<SEC-DOCUMENT>0001214659-24-007535.txt : 20240425
<SEC-HEADER>0001214659-24-007535.hdr.sgml : 20240425
<ACCEPTANCE-DATETIME>20240425092808
ACCESSION NUMBER:		0001214659-24-007535
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240425
DATE AS OF CHANGE:		20240425
EFFECTIVENESS DATE:		20240425

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			General Motors Co
		CENTRAL INDEX KEY:			0001467858
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				270756180
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34960
		FILM NUMBER:		24873331

	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
		ORGANIZATION NAME:           	
		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>
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<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>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"><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"><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 No. 8 on General Motors
Company's 2024 Proxy Statement:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Report on Sustainability Risk in the Company&#8217;s
Supply Chain</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">Green Century Capital Management, Inc. seeks your support for the proposal
filed at General Motors Company (hereby referred to as &#8220;GM&#8221; or the &#8220;Company&#8221;) on behalf of GM stockholder, Ms.
Amy Floyd (collectively, the &#8220;Proponent&#8221;), in the 2024 proxy statement. The proposal asks the Company to join initiatives
aimed at increasing the supply of primary (i.e. without recycled content) low-carbon steel and aluminum and to report annually on progress
toward its goal of sourcing 10% low-carbon primary steel and aluminum by 2030. Because GM purchases leather, rubber, and minerals for
its vehicles from areas associated with deforestation, the proposal asks GM to report on deforestation risk within its supply chain and
to set targets to eliminate it.</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">The Proponent believes providing additional information will enhance
investor understanding on whether and how GM is supporting the build out of the low-carbon primary steel and aluminum industry, illuminate
how purchasing forest-linked commodities may contribute to the Company&#8217;s deforestation risk, and provide a deadline by which it
will source deforestation-free products.</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">By actively participating in initiatives focused on expanding availability
of low-carbon primary metals, GM would demonstrate to investors that it takes seriously its responsibility to meet its existing targets
and accelerate development of low-carbon primary steel and aluminum production and availability. Further, setting a target date to ensure
GM&#8217;s leather, rubber, and minerals are not raised or extracted by methods involving deforestation would enhance its reputation and
avoid climate and biodiversity impacts within its supply chain.</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>RESOLVED</B>: Proponents request the Company issue an annual report
providing additional disclosure on sustainability risks within its supply chain and risk mitigation efforts.</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"><B>SUPPORTING STATEMENT: </B>Shareholders recommend that the report
be prepared at reasonable cost and omit proprietary information, and, in their discretion, encourage the board and management to assess
in the report:</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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The pros and cons of joining global value chain emissions reduction efforts,
such as the Aluminum Stewardship Initiative and ResponsibleSteel, and demand aggregation initiatives such as SteelZero and the Sustainable
Steel Buyers Platform. </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><FONT STYLE="font-family: Times New Roman, Times, Serif">Progress toward attaining low-carbon steel and aluminum 2030 procurement
targets.</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><FONT STYLE="font-family: Times New Roman, Times, Serif">Enhancing disclosure of deforestation risk associated with GM&#8217;s leather,
tire, and mineral supply chains including the potential for adopting targets for eliminating supply chain deforestation.</FONT></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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><B>Supply Chain Risk &#8211; </B>Auto manufacturers are highly sensitive to supply chain disruptions, as evidenced by microchip shortage
that stalled manufacturing during the pandemic.<SUP>1,2,3 </SUP>GM has a target to purchase low-carbon primary steel and aluminum for
10% of its total primary steel and aluminum purchase by 2030. However, supply of low-carbon primary steel and aluminum is extremely limited.
