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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549-1004

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) March 28, 2017

GENERAL MOTORS COMPANY (Exact Name of Registrant as Specified in its Charter)

DELAWARE 001-34960 27-0756180

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

300 Renaissance Center, Detroit, Michigan 48265-3000 (Address of Principal Executive Offices) (Zip Code)

(313) 556-5000 (Registrant’s telephone number, including area code)

Not Applicable (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☒ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 8.01 Other Events

On March 28, 2017, General Motors Company (“GM”) issued a press release and posted an investor presentation regarding the recent announcement about GM made by Greenlight Capital L.P. The press release is attached hereto as Exhibit 99.1, and the investor presentation is attached hereto as Exhibit 99.2.

Important Additional Information Regarding Proxy Solicitation

General Motors Company (“GM”) intends to file a proxy statement and associated white proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for GM’s 2017 Annual Meeting (the “Proxy Statement”). GM, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2017 Annual Meeting. Information regarding the names of GM’s directors and executive officers and their respective interests in GM by security holdings or otherwise is set forth in GM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the SEC on February 7, 2017, GM’s proxy statement for the 2016 Annual Meeting of Shareholders, filed with the SEC on April 22, 2016 and GM’s Form 8-K filed with the SEC on December 19, 2016. To the extent holdings of such participants in GM’s securities are not reported, or have changed since the amounts described, in the 2016 proxy statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of GM’s Board of Directors for election at the 2017 Annual Meeting will be included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the definitive Proxy Statement and other relevant documents filed by GM free of charge from the SEC’s website, www.sec.gov. GM’s shareholders will also be able to obtain, without charge, a copy of the definitive Proxy Statement and other relevant filed documents by directing a request by mail to GM Stockholder Services at General Motors Company, Mail Code 482-C25- A36, 300 Renaissance Center, P.O. Box 300, Detroit, Michigan 48265-3000 or at [email protected] or from the investor relations section of GM’s website, http://www.gm.com/investor.

ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits. The following exhibits are provided as part of this Form 8-K.

Exhibit No. Exhibit

Exhibit 99.1 Press Release Regarding Greenlight Capital Proposal, dated March 28, 2017.

Exhibit 99.2 Investor Presentation Regarding Greenlight Capital Proposal, dated March 28, 2017.

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SIGNATURE

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 authorized.

GENERAL MOTORS COMPANY (Registrant)

/s/ Jill E. Sutton Date: March 28, 2017

By:

Jill E. Sutton Deputy General Counsel & Corporate Secretary

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EXHIBIT INDEX

Exhibit No. Exhibit

Exhibit 99.1 Press Release Regarding Greenlight Capital Proposal, dated March 28, 2017.

Exhibit 99.2 Investor Presentation Regarding Greenlight Capital Proposal, dated March 28, 2017.

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Exhibit 99.1

News

For Immediate Release: Tuesday, March 28, 2017

GM Statement Regarding Shareholder Proposal and Slate from Greenlight Capital

• GM’s Board and management executing transformational plan that is delivering shareholder value

• Greenlight’s proposal to eliminate GM’s common dividend to fund separate dividend on an unprecedented security creates unacceptable risks and is not in best interests of shareholders

• GM expects to return approximately $7 billion in cash to shareholders in 2017, bringing total cash returns to shareholders to approximately $25 billion since 2012

DETROIT – General Motors Co. (NYSE: GM) confirmed today that its Board of Directors and management team have thoroughly analyzed and rejected a non-binding proposal that Greenlight Capital intends to submit for a vote at GM’s 2017 annual meeting of shareholders. The proposal relates to eliminating the dividend on the existing GM common stock and distributing an unprecedented new dividend-focused security (“dividend security”), thereby creating a dual-class common stock structure. In connection with its proposal, Greenlight has also nominated a slate of four candidates for election to GM’s Board of Directors.

GM values the views of its owners, and has engaged directly with Greenlight on numerous occasions during the past seven months, including a meeting between Greenlight and members of the company’s Board. After careful due diligence, including consultation with the rating agencies and independent analysis from three top-tier investment banks, the Board and management are confident that eliminating the dividend on the existing GM common stock and distributing the proposed new “dividend security” creates an unacceptable level of risk and would not serve the best interests of GM shareholders.

These risks include:

• The loss of GM’s investment grade credit rating;

• Unknown and uncertain market demand and liquidity for the proposed securities, resulting in depressed pricing and selling pressure;

• Unproven and entirely speculative valuation impact; and

• Material governance challenges arising from two classes of stock with divergent objectives.

“GM’s Board and management are fundamentally transforming our company by executing a plan that is delivering record financial and operating results and returning significant capital to our shareholders,” said Mary Barra, GM chairman and CEO. “For seven months, we’ve extensively reviewed the proposed dual-class structure, as well as other capital allocation strategies, and concluded that continuing to execute our strategy and adhering to our current disciplined capital allocation framework is the best path to deliver increased value.

“Our Board and management remain laser focused on advancing our progress and creating value for our owners by enhancing our portfolio and our operations, leading the future of personal mobility and driving strong performance. In contrast, the proposed structure creates an unacceptable level of risk for our company and its shareholders,” concluded Barra.

The Board’s conclusions are summarized below and in an investor presentation available at http://media.gm.com/content/dam/Media/gmcom/investor/2017/mar/GM-chart-set.pdf

• As Greenlight has already acknowledged, the proposed dual-class common stock structure would have no positive effect on GM’s underlying

business or cash flows, and therefore would not create additional intrinsic value. The proposed dividend security would not help GM sell more cars, drive higher profitability, or generate greater cash flow — nor would it address the fundamental sector factors affecting GM’s stock price.

• GM believes that implementation of the proposed dual-class structure would lead to a loss of the company’s investment grade credit rating.

• A non-investment grade rating would have an approximately $1 billion EBT impact on GM Financial, put $1 billion of profit at risk for the automotive company and necessitate approximately an additional $5-$10 billion of cash on the GM balance sheet.

• It would also limit GM’s financial flexibility and adversely affect the company’s risk profile, including GM’s ability to execute its captive finance strategy, access capital markets efficiently and execute revolver renewals.

• Elimination of the dividend on GM’s existing common stock would likely lead to selling pressure by a significant universe of institutional owners and cause concern and confusion among retail holders, resulting in downward pressure on its share price;

• Distribution of a large volume of an unprecedented security that has no established market depth or liquidity would likely also lead to selling pressure on the proposed “dividend security,” resulting in likely depressed pricing for the new security; and

• The proposed structure could create complex governance challenges, requiring the Board and management to consider and respond to divergent expectations and interests of owners of two distinct classes of stock in GM’s strategic and capital allocation decision making.

GM Recommends Electing Its Strong Slate of Directors

Together with Greenlight’s dual-class common stock proposal, the company also received notice of Greenlight’s intent to nominate a slate of four candidates for election to GM’s Board. GM has a highly experienced Board with relevant expertise and capabilities in key areas that align with the company’s strategic direction. After evaluating Greenlight’s nominees, including the connection between Greenlight’s nominations and its dual-class stock proposal, the Board, on the recommendation of its Governance and Corporate Responsibility Committee, has unanimously determined not to recommend any of Greenlight’s nominees for election to the Board. The Committee’s and Board’s assessment of the nominees’ skills and qualifications followed the process and took into account the considerations described in the “Director Nomination Process” section of the Company’s most recent proxy statement.

Additional Information

Overview of Recent Strategic Actions and Results

• Opel/Vauxhall Transaction to Improve Financial Metrics, Allow Greater Share Repurchases – As another major step in its ongoing work to deploy resources to higher-margin, higher-return opportunities, earlier this month, GM announced an agreement to sell GM’s Opel/Vauxhall subsidiary and GM Financial’s European operations to PSA Group. Upon closing, the transaction is expected to immediately improve GM’s EBIT-adjusted, its EBIT-adjusted margins and its adjusted automotive free cash flow, thereby reducing the cash balance requirement under GM’s disciplined capital allocation framework by $2 billion. The company intends to use these funds to accelerate share repurchases, subject to market conditions, increasing its total 2017 cash returns to shareholders to approximately $7 billion, comprising approximately $2 billion of dividends and approximately $5 billion of share repurchases.

• Strong 2017 Outlook – Earlier this year, prior to the Opel/Vauxhall announcement, GM announced that it expects to deliver full-year 2017 EPS-diluted and EPS-diluted-adjusted of $6.00-$6.50; maintain or improve EBIT-adjusted and EBIT-adjusted margins; and generate higher revenues, compared to 2016. GM also indicated that it expects to generate about $15 billion in automotive operating cash flow and about $6 billion in adjusted automotive free cash flow.

• Approximately $25 billion in cash to shareholders – Based on this strong outlook, the GM Board approved an additional $5 billion in common stock repurchases under the company’s existing share repurchase program. The new authorization brings the total share repurchase program to $14 billion since it was announced in March 2015. This increase in stock repurchases serves as further evidence of GM’s commitment to driving shareholder value through strong cash returns to its owners enabled by strong business results. GM expects to return approximately $7 billion in cash to shareholders in 2017, bringing total cash returns to shareholders to approximately $25 billion since 2012. This represents approximately half its current market capitalization and more than 90% of its adjusted automotive free cash flow over the same period.

General Motors Co. (NYSE: GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world’s largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.

