<SEC-DOCUMENT>0001214659-23-006331.txt : 20230502
<SEC-HEADER>0001214659-23-006331.hdr.sgml : 20230502
<ACCEPTANCE-DATETIME>20230502105939
ACCESSION NUMBER:		0001214659-23-006331
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230502
DATE AS OF CHANGE:		20230502
EFFECTIVENESS DATE:		20230502

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:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34960
		FILM NUMBER:		23877245

	BUSINESS ADDRESS:	
		STREET 1:		300 RENAISSANCE CENTER
		CITY:			DETROIT
		STATE:			MI
		ZIP:			48265-3000
		BUSINESS PHONE:		313.667.1500

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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Green Century Capital Management, Inc.
		CENTRAL INDEX KEY:			0001491252
		IRS NUMBER:				043126146
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		114 STATE STREET, SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-482-0800

	MAIL ADDRESS:	
		STREET 1:		114 STATE STREET, SUITE 200
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>o52230px14a6g.htm
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF REGISTRANT:</B> General Motors Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NAME OF PERSON RELYING ON EXEMPTION:</B> Green
Century Capital Management, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>ADDRESS OF PERSON RELYING ON EXEMPTION:</B>
114 State Street, Suite 200, Boston, MA 02109</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1A1A1A"><B>Written materials are submitted
pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.&nbsp;Submission is not required of this filer under
the terms of the Rule but is made voluntarily in the interest of public disclosure and consideration of these important issues.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #1A1A1A"><B>&nbsp;</B></P>

<DIV STYLE="padding: 1pt 4pt 1pt 0in; border: black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shareholder Proposal <FONT STYLE="background-color: white">o</FONT>n
General Motor Company's 2023 Proxy Statement:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>General Motors Company Symbol: GM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Filed by: Green Century Capital Management, Inc.</P>

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Green Century Capital Management, Inc., (&#8220;the
Proponent&#8221;) seeks your support for the proposal filed at General Motors Company (hereby referred to as &#8220;General Motors,&#8221;
&#8220;GM&#8221; or &#8220;the Company&#8221;) on behalf of GM stockholder, Ms. Amy Floyd, in the 2023 proxy statement. The proposal asks
the Company to develop a feasible plan to establish procurement targets for sustainable materials, focusing on steel, aluminum, leather,
and rubber and to include annual disclosure of progress toward attainment of such targets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Proponent believes disaggregating and disclosing
information about GM&#8217;s supply chains for the above materials will enhance investor understanding of the Company&#8217;s exposure
to greenhouse gas emissions, communicate how sourcing forest-linked commodities may contribute to its deforestation risk, and suggest
areas where GM could improve its supply chain sustainability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Setting procurement targets for low-carbon primary
metals, i.e., steel and aluminum, across its global operations would provide investors confidence that GM takes seriously its responsibility
to cut supply chain emissions. Similarly, setting a zero-deforestation goal to eliminate leather and rubber-related deforestation would
demonstrate its commitment to protecting the natural resources on which it depends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RESOLVED</B>: Proponents request that the Company
develop a feasible plan to establish procurement targets for sustainable materials within its supply chain and include annual disclosure
of progress toward attainment of such targets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SUPPORTING STATEMENT: </B>Shareholders recommend
that the plan be prepared at reasonable cost and omitting proprietary information, and, in their discretion, encourage the board and management
as they develop and implement a plan, to consider:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Disaggregating sourcing information for GM&#8217;s
full supply chains, e.g., mines, smelters, processors, manufacturers, farms, and tanneries </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Enhancing disclosure on tire and leather suppliers,
deforestation risk associated with these materials, and risk mitigation measures</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Joining global value chain emissions reduction
initiatives such as ResponsibleSteel, SteelZero, and the Aluminum Stewardship Initiative</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopting ambitious near-term procurement targets
