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ident and Chief Executive Officer Chairman of the Supervisory Board Chairman and Chief Executive Officer Partner Chief Economist and Group Head, Global Research Editor-in-Chief Executive Director President, Southern Africa Chief Executive Officer General Manager, Office of the Chief Executive Chief Exe

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[email protected]> Reply-To: =/b>"Ens, Amanda" <[email protected]> EFTA_R1_01328859 EFTA02350939 Rich, as an update in case =ou still hold Global Research General Motors Company GM produces solid 4Q16, taxes drive beat, =onstructive outlook maintained — first take Maintain Rating: NEUTRAL PO: 42.00 US

0 EFTA02350940 FULL REPORT 4Q16 operating results =argely in-line GM reported 4Q16 operating EPS of =1.28, well above our $1.01 estimate and the Bloomberg consensus of =1.17. The majority of the bottom line beat was the result of a very low =ax rate of just 13.5% (BofAMLe 31.8% =amp; YTD -28%), but on

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eekly earnings minus CPI inflationSource: BofA Merrill Lynch REC placements is an average of permanent and temporary placements. REC and PMI shown as Global Research, ONS. standard deviations from average. Source: BofA Merrill Lynch Global Research, Markit Given all of the above, we reiterate our preference for av