Unlocking Value at GM: Shareholder Presentation
Reasons 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
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