August 24, 2020

The Motor Weekly® Index: 1,771.69 (+445.90, +33.63%)

3-Month Price Performance

SUPPLIER EQUITY 135% S&P 500 NA Autos EUR Autos ASIA Autos Heavy Duty INDEX RETURNS 127.5% 1 Week 3 Months 125% 120.1% S&P 500 0.72% 14.95% 118.2% NA Autos (4.26%) 18.15% 115% 115.0% 114.9% EUR Autos (4.10%) 14.97% 105% ASIA Autos (4.24%) 20.14%

Heavy Duty (0.88%) 27.51% 95% *Represents market-weighted index *Source: Capital IQ May 2020 Jun 2020 Jul 2020 Aug 2020

LTM Trading Multiples (EV / LTM EBITDA)

NA Autos EUR Autos ASIA Autos Heavy Duty SUPPLIER 12.0x 11.7x TRADING MULTIPLES 10.5x 9.9x 8-21-20 1 Year 9.9x 9.0x NA Autos 9.9x 3.5x 7.5x 7.5x EUR Autos 9.9x 4.2x 6.0x ASIA Autos 7.5x 1.6x 4.5x Heavy Duty 11.7x 4.4x *Multiples use LTM EBITDA 3.0x *Source: Capital IQ Aug 2019 Dec 2019 Apr 2020 Aug 2020

U.S. S.A.A.R. (in millions) Historical Gas Prices ($ per gallon)

20.0 Total Light Vehicles $4.00 14.5 15.0 $3.00 $2.08 10.0 $2.00

5.0 $1.00 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Source: Capital IQ; U.S. EIA The Motor Weekly® Index

The Motor Weekly® Index Summary

The Motor Weekly® Index is the average of two sub-indices: • The Manufacturers’ Index (M-Index) is a market weighted average of global vehicle manufacturers • The Suppliers’ Index (S-Index) is a market weighted average of global OEM component suppliers

The Motor Weekly® Index

Indexed as of January 2006

2,000 1,800 1,771.69 1,600 1,400 1,200 1,000 800 600 400 272.14 200 0 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20

S&P 500 MW Index

Manufacturers’ Index (M-Index) Suppliers’ Index (S-Index)

Last Six Months Last Six Months

3,600 3,600 3,153.70 3,100 3,100

2,600 2,600

2,100 2,100

1,600 1,600

1,100 1,100

600 600 389.67 272.14 272.14 100 100 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20

S&P 500 Vehicle Manufacturers (Global) S&P 500 Suppliers (Global)

2 Source: Capital IQ Recent News

• August 24 (Reuters) – Automotive sensor startup Luminar Technologies Inc said on Monday it would go public through a merger with special purpose acquisition company Gores Metropoulos Inc with an enterprise value of about $2.9 billion. The deal includes $400 million of cash from Gores Metropoulos and $170 million financing by investors including tech billionaire Peter Thiel, GoPro Inc founder Nick Woodman, Tech Fund and VectoIQ, the firm that helped Nikola Corp go public through a SPAC, also known as a blank-check firm. That gives the Luminar deal a total equity value of $3.4 billion. Luminar makes lidar sensors and software for vehicles. Lidar sensors, which use laser light pulses to render precise images of the environment around the car, are seen as essential by many automakers to allow higher levels of driver assistance right up to making them capable of self-driving. “The level of certainty that it can provide as part of an IPO process is definitely very valuable,” Luminar Chief Executive Austin Russell said in an interview of the SPAC deal. He cited the Gores Group’s track record, having done three SPAC deals before and its background in technology and auto. The combined company will retain the name Luminar Technologies Inc and list on the under the symbol “LAZR.” The deal is expected to close in the fourth quarter. “Luminar represents a rare opportunity to invest in the leading player in autonomous driving technology for cars and trucks,” Alec Gores, CEO of Gores Metropoulos, said in a statement. He will join the Luminar board. Deutsche Bank Securities is the financial adviser to Gores, while GCA Advisors LLC and Jefferies Group LLC are advising Luminar. Shares of the blank check company jumped about 26% in premarket trade. In May, Volvo Cars struck a deal with the Silicon Valley-based startup to integrate its technology in its new car platform from 2022. Volvo Cars, owned by China’s Geely Holding, bought a stake in Luminar in 2018.

