UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


SCHEDULE 13E-3

RULE 13e-3 TRANSACTION STATEMENT
UNDER SECTION 13(e) OF
THE SECURITIES EXCHANGE ACT OF 1934


NAVISTAR INTERNATIONAL CORPORATION
(Name of the Issuer)


Navistar International Corporation
TRATON SE
Volkswagen AG
Dusk Inc.
TRATON US Inc.
(Names of Persons Filing Statement)

Common Stock, par value $0.10 per share
(Title of Class of Securities)

63934E108
(CUSIP Number of Class of Securities)


Curt Kramer
Navistar International Corporation
2701 Navistar Drive
Lisle, IL 60532
(331) 332-3186
Dr. Klaus Schartel
TRATON SE
Dachauer Str. 641
80995 München
 +49 89 36098 70
Dr. Marcus Hellmann
Volkswagen AG
Berliner Ring 2
38440 Wolfsburg, Germany
+49-5361-9-0
     
Do Young Kim
Dusk Inc.
c/o TRATON SE
Dachauer Str. 641
80995 München
 +49 89 36098 70
Do Young Kim
TRATON US Inc.
c/o TRATON SE
Dachauer Str. 641
80995 München
 +49 89 36098 70
 
 (Name, Address, and Telephone Numbers of Person Authorized to Receive Notices
and Communications on Behalf of the Persons Filing Statement)


With copies to

Frank Aquila
Scott B. Crofton
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
George R. Bason, Jr.
Michael Davis
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, NY 10017
Peter Cohen-Millstein
Linklaters LLP
1290 Avenue of the Americas
New York, NY 10104

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THIS TRANSACTION, PASSED ON THE MERITS OR THE FAIRNESS OF THE TRANSACTION OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE INFORMATION CONTAINED IN THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

This statement is filed in connection with (check the appropriate box):

a.
☒
The filing of solicitation materials or an information statement subject to Regulation 14A (§§ 240.14a‑1 through 240.14b-2), Regulation 14C (§§ 240.14c-1 through 240.14c-101) or Rule 13e-3(c) (§ 240.13e‑3(c)) under the Securities Exchange Act of 1934 (the “Exchange Act”).
     
b.
☐
The filing of a registration statement under the Securities Act of 1933.
     
c.
☐
A tender offer.
     
d.
☐
None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☒

Check the following box if the filing is a final amendment reporting the results of the transaction: ☐

CALCULATION OF FILING FEE

Transaction Valuation*
Amount of Filing Fee**
$3,719,682,063.30
$405,817.31

*
Solely for the purpose of calculating the filing fee, the aggregate value of the transaction was calculated as the sum of: (A) 99,602,271 shares of common stock, par value $0.10 per share (the “common stock”), issued and outstanding as of December 17, 2020 less 16,629,667 shares of common stock owned by TRATON SE and its subsidiaries, multiplied by $44.50; (B) 70,182 shares of Series D Convertible Junior Preference Stock, par value $1.00 per share (the “Series D Stock”), issued and outstanding as of December 17, 2020, multiplied by 0.3125 (which is the conversion rate of Series D Stock to common stock), multiplied by $44.50; (C) 980,029 shares of common stock, which is the total of 1,346,135 shares issuable upon the exercise of the Company’s outstanding options, warrants and rights minus 306,515 restricted stock units, 31,091 deferred share units, and 28,500 premium share units, issuable upon the exercise of stock options with an exercise price of less than $44.50, multiplied by $10.34 (which is the difference between $44.50 and the weighted average exercise price of $34.16 for such options, warrants and rights); and (D) 366,106 shares of common stock underlying restricted stock units, which is the sum of 306,515 restricted stock units, 31,091 deferred share units and 28,500 premium share units, multiplied by $44.50.
**
The amount of the filing fee, calculated in accordance with Rule 0-11 of the Exchange Act was calculated by multiplying $3,719,682,063.30 by 0.00010910.

☒
Check the box if any part of the fee is offset as provided by Exchange Act Rule 0‑11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule, and the date of its filing.


Amount Previously Paid:
$405,817.31
Filing Party:
Navistar International Corporation
Form or Registration No.:
Schedule 14A
Date Filed:
December 22, 2020


INTRODUCTION

This Rule 13e-3 Transaction Statement on Schedule 13E-3, together with the exhibits hereto (this “Transaction Statement”), is being filed with the Securities and Exchange Commission (the “SEC”) pursuant to Section 13(e) of the Exchange Act, by (a) Navistar International Corporation, a Delaware corporation (“Navistar”), the issuer of the shares of common stock, par value $0.10 per share (the “Common Stock”) and shares of Series D Convertible Junior Preference Stock of Navistar, par value $1.00 per share (the “Series D Stock”) that are the subject of the Rule 13e‑3 transaction; (b) TRATON SE, a Societas Europaea (“TRATON”); (c) Dusk Inc., a Delaware corporation and a wholly owned indirect subsidiary of TRATON (“Merger Sub”); (d) TRATON US Inc., a Delaware corporation and a wholly owned indirect subsidiary of TRATON; and (e) Volkswagen AG, a German stock corporation (“Volkswagen”). Collectively, the persons filing this Transaction Statement are referred to as the “filing persons.”

This Transaction Statement relates to the Agreement and Plan of Merger, dated November 7, 2020 (the “Merger Agreement”), by and among Navistar, TRATON and Merger Sub. The Merger Agreement provides that Merger Sub will merge with and into Navistar, with Navistar continuing as the surviving corporation (the “Surviving Corporation”) and becoming a wholly-owned indirect subsidiary of TRATON (the “Merger”).

If the Merger is completed, subject to the terms of the Merger Agreement, each outstanding share of Common Stock will automatically be converted into the right to receive an amount in cash equal to $44.50, without interest, other than shares of Common Stock (i) owned by (x) TRATON or any of its subsidiaries; or (y) Navistar as treasury stock (x) and (y), which shares we refer to as “excluded shares”; and (ii) stockholders who have not voted in favor of the Merger and properly and validly perfected their statutory rights of appraisal in accordance with Section 262 of the Delaware General Corporation Law, which shares will be canceled without payment of any consideration therefor and will cease to exist. The sole share of Series B Nonconvertible Junior Preference Stock, $1.00 par value (the “Series B Stock”), issued and outstanding immediately prior to the effective time of the Merger, will be unaffected by the Merger and will remain outstanding as one share of Series B Stock of the surviving corporation with the same rights, powers, preferences and privileges attributable to the sole share of Series B Stock immediately prior to the effective time of the Merger. Each share of Series D Stock outstanding immediately prior to the effective time of the Merger will be converted into an amount in cash, without interest, equal to the portion of the per share merger consideration, $44.50 per share of Common Stock, that would have been payable in respect of such share of Series D Stock had such share converted into Common Stock pursuant to the terms of the certificate of incorporation of Navistar immediately prior to the effective time of the Merger. Treatment of outstanding equity plan awards under Navistar’s equity incentive plans is described in greater detail in the Proxy Statement (defined below) under “The Merger—Treatment of Outstanding Equity Plan Awards,” and “The Merger Agreement—Treatment of Common Stock and Equity Plan Awards.” Further, following completion of the Merger, the shares of Common Stock and the Series D Stock will cease to be listed on the New York Stock Exchange and registration of the Common Stock and the Series D Stock under the Exchange Act will be terminated.

The Merger and the Merger Agreement have been approved by the executive board and the supervisory board of TRATON, the management board and supervisory board of Volkswagen, the board of directors of Merger Sub and the board of directors of Navistar.

Concurrently with the filing of this Transaction Statement, Navistar is filing a notice of meeting and a proxy statement (the “Proxy Statement”) under Section 14(a) of the Exchange Act, with respect to the annual meeting of stockholders, at which the stockholders will be asked to consider and vote on (1) a proposal to adopt and approve the Merger Agreement (the “Merger Proposal”), (2) a proposal to approve, by non-binding, advisory vote, certain compensation arrangements for Navistar’s named executive officers in connection with the Merger (the “Merger Compensation Proposal”) and (3) a proposal to approve the adjournment or postponement of the Annual Meeting, if necessary, to continue to solicit votes for the Merger Proposal, in addition to other proposals unrelated to the Merger. A copy of the Proxy Statement is attached hereto as Exhibit (a)(1) and a copy of the Merger Agreement is attached as Annex A to the Proxy Statement. Adoption and approval of the Merger Proposal requires the affirmative vote of a majority of the shares of Common Stock outstanding and entitled to vote on such proposal.

The approval of the Merger Proposal is a condition to the completion of the Merger.
1

Pursuant to General Instruction F to Schedule 13E-3, the information contained in the Proxy Statement, including all annexes thereto, is expressly incorporated herein by reference in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement and the annexes thereto. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3. As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion.

All information contained in this Transaction Statement concerning any of the filing persons has been provided by such filing person and no filing person has produced any disclosure with respect to any other filing persons.

2

TABLE OF CONTENTS

 
ITEM 1. SUMMARY TERM SHEET
4
 
ITEM 2. SUBJECT COMPANY INFORMATION
4
 
ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSONS
4
 
ITEM 4. TERMS OF THE TRANSACTION
8
 
ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS
9
 
ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS
10
 
ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS
10
 
ITEM 8. FAIRNESS OF THE TRANSACTION
11
 
ITEM 9. REPORTS, OPINIONS, APPRAISALS AND NEGOTIATIONS
12
 
ITEM 10. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION
13
 
ITEM 11. INTEREST IN SECURITIES OF THE SUBJECT COMPANY
14
 
ITEM 12. THE SOLICITATION OR RECOMMENDATION
14
 
ITEM 13. FINANCIAL STATEMENTS
15
 
ITEM 14. PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED
15
 
ITEM 15. ADDITIONAL INFORMATION
15
 
ITEM 16. EXHIBITS
16

3

ITEM 1. SUMMARY TERM SHEET

The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“Questions and Answers about the Annual Meeting and the Merger”

ITEM 2. SUBJECT COMPANY INFORMATION

(a) Name and Address.