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CONTACTS:

Joanne Krell Executive Director, Corporate Communications 313-316-0940 [email protected]

David Barnas Group Manager, Corporate Communications 248-918-8946 [email protected]

Forward Looking Statements:

In this press release and in reports we subsequently file and have previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on Forms 10-K and 10-Q and file or furnish on Form 8-K, and in related comments by our management, we use words like “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions to identify forward-looking statements that represent our current judgment about possible future events. In making these statements we rely on assumptions and analyses based on our experience and perception of historical trends, current conditions and expected future developments as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any events or financial results, and our actual results may differ materially due to a variety of important factors, both positive and negative. These factors, which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K, include among others the following: (1) our ability to deliver new products, services and customer experiences in response to new participants in the automotive industry; (2) our ability to fund and introduce new and improved vehicle models that are able to attract a sufficient number of consumers; (3) the success of our full-size pick-up trucks and SUVs, which may be affected by increases in the price of oil; (4) global automobile market sales volume, which can be volatile; (5) aggressive competition in China; (6) the international scale and footprint of our operations which exposes us to a variety of domestic and foreign political, economic and regulatory risks, including the risk of changes in existing, the adoption of new, or the introduction of novel interpretations of, laws regulations, policies or other activities of governments, agencies and similar organizations particularly laws, regulations and policies relating to free trade agreements, vehicle safety including recalls, and, including such actions that may affect the production, licensing, distribution or sale of our products, the cost thereof or applicable tax rates; (7) our joint ventures, which we cannot operate solely for our benefit and over which we may have limited control; (8) our ability to comply with extensive laws and regulations applicable to our industry, including those regarding fuel economy and emissions; (9) costs and risks associated with litigation and government investigations including the potential imposition of damages, substantial fines, civil lawsuits and criminal penalties, interruptions of business, modification of business practices, equitable remedies and other sanctions against us in connection with various legal proceedings and investigations relating to our various recalls; (10) our ability to comply with the terms of the DPA; (11) our ability to maintain quality control over our vehicles and avoid material vehicle recalls and the cost and effect on our reputation and products; (12) the ability of our suppliers to deliver parts, systems and components without disruption and at such times to allow us to meet production schedules; (13) our dependence on our manufacturing facilities around the world; (14) our highly competitive industry, which is characterized by excess manufacturing capacity and the use of incentives and the introduction of new and improved vehicle models by our competitors; (15) our ability to realize

production efficiencies and to achieve reductions in costs as we implement operating effectiveness initiatives throughout our automotive operations; (16) our ability to successfully restructure our operations in various countries; (17) our ability to manage risks related to security breaches and other disruptions to our vehicles, information technology networks and systems; (18) our continued ability to develop captive financing capability through GM Financial; (19) significant increases in our pension expense or projected pension contributions resulting from changes in the value of plan assets, the discount rate applied to value the pension liabilities or mortality or other assumption changes; (20) significant changes in economic, political, regulatory environment, market conditions, foreign currency exchange rates or political stability in the countries in which we operate, particularly China, with the effect of competition from new market entrants and in the United Kingdom with passage of a referendum to discontinue membership in the European Union; and (21) risks and uncertainties associated with the consummation of the sale of Opel/Vauxhall to the PSA Group, including satisfaction of the closing conditions.

We caution readers not to place undue reliance on forward-looking statements. We undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

Important Additional Information Regarding Proxy Solicitation:

General Motors Company (“GM”) intends to file a proxy statement and associated white proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for GM’s 2017 Annual Meeting (the “Proxy Statement”). GM, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2017 Annual Meeting. Information regarding the names of GM’s directors and executive officers and their respective interests in GM by security holdings or otherwise is set forth in GM’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the SEC on February 7, 2017, GM’s proxy statement for the 2016 Annual Meeting of Shareholders, filed with the SEC on April 22, 2016 and GM’s Form 8-K filed with the SEC on December 19, 2016. To the extent holdings of such participants in GM’s securities are not reported, or have changed since the amounts described, in the 2016 proxy statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of GM’s Board of Directors for election at the 2017 Annual Meeting will be included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the definitive Proxy Statement and other relevant documents filed by GM free of charge from the SEC’s website, www.sec.gov. GM’s shareholders will also be able to obtain, without charge, a copy of the definitive Proxy Statement and other relevant filed documents by directing a request by mail to GM Stockholder Services at General Motors Company, Mail Code 482-C25-A36, 300 Renaissance Center, P.O. Box 300, Detroit, Michigan 48265-3000 or at [email protected] or from the investor relations section of GM’s website, http://www.gm.com/investor.

Non-GAAP Measures:

See our Form 10-K and Form 10-Q reports filed with the SEC for a description of certain non-GAAP measures used by GM, including EBIT-adjusted, EPS-diluted adjusted, ROIC-adjusted, and adjusted automotive free cash flow, along with a description of various uses for such measures. Our calculation of these non-GAAP measures are set forth within these reports and may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related U.S. GAAP measures.

Guidance Reconciliation:

Year Ending Dec. 31, 2017

Diluted Earnings Per Common Share $6.00-$6.50 Adjustments — Tax effect on adjustments — EPS-diluted-adj. $6.00-$6.50

($B except where noted) Year Ending Dec. 31, 2017

Automotive net cash provided by operating activities ~15 Less: expected capital expenditures ~(9) Adj. automotive free cash flow ~6

Does not consider the potential future impact of adjustments or the effects of the Opel/Vauxhall related transactions described in our Form 8-K dated March 6, 2017

Results may not sum due to rounding

G M ’s R esp o n se to G reen lig h t’s P ro p o sal M arch 2 8 , 2 0 1 7 E x h ib it 9 9 .2

E stab lish in g a lead ersh ip p o sitio n in tech n o lo g y th at is resh ap in g th e au to m o tiv e lan d scap e M ak in g to u g h , strateg ic d ecisio n s to p o sitio n G M ’s b u sin ess fo r lo n g -term o u tp erfo rm an ce th ro u g h th e cy cle (e.g ., an n o u n ced sale o f O p el/V au x h all) B u ild in g o u t a p ro fitab le an d strateg ically im p o rtan t G M F in an cial S trateg y h as resu lted in G M d eliv erin g reco rd fin an cial p erfo rm an ce fo r th ree co n secu tiv e y ears D ed icated to a d iscip lin ed cap ital allo catio n fram ew o rk th at w ill h av e retu rn ed $ 2 5 B in cap ital, in clu d in g ~ $ 7 B ex p ected in 2 0 1 7 E , an d o v er 9 0 % o f F C F to sh areh o ld ers sin ce 2 0 1 2 M ain tain in g stro n g , in v estm en t g rad e cred it ratin g s to m ax im ize fin an cial flex ib ility , lo w er fu n d in g co sts an d d eliv er o n G M F in an cial fu ll cap tiv e strateg y G M Is S u ccessfu lly T ran sfo rm in g its B u sin ess “We b eliev e th e C o m p an y ’s b u sin ess p ro sp ects are g o o d , its o p eratio n s are w ell m an ag ed ….” – G reen lig h t C ap ital, F eb ru ary 6 , 2 0 1 7

S u b stan tial R isk s w ith G reen lig h t’s D iv id en d S h ares P ro p o sal F u n d am en tal facto rs d riv in g G M ’s v alu atio n n o t ad d ressed b y G reen lig h t’s p ro p o sed fin an cial en g in eerin g L o ss o f G M ’s in v estm en t g rad e cred it ratin g M ark et d em an d an d liq u id ity fo r p ro p o sed secu rities are u n k n o w n an d u n certain V alu atio n im p act G reen lig h t claim s is u n p ro v en an d en tirely sp ecu lativ e T w o classes o f co m m o n sto ck w ith d iv erg en t o b jectiv es create m aterial g o v ern an ce issu es 1 2 3 4 5 G M sh o u ld n o t b e th e test case fo r G reen lig h t’s ex p erim en t in fin an cial en g in eerin g

M an ag em en t ex p ects to im p ro v e u p o n reco rd -settin g p erfo rm an ce in 2 0 1 7 E G M M an ag em en t T eam D eliv erin g R eco rd R esu lts 2 4 % C A G R + 8 6 % $ B , ex cep t w h ere n o ted 1 R ev en u e in 2 0 1 3 an d 2 0 1 6 w as $ 1 5 5 .4 B an d $ 1 6 6 .4 B , resp ectiv ely N o te: D o es n o t co n sid er th e p o ten tial fu tu re im p act o f ad ju stm en ts o r th e effects o f th e O p el/V au x h all related tran sactio n s d escrib ed in o u r F o rm 8 -K d ated M arch 6 , 2 0 1 7 R efer to slid es 2 6 to 3 2 fo r reco n ciliatio n s o f th e n o n -G A A P m easu res to th eir clo sest co m p arab le G A A P m easu re

G M H as B een R ew ard ed w ith R elativ e M ark et O u tp erfo rm an ce T o tal S h areh o ld er R etu rn s (% ) 1 A s o f M arch 2 7 , 2 0 1 7 1 Y ear 1 L o cal cu rren cy retu rn s as o f M arch 2 7 , 2 0 1 7 . T o tal S h areh o ld er R etu rn calcu lates retu rn o n sto ck p rices ad ju sted fo r sto ck sp lits, cash d iv id en d s, rig h ts o fferin g s, an d sp in -o ffs. P eer G ro u p T S R calcu lated as m ed ian o f th e co n stitu en t co m p an ies. 2 In clu d es G M P ro x y p eer set o f T o y o ta M o to r, D aim ler, F o rd , H o n d a, V o lk sw ag en , B M W, N issan , R en au lt, H y u n d ai, S u zu k i, F iat C h ry sler, T esla, M azd a an d K ia. 2 3 Y ear 5 Y ear G M T S R # 1 - G lo b al V o lu m e O E M in 2 0 1 6 D esp ite in d u stry h ead w in d s, G M ’s T S R h as o u tp erfo rm ed p eers 2 0 1 6 T S R G M 7 .5 % H y u n d ai 0 .8 % V W (0 .2 )% N issan (4 .1 )% T o y o ta (4 .9 )% R en au lt (6 .0 )% F o rd (7 .9 )% H o n d a (1 0 .0 )% K ia (2 3 .2 )%

