to Japanese and Korean
competitors

20. Risks from Strategy and R&D
 Lack of reliability or defects in new vehicles
 Warranty stable , no delays, no recalls
 New laws:
 Environmental law: California
 Capacity to succeed in implanting brands in
emerging countries:
 Ford Fiesta, Ford Edge and Ford Transit (last two
,good)
 Lower than anticipated acceptance of new
vehicles.

21. Risks linked to Credit Companies
 Credit Risk: Paymt Default & collection and servicing
problems
 Residual Risks: Lower-than-expected salvage value =
lower transaction profitability
 Strong competition: banks/other financial institutions
 Int’l: Credit Companies = Banks
 Reserve Required Ratios
 Residential Mortgage: Weakness
 Interest Rates Change: Strong impact on the
consolidated company
 Banks and Portfolios

22. Income Statement 2yr Horizontal
Analysis
Total Company 2008 2007 V$ V%
$M GM Ford GM Ford GM Ford GM Ford
$ $ $ $
Net Sales 148 979 146 277 179 984 172 455 -31 005 -26 178 -17% -15%
Cost of good sold -149 311 -127 103 -165 573 -142 587 16 262 15 484 -10% -11%
Gross Profit -332 19 174 -14 411 29 868 14 079 -10 694 -98% -36%
Selling general and administrative expenses -14 253 -21 430 -14 412 -21 169 159 -261 -1% 1%
Other income (expense) net -6 699 -2629 -4 308 -3 068 -2 391 439 56% -14%
Operating Income (loss) -21 284 -4 885 -4 309 5 631 -16 975 -10 516 394% -187%
Interest expenses -2 345 -9 682 -3 388 -10 927 1 043 1 245 -31% -11%
Interest income - GMAC - 424 0 1 316 389 -892 -389 -68% -100%
Earnings from continuing operations -23 205 -14 567 -6 381 -4 907 -16 824 -9 660 264% 197%
Income Tax -1 766 -63 -37 162 1 294 35 396 -1 357 -95% -105%
Net Income (Loss) from affiliated companies -6 183 163 0 1 161 -6 183 -998 0% -86%
Equity income net of tax 186 -214 524 -312 -338 98 -65% -31%
Minority interests, net of tax 108 0 -406 0 514 0 -127% 0%
Income from continued operations 0 9 4 565 41 -4 565 -32 -100% -78%
Net earnings -30 860 -14 672 -38 732 -2 723 7 872 -11 949 -20% 439%

23. Income Statement 2yr horizontal
Analysis
Automotive 2008 2007
$M GM Ford GM Ford
$ % $ % $ % $ %
Net Sales 147 732 100 129 166 100 177 594 100 154 379 100
Cost of good sold -149 723 -101 -127 103 -98 -164 946 -93 -142 587 -92
Gross Profit -1 991 -1 2 063 2 12 648 7 11 792 8
Selling general and administrative expenses -13 147 -9 -11 356 -9 -13 590 -8 -13 660 -9
Other income (expense) net -610 0 0 0 0 0 -2 400 -2
Operating Income -15 748 -11 -9 293 -7 -942 -1 -4 268 -3
Interest expenses -884 -1 -1 938 -2 -1 042 -1 -2 252 -1
Interest income - GMAC - 0 0 -755 -1 0 0 1 161 1
Income from affiliated company 0 0 163 0 0 0 389 0
Earnings from continuing operations -16 632 -11 -11 823 -9 -1 984 -1 -4 970 -3
Income Tax 0 0 0 0 0 0 0 0
Equity income net of tax 184 0 0 0 522 0 0 0
Minority interests, net of tax 103 0 0 0 -406 0 0 0
Loss before income tax – automotive -16 345 -11 -11 823 -9 -1 868 -1 -4 970 -3

24. Income Statement 2yr vertical
analysis
Total Company 2008 2007
$M GM Ford GM Ford
$ % $ % $ % $ %
Net Sales 148 979 100 146 277 100 179 984 100 172 455 100
Cost of good sold -149 311 -100 -127 103 -87 -165 573 -92 -142 587 -83
Gross Profit -332 0 19 174 13 -14 411 -8 29 868 17
Selling general and administrative
expenses -14 253 -10 -21 430 -15 -14 412 -8 -21 169 -12
Other income (expense) net -6 699 -4 -2629 -2 -4 308 -2 -3 068 -2
Operating Income (loss) -21 284 -14 -4 885 -3 -4 309 -2 5 631 3
Interest expenses -2 345 -2 -9 682 -7 -3 388 -2 -10 927 -6
Interest income - GMAC - 424 0 0 0 1 316 1 389 0
Earnings from continuing operations -23 205 -16 -14 567 -10 -6 381 -4 -4 907 -3
Income Tax -1 766 -1 -63 0 -37 162 -21 1 294 1
Net Income (Loss) from affiliated
companies -6 183 -4 163 0 0 0 1 161 1
Equity income net of tax 186 0 -214 0 524 0 -312 0
Minority interests, net of tax 108 0 0 0 -406 0 0 0
Income from continued operations 0 0 9 0 4 565 3 41 0
Net earnings -30 860 -21 -14 672 -10 -38 732 -22 -2 723 -2

