ColombiaO P E R A T I O N S

2 0 0 3 - 2 0 0 4

Presented

By

Fernando R. Aceituno – B.O.M.

Acquisitions2 0 0 3 – 2 0 0 4

1,802

1,5921,485

1,433

1,052960

1,1171,209

1,680

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2002: I 2002: II 2002: III 2002: IV 2003: I 2003: II 2003: III 2003: IV 2004: I

Vo

lum

eApplications Volume

Average in Quarters2 0 0 3 - YTD 2 0 0 4

Approved Qualified

Applications Breakdown 2 0 0 3

Rejected13%

Qualified20%

Approved67%

Applications Breakdown 2 0 0 2

Rejected13%

Qualified23%

Approved64%

Applications Breakdown First Quarter - 2 0 0 4

Approved73%

Qualified16%

Rejected11%

Rejected

Credit Decisions2002, 2003, YTD 2004

Credit Purchases: New & Used Average in Quarters2 0 0 3 - YTD 2 0 0 4

489 501570 550

758

232 185

235 254

216

0

100

200

300

400

500

600

700

800

900

1000

2003: I 2003: II 2003: III 2003: IV 2004: I

New Used

• Basel II’s Credit Risk Models attributed to S.I.B. normative have already been developed and implemented.

• Basel II’s credit risk guidelines (S.A.R.C.) will remain as GMAC Colombia’s credit cycle cornerstone.

• Re-structuring of Acquisitions Department into two specialised analysis and purchase operations areas:

• Risk evaluation and Control Practices were enhanced (Retail Credits and Commercial Lending)

• Service Standards were discussed with Dealers and are currently met at 100%• Purchases Area strengthened operational risk identification and control

• Strong Coordination between Operations Areas to administer and control credit risk events:

• 2 years in a row with negative losses. FPD’s reduced from 120 (2001) to 16 (2002) and 8 (2003)

• Integration between all Branch Operations Areas to evaluate and control losses: FPD’s, Dealers’ delinquency, Dealer losses, etc.

Achievements 2 0 0 2 - 2 0 0 3

• Act as One Company:

• Partner with GM to create retail and leasing plans aimed at increasing both GM & GMAC Market Share.

• GM shall remain as a partner and a customer.

• Basel II: In paralell with credit analysts, follow up on credit risk models. Bring out the best from Credit Risk Models, diminishing losses and strengthening sales.

• Service Standards: 100% compliance with credit analysis and service Standards already agreed with GM Dealers. DSS: 80% - 85%.

• Reciprocity Program: Support GMAC Operations – Sales/F & I Reciprocity Program providing differentiated added value financial services.

• Very Important... Normalise DSI to 80% - 90%!!!

Challenges 2 0 0 4 – 2 0 0 5

Collections & Salvage2 0 0 3 – 2 0 0 4

Branch’s Total DelinquencyDecember 2001 – March, 2004

6.3%

0

2

4

6

8

10

12

14

16

Dec 01 Jan Fe

bMar Ap

rMay Ju

nJu

lyAug Se

pOct Nov

Dec 02 Jan Fe

bMar Apr

May Jun Ju

lAu

gSe

pOct Nov

Dec 03 En

eFe

bMar

Dec 04

(T)

Per

cent

age

(%)

15-18’s

Over 90’s

61--90

31-60

Branch’s Total DelinquencyDecember 2001 – March, 2004

13.712.8

11.9

13.613.3

13.8

13.012.4

13.0

12.3

11.310.9

10.09.8 9.9 9.9 9.6

10.09.4 9.1 9.1

8.6 8.4 8.4 8.17.6 7.2 7.2

6.3

0

2

4

6

8

10

12

14

16

Dic-01 Jan Fe

bMar Apr

May Jun

July

Aug Sep

Oct NovDic-

02 Jan Feb

Mar AprMay Ju

n Jul

Aug Sep

Oct NovDic-

03 Ene

Feb

Mar

Trgt./2

004

Pe

rce

nta

ge

(%

)

Over 30’sDecember 2001 – March, 2004

6.8

6.2

5.8

6.66.4

7.1

6.6 6.6

7.3

6.7

6.3 6.35.9

5.65.8 5.8 5.8

6.1

5.45.2

5.3

4.64.4

4.6

4.2

3.8 3.7 3.63.5

0

1

2

3

4

5

6

7

8D

ec 0

1

Jan

Feb

Mar

Apr

May Jun

July

Aug Sep

Oct

Nov

Dec

02

Jan

Feb

Mar

Apr

May Jun Jul

Aug Sep

Oct

Nov

Dec

03

Ene

Feb

Mar

Dec

'04

(T)

Pe

rce

nta

ge

(%

)

Over 60’sDecember 2001 – March, 2004

1.0

1.31.3

1.61.6

1.51.6

1.7

1.4

1.61.7

1.51.5

1.7

1.9

1.7

1.51.5

1.8

2.32.22.2

2.52.52.6

2.9

2.3

2.5

2.7

0

0.5

1

1.5

2

2.5

3D

ic-0

1

Jan

Feb

Mar Apr

May Jun

July

Aug

Sep

Oct

Nov

Dic

-02

Jan

Feb

Mar Apr

May Jun Jul

Aug

Sep

Oct

Nov

Dic

-03

Ene

Feb

Mar

Trgt

./20

04

Per

cent

age

(%)