for:</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 15pt">o</TD><TD STYLE="text-align: justify">Carbon-free aluminum and steel, aligned with First Mover Coalition targets</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 15pt">o</TD><TD STYLE="text-align: justify">Eliminating deforestation and native vegetation conversion from GM&#8217;s supply chain by 2025, as recommended
by the Science Based Targets initiative</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Assessing challenges and strategies for attaining
the procurement targets.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>RATIONALE FOR A &#8220;YES&#8221; VOTE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B>Climate Risk </B>- The physical impacts of climate change have the potential to disrupt GM&#8217;s
supply chains, energy supplies, manufacturing, and the ability of GM customers to drive their vehicles. Automakers that do not address
supply chain emissions are not likely to align with goals of the Paris Agreement to limit global temperature rise to 1.5 degrees Celsius.<SUP>1</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B>Deforestation Risk</B> - Sourcing leather and rubber from areas threatened by deforestation may drive
increased emissions from land clearing and loss of ecosystem health. In 2021, deforestation in the Brazilian Amazon released 740 million
tons of CO2 equivalent, or 42% of Brazil&#8217;s net emissions, in large part from cattle-driven deforestation that provides leather for
automotive companies.<SUP>2</SUP></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><B>Reputational Risk</B> - GM could unfavorably compare to peers who are progressing more quickly on addressing
supply chain emissions from steel, aluminum, leather, and rubber, which may drive away customers looking for holistic commitments on emissions
reductions and invite negative publicity by NGO campaigns.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B>Failure to Meet Investor Expectations</B> - If GM does not thoroughly engage in supply chain emissions
reductions, the Company may fail to meet investor expectations of enhanced corporate action on sustainability.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Capital Management, Inc. is not able to vote your
proxies, nor does this communication contemplate such an event. Green Century Capital Management, Inc. urges shareholders to vote for
Shareholder Proposal Item No. 7 following the instruction provided on the management&#8217;s proxy mailing.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>I.</B></TD><TD STYLE="text-align: justify"><B>EXECUTIVE SUMMARY</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GM envisions a world with zero crashes, zero emissions,
and zero congestion and indicates that it would like to bring &#8220;&#8216;Everybody In&#8217; for the all-electric future with a commitment
to establishing a collaborative supply chain that endeavors to minimize environmental impact and enhance long-term sustainability.&#8221;<SUP>3</SUP>
However, GM has not realized its aspiration. Despite establishing meaningful targets for its operational emissions and a portion of its
customers&#8217; emissions, GM has not adequately disclosed or addressed its supply chain emissions, particularly from steel, aluminum,
rubber, and leather. Further, it has yet to set a zero-deforestation target.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The physical impacts of climate change have the
potential to disrupt GM&#8217;s supply chains, operations, and vehicle sales. Emissions mitigation is therefore critical, and investors
have indicated that disclosure of companies&#8217; climate risks facilitate understanding what capital outlays may be required in the
future, how unmitigated climate risk may adversely impact a company&#8217;s ability to operate its business, and whether companies&#8217;
internal strategies adequately address these risks.<SUP>4,5</SUP> A recent report suggests that if automakers fail to address supply chain
emissions, they are unlikely to align with the goal of the Paris Agreement to limit global temperature rise to 1.5 degrees Celsius.<SUP>6</SUP></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="color: Black">https://www.kearney.com/documents/291362523/295334577/Polestar+and+Rivian+pathway+report-+<BR>
supported+by+Kearney.pdf</FONT>.
Pg 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="color: Black">https://infoamazonia.org/en/2022/11/18/brazil-was-responsible-for-70-of-the-co2e-emissions-from-<BR>
deforestation-in-pan-amazonia-over-the-last-35-years</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> https://gmauthority.com/blog/2022/04/gm-wants-suppliers-to-sign-global-climate-action-and-human-rights-pledge/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> https://www.ceres.org/news-center/blog/analysis-shows-investors-strongly-support-secs-proposed-climate-<BR>
disclosure-rule</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> <FONT STYLE="color: Black">https://commonwealthclimatelaw.org/wp-content/uploads/2022/09/SEC-Comments-Review-Summary-September-<BR>
2022.pdf</FONT>.
Pg 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> <FONT STYLE="color: Black">https://www.kearney.com/documents/291362523/295334577/Polestar+and+Rivian+pathway+report-+<BR>
supported+by+Kearney.pdf</FONT>.
