3rd Qtr & 9 Mths Rslts - Pt 2

General Motors Corp
18 October 2001



PART 2


HUGHES FINANCIAL GUIDANCE

 
                           Prior Full Year 2001    Revised Full Year 2001
 
Hughes
Revenues                    approx.-$8.3B               No Change
EBITDA                          $450-500M*              No Change*
Cash Requirements               $2.5 - 3.0B               $2.5B
 
DIRECTV U.S.
Revenue                         $5.5 - 5.6B             No Change
EBITDA                           $250-300M*             $200 - 250M*
Net Subscriber Adds                 1.1M                1.2 - 1.3M**
 
DIRECTV DSL
EBITDA                        $(100)M - (120)M          No Change
Net Subscriber Adds         approx.-75K                 40 - 50K
 
DIRECTV Latin America
Revenue                     approx.-725M                No Change
EBITDA                      approx.-$(100)M*            No Change*
Net Subscriber Adds                300K                 No Change
 
PanAmSat
Revenue                        $825 - 835M              $860 - 870M
New Outright Sales and Sales-
  Type Leases                      None                  $45.5M
EBITDA Margin                Mid to high 60% range      No Change
 
Hughes Network Systems
Revenue                     approx.-$1.3B                No Change
EBITDA                         $(100)M - $(150)M        $(100)M - $(115)M
Spaceway
 (Included in HNS totals)       $(25)M - (35)M          No Change
DIRECWAY Net Sub Adds       approx.-150K                 50 - 65K
 
DIRECWAY EBITDA 
(Included in HNS totals)       $(150)M - (180)M         $(125)M - (155)M
 
*     EBITDA guidance excludes the impact of the third quarter 2001 severance 
charges of $48M at DIRECTV US; $10M at DIRECTV Latin America; $7M at PanAmSat; 
and $65M total at HUGHES. 
**    Excludes impact of 143K database adjustment in Q3 2001 

NOTE: Hughes Electronics Corporation believes that some of the foregoing 
statements may constitute forward-looking statements. When used in this report, 
the words 'estimate,' 'plan,' 'project,' 'anticipate,' 'expect,' 'intend,' 
'outlook,' 'believe,' and other similar expressions are intended to identify 
such forward-looking statements and information. Important factors that may 
cause actual results of HUGHES to differ materially from the forward-looking 
statements in this report are set forth in the Form 10-Ks filed with the SEC by 
General Motors and HUGHES. 

1 EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the
sum of operating profit (loss) and depreciation and amortization. EBITDA margin 
is calculated by dividing EBITDA by total revenues.


CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
                                                 September 30,    
                                                         2001    December 31,
                                                  (Unaudited)           2000

ASSETS
Current Assets

Cash and cash equivalents                          $   698.5       $  1,508.1
Accounts and notes receivable                        1,275.5          1,253.0
Contracts in process                                   156.3            186.0
Inventories                                            374.8            338.0
Deferred income taxes                                  103.1             89.9
Prepaid expenses and other                           1,054.5            778.7

Total Current Assets                                 3,662.7          4,153.7
Satellites, net                                      4,617.6          4,230.0
Property, net                                        2,097.4          1,707.8
Net investment in Sales-type Leases                    233.5            221.1
Intangible Assets, net                               7,288.5          7,151.3
Investments and Other Assets                         1,225.4          1,815.4

Total Assets                                       $19,125.1       $ 19,279.3

LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities

Accounts payable                                   $ 1,407.9       $  1,224.2
Deferred revenues                                      181.7            137.6
Short-term borrowings and current portion
 of long-term debt                                     838.3             24.6
Accrued liabilities and other                        1,909.3          1,304.5

Total Current Liabilities                            4,337.2          2,690.9
Long-Term Debt                                         975.0          1,292.0
Other Liabilities and Deferred Credits               1,547.9          1,647.3
Deferred Income Taxes                                  619.6            769.3
Commitments and Contingencies
Minority Interests                                     527.2            553.7
Stockholder's Equity                                11,118.2         12,326.1

Total Liabilities and Stockholder's Equity         $19,125.1       $ 19,279.3

Holders of GM Class H common stock have no direct rights in the equity or assets
of Hughes, but rather have rights in the equity and assets of General Motors 
(which includes 100% of the stock of Hughes).

- 20 -

CONSOLIDATED STATEMENTS OF OPERATIONS AND
AVAILABLE SEPARATE CONSOLIDATED NET INCOME (LOSS)
(Dollars in Millions)
(Unaudited)
                                                               Nine Months
                                           Third Quarter   Ended September 30,
                                         2001      2000      2001       2000
Revenues
Direct broadcast, leasing and 
 other services                      $1,830.9  $1,485.5  $5,267.7   $4,523.3
Product sales                           272.4     203.0     713.7      705.3
Total Revenues                        2,103.3   1,688.5   5,981.4    5,228.6

Operating Costs and Expenses
Broadcast programming and other 
 costs                                  830.1     681.4   2,355.4    2,035.9
Cost of products sold                   246.7     146.2     590.4      580.6
Selling, general and administrative
 expenses                               950.0     753.0   2,763.9    2,171.9
Depreciation and amortization           280.2     238.3     850.9      673.1
Total Operating Costs and Expenses    2,307.0   1,818.9   6,560.6    5,461.5