R etu rn all av ailab le free cash flo w to sh areh o ld ers R ein v est in b u sin ess to d riv e g ro w th an d 2 0 + % R O IC -ad j. $ 1 8 B targ et cash 1 In v estm en t g rad e b alan ce sh eet G M H as a D iscip lin ed , T ran sp aren t C ap ital A llo catio n F ram ew o rk 1 A ssu m es co m p letio n o f th e O p el / V au x h all sale 2 B ased o n to tal estim ated d iv id en d s an d rep u rch ases o f $ 7 .2 B an d n et in co m e to co m m o n sto ck h o ld ers o f $ 9 .3 B , b ased o n m id -p o in t o f 2 0 1 7 E g u id an ce 3 B ased o n G M m ark et cap o f $ 5 2 B as o f M arch 2 7 , 2 0 1 7 ~ $ 2 5 B in to tal, in clu d in g ex p ected ~ $ 7 B in 2 0 1 7 E , an d > 9 0 % o f ad j.-au to m o tiv e F C F sin ce 2 0 1 2 > 9 0 % o f ad j.-au to m o tiv e F C F sin ce 2 0 1 2 > 7 5 % d istrib u tio n ratio in 2 0 1 7 E 2 N ew $ 5 B au th o rizatio n an n o u n ced in 2 0 1 7 E x p ect to rep u rch ase ad d itio n al ~ 1 0 % o f m ark et cap 3 b y y ear-en d 2 0 1 7 E , in ad d itio n to $ 2 .2 B o f d iv id en d s

G M D o es N o t B eliev e in G reen lig h t’s V alu e C reatio n H y p o th esis G M d o es n o t en d o rse G reen lig h t’s v iew s o n ex p erim en t in fin an cial en g in eerin g G reen lig h t A ssertio n s G M V iew s “M an ag em en t h as p erfo rm ed ” P “O p eratio n s h av e b een w ell m an ag ed ” P “C ap ital h as b een allo cated th o u g h tfu lly ” P “T ran sp aren cy h as b een g o o d an d co n tin u es to im p ro v e” P “R esu lts h av e im p ro v ed ” P “S to ck trad es at a d isco u n t to its in trin sic v alu e” P “D iv id en d S h ares are stru ctu red to h av e n o n eg ativ e im p act o n G M ’s cred it ratin g ” O “D iv id en d S h ares w o u ld u n lo ck $ 1 2 - $ 3 6 B in eq u ity v alu e”1 O R isk s o f D iv id en d S h ares: “L o w to n o n e” O 1 A ssu m es G M sh are p rice as o f M arch 1 7 , 2 0 1 7

G M H as E n g ag ed A ctiv ely w ith G reen lig h t 1 5 d irect in teractio n s w ith G reen lig h t o v er 7 -m o n th p erio d A ctiv e p articip atio n o f G M C E O , C F O an d B o ard o f D irecto rs 3 lead in g in v estm en t b an k in g firm s retain ed fo r fin an cial ad v ice S u b stan tial ev o lu tio n in G reen lig h t’s p ro p o sal d u rin g o u r d iscu ssio n s P ro p o sals in clu d ed p referred sto ck an d d u al-class o f co m m o n sto ck G reen lig h t en co u rag ed “trial ru n ” o f sm aller issu an ce o f p referred sto ck “M o d est ch an g es to G M ’s cap ital stru ctu re” (G reen lig h t C ap ital, L etter to In v esto rs, Jan u ary 2 0 1 7 ) P ersisten t fo cu s fro m G reen lig h t o n ach iev in g a “p reced en t-settin g tran sactio n ” S im ilar co n cep t th at G reen lig h t h as tried , u n su ccessfu lly , to p ressu re o th er co m p an ies to im p lem en t G reen lig h t w illfu lly ig n o res risk s in h eren t w ith its m u ltip le p ro p o sals, an d seem s reso lu te o n ru n n in g a test o f its fin an cial en g in eerin g ex p erim en t

S u m m ary o f G reen lig h t’s D iv id en d S h ares P ro p o sal C o m m o n S to ck D iv id en d S h ares C ap ital A p p reciatio n S h ares D iv id en d is elim in ated in itially E n titled to G M ’s earn in g s in ex cess o f d iv id en d s o n D iv id en d S h ares N o retu rn o f cap ital if d iv id en d s o n D iv id en d S h ares are n o t cu rren t F u ll v o tin g rig h ts B o ard rep resen tatio n Wo u ld co n tin u e to trad e p u b licly 1 .5 B sh ares 1 .5 B sh ares 1 .5 B sh ares C u rren t $ 1 .5 2 D iv id en d R eceiv e cu rren t d iv id en d o n ly (fix ed , d eferrab le, p erp etu al) M issed d iv id en d s accu m u late u n til p aid in fu ll N o retu rn o f cap ital o n C ap ital A p p reciatio n S h ares u n less d iv id en d s o n D iv id en d S h ares are p aid in fu ll N o liq u id atio n p referen ce C an n o t fo rce d efau lt 1 /1 0 th a v o te p er sh are in all m atters ex cep t ch an g e o f co n tro l, w h ere w o u ld v o te as a sep arate class O n e B o ard w ith fid u ciary d u ties to b o th classes Wo u ld trad e p u b licly “T h ere is n o p erfect p reced en t fo r th e D iv id en d S h ares.” G reen lig h t C ap ital, O cto b er 5 , 2 0 1 6 R em ain in g E arn in g s

G reen lig h t’s D iv id en d S h ares P ro p o sal C arries S ig n ifican t R isk s F u n d am en tal F acto rs D riv in g G M V alu atio n N o im p act G M In v estm en t G rad e C red it R atin g D o w n g rad e to su b -in v estm en t g rad e M ark et D em an d an d L iq u id ity U n k n o w n an d u n certain V alu atio n Im p act S p ecu lativ e an d u n p ro v en G o v ern an ce M aterial co n flicts H ig h ly sp ecu lativ e an d u n p ro v en v alu e-creatio n h y p o th esis n eed s to b e w eig h ed ag ain st sig n ifican t risk s an d im p o rtan t co n sid eratio n s 1 2 3 5 4

N o Im p act o n F u n d am en tal F acto rs D riv in g G M ’s V alu atio n 1 A d d ressed b y D iv id en d S h ares P ro p o sal? C y clical P eak N O S ecu lar H ead w in d s / In d u stry D isru p tio n N O A b ility to With stan d a D o w n tu rn / M ax im ize F in an cial F lex ib ility N O V alu atio n issu es are secto r-w id e, n o t G M -sp ecific D iv id en d S h ares w ill n o t h elp G M sell m o re cars, d riv e h ig h er p ro fitab ility , o r g en erate g reater cash flo w

C o n su lted w ith p rin cip al ratin g ag en cies, in ad d itio n to sev eral ex tern al ad v iso rs We b eliev e th at D iv id en d S h ares w o u ld resu lt in lo ss o f G M ’s in v estm en t g rad e cred it ratin g C ritical facto rs affectin g cred it assessm en t: S ig n als ag g ressiv e sh ift in fin an cial p o licy d u rin g p erio d o f in d u stry tran sfo rm atio n L o ss o f fin an cial flex ib ility , esp ecially in cy clical d o w n tu rn C reatio n o f sep arate secu rity w ith cu m u lativ e1 d iv id en d v iew ed as fix ed o b lig atio n We b eliev e th at D iv id en d S h ares w o u ld lik ely b e v iew ed as h y b rid in stru m en ts w ith a p artial d eb t co m p o n en t, lead in g to sig n ifican t ero sio n o f q u an titativ e cred it m etrics In h eren t g o v ern an ce co n flicts d riv e co n cern s ab o u t ag g ressiv e o p eratio n al an d fin an cial strateg ies D iv id en d S h ares Wo u ld D o w n g rad e G M to S u b -In v estm en t G rad e We b eliev e stru ctu rally so lid ify in g th e co m m o n d iv id en d h as sig n ifican t n eg ativ e cred it ratin g co n seq u en ces, d esp ite G reen lig h t’s v iew s to th e co n trary 2 1 U n d er G reen lig h t’s p ro p o sal, n o d iv id en d s o r sh are rep u rch ases are p erm itted o n C ap ital A p p reciatio n sh ares u n til all th e q u arterly d iv id en d s o n D iv id en d S h ares sin ce tim e o f in itial issu an ce h av e b een m ad e cu rren t

S ig n ifican t N eg ativ e Im p act o f M o v e to S u b -In v estm en t G rad e S tro n g in v estm en t g rad e b alan ce sh eet essen tial co m p o n en t o f G M strateg y , p ro tectin g sh areh o ld er v alu e an d cap ital allo catio n fram ew o rk 2 G M /G M F d eb t stack (~ $ 8 0 B to tal d eb t, ~ $ 4 0 B b o n d s o u tstan d in g ) w o u ld b e am o n g larg est in h ig h y ield , an d clo se to m ax im u m su stain ab le u n secu red d eb t q u an tu m fo r a h ig h y ield issu er Im p act m ag n ified d u rin g m ark et so ften in g ; n o n -in v estm en t g rad e co m p an ies m ay n o t h av e m ark et access fo r ex ten d ed p erio d s G M an d G M F access to d eb t cap ital m ark ets L arg est h ig h -y ield u n secu red issu ers in fin an cial secto r raise $ 3 -5 B an n u ally ; far b elo w G M F ’s $ 1 0 B + targ et D o w n g rad e to su b -in v estm en t g rad e w o u ld im p act u n secu red co st o f fu n d in g b y ~ 1 0 0 b p s C o n strain ts o n g ro w th strateg y co u ld red u ce an n u al E B T b y ~ $ 1 B E x istin g $ 4 0 B o f u n secu red d eb t w ill b ear ~ $ 4 0 0 M o f ad d itio n al an n u al fu n d in g co st in th e fu tu re G M F cap tiv e strateg y L im its lease / su b -p rim e (~ 4 0 % o f b u sin ess) cap acity in tim es o f m ark et stress R ed u ced lo y alty (~ 1 0 0 k in in crem en tal v o lu m e an n u ally ) U p to $ 1 B o f A u to C o p ro fitab ility at risk G M p ro fitab ility A ccess to rev o lv er (cu rren t cap acity o f $ 1 4 .5 B ) w o u ld b e m aterially red u ced w ith a su b -in v estm en t g rad e ratin g R eq u ires h o ld in g ~ $ 5 -1 0 B in ad d itio n al cash R ed u ctio n in av ailab le liq u id ity