Pg 3.</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sourcing raw materials from ecologically sensitive
geographies can create reputational risk for GM. For example, protesters have targeted banks and food companies because of their association
with deforestation linked to cattle raising in Brazil.<SUP>7,8</SUP> Further, NGOs have published reports indicating that automakers,
including GM, are at significant risk of contributing to illegal deforestation in the Amazon and that vehicle tires are linked to deforestation
due to the growth of rubber plantations in Southeast Asia.<SUP>9,10,11,12</SUP> Therefore, the rubber used in GM tires and leather used
in its car seats may be associated with deforestation of biologically rich and climate-stabilizing areas of the world and result in ongoing
brand damage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GM has the responsibility to its investors and
stakeholders to ambitiously develop, disclose, and implement plans to limit negative impacts of the materials it sources. Adoption of
the measures outlined in the proposal would help to assure investors that GM has a comprehensive plan to address these risks and protect
long-term shareholder value.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>II.</B></TD><TD STYLE="text-align: justify"><B>GM IS EXPOSED TO CLIMATE RISK </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Climate change poses significant risk to GM
through its supply chain, operations, and its customers' ability to drive their GM vehicles. </B>The U.S. Environmental Protection Agency
states that climate change will likely increase the risk of delays, disruptions, damage, and failure across U.S. land-based, air, and
marine transportation systems.<SUP>13</SUP> Manufacturing auto parts, which involves the extraction, harvesting, refining, and finishing
of raw materials into installation-ready or near installation-ready parts, only exacerbates the problem by emitting greenhouse gases that
contribute to climate instability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Globally, the aluminum and steel sectors emit
billions of tons of carbon dioxide pollution annually, accounting for approximately 13% of global GHG emissions.<SUP>14,15</SUP> In 2019,
vehicle manufacturers consumed 18% and 11% of the world&#8217;s of aluminum<SUP>16</SUP> and steel<SUP>17</SUP> production.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> https://apnews.com/article/climate-politics-brazil-paris-business-48aa9d7e9b72aca03d48fda493f3c1a6</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> https://forestsandfinance.org/news/bank-of-montreals-links-to-massive-illegal-amazon-deforestation-condemned-<BR>
by-indigenous-leaders-during-biodiversity-summit-2/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://us.eia.org/wp-content/uploads/2022/12/EIA_US_Brazil_Leather_report_1022_US_Format_FINAL_EDITS_09-02-23.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://dv719tqmsuwvb.cloudfront.net/documents/Annet/Leather_Benchmark_Report_Updated_12Dec22.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> https://ign.ku.dk/english/news/2019/your-car-tires-are-clearing-the-rainforest-in-cambodia/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.independent.co.uk/climate-change/opinion/cars-tyres-orangutans-extinction-b1806366.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> https://19january2017snapshot.epa.gov/climate-impacts/climate-impacts-transportation_.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> https://csis-website-prod.s3.amazonaws.com/s3fs-public/publication/220225_Reinsch_Decarbonizing_Aluminum.pdf?<BR>
ewfD_CwZB5keB.0fDqEORJDNNkDvNOOT,2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> https://www.globalefficiencyintel.com/new-blog/2021/global-steel-industrys-ghg-emissions#:~:<BR>
text=Based%20on%20total%20steel%20industry,of%20total%20global%20GHG%20emissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> https://www.inclusivedevelopment.net/wp-content/uploads/2021/07/global_bauxite0721_web.pdf,
11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> https://www.iea.org/data-and-statistics/charts/global-end-use-steel-demand-and-in-use-steel-stock-by-scenario-2000-2050.</P>


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GM&#8217;s new commitment to purchase 10% low-carbon
crude steel and primary aluminum by 2030, aligned with the goals of the First Movers Coalition, is caveated. If low-carbon steel or aluminum
are not available or if they cost 20% more than average prices, GM deems it acceptable to fall short of its 2030 goal. Its caveats indicate
a lack of dedication to developing the low-carbon steel and aluminum supply needed to meet its goals.<SUP>18</SUP> Further, GM&#8217;s
commitment only covers North American suppliers - a significant omission as vehicles manufactured and sold in China comprised 39% of GM&#8217;s
