<SEC-DOCUMENT>0000902664-17-002541.txt : 20170602
<SEC-HEADER>0000902664-17-002541.hdr.sgml : 20170602
<ACCEPTANCE-DATETIME>20170602172030
ACCESSION NUMBER:		0000902664-17-002541
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20170602
DATE AS OF CHANGE:		20170602
EFFECTIVENESS DATE:		20170602

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			General Motors Co
		CENTRAL INDEX KEY:			0001467858
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		IRS NUMBER:				270756180
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34960
		FILM NUMBER:		17889078

	BUSINESS ADDRESS:	
		STREET 1:		300 RENAISSANCE CENTER
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48265-3000
		BUSINESS PHONE:		313.556.5000

	MAIL ADDRESS:	
		STREET 1:		300 RENAISSANCE CENTER
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48265-3000

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GREENLIGHT CAPITAL INC
		CENTRAL INDEX KEY:			0001079114
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		140 EAST 45TH STREET
		STREET 2:		24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2129731900

	MAIL ADDRESS:	
		STREET 1:		140 EAST 45TH STREET
		STREET 2:		24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>p17-1314dfan14a.htm
<DESCRIPTION>GENERAL MOTORS COMPANY
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 14A</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Proxy Statement Pursuant to Section 14(a)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">of the Securities Exchange Act of 1934</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Filed by a Party other than the Registrant
<FONT STYLE="font-family: Wingdings">&#254;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt">Preliminary Proxy Statement</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Definitive Proxy Statement</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#254;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Definitive Additional Materials</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Soliciting Material Under Rule 14a-12</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>General Motors Company</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Greenlight
Capital, Inc.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Greenlight
Capital, L.P.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">DME Advisors,
LP,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">DME Advisors
GP, LLC</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">DME Capital
Management, LP</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Greenlight
Capital Qualified, LP </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Greenlight
Capital (Gold), LP </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Greenlight
Capital Offshore Partners </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Greenlight
Capital Offshore Master (Gold), Ltd. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Greenlight
Masters, LLC</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">Greenlight
Masters Partners </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white">David
Einhorn</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Leo Hindery, Jr.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Vinit Sethi</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">William N. Thorndike, Jr.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">Payment of Filing Fee (check the appropriate
box):</P>