• August 19 (The Detroit News) – Co. is dialing up its aggressive electric-vehicle plans at home and abroad — even though it's yet to see the fruits of its multibillion-dollar investments in its share price. During Tech Day in China Wednesday, the equivalent of GM's EV Day hosted in March at the Warren Technical Center Campus in , the Detroit automaker showed off the technologies it will use to drive into the future, including the new Ultium battery system. It also showed next-generation electric vehicles to be launched in China. GM plans to spend $20 billion on electric and autonomous vehicle development through 2025, deliver 20 electric vehicles globally by 2023 and sell 1 million of them globally by mid-decade. Meanwhile, analysts are pushing GM to spin off its electric-vehicle and battery business to reap the valuations of such electric start-up companies as Tesla Inc. The Silicon Valley EV maker is valued at $350 billion compared with GM's $42 billion. In a note this month to investors, Deutsche Bank Research Analyst Emmanuel Rosner wrote that GM should spin off the electric vehicle operations "into a stand-alone company which could force the market to recognize its robust EV technology and upcoming lineup and unlock considerable shareholder value.“ Rosner asked GM CEO on the automaker's second-quarter earnings call about the potential for a spin off of the electric business: "We are evaluating and always evaluate many different scenarios," Barra responded, "so I don't have anything further to say other than we are open to looking at and evaluate anything that we think is going to drive long-term shareholder value. So I would say nothing is off the table.“ In a note this week to investors, Morgan Stanley's Adam Jonas wrote that with GM taking its battery capability in house, he values the automaker's new Ultium battery business at $20 billion. GM currently is building a battery cell manufacturing complex with LG Chem in northeast Ohio. The investment is expected to lower the cost of battery manufacturing for GM and electric vehicles for the consumer. Jonas used the earnings call to ask Barra if she would consider changing the company's name to Ultium Motors. He also touted the potential positives for a spinning off the company's EV operation: "In , we believe GM faces an important decision related not just to Ultium but other industry- leading assets hidden in the company that may be finally ready to run out from under the corporate umbrella to go dancing in the rain. Sure there are risks. And if GM doesn't take the risk, then someone else surely will.” But at the Wednesday event GM President Mark Reuss said: "Simply put, this is a huge opportunity for us. The biggest opportunity any of us has ever seen for this company, certainly. It represents a chance to reinvent the company and reset our brands. It will change this company, and people's perceptions of it, forever.“ GM is transitioning its idled Detroit-Hamtramck Assembly Plant into the automaker's first all-electric production site, with the GMC EV expected to arrive late next year. The Cruise Origin, an autonomous electric shuttle, also will be built at the Detroit plant. GM recently unveiled the Lyriq, the luxury brand's first all-electric vehicle. The crossover will debut first in go on sale in China and hit U.S. dealership in late 2022. In China, where emissions standards are more stringent than in the U.S., more than 40% of GM’s new launches in China in the next five years will be electrified models. GM has not said what percentage of its U.S. launches will be electric. Also in China, by 2022 5G will be available on all new Cadillac models and most and vehicles going forward. But GM hasn't confirmed what other markets will have access to 5G connectivity. “As GM’s largest market and a global center of innovation, China will play a crucial role in making our vision a reality,” Barra said in a statement. “With our joint venture partner SAIC, we are blending global insights and scale with local market expertise to redefine what is possible for our customers and for society.”

3 North American Equity Performance

Last 12 Months Change

(80.0%) (60.0%) (40.0%) (20.0%) 0.0% 20.0% 40.0% 60.0% 80.0% 80.0% 1 1 1 UNS HZN TSLA

CPS STRT 60.0%

MOD TEN

SUP BWA 40.0% GT

MRE MG MPG MPAA LNRDORM NEXTEER LKQ GPC 20.0% Change 3 Last Months F SMP DAN CPRT SRI ST SNA SHLO ALV THRM GM LEA GNTX VC 0.0% FCA AXL

Weighted Group Average (20.0%) Vehicle Manufacturers

Suppliers

Aftermarket (40.0%)