Therefore, the proposal urges GM to join organizations that are actively working to expand low-carbon primary steel and aluminum production,
such as ResponsibleSteel, SteelZero, the RMI Sustainable Steel Buyers Platform, and the Aluminum Stewardship 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">2.</TD><TD><B>Deforestation Risk</B> &#8211; Deforestation is one of the main drivers of climate change and biodiversity loss and is strongly
linked to cattle raising,<SUP>4,5</SUP> rubber farms,<SUP>6</SUP> and surface mining of minerals.<SUP>7,8,9</SUP> The Accountability Framework
initiative, a collective effort of organizations dedicated to protecting forests, calls on companies to eliminate deforestation and ecosystem
conversion from their supply chains by 2025.<SUP>10</SUP> GM lacks a target date for sourcing 100% deforestation-free materials.</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><B>Reputational Risk</B> &#8211; GM could unfavorably compare to other auto manufacturers who are progressing more quickly to address
deforestation linked materials used in their vehicles. This may invite negative media attention and publicity from NGO campaigns seeking
protections for forests and biodiversity.</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; 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 No. 8 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">&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: 0.18in"></TD><TD STYLE="width: 0.25in"><B>I.</B></TD><TD><B>EXECUTIVE SUMMARY</B></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">GM has taken meaningful action to enhance the sustainability of its
operations and the vehicles it manufactures. For example, it has set a science-based target which includes the greatest source of its
indirect emissions (i.e., use of its vehicles),<SUP>11</SUP> plans to manufacture only electric light-duty vehicles by 2035,<SUP>12</SUP>
and is well on its way to sourcing 100% renewable energy at its U.S. sites by 2025.<SUP>13</SUP></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"><FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.jabil.com/blog/automotive-supply-chain.html
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> https://www.ihcus.com/navigating-the-roadblocks-supply-chain-challenges-in-the-automotive-industry/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>3</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.bloomberg.com/news/articles/2023-09-08/us-automobile-industry-faces-high-sourcing-risk-fed-study-finds?sref=Brs3FVmA
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <FONT STYLE="font-size: 10pt">https://www.nytimes.com/2021/11/17/climate/leather-seats-cars-rainforest.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</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"><FONT STYLE="font-size: 10pt"><SUP>6</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.sciencedirect.com/science/article/pii/S096098222031006X
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>7</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://en.tempo.co/read/1827220/nickel-downstream-leads-to-uncontrollable-deforestation-in-north-maluku-environmental-groups-report
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>8</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.wsj.com/articles/electric-vehicles-batteries-nickel-pickle-indonesia-9152b1f
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> https://www.ft.com/content/cd1fd7f3-b3ea-4603-8024-db75ec6e1843</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> https://accountability-framework.org/news-events/news/the-afi-recommends-a-target-date-of-2025-or-sooner-to-eliminate-deforestation-and-conversion-in-supply-chains/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>11</SUP></FONT> A<FONT STYLE="font-size: 10pt">ccording
to GM&#8217;s CDP Climate Change 2023 Report</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> https://www.detroitnews.com/story/business/autos/general-motors/2023/12/04/barra-gm-still-planning-to-be-all-electric-by-2035/71678366007/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>13</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.gm.com/stories/renewable-energy-sustainable-strategy</FONT></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">Despite taking significant steps to lessen its environmental footprint,
GM&#8217;s actions do not address key material risks arising from potential supply chain constraints and degradation of natural resources
within its supply chain.</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">The Company has a target to procure 10% of its primary steel and aluminum
as low-carbon by 2030. However, supply of low-carbon primary steel and aluminum is very limited, and rapid, near-term action is needed
to spur investment in and construction of steel and aluminum plants that are modern, efficient, and powered by clean energy.</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">Although the U.S. Government recently announced $0.5B awards to decarbonize
the operations of steelmaker Cleveland-Cliffs and aluminum producer Century Aluminum, manufacturing low-carbon steel and aluminum is in