25. Income Statement 2 yr vertical
analysis
Automotive 2008 2007
$M GM Ford GM Ford
$ % $ % $ % $ %
Net Sales 147 732 100 129 166 100 177 594 100 154 379 100
Cost of good sold -149 723 -101 -127 103 -98 -164 946 -93 -142 587 -92
Gross Profit -1 991 -1 2 063 2 12 648 7 11 792 8
Selling general and administrative
expenses -13 147 -9 -11 356 -9 -13 590 -8 -13 660 -9
Other income (expense) net -610 0 0 0 0 -2 400 -2
Operating Income -15 748 -11 -9 293 -7 -942 -1 -4 268 -3
Interest expenses -884 -1 -1 938 -2 -1 042 -1 -2 252 -1
Interest income - GMAC - 0 0 -755 -1 0 0 1 161 1
Income from affiliated company 0 0 163 0 0 0 389 0
Earnings from continuing operations -16 632 -11 -11 823 -9 -1 984 -1 -4 970 -3
Income Tax 0 0 0 0 0 0 0 0
Equity income net of tax 184 0 0 0 522 0 0 0
Minority interests, net of tax 103 0 0 0 -406 0 0 0
Loss before income tax – automotive -16 345 -11 -11 823 -9 -1 868 -1 -4 970 -3

26. Mix Analysis – General Motors
Mix Analysis GM
Operating Percentage to Change in Operating
Percentage of Sales Change in Sales Total
Sales Percentage sales
Mix Analysis GM
2008 2007 2008 2007
Percentage of %
Operating $ % $ $
Sales Percentage to Sales Change in Sales
2008 2007 2008 2007 % $
Other Financing 1% 1%Other Financing 1% -27%
-562% 1% -48%
-562% -1143 -48%-535%-1143 -5218
-27% -6361
GM Auto
GMNA 58% 62% -16% -3% -23% -26261
GM Auto GME 23% 21% -8% -1% -8% -3090
GMLAAM 14% 10% 6% 7% 7% 1366
GAAP 12% 11% -7% 3% -12% -2489
GMNA 58% 62% -16% -3% -23% -26261 -13% 15648 -10613
Corporate -7% -6% 52% 32% -5% 612
Total 100% 100% -20% -3% -17% -31005
GME 23% 21% -8% -1% -8% -3090 -7% 755 -2335
GMLAAM 14% 10% 6% 7% 7% 1366 -1% -1409 -43
GAAP 12% 11% -7% 3% -12% -2489 -9% 739 -1750
Corporate -7% -6% 52% 32% -5% 612 20% -2645 -2033
Total 100% 100% -20% -3% -17% -31005 -16% 7870 -23135

27. Mix Analysis – Ford Consolidated
Change in
($M) Percentage of Operating Percentage Change in Operating Percentage
Sales & Revenues to Sales & Revenues Sales & Revenues Sales & Revenue Total
2008 2007 2008 2007 % $ % $ $
Bank 11% 10% -2% 1% -6% -8 -2% -3590 -3 774
Non-bank
36% 41% -7% -2% -24% 408 -5% -6737
Ford NA -6 109
Ford SA 6% 4% 1% 1% 14% 7 0% 236 58
Ford Europe 27% 21% 1% 0% 7% 12 0% 339 226
Volvo 10% 10% -1% -2% -17% 49 0% 615 1 028
Ford APA 4% 4% 0% 0% -8% 0 0% -292 -292
Mazda 0% 0% 0% 0% 0% 0 0% -259 -287
Other 0% 0% -1% -1% 44% -1 -1% -853 -694
Jaguar LR&AM 5% 9% 0% 0% -54% -41 0% -686 -814
-10 658
Total 100% 100% -10% -2% -15% 569 -8% -7637

28. 60% 50 120% 101
50% 101%
50% 100%
1st Quarter
40% 31% 1st Quarter 80%
28%
26% 25% 2nd Quarter
30% 21% 2nd Quarter 60%
20% 3rd Quarter 40% 24% 26% 24% 26% 3rd Quarter
11% 8%
10% 4th Quarter 20% 0% 2% 2% 4th Quarter
0% 0%
Net Sales and Net Income Net Sales and Net Income
Revenue Revenue
46 804
46,519 46,804
50,000 50,000 43,094 43,567
42,383 37,808
38,010
40,000 1st Quarter 40,000
30,778 1st Quarter
30 778 30,000
30,000 2nd Quarter
20,000 2nd Quarter
20,000 10,000 891
3rd Quarter 62 3rd Quarter
10,000 0
4th Quarter -722 4th Quarter
-10,000 Net Sales and Net Income
0 Revenue
-3,251 -20,000
Net Sales and Net Income
-10,000 Revenue -2,542 -9,596 -30,000
-20,000 -15,471 -40,000
-38,963
-38 963