Navistar International Corporation
2701 Navistar Drive
Lisle, IL 60532
(331) 332-2143

(b) Securities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary about the Annual Meeting”
“Questions and Answers about the Annual Meeting and the Merger”

(c) Trading Market and Price. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Market Price of Common Stock and Dividend Information”

(d) Dividends. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Market Price of Common Stock and Dividend Information”

(e) Prior Public Offerings. Not applicable.

(f) Prior Stock Purchases. Not applicable.

ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSONS

(a)–(c) Name and Address; Business and Background of Entities; Business and Background of Natural Persons. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“Proposal 1 – Merger Proposal – Parties to the Merger”
“Proposal 3 – Election of Directors – Board of Directors”
“Important Additional Information Regarding the Purchaser Group Members – Purchaser Group Members”
“Important Additional Information Regarding the Purchaser Group Members – Directors and Officers”
“Where You Can Find More Information”

The name, business address, present principal employment and citizenship of each director and executive officer of Navistar are set forth below. Unless otherwise noted, each director and officer has held his or her present principal employment for the past five years.

4

As of December 17, 2020, the directors and executive officers of Navistar beneficially owned and were entitled to vote, in the aggregate, 16,648,568 shares of Common Stock (not including any shares of such Common Stock deliverable upon exercise or conversion of any options, stock appreciation rights, or restricted shares), representing approximately 16.7% of the outstanding voting power of Common Stock.

During the past five years, none of the directors or officers listed below has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) party to any judicial or administrative proceeding (except for matters that were dismissed without sanction or settlement) that resulted in a judgment, decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities laws, or a finding of any violation of federal or state securities laws.

Name
Present Principal
Employment
Business Address
Other Material Occupations or
Employment in past 5 years and address (if applicable)
Citizenship
Directors
Troy A. Clarke
Executive Chairman and Chairman of the Board of Navistar (since June 2020)
 
2700 Navistar Dr.
Lisle, IL 60532
President and CEO of Navistar (August 2012 to June 2020)

2700 Navistar Dr.
Lisle, IL 60532
USA
José María Alapont
Retired
N/A
N/A
UK
Stephen R. D’Arcy
 
 
Partner of Quantum Group LLC
2301 W. Big Beaver Road, Suite 535
Troy, MI 48084
 
 
N/A
USA
Vincent J. Intrieri
President and CEO of VDA Capital Management LLC (since January 2017)
1100 Biscayne Blvd
Unit 2001
Miami, FL 33132
 
Senior Managing Director of Icahn Capital LP (January 2008 to December 2016)
767 5th Avenue 47th Floor
New York, NY 10153
USA
Mark H. Rachesky, M.D.
President of MHR Fund Management LLC
 
1345 Avenue of the Americas
42nd Floor
New York, NY 10105
N/A
USA
5

Christian Schulz
Chief Financial Officer of TRATON SE and its predecessor entities (since June 2018)
 
 
Dachauer Str 641
80995 Munich
Head of Business Development for TRATON SE’s predecessor entities (January 2017 to June 2018).
Dachauer Str 641
80995 Munich
 
Member of the Board of Directors of Navistar (since August 2018).
 
Director of Controlling Operations Worldwide Mercedes-Benz Cars for Daimler AG (2011 to December 2016). Mercedesstraße 120, 70372 Stuttgart, Germany.
 
Member of the Board of Directors for Cooperation Manufacturing Plant Aguascalientes, S.A.P.I. de CV (June 2015 to June 2016). Acceso 1 Norte De La Carretera Panamericana Sur KM 112 Aguascalientes, Aguascalientes, 20340 Mexico.
 
Chairman of the Board of Directors for Mercedes-Benz Manufacturing Hungary K.f.t. (January 2015 to June 2016). Mercedes Út 1. Kecskemét, 6000 Hungary.
 
Germany
Kevin M. Sheehan
Retired (since June 2018)
N/A
President and Chief Executive Officer of Scientific Games (August 2016 to June 2018)
6601 Bermuda Road
Las Vegas, NV 89119
 
John J. Phelan, Jr. Distinguished Visiting Professor of Business at Adelphi University (February 2015 to August 2016)
1 South Ave.
Garden City, NY 11530
 
President of Norwegian Cruise Line Holdings Ltd. (August 2010 to January 2015)
7665 Corporate Center Drive
Miami, FL 33126
USA
Dennis A. Suskind
Retired
N/A
N/A
USA
Janet T. Yeung
Principal and General Counsel of MHR Fund Management LLC
1345 Avenue of the Americas
42nd Floor
New York, NY 10105
N/A
USA
Jeffrey A. Dokho
Director of the UAW Research Department (since May 2020)
8000 East Jefferson
Detroit, MI 48214
Assistant Director of the UAW Research Department (March 2013 to May 2020)
8000 East Jefferson
Detroit, MI 48214
USA
6

Executive Officers
Persio v. Lisboa
President and Chief Executive Officer of Navistar (since June 2020)
 
 
2700 Navistar Dr.
Lisle, IL 60532
Executive Vice President and Chief Operating Officer of Navistar (March 2017 to June 2020)
2700 Navistar Dr.
Lisle, IL 60532
 
President, Operations of Navistar, Inc. (November 2014 to March 2017)
2700 Navistar Dr.
Lisle, IL 60532
USA
Walter G. Borst
Executive Vice President and Chief Financial Officer of Navistar
 
2700 Navistar Dr.
Lisle, IL 60532
N/A
USA
William V. McMenamin
President, Financial Services and Treasurer of Navistar
 
President of Navistar Financial Corporation
2700 Navistar Dr.
Lisle, IL 60532
N/A
USA
Curt A. Kramer
Senior Vice President and General Counsel of Navistar (since April 2017)
 
2700 Navistar Dr.
Lisle, IL 60532
Associate General Counsel and Corporate Secretary of Navistar and Navistar, Inc. (December 2007 to April 2017)
2700 Navistar Dr.
Lisle, IL 60532
 
USA
Samara A. Strycker
Senior Vice President and Corporate Controller of Navistar
 
 
2700 Navistar Dr.
Lisle, IL 60532
N/A
USA
Richard E. Bond
Associate General Counsel and Corporate Secretary of Navistar (since June 2017)
 
2700 Navistar Dr.
Lisle, IL 60532
General Attorney and Assistant Corporate Secretary of Navistar, Inc. (June 2015 to June 2017)
2700 Navistar Dr.
Lisle, IL 60532
 
Assistant General Attorney of Navistar, Inc. (June 2009 to June 2015)
2700 Navistar Dr.
Lisle, IL 60532
USA

7

ITEM 4. TERMS OF THE TRANSACTION

(a)(1) Material Terms – Tender Offers. Not applicable

(a)(2) Material Terms – Merger or Similar Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“Questions and Answers about the Annual Meeting and the Merger”
“Summary about the Annual Meeting – Vote Required”
“Special Factors – Reasons for the Merger; Recommendation of the Board”
“Special Factors – Opinion of Bank of America Europe DAC”
“Special Factors – Opinion of Goldman Sachs Bank Europe SE”
“Special Factors – Purchaser Group Members’ Purposes and Reasons for the Merger”
“Special Factors – Position of the Purchaser Group Members as to the Fairness of the Merger”
“Special Factors – Plans for the Company after the Merger”
“The Merger – Reasons for the Merger; Recommendation of the Company’s Board of Directors”
“The Merger – Background of the Merger”
“The Merger – Treatment of Outstanding Equity Plan Awards”
“The Merger – Merger Consideration”
“The Merger – Interests of Certain Persons in the Merger”
“The Merger – Material U.S. Federal Income Tax Consequences of the Merger”
“The Merger Agreement – Treatment of Common Stock and Outstanding Equity Plan Awards”
“The Merger – Opinions of the Financial Advisors to the Company”
“The Merger – Opinion of J.P. Morgan Securities LLC”
“The Merger – Opinion of PJT Partners LP”
“The Voting Agreements”
“Annex A: Agreement and Plan of Merger”
“Annex B: Icahn Voting and Support Agreement”
“Annex C: MHR Voting and Support Agreement”
“Annex E: Opinion of J.P. Morgan Securities LLC”
“Annex F: Opinion of PJT Partners LP”
“Annex G: Opinion of Bank of America Europe DAC”
“Annex H: Opinion of Goldman Sachs Bank Europe SE”

(c) Different Terms. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“Questions and Answers about the Annual Meeting and the Merger”
“The Merger – Treatment of Outstanding Equity Plan Awards”
“The Merger – Merger Consideration”
“The Merger – Interests of Certain Persons in the Merger”
“The Merger Agreement – Treatment of Common Stock and Outstanding Equity Plan Awards”
“The Voting Agreements”

(d) Appraisal Rights. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal – Appraisal Rights”
“Questions and Answers about the Annual Meeting and the Merger”
“The Annual Meeting – Rights of Stockholders Who Seek Appraisal”
“Appraisal Rights”

(e) Provisions for Unaffiliated Security Holders. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Provisions for Unaffiliated Stockholders”

(f) Eligibility for Listing or Trading. Not applicable.