Operating Loss                         (203.7)   (130.4)   (579.2)    (232.9)

Interest income                           9.4       7.1      52.2       15.3
Interest expense                        (40.6)    (66.5)   (134.0)    (169.2)
Other, net                              (86.3)    (11.9)    (90.0)    (294.4)

Loss From Continuing Operations
  Before Income Taxes, Minority
  Interests and Cumulative
  of Accounting Change                 (321.2)   (201.7)   (751.0)   (681.2)

Income tax benefit                       93.1      77.8     217.8     354.4
Minority interests in net losses
 of subsidiaries                          0.9      19.6      51.6      31.7

Loss from continuing operations 
  before cumulative affect of
  accounting change                    (227.2)   (104.3)   (481.6)   (295.1)
Income from discontinued operations,
  net of taxes                              -      10.5         -      50.3

Loss before cumulative effect of
  accounting change                    (227.2)   (93.8)   (481.6)    (244.8)
Cumulative effect of accounting 
  change, net of taxes                      -        -      (7.4)         -

Net Loss                               (227.2)   (93.8)   (489.0)    (244.8)

Adjustment to exclude the effect
 of GM purchase accounting                0.9      5.3       2.5       15.9

Loss Excluding the Effect of GM
 Purchase Accounting Adjustment        (226.3)   (88.5)   (486.5)    (228.9)

Preferred stock dividends               (24.1)   (24.1)    (72.3)     (72.9)

Loss Used for Computation of 
 Available Separate Consolidated
 Net Income (Loss)                    $(250.4) $(112.6)  $(558.8)   $(301.8)

Available Separate Consolidated 
 Net Income (Loss)
Average number of shares of General
 Motors Class H
 Common Stock Outstanding
  (in millions) (Numerate)              876.8    873.9     876.0      616.7

Average Class H dividend
  (in millions)(Denominator)          1,300.5  1,297.8   1,299.7    1,296.5
Available Separate Consolidated
  Net Income                          $(168.8)  $(75.8)  $(376.6)   $(143.3) 

Certain 2000 amounts have been reclassified to conform to the 2001 present 

-21-

SELECTED SEGMENT DATA
(Dollars in Millions)
Unaudited)



                                                               Nine Months
                                           Third Quarter   Ended September 30,
                                         2001      2000      2001       2000
DIRECT-TO-HOME BROADCAST
Total Revenues                     $ 1,572.6  $  1,291.5   $ 4,590.2   $3,717.5
EBIDTA (1)                         $   (74.2) $    (17.7)  $   (69.5)  $  (40.9)
Operating Loss                     $  (245.4) $   (150.1)  $  (573.8)  $ (410.9)
Depreciation and Amortization      $   171.2  $    132.4   $   504.3   $  370.0
Capital Expenditures               $   168.6  $    262.0   $   522.5   $  649.1

SATELLITE SERVICES
Total Revenues                     $    252.9 $    199.3   $   666.4   $  820.7
EBITDA (1)                         $    166.2 $    135.5   $   440.7   $  557.9
EBITDA Margin (1)                       65.7%      68.0%       66.1%      68.0%
Operating Profit                   $    62.1  $    52.0    $   136.0   $ 319.1
Operating Profit Margin                 24.6%      26.1%       20.4%      38.9%
Depreciation and Amortization      $   104.1  $    83.5    $  304.7    $ 238.8
Capital Expenditures               $    80.3  $   109.4    $  241.7    $ 317.6

NETWORK SYSTEMS
Total Revenues                     $   339.7  $   284.0    $  890.1    $1,020.3
EBITDA (1)                         $   (22.6) $    16.8    $  (97.7)   $   34.4
Operating Profit/(Loss)            $   (35.1) $     1.6    $ (144.2)   $  (15.4)
Depreciation and Amortization      $    12.5  $    15.2    $   46.5    $   49.8
Capital Expenditures               $   121.9  $    79.2    $  467.2    $  241.0

ELIMINATIONS AND OTHER
Total Revenues                     $   (61.9) $   (86.3)   $ (165.3)   $ (329.9)
EBITDA (1)                         $     7.1  $   (26.7)   $   (1.8)   $ (111.2)
Operating Profit (Loss)            $    14.7  $   (33.9)   $    2.8    $ (125.7)
Depreciation and Amortization      $    (7.6) $     7.2    $   (4.6)   $   14.5
Capital Expenditures               $    (4.8) $   (24.6)   $   (4.0)   $   (2.3)

TOTAL
Total Revenues                     $ 2,103.3  $ 1,688.5    $5,981.4    $5,228.6
EBITDA (1)                         $    76.5  $   107.9    $  271.7    $  440.2
EBITDA Margin (1)                       3.6%       6.4%        4.5%        8.4%
Operating Loss                     $  (203.7) $  (130.4)   $(579.2)    $(232.9)
Depreciation and Amortization      $   280.2  $   238.3    $ 850.9     $  673.1
Capital Expenditure                $   366.0  $   426.0   $1,227.4     $1,205.4

(1) EBITDA (Earnings Before Interests, Taxes, Depreciation and Amortization) is 
the sum of operating profit(loss) and depreciation and amortization.  EBITDA 
margin is calculated by dividing EBITDA by total revenues.

Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned hereunto duly authorised.

Date:  October 18, 2001