Is $20Bn cash balance too much, too little, or just right for what GM needs to effectively

deliver their strategy? How will free cash flow projections and investment needs against

GMs strategic choices impact their $20Bn (target) cash balance?

Exhibit 1 GM's Consolidated Income Statement (in millions, except per share amounts 2014 2013 2012 $151,092 4,837 155,929 $152,092 3,335 155,427 $150,295 1,961 152,256 Net sales and revenue Automotive GM Financial Total net sales and revenue Costs and expenses Automotive cost of sales GM Financial interest, operating and other expenses Automotive selling, general and administrative expense Goodwill impairment charges (Note 9) Total costs and expenses Operating income Automotive interest expense Interest Income and other non-operating income, net Gain (loss) on extinguishment of debt Equity income Income before income taxes Income tax expense (benefit) Net income Net (income) loss attributable to non-controlling interests 138,082 4,039 12,158 120 154399 1,530 134,925 2,448 12,382 541 140,236 1,207 14,031 27 145 182.619 (30,363) 150,296 5,131 334 1,063 (212) 1,810 7.458 2,127 5,331 2094 4.246 228 4,018 (69) 845 (250) 1,562 (28,695) (34 831) 6,136 52 Net income attributable to stockholders $3,949 $5,346 $6,188 Net income attributable to common stockholders $2,804 $3,770 $4,859 Earnings per Share: Basic Basic earnings per common share Weighted-average common shares outstanding Diluted Diluted earnings per common share Weighted average common shares outstanding $1.75 1.605 $2.71 1,393 $3.10 1.566 $1.65 1.687 $2.38 1,676 $2.92 1.675 Source GM SEC filings MacBook Exhibit 2 GM'S Consolidated Balance Sheet (in millions, except per share amounts) 2014 2013 2012 ASSETS Current Assets Cash and cash equivalents Marketable securtles Restricted cash and marketable securities Accounts and notes receivable GM Financial receivables.net Inventories Equipment on operating leases, net Deferred income taxes Other current assets Total current assets $18,954 9.222 1.338 9077 16.528 $20,021 8.972 1 247 8.535 14278 14039 2398 10.349 1 662 81,501 $18.422 8.988 686 10.395 4.044 14,714 3.564 9.780 1.540 83.626 682 935 16,006 8.350 27.743 Non-current Assets Restricted cash and marketable securities GM Financial receivables, net Equity in net assets of nonconsolidated affiliates Property, net Goodwill and intangible assets, net GM Financial equipment on operating leases, net Deferred income taxes Other assets Total non-current assets Total Assets 8.29 14.354 8,094 25.867 7 228 3.383 22.735 2,352 6,954 6.R3 24.196 8.782 1.649 27.922 2.358 79.426 7.080 25.414 $177,501 $166.344 $149.422 $22,529 $23,621 $25,166 LIABILITIES AND EQUITY Current Liabilities Accounts payable (principally trade) Short-term debt and current portion of long-term debt Automotive GM Financial Accrued liabilities Total current liabilities 14,447 29.184 65.657 584 13,594 24.633 62 412 1.748 3,770 23.308 53,092 3.424 7.108 22 868 6.573 15.452 5.897 19.483 13.353 60.750 123,170 14.08. 75.820 141.477 27,420 13.169 58,430 112,422 Non-current Liabilities Long-term debt Automotive GM Financial Postretirement benefits other than pensions Pensions Other liabilites Total non-current liabilities Total Liabilities Commitments and contingencies Equity Common stock, 30.01 par value Additional paid in capital Retained earrings Accumulated other comprehensive loss Total stockholders' equity Noncontrolling interests Total Equity Total Liabilities and Equity 23634 10.057 28.937 14,577 (8073) 35.457 28.780 13 816 (3.113) 42 607 36,024 43. 