Over 90’s and 15-18’sDecember 2001 – March, 2004

1.92.1

1.72.0

2.42.1 2.0 2.0 2.0 2.0 2.0 1.9

1.51.3 1.2 1.3 1.3 1.4 1.3

1.61.8 1.8 2.0

1.8 1.7 1.7 1.6 1.71.3

2.4 2.1

2.2

2.1

2.1

2.1

1.91.7

1.5 1.31.2

1.2

1.11.2

1.11.1 1.0

1.01.0

0.80.6 0.5

0.40.5

0.6 0.60.6

0.6

0.5

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

Dec 01 Jan Fe

bMar Ap

rMay Ju

nJu

lyAu

gSe

pOct Nov

Dec 02 Jan Fe

bMar Ap

rMay Ju

n Jul

Aug

Sep

Oct Nov

Dec 03 En

eFe

bMar

Dec 04

(T)

Pe

rce

nta

ge

(%

)

Over 90`s 15'18's

15-18’s

Over 90’s

Transfers to 15-182001 – YTD April, 2004

267M

1.1MM1.1MM

2.0MM

62Accounts

174Accounts

190Accounts

736Accounts

0

500

1000

1500

2000

2500

2001 2002 2003 YTD 03/ 04

Am

ount

in U

S$

/ Acc

ount

s N

o.

Amount Transferred (US$) Accts. transferred to 15-18

Exchange Rates:

•12/2001: 2,291:1•12/2002: 2,816:1•12/2003: 2,650:1•04/2004: 2,670:1

15-18 Outstanding v/s 15-18 Recoveries2001 – April, 2004

642M526M

632M

2.1MM

52M

361M

642M 759M

0

500

1,000

1,500

2,000

2,500

2001 2002 2003 YTD 03/ 04

Am

ount

in U

S$

15-18 O/S (Principal) 15-18 Recoveries

Exchange Rates:

•12/2001: 2,291:1•12/2002: 2,816:1•12/2003: 2,650:1•04/2004: 2,670:1

Transfers to 51 v/s 51 Recoveries2001 – March, 2004

128M

901M836M

3.6MM

291M

1.8MM1.8MM

1.4MM

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2001 2002 2003 YTD 03/ 04

Am

ount

in U

S$

Transfers to 51 51 Recoveries

Exchange Rates:

•12/2001: 2,291:1•12/2002: 2,816:1•12/2003: 2,650:1•04/2004: 2,670:1

Repos’ InventoryBy Legal Status

In Vol. Custody

1%

Captured42%

In Process to be Repo3%

Ready for Sale1%

Sold to 3rd. Party

3%

Offered to GMAC

1%

Court Auction

19%

In Legal Custody

30%

In Legal Custody

25%

Court Auction

15%Offered to

GMAC 1%

Sold to 3rd. Party

3%

Ready for Sale2%

In Process to be Repo3%

Captured49%

Vol. Custody

2%

2002 2003

Repos’ Inventory Rotation

120

240

142138

0

50

100

150

200

250

300

Stat us

2002 2003

2002 240 120

2003 138 142

Captured Sold

Total Inventory

450 494 438

260263

355

0

100

200

300

400

500

600

700

800

900

2002 2003 03/31/2004

Country Bodega GMAC

Repossession Process

II: Capture of the Vehicle

1: Debtor Sued by GMAC

III: Court Legal Custody

IV: Court Auction

Sold to 3rd. Party

Legally Offered to GMAC

Vehicle Paid to GMAC

Vehicle Ownership Transfer to GMAC Ready for Sale

II. Involuntary Surrenders

I. Voluntary Surrenders

Account Past Due

Account Not Past Due CS Contacts Branch – Offers vehicle as Payment of Obligation

Customer is Contacted by Branch Collections-Salvage Representatives

Ready for Sale

Ready for Sale

< 6 Pmts > 6 PmtsNo. No. Total

2003 8 134 1422002 17 103 1202001 25 133 158

New % Used % Total Repos Portfolio2003 111 0.63 31 0.17 142 17,672

2002 105 0.62 17 0.1 120 16,822

2001 151 0.93 7 0.04 158 16,205

Repos Add’l Information

Achievements & Challenges

• Collections and Salvage became Profit Center Units.

• Positive results in losses contributed to implement a more flexible credit policy and increased GMAC competitiveness.

• Two years achieving stretch targets in... Over 30’s, Over 60’s, Over 90’s ranges and 15-18 Outstandings, transfers to 15-18’s, Collection expenses (–80%) and Salvage and Repo Recoveries.

• Main Challenge: Maintain positive results re-inventing periodically Branch’s Collections and Salvage Strategies.

