Vitesco Technologies Group AG

Investor Presentation • Feb 1, 2020

BUILDING AN ELECTRIFICATION POWERHOUSE

February 2020 Vitesco Technologies

VITESCO TECHNOLOGIES OVERVIEW

Leading global provider

of propulsion solutions to make driving more efficient, cleaner and convenient

Electrification pioneer

with >10 years of field experience and a portfolio covering all major current and future scenarios

Electronics champion

with strong DNA in electronics, mechatronics and software

Strong position

in electronic control systems, sensing technologies, actuators and exhaust after-treatment

Source: Company information. Notes: ¹ The Contract Manufacturing business unit comprises legacy manufacturing of Continental AG products in Vitesco Technologies locations as a remainder of the carve-out and will be phased out over time

FUTURE MOBILITY IS ELECTRIFIED

Source: Company Data Analysis. Notes: Data represents expected outlook on propulsion shares in global light vehicle production by units

A CLEAR VISION TO TRANSFORM VITESCO TECHNOLOGIES

Source: Company information. Notes: ICE: Internal Combustion Engine. Sales as per end of FY2018. ¹ Majority of phase-out planned to be completed within the next decade, timeline may vary depending on strategic decisions and customer demand; ² Excluding non-core ICE technology and Contract Manufacturing

STRONG FOUNDATION FROM CORE TECHNOLOGIES FOR THE ELECTRIFIED FUTURE

Source: Company information. Notes: Sales, backlog and adj. EBITDA margin excluding non-core ICE technology and Contract Manufacturing as per end of FY2018. Adjusted EBITDA margin before consolidation and special effects. Backlog defined as sum of cumulative order intake not yet booked as sales

VITESCO TECHNOLOGIES: AN ELECTRONICS CHAMPION READY FOR GROWTH IN THE ELECTRIFIED FUTURE

Source: Company information. Notes: Sales and adj. EBITDA margin excluding non-core ICE technology, Contract Manufacturing and Electrification Technology as per end of FY2018. Adjusted EBITDA margin before consolidation and special effects. ¹Backlog of Electrification Technology as per end of FY2018. Total backlog as per end of FY2018: €55.6 bn. Backlog defined as sum of cumulative order intake not yet booked as sales; ²FY2008-FY2018 cumulative neg. EBIT, thereof more than 750mn in FY2016-2018; ³ Number of engineers as per end of FY2018; ⁴ Based on company estimate of market positions as per FY2018

BUILDING AN ELECTRIFICATION POWERHOUSE

1	Leading the transition toward electric mobility
2	Profitable underlying business enabling above-market growth
3	Radical measures and decisive actions to foster value creation
4	Clear vision delivered by new management with strong track record
5	Positioned to achieve superior growth with attractive cash generation

LEADING THE TRANSITION TOWARD ELECTRIC MOBILITY

Market Drivers

• o Worldwide regulation requires significantly lower CO² and pollutant emissions
• o OEMs adjust their fleet strategies faster and more radically
• o Societal pressure for change increases

Propulsion Evolution

• o ~30-40% of all new vehicles worldwide will be hybrid or electric by 2025¹
• o Pure ICE share in new vehicles will go down by up to 35 percentage points from 2018 to 2025¹

Vehicle Content

• o Increase of average total content value per vehicle by 26% from 2018 to 2025 mainly driven by electrification²
• o All future propulsion technologies heavily rely on electronics

Our solutions enable the transformation ✓ ✓ ✓

Our portfolio covers all scenarios

Electronics is our DNA

Source: Company information. Notes: ¹ BCG, "Who will drive electric cars to the tipping point?", January 2020; Company Data Analysis; ²McKinsey, Reboost, October 2019

FIRST SUPPLIER TO FULLY EMBRACE THE TRANSITION TOWARD ELECTRIC MOBILITY

Source: Company information. Notes: Cumulative units sold for several product generations. "First" meaning first mass market application. Backlog of Electrification Technology as per end of FY2018. Backlog defined as sum of cumulative order intake not yet booked as sales. ¹ FY2008-FY2018 cumulative neg. EBIT, thereof more than 750mn in the past three years; ²Number of electrification components which are exclusively applied in electrified vehicles, according to McKinsey Reboost, October 2019, with these components Vitesco Technologies can address an estimated market of ~€30-45 bn in 2025 according to Company Data Analysis

