BY AND BETWEEN



                           GENERAL MOTORS CORPORATION



                                       AND



                         HUGHES ELECTRONICS CORPORATION













                          Dated as of October 28, 2001

















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                                TABLE OF CONTENTS



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ARTICLE 1

THE HUGHES RECAPITALIZATION....................................................5

      Section 1.1.   Consummation of the Hughes Recapitalization...............5

      Section 1.2.   Further Assurances Regarding the Hughes

                     Recapitalization..........................................7

      Section 1.3.   Reductions in Exchange Shares and Cash Dividend...........7

      Section 1.4.   Refinancing of the PanAmSat Note..........................8



ARTICLE 2

CERTAIN INTERCOMPANY MATTERS...................................................9

      Section 2.1.   Ancillary Separation Agreements...........................9

      Section 2.2.   Insurance Matters.........................................9

      Section 2.3.   Registration Rights......................................11

      Section 2.4.   No Amendment, Waiver or Termination of Merger

                     Agreement................................................12

      Section 2.5.   Publicity................................................12



ARTICLE 3

CONFIDENTIALITY...............................................................13

      Section 3.1.   Treatment of Confidential Information....................13

      Section 3.2.   Legally Required Disclosure of Confidential

                     Information..............................................13

      Section 3.3.   Policies and Procedures..................................14



ARTICLE 4

CONTINUING INFORMATION SUPPORT................................................14

      Section 4.1.   Access to Information....................................14

      Section 4.2.   Production of Witnesses..................................15

      Section 4.3.   Reimbursement............................................15

      Section 4.4.   Retention of Records.....................................15



ARTICLE 5

CONDITIONS TO CLOSE...........................................................15

      Section 5.1.   Conditions to Obligation to Consummate the Hughes

                     Recapitalization.........................................15

      Section 5.2.   GM Notional Shares.......................................18



ARTICLE 6

TERMINATION...................................................................18

      Section 6.1.   Termination of Agreement.................................18

      Section 6.2.   Effect of Termination....................................19



ARTICLE 7

MISCELLANEOUS.................................................................19

      Section 7.1.   Notices..................................................19

      Section 7.2.   Interpretation; Absence of Presumption...................20

      Section 7.3.   Counterparts.............................................21

      Section 7.4.   Entire Agreement; Severability...........................21



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      Section 7.5.   Third Party Beneficiaries................................21

      Section 7.6.   Governing Law............................................21

      Section 7.7.   Specific Performance.....................................21

      Section 7.8.   Assignment...............................................22

      Section 7.9.   Amendment................................................22

      Section 7.10.  Dispute Resolution.......................................22

      Section 7.11.  Consent to Jurisdiction..................................22











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                                    EXHIBITS



Exhibit A   -   Form of GM/Hughes Intellectual Property Agreement

Exhibit B   -   Form of GM/Hughes Special Employee Items Agreement

Exhibit C   -   Form of Amended and Restated Agreement for the Allocation of

                United States Income Taxes between GM and Hughes













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                             INDEX OF DEFINED TERMS





                                                                            Page

                                                                            ----



Affiliate....................................................................10

Agreement.....................................................................1

AOL Registration Rights Agreement............................................11

Applicable Law...............................................................17

Average Exchange Price........................................................8

Cash Dividend.................................................................5

Change in Tax Law ...........................................................16

Code..........................................................................4

Confidential Information.....................................................13

Control......................................................................10

Current Pension Plans Registration Rights Agreement..........................11

Demand Note...................................................................5

Denominator...................................................................5

EchoStar......................................................................1

EchoStar Stockholder Consent..................................................4

Excess Exchange Amount........................................................8

Excess Exchange Share Number..................................................8

Exchange Act.................................................................10

Exchange Debt.................................................................1

Exchange Shares...............................................................1

GM............................................................................1

GM $1-2/3 Common Stock........................................................2

GM Affiliate.................................................................10

GM Business..................................................................13

GM Certificate of Incorporation...............................................2

EchoStar Controlling Stockholder..............................................3

GM Class H Common Stock.......................................................1

GM Debt/Equity Exchange.......................................................1

GM Notional Shares...........................................................18

GM Series H Preference Stock..................................................2

GM Transactions...............................................................2

GM/Hughes Tax Agreements......................................................9

Governmental Authority........................................................7

HCG...........................................................................1

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