#1May 10, 2017 Unlocking Value at GM: Shareholder Presentation GREENLIGHT#2#3#4#5#6Reasons for Greenlight's Active Involvement o The Company has generated a total return of only 17% since its November 2010 IPO, compared to an average return of 147% from its OEM peers and an S&P 500 return of 133%(1) o We believe this is in large part the result of a culture that is loath to disrupt the status quo and resists steps to unlock shareholder value o Recall that it wasn't until receiving public pressure from shareholders in 2015 that GM began a share repurchase program and announced its much touted capital allocation framework o When presented with an idea to unlock billions of dollars of shareholder value (the "Plan"), GM's management team and Board retreated into a "not invented here" mentality, and retained financial advisors to discredit the idea o We believe the management team then misrepresented the Plan to the credit rating agencies o GM's other objections to our Plan indicate a lack of basic corporate finance and capital markets understanding that is harming shareholders GM's Board needs to be enhanced to ensure it has critical capital markets expertise and a willingness to maximize shareholder value (1) Reflects impact of capital appreciation and dividends, as of May 5, 2017 Greenlight Capital, Inc.Ⓡ LO 5#7#8#9#10#11#12#13#14#15#16#17#18#19#20#21#22#23#24#25#26#27#28#29#30#31#32#33