Content thumbnail Changing Lanes

EY | Assurance | Tax | Transactions | Advisory Want more? About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services Contact one of our global automotive we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we and transportation professionals: play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, Randall Miller Marco Bosca please visit ey.com. Global Automotive and Transportation Global Automotive and Transportation About EY’s Global Automotive and Transportation Sector Leader Tax Leader In the Automotive and Transportation Sector, we’re doing our part to enhance human mobility, +1 313 628 8642 +39 0115 165 236 getting people and products where they need to go – better, faster and smarter – in a rapidly changing [email protected] [email protected] environment. Through our globally expansive sector network, we bring a strong point of view on the Mark Short Anil Valsan emerging issues across automotive and transportation, connecting more than 13,000 professionals with Global Automotive and Transportation Global Automotive and Transportation deep industry and technical expertise who understand what the trends of the future mean for the present. Transactions Advisory Leader Lead Analyst We work with our clients to deliver innovative yet pragmatic solutions to address their imperatives and deliver tangible business value around the disruptive trends and transformational challenges shaping +1 313 628 8760 +44 20 7951 6879 tomorrow’s industry, today. [email protected] [email protected] Stephane Lagut Regan Grant © 2015 EYGM Limited. Global Automotive and Transportation Global Automotive and Transportation All Rights Reserved. Assurance Leader Marketing Leader EYG no. ED0133 +81 335 031 1100 +1 313 628 8974 BMC Agency [email protected] [email protected] BACS 1001865 ED None In line with EY’s commitment to minimize its impact on the environment, this document has been printed on paper with a high recycled content. Acknowledgements This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. Special thanks to Abhishek Gupta and Akshi Goel for the analysis and ey.com/automotive compilation of this study

Changing Lanes - Page 16 Changing Lanes Page 15