its infancy.<SUP>14</SUP> To secure domestic steel and aluminum markets, GM should join initiatives like ResponsibleSteel, SteelZero,
the RMI Sustainable Steel Buyers Platform, and the Aluminum Stewardship Initiative that are working to facilitate the primary steel and
aluminum industries&#8217; transition to low-carbon energy sources and manufacturing processes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GM purchases leather, rubber, and minerals for its car seats, tires,
and auto parts which may contribute to deforestation and land clearing in ecologically sensitive regions. Deforestation is now one of
the leading drivers of climate change as well as biodiversity loss and accounts for roughly 12% of global anthropogenic emissions, according
to the Intergovernmental Panel on Climate Change (IPCC).<SUP>15</SUP></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">Yet, GM does not disclose where it sources forest-linked materials
from or how it mitigates potential deforestation impacts. As a result, the Company exposes itself to reputational risk. Protesters have
targeted banks and food companies because of their association with deforestation linked to cattle raising in Brazil.<SUP>16,17</SUP>
Further, NGOs have published reports indicating that automakers, including GM, are at significant risk of contributing to deforestation
in the Amazon as a result of cattle raising, and in areas of Southeast Asia and Africa that are home to rubber tree plantations.<SUP>18,19,20</SUP>
Further, surface mining of minerals that GM sources either directly or within the EV batteries that it purchases may be associated with
deforestation in Indonesia.</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">The Proponents believe GM has the responsibility to its investors and
stakeholders to develop, disclose, and implement plans to limit negative impacts of the materials it sources and increase its access to
low-carbon inputs such as steel and aluminum. Adoption of the measures outlined in the proposal will help 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">&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: 0.12in"></TD><TD STYLE="width: 0.25in"><B>II.</B></TD><TD><B>SUPPLY CHAIN RISK </B></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">Through the First Movers Coalition, GM made a commitment to purchase
10% of its primary steel and aluminum as low-carbon by 2030. However, if GM is to continue sourcing low-carbon primary metals beyond its
2030 target, or if it expands its targets, it will likely face constrained supply.</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"><FONT STYLE="font-size: 10pt"><SUP>14</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.energy.gov/oced/industrial-demonstrations-program-selections-award-negotiations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> <FONT>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>16</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>17</SUP> https://forestsandfinance.org/news/bank-of-montreals-links-to-massive-illegal-amazon-deforestation-condemned-by-indigenous-leaders-during-biodiversity-summit-2/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> <FONT STYLE="font-size: 10pt">https://us.eia.org/wp-content/uploads/2022/12/EIA_US_Brazil_Leather_report_1022_US_Format_FINAL_EDITS_09-02-23.pdf.
pp 1,3,21,23.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> https://ign.ku.dk/english/news/archive/2019/your-car-tires-are-clearing-the-rainforest-in-cambodia/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</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">&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">Primary aluminum production in the United States is virtually non-existent,
and by extension, so is low-carbon primary aluminum. EV design incorporates more aluminum than the standard internal combustion engine
equivalent in order to make the vehicles lighter and more efficient. Due to its light weight and thermal properties, aluminum is also
used for battery enclosures and is incorporated in the bodies of EVs.<SUP>21</SUP> North American aluminum consumption by automakers is
expected to grow by 24% by 2030 over 2020 levels for light-duty vehicles.<SUP>22</SUP> Thus, supply needs to ratchet up. Steel supply
is similarly constrained and not a single ton of primary low-emissions steel is currently produced in the United States.</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">Although GM has partnered with manufacturers of low-carbon steel, their
steel primarily comprises recycled steel, which has a much lower carbon footprint than primary steel. The same is true for recycled content
aluminum versus primary aluminum. By joining multistakeholder initiatives like ResponsibleSteel, SteelZero, the RMI Sustainable Steel
Buyers Platform, and the Aluminum Stewardship Initiative, the Company could support organizations that are helping to expand production
of low-carbon primary steel and aluminum.</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">In March 2024, the U.S. Department of Energy (DOE) announced up to