<P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#254;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt">No fee required.</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Fee computed on table below per Exchange Act Rule 14a-6(i)(4) and 0-11.</TD></TR>
</TABLE>
<P STYLE="font: 12pt/85% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">1)</TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Title of each class of securities to which transaction applies:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">2)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Aggregate number of securities to which transaction applies:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">3)</TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Per unit price or other underlying value of transaction computed pursuant to Exchange Act</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">4)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Proposed maximum aggregate value of transaction:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">5)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Total fee paid:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt">Fee paid previously with preliminary materials.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">filing for which the offsetting fee was paid previously.&nbsp;&nbsp;Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">1)</TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Amount Previously Paid:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">2)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Form, Schedule or Registration Statement No.:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">3)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Filing Party:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">4)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Date Filed:</TD></TR>
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<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On June 2, 2017, Greenlight Capital, Inc. posted a link to a video
interview entitled &ldquo;Watch David Einhorn on Bloomberg TV, June 2, 2017&rdquo; to its website at https://www.unlockgmvalue.com/.
The transcript of the video is below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">* * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Bloomberg Daybreak: Americas </B><BR>
<I>Transcript of Bloomberg Television David Einhorn Interview with David Westin</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Bloomberg TV</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2 June 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">David Einhorn, Co-Founder and President, Greenlight Capital</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">David Westin, Bloomberg News</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>David Westin:</B> A lot of things have been going right for Mary
Barra these days, but the stock price doesn't seem to reflect it, with shares trading today at prices at or below the IPO price
from seven years ago, while at the same time, the stock market overall has been up dramatically, as you can see from this chart
we're going to put up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Joining me now on Bloomberg Television and Radio is the man with
the plan he says will address that last piece of the puzzle for General Motors. David Einhorn is co-founder and President of Greenlight
Capital, which he says will address the anomaly of a successful company with a lackluster stock price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Welcome to the program. Good to have you here, David.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>David Einhorn:</B> Thanks for having me on, David.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin:</B> OK, so let's start with the problem. What's your
analysis of the problem? Why has the stock price not reflected a fairly successful operation?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn:</B> Yeah, I think that GM is strong in very many areas
of its business, and it's made a number of really good strategic moves that positions itself very well for the future. There's
lots of areas in operating an automobile company, from product design to sales to manufacturing, customer support, so on and so
forth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">But one area where GM is weak is in its capital structure. It's
weak in finance. And it has a balance sheet which is fundamentally too conservative for the value that's being created in the operations
to be unlocked. The company has a market cap of just about $50 billion. They have 20 billion in cash. They have an undrawn revolver
of another $13 billion or $14 billion. They have a few billion dollars more in cash sitting offshore in places like China that
isn't even counted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">And with so much of the value locked in cash preserving for the
downside, it leaves an inefficient capital structure for the company and shareholders have been rewarded, therefore, with the lowest
PE multiple in the entire S&amp;P 500. It trades at a huge discount even to Ford. Were it to have Ford's PE multiple, the stock
would be 30, 40 percent higher. So I think that something needs to be done to unlock the value that's at GM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin:</B> So if that's the diagnosis, why hasn't management
addressed it? Mary Barra certainly is concerned about her stock price. She said it to me, she said it to other people. She knows
there's a problem. She has a team around her. Why haven't they addressed it?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: I think there's caring about a stock price and caring
about a stock price. It's kind of like, I could lose that last five pounds, but do I really care enough to change my diet and change
my exercise to do that? And whereas I would rather have five pounds less, I'm not really willing to do that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">GM similarly would prefer a higher stock price, but they're not
really willing to do what it takes to make that happen.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin:</B> Is it also possible that they are scarred from the
experience of going bankrupt, and then having come back into the marketplace? And so they're saying, we really need some money
for a rainy day, and might they be right about that?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn:</B> Sure. The company has said that they're forever
grateful to the United States for bailing themselves out, and preserving the company through the last recession. And the company
has capitalized to make sure that that absolutely, positively never happens again.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">So I think that there's several ways to get at that particular thing.
One is, you could decide that you're fighting the last war, and you could change your balance sheet to make it more conducive to
the current business, to the current cost structure of the company, which has structurally improved, which would require much less
liquidity in cash.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Or alternatively, you could do something that's kind of clever.
And we have a clever proposal that we've made which allows the company to keep all of its cash, to keep all of its rainy day money,
to have its preservation for any future downturn that comes the exact same way that they have it now, but would unlock the value
at GM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin:</B> So let's take us through that, exactly that clever,
as you call it, clever plan. It involves two classes of stock, essentially.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn:</B> Sure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: What are those two classes?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: Essentially, what we're saying is, you have the
stock right now. And as the owners of GM, you get dividends, and you get all the other values of ownership. And if you separated
out the value of the dividends from all the other values, you would unlock 30 to 50 percent increase in the value of the stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: So to oversimplify, there's a dividend share, and