8

ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS

(a) Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Proposal 3 – Election of Directors – Board Practices, Policies and Processes – Transactions with Related Persons”

“Transactions between the Company and Purchaser Group Members”

(b)–(c) Significant Corporate Events; Negotiations or Contacts. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“Special Factors – Reasons for the Merger; Recommendation of the Board”
“Special Factors – Purchaser Group Members’ Purposes and Reasons for the Merger”
“Special Factors – Position of the Purchaser Group Members as to the Fairness of the Merger”
“Special Factors – Plans for the Company after the Merger”
“Special Factors – Fees and Expenses”
“The Merger – Background of the Merger”
“The Merger – Reasons for the Merger; Recommendation of the Company’s Board of Directors”
“The Voting Agreements”
“Information about Stock Ownership”
“Transactions between the Company and Purchaser Group Members”
“Annex A: Agreement and Plan of Merger”
“Annex B: Icahn Voting and Support Agreement”
“Annex C: MHR Voting and Support Agreement”

(e) Agreements Involving the Subject Company’s Securities. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“Questions and Answers about the Annual Meeting and the Merger”
“Special Factors – Purchaser Group Members’ Purposes and Reasons for the Merger”
“Special Factors – Position of the Purchaser Group Members as to the Fairness of the Merger”
“Special Factors – Plans for the Company after the Merger”
“Special Factors – Fees and Expenses”
“The Merger – Background of the Merger”
“The Merger – Reasons for the Merger; Recommendation of the Company’s Board of Directors”
“Special Factors – Reasons for the Merger; Recommendation of the Board”
“Transactions between the Company and Purchaser Group Members”
“The Voting Agreements”
“Annex A: Agreement and Plan of Merger”
“Annex B: Icahn Voting and Support Agreement”
“Annex C: MHR Voting and Support Agreement”

9

ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS

(b) Use of Securities Acquired. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“Questions and Answers about the Annual Meeting and the Merger”
“Special Factors – Plans for the Company after the Merger”
“The Merger – Treatment of Outstanding Equity Plan Awards”
“The Merger – Merger Consideration”
“The Merger – Interests of Certain Persons in the Merger”
“The Merger Agreement – Treatment of Common Stock and Outstanding Equity Plan Awards”

(c)(1)–(8) Plans. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“Questions and Answers about the Annual Meeting and the Merger”
“Special Factors – Reasons for the Merger; Recommendation of the Board”
“Special Factors – Purchaser Group Members’ Purposes and Reasons for the Merger”
“Special Factors – Position of the Purchaser Group Members as to the Fairness of the Merger”
“Special Factors – Plans for the Company after the Merger”
“Special Factors – Fees and Expenses”
“The Merger – Background of the Merger”
“The Merger – Reasons for the Merger; Recommendation of the Company’s Board of Directors”
“The Merger – Interests of Certain Persons in the Merger”
“The Merger Agreement”
“Delisting and Deregistration of Common Stock”
“Annex A: Agreement and Plan of Merger”

ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS

(a) Purposes. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“The Merger – Background of the Merger”
“Special Factors – Reasons for the Merger; Recommendation of the Board”
“Special Factors – Purchaser Group Members’ Purposes and Reasons for the Merger”
“Special Factors – Position of the Purchaser Group Members as to the Fairness of the Merger”

(b) Alternatives. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors – Reasons for the Merger; Recommendation of the Board”
“Special Factors – Purchaser Group Members’ Purposes and Reasons for the Merger”
“The Merger – Background of the Merger”

(c) Reasons. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“The Merger – Background of the Merger”
“Special Factors – Reasons for the Merger; Recommendation of the Board”
“Special Factors – Purchaser Group Members’ Purposes and Reasons for the Merger”
“Special Factors – Position of the Purchaser Group Members as to the Fairness of the Merger”
10

(d) Effects. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“Questions and Answers about the Annual Meeting and the Merger”
“The Merger – Reasons for the Merger; Recommendation of the Company’s Board of Directors”
“Special Factors – Reasons for the Merger; Recommendation of the Board”
“Special Factors – Purchaser Group Members’ Purposes and Reasons for the Merger”
“Special Factors – Position of the Purchaser Group Members as to the Fairness of the Merger”
“Special Factors – Plans for the Company after the Merger”
“The Merger – Background of the Merger”
“The Merger – Treatment of Outstanding Equity Plan Awards”
“The Merger – Merger Consideration”
“The Merger – Interests of Certain Persons in the Merger”
“The Merger Agreement – Treatment of Common Stock and Outstanding Equity Plan Awards”
“The Merger - Material U.S. Federal Income Tax Consequences of the Merger”
“Appraisal Rights”
“Annex A: Agreement and Plan of Merger”

ITEM 8. FAIRNESS OF THE TRANSACTION

(a)–(b) Fairness; Factors Considered in Determining Fairness. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“Questions and Answers about the Annual Meeting and the Merger”
“The Merger – Reasons for the Merger; Recommendation of the Company’s Board of Directors”
“The Merger – Background of the Merger”
“Special Factors – Position of the Purchaser Group Members as to the Fairness of the Merger”
“Special Factors – Opinion of Bank of America Europe DAC”
“Special Factors – Opinion of Goldman Sachs Bank Europe SE”
“The Merger – Opinions of the Financial Advisors to the Company”
“The Merger – Opinion of J.P. Morgan Securities LLC”
“The Merger – Opinion of PJT Partners LP”
“Annex E: Opinion of J.P. Morgan Securities LLC”
“Annex F: Opinion of PJT Partners LP”
“Annex G: Opinion of Bank of America Europe DAC”
“Annex H: Opinion of Goldman Sachs Bank Europe SE”

The financial presentation dated November 7, 2020, prepared by Bank of America Europe DAC for TRATON’s Supervisory Board and Executive Board is attached hereto as Exhibit (c)(2) and is incorporated by reference herein.

The presentation materials dated November 7, 2020, prepared by Goldman Sachs Bank Europe SE for TRATON’s Supervisory Board and Executive Board is attached hereto as Exhibit (c)(4) and is incorporated by reference herein.

The valuation analysis of J.P. Morgan Securities LLC and PJT Partners LP presented to the Chairman’s Committee of Navistar dated July 28, 2020 is attached hereto as Exhibit (c)(7) and is incorporated by reference herein.

The illustrative combination analysis of J.P. Morgan Securities LLC and PJT Partners LP presented to the Chairman’s Committee of Navistar  dated July 31, 2020 is attached hereto as Exhibit (c)(8) and is incorporated by reference herein.

The valuation analysis of J.P. Morgan Securities LLC and PJT Partners LP presented to the Board of Directors of Navistar dated October 7, 2020 is attached hereto as Exhibit (c)(9) and is incorporated by reference herein.
11

The discussion materials of J.P. Morgan Securities LLC and PJT Partners LP presented to the Board of Directors of Navistar dated October 12, 2020 is attached hereto as Exhibit (c)(10) and is incorporated by reference herein.

The discussion materials of J.P. Morgan Securities LLC and PJT Partners LP presented to the Board of Directors of Navistar dated October 15, 2020 is attached hereto as Exhibit (c)(11) and is incorporated by reference herein.

The discussion materials of J.P. Morgan Securities LLC and PJT Partners LP presented to the Board of Directors of Navistar dated November 6, 2020 is attached hereto as Exhibit (c)(12) and is incorporated by reference herein.

(c) Approval of Security Holders. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“Questions and Answers about the Annual Meeting and the Merger”
“Summary about the Annual Meeting – Vote Required”
“Special Factors – Reasons for the Merger; Recommendation of the Board”
“Special Factors – Position of the Purchaser Group Members as to the Fairness of the Merger”
“The Merger – Background of the Merger”

(d) Unaffiliated Representative. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference: Not Applicable.

(e) Approval of Directors. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Special Factors – Reasons for the Merger; Recommendation of the Board”
“The Merger – Background of the Merger”
“The Merger – Reasons for the Merger; Recommendation of the Board”

(f) Other Offers.

“Special Factors – Reasons for the Merger; Recommendation of the Board”
“The Merger – Background of the Merger”
“The Merger – Reasons for the Merger; Recommendation of the Board”

ITEM 9. REPORTS, OPINIONS, APPRAISALS AND NEGOTIATIONS

(a)–(c) Report, Opinion or Appraisal; Preparer and Summary of the Report, Opinion or Appraisal; Availability of Documents. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“Questions and Answers about the Annual Meeting and the Merger”
“Special Factors – Position of the Purchaser Group Members as to the Fairness of the Merger”
“Special Factors – Opinion of Bank of America Europe DAC”
“Special Factors – Opinion of Goldman Sachs Bank Europe SE”
“The Merger – Background of the Merger”
“The Merger – Reasons for the Merger; Recommendation of the Company’s Board of Directors”
“The Merger – Opinions of the Financial Advisors to the Company”
“The Merger – Opinion of J.P. Morgan Securities LLC”
“The Merger – Opinion of PJT Partners LP”
“The Merger –Summary of Material Financial Analysis”
“The Merger – Certain Company Forecasts”
“Annex E: Opinion of J.P. Morgan Securities LLC”
“Annex F: Opinion of PJT Partners LP”

“Annex G: Opinion of Bank of America Europe DAC”
“Annex H: Opinion of Goldman Sachs Bank Europe SE”

12

The financial presentation dated November 7, 2020, prepared by Bank of America Europe DAC for TRATON’s Supervisory Board and Executive Board is attached hereto as Exhibit (c)(2) and is incorporated by reference herein.

