Epstein Secrets

I May 2015 Autos & Auto Parts Delphi Automotive Delphi's 1O15 came in very strong. EPS of $1.21 compared with DBe of $1.15 and consensus of $1.17. Organic top line growth came in at 6% vs. DBe of 3%. An

combined with deployment of free cash (-5% FCF yield) sets the company up for 16% EPS growth/annual appreciation, even before multiple expansion. Deutsche Bank Securities Inc. Page 3 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117116 CONFIDENTIAL SDNY_GM_00263300 EFTA01457535

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 e

81.5 52 2 587 680 830 185 2 928 -152 88 221 8.7 6.2 84 90 7.8 198 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

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.

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

light trucks). Even after adjusting the price of an Autonomous vehicle upwards by $20,000 (We used a $50,000 total vehicle price; companies such as Delphi believe that the cost premium to produce a fully autonomous vehicle will ultimately decline to $5,000-$5,500), the improved amortization of fixed c

cremental growth in GM's Maven carsharing fleet is expected to be Bolt EVs, with GM's Autonomous vehicle platform also based on the Bolt. Page 10 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086217 CONFIDENTIAL SDNY_GM_00232401 EFTA01385144