EFTA01385138.pdf

1 October 2017 Autos & Auto Parts General Motors Co Valuation and Risks Our DCF-derived target price is $51/share. Our estimate assumes $41/share for GM's 1.0 operation, implying a 10% FCF yield on our -.$6.0 bn trend FCF forecast and translating to 4.0x 2018 EV/EBITDAP. We've also incorporated $10/share to GM's Autonomous 2. 0 opportunity, which is roughly 50% of the 420/sh value noted above. We think a haircut is appropriate as the Autonomous business is new and involves significant risks. Key risks, in our view, are likely to be concentrated around GM's 1. 0 operations, especially in the near-term, as the company scales back production in NA to right- size inventory and to prepare of upcoming 2018/2019 launches of key products (namely its large pickups and SUVs). Page 4 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086200 CONFIDENTIAL SDNY_GM_00232384 EFTA01385138