The presentation materials dated November 7, 2020, prepared by Goldman Sachs Bank Europe SE for TRATON’s Supervisory Board and Executive Board is attached hereto as Exhibit (c)(4) and is incorporated by reference herein.

The valuation analysis of J.P. Morgan Securities LLC and PJT Partners LP presented to the Chairman’s Committee of Navistar dated July 28, 2020 is attached hereto as Exhibit (c)(7) and is incorporated by reference herein.

The illustrative combination analysis of J.P. Morgan Securities LLC and PJT Partners LP presented to the Chairman’s Committee of Navistar dated July 31, 2020 is attached hereto as Exhibit (c)(8) and is incorporated by reference herein.

The valuation analysis of J.P. Morgan Securities LLC and PJT Partners LP presented to the Board of Directors of Navistar dated October 7, 2020 is attached hereto as Exhibit (c)(9) and is incorporated by reference herein.

The discussion materials of J.P. Morgan Securities LLC and PJT Partners LP presented to the Board of Directors of Navistar dated October 12, 2020 is attached hereto as Exhibit (c)(10) and is incorporated by reference herein.

The discussion materials of J.P. Morgan Securities LLC and PJT Partners LP presented to the Board of Directors of Navistar dated October 15, 2020 is attached hereto as Exhibit (c)(11) and is incorporated by reference herein.

The discussion materials of J.P. Morgan Securities LLC and PJT Partners LP presented to the Board of Directors of Navistar dated November 6, 2020 is attached hereto as Exhibit (c)(12) and is incorporated by reference herein.

The reports, opinions or appraisals referenced in this Item 9 are filed herewith and will be made available for inspection and copying at the principal executive offices of Navistar during its regular business hours by any interested holder of Common Stock or representative who has been designated in writing, and copies may be obtained by requesting them in writing from Navistar at the email address provided under the caption “Where You Can Find More Information” in the Proxy Statement, which is incorporated herein by reference.

ITEM 10. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION

(a)–(b) Source of Funds; Conditions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“The Merger – Financing of the Merger”

(c) Expenses. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary of Proposal 1 – Merger Proposal”
“Special Factors – Fees and Expenses”

(d) Borrowed Funds. None.

13

ITEM 11. INTEREST IN SECURITIES OF THE SUBJECT COMPANY

(a) Securities Ownership. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Information about Stock Ownership”
“Important Additional Information Regarding the Purchaser Group Members”

(b) Securities Transactions. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Transactions in Common Stock”
“The Voting Agreements”
“Information about Stock Ownership”
“The Merger – Interests of Certain Persons in the Merger”
“Transactions Between the Company and Purchaser Group Members”
“Annex B: Icahn Voting and Support Agreement”
“Annex C: MHR Voting and Support Agreement”

ITEM 12. THE SOLICITATION OR RECOMMENDATION

(d) Intent to Tender or Vote in a Going-Private Transaction. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary About the Annual Meeting – Vote Required”
“Questions and Answers about the Annual Meeting and the Merger”
“Special Factors – Reasons for the Merger; Recommendation of the Board”
“Special Factors – Purchaser Group Members’ Purpose and Reasons for the Merger”;
“Special Factors – Position of the Purchaser Group Members as to the Fairness of the Merger”
“The Merger – Background of the Merger”
“The Voting Agreements”
“Annex B: Icahn Voting and Support Agreement”
“Annex C: MHR Voting and Support Agreement”

(e) Recommendations of Others. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Summary About the Annual Meeting – Vote Required”
“Questions and Answers about the Annual Meeting and the Merger”
“Special Factors – Reasons for the Merger; Recommendation of the Board”
“Special Factors – Purchaser Group Members’ Purpose and Reasons for the Merger”
“Special Factors – Position of the Purchaser Group Members as to the Fairness of the Merger”
“The Merger – Background of the Merger”
“The Voting Agreements”
“Annex B: Icahn Voting and Support Agreement”
“Annex C: MHR Voting and Support Agreement”

14

ITEM 13. FINANCIAL STATEMENTS

(a) Financial Statements. The audited financial statements set forth in Navistar’s Annual Report on Form 10-K for the year ended October 31, 2020 is incorporated by reference herein. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Proposal 4 – Say-On-Pay-Executive Overview-Highlights of 2020 Results – Financial and Strategic”
“Special Factors – Purchaser Group Members’ Purposes and Reasons for the Merger”
“Where You Can Find More Information”

(b) Pro Forma Information. Not applicable.

ITEM 14. PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED

(a)–(b) Solicitations or Recommendations; Employees and Corporate Assets. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

“Questions and Answers about the Annual Meeting and the Merger”
“The Annual Meeting – Solicitation of Proxies; Payment of Solicitation Expenses”

ITEM 15. ADDITIONAL INFORMATION

(b) Golden Parachute Compensation. The information set forth in the Proxy Statement under the following caption is incorporated herein by reference:

“Proposal 2 – Merger Compensation Proposal – Golden Parachute Compensation”

(c) Other Material Information. The information set forth in the Proxy Statement, including all annexes thereto, is incorporated herein by reference.

15

ITEM 16. EXHIBITS

Exhibit
No.
 
Description
 
Preliminary Proxy Statement of Navistar International Corporation (incorporated by reference to the Schedule 14A filed concurrently with this Transaction Statement by Navistar International Corporation with the SEC)
     
 
Opinion of Bank of America Europe DAC to the Executive Board and Supervisory Board of TRATON dated November 7, 2020 (incorporated by reference to Annex G of the Proxy Statement)
     
 
Presentation materials of Bank of America Europe DAC to the Executive Board and Supervisory Board of TRATON dated November 7, 2020
     
 
Opinion of Goldman Sachs Bank Europe SE Board Presentation to the Executive Board and Supervisory Board of TRATON dated November 7, 2020 (incorporated by reference to Annex H of the Proxy Statement)
     
 
Presentation materials of Goldman Sachs Bank Europe SE to the Executive Board and Supervisory Board of TRATON dated November 7, 2020
     
 
Opinion of J.P. Morgan Securities LLC (incorporated by reference to Annex E of the Proxy Statement)
     
 
Opinion of PJT Partners LP (incorporated by reference to Annex F of the Proxy Statement)
     
 
Valuation Analysis of J.P. Morgan Securities LLC and PJT Partners LP presented to the Chairman’s Committee of Navistar International Corporation dated July 28, 2020†
     
 
Illustrative Combination Analysis of J.P. Morgan Securities LLC and PJT Partners LP presented to the Chairman’s Committee of Navistar International Corporation  dated July 31, 2020
     
 
Valuation Analysis of J.P. Morgan Securities LLC and PJT Partners LP presented to the Board of Directors of Navistar International Corporation dated October 7, 2020
     
 
Discussion Materials of J.P. Morgan Securities LLC and PJT Partners LP presented to the Board of Directors of Navistar International Corporation dated October 12, 2020
     
 
Discussion Materials of J.P. Morgan Securities LLC and PJT Partners LP presented to the Board of Directors of Navistar International Corporation dated October 15, 2020
     
 
Discussion Materials of J.P. Morgan Securities LLC and PJT Partners LP presented to the Board of Directors of Navistar International Corporation dated November 6, 2020
     
 
Agreement and Plan of Merger, dated as of November 7, 2020, by and among Navistar International Corporation, TRATON SE and Dusk Inc. (incorporated by reference to Annex A of the Proxy Statement)
     
 
Voting and Support Agreement, dated as of November 7, 2020, by and among TRATON SE, Dusk Inc. and Carl Icahn, Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Offshore LP, Icahn Onshore LP, Beckton Corp., Icahn Capital LP, IPH GP LLC, Icahn Enterprises Holdings L.P. and Icahn Enterprises G.P. Inc. (incorporated by reference to Annex B of the Proxy Statement)
     
 
Voting and Support Agreement, dated as of November 7, 2020, by and among TRATON SE, Dusk Inc. and MHR Capital Partners Master Account LP, MHR Capital Partners (100) LP and MHR Institutional Partners III LP. (incorporated by reference to Annex C of the Proxy Statement)
     
 
Section 262 of the Delaware General Corporation Law (incorporated by reference to Annex D of the Proxy Statement)

* To be filed herewith
† Confidential treatment has been requested for certain confidential information contained in this exhibit.

16

SIGNATURES

After due inquiry and to the best of each of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated as of December 22, 2020

 
NAVISTAR INTERNATIONAL CORPORATION
     
 
By:
/s/ Walter G. Borst
 
Name:
Walter G. Borst
 
Title:
Executive Vice President and Chief Financial Officer
     
 
TRATON SE
     
 
By:
/s/ Matthias Gründler
 
Name:
Matthias Gründler
 
Title:
Chief Executive Officer
     
     
 
By:
/s/ Christian Schulz
 
Name:
Christian Schulz
 
Title:
Chief Financial Officer
     
 
VOLKSWAGEN AG
     
 
By:
/s/ Matthias Gründler
 
Name:
Matthias Gründler
 
Title:
Chief Executive Officer of TRATON SE
     
 
By:
/s/ Christian Schulz
 
Name:
Christian Schulz
 
Title:
Chief Financial Officer of TRATON SE
     
 
DUSK INC.
     
 
By:
/s/ Do Young Kim
 
Name:
Do Young Kim
 
Title:
Chairman
     
 
By:
/s/ Franz Haslinger
 
Name:
Franz Haslinger
 
Title:
Secretary and Treasurer
     
 
TRATON US INC.
     