there's a growth share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: Correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: And each shareholder would get one of each.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: One of each. And so you have the same dividend that
you're getting now, and you&rsquo;d have the same growth you're getting right now. But if you wanted to, you could trade one of
them or the other. And the result is, people who are more interested in dividends, you'd have new buyers that would come in for
those dividend shares, and alternatively, if you're not interested in the dividend but you're interested in the growth of the company,
you would buy the other shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: Now if the market were working properly, the value
of those two shares should equal the value of the one share right now and yet you in your proposal say that you think there's a
fair amount of upside there. Why is that? Where's the market imperfection?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: It has to do with choice. Think of it as an ice
cream stand that sells just vanilla chocolate swirl. There's some people who like vanilla chocolate swirl, and we'll call those
the GM shareholders. But if chocolate is the dividend and vanilla is the rest of the operation, imagine if you sold chocolate,
vanilla, or swirl, in any combination that you want. That ice cream stand would attract more customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">So there's people who'd be interested in the income feature of the
dividends. They would buy the dividend shares. And those would be new participants in the market that would come in, and they would
bid them, we think to a seven to nine percent yield. And similarly, there are people who are not that interested in a dividend
but want just to see the stock go up. They would buy the growth shares, the capital appreciation shares, and we think that that
would trade at about the same PE as you have right now. Adding the math together is what would unlock the value. Greater choice
would bring in new investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: You took that math to Mary Barra and her team, sat
down with them, walked them through it, they did not embrace you, I think it's fair to say.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: It&rsquo;s fair to say.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: So what are they missing? Why wouldn't they say,
that's a good idea, I want to get my stock price up, let's do that?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: Yeah, I think the truth of the matter is they never
really engaged in it. They took a little bit of a not invented here attitude, and they've just fought what we've done from the
very, very beginning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">What I would say is, what we wanted from the beginning was a collaborative,
iterative process to solve the balance sheet process at GM, the balance sheet problem. And so what we've done is in addition to
our plan, which is up for the shareholder meeting next week, we've nominated three directors. And these three directors bring in
enormous capital markets sophistication, which is not present at GM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I think there, the CFO is a little bit weak. I think Mary Barra
is a wonderful CEO, but finance is the one area where she's not as strong as she is in other areas. And I think the board lacks
this level of financial expertise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">So what we're bringing in -- if the shareholders vote them on, we're
bringing in three people who are extraordinarily good in this area. One is Leo Hindery, who is the CEO with John Malone at</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: TCI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: For TCI, for all those years. He did all kinds of
clever things with their balance sheet to minimize the cost of capital. And minimizing cost of capital is very important, because
GM needs to access capital to fund itself. That's a basic function of a business, and that's why you bring in that kind of expertise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Then we have Bill Thorndike, who wrote &quot;The Outsiders,&quot;
which is like the bible on capital allocation and minimizing cost of capital. And then my partner, Vinit Sethi, who is just a genius
at capital asset pricing models.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: So let me kick the tires here a little bit. Has this
ever been done in any other company successfully? This sort of restructuring.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: There are many companies that have divided their
equity interests, whether it's MLPs versus LPs, whether it's REITs and propco's and opco's, there's all kinds of companies that
have transformed their businesses to create essentially one stream of income and another stream of capital appreciation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: And if you're the board, or you&rsquo;re the CEO,
and you have this happen, presumably, you could sell one of the shares and keep the other. So you have divided ownership over time.
How do you avoid a conflict of interest on the part of the dividend holders, receivers, as opposed to the growth people? As you
make a decision, cash gets a little shorter. How do you make a decision that doesn't favor one set of shareholders over another?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: First of all, you start with the issue that the
dividend is very stable. GM pays out a little over $2 billion in dividends, and that's what would happen under this proposal. There's
$20 billion of cash sitting on the balance sheet. So it's eight years of dividends. So in almost any scenario you can think of,
the answer to the dividend is, you just pay, you just pay the dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The second thing is, that boards of directors jobs -- the reason
they're paid hundreds of thousands of dollars a year is to balance out competing interests of different stakeholders. Those could
be suppliers, they could be workers, they could be managers, they could be executives, they could be customers, they could be dealers,
they could be regulators, they could be just the general public, they could be creditors of different status, and shareholders.
And the idea that this board thinks that the corporate governance concern is so much that they should reject a plan that would
increase the stock price by 30 to 50 percent over a potential conflict basically says this board is not engaged to do its job.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: Now in fairness, it's not just management who has
not been, shall we say, enthusiastic about this. The market overall has not responded. When you came out with this proposal, and
you&rsquo;ve talked about it, the market did not take GM shares up. So isn't the market sort of voting, or at least questioning
what you're proposing?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: Yeah. Well, there's no doubt about that. GM is essentially
spending $15 million to peddle the bear case on its own stock. What they're basically saying is, we can't do anything about our
stock price. The fact that we have a PE that's five even when Ford's is around seven, well, you know, we're an auto company, and
we're at the top or toward the top of the cycle. And nothing can be done here until we get to the downturn. If you don't really
like that, what you should do is sell the stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">So they've been running around to shareholders pitching, effectively,
the bear case on their own stock, saying that any innovation is just too risky even to contemplate. And as a result, I think that
people are hearing the message from management and they're sensing fear as opposed to optimism, and I think that's having a negative
impact on the stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: OK. We want to welcome once again both Bloomberg
