Subsid Agreement with Xerox

General Motors Corp
29 October 2001




           GMAM TO PROVIDE INVESTMENT MANAGEMENT SERVICES TO
                          XEROX PENSION FUND

NEW YORK - General Motors Asset Management (GMAM) today announced its 
subsidiary, General Motors investment Management Corp. (GMIMCo), has signed an 
agreement with Xerox Corporation to provide investment management services to 
Xerox's retirement and savings plans. The Xerox retirement and savings plans 
have approximately $8 billion in assets.

GMAM and its affiliates will be responsible for the management of Xerox's U.S. 
and Canadian pension plans and U.S. savings plans. Under GMAM'S Flexible Plan 
Outsourcing program, GMAM'S services will include the following; investment 
management, asset allocation, general research, and the selection, evaluation, 
and monitoring of investment managers.

Myra R. Drucker, formerly the chief investment officer for Xerox, has joined 
GMAM as chief investment officer for GM Trust Co. and will be the principal 
liaison between GMAM and Xerox.

'We are extremely pleased to be selected to manage the assets of the Xerox 
pension and savings plans. Xerox has been recognized as a leader and innovator 
in the management of its benefit plan assets and we expect to continue its 
record of excellence,' said W. Allen Reed, president and chief executive officer
of GMAM. 'We at GMAM look forward to applying our broad capabilities and 
experience in managing benefit plan assets to provide the Xerox plans with 
programs designed to meet their specific needs and goals.'

'By partnering with GMAM, Xerox benefits from extensive additional investment 
resources and the fact that highly qualified investment professionals will 
continue to be dedicated to managing the Xerox retirement and savings plans,' 
said E. Margie Filter, vice president and treasurer for Xerox.

Reed said the Flexible Plan Outsourcing program for Xerox is a natural extension
of the services that GMAM provides to GM and Delphi Automotive Systems. It 
incorporates GMAM'S breadth of resources and capabilities in delivering a full 
range of investment services to the Xerox defined benefit and defined 
contribution plans.

GMAM (http://www.gmam.com) is a wholly-owned subsidiary of General Motors Corp. 
(NYSE; GM). Together with its affiliates, GMAM has the responsibility for 
managing approximately $100 billion in pension, 401 (k) plan and other assets. 
GMAM represents three GM investment subsidiaries - General Motors Investment 
Management Corp., an SEC-registered investment adviser; General Motors Trust 
Company, a trust company that manages multi-manager commingled funds; and 
General Motors Investment Trustees Ltd., an IMRO-registered investment adviser 
in the United Kingdom.