 
By:
/s/ Do Young Kim
 
Name:
Do Young Kim
 
Title:
Chairman
     
 
By:
/s/ Franz Haslinger
 
Name:
Franz Haslinger
 
Title:
Secretary and Treasurer

17
Exhibit (c)(2)
 November 7, 2020  Project DawnPresentation to the Dusk Supervisory Board and Management Board                             
 
 “Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, areperformed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registeredbroker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.Bank of America and BofA Securities entities (for example Bank of America Merrill Lynch International Designated Activity Company and BofA Securities Europe SA) and branches provide financial services to the clients of Bank of America and BofA Securities and may outsource/delegate the marketing and/or provision of certain services or aspects of services to other branches or members of the BAC Group (for example in the UK). Your service provider will remain the entity/branch specified in your onboarding documentation and/or other contractual or marketing documentation even where you communicate with staff that operate from a different entity or branch which is acting for and on behalf of your contractual service provider in their communications with you. If you are unsure who your contractual service provider is or will be please contact your usual contact.For Bank of America or BofA Securities entities in EMEA, please see additional information via the following link: https://www.bofaml.com/content/dam/boamlimages/documents/articles/ID17_1174/bofaml_entity_list.pdfInvestment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.These materials have been prepared by one or more subsidiaries of Bank of America Corporation for the client or potential client to whom such materials are directly addressed and delivered (the “Company”) in connection with an actual or potential mandate or engagement and may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with us. These materials are based on information provided by or on behalf of the Company and/or other potential transaction participants, from public sources or otherwise reviewed by us. We assume no responsibility for independent investigation or verification of such information (including, without limitation, data from third party suppliers) and have relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the managements of the Company and/or other potential transaction participants or obtained from public sources, we have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of the Company and are being furnished and should be considered only in connection with other information, oral or written, being provided by us in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Bank of America Corporation or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. These materials are for discussion purposes only and are subject to our review and assessment from a legal, compliance, accounting policy and risk perspective, as appropriate, following our discussion with the Company. We assume no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under applicable securities laws or otherwise, are intended for the benefit and use of the Company, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without our prior written consent. These materials may not reflect information known to other professionals in other business areas of Bank of America Corporation and its affiliates. Any League Tables referenced within these materials have been prepared using data sourced from external third party providers as outlined in the relevant footnotes where applicable. For persons wishing to request further information regarding these third party providers and the criteria and methodology used to prepare a league table please contact your usual Bank of America or BofA Securities representative/Relationship Manager.Bank of America Corporation and its affiliates (collectively, the “BAC Group”) comprise a full service securities firm and commercial bank engaged in securities, commodities and derivatives trading, foreign exchange and other brokerage activities, and principal investing as well as providing investment, corporate and private banking, asset and investment management, financing and strategic advisory services and other commercial services and products to a wide range of corporations, governments and individuals, domestically and offshore, from which conflicting interests or duties, or a perception thereof, may arise. In the ordinary course of these activities, parts of the BAC Group at any time may invest on a principal basis or manage funds that invest, make or hold long or short positions, finance positions or trade or otherwise effect transactions, for their own accounts or the accounts of customers, in debt, equity or other securities or financial instruments (including derivatives, bank loans or other obligations) of the Company, potential counterparties or any other company that may be involved in a transaction. Products and services that may be referenced in the accompanying materials may be provided through one or more affiliates of Bank of America Corporation. We have adopted policies and guidelines designed to preserve the independence of our research analysts. The BAC Group prohibits employees from, directly or indirectly, offering a favorable research rating or specific price target, or offering to change a rating or price target to a subject company as consideration or inducement for the receipt of business or for compensation and the BAC Group prohibits research analysts from being directly compensated for involvement in investment banking transactions. The views expressed herein are the views solely of Global Corporate and Investment Banking, and no inference should be made that the views expressedrepresent the view of the firm’s research department. We are required to obtain, verify and record certain information that identifies the Company, which information includes the name and address of the Company and other information thatwill allow us to identify the Company in accordance, as applicable, with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) and such other laws, rules and regulations as applicable within and outside the United States.We do not provide legal, compliance, tax or accounting advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by us to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. If any person uses or refers to any such tax statement in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the statement expressed herein is being delivered to support the promotion or marketing of the transaction or matter addressed and the recipient should seek advice based on its particular circumstances from an independent tax advisor. Notwithstanding anything that may appear herein or in other materials to the contrary, the Company shall be permitted to disclose the tax treatment and tax structure of a transaction (including any materials, opinions or analyses relating to such tax treatment or tax structure, but without disclosure of identifying information or any nonpublic commercial or financial information (except to the extent any such information relates to the tax structure or tax treatment)) on and after the earliest to occur of the date of (i) public announcement of discussions relating to such transaction, (ii) public announcement of such transaction or (iii) execution of a definitive agreement (with or without conditions) to enter into such transaction; provided, however, that if such transaction is not consummated for any reason, the provisions of this sentence shall cease to apply.  Notice to RecipientConfidential 
 
 1  Transaction Summary    Source: Dusk Management, Dawn Filings, Bloomberg, FactSet and Wall Street Research as of November 6, 2020. Note: USD in millions, except per share amounts.  Diluted share count calculated pursuant to the Treasury Stock Method, based on 99.576mm basic shares outstanding, 1.015mm options with a weighted average strike price of $34.15, 0.307mm RSUs, 0.060mm DSUs and 0.070mm Series D convertible preference stock with a conversion ratio of 0.3125 per Dusk Management as of November 6, 2020. Also includes 0.024mm Director deferred shares expected to be issued prior to closing per Dusk Management.Pension-related tax benefits provided by Dusk Management. Assumes 8% discount rate.EV / EBITDA multiples shown are adjusted for EV pension / OPEB adjustment of $1,791mm, FY2019A EBITDA pension / OPEB adjustment of $6mm, FY2020E EBITDA pension / OPEB adjustment of ($48mm), FY 2021E EBITDA pension / OPEB adjustment of ($47mm) and FY 2022E EBITDA pension / OPEB adjustment of ($67mm).EV / EBITDA multiples shown are adjusted for EV pension / OPEB adjustment of $1,791mm, FY2019A EBITDA pension / OPEB adjustment of $6mm, FY2020E EBITDA pension / OPEB adjustment of ($48mm), FY 2021E EBITDA pension / OPEB adjustment of ($47mm) and FY 2022E EBITDA pension / OPEB adjustment of ($67mm).As presented on pages 4 and 5.Based on U.S. NOL balance of $2,247mm, Section 382 limitation, RBIG allowance, annual usage and tax rate of 25%, all per Dusk Management. Assumes 8% discount rate.  Offer Price per Share (All-Cash)  $44.50  Premium / (Discount) to:One-Day Prior to Initial Offer ($24.07) (1/30/2020)  85%  30-Day VWAP ($28.14) as of 1/30/2020  58%  52-Week High ($39.15) as of 1/30/2020  14%  Plus: Industrial Financial Debt  3,532  Plus: Non-Controlling Interest  220  Less: Industrial Cash and Cash Equivalents  (1,610)  Less: Financial Services Book Equity  (647)  Less: Equity Investments  (30)  Plus: Pension Underfunding / OPEB Liabilities  2,013  Less: Utilization of Pension-Related Tax Benefits (2)  (222)  Plus: Cash-Settled RSUs  8  Plus: 2021E Cash-Settled Grants  21  Implied Pension Adj. Enterprise Value  $7,746  Diluted Shares Outstanding (mm) (1)  100.224  Implied Equity Value $4,460  Implied Due Diligence Adj. Enterprise Value $7,959  For Reference: Additional Adjustments (Included for Discounted Cash Flow Analysis Only)Less: Illustrative Present Value of U.S. NOLs (407) (6)Plus: Dusk Management Due Diligence Findings 621  Dusk Management Industrial BusinessStandalone Case for Dawn  PensionAdj. EBITDA (3)    FY 2019A  $719  10.8x  FY 2020E  165  47.0  FY 2021E  448  17.3  FY 2022E  707  11.0  Dusk Management Industrial Business Management Case for Dawn  Pension Adj. EBITDA (4)    FY 2019A  $719  10.8x  FY 2020E  165  47.0  FY 2021E  481  16.1  FY 2022E  830  9.3  Median of (5)      LTM  SelectedPublicly Traded Companies  Selected Precedent Transactions9.7x  FY 2021E  9.0x    FY 2022E  7.7x   
 