(60.0%)

(80.0%)

4 Source: Capital IQ Companies not within ranges still considered in weighted group averages (1) TSLA LTM change is 822.8%; TSLA L3M change is 151.0%; HZN L3M change is 260.3%; UNS L3M change is 115.5% North American OEM Market

($ in millions, except price per share)

Price % of Total LTM Total TEV / EBITDA Weekly as of 52-Wk Market Enterprise EBITDA Debt / LTM Stock Price Company Ticker 8/21/2020 High Cap Value Margin EBITDA P/E LTM 2020 Performance Vehicle Manufacturers

Tesla, Inc. TSLA $ 2,049.98 97.8% $ 382,038 $ 390,382 13.4% 4.5x NM NM NM 24.2% General Motors Company GM 28.56 71.8% 40,872 46,148 7.2% 15.4x 27.0x 5.6x 3.2x 2.5% Fiat Automobiles N.V. FCA 10.99 63.0% 17,879 24,193 6.9% 3.3x NM 3.5x 3.1x (4.2%) F 6.66 69.0% 26,496 23,131 8.1% 3.6x NM 3.8x 5.2x (5.4%)

Mean 8.9% 6.7x 27.0x 4.3x 3.8x High Multiple Suppliers

Aptiv PLC APTV $ 83.88 84.7% $ 22,650 $ 25,483 11.4% 3.2x 12.8x 18.2x 18.2x (5.0%) BorgWarner Inc. BWA 40.59 87.1% 8,412 9,620 15.0% 2.3x 18.8x 7.3x 8.6x (2.9%) Autoliv, Inc. ALV 69.30 79.6% 6,052 8,053 13.1% 3.4x 42.9x 8.6x 11.4x (4.1%) Gentex Corporation GNTX 26.81 85.7% 6,589 6,253 27.6% 0.2x 22.5x 14.1x 14.0x (2.9%) Corporation VC 75.01 70.8% 2,087 2,376 5.7% 6.6x NM 16.7x 16.8x (4.5%) Gentherm Incorporated THRM 43.39 86.9% 1,417 1,423 12.4% 2.1x 50.8x 13.7x 14.6x (2.5%) Stoneridge, Inc. SRI 20.64 60.8% 557 669 4.5% 6.0x NM 21.9x NM (10.6%)

Mean 12.8% 3.4x 29.6x 14.4x 13.9x Mid Multiple Suppliers Magna International Inc. MG $ 50.62 88.9% $ 15,117 $ 20,939 7.6% 2.5x NM 8.7x 9.2x (3.8%) Goodyear Tire & Rubber Co. GT 9.45 54.9% 2,201 9,246 4.8% 12.8x NM 15.1x 18.8x (4.5%) Lear Corporation LEA 112.08 78.1% 6,719 9,001 6.7% 3.5x 44.2x 8.1x 9.4x (5.4%) Tenneco Inc. TEN 8.36 51.3% 679 6,522 5.4% 8.5x NM 8.1x 8.6x (17.0%) plc ADNT 17.36 59.3% 1,630 5,815 9.4% 16.9x NM 20.3x 11.7x (4.8%) Dana Incorporated DAN 13.66 71.1% 1,974 4,563 8.6% 5.0x 24.6x 7.4x 8.9x (1.2%) American Axle & Mfg. AXL 6.91 61.4% 783 4,082 12.2% 6.9x NM 6.7x 7.5x (13.1%) Delphi Technologies PLC DLPH 17.25 95.4% 1,490 3,160 8.1% 7.0x NM 10.6x 10.4x (3.3%) Linamar Corporation LNR 31.27 83.0% 2,047 3,064 12.9% 2.3x 14.8x 5.5x 5.6x (2.5%) TI Fluid Systems plc TIFS 2.23 60.4% 1,142 2,230 7.0% 7.0x NM 9.8x 6.8x (3.5%) Group 1316 0.68 63.5% 1,721 1,722 8.9% 1.4x 17.4x 6.6x 4.9x 0.0% Martinrea International Inc. MRE 7.53 67.5% 603 1,358 8.3% 4.2x NM 6.9x 5.5x (5.5%) Cooper-Standard Holdings Inc. CPS 15.46 31.0% 261 1,038 NM NM NM NM NM (3.8%) Superior Industries SUP 1.76 39.6% 45 825 8.8% 7.6x NM 8.5x 7.5x (5.9%) Modine Manufacturing Company MOD 6.66 55.4% 341 820 6.3% 4.9x NM 7.3x 6.8x (3.6%) Shiloh Industries, Inc. SHLO 1.23 25.9% 30 337 4.3% 10.1x NM 8.6x NM (7.5%) STRATTEC Security Corp. STRT 20.78 74.2% 78 124 2.8% 3.3x NM 11.7x 11.5x (6.7%)