29. 59
59%
60% 120% 103
103%
50% 41% 100%
40% 1st Quarter 80% 1st Quarter
30% 28%
30% 22% 20% 2nd Quarter 60% 2nd Quarter
20% 3rd Quarter 40% 25%26%24%26% 28% 3rd Quarter
4th Quarter 10% 14% 4th Quarter
10% 1% 1% 20%
0% 0%
Net Sales and Net Income Net Sales and Net Income
Revenue Revenue
44
44242 44116
43019 116
50,000 45000 41078
43,528
41512
41,512
40000
40,000 35000
32,045
29,192 30000
1st Quarter 1st Quarter
30,000 29 192 25000
2nd Quarter 2nd Quarter
20000
20,000 3rd Quarter 3rd Quarter
15000
10,000 4th Quarter 10000 4th Quarter
100 5000 750
0 0
-129 -5000 Net Sales and -282 Income
Net -380
-2811
Net Sales and Net Income
-10,000 Revenue -5,976 Revenue
-8,667

30. Global Balance Sheet - Assets
GM Ford
December 31,
2008 2007 2008 2007
(Dollars in millions)
Current assets 45 731 77 124 175 379 214 658
Assets
Non-current assets 45 316 71 759 43 700 64 769
Total assets 91 047 148 883 219 079 279 427
$91b $219b
Current liabilities 75 733 75 323 68 926 76 047
Liabilities Non-current liabilities 100 654 109 040 165 518 196 168
Total Liabilities $176b
176 387 184 363 $234b
234 444 272 215
Minority interests 814 1 614 1 195 1 421
Owner Equity -86 154 -37 094 -17 311 5 628
Total Liabilities&Owner's Equity 91 047 148 883 218 328 279 264

31. Global Balance Sheet - Assets
HORIZONTAL
GM Ford VERTICAL V% HORIZONTAL V$
V%
December 31, 2008 2007
2008 2007 2008 2007 GM Ford GM Ford
(Dollars in millions) GM Ford GM Ford
Current Assets
Cash and cash equivalents 14 053 24 817 22 049 35 283 15% 10% 17% 13% -10 764 -13 234 -43% -38%
Loaned securities 0 0 0 10 267 0% 0% 0% 4% 0 -10 267 0% -100%
Marketable securities 141 2 354 $12b 5 248
17 903 0% 8% 2% 2% -2 213 12 655 -94% 241%
Total cash and marketable
securities $14b
14 194 27 171
$40b
39 952 50 798 16% 18% 18% 18% -12 977 -10 846 -137% 104%
Finance Receivables $8b
7 711 9 659 99 657 117 916
$100b10 121
8% 45% 6% 42% -1 948 -18 259 -20% -15%
Inventories 13 042 14 939 8 618 14% 4% 10% 4% -1 897 -1 503 -13% -15%
$13b $23b
Equipment on operating leases, net 5 584 11 995 23 120 30 309 6% 11% 8% 11% -6 411 -7 189 -53% -24%
Equity in net assets of affiliated
companies $0.5b
491 7 079 0 0 1% 0% 5% 0% -6 588 0 -93% 0%
Other current assets and deferred
4 709 6 281 4 032 5 514 5% 2% 4% 2% -1 572 -1 482 -25% -27%
income taxes
Total current assets 45 731 77 124 175 379 214 658 50% 80% 52% 77% -31 393 -39 279 -342% 23%
Non-Current Assets
Equity in net assets of
1 655 1 919 1 592 2 853 2% 1% 1% 1% -264 -1 261 -14% -44%
nonconsolidated affiliates
Property, net 39 656 43 017 28 352 35 979 44% 13% 29% 13% -3 361 -7 627 -8% -21%
Goodwill and intangible assets, net 265 1 066 1 593 2 069 0% 1% 1% 1% -801 -476 -75% -23%
Deferred income taxes 98 2 116 3 108 3 500 0% 1% 1% 1% -2 018 -392 -95% -11%
Prepaid pension 109 20 175 0 0 0% 0% 14% 0% -20 066 0 -99% 0%
Assets of discontinued/held for sale
0 0 198 7 537 0% 0% 0% 3% 0 -7 339 0% -97%
operations
Other assets 3 533 3 466 8 857 12 831 4% 4% 2% 5% 67 -3 974 2% -31%
Total non-current assets 45 316 71 759 43 700 64 769 50% 20% 48% 23% -26 443 -21 069 -37% -33%
Total assets 91 047 148 883 219 079 279 427 100% 100% 100% 100% -57 836 -60 348 -4 0