 52 - Week Low - High (Pre-Initial Offer) (1)  Analyst Price Targets (Pre-Initial Offer) (1)  Selected Publicly Traded Companies  Selected PrecedentTransactions  Discounted Cash FlowAnalysis - Standalone (5)  Discounted Cash FlowAnalysis - Management (6)  High  Low - High (Undiscounted)  FY 2022E  FY 2019A  Discount  Discount                                                      Ind. Pen. Adj. EBITDA (2)  Ind. Pen. Adj. EBITDA (3)  Rate  Rate  $39.15 (01/03/2019)  $29.00 - $38.00  $707  $719  7.0% - 9.0%  7.0% - 9.0%        FY 2020E Ind. Pen. Adj. EBITDA (4)            $610      Low  Low - High (Discounted)  Multiple Range  Multiple Range  Perpetuity Growth Rate  Perpetuity Growth Rate  $21.63 (08/27/2019)  $26.25 - $34.50  7.0x - 8.0x  8.5x - 12.0x  0.75% - 1.25%Implied LTM EBITDA  0.75% - 1.25%Implied LTM EBITDA                      $21.63  $26.25  $16.75  $18.75  $39.75  $39.15  $34.50  $23.75  $44.50  $74.00  $48.75  $78.25  10  20  30  40  50  60  70  80  90  $100  $53.25      $29.50  $53.75  $28.25        $19.00  $40.25    0    10    20    30    40    50    60    70    80      $10090          2  Financial Analysis Summary  Financial Analysis Ranges     Terminal Multiple Terminal Multiple 6.3x - 9.0x 6.8x - 9.8xSource: Dusk Management, Dawn Filings, FactSet and Wall Street Research as of November 6, 2020.Note: USD in millions, except per share values. Per share values rounded to the nearest $0.25 except for 52-week low/high. Reflects Industrial Debt of $3,532mm, Industrial Cash of $1,610mm, book value of financial services of $647mm, equity investments of $30mm, minority interest of $220mm, 0.176mm of cash-settled RSUs and 0.469mm of 2021E equity grants as well as pension liability of $2,013mm as of July 31, 2020 adjusted for utilization of pension-related tax benefits per Dusk Management. Utilization of pension-related tax benefits assumes an 8% discount rate. Diluted share count calculated pursuant to the Treasury Stock Method, based on 99.576mm basic shares outstanding, 1.015mm options with a weighted average strike price of $34.15, 0.307mm RSUs, 0.060mm DSUs and 0.070mm Series D convertible preference stock with a conversion ratio of 0.3125 per Dusk Management as of November 6, 2020. Also includes 0.024mm Director deferred shares expected to be issued prior to closing per Dusk Management.  (1)(2)(3)  Represents Dawn’s 52-week trading performance based on closing share price and broker price targets as of January 30, 2020 which represents one-day prior to the initial offer. Broker price targets discounted back 1 year at midpoint cost of equity of 10.0%, excludes Jefferies as outlier. Represents Dusk Management Industrial Business Standalone Case for Dawn Pension Adj. EBITDA which adjusts for pension related P&L impact. FY 2022E EBITDA pension / OPEB adjustment of ($67mm). Does not include adjustments for Dusk Management due diligence findings.Represents Dusk Management Industrial Business Standalone Case for Dawn LTM Pension Adj. EBITDA as of July 31, 2020 which adjusts for one-time and non-recurring items as well as pension related P&L impact. FY2019A EBITDA pension / OPEB adjustment of $6mm. Does not include adjustments for illustrative present value of U.S. NOLs or Dusk Management due diligence findings.Represents Dawn FY2020E Industrial Pension Adj. EBITDA based on Wall Street consensus as of January 30, 2020 which represents one-day prior to the initial offer.Represents Dusk Management Industrial Business Standalone Case for Dawn. Terminal year assumes mid-cycle Industrial Revenue, 6% Industrial Pension Adj. EBIT margin, normalized capex equal to 3% of Industrial Revenue, depreciation equal to 99% of capex, no change in NWC, and tax rate of 26.0%, all per Dusk Management. Reflects Dusk Management due diligence findings of $621mm.Represents Dusk Management Industrial Business Management Case for Dawn. Terminal year assumes mid-cycle Industrial Revenue, 8% Industrial Pension Adj. EBIT margin, normalized capex equal to 3% of Industrial Revenue, depreciation equal to 99% of capex, no change in NWC, and tax rate of 26.0%, all per Dusk Management. Reflects Dusk Management due diligence findings of $621mm.Based on U.S. NOL balance of $2,247mm, Section 382 limitation, RBIG allowance, annual usage and tax rate of 25%, all per Dusk Management. Assumes 7% discount rate to reflect the upper end of the NOL DCF range.  (4)(5)  (6)  (7)  Reference Ranges  Offer:$44.50  Midpoint Assumption  DCF Value  of Dawn  NOLs (7) 
 
 Wall Street Analyst Perspectives  3    Source: Broker Research and Factset as of November 6, 2020.Represents analyst price targets as of January 30, 2020 which is one-day prior to the initial offer.Represents median price target of brokers included in Factset’s database: BMO Capital Markets, Jefferies, Loop Capital Markets, Melius Research, Morningstar, RBC Capital Markets, Wells Fargo, Wolfe Research and Vertical Research. Excludes Raymond James and UBS.  Pre-Initial(1)Offer  Current    Target Target Recomm- Valuation Broker Date Price ($) Date Price ($) endation Methodology   Melius Research  1/16/2020  $31.00  10/16/2020  $46.00  Hold  NA  Loop Capital  12/17/2019  38.00  10/13/2020  46.00  Hold  NA  Vertical Research  12/18/2019  30.00  10/9/2020  45.00  Hold  NA  Jefferies  12/17/2019  45.00  10/22/2020  44.50  Hold  Based on Offer  RBC  1/16/2020  32.00  10/16/2020  44.50  Hold  Based on Offer  BMO  1/13/2020  30.00  9/14/2020  43.00  Hold  Based on Offer  UBS  9/10/2019  32.00  9/14/2020  43.00  Hold  Based on Offer  Morningstar  12/18/2019  29.00  9/11/2020  43.00  Hold  NA  Wolfe Research  NA  NA  7/6/2020  39.00  Buy  NA  Wells Fargo  12/17/2019  30.00  9/11/2020  35.00  Hold  EV/EBITDA /EV/Sales  Raymond James  12/17/2019  NA  10/15/2020  NA  Hold  NA  Low  $29.00  $35.00  High (Excl. Jefferies)  $38.00  $46.00                MEDIAN BROKER TARGET PRICE FOR DAWN IN LAST ONE YEAR (2)    Dawn$43.37    $44.50 (2)  $32.00 (2)  Dawn$32.74              $30$25$20$15$10  $35  $40  $45  $50  Dawn Share Price    Dawn Broker Target Price Median 
 
 Truck OEMS                        PACCAR  $90.09  97%  $31,316  $23,398  9.6x  8.0x  (7.7%)  (13.2%)  12.0%  9.4%  (2.2x)  Volvo  21.99  100%  44,728  38,787  8.4x  7.3x  (7.2%)  (14.6%)  11.3%  9.2%  (1.2x)  Dusk  20.95  74%  10,473  9,510  4.6x  3.5x  (6.7%)  (12.1%)  7.6%  2.9%  0.4x          Median:  8.4x  7.3x  (7.2%)  (13.2%)  11.3%  9.2%  (1.2x)    Price as of % of Market Company 11/06/2020 52-Wk High Value   Adj. Enterprise Value (1)    EV / Pen. Adj. EBITDA (1) 2019 - 2021E CAGR 2021E Net Debt / 2021E 2022E Rev. EBITDA EBITDA % EBIT % '20E EBITDA     Selected Publicly Traded Companies  4    Source: Dusk Management, Dawn filings, Dusk filings, other public filings and FactSet as of November 6, 2020.Note: USD in millions, except per share data. All items fiscalized to Dawn’s October 31 year end. Revenue, EBIT and EBITDA reflect Industrial Business only. EBIT and EBITDA adjusted for pension liabilities and associated carrying costs.EBIT and EBITDA are IFRS-adjusted for capitalized development costs.  Reflects Industrial Adj. Enterprise Value defined as Market Value of Equity less Industrial Cash & Cash Equivalents, plus Industrial Debt, plus Preferred Shares, plus Minority/Non-controlling Interest, less Investments in Unconsolidated Subsidiaries and Affiliates, as applicable. Adjusted for pension / OPEB liabilities and book value of financial services companies.Market price as of January 30, 2020, which is one day prior to the initial offer.Represents Dusk Management Industrial Business Standalone Case for Dawn.  Capital Goods                          CNH Industrial  $9.31    80%  $12,765  $14,206  7.6x  6.1x  (20.2%)  (13.0%)  11.1%  4.8%  2.3x  Deere  247.64    100%  79,034  81,844  16.8x  14.8x  (3.6%)  1.4%  15.0%  11.7%  1.0x  Caterpillar  161.29    95%  88,565  91,703  13.3x  11.6x  (10.1%)  (17.3%)  16.8%  12.7%  0.4x  Median: 13.3x              11.6x  (10.1%)  (13.0%)  15.0%  11.7%  1.0x  CV Suppliers                          Allison    $37.87  77%  $4,267  $6,532  8.0x  7.2x  (8.7%)  (13.4%)  36.2%  28.7%  2.9x  Cummins    229.05  99%  34,279  35,239  10.9x  9.7x  (6.0%)  (5.3%)  15.5%  11.5%  0.4x            Median:  9.5x  8.4x  (7.4%)  (9.4%)  25.8%  20.1%  1.6x                                      Median of All:  9.0x  7.7x  (7.4%)  (13.1%)  13.5%  10.5%  0.4x                              (2)                        Dawn (Consensus) $24.07 71% $2,407 $5,679 10.8x 8.7x (13.1%) (14.5%) 6.3% 4.6% 5.8x                                                                      (2)(3)Dawn (Dusk Mgmt. Forecast) $24.07  71%  $2,407  $5,679  12.7x  8.0x  (13.9%)  (21.0%)  5.5%  3.5%  11.7x 
 
 Selected Precedent Transactions  5   Source: Public filings, Wall Street Research, FactSet, Mergermarket and other publicly available sources.Note: EUR in billions.          Announcement            Industrial Pen. Adj.    IndustrialPen. Adj. EV  Date    Acquiror    Target    EV (€bn)    / LTM EBITDA                    Sep-2016    Volkswagen AG    Navistar (16.6% Stake)    € 5.6    11.9x  May-2011    Volkswagen AG    MAN SE (Majority Stake)    13.0    8.7x  Mar-2008    Volkswagen AG    Scania AB (Majority Stake)    16.8    10.6x  Oct-2006    MAN SE    Scania AB (Cancelled)    10.0    8.6x              Mean:    9.9x              Median:    9.7x 
 