$0.5B in funding to U.S.-based Century Aluminum to build a smelter that would avoid an estimated 75% of emissions in producing primary
aluminum compared to traditional smelters. Similarly, the DOE awarded U.S. steel manufacturer, Cleveland-Cliffs, up to $0.5B to build
a hydrogen-ready flexible fuel Direct Reduction Iron plant, which could eliminate thousands of tons of GHG emissions when fully operational.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It would be strategic for GM to consider MOUs with each of these domestic
manufacturers - not only to support expansion of low-carbon production, but to secure primary metals sources to meet its targets and any
supply needed beyond 2030.</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">Multistakeholder initiatives remain important. ResponsibleSteel has
spearheaded development of a global multistakeholder sustainability and certification standard that allows steel plants to be certified
as low emissions. Its members include GM competitors Mercedes-Benz and Volvo. Members of SteelZero, including Volvo, commit to procuring
or specifying 100% net-zero steel by 2050, or earlier. RMI&#8217;s Sustainable Steel Buyers Platform aggregates demand for low-carbon
steel which helps producers secure orders that are big enough to contemplate equipment and infrastructure investments to reduce manufacturing
emissions.</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">Similar to ResponsibleSteel, the Aluminum Stewardship Initiative (ASI)
is a global standard setting and certification organization that works with aluminum producers and users to promote responsible production
and environmental stewardship. The ASI standard requires entities to create plans to ensure a GHG emissions reduction pathway consistent
with a 1.5&deg;C warming scenario. Both BMW and Mercedes-Benz are members.</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">By helping to revitalize US primary aluminum and steel production,
GM could not only cut supply chain emissions associated with these metals, it could also secure additional domestic supply and contribute
to deployment of the wind, green hydrogen, and other renewable fuels needed to decarbonize traditionally high-emitting industries.</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"><FONT STYLE="font-size: 10pt"><SUP>21</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://evreporter.com/the-role-of-aluminium-in-the-ev-industry</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> https://www.statista.com/statistics/496185/pounds-of-aluminum-per-car-in-north-america/</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>

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<TD STYLE="width: 0.25in"><B>III.</B></TD><TD><B>DEFORESTATION RISK </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #00B050">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deforestation is one of the leading drivers of both climate change
and biodiversity loss, and accounts for roughly 12% of the world&#8217;s anthropogenic climate emissions.<SUP>23</SUP> The leather, rubber,
and minerals that GM sources for its car seats, tires, and auto parts may be associated with deforestation and land clearing.</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"><U>Leather</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.<SUP>24</SUP> In 2022, two NGOs assessed the ambitions
of 15 car seat and car manufacturers (including GM) for a deforestation-free leather supply chain.<SUP>25</SUP> They concluded in their
report that even foundational elements, such as holistic disclosure practices, were poor for every company,<SUP>26</SUP> and no car manufacturer
assessed published information on whether they had blocked non-compliant suppliers or on the percentage of leather suppliers or procurement
that was deforestation-free.<SUP>27</SUP> GM scored the second highest out of any car manufacturer in the assessment, with 20 out of 100
total possible points. Despite achieving the high score, the 80 points it could yet attain will require significant additional work by
the Company.</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">GM&#8217;s disclosure practices on leather sourcing are poor, including
any indication of what percent of its leather supply chain the Company can trace back to cattle birth farms. GM has also failed to provide
data on its deforestation risk exposure in Brazil and other high-risk regions. In addition, the Company has not committed to purchasing
deforestation-free leather products or to transitioning to non-leather materials.</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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The automotive and tire industries are the biggest consumers of natural
rubber, and rubber tree cultivation is a leading driver of deforestation in Southeast Asia and West Africa.<SUP>28 </SUP>GM is a founding
member of the Global Platform for Sustainable Natural Rubber (GPSNR), a multistakeholder initiative organized to improve the traceability
of latex and rubber products back to farmers with the goal of supporting sustainable cultivation and socio-economic welfare. GPSNR requires
