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 Greenlight Capital, Inc. and its affiliates ("Greenlight"), which own 
 3.6% of the common stock of General Motors Company GM ("GM," or 
 the "Company"), making it GM's fifth largest public shareholder, is 
 mailing a letter to GM shareholders highlighting that GM's Board of 
 Directors has been unwilling to take the steps Greenlight believes are 
 necessary to unlock billions of dollars of shareholder value either by 
 embracing Greenlight's plan to split the Company's common stock into two 
 classes of common equity (the "Plan") or by putting forth any other plan 
 to help fix the Company's significant valuation problem. Greenlight 
 observes that GM's share price has the lowest price-to-earnings ratio of 
 any of the 500 companies in the S&amp;P 500, and that after almost seven 
 years, GM's stock trades at its IPO price.
 

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 Greenlight urges all GM shareholders to vote the GREEN 
 proxy card in favor of the Plan and in support of Greenlight's three 
 highly qualified Director nominees – Leo Hindery, Jr., Vinit Sethi, and 
 William N. Thorndike, Jr. – who will bring desperately needed fresh 
 thinking and new perspectives to the Board, at GM's Annual Meeting of 
 Shareholders, scheduled to take place on June 6, 2017.
 
 
 Shareholders can access all the materials related to Greenlight's proxy 
 solicitation at <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.UnlockGMValue.com&amp;esheet=51563684&amp;newsitemid=20170523005838&amp;lan=en-US&amp;anchor=www.UnlockGMValue.com&amp;index=1&amp;md5=6d479277546c31d7f5044af5757afe3c" rel="nofollow" rel="nofollow">www.UnlockGMValue.com</a>.
 
 
 The full text of the letter is below.
 
 
 May 23, 2017
 
 
 To Our Fellow Shareholders of General Motors Company:
 
 
 While the share price of General Motors Company ("GM") hovers around its 
 IPO price, what are GM and its Board of Directors (the "Board") doing to 
 create value for shareholders?
 
 
 Seemingly nothing. Or, at least nothing that is working.
 
 
 Consider this simple fact: GM has the lowest price-to-earnings (P/E) 
 ratio of any of the 500 companies in the S&amp;P 500. The incumbent 
 Board and management have failed to generate value for GM's shareholders 
 since its IPO, despite an equity bull market. We believe that more of 
 the same thinking and the same capital structure is unlikely to lead to 
 an increased valuation.
 
 
 Despite these problems, the Board and GM's management appear 
 uninterested in fixing GM's inefficient capital structure so that the 
 capital markets can properly recognize the intrinsic value of GM. They 
 are resisting both our recommended new directors, who would bring fresh 
 thinking to the Board, and our proposal to split the common stock into 
 two classes of common equity (the "Plan"), which has the potential to 
 unlock tens of billions of dollars in value.
 
 
 A vote on the GREEN proxy card is a vote for increased shareholder 
 value1.
 
 
 <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.businesswire.com%2Fcgi-bin%2Fmmg.cgi%3Feid%3D51563684%26lang%3Den&amp;esheet=51563684&amp;newsitemid=20170523005838&amp;lan=en-US&amp;anchor=%5BPlease+click+here+to+view+chart.%5D&amp;index=2&amp;md5=7e145b64060242d79a4f3ac677a174d8" rel="nofollow" rel="nofollow">[Please 
 click here to view chart.]</a>
 
 
 Why are the incumbent directors resisting our Plan and our nominees, 
 given that GM's current strategy has not created value for shareholders 
 over nearly seven years? We can only assume the current directors 
 are not concerned about GM's languishing stock price.
 
 
 Instead of properly evaluating a well-intentioned and carefully 
 developed plan presented by one of GM's largest shareholders, the 
 Board is wasting more than $15 million of shareholder money to 
 maintain the status quo by misrepresenting our Plan, distracting you 
 from their track record, and defending the incumbent team. We think that 
 the Board can come up with a better use for those $15 million, and we 
 believe our Plan will unlock value within GM's stated financial policy 
 constraints without causing any harm to GM. Being against change is 
 easy. It would be nice if GM actually had a plan to advocate for.
 
