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Ray G. Young Appointed to GMAC Board of Directors

April 7, 2008

NEW YORK — GMAC Financial Services' Chairman of the Board J. Ezra Merkin announced that Ray G. Young has been appointed to the GMAC Board of Directors.

Young serves as executive vice president and chief financial officer of General Motors Corp. He assumes the board seat of GM Chairman and Chief Executive Officer Rick Wagoner, who will continue to participate in its meetings in an ex-officio capacity.

Young, who previously served as GM group vice president, assumed his new position on March 3, 2008. During his 21-year career at GM, Young has held several leadership roles around the world, including European treasurer, North America vice president and CFO, and president and managing director of GM do Brasil.

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