Mean 7.6% 6.5x 25.3x 9.4x 8.9x

Mean 9.2% 5.7x 27.6x 10.1x 9.5x Avg. ∆ Median 8.1% 4.5x 23.6x 8.5x 8.7x (3.84%)

5 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD Valuations for GM & Ford exclude financial divisions North American Aftermarket

($ in millions, except price per share)

Price % of Total LTM Total TEV / EBITDA Weekly as of 52-Wk Market Enterprise EBITDA Debt / LTM Stock Price Company Ticker 8/21/2020 High Cap Value Margin EBITDA P/E LTM 2020 Performance Retailers & Distributors O'Reilly Automotive, Inc. ORLY $ 460.33 94.3% $ 34,359 $ 39,287 22.7% 2.5x 22.6x 16.2x 15.3x (0.7%) AutoZone, Inc. AZO 1,209.07 94.9% 28,263 36,020 21.3% 3.2x 18.9x 14.0x 13.8x 1.1% Genuine Parts Company GPC 93.28 85.9% 13,704 16,468 7.1% 3.0x NM 12.6x 12.7x (1.4%) Advance Auto Parts, Inc. AAP 156.11 91.1% 10,792 13,293 9.9% 3.9x 24.1x 14.0x 12.4x (1.6%) Snap-on Incorporated SNA 147.90 85.7% 8,130 8,904 24.4% 1.6x 14.2x 9.7x 10.9x (3.7%) Uni-Select Inc. UNS 5.68 56.2% 252 783 4.0% 8.9x NM 12.4x 10.5x 0.5% CarParts.com, Inc. PRTS 14.78 89.9% 688 697 1.5% 4.5x NM NM NM 1.7%

Mean 13.0% 4.0x 19.9x 13.1x 12.6x Aftermarket Suppliers Goodyear Tire & Rubber Co. GT $ 9.45 54.9% $ 2,295 $ 9,246 4.8% 12.8x NM 15.1x 18.8x (4.5%) Axalta Coating Systems Ltd. AXTA 23.80 73.9% 5,679 8,620 17.0% 6.3x 72.9x 13.2x 13.9x (0.4%) Dorman Products, Inc. DORM 81.26 93.4% 2,667 2,397 14.7% 1.0x 35.0x 16.5x 16.6x (2.8%) Cooper Tire & Rubber Company CTB 34.50 92.7% 1,761 1,860 11.7% 2.2x 27.6x 6.4x 6.6x 0.0% Standard Motor Products, Inc. SMP 44.73 80.1% 1,017 1,102 9.6% 1.2x 22.2x 10.9x 9.9x (5.7%) Motorcar Parts of America, Inc. MPAA 18.70 76.0% 344 550 5.7% 7.4x NM 18.3x 8.0x (0.6%) Horizon Global Corporation HZN 5.44 78.3% 143 409 NM NM 1.7x NM NM (8.9%)

Mean 10.6% 5.2x 31.9x 13.4x 12.3x Collision Copart, Inc. CPRT $ 100.69 96.0% $ 23,673 $ 23,850 40.1% 0.6x 35.0x NM NM 0.7% LKQ Corporation LKQ 30.92 84.4% 9,631 13,593 10.4% 3.8x 17.0x 11.1x 11.6x (1.8%) IAA, Inc. IAA 48.83 94.4% 6,778 8,489 27.3% 5.7x 39.7x 22.6x 23.2x 2.9% KAR Auction Services, Inc. KAR 17.24 60.3% 2,255 4,784 16.6% 7.4x 95.1x 11.8x 11.4x (4.2%) Boyd Group Services Inc. BYD 154.96 88.5% 3,312 3,864 8.5% 6.5x NM NM 18.4x (4.9%)

