EFTA01386006

From: Stewart Oldfield Sent: 10/4/2017 7:13:55 PM To: Joshua Shoshan Subject: Re: From DB's Rod Lathe: General Motors Co - AV Opportunity: It's Better than We Thought; Reiterating Buy (upgrade to Buy of 9/24/17 also attached) (II Classification: For Internal Use Only Cool, thanks. Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management 345 Park Avenue New York, NY 10154 Tel: Mobile: 917 209-0686 blackberry Email: Securities offered through Deutsche Bank Securities Inc. From: Joshua Shoshan Sent: Wednesday, October 04, 2017 11:14 PM To: Stewart Oldfield Subject: FW: From DB's Rod Lache: General Motors Co - AV Opportunity: It's Better than We Thought; Reiterating Buy (upgrade to Buy of 9/24/17 also attached) [I] Classification: For Internal use only Stewart, fyi . From: Joshua Shoshan Sent: Wednesday, October 04, 2017 5:57 PM To: Paul Barrett - Alpha Group Capital LLC Cc: Vahe Stepanian Martin Zeman Xavier Avila Liam Osullivan Davide-A Sferrazza Subject: From DB's Rod Lache: General Motors Co - AV Opportunity: It's Better than We Thought; Reiterating Buy (upgrade to Buy of 9/24/17 also attached) Greetings, Paul. I attach Rod Lache's report from Monday, and the upgrade of GM from last week. So, back to what we were talking about this morning, this is a fascinating story: GM autonomous vehicles (AV) will be ready for commercial deployment much sooner than people realize. We are talking about AVs without human drivers, and Rod describing large scale commercial operations starting in 2020. Not only is this "Mobility Business" material to GM's numbers, but Rod also believes that the business will be spun off to shareholders. Just think of the potential multiple on a pure play AV/ Mobility company versus the multiple on "GM 1.0". Some of the numerical analysis in the reports is truly compelling: Rod explains that GM will first target densely populated urban areas, at a cost of under $I per mile to the customer. Uber and Lyft now average $1.53 or more per mile. This is all about what happens to costs when you take out the human driver. Then Rod takes it a step further, and shows the challenge GM's plans will pose to private vehicle ownership, which, e.g., in New CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0087512 CONFIDENTIAL SDNY_GM_00233696 EFTA01386006