J.P. Morgan 2016 Auto Conference

Framework for Valuing Adient P/E Multiple Methodology Overview Adient EPS P/E Multiple Blended Multiple Methodology Base Business EBITDA JV Equity Income EBITDA Multiple + P/E Multiple Considerations Provides full value for JV Equity Income (key contributor to value and cash flow) Captures benefit from lower corporate tax rate Captures earnings impact from increased leverage at spin (as well as benefit from de-levering over time) Common method currently used by Wall Street research analysts ✓ Provides easier comparison to core auto peers who are primarily valued on an EV / EBITDA basis × Does not provide proper credit for tax rate decline, leverage at spin or JV Equity Income 30

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