Mean 20.6% 4.8x 46.7x 15.2x 16.2x Dealerships CarMax, Inc. KMX $ 106.92 98.1% $ 17,743 $ 32,189 5.6% 14.2x 28.2x NM NM 2.5% Carvana Co. CVNA 202.20 89.7% 13,949 15,448 NM NM NM NM NM 2.8% Penske Automotive Group, Inc. PAG 48.03 89.3% 3,907 11,435 3.0% 12.6x 12.4x 18.7x 16.3x 1.9% AutoNation, Inc. AN 58.10 97.8% 5,073 9,738 4.7% 5.2x 17.1x 10.3x 9.5x 1.9% Lithia Motors, Inc. LAD 261.52 94.0% 5,996 8,975 4.9% 5.3x 22.1x 15.2x 15.2x 1.2% Vroom, Inc. VRM 62.13 85.5% 7,843 6,890 NM NM NM NM NM 6.3% Group 1 Automotive, Inc. GPI 92.03 83.6% 1,636 4,305 4.2% 6.0x 11.7x 9.3x 9.8x (3.7%) Sonic Automotive, Inc. SAH 43.06 92.6% 1,837 3,996 3.7% 6.4x NM 10.8x 12.0x (2.4%) Asbury Automotive Group, Inc. ABG 103.09 83.5% 2,017 3,307 5.2% 5.4x 12.6x 9.3x 9.3x (5.0%) AutoCanada Inc. ACQ 11.67 84.0% 334 1,291 2.4% 17.4x NM 22.7x 23.5x (12.6%)

Mean 4.2% 9.1x 17.4x 13.7x 13.7x

Mean 11.2% 6.0x 27.9x 13.7x 13.5x Avg. ∆ Median 7.8% 5.4x 22.2x 12.9x 12.4x (1.43%)

6 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD European OEM Market

($ in millions, except price per share)

Price % of Total LTM Total TEV / EBITDA Weekly as of 52-Wk Market Enterprise EBITDA Debt / LTM Stock Price Company Ticker 8/21/2020 High Cap Value Margin EBITDA P/E LTM 2020 Performance Vehicle Manufacturers Volkswagen AG VOW $ 160.30 72.4% $ 84,433 $ 284,063 7.0% 13.8x 13.5x 16.1x 10.2x (2.5%) Daimler AG DAI 48.46 75.4% 54,079 210,691 4.5% 22.3x NM NM 19.6x (3.1%) BMW AG BMW 66.62 73.3% 43,412 159,302 9.3% 12.7x 12.1x 15.3x 13.9x (2.8%) Renault SA RNO 27.14 39.6% 7,784 61,274 5.3% 25.0x NM 22.5x 19.7x (6.2%) Fiat Chrysler Automobiles N.V. FCA 10.99 63.0% 17,879 24,193 6.9% 3.3x NM 3.5x 3.1x (4.2%) S.A. UG 16.91 53.0% 15,792 15,690 8.9% 2.6x 7.2x 2.6x 2.1x (5.3%)

Mean 7.0% 13.3x 11.0x 12.0x 11.4x Suppliers Continental AG CON $ 103.29 65.9% $ 21,084 $ 28,204 4.2% 5.3x NM 15.3x 7.3x (6.1%) Michelin SCA ML 109.98 78.0% 20,005 24,943 15.8% 2.6x 23.2x 6.5x 6.7x (3.5%) Valeo SA FR 28.92 66.2% 7,049 13,036 5.3% 7.4x NM 13.1x 8.1x (3.4%) Faurecia S.E. EO 40.06 64.0% 5,714 10,620 6.8% 6.5x NM 9.3x 6.5x (8.3%) Autoliv, Inc. ALV 69.30 79.6% 6,052 8,053 13.1% 3.4x 42.9x 8.6x 11.4x (4.1%) Plastic Omnium SA POM 21.60 66.5% 3,190 4,981 4.5% 6.6x NM 13.7x 6.3x (4.2%) Brembo S.p.A. BRE 9.33 68.3% 3,082 3,764 15.2% 3.0x 21.0x 9.8x 8.9x (2.0%) LEONI AG LEO 7.32 44.5% 237 2,006 NM NM NM NM NM (5.0%) ElringKlinger AG ZIL2 7.07 63.4% 458 1,163 7.8% 6.3x NM 8.8x 7.9x 0.9% Grammer AG GMM 17.14 38.5% 200 755 2.4% 13.4x NM 16.3x 10.7x (8.9%) Sogefi S.p.A. SO 1.14 54.4% 135 610 9.0% 5.1x NM 4.8x 4.5x 1.1% Polytec Holding AG PYT 6.13 54.1% 137 325 5.5% 7.3x 40.0x 9.5x 8.2x (1.4%)