32. Current = CR = CA / CL
Liquidity Quick = Q = CA-Inv / CL
3.5
3
GM’s Cr < .7,
2.5
2
GM is illiquid since 2006.
1.5 So ,there is risk of
CR = 0.56
CR = 0.56
Q = 0.38
1
0.5
bankruptcy
Q = 0.38 0
latest
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Qtr
Current Ratio 0.64 0.58 0.66 2.9 3.45 3.27 3.21 0.95 0.86 0.56 0.56
Industry Quick Ratio 0.3 0.27 0.39 1.48 2.29 2.2 1.92 0.47 0.52 0.29 0.29
CR = 0,83
Q= 1,05 3.5
3 Ford’s Cr > 2.00,
2.5 Ford is in excess of liquidity since
2007; it can either invest in Fixed
CR = 1.23 2
Assets, R&D, Buy back shares, pay
Q = 1.17 1.5
dividends, retire bonds, buy a
0.5
1
Co., put money into bond sinking ERROR!!!
fund, develop the banking
0
activities, or advertise more latest
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Qtr
Current Ratio 1.02 0.81 0.76 1.01 1.1 1.06 1.18 0.75 2.32 2.22 2.22
Quick Ratio 0.7 0.5 0.45 0.7 0.65 0.74 0.83 0.55 2.06 1.78 1.78

33. 260
210
160
110
60
10
-40
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Days Sales Outstanding 11.1 10.8 11.6 20.6 35.7 39.4 34.9 20.9 8.3 9.5
Days Inventory 32.9 27 26.6 23.8 25.1 26.5 28.4 31.3 31.7 33.9
Payables Period 59.7 59.2 65.9 63.9 63.5 61.9 62.7 64.3 63.2 62.7
Cash Conversion Cycle -15.8 -21.3 -27.7 -19.4 -2.7 4 0.6 -12.1 -23.3 -19.3
260
DSO= A/R x 360 / Sales
210
ICD= Inv x 360 / CGS
160 APD= A/P x 360 / CGS
110 CCC= DSO + ICD - APD
60
10
Error?!
-40
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Days Sales Outstanding 9.7 13.3 9.5 4.8 5.3 9.2 14.9 18.6 124
123.6 260
260.3
Days Inventory 18.5 20.2 19.4 19.2 22.7 26.8 26.5 26.7 27.8 26.9
Payables Period 42.7 42.7 43.5 44.2 42 49.4 55.8 56.7 56.8 51.1
Cash Conversion Cycle -14.4 -9.3 -14.6 -20.2 -14 -13.4 -14.4 -11.4 95
94.6 236
236.1

34. GM F
2008 2007 2008 2007
Liquidity
CURRENT CA/CL 55,8 86,5 1.22 1.03
QUICK (CA-INV)/CL 38,1 65,0 1.16 0.97
Profitability
ROA NI/TA -34% -26% -7% -1%
ROE (NI-PS Div)/CE 36% 104% 85% -48%
ROS NI/SALES -21% -22% -10% -2%
Cash
Management
DSO REC/(SALES7360) 19 19 15 17
ICD INV/(CGS/360) 31 32 24 26
APD PAY/(CGS/360) 54 64 42 53
CCC DSO+ICD-APD -4 -12 -2 -10
Market Value
DPS DIV/WSO $0 $1 $0 $0
EPS (NI-PSD)/WSO -$53,30 -$68,43 -$6,45 -$1,38
DIV PAYOUT DPS/EPS 0% -1% 0% 0%
WSO 579 566 2273 1979
MKT CAP O/S*Mkt price $1 953 546 339 $1 811 389 597 $0 $0
Turnover
ASSET TURN SALES/TA 1,6 1,2 0,7 0,6
INV TURN CGS/INV 11,4 11,1 14,7 14,1
REC TURN SALES/REC 19,3 18,6 24,1 21,0
Leverage
DEBT/ASSETS TL/TA 194% 124% 107% 97%
DEBT/EQUITY TL/TOE -204,7% -497,0% -1354,3% 4836,8%
TIE Op. Inc./Int.Exp. -9,1 -1,4 16,3 15,3
Productivity
SALES/EMPLOYEE $613 082 $676 632 $686 746 $701 037
NI/EMPLOYEE -$126 996 -$145 609 -$68 883 -$11 069

35. Bond Analysis
Bond Ratings:
Risks and Returns on Different Classes of
•The higher the Securities
risk, the higher
the return
demanded
• Nationally CCC bonds
Recognized BB bonds
Statistical Rating
Rate of Return
A bonds
Organizations
AAA bonds
• Moody’s Short Term
• S&P
US Treasury
Bills
Risk of Investors

36. Bond Analysis - Ford
 Even THEY would not buy themselves
 - Negative trend
- Speculative Bonds to Substandard Ones
- (Horrible to Very Bad…)
 Consequence:
- Difficulty to generate capital to the
Company
- => Bankruptcy

37. Bond Analysis - GM
GM GMAC ResCap
NRSRO
Senior
Corporate Secured Unsecured Outlook Senior Debt Outlook Senior Debt Outlook
DBRS Watch - Watch-
CC CCC (low) CC Negative RD Positive D Positive
Fitch
C CCC C Negative C Developing C Stable
Mood
y’s Ca B3 C Negative CCC Negative CC Negative
S&P Review- Review -
CC CCC C Negative CCC Negative C Negative