T h ere Is N o E stab lish ed M ark et fo r D iv id en d S h ares E arn in g s U p sid e P articip atio n D o w n sid e P ro tectio n (L iq u id atio n P referen ce) R atin g A g en cy D eb t T reatm en t (P artial o r F u ll) % o f S & P 5 0 0 M ark et D ep th 2 F ix ed O b lig atio n P 9 3 % ~ $ 8 .0 T P 2 % ~ $ 2 5 0 B P 0 % $ 0 P 1 1 % ~ $ 1 8 0 B 1 E x clu d es fin an cial serv ices co m p an ies an d R E IT s w ith p referred sto ck 2 M ark et d ep th d efin ed as estim ated to tal U S face v alu e o f secu rity o u tstan d in g as o f M arch 2 0 1 7 1 7 4 % ~ $ 2 6 .0 T 2 6 % U n secu red D eb t P referred S to ck G reen lig h t D iv id en d S h ares C o n v ertib le D eb t D iv id en d N o D iv id en d C o m m o n S to ck U n k n o w n m ark et fo r D iv id en d S h ares g iv en lack o f u p sid e p articip atio n an d lim ited d o w n sid e p ro tectio n 3 P P P O O O P P P O O O P P P P O O O O

U n certain D em an d fo r U n co n v en tio n al N ew S ecu rities L ack o f n atu ral in v esto r b ase fo r eith er C ap ital A p p reciatio n S h ares o r D iv id en d S h ares 3 P ro p o sed S ecu rity In v esto r T y p e K ey F acto rs L im itin g In v esto r D em an d D iv id en d S h ares E q u ity In v esto rs L ack o f u p sid e p articip atio n in G M ’s fu tu re earn in g s p erfo rm an ce A n y p o ten tial retail d em an d u n lik ely to o ffset lack o f in stitu tio n al d em an d F ix ed In co m e In v esto rs E q u ity id en tificatio n co d e N o liq u id atio n p referen ce L ik ely n o t rated b y ratin g s ag en cies C ap ital A p p reciatio n S h ares E q u ity In v esto rs In v esto r co n cern s aro u n d au to cy cle an d in d u stry h ead w in d s n o t alig n ed w ith g ro w th in v esto r p ro file E lim in atio n o f d iv id en d w ill im p act p ricin g an d p reclu d e d em an d fro m in co m e o rien ted in v esto rs

G reen lig h t’s P ersp ectiv e o n V alu e C reatio n Is S p ecu lativ e S o u rce: G reen lig h t C ap ital, “V alu e C reatio n T h ro u g h a N ew S ecu rity : P resen tatio n to G M ”, S ep tem b er 1 5 , 2 0 1 6 ; G reen lig h t C ap ital, O cto b er 5 , 2 0 1 6 , d u e d ilig en ce resp o n se G reen lig h t h as ack n o w led g ed th e v alu e creatio n fro m D iv id en d S h ares is u n p ro v en 4 “T h is is an o p in io n an d it is n o t p ro v ab le” – G reen lig h t C ap ital, O cto b er 5 , 2 0 1 6 G reen lig h t C ap ital, S ep tem b er 1 5 , 2 0 1 6

G reen lig h t’s P ersp ectiv e o n V alu e C reatio n Is S p ecu lativ e A ssu m es m ark et v alu e as o f M arch 2 7 , 2 0 1 7 , E P S -d ilu ted -ad j. o f $ 6 .2 5 , $ 1 .5 2 co m m o n d iv id en d p er sh are an d 1 .5 B co m m o n sh ares o u tstan d in g G reen lig h t’s v alu e creatio n m ath assu m es su b stan tial m u ltip le ex p an sio n , d esp ite n o ch an g e to G M ’s fin an cial p erfo rm an ce N o ch an g e in G M ’s in trin sic v alu e P red icated o n sig n ifican t P /E m u ltip le an d E V /E B IT D A P m u ltip le ex p an sio n d esp ite n o ch an g e in cash flo w s o r b u sin ess m o d el C ap ital A p p reciatio n S h ares m u ltip le h o ld s (o r ex p an d s) d esp ite elim in atio n o f d iv id en d en tirely D istrib u tio n o f $ 2 5 B - $ 3 3 B in u n p reced en ted secu rity th at h as n o estab lish ed m ark et d ep th o r liq u id ity D iv id en d S h ares y ield ex p ected to b e 1 1 % + D istrib u te u n p reced en ted am o u n t o f D iv id en d S h ares, assu m ed to trad e at 1 1 .1 x – 1 4 .3 x P /E (7 – 9 % Y ield ) $ 2 5 - $ 3 3 B E lim in ate d iv id en d o n C ap ital A p p reciatio n S h ares + h o ld cu rren t m u ltip le o f 5 .6 x P /E o r ex p an d s to 8 .0 x $ 3 9 - $ 5 7 B Im p lied G M eq u ity v alu e $ 6 5 - $ 8 9 B V alu e creatio n th ro u g h fin an cial en g in eerin g : + $ 1 3 - $ 3 7 B Ju stificatio n fo r ex p an d ed P /E : “Ju st th e in v erse o f th e y ield ” -G reen lig h t C ap ital, M arch 2 2 , 2 0 1 7 G reen lig h t’s H y p o th esis K ey Issu es $ 1 7 - $ 2 2 / sh are $ 2 6 - $ 3 8 / sh are $ 4 3 - $ 6 0 / sh are $ 9 - $ 2 5 / sh are 4 O O O O O

D iv id en d S h ares C reate M aterial G o v ern an ce C o n flicts T h e in terests o f h o ld ers o f C ap ital A p p reciatio n S h ares an d D iv id en d S h ares w o u ld b e at o d d s T h e B o ard an d m an ag em en t, o w in g fid u ciary d u ties to h o ld ers o f b o th classes, w o u ld fin d itself co n flicted o n d ecisio n s w h ere th e in terests o f th e tw o classes w ere at o d d s D iv id en d S h ares w o u ld resu lt in sig n ifican t g o v ern an ce co m p lex ities an d co n flicts o f in terest in serv in g th e sh areh o ld ers o f tw o classes 5 D iv id en d S h ares w o u ld also h av e a class v o te o n a ch an g e o f co n tro l, effectiv ely g iv in g th e h o ld ers o f D iv id en d S h ares a v eto o n an y p o ten tial sale o f th e co m p an y C o n flictin g P ersp ectiv es P o ten tial C o rp o rate A ctio n C ap ital A p p reciatio n S h ares D iv id en d S h ares In v estm en t in G ro w th P o sitiv e N eg ativ e In itiate D iv id en d o n C ap ital A p p reciatio n S h ares P o sitiv e N eg ativ e In crease S h are R ep u rch ases o n C ap ital A p p reciatio n S h ares P o sitiv e N eg ativ e In crease C ash H eld o n B alan ce S h eet N eg ativ e P o sitiv e

G reen lig h t’s D iv id en d S h ares P ro p o sal Is N o t in S h areh o ld ers’ B est In terests A fter d u e d ilig en ce an d co n sid eratio n , G M B o ard an d m an ag em en t rejected G reen lig h t’s p ro p o sal, w h ich is n o t b ased o n fu n d am en tals an d is to o risk y G M ’s B o ard an d m an ag em en t co n tin u e to tak e b o ld , d ecisiv e actio n s th at are tran sfo rm in g th e C o m p an y E stab lish in g lead ersh ip p o sitio n in tech n o lo g y A g g ressiv ely resh ap in g co m p an y ’s p o rtfo lio T h ree co n secu tiv e y ears o f reco rd resu lts, an d ex p ected $ 2 5 B + o f cap ital retu rn ed fro m 2 0 1 2 th ro u g h 2 0 1 7 E G M h as en g ag ed d irectly an d in g o o d faith w ith G reen lig h t o v er th e p ast 7 m o n th s an d g iv en th eir p ro p o sal carefu l an d th o ro u g h co n sid eratio n T h e B o ard ’s co n clu sio n – D iv id en d S h ares p ro p o sal is a sp ecu lativ e fin an cial en g in eerin g ex p erim en t th at w ill n o t d eliv er th e v alu e p ro m ised b y G reen lig h t D o es n o t ad d ress th e fu n d am en tal facto rs d riv in g G M v alu atio n R esu lts in a su b -in v estm en t g rad e cred it ratin g N o estab lish ed m ark et fo r su ch secu rities, an d u n certain in v esto r ap p etite V alu e creatio n u n p ro v en C reates m aterial g o v ern an ce co n flicts g iv en sh areh o ld ers w ith stru ctu rally d iv erg en t in terests In co n trast, G M ’s B o ard an d m an ag em en t are effectin g real, p o sitiv e ch an g e an d p u ttin g th e co m p an y o n a p ath fo r su stain ab le, lo n g -term g ro w th

G M ’s strateg y is to earn cu sto m ers fo r life – b y lead in g in tech n o lo g y an d in n o v atio n , in v estin g in o u r b ran d s, d riv in g co re efficien cies, an d alig n in g th e o rg an izatio n to relen tlessly p u rsu e o u r strateg y T h e selectio n o f q u alified B o ard can d id ates is fu n d am en tal to th e su ccessfu l im p lem en tatio n o f G M ’s strateg y T h e G o v ern an ce an d C o rp o rate R esp o n sib ility C o m m ittee (“G C R C ”) o f th e B o ard is resp o n sib le fo r ev alu atin g can d id ates an d fo r m ak in g reco m m en d atio n s to th e B o ard T h e G C R C seek s can d id ates w h o p o ssess th e sk ills, ex p erien ce an d ex p ertise th at w ill p ro v id e effectiv e o v ersig h t o f an d h elp d riv e th e C o m p an y 's strateg y T h e G C R C u ses a d etailed sk ills m atrix to assess th e p articu lar ex p erien ce, q u alificatio n s, an d attrib u tes o f cu rren t B o ard m em b ers an d can d id ates th at w o u ld co m p lem en t o r ex p an d th at o f th e cu rren t d irecto rs, an d en h an ce th e d iv ersity an d effectiv en ess o f o u r B o ard S elected criteria in clu d es: ex p erien ce in lead ersh ip , fin an cial ex p ertise, risk m an ag em en t ex p erien ce, u n d erstan d in g o f tech n o lo g y an d in n o v atio n , an d k n o w led g e o f g lo b al g o v ern m en t relatio n s, am o n g o th ers A fter ev alu atin g G reen lig h t’s n o m in ees, in clu d in g th e co n n ectio n b etw een G reen lig h t’s n o m in atio n s an d its d u al-class sto ck p ro p o sal, th e B o ard , o n th e reco m m en d atio n o f its G C R C , h as d eterm in ed n o t to reco m m en d an y o f G reen lig h t’s n o m in ees G M B o ard an d G o v ern an ce C o m m ittee H av e E v alu ated G reen lig h t’s C an d id ates G reen lig h t’s B o ard can d id ates are tied to G reen lig h t’s p ro p o sal, w h ich G M B o ard rejected ; G M n o n eth eless fairly ev alu ated th ese can d id ates