total sales in 2022.<SUP>19</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>According to a 2023 report published by Rivian
and Polestar, auto manufacturers need to act quickly to reduce supply chain emissions in line with limiting temperature rise to 1.5 degrees
Celsius.</B> Even with a transition to battery electric vehicles (BEVs) and the powering a BEV fleet with 100% fossil-free energy, if
auto manufacturers fail to address supply chain emissions, these changes will not be enough to limit warming to 1.5 degrees Celsius.<SUP>20</SUP>
Thus, relying on 100% sales of BEV&#8217;s by 2035 will not be enough to fully limit GM&#8217;s climate impact.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>III.</B></TD><TD STYLE="text-align: justify"><B>GM IS EXPOSED TO DEFORESTATION RISK BY SOURCING LEATHER AND RUBBER FROM ECOLOGICALLY SENSITIVE REGIONS
</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The leather and rubber materials that GM sources
for its car seats and tires may be associated with deforestation and land clearance.</B> Deforestation is one of the leading drivers of
both climate change and biodiversity loss and accounts for roughly 12% of anthropogenic emissions, according to the Intergovernmental
Panel on Climate Change.<SUP>21</SUP> Agricultural expansion drives almost 90% of global deforestation including from livestock grazing,
which is responsible for almost 40% of tropical forest loss.<SUP>22</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clearing forests for cattle raising is a leading
cause of deforestation in Brazil, a country considered a major source of leather for U.S. auto manufacturers, and unsustainable practices
used to expand rubber tree cultivation in Southeast Asia and West Africa threaten the destruction of biodiverse ecosystems.<SUP>23,24,25</SUP></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> https://www.gmsustainability.com/_pdf/resources-and-downloads/GM_2022_SR.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> <FONT STYLE="color: Black">https://www.sec.gov/ix?doc=/Archives/edgar/data/0001467858/000146785823000029/gm-20221231.htm</FONT>.
Pg 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> <FONT STYLE="color: Black">https://www.kearney.com/documents/291362523/295334577/Polestar+and+Rivian+pathway+report-+<BR>
supported+by+Kearney+%281%29.pdf/ec422773-6e9b-32ed-5ae6-de8e851a2beb?t=1677099797000</FONT>.
Pg3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> <FONT STYLE="color: Black">https://www.tsijournals.com/abstract/deforestation-causing-global-warming-and-climate-change-11492.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> <FONT STYLE="color: Black">https://www.fao.org/newsroom/detail/cop26-agricultural-expansion-drives-almost-90-percent-of-global-deforestation/en</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> https://www.wri.org/insights/just-7-commodities-replaced-area-forest-twice-size-germany-between-2001-and-2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> https://www.nytimes.com/2021/11/17/climate/leather-seats-cars-rainforest.html.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25</SUP> https://www.sciencedirect.com/science/article/pii/S096098222031006X</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Deforestation is now recognized as a business
risk by companies across industry sectors ranging from financial institutions such as Morgan Stanley<SUP>26</SUP> and Citigroup<SUP>27</SUP>
to food companies such as ADM<SUP>28</SUP> and Conagra.<SUP>29</SUP></B> Each of the four companies listed was the subject of a shareholder
proposal asking for greater disclosure of their deforestation risk and adoption of proactive measures to protect tropical and boreal forests.<SUP>30,31,32,33</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GM currently lacks public targets, milestones,
and associated indicators and metrics that would indicate its progress toward eliminating its exposure to deforestation within its supply
chains. A clear commitment to eliminate all deforestation - legal or illegal - from its supply chains would help assure investors that
GM takes seriously the damage caused by raising cattle and clearing land for rubber cultivation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GM instead could implement robust systems for
forest commodity traceability. In addition to its participation in the Global Platform for Sustainable Natural Rubber, it could participate
in multi-stakeholder initiatives that focus on solutions for traceability, monitoring, and transparency in the cattle value chain. One
such initiative is the Tropical Forest Alliance, which supports private sector commitments to remove deforestation from palm oil and beef
supply chains and helps firms transition to sourcing deforestation-free commodities.<SUP>34</SUP></P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>IV.</B></TD><TD STYLE="text-align: justify"><B>REPUTATIONAL RISK </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GM has set low-carbon steel and aluminum procurement