members to provide annual disclosures on their rubber sourcing policies. Of the nine questions that GM covers in its latest rubber report,
only a single question relates to rubber and rubber sourcing practices.<SUP>29</SUP> Further, GM has yet to provide a comprehensive disclosure
of any effort to fully trace its rubber supply chain, disclose deforestation risk attributable to expansion of rubber farms, or press
for deforestation-free rubber.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Minerals</U></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">Deforestation resulting from surface mining, a process by which forests,
vegetation, and topsoil are scraped away leaving bare soil, is an emerging concern. Surface mining is used to access subsurface mineral
deposits, such as bauxite (the precursor to aluminum), nickel and cobalt. Nickel and cobalt are critical components needed to achieve
high-performing EV batteries, and aluminum is incorporated into the casings for EV batteries and into EV frames to reduce total vehicle
weight.</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"><SUP>23</SUP> <FONT>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"><FONT STYLE="font-size: 10pt"><SUP>24</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.nytimes.com/2021/11/17/climate/leather-seats-cars-rainforest.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>25</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://dv719tqmsuwvb.cloudfront.net/documents/Annet/Leather_Benchmark_Report_Updated_12Dec22.pdf
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> Ibid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>28</SUP> https://www.mightyearth.org/rubber/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>29</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.gmsustainability.com/_pdf/policies/GM_GPSNR_Public_Disclosure_Report_Final.pdf</FONT></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">Global demand for nickel and cobalt is expected to grow by 44%<SUP>30</SUP>
and 94%<SUP>31</SUP> by 2030 over 2022 levels, respectively. Appropriately, GM has secured agreements with a nickel supplier in Canada<SUP>32</SUP>
and a nickel and cobalt producer in Australia to ensure access to these critical minerals.<SUP>33</SUP> However, because GM does not provide
full traceability to the mines from which it sources nickel and cobalt, the Company may be purchasing minerals from mining operations
that are at high risk of causing deforestation in Indonesia.</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="font-family: Times New Roman, Times, Serif">Indonesia
is particularly vulnerable to deforestation. The country is home to unique flora and fauna, and its nickel reserves sit underneath rainforests
that are situated close to pristine waters and species-rich corals<SUP>34,35</SUP> <I>Bloomberg </I>reports that in the last two decades,
more than 50% of the tropical deforestation caused by industrial mining has taken place in Indonesia. <SUP>36,37</SUP></FONT><SUP>,38</SUP></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">GM has just inked a long-term agreement with supplier LG Chem for more
than 500,000 tons of battery minerals to the Company by 2035<SUP>39</SUP> and CATL, the largest EV battery manufacturer in the world,<SUP>40</SUP>
currently supplies EV batteries to GM. Both companies indirectly source nickel from mines and refineries in Indonesia.<SUP>41</SUP> Therefore,
by association, GM&#8217;s purchases may be linked to deforestation there as well.</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">The pace and scale of environmental damage resulting from nickel mining
is heightening investor concern. In March 2024, VBDO, Legal &amp; General Investment Management, and 29 additional investment firms controlling
$2.7 trillion in combined assets under management convened the Investor Initiative on Responsible Nickel Supply Chains and are calling
on companies to commit to deforestation-free nickel supply chains.<SUP>42</SUP></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">Relatedly, surface mining for bauxite, the precursor to aluminum, is
a source of deforestation risk. Aluminum use in light-duty vehicles in North America is expected to grow by 24% by 2030 over 2020 levels.<SUP>43</SUP>
Human Rights Watch reported in 2021 that bauxite mining has been associated with resettlement of homes or villages, threats to communities&#8217;
access to housing and food, biodiversity loss, and water pollution.<SUP>44</SUP></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">The Proponents note that GM collaborates with Initiative for Responsible
Mining Assurance, but it is unclear how the Company leverages its collaboration to ensure mining of battery- and vehicle-related minerals
does not cause or contribute to deforestation or land degradation. GM could better serve its investors by tracing the minerals it uses
to originating mining operations and disclose efforts to mitigate and eventually eliminate deforestation in its supply chain.</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"><SUP>30</SUP> https://www.reuters.com/markets/commodities/vale-sees-44-increase-global-nickel-demand-by-2030-2022-09-07/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>31</SUP>