Wholesale2 0 0 3 – 2 0 0 4

Wholesale Department As of March 31th 2004

May 12, 2004

W/S Penetration increased from 88% (2002) to 94.5% (As YTD ’04)

Approved Credit Lines represent Col$136,663MM (US$51MM)

Total W/S Outstanding represents Col$110,180MM (US$41MM) (As of 03/31/04)

34 GMAC Commercial Accounts (Active GM Dealers)

Wholesale Credit Lines established at all 34 authorized GM Dealers

Dealer Network Overview

Dealers Dealers Total CreditlinesClassification Number US$(M) 2002 2003 YTD 2004 2002 2003 YTD 2004

Satisfactory 20 34,611 148 140 24 25 23 1Limited 13 16,372 141 138 38 23 24 6

Programmed 1 130 10 12 3 1 2 0Totals 34 51,113 299 290 65 49 49 7

ReviewsAudits

• “Gutierrez Dangond” remains as the only “P” Dealer, whose conversion (04/03) was effectively closed as of 30/07/2002.

• In 2002, 21 audits were conducted to Motrix Car, GM Dealer converted as of Feb 15, 2002. This Dealer adhered to local bankruptcy law “Ley 550”, equivalent to US Chapter 11. Motrix Car was eliminated from the list of active Dealers in the same year.

Branch’s Largest ExposuresAs of March 31, 2004

May 12, 2004

Dealer W/S Credit Line

Name Classification US$,MM Reported Adjusted Reported Adjusted 2001 2002 2003 YTD '04 2001 2002 2003 2004

Los Coches S 6.4 5.2 1.4 16 9.7 6 6 8 2 0 0 0 0

Autoniza S 3.7 2.8 2.5 1.2 0.9 14 12 12 1 30 70 16 0

La Floresta L 3.7 5.3 5.1 0.7 0.5 14 14 13 3 52 116 8 6

Autolarte S 2.9 2.9 2.4 2.9 2.5 6 6 6 1 13 4 9 1Internacional S 2.7 3.1 2.5 4.3 3.7 4 4 4 1 0 0 2 0

IrregularitiesAuditsNW NWC

2000 2001 2002 2003 YTD '04Audits Taken 385 348 299 290 65Irregularities 269 172 289 114 32Ret. Checks 48 54 25 6 0 (1)

Branch Wholesale Performance

May 12, 2004

385

348

299290

65

289

172

269

114

32

0

50

100

150

200

250

300

350

400

450

2000 2001 2002 2003 YTD '04

Audits Conducted & Irregularities

Branch Wholesale Performance:

6

25

54

48

00

10

20

30

40

50

60

2000 2001 2002 2003 YTD '04

Returned Checks (NSF)

Working Capital Loans

Branch Wholesale Performance

May 12, 2004

Col$,MM US$,MM

IV Quarter 2003 3,362 1.21 1,761 630

I Quarter 2004 3,968

1.48

1,534 570

Dealer Loans Loans’ Outstanding

Col$,MM US$,M

Branch Wholesale Performance

7.7MM9.0MM

21.1MM 21.4MM

0

5

10

15

20

25

Prime R.E. Securities (US$,MM)U

S$

2001 2002 2003 YTD 2004

• Dealer inventories are growing as GM pressures for Market Share (36% market-share as YTD 12 ’03).

• GM has realised importance of partnering with GMAC as strategic source of funds to support Dealers’ purchases.

• GMAC is strongly supporting GM. Even GMAC W.I.P. is based on GM objectives.

• GMAC made GM aware of having a strong, secured and financially slacked Dealer Network and works together with GMAC to negotiate guarantees to further securitise the Dealer Network.

• All Colombian Dealers are profitable with booming new car sales. This positive business environment represents the right time to protect the Branch’s future negotiating additional guarantees from Dealers.

• W.I.P. implementation affected positively GMAC Colombia retail penetration

• D.S.S.: Wholesale area best service rank ever – 93%

• Interest Free Wholesale was successfully negotiated with GM, representing GMAC US$3.8MM, in annual terms.

• Collateralization Plan continued, representing GMAC US$10MM in additional RE securities.

• Area Re-structuring program strengthened credit risk evaluation and control

• Wholesale Credit Risk Model was developed and implemented to meet S.A.R.C. guidelines (Basel II)

Achievements2 0 0 4 – 2 0 0 5

Challenges2 0 0 4 – 2 0 0 5

• Offer GM continuos support and excel in service level to GMAC’s No.1 customer and strategic partner.

– Partner with GM to increase GMAC w/s penetration and to closely monitor all Dealer's risk & exposure in order to offer sufficient credit lines to support GM’s most demanding market share targets.

• Negotiate maintenance of Interest Free Wholesale • Negotiate additional incentives from GM to implement mutually

beneficial retail and leasing plans.• Support GMAC sales, bringing out the best from W.I.P. Make

W.I.P. benefits attainable through attractive plans and consultative practices.

• Maintain current level of Dealer Satisfaction Index of 93% (previous survey (2001): 88%)

END OF PRESENTATION

ColombiaO P E R A T I O N S

2 0 0 3 - 2 0 0 4

May 12, 2004: Fernando R. Aceituno – Branch Operations Manager