LEADING SOLUTIONS FOR ALL ELECTRIFICATION TYPES

Source: Company information. Notes: HV: High Voltage. CO² savings relate to "tank to wheel" potential vs. pure combustion vehicle based on WLTP (World Harmonized Light-Duty Vehicles Test Procedure)

VITESCO TECHNOLOGIES' PORTFOLIO OFFERS SUPERIOR CPV OPPORTUNITIES IN ANY FUTURE SCENARIO

Source: Company Data Analysis. Notes: ICE: Internal Combustion Engine. CPV: Content Per Vehicle

VITESCO TECHNOLOGIES PRESENT IN MAJORITY OF TOP 10 ELECTRIFIED PLATFORMS FOR KEY ARCHITECTURES

Source: Company information, IHS Markit – Automotive Alternative Propulsion Forecast, October 10, 2019. Notes: Presence subject to OEM sourcing strategy (single- or multiple-source) and vehicle configuration (e.g. manual or automatic transmission)

POSITIONED TO OUTGROW THE POWERTRAIN MARKET DUE TO A FAVORABLE PRODUCT MIX

Source: Company information. Notes: ¹ McKinsey, Reboost, October 2019; ² Excluding non-core ICE technology and Contract Manufacturing

PROFITABLE UNDERLYING BUSINESS ENABLING ABOVE-MARKET GROWTH

CASH GENERATIVE UNDERLYING BUSINESS PROVIDES MEANS AND EXPERTISE

Source: Company information. Notes: Sales excluding non-core ICE technology, Contract Manufacturing and Electrification Technology as per end of FY2018. Global positions based on company estimate market share data. ¹Defined as (Adj. EBITDA – Capex) / Adj. EBITDA, arithmetic mean FY2017-FY2018; ² Represents underlying business sales; ³ Based on company estimate of market positions as per FY2018

LEVERAGING EXISTING CORE COMPETENCIES TO CAPTURE ADDITIONAL FUTURE OPPORTUNITIES

Established		Short-term	Mid- to long-term
carry-over to non-LV		Electrification application	Fuel cell application
Commercial vehicle o Engine Control Units o After-treatment Control Units o Transmission Control Units o Sensors o Actuators o Catalysts	Master Controller	Hybrid Transmission Electronics	Redeployment of combustion components to heavy and light duty vehicles (e.g. Air Path, Fluid, Electronics, …)
Two-wheeler o Engine Control Units o Sensors o Actuators o Catalysts	Thermal Management	Clean Air Solutions	100% high voltage electrification portfolio

RADICAL MEASURES AND DECISIVE ACTIONS TO FOSTER VALUE CREATION

EXECUTION OF A CLEAR ELECTRIFICATION STRATEGY FOCUSING ON PROFITABILITY AND OPTIMIZING INVESTMENTS

	Improvement Program	Execution of Electrification Strategy
	on current business
Design	Bill of Material Robustness	▪ Modular design → time to market ▪ Platform approach → scale ▪ Increased efficiency → range	High Voltage +48V DC/DC
Manufacturing	Manufacturing Cost	▪ Make/Buy/Partner → reduced cost ▪ Simplified processes → reduced cost	th Gen. 4
Portfolio		▪ Scalable performance classes → offering ▪ Modular products → scale & offer ▪ Robust for electrification scenarios	High Voltage Inverter
Order Book		▪ Strict hurdle rates → profitability ▪ Co-Invest → invest control	th Gen. E-Axle 4 and Inverter

3

Source: Company information

DECISION TO EXIT/PHASE OUT NON-CORE BUSINESSES

Contract Manufacturing for Continental AG

Legacy manufacturing of Continental AG products in Vitesco Technologies as a remainder of the carve-out

Profitability largely offset on group level by business currently outsourced to Continental AG

Non-core ICE technology

Combustion products with limited long-term market perspective

o Injector, High Pressure Pump

Profitability: €3 mn Adj. EBITDA

• o Fuel Delivery
• o Selective Catalytic Reduction Systems
• o Turbocharger

Phase-Out €1.2 bn sales

Source: Company information. Notes: Majority of phase-out planned to be completed within the next decade, timeline may vary depending on strategic decisions and customer demand; ICE: Internal Combustion Engine. Sales and adj. EBITDA as per end of FY2018. Adj. EBITDA before consolidation and special effects

GLOBAL FOOTPRINT RATIONALIZATION AND CONTINUOUS FOCUS ON OPERATIONAL EXCELLENCE

Focus areas	Target
	2018	Mid- to long-term
o Local production for local demand approach	31 plants	24 plants
o Plant consolidation / shift towards BCC
o Advanced robotics applications	BCC	BCC BCC

Commitment to operational excellence: Continuous focus on operational efficiency and cost control along the P&L structure to maintain and improve profitability.

