EFTA01457540.pdf

1 May 20I6 Autos & Auto Parts Delphi Automotive ItlistorIcal recommendations and target price: Delphi Automotive (DLPH.N) (as of 4/30/2016) 90 00 Previous Recommendations 8000 Strong Buy Buy 70.00 Market Perform Underperform 6000 Not Rated Suspended Rating a. 50 00 Current Recommendations 4000 Buy Hold 3000 Sell Not Rated 20 07 Suspended Rating 'New Recommendation Structure 10 00 as of September 9.2002 0.00 May12 Aug 12 Nov 12 Feb13 May13 Aug 13 lydy 13 Feb 14 May 14 Aug 14 Nov 14 Feb16 1. 01/23/2013: Buy, Target Price Change USD48.00 7. 03/12/2014: Buy, Target Price Change USD90.00 2. 03/15/2013: Buy, Target Price Change USD50.00 8. 10/17/2014: Buy, Target Price Change USD92.00 3. 05/02/2013: Buy. Target Price Chang* USD54.00 9. 01/28/2015: Buy. Target Price Change USD90.00 4. 07/07/2013: Buy. Target Price Change US065.00 10. 02/20/2015: Buy. Target Price Change USD92.00 5. 09/05/2013: Buy, Target Price Change USD66.00 11 04/06/2015: Buy. Target Price Change USD94.00 6. 12/13/2013: Buy, Target Price Change USD75.00 'Equity rating key Equity rating dispersion and bard- incl lanonships Buy: Based on a current 12- month view of total 600 share-holder return (TSR = percentage change in 500 share price from current price to projected target price 400 plus pro-jetted dividend yield ) , we recommend that investors buy the stock. 300 Sell: Based on a current 12-month view of total share- 200 holder return, we recommend that investors sell the 100 stock Hold: We take a neutral view on the stock 12-months Buy Hold Sell out and, based on this time horizon, do not recommend either a Buy or Sell. MCompanies Covered new. w/ Banking Relationship Notes: North American Universe 1. Newly issued research recommendations and target prices always supersede previously published research. 2. Ratings definitions prior to 27 January, 2007 were: Buy: Expected total return (including dividends) of 10% or more over a 12-month period Hold: Expected total return (including dividends) between -1O% and 1O% over a 12- month period Sell: Expected total return (including dividends) of -10% or worse over a 12-month period Deutsche Bank Securities Inc. Page 9 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117122 CONFIDENTIAL SDNY_GM_00263306 EFTA01457540