G M ’s Wo rld -C lass B o ard H as th e R ig h t S et o f S k ills to D riv e S h areh o ld er V alu e In d ep en d en t L ead ersh ip an d O v ersig h t C o m p lem en tary M ix o f S k ills 9 o f 1 1 D irecto rs are in d ep en d en t A v erag e ten u re o f < 5 y ears v s S & P A v erag e o f 8 .4 3 n ew in d ep en d en t d irecto rs o v er last 2 y ears A n n u al electio n o f all d irecto rs P ro x y access M ajo rity v o tin g w ith d irecto r resig n atio n p o licy “O v erb o ard in g ” lim its R eg u larly h eld ex ecu tiv e sessio n s D irecto r-S h areh o ld er E n g ag em en t P o licy S tro n g In d ep en d en t L ead D irecto r w ith clearly d elin eated d u ties M . B arra (C h r./C E O ) ü ü ü ü ü T . S o lso (L ead D ir.) ü ü ü ü ü ü J. A sh to n ü ü L . G o o d en ü ü ü ü ü J. Jim en ez ü ü ü ü J. M en d illo ü ü ü M . M u llen ü ü ü J. M u lv a ü ü ü ü P . R u sso ü ü ü ü ü T . S ch o ew e ü ü ü ü ü C . S tep h en so n ü ü ü In d u stry F in an ce & A cco u n tin g M an u factu rin g M an ag em en t / L ead ersh ip P u b lic C o . D irecto rsh ip s G reen lig h t can d id ates w ere n o t reco m m en d ed , after th e B o ard o b jectiv ely co n sid ered all relev an t facto rs u n d er th e estab lish ed B o ard n o m in atio n p ro cess T ech n o lo g y 2 0 1 6 V o tin g R esu lts: A v erag e 9 6 % S u p p o rt

G en eral M o to rs Wo rld -C lass B o ard o f D irecto rs (1 / 2 ) B o ard M em b er B io g rap h ies D irecto r sin ce 2 0 1 4 / C h airm an sin ce 2 0 1 6 C h ief E x ecu tiv e O fficer (sin ce 2 0 1 4 ) 3 6 y ears at G M an d h av in g serv ed in v ario u s lead ersh ip ro les, in clu d in g : E x ecu tiv e V ice P resid en t, G lo b al P ro d u ct D ev elo p m en t, P u rch asin g & S u p p ly C h ain fro m 2 0 1 3 to 2 0 1 4 S en io r V ice P resid en t, G lo b al P ro d u ct D ev elo p m en t, fro m 2 0 1 1 to 2 0 1 3 V ice P resid en t, G lo b al H u m an R eso u rces, fro m 2 0 0 9 to 2 0 1 1 In -d ep th k n o w led g e o f th e C o m p an y an d th e g lo b al au to m o tiv e in d u stry U n d er h er lead ersh ip , G M is w o rk in g to lead th e tran sfo rm atio n o f p erso n al m o b ility th ro u g h ad v an ced tech n o lo g ies su ch as co n n ectiv ity , electrificatio n , au to n o m o u s d riv in g an d car sh arin g S tro n g en g in eerin g b ack g ro u n d an d lead ersh ip ex p erien ce in g lo b al p ro d u ct d ev elo p m en t en ab les h er to p ro v id e sig n ifican t in sig h t to th e B o ard o n o n e o f th e m o st critical an d co m p lex p arts o f G M ’s b u sin ess O th er P u b lic D irecto rsh ip s: G en eral D y n am ics (w ill n o t stan d fo r re-electio n in M ay 2 0 1 7 ) M ary T . B arra C h airm an / C E O D irecto r sin ce 2 0 1 2 / In d ep en d en t L ead D irecto r sin ce 2 0 1 6 F o rm er N o n -E x ecu tiv e C h airm an o f G M ’s B o ard (2 0 1 4 to 2 0 1 6 ) R etired C h airm an an d C h ief E x ecu tiv e O fficer o f C u m m in s, a g lo b al m an u factu rer o f d iesel an d n atu ral g as en g in es an d en g in e-related co m p o n en t p ro d u cts, fro m 2 0 0 0 u n til h is retirem en t in 2 0 1 1 P rio r to b eco m in g C h airm an an d C E O , h eld v ario u s o th er sen io r m an ag em en t ro les, in clu d in g P resid en t an d C h ief O p eratin g O fficer fro m 1 9 9 5 th ro u g h 1 9 9 9 L ed C u m m in s th ro u g h stro n g fin an cial p erfo rm an ce an d sh areh o ld er retu rn s, in tern atio n al g ro w th , an d b u sin ess restru ctu rin g o v er h is 4 0 y ear career E x ten siv e ex p erien ce an d in sig h t in to th e co m p lex ities o f m an ag in g a m ajo r g lo b al o rg an izatio n O th er P u b lic D irecto rsh ip s: L ead D irecto r at B all C o rp o ratio n T h eo d o re M . S o lso In d ep en d en t L ead D irecto r D irecto r sin ce 2 0 1 4 R etired V ice P resid en t, U n ited A u to Wo rk ers (sin ce 2 0 1 4 ) D irecto r o f U A W’s R eg io n 9 (C en tral N Y , N J, & P A ) fro m 2 0 0 6 to 2 0 1 0 & assistan t d irecto r fro m 2 0 0 3 to 2 0 0 6 P lay ed a k ey ro le in o rg an izin g cam p aig n s an d co n tract n eg o tiatio n s w ith m ajo r m an u factu rin g an d tech n o lo g y co m p an ies in a v ariety o f in d u stries, in clu d in g v eh icleco m p o n en ts, d efen se, aero sp ace, steel, an d m arin e p ro d u cts B rin g s k n o w led g e o f lab o r relatio n s m atters w h ich is v alu ab le w ith resp ect to th e C o m p an y ’s o n g o in g lab o r co n sid eratio n s O th er P u b lic C o m p an y D irecto rsh ip s: N o n e Jo sep h J. A sh to n D irecto r D irecto r sin ce 2 0 1 5 R etired E x ecu tiv e V ice P resid en t, In fo rm atio n S y stem s & G lo b al S o lu tio n s, L o ck h eed M artin C o rp o ratio n (sin ce 2 0 1 3 ) B rin g s stro n g lead ersh ip cap ab ility d em o n strated th ro u g h v ario u s sen io r lead ersh ip p o sitio n s at L o ck h eed H as sig n ifican t o p eratio n s an d strateg ic p lan n in g ex p ertise an d an ex ten siv e b ack g ro u n d in in fo rm atio n tech n o lo g y (“IT ”) an d cy b ersecu rity ; h er d eep k n o w led g e o f IT an d cy b ersecu rity ad d s a v alu ab le p ersp ectiv e to d elib eratio n s reg ard in g G M ’s IT fu n ctio n , cy b ersecu rity an d v ario u s tech n o lo g y sy stem s O th er P u b lic C o m p an y D irecto rsh ip s: A u to m atic D ata P ro cessin g , In c., T h e H o m e D ep o t, In c., an d WG L H o ld in g s, In c. (“WG L ”) an d Wash in g to n G as L ig h t C o m p an y , a su b sid iary o f WG L L in d a R . G o o d en D irecto r D irecto r sin ce 2 0 1 5 C h ief E x ecu tiv e O fficer, N o v artis A G (sin ce 2 0 1 0 ) P rev io u sly w o rk ed as an A d v iso r to B lack sto n e fro m 2 0 0 6 to 2 0 0 7 an d in v ario u s lead ersh ip p o sitio n s in H ein z fro m 1 9 9 9 to 2 0 0 6 an d C o n A g ra fro m 1 9 9 3 to 1 9 9 8 B rin g s sig n ifican t in tern atio n al an d o p eratio n al lead ersh ip , strateg ic p lan n in g , an d b u sin ess an d fin an ce ex p erien ce g ain ed th ro u g h h is ro le as C E O o f N o v artis, a co m p lex , g lo b al co m p an y in a h ig h ly reg u lated in d u stry , an d p rev io u sly as P resid en t o f v ario u s o p eratin g d iv isio n s at H ein z an d C o n A g ra O th er P u b lic C o m p an y D irecto rsh ip s: N o n e Jo sep h Jim en ez D irecto r S o u rce: C o m p an y w eb site, P u b lic S o u rces

