I May 2015 Autos & Auto Parts Delphi Automotive Model updaled:30 April 2015 burin am the numboo. North America United States Autos & Auto Parts Delphi Automotive Reuters: DLPH.N Buy Price 130 AM IS) Target Price 52 Week range Markel Cap (ml Bloomberg: DLPH US USD 83.00 USD 94.00 USD 58.30 - 84.71 USDm 23673 EURm 21.136 Cee irony Prof:lo Delphi Is one of the largest global auto suppler.. with strong geograplw / customer diversity. miming a PereCulallY Strong oositon n Care lapprox 15% or eases) It does busmina through 4 core business segments (Powwow. Decimal A:chromes. Electronith/Setely. & Thermal), and its focus on key automotive megaihemes Sege. Green. and Connected. positrons the company favorably for sustained serciAry growth Oetni also fe4ture we of the pxkiwys leanest cost structures. 'oath 92% of the how& workforce loaned in low-cost townies end Pr K.0 Pnr lurnmnre 90 75 ao 45 30 15 Ma 12 Nov 12 May 13 Nov. '3 May 14 Nov 14 — Debnomonetto sae tOO incaution.. •8 Tiercli 20 15 4 to 54. 0 -10 -t5 11 IlIftEr 'I, 15E 10E Melt Mote 12 13 14 15E ME Solve 30YehU431 Focal yaw end 31-Dec 17inarunit! Sumi tore DB EPS IISDI Rimmed EPS (USD/ OPS 6/SDI 8VPS MSDI 1.1 POO Mistricc Prce/Seke lx1 PIE (0811.1 P/E (Reported/ Cx) P/BV 14/ FCF yield Oil Dividend weld ISM EV/Salm EV/03170A EWEBIT Ince°, Statimmint iCJSDnI Silas EBITDA EBIT Pre-tax proM Net income Caidi How 11.1511M11 Cash flow from operations Net Cep*. Free cash flow Equity ratied/(boughl beckl Dividends paid Net inc9decl n 1:0•101W192 Other imostingthnenoing cash flows Net cash flow Chong* In 9sorkIngagitil i Balance SII(N1I (US(kr) Gahm.] cash lletWeleftell Property. Plant & equipment Goodwill Other ease% Total assets Debt Other Imbilmes Total Imbibes Tom SherellSkterd iltaltt2 Nee debt Kov Cc•repany Metrics Silas growth 061 DB EPS growth 061 Payout ratio(%) EBITDA Margin Mil EBIT Margin 014 ROE I%) 100 Nat debt/rOuity MAI 90 Net interest cover 1x) 40 • 20 0 ROE MS SiSvnney II 12 13 14 15E 'Sc rarer litteetaMtemAy MHZ Net mime. 1•••MAMS) WA Lac ho .1 212 250-5551 Page 2 rod lache@db corn DrtP et AtIAIVI3 EBIT rear 1%1 x Assn turnover (s) X Financial cost ratio (SI x Tax and other effects (xl a ROA (poet tax) (%) FinanciallevOtep(x) a ROE 154 ennuie growth (191 x NTSVsho• thvg11.) . Reported EPS "Mel growth (40 Spaces' Company d • a Numb* Bank mammies 2011 2012 2013 2014 2015E 2015E 2.78 384 4.40 509 532 6.30 2.78 384 4.40 509 532 630 0.00 000 0.68 100 120 1.20 4.01 725 9.36 837 690 781 06 0.6 1.0 12 1.5 1.4 76 79 114 13 2 158 13 2 76 7.9 11.4 132 15.6 13.2 54 53 64 87 120 105 84 81 68 63 47 57 00 0.0 1.4 15 1.4 1.4 06 07 10 13 17 1.5 46 5.3 7.1 8 4 10.2 9.2 5.9 6.8 9.2 10 9 129 116 _ _ ...... _ _ ..... _ 16.041 15.519 16.463 17.023 15.293 16.947 2.150 2,142 2,384 2.605 2,534 2.839 1.675 1,671 1.844 2.018 2,000 2.251 1.537 1.553 1,722 1.916 1,882 2.151 1.189 1.240 1.371 1.530 1.522 1.702 1,377 1,478 1350 2,135 1.927 2,133 630 -008 482 -856 -810 .850 747 790 1503 1,290 1,117 1.293 -4,747 -403 -457 -1524 -1,340 -1.150 -29 0 -211 -301 429 489 1,689 345 -85 8 73 -286 484 490 -31 -448 521 0 -1.856 -258 284 -406 42 -543 -7.27 -37 -ess 48 -74 -n 1.372 1,113 1,393 905 904 361 2.315 2.060 3.216 3.343 3.095 3.357 0 0 0 0 0 0 5.441 6.203 6.438 6.433 6.768 7,118 9.128 10,176 11547 10.748 10768 10538 2.103 2.464 2.412 2.451 2,573 2.287 4.854 4.882 5.201 5.282 5.719 5.911 6.957 7.346 7.613 7.733 8,292 8.197 2.171 2.830 3.434 3.013 2.476 2.639 731 TX! 1,019 1.546 1,669 1,925 la I .3 3 61 34 .102 10.8 198 4 38.1 14.6 15 9 4.4 18.4 00 0.0 15.4 195 22.5 19.0 134 138 145 153 166 16 8 10 4 10.8 11.2 119 13.1 13.3 31 9 61.5 52.2 567 680 830 33.7 477 297 51 3 67 4 73 0 136 12.3 12.9 149 186 18.7 to 4 10.8 11.2 "9 13.1 13.3 16 16 16 16 14 16 09 0.9 00 09 0.9 09 08 0.8 08 08 0.8 08 116 12.8 129 14 1 14 158 28 48 40 40 46 53 31 9 81.5 52 2 587 680 830 185 2 928 -152 88 221 8.7 6.2 84 90 7.8198 76 2.78 384 4.40 509 532 630 198 4 381 746 759 0.4 184 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL DB-SDNY-0117115 SDNY_GM_00263299 EFTA01457534