targets and acknowledged deforestation risk within its supply chain, but it has made minimal progress reducing supply chain emissions
from steel and aluminum production and on eliminating deforestation in its leather and rubber supply chains</B>. As a result, GM may unfavorably
compare with peers who are progressing more quickly, drive away customers looking for holistic commitments on emissions reductions, and
invite negative publicity by NGO campaigns.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In early 2023, a coalition of NGOs called Lead
the Charge ranked major EV manufacturers on human rights and the sustainability of their aluminum and steel supply chains. Lead the Charge
assessed whether automakers had disclosed disaggregated emissions from their supply chains, set goals to increase recycled content of
their metal auto parts, set targets to procure low-carbon metals, and participated in multi stakeholder groups that advance low-carbon
metals production. GM scored 0% on all metrics.<SUP>35</SUP> By contrast, Volvo, Mercedes, Geely, BMW, Volkswagen, Hyundai, and Renault
scored higher than GM on Lead the Charge&#8217;s steel ranking, and Ford, Nissan, Volkswagen, Renault, Hyundai, and Stellantis topped
GM on its aluminum ranking.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> https://www.greencentury.com/morgan-stanley-to-adopt-new-deforestation-policies-in-response-to-green-century-<BR>
funds-shareholder-proposal/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> <FONT STYLE="color: Black">https://www.citigroup.com/rcs/citigpa/akpublic/storage/public/Environmental-and-Social-Policy-Framework.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> <FONT STYLE="color: Black">https://www.adm.com/en-us/news/adm-stories/our-commitment-to-no-deforestation-no-peat-no-exploitation/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29</SUP> <FONT STYLE="color: Black">https://www.conagrabrands.com/citizenship-reports/conagra-brands-citizenship-report-2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>30</SUP> https://www.greencentury.com/morgan-stanley-to-adopt-new-deforestation-policies-in-response-to-green-century-<BR>
funds-shareholder-proposal/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>31</SUP> https://www.greencentury.com/statement-citigroup-adopts-new-policies-to-combat-deforestation/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://www.greencentury.com/adm-moves-to-strengthen-no-deforestation-policy/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://www.greencentury.com/processed-food-giant-conagra-to-eliminate-deforestation-from-its-supply-chains/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://www.tropicalforestalliance.org/en/about-tfa/about/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://leadthecharge.org/scorecards-summary/</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the time the ranking was published, GM has
announced a commitment to source 10% low-carbon primary steel and aluminum for its products by 2030. However, it is unclear whether GM&#8217;s
commitment aligns with recommendations of the International Energy Agency which states that steel and aluminum process emissions intensity
must fall by at least 26% and 28% by 2030, respectively, to bring the sectors in line with a 2050 net-zero trajectory.<SUP>36,37 </SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other automakers, such as Volvo and Mercedes-Benz,
have taken steps to improve the sustainability of their steel supply chains by participating in ResponsibleSteel&#8482;, a standard and
certification initiative for low-carbon steel, and Volvo has signed on to the SteelZero initiative, pledging to procure 50% net-zero steel
by 2030 and 100% by 2050.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Failure to act swiftly to eliminate deforestation
within its leather and rubber supply chains exposes GM to reputational risk</B>. Tropical forest watchdog Rainforest Foundation Norway
(RFN) recently assessed the automotive industry&#8217;s policies, disclosure, and implementation efforts to prevent deforestation linked
to cattle-raising in Brazil. A key takeaway of the report is that &#8220;The automotive industry does not do enough to mitigate its deforestation
risks. While some companies have recently adopted zero-deforestation measures, all fall short of best practices.&#8221; GM does not have
a zero-deforestation policy and only garners 20 of a possible 100 points on RFN&#8217;s benchmark for mitigating deforestation risk.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Companies associated with products that drive
deforestation in Brazil may be subject to greater public scrutiny.</B> In 2019, when images of fires that were set for rainforest clearing