TV and Radio. We're talking to David Einhorn about his proposal for General Motors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We had in a prominent auto analyst from Morgan Stanley just the
day before yesterday. And in talking about the relative value of Tesla on the one hand, and General Motors on the other, he said,
if you gave me $20 billion to give to either Elon Musk or Mary Barra, I would give it to Elon Musk because there's more growth
here. That was his response. So what's your response to that question? Because you have a short position on Tesla at the same time
you're proposing this for General Motors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: Yeah, I think it's a question of what the purpose
of the $20 billion is. If the purpose of the $20 billion is to earn a profit and a return on the $20 billion, I think you would
give it to Mary Barra. Because GM is interested in its return on capital. They're trying to make about a 20 percent return on its
invested capital. And that's a wonderful return on $20 billion, to the extent that they were able to deploy it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I think if the purpose of the business is to advance the future,
to have science experiments, and really cool, buzzword-y kind of things, then you would give it to Tesla, because there you have
a guy who's done all kinds of fancy innovation, and is thinking about how society should be 50 years from now, 100 years from now.
But he's yet to actually take any money and turn it into a profitable business. And I don't have any optimism that that will change.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: Well, you may be right. We'll find out, about Tesla.
But there seem to be a lot of investors who are willing to give him more money to do science experiments or whatever he's doing.
I mean, how much commitment do you have to have as a long short investor when you go short on something like Tesla? That can get
pretty painful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: Yeah, look. Tesla is one of many things we have
in what we so call our bubble basket of stocks that we just think are mispriced and are mispriced by huge, huge amounts. And you
know, they&rsquo;re sized in a way that gives us the ability to wait a fair amount of time to be proven right or wrong. I think
eventually, the mood of the market will change. Eventually, the company will be called into account to demonstrate profitability.
I don't know when that will happen. And the portfolio's positioned properly relative to the risk and the reward there.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: You also have a very large position in General Motors.
You own I think 3.6 percent, something like that, of the shares?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: Yes, yes. It's much larger than our Tesla short.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: Exactly. So, if in fact you don't get your three
members on the board, and your plan doesn't go forward, what do you do with that position in General Motors?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: Well, our investment in General Motors goes way
back before we started</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: Yes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: We basically bought the stock in 2011. We did sell
it for a little while around the ignition recall issue, but basically, we've been large holders of the stock for six years. Our
investment thesis is not predicated on this plan being put into place, or our directors being nominated. Those are things that
came up along the way as part of a multiyear investment we had in GM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I would look to Apple, where we had a similar experience talking
about an idea that we advanced a few years ago. Even though they didn't do exactly what we wanted them to do, they did change their
capital policy, unlocked a lot of value, and we're still large holders of Apple today, though we have reduced the position some.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: Well, that does raise the question. There was a large
--</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: We look at GM very much the same way going forward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: Exactly. I'm glad you're raising that. Because there
was an extraordinary stock buyback there that got a lot of cash into some shareholders' hands. Would that if not satisfy you, at
least say, OK, that's good enough, with General Motors?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: Sure. Look, with Apple, they had a problem with
capital allocation. They were storing lots and lots of cash. They were returning none of it to shareholders. We had an idea. Maybe
some people thought it was too clever. Management thought it was too clever. But instead, what they did was they changed their
constraint. They previously said, we're not buying back stock, and since then, they've borrowed $100 billion. They've bought back
a quarter of the stock, at less than $100. The PE net of cash has expanded from 7 to 13, in part because Apple has a better capital
allocation policy today than it did before we came in.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Now GM has a similar inefficient balance sheet. They've said that
there's these constraints because they want to retain all of this money for a potential rainy day. There's several ways to get
at it. Our purpose in electing directors is to get at that problem. It could be through the plan and the proposal that we've advanced,
or it could be an alternate solution. But either way, when you look at GM and you say your cost of 30 year debt is 5.5 percent,
or 5.25 percent, and your cost of equity is basically 20 percent, or the reciprocal of 5 PE, that's just too big of a gap, and
something needs to be done to close that.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: So David, finally, you're a long short investor.
You&rsquo;ve had extraordinary success through your career. I mean, legendary success. It hasn't been as easy the last little while.
You're not alone in that. There are a number of other hedge funds that have really been struggling a bit. In your view, because
you are an expert at this, does that tell us something larger about that way of investing, or is this a temporary aberration?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: I believe that it's cyclical. There's a period where
certain types of stocks do better than other types of stocks, and you know, we're probably about three years into a period that
is -- it's been a bit of headwind for our style of investing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: Does it put pressure on you, both in terms of retaining
investment, and also in terms of the fees paid? That's what, all the talk is about fees, right. The 2 and 20 and things like that.
Do you feel pressure?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: Look, I've been very lucky in my career, and essentially,
when we started Greenlight in 1996 with a million dollars, I never envisioned it would be anything close to what it's turned out
to be. When we reached $100 million, I thought we had hit a success that I never would have imagined. And really since then, I've
never really cared about what the size of the fund is. So it'll go up or it'll go down. But mostly, we've been closed. We haven't
been open for new investment for many, many years. And my goal is not to manage the most money. My job is to do a good job with
the money that we do manage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: Finally, going back to General Motors, in conclusion.
If you are successful, why will it be? Will it be because Mary Barra changes her mind, or will it be because you get your three
directors on the board?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Einhorn</B>: Well, I guess I don't know the answer to that. There's
lots of different ways to get to success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Westin</B>: OK. Thank you so much, David. Really good to have
you here. That's David Einhorn of Greenlight Capital.</P>

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