38. Global Balance Sheet - Liabilities
HORIZONTAL
GM Ford VERTICAL V% HORIZONTAL V$
V%
December 31, 2008 2007
2008 2007 2008 2007 GM Ford GM Ford
(Dollars in millions) GM Ford GM Ford
Current Liabilities
Accounts payable (principally trade) 22 259 29 469 14 772 20 832 24% 7% 20% 7% -7 210 -6 060 -24% -29%
Short-term borrowings and current
portion of long-term debt 16 946 10 955 21 759 27 543 19% 10% 7% 10% 5 991 -5 784 55% -21%
Accrued expenses 35 921 34 024 32 395 27 672 39% 15% 23% 10% 1 897 4 723 6% 17%
Other liabilities and deferred income
taxes 607 875 0 0 1% 0% 1% 0% -268 0 -31% 0%
Total current liabilities 75 733 75 323 68 926 76 047 83% 32% 51% 27% 410 -7 121 1% -9%
Non-Current Liabilities
Long-term debt 29 594 33 384 132 437 141 244 33% 61% 22% 51% -3 790 -8 807 -11% -6%
Postretirement benefits other than
pensions 28 919 47 375 5 358 23 760 32% 2% 32% 9% -$18b
-18 456 -18 402 -39% -77%
25 178 11 381 11 435 6 678 28% 5% 8% 2% 13 797 4 757 121% 71%
Pensions
Other liabilities and deferred income $14b
taxes 16 963 16 900 16 233 19 662 19% 7% 11% 7% 63 -3 429 0% -17%
Liabilities of discontinued/held-for-sale
operations 0 0 55 4 824 0% 0% 0% 2% 0 -4 769 0% -99%
Total non-current liabilities 100 654 109 040 165 518 196 168 111% 76% 73% 70% -$8b-4%-$31b -16%
-8 386 -30 650 -8% -16%
Total Liabilities 176 387 184 363 234 444 272 215 194% 107% 124% 97% -7 976 -37 771 -4% -14%
Minority interests 814 1 614 1 195 1 421 1% 1% 1% 1% -800 -226 -50% -16%
Stockholders’ Deficit / Equity
Common Stock 1 017 943 24 22 1% 0% 1% 0% 74 2 8% 9%
Capital surplus (principally additional
paid-in capital) 15 755 15 319 9 076 7 834 17% 4% 10% 3% 436 1 242 3% 16%
Retained earnings (deficit) -70 610 -39 392 -16 145 -1 485 -78% -7% -26% -1% -31 218 -14 660 79% 987%
Accumulated other comprehensive
income/loss -32 316 -13 964 -10 085 -558 -35% -5% -9% 0% -18 352 -9 527 131% 1707%
Treasury Stock 0 0 -181 -185 0% 0% 0% 0% 0 4 0% -2%
Owner Equity -86 154 -37 094 -17 311 5 628 -95% -8% -25% 2% -49 060 -22 939 132% -408%
Total Liabilities&Owner's Equity 91 047 148 883 218 328 279264 100% 100% 100% 100% -57 836 -60 936 78% -437%

39. Global Balance Sheet - Assets
HORIZONTAL
GM Ford VERTICAL V% HORIZONTAL V$
V%
December 31, 2008 2007
2008 2007 2008 2007 GM Ford GM Ford
(Dollars in millions) GM Ford GM Ford
Current Assets
Cash and cash equivalents 14 053 24 817 22 049 35 283 15% 10% 17% 13% -10 764 -13 234 -43% -38%
Loaned securities 0 0 0 10 267 0% 0% 0% 4% 0 -10 267 0% -100%
Marketable securities 141 2 354 17 903 5 248 0% 8% 2% 2% -2 213 12 655 -94% 241%
Total cash and marketable
securities
14 194 27 171 39 952 50 798 16% 18% 18% 18% -12 977 -10 846 -137% 104%
Finance Receivables 7 711 9 659 99 657 117 916 8% 45% 6% 42% -1 948 -18 259 -20% -15%
Inventories 13 042 14 939 8 618 10 121 14% 4% 10% 4% -1 897 -1 503 -13% -15%
Equipment on operating leases, net 5 584 11 995 23 120 30 309 6% 11% 8% 11% -6 411 -7 189 -53% -24%
Equity in net assets of affiliated
491 7 079 0 0 1% 0% 5% 0% -6 588 0 -93% 0%
companies
Other current assets and deferred
4 709 6 281 4 032 5 514 5% 2% 4% 2% -1 572 -1 482 -25% -27%
income taxes
Total current assets 45 731 77 124 175 379 214 658 50% 80% 52% 77% -31 393 -39 279 -342% 23%
Non-Current Assets
Equity in net assets of
1 655 1 919 1 592 2 853 2% 1% 1% 1% -264 -1 261 -14% -44%
nonconsolidated affiliates
Property, net 39 656 43 017 28 352 35 979 44% 13% 29% 13% -$3b
-3 361 -$8b -8%
-7 627 -21%
Goodwill and intangible assets, net 265 1 066 1 593 2 069 0% 1% 1% 1% -801 -476 -75% -23%
Deferred income taxes 98 2 116 3 108 3 500 0% 1% 1% 1% -2 018 -392 -95% -11%
Prepaid pension 109 20 175 0 0 0% 0% 14% -$20b
0% -20 066 0 0-99% 0%
Assets of discontinued/held for sale
0 0 198 7 537 0% 0% 0% 3% 0 -7 339 0% -97%
operations
Other assets 3 533 3 466 8 857 12 831 4% 4% 2% 5% 67 -3 974 2% -31%
Total non-current assets 45 316 71 759 43 700 64 769 50% 20% 48% 23% -26 443 -21 069 -37% -33%
Total assets 91 047 148 883 219 079 279 427 100% 100% 100% 100% -57 836 -60 348 -4 0