Source: Company information. Notes: BCC: Best Cost Country. BCC shares reflect planned share in sales produced in best cost countries

CLEAR VISION DELIVERED BY NEW MANAGEMENT WITH A STRONG TRACK RECORD

EXPERIENCED MANAGEMENT COMMITTED TO DELIVER ON THEIR VISION: ELECTRIFIED. EMOTION. EVERYWHERE.

	Andreas Wolf CEO	Werner Volz CFO	Ingo Holstein CHRO	Thomas Stierle Electrification Technology	Wolfgang Breuer Electronic Controls	Klaus Hau Sensing & Actuation
Relevant experience	>30 years	>30 years	>25 years	>20 years	>25 years	>25 years
Track record	o Transformed Body & Security business: 2x sales1 , 2x EBIT margin1 o Carved-out part of Continental's business	o Strengthened Chassis & Safety division: 2x sales at attractive profitability1 o Supported profitable growth with advanced driver assistance systems	o Restructured Continental's tire dealer business in Germany o Successfully led the integration of 63,000 Siemens VDO employees into Continental	o Turned around after treatment Actuator business from negative to double digit EBIT margin1 o Led the introduction of new Actuator applications for electric vehicles	o Reduced R&D to sales ratio2 for System Program business o Pioneered in Multicore and AutoSAR-based Controls	o Transformed Sensing & Actuation business: 2x sales1 , ~6x EBIT margin1 o Founded innovative NOX Sensor business and positioned VT as #1 in the market

Source: Company information. Notes: ¹ Increase of sales and EBIT margin in FY2018 compared to sales and EBIT margin in FY2010; ² Decrease of R&D to sales ratio in FY2018 compared to R&D to sales ratio in FY2012

POSITIONED TO ACHIEVE SUPERIOR GROWTH WITH ATTRACTIVE CASH GENERATION

UNDERLYING BUSINESS TO FUND TRANSITION INTO ELECTRIFICATION

POSITIONED TO ACHIEVE SUPERIOR GROWTH WITH ATTRACTIVE CASH GENERATION

	FY2018 financials			Mid-term target
	Sales € mn	Adj. EBITDA3 % of sales	€ mn	Capex % of sales	Sales € mn	Adj. EBITDA3 % of sales	Capex % of sales
Electrification Technology	197	-172.3%	-339	23.0%
Sensing & Actuation	3,226	12.2%	394	7.1%
of which core	2,392	17.5%	419	7.0%
of which non-core ICE technology	834	-2.9%	-25	7.4%		exit / phase out
Electronic Controls	4,568	10.2%	467	6.9%
of which core	2,948	14.9%	440	5.3%
of which non-core ICE technology	1,620	1.7%	27	9.7%		exit / phase out
Contract Manufacturing	1,225	9.9%	122	7.9%	phase out
Vitesco Technologies1	9,143	7.1%	646	7.5%
of which core2	5,465	9.6%	522	6.7%

Source: Company information. Notes: ¹Includes group consolidation; ² Includes Electrification Technology, Sensing & Actuation core and Electronic Controls core; ³ Before consolidation and special effects

BUILDING AN ELECTRIFICATION POWERHOUSE

FY2017-FY2018

POSITIONED TO ACHIEVE SUPERIOR GROWTH WITH ATTRACTIVE CASH GENERATION (CONT'D)

		9M2019 financials
	Sales	Adj. EBITDA3		Capex
	€ mn	% of sales	€ mn	% of sales
Electrification Technology	189	-117.8%	-222	48.0%
Sensing & Actuation	2,439	13.2%	323	7.7%
of which core	1,825	17.0%	310	7.1%
of which non-core ICE technology	614	2.1%	13	9.2%
Electronic Controls	3,212	4.9%	156	6.7%
of which core	2,068	12.3%	254	7.8%
of which non-core ICE technology	1,144	-8.6%	-98	4.7%
Contract Manufacturing	1,002	8.5%	85	5.6%
Vitesco Technologies1	6,828	5.0%	341	8.0%
of which core2	4,068	8.4%	341	9.4%

Source: Company information. Notes: ¹Includes group consolidation; ² Includes Electrification Technology, Sensing & Actuation core and Electronic Controls core; ³ Before consolidation and special effects

