EFTA Document EFTA01457538

1 May 2016 Autos & Auto Parts Delphi Automotive [Figure 4: Delphi Discounted Cash Flow Delphi Discounted Cash Flow Analysis On $ millions) 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E 0 0 0 1 2 3 4 5 Revenues 516.463 517.023 $15293 516.947 318.500' $19.703 520.688 521.401 Revenue Down 61% 34% -102% 108% 92% 65% 5.0% 35% Cperatng Expenses $14620 515.005 $13,293 514.695 $15.910 $18,964 $17.853 518,512 CperaIng Morro $1,844 $2018 $2.003 $2,251 52,590 $2,739 $2834 $2,889 CperaIng Margin 112% 119% 131% 133% 140% 139% 13.7% 135% Demecialon and Amalzabon $540 $587 5535 S588 $648 $690 $724 $749 EBITOA Margin 145% 153% 186% 168%4 175%1 174% 172% 170% Penraon Non Savo $27' $28 $28 $28 $28 $28 $28 $28 EBITDAP 52,411 $2633 $2.562 $22867 $3,268 $3,456 $3586 $3.686 SITOAP Meson 146% 155% 188% 169% 177% 175% 17.3% 171% EBITDA Goat 112% 92% •27% 119% 139% 58% 38% 22% Taxes $296 $306 $317 $387 $458 $617 $639 $651 Tax Rale% 16% 15% 16% 17% 18% 23% 23% 23% Ma am Capel ($78) ($123) ($29Z ($215) $93 $197 $310 $332 VC as% a salsa -05% -07% -19% -1.3% 0.5% 10% 15% 16% Change n Wodong Copts' ($50) ($45) ($169) S77 $308 $105 $113 $21 CAPE( $682 $855 $810 $850 $900 $916 S560 $910 Capes b Sales 41% X.S. Le tffe rl 7% 46% 43% Redrucbmg (150) (200) (80) (801 - - InaemenblInvestrent $482 5610 $561 $847 $1.208 $1021 $1.073 $931 Free Cash Flaw $1633 $1717 $1684 $1.633 $1,900 $1818 $1874 $2,084 Terra Vat pat 817 Total Value $1,633 $1,717 $1,884 $1603 $1600 $1,8113 $1,874 $33,062 Sum of PW, as of 2014TE (2016-2020) 529,153 $1.633 $1.454 $1,503 $1.408 523.155 2015YE &dance Sheet Entespdse value $29,153 Cad $903 Win Croat 35% Tema! Vabe Tobl Debt (32.573) flaw abm Margn 135% PAW • g 66% Tax Rib 225%1PACC 100% Undarlaxted Peria01112014YE, Net of TEM ($754) WC % Revenue 16% Equity n Aileen $101 CAREX % Rev 43%' Mnaty Interest (5508) Shareholder Value $26.322 Shares Oubbndng 279 4 Pa Share 594 50.~.-O_a— Valuation and Filsks Our price target is based on a DCF derived 2016 P/E multiple of 15.0x. Our DCF conservatively assumes a normalized EBITDA margin of 17.0% (vs. our estimates of 16.8% in 2016 and 17.5% in 2017), a terminal growth rate of 3.5% (which could prove conservative given Delphi's exposure to secular content per vehicle growth drivers) and a tax rate of 22.5% (which assumes the US IRS disallows Delphi's status as a non-U.S. entity - resulting in a 4% increase vs. Page 6 Deutsche Bank Securities Inc. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117119 CONFIDENTIAL SDNY_GM_00263303 EFTA01457538