became public, major fashion companies distanced themselves from the forest destruction.<SUP>38</SUP> For example, the parent company
of Timberland, Vans and The North Face refused to source materials from Brazil until it could verify that leather used in its products
would not contribute to environmental harm.<SUP>39</SUP> Further, a number of companies associated with forest clearance in Brazil have
been the subject of protests<SUP>40,41,42</SUP> or negative reports, including GM, Ford, Volkswagen, Stellantis, and Daimler as the top
customers of leather seat manufacturers doing business in Brazil.<SUP>43</SUP></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The automotive and tire industry is the biggest
consumer of natural rubber, and rubber tree cultivation is a leading driver of deforestation in Southeast Asia and West Africa.<SUP>44,45</SUP></B>
Although GM is a founding member of the Global Platform for Sustainable Natural Rubber, it has neither disclosed the companies in its
rubber supply chain nor set a goal of zero-forestation for the rubber products it sources. According to GM&#8217;s sustainable natural
rubber policy, the Company &#8220;expects&#8221; its suppliers to increasingly source and promote the sourcing of natural rubber products,
but it establishes no goals for its suppliers or enforcement mechanisms should they fall short.<SUP>46</SUP></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>36</SUP> https://www.iea.org/reports/iron-and-steel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> https://www.iea.org/reports/aluminium</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> https://www.nytimes.com/2022/02/05/style/lvmh-nike-prada-amazon-deforestation.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>39</SUP> https://abcnews.go.com/International/company-timberland-north-face-boycott-brazilian-leather/story?id=65294088</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>40</SUP> https://www.reuters.com/article/us-climate-change-britain-blackrock-idUKKBN1XP13X</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> https://www.banktrack.org/article/bank_of_montreals_links_to_massive_illegal_amazon_deforestation_condemned_<BR>
by_indigenous_leaders_during_biodiversity_summit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> https://www.npr.org/2019/08/26/754292402/sos-from-brazils-amazon-fire-protesters-we-need-the-world-s-help-right-now</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>43</SUP> https://us.eia.org/wp-content/uploads/2022/12/EIA_US_Brazil_Leather_report_1022_US_Format_FINAL_EDITS_09-02-23.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>44</SUP></FONT> <FONT STYLE="color: Black">https://www.cdp.net/en/forests</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>45</SUP></FONT><SUP> </SUP>https://www.mightyearth.org/rubber/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>46</SUP></FONT><SUP> </SUP>https://www.gmsustainability.com/_pdf/policies/GM_Sustainable_Natural_Rubber_Policy.pdf</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Consumers may choose to buy vehicles from brands
that represent leading sustainability practices, and companies failing to adopt supply chain best practices may alienate customers.</B>
Recent NGO efforts seeking greater accountability from GM on greening its supply chain likely have not burnished the Company&#8217;s corporate
image.<SUP>47,48,49,50 </SUP> Further, as the BEV market develops, customers may consider many brands for their purchases. GM&#8217;s
ability to market its overall sustainability inclusive of the sustainability of its supply chains, may attract customers for whom environmental
stewardship is a factor in their purchasing decisions.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>V.</B></TD><TD STYLE="text-align: justify"><B>WITHOUT FURTHER ACTION, GM MAY FAIL TO MEET INVESTOR EXPECTATIONS </B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>If GM does not commit to comprehensive supply
chain emissions reductions, it may fail to meet investor expectations of enhanced corporate action on sustainability. </B>In recent years,
shareholder proposals asking companies to set net-zero by 2050 emissions reductions targets have garnered significant shareholder support
including substantial majority votes in many cases.<SUP>51,52,53,54 </SUP>As of April 2023, nearly 2,600 companies had set science-based
emissions reduction targets with the Science Based Targets initiative, an organization that reviews the veracity of corporate emissions
reduction targets and provides approval if they are aligned with a science-based approach.<SUP>55</SUP> Without addressing the full range
of its emissions, it is unlikely that GM can maintain an emissions reduction trajectory in line with the 1.5 degrees Celsius limit on
global temperature rise, as recommended by the IPCC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Additionally,