G en eral M o to rs Wo rld -C lass B o ard o f D irecto rs (2 / 2 ) S o u rce: C o m p an y w eb site, P u b lic S o u rces B o ard M em b er B io g rap h ies D irecto r sin ce 2 0 0 9 C h airm an , H ew lett P ack ard E n terp rise C o m p an y (sin ce N o v em b er 2 0 1 5 ) P rev io u sly serv ed as th e C h ief E x ecu tiv e O fficer o f A lcatel-L u cen t fro m 2 0 0 6 to 2 0 0 8 S h e h as d ealt w ith a w id e ran g e o f issu es, in clu d in g m erg ers an d acq u isitio n s, tech n o lo g y d isru p tio n s an d b u sin ess restru ctu rin g , as sh e led L u cen t’s reco v ery th ro u g h a sev ere in d u stry d o w n tu rn an d later a m erg er w ith A lcatel, a F ren ch co m p an y O th er P u b lic C o m p an y D irecto rsh ip s: A rco n ic In c.. (fo rm erly A lco a) (L ead D irecto r), H ew lett P ack ard E n terp rise C o m p an y (C h airm an ), K K R M an ag em en t L L C (th e m an ag in g p artn er o f K K R & C o . L .P .), an d M erck & C o . In c.. P atricia F . R u sso D irecto r D irecto r sin ce 2 0 1 6 R etired P resid en t & C h ief E x ecu tiv e O fficer, H arv ard M an ag em en t C o m p an y (sin ce 2 0 1 4 ) M an ag ed H arv ard ’s U n iv ersity ’s ap p ro x im ately $ 3 7 b illio n g lo b al en d o w m en t an d related assets P rev io u sly C h ief In v estm en t O fficer o f Wellesley C o lleg e fro m 2 0 0 2 to 2 0 0 8 B rin g s v alu ab le fin an cial p ersp ectiv e an d ex ten siv e in v estm en t m an ag em en t ex p erien ce an d h as stro n g sen io r lead ersh ip an d risk m an ag em en t ex p erien ce, as w ell as cap ital m ark ets ex p ertise O th er P u b lic C o m p an y D irecto rsh ip s: L azard L td Jan e L . M en d illo D irecto r D irecto r sin ce 2 0 1 1 R etired E x ecu tiv e V ice P resid en t & C h ief F in an cial O fficer, Wal-M art S to res, In c. (sin ce 2 0 1 1 ) P rev io u sly serv ed at v ario u s lead ersh ip p o sitio n s fo r B lack & D eck er C o rp fro m 1 9 8 6 to 1 9 9 9 With ex ten siv e fin an cial ex p erien ce acq u ired th ro u g h p o sitio n s h eld as ch ief fin an cial o fficer o f larg e m u ltin atio n al, co n su m er-facin g co m p an ies, M r. S ch o ew e b rin g s fin an cial ex p ertise, co rp o rate lead ersh ip , an d o p eratio n al ex p erien ce to th e B o ard O th er P u b lic C o m p an y D irecto rsh ip s: K K R M an ag em en t L L C an d N o rth ro p G ru m m an C o rp o ratio n T h o m as M . S ch o ew e D irecto r D irecto r sin ce 2 0 1 3 1 7 th C h airm an o f th e Jo in t C h iefs o f S taff fro m 2 0 0 7 u n til h is retirem en t in 2 0 1 1 P resid en t o f M G M C o n su ltin g L L C sin ce 2 0 1 2 B rin g s ex ten siv e sen io r lead ersh ip ex p erien ce g ain ed o v er h is 4 3 -y ear career in th e U .S . m ilitary as C h airm an o f th e Jo in t C h iefs o f S taff, th e h ig h est-ran k in g o fficer in th e U .S . E x p erien ce in lead in g ch an g e in co m p lex o rg an izatio n s, risk m an ag em en t an d tech n ical in n o v atio n O th er P u b lic C o m p an y D irecto rsh ip s: S p rin t C o rp o ratio n A d m iralM ich ael G . M u llen D irecto r D irecto r sin ce 2 0 0 9 R etired D ean , Iv ey B u sin ess S ch o o l, T h e U n iv ersity o f Western O n tario (sin ce 2 0 1 3 ) P rev io u sly serv ed as P resid en t an d C h ief E x ecu tiv e O fficer o f L u cen t T ech n o lo g ies C an ad a fro m 1 9 9 9 to 2 0 0 3 P ro v id es B o ard w ith d iv erse p ersp ectiv es an d p ro g ressiv e m an ag em en t ex p ertise in m ark etin g , o p eratio n s, strateg ic p lan n in g , tech n o lo g y d ev elo p m en t, an d fin an cial m an ag em en t O th er P u b lic C o m p an y D irecto rsh ip s: B allard P o w er S y stem s, In c., In tact F in an cial C o rp o ratio n (fo rm erly IN G C an ad a), an d M ap le L eaf F o o d s In c. C aro l M . S tep h en so n D irecto r D irecto r sin ce 2 0 1 2 R etired C h airm an & C h ief E x ecu tiv e O fficer, C o n o co P h illip s (sin ce 2 0 1 2 ) B rin g s 3 9 y ears o f ex p erien ce in th e en erg y in d u stry , first at P h illip s P etro leu m C o m p an y an d th en C o n o co P h illip s M r. M u lv a h as g lo b al strateg ic m an u factu rin g ex p ertise an d k een risk an d safety m an ag em en t ex p erien ce allo w s h im to m ak e a sig n ifican t co n trib u tio n to B o ard d elib eratio n s in th ese an d o th er im p o rtan t areas A lso b rin g s in -d ep th b ack g ro u n d in fin an ce in larg e, co m p lex p u b lic co m p an ies O th er P u b lic C o m p an y D irecto rsh ip s: G en eral E lectric C o m p an y Jam es J. M u lv a D irecto r

F o rw ard L o o k in g S tatem en ts In th is p resen tatio n an d in rep o rts w e su b seq u en tly file an d h av e p rev io u sly filed w ith th e S E C o n F o rm s 1 0 -K an d 1 0 -Q an d file o r fu rn ish o n F o rm 8 -K , an d in related co m m en ts b y o u r m an ag em en t, w e u se w o rd s lik e “an ticip ate,” “ap p ears,” “ap p ro x im ately ,” “b eliev e,” “co n tin u e,” “co u ld ,” “d esig n ed ,” “effect,” “estim ate,” “ev alu ate,” “ex p ect,” “fo recast,” “g o al,” “in itiativ e,” “in ten d ,” “m ay ,” “o b jectiv e,” “o u tlo o k ,” “p lan ,” “p o ten tial,” “p rio rities,” “p ro ject,” “p u rsu e,” “seek ,” “sh o u ld ,” “targ et,” “w h en ,” “w ill,” “w o u ld ,” o r th e n eg ativ e o f an y o f th o se w o rd s o r sim ilar ex p ressio n s to id en tify fo rw ard -lo o k in g statem en ts th at rep resen t o u r cu rren t ju d g m en t ab o u t p o ssib le fu tu re ev en ts. In m ak in g th ese statem en ts w e rely o n assu m p tio n s an d an aly ses b ased o n o u r ex p erien ce an d p ercep tio n o f h isto rical tren d s, cu rren t co n d itio n s an d ex p ected fu tu re d ev elo p m en ts as w ell as o th er facto rs w e co n sid er ap p ro p riate u n d er th e circu m stan ces. We b eliev e th ese ju d g m en ts are reaso n ab le, b u t th ese statem en ts are n o t g u aran tees o f an y ev en ts o r fin an cial resu lts, an d o u r actu al resu lts m ay d iffer m aterially d u e to a v ariety o f im p o rtan t facto rs, b o th p o sitiv e an d n eg ativ e. T h ese facto rs, w h ich m ay b e rev ised o r su p p lem en ted in su b seq u en t rep o rts o n S E C F o rm s 1 0 -Q an d 8 -K , in clu d e am o n g o th ers th e fo llo w in g : (1 ) o u r ab ility to d eliv er n ew p ro d u cts, serv ices an d cu sto m er ex p erien ces in resp o n se to n ew p articip an ts in th e au to m o tiv e in d u stry ; (2 ) o u r ab ility to fu n d an d in tro d u ce n ew an d im p ro v ed v eh icle m o d els th at are ab le to attract a su fficien t n u m b er o f co n su m ers; (3 ) th e su ccess o f o u r fu ll-size p ick -u p tru ck s an d S U V s, w h ich m ay b e affected b y in creases in th e p rice o f o il; (4 ) g lo b al au to m o b ile m ark et sales v o lu m e, w h ich can b e v o latile; (5 ) ag g ressiv e co m p etitio n in C h in a; (6 ) th e in tern atio n al scale an d fo o tp rin t o f o u r o p eratio n s w h ich ex p o ses u s to a v ariety o f d o m estic an d fo reig n p o litical, eco n o m ic an d reg u lato ry risk s, in clu d in g th e risk o f ch an g es in ex istin g , th e ad o p tio n o f n ew , o r th e in tro d u ctio n o f n o v el in terp retatio n s o f, law s reg u latio n s, p o licies o r o th er activ ities o f g o v ern m en ts, ag en cies an d sim ilar o rg an izatio n s p articu larly law s, reg u latio n s an d p o licies relatin g to free trad e ag reem en ts, v eh icle safety in clu d in g recalls, an d , in clu d in g su ch actio n s th at m ay affect th e p ro d u ctio n , licen sin g , d istrib u tio n o r sale o f o u r p ro d u cts, th e co st th ereo f o r ap p licab le tax rates; (7 ) o u r jo in t v en tu res, w h ich w e can n o t o p erate so lely fo r o u r b en efit an d o v er w h ich w e m ay h av e lim ited co n tro l; (8 ) o u r ab ility to co m p ly w ith ex ten siv e law s an d reg u latio n s ap p licab le to o u r in d u stry , in clu d in gth o se reg ard in g fu el eco n o m y an d em issio n s; (9 ) co sts an d risk s asso ciated w ith litig atio n an d g o v ern m en t in v estig atio n s in clu d in g th e p o ten tial im p o sitio n o f d am ag es, su b stan tial fin es, civ il law su its an d crim in al p en alties, in terru p tio n s o f b u sin ess, m o d ificatio n o f b u sin ess p ractices, eq u itab le rem ed ies an d o th er san ctio n s ag ain st u s in co n n ectio n w ith v ario u s leg al p ro ceed in g s an d in v estig atio n s relatin g to o u r v ario u s recalls; (1 0 ) o u r ab ility to co m p ly w ith th e term s o f th e D P A ; (1 1 ) o u r ab ility to m ain tain q u ality co n tro l o v er o u r v eh icles an d av o id m aterial v eh icle recalls an d th e co st an d effect o n o u r rep u tatio n an d p ro d u cts; (1 2 ) th e ab ility o f o u r su p p liers to d eliv er p arts, sy stem s an d co m p o n en ts w ith o u t d isru p tio n an d at su ch tim es to allo w u s to m eet p ro d u ctio n sch ed u les; (1 3 ) o u r d ep en d en ce o n o u r m an u factu rin g facilities aro u n d th e w o rld ; (1 4 ) o u r h ig h ly co m p etitiv e in d u stry , w h ich is ch aracterized b y ex cess m an u factu rin g cap acity an d th e u se o f in cen tiv es an d th e in tro d u ctio n o f n ew an d im p ro v ed v eh icle m o d els b y o u r co m p etito rs; (1 5 ) o u r ab ility to realize p ro d u ctio n efficien cies an d to ach iev e red u ctio n s in co sts as w e im p lem en t o p eratin g effectiv en ess in itiativ es th ro u g h o u t o u r au to m o tiv e o p eratio n s; (1 6 ) o u r ab ility to su ccessfu lly restru ctu re o u r o p eratio n s in v ario u s co u n tries; (1 7 ) o u r ab ility to m an ag e risk s related to secu rity b reach es an d o th er d isru p tio n s to o u r v eh icles, in fo rm atio n tech n o lo g y n etw o rk s an d sy stem s; (1 8 ) o u r co n tin u ed ab ility to d ev elo p cap tiv e fin an cin g cap ab ility th ro u g h G M F in an cial; (1 9 ) sig n ifican t in creases in o u r p en sio n ex p en se o r p ro jected p en sio n co n trib u tio n s resu ltin g fro m ch an g es in th e v alu e o f p lan assets, th e d isco u n t rate ap p lied to v alu e th e p en sio n liab ilities o r m o rtality o r o th er assu m p tio n ch an g es; (2 0 ) sig n ifican t ch an g es in eco n o m ic, p o litical, reg u lato ry en v iro n m en t, m ark et co n d itio n s, fo reig n cu rren cy ex ch an g e rates o r p o litical stab ility in th e co u n tries in w h ich w e o p erate, p articu larly C h in a, w ith th e effect o f co m p etitio n fro m n ew m ark et en tran ts an d in th e U n ited K in g d o m w ith p assag e o f a referen d u m to d isco n tin u e m em b ersh ip in th e E u ro p ean U n io n ; an d (2 1 ) risk s an d u n certain ties asso ciated w ith th e co n su m m atio n o f th e sale o f O p el/V au x h all to th e P S A G ro u p , in clu d in g satisfactio n o f th e clo sin g co n d itio n s. We cau tio n read ers n o t to p lace u n d u e relian ce o n fo rw ard -lo o k in g statem en ts. We u n d ertak e n o o b lig atio n to u p d ate p u b licly o r o th erw ise rev ise an y fo rw ard -lo o k in gstatem en ts, w h eth er as a resu lt o f n ew in fo rm atio n , fu tu re ev en ts o r o th er facto rs th at affect th e su b ject o f th ese statem en ts, ex cep t w h ere w e are ex p ressly req u ired to d o so b y law .

