2020 Annual Report Vision To be the global technology leader in efficient power conveyance and energy- management solutions that enable our customers to achieve DANA their sustainability objectives. AT A Mission Our talented people power a customer-centric organization that is continuously improving the performance and efficiency GLANCE of vehicles and machines around the globe. We will consistently deliver superior products and services to our customers and will generate exceptional value for our shareholders. Established in 1904. Employing This mission is embodied in 38,000 people across 141 major our company theme: facilities in 33 countries. Shipping to 14,000 customers in 141 countries. Leveraging a global network Values of technology centers across Honesty and Integrity Good Corporate Citizenship 9 countries. Open Communication Continuous Improvement 2 Sales HIGHLIGHTS FINANCIAL $7.1 billion Adjusted EBITDA1 $593 million Diluted Adjusted EPS2 $0.39 Adjusted Free Cash Flow1 $60 million Future Sales Backlog $700 million All figures as of year-end December 31, 2020. 1 See pages 30-31 of Dana’s 2020 Form 10-K, included herein, for explanation and reconciliation of non-GAAP financial measures. 2 Diluted adjusted EPS is a non-GAAP financial measure, which we have defined as adjusted net income divided by adjusted diluted shares. See the “Quarterly Financial Information and Reconciliations of Non-GAAP Information” on Dana’s Investor Relations website at Dana.com/investors for explanation and calculation of diluted adjusted EPS. 3 SALES SNAPSHOT 5% 20% Region 13% North America 51% 46% Europe 31% 12% 51% Asia-Pacific 13% South America 5% 31% Customer 13% Ford 20% Segment Stellantis (FCA+PSA)* 12% Light Vehicle 43% 16% 43% PACCAR 4% Off-Highway 28% Deere 3% Commercial Vehicle 16% Power Technologies 13% Volkswagen 3% 28% Toyota 3% General Motors 3% Renault/Nissan 2% Tata 2% 18% CNH Industrial 2% Market All Other Customers 46% Light Vehicle 54% Off-Highway 28% 54% Commercial Vehicle 18% 28% * Includes sales to system integrators for driveline products that support Stellantis vehicles. All figures as of year-end December 31, 2020. 4 James K. Kamsickas Chairman and Chief Executive Officer DEAR FELLOW SHAREHOLDERS, This past year has been one dominated by disruption and uncertainty. Yet, despite the challenges faced by our world It is the collective spirit of the Dana and the mobility industry, I am immensely proud of the Dana family that has me entering 2021 with team and all that we accomplished. This year continued confidence in our company’s future. to reveal the depth of our team’s character, which brought us together to overcome hardship, while we strategically I truly believe the future is Dana. advanced our mission to support our customers across all markets and serve our communities around the globe. My sentiment isn’t just optimistic; it’s realistic. In 2020, our team demonstrated a strong resilience by expanding our electric-vehicle Not only did we manage through the operational challenges components and systems offerings, securing future sales of $700 of the pandemic with more than 100 facilities temporarily million – half of which will come from hybrid and electric vehicle idled, but our teams also applied their expertise to support programs, while continuing to generate cash and further strengthening frontline workers, including manufacturing personal our balance sheet. protective equipment and critical components for ventilators. We are grateful for the Dana women and men who, today, are working in our manufacturing facilities so that we can do our part to ensure the world’s critical mobility industry can continue to operate during the pandemic. 5 LETTER TO SHAREHOLDERS bring Dana complementary solutions We also elevated our leadership position and strengthen our relationships with in the e-Mobility space, developing new existing customers while giving us electrified propulsion systems across entrance into new original-equipment manufacturers, such as Lucid Motors all end markets and expanding our and Byton. global capabilities and capacity for our Over the past year, Dana has realized electrification portfolio, including motors, great successes from our light-vehicle inverters, controls, and beyond. business, especially in the SUV and light-truck segments. High-torque, As the mobility industry shifts to place greater emphasis on electrified vehicle maximum payloads, and extreme programs, Dana has strategically invested to build on our more than a century durability are key drivers for this of leadership in powertrain solutions. Our acquisition of Rational Motion market, as is evidenced by our content GmbH and investment in Pi Innovo LLC further extended our ability to provide being featured on some of the year’s complete software, controls, integration, and engineering services to support highest-profile vehicles, including the our customers. These solutions position Dana to assist our customers during Ford Bronco® and Bronco Sport, their transition to electrification and ultimately enhance the