https://www.statista.com/statistics/1425427/global-cobalt-demand-fo</FONT>recast-by-end-use/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>32</SUP> https://www.gm.ca/en/home/stories/vale-and-gm.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33</SUP> https://news.gm.com/newsroom.detail.html/Pages/news/us/en/2022/oct/1011-nickel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>34</SUP> https://www.iucn.nl/en/blog/nickel-mining-in-indonesia-economic-prosperity-and-ecological-disaster/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>35</SUP> https://www.ran.org/indonesia_s_rainforests_biodiversity_and_endangered_species</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>36</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.bloomberg.com/news/articles/2022-09-12/indonesia-s-lost-more-tropical-forest-to-mining-than-anywhere?sref=Brs3FVmA
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>37</SUP> https://www.pnas.org/doi/10.1073/pnas.2118273119</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>38</SUP> https://www.pnas.org/doi/10.1073/pnas.2118273119</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>39</SUP></FONT> h<FONT STYLE="font-size: 10pt">ttps://www.cnbc.com/2024/02/07/gm-lg-chem-ev-battery-materials-deal.html</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>40</SUP> https://www.statista.com/statistics/235323/lithium-batteries-top-manufacturers/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>41</SUP> https://mightyearth.org/wp-content/uploads/2024/04/ForeststoEVs_FinalV2.pdf.
Pg 24.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>42</SUP> https://www.vbdo.nl/en/2024/03/more-investors-join-as-investor-initiative-on-responsible-nickel-supply-chains-has-kicked-off/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>43</SUP> https://www.statista.com/statistics/496185/pounds-of-aluminum-per-car-in-north-america/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>44</SUP> https://www.hrw.org/report/2021/07/22/aluminum-car-industrys-blind-spot/why-car-companies-should-address-human-rights#_ftn21</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>

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

<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">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
or on tracing, disclosing, and eliminating deforestation risk associated with its leather, rubber, and mineral supply chains. As a result,
GM may unfavorably compare with companies who are progressing more quickly.</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">Other automakers, such as Volvo and Mercedes-Benz, have taken steps
to improve the sustainability of their steel supply chains by participating in the steel plant certification standard, ResponsibleSteel.
Volvo has joined the SteelZero initiative and committed to buying 100% net-zero steel by 2050. Although GM is working with several steel
manufacturers to obtain low-carbon <I>recycled </I>steel, it does not participate in broader efforts such as RMI&#8217;s Sustainable Steel
Buyer&#8217;s Platform which aggregates demand for low-carbon <I>primary </I>steel.</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">Failure to act swiftly to eliminate deforestation, for example within
its leather supply chain, exposes GM to reputational risk. 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 has no 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. As the EV 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"></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="white-space: nowrap; width: 10pt"><B>IV.&nbsp;&nbsp;&nbsp;&nbsp;</B></TD><TD STYLE="white-space: nowrap"><B>CONCLUSION</B></TD></TR></TABLE>

<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">While GM has taken definitive steps to enhance and implement its sustainability
commitments, it is not thoroughly addressing risk arising from its supply chain. Current gaps include its lack of disclosure regarding
its primary steel and aluminum supplies, its deforestation exposure tied to the leather, rubber, and mineral products it uses, and the
lack of fulsome reporting on measures it&#8217;s taking, if any, to conserve and restore forest and natural habitats.</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">Voting in favor of the proposal will provide important input to the
board and management that GM must accelerate its disclosure and implement measures to lessen its supply chain risk.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Shareholders are urged to vote FOR the proposal asking GM to provide
an annual report disclosing the Company&#8217;s deforestation risk and risk mitigation measures. The proposal also asks GM to join initiatives
aimed at developing greater supply of low-carbon steel and aluminum.</B></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; 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 No. 8 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">&nbsp;</P>

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

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