large asset managers have focused on how investee companies are addressing climate risk, including how they account for their full value
chain&#8217;s greenhouse gas emissions and whether they have adopted plans to significantly reduce emissions. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">Top GM investor
BlackRock notes in its 2023 proxy voting guidelines that &#8220;well-run companies&#8230; effectively evaluate and manage material sustainability-related
risks and opportunities as a core component of their long-term value creation for shareholder and business strategy.&#8221; It notes that
sustainability-related risks include water use, land use, waste management, and climate risk. Another top GM investor, Vanguard, looks
for robust board &#8220;oversight and mitigation of material climate risks.&#8221;<SUP>56</SUP> Failure to deliver on these imperatives
may result in a lack of investor confidence and cause shareholders to seek alternative investments. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">_____________________________</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>47</SUP></FONT><SUP> </SUP>https://act.mightyearth.org/page/115867/data/1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>48</SUP></FONT> https://www.toledoblade.com/b-partners/mighty-earth/2023/02/10/dirty-steel-and-aluminum-are-a-lemon-for-<BR>
gm/stories/20230210003</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>49</SUP></FONT> https://leadthecharge.org/scorecards/general-motors/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>50</SUP></FONT> https://www.mightyearth.org/wp-content/uploads/GM-Supply-Chain-Decarbonization-Letter.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>51</SUP></FONT> https://www.greencentury.com/statement-us-foods-sets-science-based-emissions-reduction-targets-partially-<BR>
implementing-majority-vote-on-green-century-shareholder-proposal/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>52</SUP></FONT> https://www.greencentury.com/statement-at-builders-firstsource-annual-meeting-green-century-wins-majority-<BR>
vote-on-climate-change-proposal/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>53</SUP></FONT> https://www.greencentury.com/statement-green-century-shareholder-proposal-on-climate-change-wins-vote-with-<BR>
88-5-approval-at-us-foods-annual-meeting/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>54</SUP></FONT> <FONT STYLE="color: Black">https://www.greencentury.com/majority-of-costco-shareholders-support-landmark-green-century-proposal-on-<BR>
climate-change/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><SUP>55</SUP></FONT> https://sciencebasedtargets.org/companies-taking-action</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>56</SUP> <FONT STYLE="color: Black">https://corporate.vanguard.com/content/dam/corp/advocate/investment-<BR>
stewardship/pdf/perspectives-and-commentary/policy_insights_climate_risk.pdf</FONT><FONT STYLE="color: #444746; background-color: white">.
pg 2</FONT></P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>VI.</B></TD><TD STYLE="text-align: justify"><B>CONCLUSION</B></TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, GM is addressing <I>some </I>of its
climate risk. Indeed, the Company has set emission reduction targets and made investments to address this risk. However, GM is not thoroughly
addressing the risk arising from its supply chains, which is demonstrated by its lack of disclosure of disaggregated steel and aluminum
supply chain emissions, its deforestation exposure tied to the rubber and leather products it sells, and the lack of alignment of its
full operational and value chain emissions reductions with the 1.5 degrees Celsius scenarios recommended by the IPCC.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Voting in favor of the proposal will provide important
input to the board and management as to how to accelerate GM&#8217;s short-term action on climate risk in order to maintain the long-term
value of the Company.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Shareholders are urged to vote FOR the proposal
asking GM to develop a feasible plan to establish procurement targets for sustainable materials within its supply chain and include annual
disclosure of progress toward attainment of such targets.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border: black 1pt solid"><B>This is not a solicitation
of authority to vote your proxy. Please DO NOT send us your proxy card; Green Century Capital Management, Inc. is not able to vote your
proxies, nor does this communication contemplate such an event. Green Century Capital Management, Inc. urges shareholders to vote for
Shareholder Proposal Item No. 7 following the instruction provided on the management&#8217;s proxy mailing.</B></P>

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