Mean 8.1% 6.1x 29.0x 10.5x 7.9x

Mean 7.7% 8.6x 22.9x 11.0x 9.1x Avg. ∆ Median 6.9% 6.5x 21.0x 9.7x 8.1x (3.53%)

7 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD Asian OEM Market

($ in millions, except price per share)

Price % of Total LTM Total TEV / EBITDA Weekly as of 52-Wk Market Enterprise EBITDA Debt / LTM Stock Price Company Ticker 8/21/2020 High Cap Value Margin EBITDA P/E LTM 2020 Performance Vehicle Manufacturers Motor Corporation 7203 $ 66.88 88.3% $ 186,461 $ 338,497 12.3% 7.3x 13.1x 11.0x NM (0.8%) Honda Motor Co., Ltd. 7267 25.02 81.3% 42,815 94,347 7.3% 8.1x 23.2x 10.7x 19.7x (2.1%) A005380 130.86 86.2% 28,755 84,598 5.3% 0.0x 23.5x 18.7x 12.4x (7.0%) Motor Co., Ltd. 7201 3.96 58.2% 15,421 79,919 7.4% 12.4x NM 13.5x NM 1.3% BYD Company Limited 1211 9.05 78.0% 29,752 39,104 11.6% 5.7x NM 20.5x 15.9x (4.5%) Motor Corporation 7269 39.57 77.9% 19,201 21,041 10.3% 2.7x 21.2x 7.3x 8.0x 0.4% Mahindra & Mahindra Limited NSEI: M&M 8.13 93.0% 8,717 18,811 12.4% 4.6x NM 14.5x NM (0.9%) NIO Limited NIO 14.12 85.9% 16,685 17,932 NM NM NM NM NM 7.8% Geely Automobile Holdings Ltd. 175 2.00 80.0% 19,702 17,455 8.0% 0.6x 20.3x 17.8x 10.5x (7.2%) Motors Corporation A000270 34.18 85.2% 14,008 12,271 6.4% 2.9x 15.4x 4.0x 3.6x (8.6%) Yamaha Motor Co., Ltd. 7272 15.76 70.9% 5,489 8,914 7.6% 6.3x 28.3x 8.4x 13.3x (5.9%) Motors Limited 7202 9.20 66.5% 6,690 8,848 9.3% 2.0x 16.6x 5.4x 7.5x (6.2%) Dongfeng Motor Group Co. 489 0.71 64.4% 6,048 6,251 1.4% 33.0x 3.3x NM 9.9x (2.0%) Motor Corporation 7261 6.27 62.7% 3,846 6,191 2.8% 11.9x NM 7.9x 13.3x 1.6% FAW Jiefang Group Co., Ltd 000800 1.99 90.8% 9,193 5,964 NM 0.0x NM NM 8.4x 1.9% Mitsubishi Motors Co. 7211 2.38 47.2% 3,456 4,435 1.7% 15.3x NM 14.3x NM 2.2%