 
 Instead, GM's Board and management are resisting change by hiding 
 behind a credit rating agency red herring. GM claims that our Plan would 
 definitively lead to a credit rating downgrade below investment-grade. 
 But GM failed to advocate for the Plan to the credit rating agencies, 
 never asked for a formal opinion and refused to let Greenlight pursue a 
 formal opinion at no cost to GM. Instead, in an effort to 
 undermine our Plan, GM presented the credit rating agencies with an 
 altered version of our term sheet for the Plan, held conversations with 
 the credit rating agencies without our involvement, and never explained 
 to the credit rating agencies why the Plan would be credit neutral. We 
 believe these actions, including GM's willingness to call into question 
 its own credit rating to undermine our Plan, are outrageous.
 
 
 As shareholders, we need to insist on change. Please vote GREEN 
 to show your support for new thinking and fresh perspectives at GM and 
 on the Board. The Plan is an advisory proposal, meaning that if 
 the Board concludes after serious consideration that the Plan is not the 
 best capital structure strategy for GM, the Board is not forced to 
 implement it.
 
 
 Our three director nominees – Leo Hindery, Jr., Vinit Sethi and William 
 N. Thorndike, Jr. – have the necessary experience operating large and 
 complex companies, investing in the capital markets, evaluating capital 
 structures and generating superior returns for investors to help refresh 
 the GM boardroom and unlock shareholder value.
 
 
 Voting GREEN is a win-win proposition. By voting the GREEN 
 proxy card, you send a loud and clear message to the Board that you want 
 change without affecting GM's current operations.
 
 
 More information about our nominees and the Plan are available at <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.UnlockGMValue.com&amp;esheet=51563684&amp;newsitemid=20170523005838&amp;lan=en-US&amp;anchor=www.UnlockGMValue.com&amp;index=3&amp;md5=6f56f7f8d6d15a63a6eee378887c96bd" rel="nofollow" rel="nofollow">www.UnlockGMValue.com</a>.
 
 
 Please return the enclosed GREEN proxy card today – or vote online or 
 by phone – to bring needed change to GM.
 
 
 Sincerely,
 
 
 /S/ David Einhorn
 
 
 Only the last proxy card you submit counts. If you have already 
 submitted a white proxy card to GM, it is not too late to change your 
 vote. To revoke your prior proxy, simply submit a GREEN proxy 
 card or vote by phone or internet. Follow the instructions on the voting 
 instruction card. If you have any questions about how to vote, please 
 contact our proxy solicitor, D.F. King at 1- (800) 252-8173 or email to <a xmlns="http://www.w3.org/1999/xhtml" href="mailto:gm@dfking.com" rel="nofollow" rel="nofollow">gm@dfking.com</a>.
 
 
 About Greenlight Capital
 
 
 Greenlight Capital, Inc. ("Greenlight"), founded in 1996, is a 
 value-oriented investment advisor that primarily invests and trades in 
 long and short publicly listed equity securities, as well as distressed 
 debt when cyclically attractive. Greenlight seeks to achieve capital 
 appreciation by buying securities with trading values materially lower 
 than their intrinsic values and by selling short securities with trading 
 values materially higher than their intrinsic values. Greenlight aims to 
 achieve high absolute rates of return while minimizing the risk of 
 capital loss.
 