40. Structure of the Global Balance Sheet
2008 2008
23%
2007 60
40
20 2007
Debt to Assets 0
2008 Debt to Assets
latest
194% 2008 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
50% Qtr 107%
20%
48% Financial Leverage 13.31 10.04 16.44 54.41 17.75 17.3 32.61 0 0 0 0
52%
Debt to Equity Debt/Equity 6.28 4.72 8.32 29.64 10.75 10.83 19.58 0 0 0
80%
0 Debt to Equity
-204,7% 50%
-1354,3%
60
40 77%
Interest 20
0
Interest
Coverage 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
latest
Qtr
Coverage
-9,1 Financial Leverage 10.03 15.28 35.52 52.81 27.12 18.24 20.8 0 49.62 0 0
16,3
Current assets Non-current assets Current assets Non-current assets
Debt/Equity 5.61 9.11 22.05 29.97 15.55 10.78 11.91 0 29.94 0 0
1% 2%
-18%
1% 27%
Current liabilities 29% 34% 1%
-7% 27%
-33% Current liabilities
Non-current liabilities
Non-current liabilities
Minority interests
Minority interests
Owner Equity
0% Owner Equity
38% 65%
49%
2008 70%
2008
2007 2007

41. 2005: Sales of Electro-Motive Division (EMD) for $201M
2006: Sale of 51% of GMAC for $7.4b
2005: Delphi restructuring activities
2006: $3.5b Net loss from continuing operations
2006:
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Cash from Financing 8610 14120 22372 26667 58922 21475 3480 -3 -3767 -5 593
767 -5593 3843
Cash from Investing -34994 -33773 -23171 -41377 -55492 -31768 8 565
8565 19 695 -1760
19695 -1764
Cash from Operations 27030 19750 9166 17109 7600 13061 -16856 -11759 7731 -12065
-16 856 -11 759
Ford sold Hertz in 2005 for
$200M
2006: $.50 Dividend per share
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Cash from Financing 12213 3771 -2976 -10333 -5132 -9865 -20651 15 273
15273 -5242 -9104
Cash from Investing -40282 -36151 -17169 -3620 -6325 -14851
7 7457
457 -24864 -6483 -3143
Cash from Operations 29811 33764 22764 18633 20195 24514 21674 9609 17074 -179
-179

42. ROS= NI / Sales
ROA = NI / TA
Profitability ROE= NI / TOE
35.00%
25.00%
15.00%
5.00%
-5.00%
-15.00%
-25.00%
-35.00%
-45.00%
-55.00%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Return on Assets 2.23% 1.50% 0.16% 0.49% 0.93% 0.60% -2.21% -0.60% -23.12% -25.72%
Return on Equity 33.24% 17.09% 2.01% 12.74% 23.83% 10.59% -49.94% -43.21% 0 0
35.00%
25.00%
15.00%
5.00%
-5.00%
-15.00%
-25.00%
-35.00%
-45.00%
-55.00%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Return on Assets 2.81% 1.23% -1.95% -0.35% 0.16% 1.15% 0.72% -4.60% -0.98% -5.90%
Return on Equity 28.35% 14.96% -41.43% -14.88% 5.74% 25.18% 13.96% 0 0 0

43. 30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 TTM
Operating Margin 9.50% 9.10% 5.70% 5.20% 6.70% 6.80% -0.60% -3.70% -2.40% -14.30% -14.30%
EBT Margin 5.10% 3.90% 0.90% 1.10% 1.60% 0.60% -8.80% -2.40% -3.50% -19.70% -19.70%
Gross Margin 28.20% 21.10% 18.80% 17.90% 18.00% 17.30% 11.20% 20.60% 8.20% -1.10% -1.10%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 TTM
Operating Margin 11.40% 10.40% 2.10% 6.00% 4.90% 6.20% 4.00% -5.10% 3.30% -9.40% -9.40%
EBT Margin 6.80% 4.80% -4.70% 0.60% 0.80% 2.80% 1.10% -9.40% -2.20% -9.80% -9.80%
Gross Margin 26.80% 25.80% 20.50% 23.40% 20.90% 20.90% 18.20% 6.90% 17.30% 13.10% 13.10%