Im p o rtan t A d d itio n al In fo rm atio n R eg ard in g P ro x y S o licitatio n G en eral M o to rs C o m p an y (“G M ”) in ten d s to file a p ro x y statem en t an d asso ciated w h ite p ro x y card w ith th e S ecu rities an d E x ch an g e C o m m issio n (th e “S E C ”) in co n n ectio n w ith th e so licitatio n o f p ro x ies fo r G M ’s 2 0 1 7 A n n u al M eetin g (th e “P ro x y S tatem en t”). G M , its d irecto rs an d certain o f its ex ecu tiv e o fficers w ill b e p articip an ts in th e so licitatio n o f p ro x ies fro m sh areh o ld ers in resp ect o f th e 2 0 1 7 A n n u al M eetin g . In fo rm atio n reg ard in g th e n am es o f G M ’s d irecto rs an d ex ecu tiv e o fficers an d th eir resp ectiv e in terests in G M b y secu rity h o ld in g s o r o th erw ise is set fo rth in G M ’s A n n u al R ep o rt o n F o rm 1 0 -K fo r th e fiscal y ear en d ed D ecem b er 3 1 , 2 0 1 6 , filed w ith th e S E C o n F eb ru ary 7 , 2 0 1 7 an d G M ’s p ro x y statem en t fo r th e 2 0 1 6 A n n u al M eetin g o f S h areh o ld ers, filed w ith th e S E C o n A p ril 2 2 , 2 0 1 6 an d th e F o rm 8 -K filed w ith th e S E C D ecem b er 1 9 , 2 0 1 6 . T o th e ex ten t h o ld in g s o f su ch p articip an ts in G M ’s secu rities are n o t rep o rted , o r h av e ch an g ed sin ce th e am o u n ts d escrib ed , in th e 2 0 1 6 p ro x y statem en t, su ch ch an g es h av e b een reflected o n In itial S tatem en ts o f B en eficial O w n ersh ip o n F o rm 3 o r S tatem en ts o f C h an g e in O w n ersh ip o n F o rm 4 filed w ith th e S E C . D etails co n cern in g th e n o m in ees o f G M ’s B o ard o f D irecto rs fo r electio n at th e 2 0 1 7 A n n u al M eetin g w ill b e in clu d ed in th e P ro x y S tatem en t. B E F O R E M A K IN G A N Y V O T IN G D E C IS IO N , IN V E S T O R S A N D S H A R E H O L D E R S O F T H E C O M P A N Y A R E U R G E D T O R E A D A L L R E L E V A N T D O C U M E N T S F IL E D WIT H O R F U R N IS H E D T O T H E S E C , IN C L U D IN G T H E C O M P A N Y ’S D E F IN IT IV E P R O X Y S T A T E M E N T A N D A N Y S U P P L E M E N T S T H E R E T O , B E C A U S E T H E Y WIL L C O N T A IN IM P O R T A N T IN F O R M A T IO N . In v esto rs an d sh areh o ld ers w ill b e ab le to o b tain a co p y o f th e d efin itiv e p ro x y statem en t an d o th er d o cu m en ts filed b y G M free o f ch arg e fro m th e S E C ’s w eb site, w w w .sec.g o v . G M ’s sh areh o ld ers w ill also b e ab le to o b tain , w ith o u t ch arg e, a co p y o f th e d efin itiv e P ro x y S tatem en t an d o th er relev an t filed d o cu m en ts b y d irectin g a req u est b y m ail to G M S to ck h o ld er S erv ices at G en eral M o to rsC o m p an y , M ail C o d e 4 8 2 -C 2 5 -A 3 6 , 3 0 0 R en aissan ce C en ter, P .O . B o x 3 0 0 , D etro it, M ich ig an 4 8 2 6 5 -3 0 0 0 o r at sto ck h o ld er.serv ices@ g m .co m o r fro m th e in v esto r relatio n s sectio n o f G M ’s w eb site, h ttp ://w w w .g m .co m /in v esto r.

S elect S u p p lem en tal F in an cial In fo rm atio n

N o n -G A A P M easu res S ee o u r F o rm 1 0 -K an d F o rm 1 0 -Q rep o rts filed w ith th e U .S . S ecu rities an d E x ch an g e C o m m issio n fo r a d escrip tio n o f certain n o n -G A A P m easu res u sed b y G M , in clu d in g E B IT -ad ju sted , E P S -d ilu ted ad ju sted , R O IC -ad ju sted , an d ad ju sted au to m o tiv e free cash flo w , alo n g w ith a d escrip tio n o f v ario u s u ses fo r su ch m easu res. O u r calcu latio n o f th ese n o n -G A A P m easu res are set fo rth w ith in th ese rep o rts an d m ay n o t b e co m p arab le to sim ilarly titled m easu res o f o th er co m p an ies d u e to p o ten tial d ifferen ces b etw een co m p an ies in th e m eth o d o f calcu latio n . A s a resu lt, th e u se o f th ese N o n -G A A P m easu res h as lim itatio n s an d sh o u ld n o t b e co n sid ered su p erio r to , in iso latio n fro m , o r as a su b stitu te fo r, related U .S . G A A P m easu res.

O p eratin g in co m e E P S -d ilu ted N et cash fro m o p eratin g activ ities - au to m o tiv e $ 5 .1 B $ 2 .3 8 $ 9 .5 B $ 6 .0 0 $ 1 4 .3 B 2 0 1 3 actu al 2 0 1 6 actu al N et in co m e to co m m o n sto ck h o ld ers $ 3 .8 B $ 9 .4 B $ 1 1 .0 B H isto ry o f stro n g an d im p ro v in g resu lts Im p ro v in g G A A P R esu lts $ 4 .9 B $ 5 .9 1 2 0 1 5 actu al $ 9 .7 B $ 1 0 .0 B $ 1 .5 B $ 1 .6 5 2 0 1 4 actu al $ 2 .8 B $ 1 0 .1 B N et rev en u e $ 1 5 5 .4 B $ 1 6 6 .4 B $ 1 5 2 .4 B $ 1 5 5 .9 B R O E 2 1 .6 % 1 3 .5 % 2 6 .2 % 9 .6 % N /A $ 6 .0 0 - $ 6 .5 0 ~ $ 1 5 B 2 0 1 7 o u tlo o k 1 N /A > 2 0 1 6 N /A 1 D o es n o t co n sid er th e p o ten tial fu tu re im p act o f ad ju stm en ts o r th e effects o f th e O p el/V au x h all related tran sactio n s d escrib ed in o u r F o rm 8 -K d ated M arch 6 , 2 0 1 7