 Dusk Management Industrial Business Standalone Case for Dawn (1)  Dusk Management Industrial Business Management Case for Dawn (2)  Equity Value per Share  Synergy Equity Value per Share  Discount  at a Perpetuity Growth Rate of  Discount  at a Perpetuity Growth Rate of  Rate  0.75%  1.00%  1.25%  7.0% $38.75    $41.50  $44.50  8.0% 27.50    29.50  31.50  9.0% 18.75    20.25  22.00  Rate  0.75%  1.00%  1.25%  7.0% $66.25    $70.00  $74.00  8.0% 51.25    53.75  56.50  9.0% 39.75    41.50  43.75      6  Summary of Discounted Cash Flow Analysis  Standalone projections exclude any incremental synergies arising from the transaction  Terminal year includes normalizing adjustment for long- term Pension Adj. EBIT margin of 6.0%  Perpetuity growth rate range of 0.75% – 1.25% implies a terminal LTM EBITDA multiple of 6.3x – 9.0x  Management projections include incremental synergies arising from the transaction  Terminal year includes normalizing adjustment for long- term Pension Adj. EBIT margin of 8.0%  Perpetuity growth rate range of 0.75% – 1.25% implies a terminal LTM EBITDA multiple of 6.8x – 9.8x    Source: Dusk Management, Dawn Filings and FactSet as of November 6, 2020.Note: Dollars in millions, except per share values. Cash flows discounted to July 31, 2020 using mid-year convention. Diluted share count calculated pursuant to the Treasury Stock Method, based on 99.576mm basic shares outstanding, 1.015mm options with a weighted average strike price of $34.15, 0.307mm RSUs, 0.060mm DSUs and 0.070mm Series D convertible preference stock with a conversion ratio of 0.3125 per Dusk Management as of November 6, 2020. Also includes 0.024mm Director deferred shares expected to be issued prior to closing per Dusk Management.  Represents Dusk Management Industrial Business Standalone Case for Dawn. Terminal year assumes mid-cycle Industrial Revenue, 6% Industrial Pension Adj. EBIT margin, normalized capex equal to 3% of Industrial Revenue, depreciation equal to 99% of capex, no change in NWC, and tax rate of 26.0%, all per Dusk Management. Reflects Dusk Management due diligence findings of $621mm.Represents Dusk Management Industrial Business Management Case for Dawn. Terminal year assumes mid-cycle Industrial Revenue, 8% Industrial Pension Adj. EBIT margin, normalized capex equal to 3% of Industrial Revenue, depreciation equal to 99% of capex, no change in NWC, and tax rate of 26.0%, all per Dusk Management. Reflects Dusk Management due diligence findings of $621mm.    Dusk Management Guidance for Perpetuity Growth Rate 
 
     Appendix 
 
           0.0x  5.0x  10.0x  15.0x  20.0x  Nov-15  Nov-16  Nov-17  Nov-18  Nov-19  Nov-20  Dawn 19.3x  PACCAR 12.0x    Current  Volvo 8.3x  Dusk 7.4x  (2)CV Suppliers10.0x  Capital Goods (1) 13.1x  7  EV / LTM Adj. EBITDA Evolution    Source: Dawn filings, Dusk filings, other public filings and Factset as of November 6, 2020.Note: Enterprise Values shown Reflects Industrial Adj. Enterprise Value. Enterprise Values adjusted for pension liabilities and other carrying costs. Enterprises Values adjusted for book value of equity for financial services companies. Adj. EBITDA adjusted for pension liabilities and associated carrying costs. Adj. EBITDA is IFRS-adjusted for capitalized development costs. Dawn EBITDA reflects consensus WholeCo.Capital Goods selected publicly traded companies include CNH Industrial, Deere and Caterpillar.CV Supplier selected publicly traded companies include Allison Transmissions and Cummins.    Earliest available Dusk estimates   Average 5 Year 3 Year 1 Year YTD Dawn 10.0x 9.7x 10.5x 11.0x(1)          Capital Goods  8.9x  9.0x  9.3x  9.4x  PACCAR  5.6x  6.3x  7.7x  7.9x  CV Suppliers (2)  8.5x  7.9x  8.1x  8.2x  Volvo  5.7x  5.3x  5.5x  5.6x  Dusk  --  --  --  4.7x                 
 
Exhibit (c)(4)

                           CONFIDENTIAL DRAFT  Project Dawn  Supporting Valuation Materials Goldman Sachs Bank Europe SE7 November 2020 
 
 CONFIDENTIAL DRAFT  2  Disclaimer  These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the Management Board and the Supervisory Board (the „Management and Supervisory Board“) of Dusk (the „Company“) in connection with its consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by the Investment Banking Division of Goldman Sachs and is not a product of its research department.Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non- financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interests or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs’ investment banking division maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company.The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice.Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or other off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast.The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Management and Supervisory Board, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, is subject to, and governed by, any written agreement between the Company, the Management and Supervisory Board and/or any committee thereof, on the one hand, and Goldman Sachs, on the other hand. The Confidential Information does not address, nor does Goldman Sachs express any view as to, the potential effects of volatility in the credit, financial and stock markets on the Company, any other party to any transaction or any transaction. 
 
 CONFIDENTIAL DRAFT  3  Table of Contents  I. Transaction Overview  II. Illustrative Financial Projections  III. Preliminary Illustrative Financial Analyses 
 
 CONFIDENTIAL DRAFT  I. Transaction Overview 
 
                       CONFIDENTIAL DRAFT  Summary of Key Economic Terms    Share Price References    Implied Equity Value    Implied Industrial Enterprise Value    Buyer Case by Dusk Mgmt.    Research Analyst Consensus        In $m, except per share data ($)  Amount  Implied Premium  Transaction Price Per Share  44.50  Undisturbed Price as of 30-Jan  24.07  84.9 %  Implied Price by Performance of Peers from 30-Jan¹  28.20  57.8 %  90d VWAP (pre 30-Jan)  29.37  51.5 %  52-Week High (pre 30-Jan)  39.15  13.7 %  24.3 %  15-Year AverageBasic Number of Shares Outstanding  35.7999.58  Dilutive Effect of Equity-linked Securities  0.65  Fully Diluted Shares Outstanding  100.22  Implied Equity Value for 100% of Dawn  4,460  Ind. Net Financial Debt (Jul-20)  1,922  Pension / OPEB (Jul-20)  2,013  FS Book Equity (Jul-20)  (647)  Other EV-Equity Items (Jul-20)²  202  Dusk DD Findings  3  Implied Ind. Enterprise Value  7,953  Implied Multiples (FYE 31-Oct)³  Amount ($m)  Impl. Multiple  FY21 Ind. EV / EBITDA  481  16.5 x  FY22 Ind. EV / EBITDA  830  9.6 x  FY21 Ind. EV / EBIT  319  24.9 x  FY22 Ind. EV / EBIT  641  12.4 x  FY21 Group P/E  131  34.1 x  443493  10.1 x16.1 x  FY22 Group P/EFY21 Ind. EV / EBITDA4 FY22 Ind. EV / EBITDA4  621  12.8 x  331  24.0 x  FY21 Ind. EV / EBIT4 FY22 Ind. EV / EBIT4  432  18.4 x  FY21 Group P/E 161 27.7 x  FY22 Group P/E 247 18.1 xSource: Dusk Management projections, Dawn filings, Thomson Reuters Eikon as of 06-Nov-2020Note: Goldman Sachs has assumed, based on guidance by the management of the Company, that the Company will retain its investment grade rating profile following the consummation of the transaction, facilitated by the support of Volkswagen as the corporate parent of the Company. 1 Peers include Volvo and Paccar. 2 Other EV-Equity items include equity investments ($30m), non-controlling interests (estimated at $203m) and cash-settled RSUs and cash- settled equity grants ($29m at $44.50 offer price per share). 3 EBITDA and EBIT reversed for pension interest, associate income and net income attributable to minorities. Group net income post net income attributable to minorities.4 Ind. EBIT calculated as Group EBIT consensus minus Financial Services segment consensus. Ind. EBITDA calculated as Ind. EBIT plus D&A (as per Dusk Buyer Case for Dawn).                                                                                                                  5  Transaction Overview 
 
 CONFIDENTIAL DRAFT  Dawn’s Long-Term Stock Price PerformanceLast 15 Years  Source: Bloomberg, Market Data as of 06-Nov-20              2009/10:Financial Crisis  2011/12:Emission Regulation  Problems  2015:Stabilization  + Refinancing                                  $20  $40  $60  $80  $100  May-2011 Nov-20122nd Offer (Sep-20)  Jul-2014  Jan-2016  Aug-2017  Mar-2019  Oct-2020  Closing Price (USD)    $0Jan-2005 Aug-2006Dawn Stock Price    Mar-2008 Oct-20091st Offer (Jan-20)      Transaction Price    15Y High    15Y Low    15Y Avg.  15Y High: $ 78.99  $ 44.50$ 43.00$ 43.37$ 35.00  15Y Avg: $ 35.79  15Y Low: $ 6.23    06-Sep-2016 | $19.79Victor acquires17% stake in Dawn at $15.76 per share                30-Jan-2020 | $24.07Initial offer: $35 per share      10-Sep-2020 | $40.78Dusk raises offer to $43 per share              16-Oct-2020 | $43.53Dusk / Dawn agree in principle on$44.50 per share  6  Transaction Overview 
 