174 37 000 $149.422 $177.501 Source CM SEC fing MacBook Air Exhibit 3 GM's Consolidated Statements of Cash Flows (in millions) 2014 2013 2012 $4,018 7 238 $5,331 8,041 $6,136 38.762 437 117 350 114 Cash flows from operating activities Net incomes Depreciation, amortization and impairment charges Foreign currency remeasurement and transaction losses Amortization of discount and issuance costs on debt issues Undistributed earnings of nonconsolidated affiliates and gains on investments Pension contributions and OPEB payments Pension and OPEB expense, net (Gains) losses on extinguishment of debt Provision (benefit) for deferred taxes Change in other operating assets and liabilities Other operating activities Net cash provided by operating activities (301) (1,315) 429 (202) (574) 244 (107) 10,058 (92) (1.458) 638 212 1,561 (1,326) (741) 12,630 188 (179 3,759) 3232 250 (35,561) 789 10,605 (7,091) (7.636) (1,518) 6,874 1.881 (7 565) (6,754) (3 214) 3.566 6.538 (2,623) (8,068) (4,650) 16.24 10.519 7267 (53) 149 896 Cash flows from investing activities Expenditures for property Available-for-sale marketable securities, acquisitions Trading marketable securities, acquisitions Available-for-sale marketable securities, liquidations Trading marketable securities, liquidations Acquisition of companies, net of cash acquired Proceeds from sale of business unites/investments, net of cash disposed Increase in restricted cash and marketable securities Decrease in restricted cash and marketable securities Purchase of finance receivables Principal collections and recoveries on finance receivables Purchases of leased vehicles, net Proceeds from termination of leased vehicles Other investing activities Net cash used in Investing activities (839) 515 (14,744) 10.860 (4,776) (984) 1.107 (10,838) 7.555 (2.254) 217 9) (14,362) 561) 1,526 16.122) 4007 (1,060) 296 (15,698) (3,505) 156 Cash flows from financing activities Net increase (decrease in short-term debt Proceeds from Issuance of debt (original maturities greater than three months) Payments on debt (original maturities greater than three months) Payments to purchase stock Dividends paid (including charge related to redemption and purchase of Series A Preferred Stock) Other financing activities Net cash provided by used in) financing activities 391 31,373 (19.524) (3.277) 28,041 (20.191) (2.438) 247) 9.036 (7,377) (5.098) 1939 (3,165) 1723 5.675 (1,687) (150) 3.731 (116 4,741) Effect of exchange rate changes on cash and cash equivalents Net increase (decrease in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period (1,102) (1.067) 20.021 $18.954 (400) 1.599 18.422 $20,021 2351 16,071 $18.422 Significant Non-cash Activity Investing Cash Flows Non-cash property additions Financing Cash Flows Mandatory conversion of Series B Preferred Stock into common stock $3,313 $3,879 $3,224 $4,854 Source: CM SEC Filings Exhibit 4 Total Shareholder Return Index for GM and Comparable Firms 250 11/13 2010 11 13 2011 Source: Thomson Reuters Datastream. Note: Over the period displayed, Tesla's valuation increased more than six fold. MacBook Air Exhibit 5 GM Segment Data GME GMIO GMSA Total Eliminations Automotive Corporat Total 151 101,199 6,603 92,864 4,985 4,122 22.235 (1,369) 10.528 (580) 13.115 (180) 10,066 359 22,949 (29,041) 151,092 5,696 131,674 7,039 5,320 156,929 6,494 177,501 7,091 6.238 21.962 2014 Net sales and revenue EBIT-adjusted Total assets Expenditures for property Depreciation and amortization 2013 Net sales and revenue EBIT-adjusted Total assets Expenditures for property Depreciation and amortization 2012 Net sales and revenue EBIT-adjusted Total assets Expenditures for property Depreciation and amortization (869 95,099 7.461 87,978 5.466 3.896 16,478 327 11.488 (494) 26,421 (29,252) 152,100 7.680 130,011 7,549 5,420 155,427 8,578 166,231 7.565 5,908 444 477 20,588 2,538 16,700 152,256 457 7.859 89,910 6,470 87,100 4,766 3,663 23.055 (1,949) 10.475 1,075 6,584 (400) 16.991 (16,927) 150,293 7,116 133.744 8,055 11.402 149.422 8,068 11,617 Source: GM SEC filings. Note: All values are in millions 215-02614 Exhibit 6 GM Segment Data 2013 2013 Market Market Share Retail Vehicle Sales Industry Market Share GM Industry GM Industry GM North America United States Other Total North America 16.59 Europe Germany United Kingdom 1,611 Other Total Europe Asia Pacific, Middle East and Africa China Other Total Asia Pacific, Middle East and Africa South America Braz 643 16.9% 3802 2047 Other 1,051 18.0% Total South America TOTAL WORLDWIDE 87 3969.925 8.0 903 9.297 11.59 Source Note: GM SEC filing Vehicle counts are in thousands LITTLUala-EDUSD Exhibit 8 GM's ROIC Calculation (in billions) 2013 2012 2014 4.25 7.46 (28.69) EBT (Income (loss) before Income taxes) Add Backs: Interest Expense Interest Income Net (Income) loss due to non-controlling interests Gain/(Loss) on Extinguishment of Debt Total Add-Backs 0.40 (0.21) 4.44 (0.07) (0.20) (0.27) 0.33 (0.25) 7.55 0.02 0.49 (0.34) (28.54) 0.05 0.25 0.30 0.21 OO 27.10 5.50 2.70 Special Items: Goodwill Impairment Charge Impairment Charges of Property and Intangible Assets Pension Settlement Charges Venezuela Currency Devaluation GM Korea Wage Litigation Recall Campaign Catch-up Adjustment Ignition Switch Recall Compensation Program Russia Exit Costs Flood Damage Ignition Switch DOJ Financial Penalty Ignition Switch Civil Litigation Charges GM Korea Preferred Shares Acquisition Other Total Special Items EBIT-adjusted (0.10) 0.80 8.57 0.50 36.10 7.86 6.47 41.30 39.50 40.30 Average Equity Average automotive debt and interest liabilities (excluding capital leases) Average automotive net pension & OPEB liability Average fresh start accounting goodwill Average automotive net income tax asset ROIC average net assets ROIC Recall Related ROIC-adjusted (excluding recall) 6.80 26.60 (0.10) (32.40) 42.20 15.32% 5.40% 20.72% 5.00 32.60 (0.50) (3410) 42.50 20.17% 0.00% 20.17% 4.20 33.30 (20.50) (8.40) 49.00 16.04% 0.00% 16.04% Source: GM Investor Presentations Driving Shareholder Value, March 2015 and General Motors Strategic and Operational Overview October 28, 2016. Note The change in ROIC average roet assets is largely a consequence of some 2012 changes that affected the balance sheet GM took a goodwill impairment charge of $27.1 billion and recognized a deferred tax valuation release of $162 billion The increase in deferred income taxes relates to tax-loss carryover credits and both of these changes were induced by improvements to GM's formance 216 -15- Exchlbit 7 Passenger Car Registrations 1 2010 2011 2014 2016 2017 2018 2019 8 North America Western Europe Transition Economies Asia and Australasia Latin America Middle East and Africa WRXBE $ WORLD Source: World Industry Outlook Automotive, The Economist Intelligence Unit, 2014 and 2015. Note: All figures are in millions GM's Capital Allocation Framework Exhibit 9 Selected Capital Market Data 30-Year Treasury Bond Yield to Maturity GM Equity Beta Estimated yield on GM debt to support automotive operations 2.50% 1.62 4.75% Source Bloomberg and casewriter estimates. Exhibit 10 Analyst Projections for 2015, 2016, 2017, 2018, and 2019 Barclays Equity Research Total Auto Sales Auto Gross Profit Auto Operating Income Report Date: February 5, 2015 144,902.00 1 50,553.00 151,924.00 28,381.00 31,399.00 32,656.00 9,456.00 11,173.00 12,209.00 160,275.00 34,298.00 13,462.00 161,045.00 33,956.00 13,188.00 Report Date: March 13, 2015 Total Auto Sales Auto Gross Profit Auto Operating Income 144,203.00 27,542.00 9,451.00 150,738.00 30,068.00 11,119.00 151,245.00 31,408.00 12,027.00 159,704.00 33,545.00 13,248.00 160,471.00 33,581.00 12,970.00 Total Auto Sales Auto Gross Profit Auto Operating Income Report Date: April 24, 2015 141,338.00 146,464.00 147,998.00 28,551,00 29,557.00 31,215.00 9,356.00 10,964.00 12,161.00 154,457.00 32,592.00 12,808.00 155,923.00 32,829.00 12,718.00 UBS Global Research Reports Report Date: February 4, 2015 Revenues 156,089.00 165,964.00 172,514.00 6.993.37 8,661.91 10,490.68 Net eamings 8,065,81 8,734.61 10,080.60 Total Assets 148.171.54 158,337 20 169,830.69 179,344.00 11,213 27 10.753.10 182,687 20 186,402.00 12,999.38 11.423.98 196,368.70 Revenues Report Date: March 9, 2015 156,089.00 165,964.00 172,514.00 6.993 37 8,661.91 10,490.68 8,065,81 8,734.61 10,080.60 na EBIT 179.344.00 11.213 27 10.753.10 n/a 186,402.00 12,999.38 11,423.98 n/a Net earnings Total Assets Revenues EBIT Net eamings Total Assets Report Date: April 23, 2015 150.521.00 159,721.00 165,970.00 6,323,03 8.740.46 10.460.70 7.730.37 8.806.94 10.078.05 141,873.93 149,120.13 160,352.15 72.499.00 11.152.36 10.729 22 172.848.11 179.242.00 12.884.74 11,363.03 186,146 56 Source Note Barclays Equity Research All es are in mill Mwai p ortand US Global Research Reports on GM various reports a ch column wees to a new year starting with projections for 2015