 
 About the Proxy Solicitation
 
 
 Greenlight Capital, Inc., Greenlight Capital, L.P., DME Advisors, LP, 
 DME Capital Management, LP, DME Advisors GP, LLC, Greenlight Capital 
 Qualified, LP, Greenlight Capital (Gold), LP, Greenlight Capital 
 Offshore Partners, Greenlight Capital Offshore Master (Gold), Ltd., 
 Greenlight Masters Partners, Greenlight Masters, LLC, David Einhorn, Leo 
 Hindery, Jr., Vinit Sethi, and William N. Thorndike, Jr. (collectively, 
 the "Participants") have filed with the Securities and Exchange 
 Commission (the "SEC") a definitive proxy statement and accompanying 
 form of proxy to be used in connection with the solicitation of proxies 
 from the shareholders of General Motors Company (the "Company"). All 
 shareholders of the Company are advised to read the definitive proxy 
 statement and other documents related to the solicitation of proxies by 
 the Participants, as they contain important information, including 
 additional information related to the Participants. The definitive proxy 
 statement and an accompanying proxy card will be furnished to some or 
 all of the Company's shareholders and, along with other relevant 
 documents, are available at no charge on the SEC website at <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov%2F&amp;esheet=51563684&amp;newsitemid=20170523005838&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.sec.gov%2F&amp;index=4&amp;md5=621f5d9b47793a60b0804292a54731d6" rel="nofollow" rel="nofollow">http://www.sec.gov/</a> 
 and at <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.UnlockGMValue.com%2F&amp;esheet=51563684&amp;newsitemid=20170523005838&amp;lan=en-US&amp;anchor=http%3A%2F%2Fwww.UnlockGMValue.com%2F&amp;index=5&amp;md5=5df37f087e68c2d75fa1496a4a057f1b" rel="nofollow" rel="nofollow">http://www.UnlockGMValue.com/</a>.
 
 
 Information about the Participants and a description of their direct or 
 indirect interests by security holdings is contained in the definitive 
 proxy statement on Schedule 14A filed by the Participants with the SEC 
 on April 28, 2017. This document is available free of charge from the 
 sources indicated above.
 
 
 Warning Regarding Forward Looking Statements
 
 
 THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS. FORWARD LOOKING 
 STATEMENTS CAN BE IDENTIFIED BY USE OF WORDS SUCH AS "OUTLOOK", 
 "BELIEVE", "INTEND", "EXPECT", "CAN", "POTENTIAL", "WILL", "MAY", 
 "SHOULD", "WOULD", "ESTIMATE", "ANTICIPATE", AND DERIVATIVES OR 
 NEGATIVES OF SUCH WORDS OR SIMILAR WORDS. FORWARD LOOKING STATEMENTS IN 
 THIS PRESS RELEASE ARE BASED UPON PRESENT BELIEFS OR EXPECTATIONS. 
 HOWEVER, FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE NOT 
 GUARANTEED TO OCCUR AND MAY NOT OCCUR AS A RESULT OF VARIOUS RISKS, 
 REASONS AND UNCERTAINTIES. EXCEPT AS REQUIRED BY LAW, GREENLIGHT 
 CAPITAL, INC. AND ITS AFFILIATES AND RELATED PERSONS UNDERTAKE NO 
 OBLIGATION TO UPDATE ANY FORWARD LOOKING STATEMENT, WHETHER AS A RESULT 
 OF NEW INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE.
 
 
 1 The prices contained herein represent GM's current share 
 price of $33 per share compared to $42-$60 per share under the Plan. 
 Greenlight assumes the "Dividend Shares" under the Plan would be worth 
 $17 to $22 per share based on a 7% to 9% yield on $1.52 per share of 
 dividends, and observes that GM's current P/E multiple is depressed and 
 could expand to as high as 8x. Further explanation of Greenlight&#39;s 
 analysis and the Plan is available at: <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.unlockgmvalue.com%2Four-proposal%2F&amp;esheet=51563684&amp;newsitemid=20170523005838&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.unlockgmvalue.com%2Four-proposal%2F&amp;index=6&amp;md5=e80cda87e4dbd75d9675a0d0b006c196" rel="nofollow" rel="nofollow">https://www.unlockgmvalue.com/our-proposal/</a>
 
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