2 0 1 6 $ 6 .0 0 - $ 6 .5 0 ~ $ 6 B > 2 5 % > 2 0 1 6 2 0 1 6 E B IT -ad j. E P S -d ilu ted -ad j. A d j. au to F C F R O IC -ad j. C ash retu rn ed to sh areh o ld ers $ 8 .6 B $ 3 .1 8 2 0 % $ 0 .0 B $ 1 2 .5 B $ 6 .1 2 $ 6 .9 B 2 9 % $ 4 .8 B 2 0 1 3 actu al 2 0 1 6 actu al 2 0 1 7 o u tlo o k E B IT -ad j. m arg in 5 .5 % 7 .5 % $ 3 .7 B 1 R ep resen ts co re o p eratin g p erfo rm an ce (i.e., ad ju sted fo r m ajo r recall cam p aig n s) R efer to S elect S u p p lem en tal F in an cial In fo rm atio n h erein fo r a p resen tatio n o f an d reco n ciliatio n to m o st d irectly co m p arab le G A A P m easu res S tro n g p erfo rm an ce d eliv ered in recen t y ears ex p ected to co n tin u e in 2 0 1 7 T rack R eco rd o f D eliv erin g S tro n g R esu lts $ 1 0 .8 B $ 5 .0 2 2 7 % $ 5 .7 B 2 0 1 5 actu al 7 .1 % $ 4 .8 B 1 $ 9 .3 B $ 4 .1 2 2 1 % $ 2 .1 B 2 0 1 4 actu al1 6 .0 % $ 4 .7 B > 2 0 1 6 N et rev en u e $ 1 5 5 .4 B $ 1 6 6 .4 B $ 1 5 2 .4 B $ 1 5 5 .9 B

R eco n ciliatio n o f E B IT -ad ju sted an d E P S -d ilu ted -ad ju sted ($ B , ex cep t M arg in an d E P S ) 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 N et in co m e attrib u tab le to sto ck h o ld ers 5 .3 3 .9 9 .7 9 .4 S u b tract: A u to m o tiv e In terest E x p en se (0 .3 ) (0 .4 ) (0 .4 ) (0 .6 ) A u to m o tiv e In terest In co m e 0 .2 0 .2 0 .2 0 .2 G ain (lo ss) o n ex tin g u ish m en t o f d eb t (0 .2 ) 0 .2 0 .4 — In co m e T ax B en efit (E x p en se) (2 .1 ) (0 .2 ) 1 .9 (2 .4 ) A d d B ack S p ecial Item s1 : Ig n itio n sw itch recall an d related leg al m atters — 0 .4 1 .8 0 .3 R ecall cam p aig n catch -u p ad ju stm en t — 0 .9 — — T h ailan d asset im p airm en ts — 0 .2 0 .3 — V en ezu ela cu rren cy d ev alu atio n an d asset im p airm en t 0 .2 0 .4 0 .7 — R u ssia ex it co sts an d asset im p airm en t — 0 .2 0 .4 — G o o d w ill im p airm en t ch arg es 0 .4 0 .1 — — K o rea w ag e litig atio n (0 .6 ) — — — H o ld en asset im p airm en ts 0 .5 — — — In d ia asset im p airm en ts 0 .3 — — — C h ev ro let E u ro p e ex it co sts 0 .6 — — — G ain o n sale o f eq u ity in v estm en t in A lly F in an cial (0 .5 ) — — — O th er (0 .1 ) 0 .1 — — T o tal S p ecial item s 0 .8 2 .3 3 .2 0 .3 E B IT -A d ju sted 8 .6 6 .5 1 0 .8 1 2 .5 C o sts related to R ecall 2 .8 C o re O p eratin g P erfo rm an ce 8 .6 9 .3 1 0 .8 1 2 .5 N et R ev en u e 1 5 5 .4 1 5 5 .9 1 5 2 .4 1 6 6 .4 E B IT -A d ju sted M arg in fro m C o re O p eratio n s 5 .5 % 6 .0 % 7 .1 % 7 .5 % E B IT -A d ju sted M arg in 5 .5 % 4 .2 % 7 .1 % 7 .5 % D ilu ted earn in g s p er co m m o n sh are 2 .3 8 1 .6 5 5 .9 1 6 .0 0 A d ju stm en ts 1 .1 1 1 .7 3 1 .6 8 0 .1 9 T ax effect o f ad ju stm en ts (0 .0 3 ) (0 .3 3 ) (0 .1 3 ) (0 .0 7 ) T ax ad ju stm en ts (0 .2 8 ) — (2 .4 4 ) — Im p act o f co sts related to recall — 1 .0 7 — — E P S -D ilu ted -A d ju sted fro m C o re O p eratio n s 3 .1 8 4 .1 2 5 .0 2 6 .1 2 E P S -D ilu ted -A d ju sted 3 .1 8 3 .0 5 5 .0 2 6 .1 2 1 In clu d ed in o p eratin g in co m e

R eco n ciliatio n o f A d ju sted A u to m o tiv e F ree C ash F lo w ($ B ) 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 A u to m o tiv e O p eratin g C ash F lo w 1 1 .0 1 0 .1 1 0 .0 1 4 .3 L ess: C ap ital E x p en d itu res (7 .5 ) (7 .0 ) (7 .8 ) (9 .4 ) A d ju stm en ts¹ 0 .2 — — 2 .0 A d j. A u to m o tiv e F ree C ash F lo w 3 .7 3 .1 2 .2 6 .9 R ecall R elated ² — 1 .6 2 .5 — A d j. A u to m o tiv e F ree C ash F lo w - E x clu d in g R ecall 3 .7 4 .7 4 .8 6 .9 1 A d d itio n al in fo rm atio n o n ad ju stm en ts av ailab le in resp ectiv e F o rm 1 0 -K o r 1 0 -Q 2 In crem en tal co sts related to 2 0 1 4 ig n itio n sw itch recall N o te: R esu lts m ay n o t su m d u e to ro u n d in g

R eco n ciliatio n o f R O IC -ad ju sted ($ B ) 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 N u m erato r: N et in co m e attrib u tab le to sto ck h o ld ers 5 .3 3 .9 9 .7 9 .4 S u b tract: A u to m o tiv e In terest E x p en se (0 .3 ) (0 .4 ) (0 .4 ) (0 .6 ) A u to m o tiv e In terest In co m e 0 .2 0 .2 0 .2 0 .2 G ain (lo ss) o n ex tin g u ish m en t o f d eb t (0 .2 ) 0 .2 0 .4 — In co m e T ax B en efit (E x p en se) (2 .1 ) (0 .2 ) 1 .9 (2 .4 ) S p ecial Item s1 (0 .8 ) (2 .3 ) (3 .2 ) (0 .3 ) E B IT -A d j. 8 .6 6 .5 1 0 .8 1 2 .5 D en o m in ato r: A v erag e E q u ity 3 9 .5 4 1 .3 3 7 .0 4 3 .6 A d d : A v erag e au to m o tiv e d eb t an d in terest liab ilities (ex clu d in g cap ital leases) 5 .0 6 .8 8 .1 1 0 .0 A d d : A v erag e au to m o tiv e n et p en sio n & O P E B liab ility 3 2 .6 2 6 .6 2 8 .3 2 4 .5 L ess: A v erag e fresh start acco u n tin g g o o d w ill (0 .5 ) (0 .1 ) - - L ess: A v erag e au to m o tiv e n et in co m e tax asset (3 4 .1 ) (3 2 .4 ) (3 3 .6 ) (3 4 .8 ) R O IC -A d j. av erag e n et assets 4 2 .5 4 2 .2 3 9 .8 4 3 .3 R O IC -A d j. 2 0 .2 % 1 5 .4 % 2 7 .2 % 2 8 .9 % R ecall R elated 2 - 5 .4 % - - R O IC -A d j. (E x clu d in g R ecall) 2 0 .2 % 2 0 .8 % 2 7 .2 % 2 8 .9 % R O E 1 3 .5 % 9 .6 % 2 6 .2 % 2 1 .6 % 1 In clu d ed in o p eratin g in co m e 2 A d d itio n al in fo rm atio n o n ad ju stm en ts can b e fo u n d in filed 1 0 -K R esu lts m ay n o t su m d u e to ro u n d in g

G u id an ce R eco n ciliatio n Y ear E n d in g D ec. 3 1 , 2 0 1 7 D ilu ted E arn in g s P er C o m m o n S h are $ 6 .0 0 -$ 6 .5 0 A d ju stm en ts - T ax effect o n ad ju stm en ts - E P S -d ilu ted -ad j. $ 6 .0 0 -$ 6 .5 0 ($ B ex cep t w h ere n o ted ) Y ear E n d in g D ec. 3 1 , 2 0 1 7 A u to m o tiv e n et cash p ro v id ed b y o p eratin g activ ities ~ 1 5 L ess: ex p ected cap ital ex p en d itu res ~ (9 ) A d j. au to m o tiv e free cash flo w ~ 6 D o es n o t co n sid er th e p o ten tial fu tu re im p act o f ad ju stm en ts o r th e effects o f th e O p el/V au x h all related tran sactio n s d escrib ed in o u r F o rm 8 -K d ated M arch 6 , 2 0 1 7 R esu lts m ay n o t su m d u e to ro u n d in g

F o r ad d itio n al in fo rm atio n p lease v isit: h ttp s://w w w .g m fin an cial.co m /in v esto rs-in fo rm atio n .asp x in v esto rs@ g m fin an cial.co m h ttp ://w w w .g m .co m /in v esto rs in v esto rrelatio n s@ g m .co m G M ’s In v esto r R elatio n s w eb site co n tain s a sig n ifican t am o u n t o f in fo rm atio n ab o u t G M , in clu d in g fin an cial an d o th er in fo rm atio n fo r in v esto rs. G M en co u rag es in v esto rs to v isit o u r w eb site, as in fo rm atio n is u p d ated an d n ew in fo rm atio n is p o sted . Im p o rtan t in fo rm atio n reg ard in g reco n ciliatio n s to th e n o n -G A A P fin an cial m easu res co n tain ed in th is p resen tatio n can b e fo u n d in o u r p u b lically filed S E C d o cu m en ts (1 0 K s & 1 0 Q s) also lo cated at w w w .g m .co m /in v esto rs. T h ese m aterials are th e in tellectu al p ro p erty o f G M an d /o r its affiliates o r su b sid iaries an d m ay n o t b e co p ied , rep ro d u ced , m o d ified , d isp lay ed , o r in co rp o rated in to o th er m aterials, in w h o le o r in p art, w ith o u t th e ex p ress p erm issio n o f G M In v esto r R elatio n s. R eq u ests to u se th e m aterials sh o u ld b e sen t to in v esto rrelatio n s@ g m .co m . C ad illac E scala C o n cep t