Mean 7.4% 7.5x 18.3x 11.8x 11.1x Suppliers DENSO Corporation 6902 $ 40.41 82.7% $ 31,298 $ 32,807 4.5% 5.1x NM 17.1x 18.7x (1.9%) Bridgestone Corporation A012330 31.71 71.0% 21,860 26,982 14.0% 2.5x 15.9x 6.6x 6.7x 2.2% Aisin Seiki Co., Ltd. 7259 34.61 80.1% 9,171 16,667 7.3% 4.4x NM 7.3x 12.8x 1.2% AGC Inc. 5201 28.15 72.2% 6,246 13,759 15.6% 4.7x 28.6x 6.6x 7.3x (3.6%) Hyundai Mobis Co.,Ltd 5108 177.00 78.4% 17,050 10,337 7.3% 1.2x 11.4x 4.7x 4.8x (6.2%) Koito Manufacturing Co., Ltd. 7276 47.12 81.3% 7,563 5,585 13.0% 0.2x 20.9x 6.5x 6.4x 0.6% NSK Ltd. 6471 7.46 70.8% 3,790 5,582 7.3% 6.6x NM 11.2x 9.9x (4.4%) JTEKT Corporation 6473 7.75 55.2% 2,635 4,980 4.8% 6.4x NM 8.9x NM (2.5%) Stanley Electric Co., Ltd. 6923 28.99 94.9% 4,557 3,991 12.2% 0.3x 64.5x 10.1x 6.8x 4.0% NTN Corporation 6472 1.88 53.5% 983 3,983 5.4% 12.8x NM 14.0x 18.9x (2.9%) Toyoda Gosei Co., Ltd. 7282 21.33 79.9% 2,746 3,162 8.3% 3.0x 93.2x 5.8x 6.0x (2.0%) Corporation 3116 13.34 75.9% 2,486 2,505 4.7% 2.7x NM 4.6x 4.1x 1.3% NHK Spring Co., Ltd. 5991 6.14 62.7% 1,416 1,541 5.7% 2.8x NM 4.8x 4.3x (2.9%) SHOWA Corporation 7274 21.50 97.2% 1,634 1,474 10.1% 0.3x 29.2x 6.9x NM 0.2% Sanden Holdings Corporation 6444 2.56 28.8% 70 905 0.6% NM NM NM 10.1x (5.4%) Tokai Rika Co., Ltd. 6995 13.70 63.8% 1,271 872 5.6% 0.4x NM 3.8x 3.3x (0.1%) TS TECH Co., Ltd. 7313 29.46 84.7% 1,961 871 8.4% 0.0x 43.9x 3.6x 2.7x (4.5%) Halla Holdings Corp. A060980 23.15 56.0% 243 689 12.8% 7.0x 6.2x 8.4x 10.9x (10.8%) F-Tech Inc. 7212 4.40 55.2% 80 617 6.3% 4.3x NM 5.7x NM (4.6%) Akebono Brake Industry Co., Ltd. 7238 1.68 63.1% 221 479 6.4% 4.4x 2.0x 4.2x NM (0.6%) SGA Group Co. 600303 0.55 83.3% 370 393 3.2% 15.5x 48.0x NM NM 0.5% China Automotive Systems, Inc. CAAS 2.59 62.3% 81 81 4.5% 3.7x 42.3x 4.8x 4.3x (12.8%) Futaba Corporation TSE:6986 8.61 62.7% 359 54 NM NM NM NM NM (2.6%)

Mean 7.6% 4.2x 33.8x 7.3x 8.1x

Mean 7.6% 5.6x 27.2x 8.8x 9.0x Avg. ∆ Median 7.3% 4.3x 21.2x 7.3x 8.0x (2.25%)

8 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD Commercial Vehicle Market

($ in millions, except price per share)

Price % of Total LTM Total TEV / EBITDA Weekly as of 52-Wk Market Enterprise EBITDA Debt / LTM Stock Price Company Ticker 8/21/2020 High Cap Value Margin EBITDA P/E LTM 2020 Performance Commerical Vehicle Manufacturers Daimler AG DAI $ 48.46 75.4% $ 54,079 $ 210,691 4.5% 22.3x NM NM 19.6x (3.1%) AB Volvo (publ) VOLV-B 18.24 91.6% 38,022 49,102 8.0% 5.9x 18.6x 15.5x 11.7x (0.4%) Inc PCAR 87.02 95.3% 30,122 36,402 12.0% 4.2x 18.4x 14.7x NM (2.2%) NKLA 39.37 41.9% 14,920 14,227 NM NM NM NM NM (14.3%) MAN SE MAN 62.08 98.5% 9,072 12,183 0.6% NM NM NM 5.6x 1.7% Isuzu Motors Limited 7202 9.20 66.5% 6,690 8,848 NM NM 16.6x 5.4x 7.5x (6.2%) Corporation NAV 32.26 84.9% 3,210 7,270 5.8% 10.0x 17.5x 13.1x 17.9x (3.1%)