SUMMARY OF REPORTED HISTORICAL FINANCIALS

Reported financials (in € mn)

	FY2017	FY2018	9M2019
Sales	9,083	9,143	6,828
% growth	-	0.7%	-
Adj. EBITDA1	879	646	341
% margin	9.7%	7.1%	5.0%
Adj. EBIT2	487	225	-8
% margin	5.4%	2.5%	-0.1%
Capex	689	684	548
% sales	7.6%	7.5%	8.0%

Source: Company information. Notes: Order intake defined as sum of acquired lifetime sales within the respective fiscal year. ¹ Before consolidation and special effects; ² Before amortization of intangibles from PPA, consolidation and special effects; ³ Ratio of order intake over sales excluding Contract Manufacturing

DISCLAIMER

The presentation contains forward-looking statements and information on the business development of Continental AG's subsidiary group, Vitesco Technologies. These statements and information may be spoken or written and can be recognized by terms such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimat es", "will" or words with similar meaning. These statements and information are based on assumptions relating to the companies' business and operations and the development of the economies in the countries in wh ich the company is active. Vitesco Technologies has made such forward-looking statements on the basis of the information available to it and assumptions it believes to be reasonable. The forward-looking statements and information may involve risks and uncertainties, and actual results may differ materially from those forecasts. If any of these or other risks or uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ from those expressed or implied by such forward looking statements and information. Neither Continental AG, nor Vitesco Techn ologies will update the following presentation, particularly not the forward-looking statements. The presentation is valid on the date of publication only.

The financial information and financial data included in this presentation are prepared in accordance with IFRS and are preli minary, unaudited and may be subject to revision upon completion of ongoing audit processes for the years 2017, 2018 and 2019. It is anticipated that, following its spin-off from Continental AG, Vitesco Technologies will report its financial results using four segments, comprised of Electrification Technologies, Sensing & Actuation, Electronic Controls and Contract Manufacturing. Due to their preliminary nature, statement s contained in this presentation should not be unduly relied upon and past events or performance should not be taken as a guarantee or indication of future events or performance. This presentation contains cert ain supplemental financial or operative measures that are not calculated in accordance with IFRS or German GAAP (HGB) and are therefore considered as non-IFRS measures. Vitesco Technologies believes that such non-IFRS measures used, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance the understanding of its business, results of operations, financial position or cash flows. There are, however, material limitations associated with the use of non-IFRS measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-IFRS measures used by Vitesco Technologies may differ from, and not be comparable to, similarly-titled measures used by other companies, including Continental AG.

To the extent available and if so denoted, the industry and market data contained in this presentation has been derived from official or third party sources. All information not separately sourced is derived from Vitesco Technologies's data and estimates, some of which are in turn derived from multiple sources such as internal surveys, customer feedback as we ll as third party sources, including data from IHS Markit and services commissioned by Vitesco Technologies from McKinsey in 2019 which data will be described as company data analysis. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee, representation or warranty (either expressly or implied) of the accuracy or completeness of such data or changes to such data following publication thereof. While Continental AG and Vitesco Technologies believe that each of these publications, studies and surveys has been prepared by a reputable source, neither company has independently verified the data contained therein. In addition, certain of the industry and market data contained in this presentation are derived from Vitesco Technologies 's internal research and estimates based on the knowledge and experience of its management in the markets in which it operates. Continental AG and Vit esco Technologies believe that such research and estimates are reasonable and reliable, but their underlying methodology and assumptions have not been verified by any independent source for accuracy or c ompleteness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation.

This presentation has been prepared for information purposes only. It does not constitute or form part of any offer or invita tion to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Continental AG, Vitesco Technologies Group Aktiengesellschaft or any company of Continental Corporation, including Vitesco Technologies, in any jurisdiction. Neither this presentation, nor any part of it, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contractual commitment or investment decision in relation to the securities of Continental AG, Vitesco Technologies Group Aktiengesellschaft or any company of Continental Corporation, including Vitesco Technologies, in any jurisdiction, nor does it constitute a reco mmendation regarding any such securities.

This document does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in Australia, Canada, Japan, or the United States of America or in any jurisdiction to whom or in which such offer or solicitation is unlawful. Any securities referred to herein may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the "Securities Act") or another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Subject to certain exceptions, any securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citiz en of Australia, Canada or Japan. The offer and sale of any securities referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada or Japan. There will be no public offer of securities in the United States of America.