44. 40000
30000
20000
10000
0
-10000
-20000
-30000
-40000
-50000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Cash from Operations 27030 19750 9166 17109 7600 13061 -16856 -11759 7731 -12065
Cap Ex -30549 -31605 -26671 -24067 -19091 -22077 -23675 -7933 0 -7530
Free Cash Flow -3519 -11855 -17505 -6958 -11491 -9016
-4 -40531
531 -19692
00 -19595
40000
35000
30000
25000
20000
15000
10000
5000
0
-5000
-10000
-15000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Cash from Operations 29811 33764 22764 18633 20195 24514 21674 9609 17074 -179
Cap Ex -8535 -8348 -7008 -7278 -7749 -6745 -7517 -6848 -6022 -6696
Free Cash Flow 21276
2525416
416 15756 11355 12446 17769 14157 2761 11052
-6 875
-6875

45. Capital Expenditures Analysis - Ford
Capital Expenditures Analysis
Pb Assets/ ($M) Assets % P&E additions % P&E addition 2008 P&E addition 2007
Segments 2008 2007 2008 2007 % of Assets % to Dep % of Assets % to Dep
Bank (Ford Credit) 67% 57% 1% 0% 0% 0% 0% 0%
Other Financing Services 5% 4% 0% 1% 0% 86% 0% 153%
Elims -4% 0% 0% 0% 0% 0% 0% 0%
Non-bank (Automotive) 33% 40% 99% 99% 3% 60% 2% 88%
Other -1% -1% 0% 0% 0% 0% 0% 0%
Total 100% 100% 100% 100% 3% 0% 2% 46%
Capital Expenditures Ford Automotive
Pb Assets/ ($M) P&E additions % P&E addition 2008 P&E addition 2007
Segments 2008 2007 % of Assets % to Dep % of Assets % to Dep
Ford NA 2% 1% 2% 45% 1% 76%
Ford SA 0% 0% 0% 112% 0% 156%
Ford Europe 1% 0% 1% 101% 0% 96%
Volvo 0% 0% 0% 74% 0% 98%
Ford APA 0% 0% 0% 126% 0% 99%
Mazda 0% 0% 0% 0% 0% 0%
Jaguar LR&AM 0% 0% 0% 0% 0% 135%
Total Automotive 3% 2% 3% 58% 2% 88%

46. Capital Expenditures Analysis - GM
Capital Expenditures GM
Assets % P&E additions % P&E addition 2008 P&E addition 2007
Segments 2008 2007 2008 2007 % of Assets % to Dep % of Assets % to Dep
Bank (GMAC) 6% 8% 0% 0% 0%
Other Financing -1% 3% 0% 0% 0%
Segments 2008 2007 2008 2007 % of Assets Dep % to Dep % of Assets Dep % to Dep
Bank (GMAC) 5072 6% 12110 8% 0 0% 0 0% 0% 8100 0% 0% 0 0%
Non-bank
Other Financing -565 -1% 4879 3% 0 0% 4 0% 0% 157 0% 0% 0 0%
Non-bank 0%
GMNA 68037 75% 95433 64% 4064 54% 4988 66% 6% -989 -411% 5% 1594 313%
GMNA
GME 19265 21%
75%25201 17%
64%1563 21% 54%
1311 17%
66% 8% 1175
6% 133% -411% 5% 90
5%1457% 313%
GMLAAM 7039 8% 7733 5% 370 5% 220 3% 5% 35 1057% 3% 5 4400%
GAAP
GME 10940 12% 21%15567 10%17% 818 11% 21%899 12% 17% 7% 67 8% 1221% 133% 6% 14 5%6421% 1457%
GMA Eliminations -12117 -13% -11313 -8% 178 2% 41 1% -1% 0 0% 0% 0 0%
Corporate -6624 -7% -727 0% 537 7% 79 1% -8% 765 70% -11% 38021 0%
Total
GMLAAM 91047 100% 8%
148883 100% 5%7530 100% 5%
7542 100% 3% 8% 9310 5% 124% 1057% 5% 39724 3% 19% 4400%
GAAP 12% 10% 11% 12% 7% 1221% 6% 6421%
GMA Eliminations -13% -8% 2% 1% -1% 0% 0% 0%
Corporate -7% 0% 7% 1% -8% 70% -11% 0%
Total 100% 100% 100% 100% 8% 124% 5% 19%