Mean 6.2% 10.6x 17.8x 12.2x 12.4x Off-Highway, Specialty Vehicles and Trailers Caterpillar Inc. CAT $ 138.43 91.9% $ 74,961 $ 105,623 18.4% 4.5x 18.5x 12.3x 17.5x (1.1%) Deere & Company DE 199.50 98.3% 62,415 103,443 16.8% 8.1x 23.3x 17.3x 20.6x 4.4% Thor Industries, Inc. THO 107.26 88.4% 5,921 7,314 6.7% 3.7x 30.2x 13.3x 12.0x (1.6%) OSK 77.62 81.2% 5,286 5,939 9.3% 1.5x 14.3x 8.8x 10.8x (3.9%) Winnebago Industries, Inc. WGO 59.03 81.3% 1,989 2,338 6.7% 3.5x 38.3x 16.3x 14.2x (0.5%) Corporation WNC 12.52 77.4% 662 996 6.0% 4.1x NM 8.8x 20.2x (1.6%) , Inc. SHYF 20.18 97.5% 718 785 9.2% 1.4x NM 12.0x 11.8x 6.7% BLBD 11.53 48.1% 312 531 5.4% 4.6x 26.1x 10.5x 10.7x (6.3%)

Mean 9.8% 3.9x 19.0x 12.4x 14.7x Commercial Vehicle and Off-Highway Suppliers plc ETN $ 100.59 95.1% $ 40,246 $ 48,558 14.8% 3.1x 26.9x 17.1x 17.8x (0.3%) Inc. CMI 209.03 97.0% 30,848 34,101 12.7% 1.7x 18.5x 13.3x 13.4x (2.1%) Inc. IR 34.71 89.1% 14,476 17,401 15.6% 7.9x NM NM 18.7x (1.9%) Wabtec Corporation WAB 64.79 79.3% 12,330 16,495 15.2% 3.9x 29.2x 13.5x 12.3x (6.8%) Holdings, Inc. ALSN 35.68 71.7% 4,039 6,485 36.9% 3.4x 10.1x 7.6x 9.7x (6.2%) Dana Incorporated DAN 13.66 71.1% 1,974 4,563 8.6% 5.0x 24.6x 7.4x 8.9x (1.2%) LCI Industries LCII 121.87 92.5% 3,065 3,808 10.4% 3.3x 29.0x 15.7x 13.8x (4.0%) Meritor, Inc. MTOR 23.99 88.3% 1,734 2,788 8.9% 4.4x 6.6x 9.5x 13.3x (3.7%) Douglas Dynamics, Inc. PLOW 38.15 67.1% 872 1,150 12.7% 5.0x NM 18.4x 16.8x (5.0%) Modine Manufacturing Company MOD 6.66 55.4% 341 820 6.3% 4.9x NM 7.3x 6.8x (3.6%) Stoneridge, Inc. SRI 20.64 60.8% 557 669 4.5% 6.0x NM 21.9x NM (10.6%) Haldex AB (publ) HLDX 4.21 57.8% 222 321 9.8% 2.8x NM 6.8x 11.0x 0.3% Commercial Vehicle Group, Inc. CVGI 4.17 52.0% 136 279 3.0% 9.6x NM 12.9x 11.7x (5.2%)

Mean 12.3% 4.7x 20.7x 12.6x 12.9x

Mean 10.3% 5.4x 21.6x 12.5x 13.4x Avg. ∆ Median 9.1% 4.4x 18.6x 13.0x 12.3x (2.58%)

9 Source: Capital IQ Note: Price, Market Cap and Total Enterprise Value are converted into USD Publisher

Justin E. Mirro President Kensington Capital Partners LLC [email protected] 646.382.5153 www.TheMotorWeekly.com

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