Disposal

General Motors Completes Sale of Defense Unit to General Dynamics 
 
    NEW YORK, March 3 -- General Motors (NYSE: GM, GMH) today 
announced that it has completed the sale of GM Defense -- its former Light 
Armored Vehicle (LAV) business -- to General Dynamics Corporation (NYSE: GD) 
for approximately $1.1 billion in cash. 
    Proceeds from the sale will help GM to attain its previously communicated 
goal of generating $10 billion in cash in 2003 and strengthening its balance 
sheet. 
    As a result of the sale, GM will report a gain of slightly under $600 
million after tax, or about $1 per share of GM $1-2/3 par value common stock, 
in the first quarter of 2003. 
    GM Defense units included in the sale are research, design, and 
manufacturing facilities in London, Ontario; Goleta, California; Adelaide, 
Australia; and Kreuzlingen, Switzerland.  GM retains its Military Trucks 
business, located in Troy, Mich., which becomes part of GM North America's 
Fleet and Commercial Operations. 
 
SOURCE  General Motors Corporation 
    -0-                             03/03/2003 P 
    /NOTE TO EDITORS:  For additional media information, visit 
http://media.gm.com ./ 
    /CONTACT:  Sheri Woodruff of General Motors Corporation, [phone]/ 
    /Web site:  http://media.gm.com / 
    /Web site:  http://www.gm.com / 
    (GM GMH GD) 
 

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