flexibility, robustness, Jeep® Wrangler and Gladiator, Land efficiency, and safety of electric-vehicle systems. Rover Defender, and Ram TRX. As automakers explore the best solutions Our commercial-vehicle customers have leveraged these e-Propulsion for electrifying in the future, there will competencies with new electric programs featuring fully integrated solutions from be a strong need for Dana’s high- Dana, including the DAF LF Electric truck for the European market and Kenworth performance driveline technologies that and Peterbilt programs in North America, which will be on the road this year. will not only meet the needs of exacting truck owners, but also address the In the off-highway segment, there are a diverse number of applications and duty desire for off-road adventure. cycles that benefit from Dana’s portfolio of solutions, not only in e-Propulsion, but also in e-Motion systems. Dana has been a long-time leader in supplying As a company, we firmly believe hydraulic-driven scissor-lift drivetrains, but now we are leveraging Dana’s our aggressive commitment to renowned mechanical capabilities, combined with our electrified solutions, to sustainability and social responsibility expand into the growing electric-driven scissor-lift market. As an example, we are positive forces driving our business have already secured a multi-year program with JLG Industries for North America and are important for our future. I and Europe, which begins early this year. am proud to report that Dana has committed to reducing our total annual Dana’s thermal-management capabilities will also be getting a boost in 2021 greenhouse gas emissions by at least upon completion of the acquisition of the liquid-cooling automotive thermal- 50 percent before the end of 2035, and management business of Modine Manufacturing Company. The acquisition will we remain focused on finding better add approximately $300 million in annual revenue, further diversify our geographic ways to serve our people, develop our footprint for thermal products, strengthen our technology platform, and increase products, and protect our planet. the scale of our Power Technologies business by 30 percent. The transaction will 6 LETTER TO SHAREHOLDERS As we look ahead, we believe continuing to execute our Powering into e-Drive enterprise strategy will position us for future success and further differentiate Dana among the mobility supply base as an energy-source agnostic supplier capable of supporting our customers across their diverse powertrain options. A year ago, I was reporting on the most profitable year in our company’s history, and I believe that momentum didn’t just carry us through 2020, but it continues to build as we move forward – and it’s all thanks to our people, our customers, and our investors. Together with the Board of Directors and the global Dana team, I thank you for your support. I do not doubt that as we move into 2021, Dana will continue to adapt and innovate so that we can launch ourselves into a very bright future. After all, we are People Finding A Better Way. My personal best, James K. Kamsickas Chairman and Chief Executive Officer DANA IS THE ONLY SUPPLIER CAPABLE OF DELIVERING ALL ELEMENTS OF A COMPLETE, FULLY INTEGRATED ELECTRIFIED SYSTEM ACROSS ALL MOBILITY MARKETS. 7 ELECTRIFIED Vehicle electrification isn’t just a far-off ambition for the mobility industry. It’s right here, right now. And, Dana is delivering electrification now. Whether a vehicle developer is looking for individual components, modules, or complete, fully integrated electrified systems, we have the in-house capabilities to meet any electrification need. In fact, we are actively providing solutions for a number of innovative programs across all mobility markets. 8 THE FUTURE IS ELECTRIFIED New electric motors enable material-handling equipment Dana launched a new electric motor targeted for Class I electric lift trucks, sideloaders, and mobile elevated work platforms. Delivering up to 95 percent efficiency, these 48- to 120/144-volt synchronous reluctance internal permanent magnet motors prolong battery life and extend duty cycles by delivering higher power density than the AC motors typically used in these applications. Currently in production, these new low-voltage, high-efficiency motors offer continuous power from 20 kW to 60 kW, and peak power from 30 kW to 70 kW. They can be combined with Dana’s inverter, controller, software, and drive products to deliver comprehensive system solutions for many types of SRI 200 SERIES MOTOR material-handling equipment. Spicer Electrified™ axle Designed for medium-duty truck frame rails to simplify truck body in production for medium- and bus applications, the eS9000r positioning. This e-Axle also duty trucks is based on proven and widely incorporates Dana’s patent-pending specified Spicer® rear drive axle electronically controlled parking The new Spicer Electrified™ platforms, and is engineered as a pawl system. eS9000r e-Axle for Class 4 and 5 fully integrated e-Axle, including medium-duty fleet applications is a gearbox and motor.