47. Banking
 GM
 General Motors Acceptance Corporation
 ResCap
 Ford
 Ford Credit

48. GMAC vs. GM
Comparative Income Comparative Income &
&Sales 2008 Sales 2007
$200,000 200,000
$150,000
$100,000 100,000
$50,000
0
$0
GMAC GMA Total
-$50,000 GMAC GMA Total -100,000
EBT Financing Revenue EBT Financing Revenue
Comparative Total Comparative Total Assets 2
Liabilities 2 years years
$300,000 $300,000
$200,000 $200,000
$100,000 $100,000
$0 $0
GMAC GMA Total GMAC GMA Total
TL 2008 TL 2007 2008 2007

49. Ford Credit vs. Segments
Comparative Income & Comparative Income &
Sales 2008 Sales 2007
$200,000 200000
$150,000 150000
$100,000 100000
$50,000 50000
$0 0
-$50,000 -50000
Ford Credit Ford Total Ford Credit Ford Total
Automotive Automotive
EBT SALES EBT SALES
Comparative Total Assets 2 Comparative Total Liabilities
years 2 years
$300,000 $300,000
$200,000 $200,000
$100,000
$100,000
$0
Ford Credit Ford Ford Total Assets $0
Automotive FC FA FT
2008 2007 2008 2007

50. Revenue
Consumer 6 737 37% 9 469 45%
Commercial 2 368 13% 2 947 14%
Loans held-for-sale 1 092 6% 1 557 7%
Operating leases 8 198 45% 7 214 34%
Total Financing Revenue 18 395 100% 21 187 100%
Interest expense 11 870 65% 14 776 70%
Depreciation expense on operating lease assets 5 483 30% 4 915 23%
Impairment of investment in operating leases 1 234 7% 0 0%
Net financing revenue/(loss) 192 -1% 1 496 7%
Other Revenue
Servicing fees 1 782 10% 2 193 10%
Amortization and impairment of servicing rights 0 0% 0 0%
Servicing asset valuation and hedge activities,
284 -2% 544 -3%
net
Insurance premiums and service revenue earned 4 329 24% 4 378 21%
Gain/(loss) on mortgage and automotive loans,
1 560 -8% 508 2%
net
Gain on extinguishment of debt 12 628 69% 563 3%
Investment (loss) income 446 -2% 473 2%
Gains on sale of equity-method investments, net 0 0% 0 0%
Other income, net of losses 601 3% 2 732 13%
Total other revenue 17 050 93% 10 303 49%
Total Net Revenue 16 858 92% 11 799 56%
Provision for credit losses 3 683 20% 3 096 15%
Noninterest expenses
Compensation and benefits expense 2 229 12% 2 453 12%
Insurance losses and loss adjustment expenses 2 522 14% 2 451 12%
Other operating expenses 6 505 35% 5 286 25%
Impairment of goodwill and other intangible
58 0% 455 2%
assets
Total noninterest expense 11 314 62% 10 645 50%
EBT 1 861 10% 1 942 -9%
Income tax expense/(benefit) 7 0% 390 2%
Net income/(loss) 1 868 10% 2 332 -11%

51. Revenue
Consumer 6 737 9 469 45% -29%
Commercial 2 368 2 947 14% -20%
Loans held-for-sale 1 092 1 557 7% -30%
Operating leases 8 198 7 214 34% 14%
Total Financing Revenue 18 395 21 187 100% -13%
Interest expense 11 870 14 776 70% -20%
Depreciation expense on operating lease assets 5 483 4 915 23% 12%
Impairment of investment in operating leases 1 234 0 0% N/A
Net financing revenue/(loss) 192 1 496 7% -113%
Other Revenue
Servicing fees 1 782 2 193 10% -19%
Amortization and impairment of servicing rights 0 0 0% 0%
Servicing asset valuation and hedge activities, net 284 544 -3% -48%
Insurance premiums and service revenue earned 4 329 4 378 21% -1%
Gain/(loss) on mortgage and automotive loans, net 1 560 508 2% -407%
Gain on extinguishment of debt 12 628 563 3% 2143%
Investment (loss) income 446 473 2% -194%
Gains on sale of equity-method investments, net 0 0 0% 0%
Other income, net of losses 601 2 732 13% -78%
Total other revenue 17 050 10 303 49% 65%
Total Net Revenue 16 858 11 799 56% 43%
Provision for credit losses 3 683 3 096 15% 19%
Noninterest expenses
Compensation and benefits expense 2 229 2 453 12% -9%
Insurance losses and loss adjustment expenses 2 522 2 451 12% 3%
Other operating expenses 6 505 5 286 25% 23%
Impairment of goodwill and other intangible assets 58 455 2% -87%
Total noninterest expense 11 314 10 645 50% 6%
EBT 1 861 1 942 -9% -196%
Income tax expense/(benefit) 7 390 2% -102%
Net income/(loss) 1 868 2 332 -11% -180%

52. 200,000
200,000
150,000
150,000
100,000
100,000
50,000
50,000
0
GMAC GMA Total
0
GMAC GMA Total
-50,000
EBT Financing Revenue
-50,000
EBT Financing Revenue