 CONFIDENTIAL DRAFT  II. Illustrative Financial Projections 
 
 CONFIDENTIAL DRAFT  Dusk’s Financial Projections for Dawn – Key Financials  Source: Dusk Management projections, Dawn filings, Thomson Reuters as of 06-Nov-2020Note: 1 Incl. certain operating synergies projected by the management of Dusk 2 EBIT reversed for pension interest, associate income and net income attributable to minorities.  Ind. Revenue ($m)  Dawn Group Earnings per Share ($)      Broker Consensus        Standalone Case Buyer Case 1Ind. Adj. EBIT (for Valuation, $m)²  Ind. Adj. EBIT (for Valuation) Margin    Ind. Revenue Growth (%)  2019A 2020E 2021E 2022E 2023E 2024E 2025E    Standalone    (34.9)%  14.0 %  21.0 %  14.6 %  9.2 %  2.0 %  Buyer Case    (34.9)%  14.0 %  21.0 %  16.0 %  10.6 %  9.5 %  Broker Consen.    (35.2)%  18.9 %  10.0 %        530  104  331  432    2025E  2019A 2020E 2021E 2022E 2023E 2024E590 25 286 518 674 737  764  590 25 319 641 883 1,043  1,260          221  (81)  161  247    2019A  2020E  2024E  2025E  221  (128)  580  600  221  (128)  Dawn Group Net Income ($m) 2021E 2022E 2023E104 352 508131 443 663  807  967                                                                                                  (1.28)  1.30  4.42  6.61  8.05  9.65  2.21  (1.28)  3.51   1.04   5.07  5.79  5.99  2019A 2020E 2021E 2022E 2023E 2024E 2025E                                                          8,208  9,931  11,517  12,742  13,953  11,061  7,2007,200  8,208  9,931  11,382  12,425  12,675  2019A 2020E 2021E 2022E 2023E 2024E 2025E                                                                                        0.4 %  8  Illustrative Financial Projections  3.9 %  6.5 %  7.7 %  8.2 %  9.0 %  5.3 %  0.4 %  3.5 %  5.2 %  5.9 % 5.9 % 6.0 %  2019A 2020E 2021E 2022E 2023E 2024E 2025E 
 
 CONFIDENTIAL DRAFT  9  Illustrative Financial Projections  Dawn EV-Equity Bridge  Source: Dawn filings, Dusk Management assumptions, external adviser DD reports, merger agreement1 Assumes valuation of Financial Services segment at 1.0x P/B multiple. 2 Based on net income attributable to minorities of $22m (FY19 level) in perpetuity discounted at cost of equity (10.8%). For reference: Balance sheet value as of Jul-2020 is $2m.  Source    Dawn 10-Q as of 31-Jul-2020, p. E-10  Dawn 10-Q as of 31-Jul-2020, p. E-10  Dawn 10-Q as of 31-Jul-2020, p. E-10  Dawn 10-Q as of 31-Jul-2020, p. E-10  Dawn 10-Q as of 31-Jul-2020, p. 7  Proxy based on Dusk Mgmt Projections2  Based on $44.50 offer price  Dusk estimates based on Legal / Financial DD  Item  Amount ($m)  (+) Industrial Financial Debt  3,532  (-) Industrial Cash and Cash Equivalents  (1,610)  (-) Financial Services Book Equity1  (647)  (+) Pension Underfunding / OPEB liabilities  2,013  (-) Equity Investments @ book  (30)  (+) Non-controlling Interest  203  (+) Cash-Settled RSUs and Cash-Settled Equity Grants  29  Subtotal: Dusk Due Dilligence Findings  3  Total EV-Equity Items  3,493 
 
 CONFIDENTIAL DRAFT  III.  Preliminary Illustrative Financial Analyses 
 
                       CONFIDENTIAL DRAFT    Illustrative Price per Share  Comments  Illustrative Summary of Financial AnalysesBased on Dusk Management Projections  Source: Bloomberg, Thomson Reuters, public filings, Dusk Management projections1 Valuation date: 31-Jul-2020. 2 Last undisturbed date.    Valuation Methodologies    Reference Only Valuation Methodologies  $44.50      1A      1B    2            Discounted Cash Flow $24(Standalone Case)1  Terminal Year Ind. EBIT margin: 6.0%$42  Perpetual Growth Rate: 1.0-2.0%WACC range: 8.0-9.0%Implied LTM / Terminal Year EBIT multiple: 8.8-11.8x    Discounted Cash Flow $45(Buyer Case)1          Terminal Year Ind. EBIT margin: 8.0%$69  Perpetual Growth Rate: 1.0-2.0%WACC range: 8.0-9.0%Implied LTM / Terminal Year EBIT multiple: 7.1-9.5x        Public Market Premia $37  High: 40% premium on last undisturbed 90-day VWAP ($29.37$41 at 30-Jan-2020²)Low: 30% premium to Dawn share price implied by trading of peers (Paccar/Volvo) ($28.20 average since 30-Jan-2020²)    Public Company Trading $26  High: EV/Ind. EBIT 2022E 11.6x (Paccar, 06-Nov-2020)$39  Low: EV/Ind. EBIT 2022E 9.5x (Volvo, 06-Nov-2020)Underlying: Dawn FY22 Ind. Adj. EBIT (for valuation) of $641m (as per Buyer Case)    52-Week Trading Range $22 as of 30-Jan-20202  $39  High: $39 (01-Mar-2019)Low: $22 (27-Aug-2019)Undisturbed share price: $24.07 (30-Jan-2020²)    Analyst Price Targets $29as of 30-Jan-20202  $45  High: $45 (Jefferies)Low: $29 (Morningstar)    11  Preliminary Illustrative Financial Analyses 
 
 CONFIDENTIAL DRAFT  Illustrative Discounted Cash Flow AnalysisDawn Industrial Business – Standalone Case for Dawn  Source: Public filings, Dusk Management projectionsNote: Free cash flow discounted to 31-Jul-2020 using mid-year convention for cash flows. Terminal value calculated as of 31-Oct-2025. EV-Equity bridge (as of Jul-2020) includes financial debt of $3,532m, cash and cash equivalents of $(1,610)m, $(647)m financial services book value (1.0x P/B), $2,013m unfunded pension obligations and OPEB liabilities, $(30)m equity investments, $203m non-controlling interest, cash settlement of existing cash-settled RSUs and cash-settled equity grants of $21m at $32 per share mid-point. EV-EqV Bridge also reflects due diligence findings of $3m.1 FCF derived based on the following assumptions, as per Dusk management assumptions: (i) tax rate of 26.0%, (ii) change in net working capital calculated based on the assumption of net working capital as % of sales of c. 0.1% for all years incl. Terminal Year apart from Q4 2020E, (iii) capex % of sales in line with public guidance by Dawn, for Terminal Year 3.0% of sales as per Dusk management guidance, (iv) other cash flow items related to cash warranty expenses and off-balance sheet obligations in the forecast period, assumed to be equal to $0 in Terminal Year.    1    A  FYE October  Historical      Projected              2018  2019 9M 20A    Q4 20E 2021    2022  2023  2024  2025  Revenue  10,090  11,061 5,310    1,890 8,208    9,931  11,382  12,425  12,675  % growth    9.6 %      14.0 %  21.0 %  14.6 %  9.2 %  2.0 %  Adj. EBITDA (for valuation)  678  719  132  33  448  707  876  948  1,014  % margin  6.7 %  6.5 %  2.5 %  1.7 %  5.5 %  7.1 %  7.7 %  7.6 %  8.0 %  Adj. EBIT (for valuation)  522  590  34  (9)  286  518  674  737  764  % margin  5.2 %  5.3 %  0.6 %  (0.5)%  3.5 %  5.2 %  5.9 %  5.9 %  6.0 %  Unlevered FCF 1        8  33  339  505  522  439        TY12,2351.5 %1,0989.0 %7346.0 %540                                  Equity Value per Share ($)  12  Preliminary Illustrative Financial Analyses        Perpetuity Growth Rate          Perpetuity Growth Rate        1.0 %  1.5 %  2.0 %      1.0 %  1.5 %  2.0 %    8.0 %  $ 33  $ 37  $ 42    8.0 %  10.1 x  10.9 x  11.8 x  WACC  8.4 %  $ 29  $ 32  $ 36  WACC  8.4 %  9.5 x  10.2 x  11.0 x    9.0 %  $ 24  $ 27  $ 30    9.0 %  8.8 x  9.4 x  10.1 x  Implied LTM / Terminal Year EBIT Multiple 
 
 CONFIDENTIAL DRAFT  Illustrative Discounted Cash Flow AnalysisDawn Industrial Business – Buyer Case for Dawn      1B  FYE October  Historical      Projected              2018  2019 9M 20A    Q4 20E 2021    2022  2023  2024  2025  Revenue  10,090  11,061 5,310    1,890 8,208    9,931  11,517  12,742  13,953  % growth    9.6 %      14.0 %  21.0 %  16.0 %  10.6 %  9.5 %  Adj. EBITDA (for valuation)  678  719  132  33  481  830  1,086  1,254  1,509  % margin  6.7 %  6.5 %  2.5 %  1.7 %  5.9 %  8.4 %  9.4 %  9.8 %  10.8 %  Adj. EBIT (for valuation)  522  590  34  (9)  319  641  883  1,043  1,260  % margin  5.2 %  5.3 %  0.6 %  (0.5)%  3.9 %  6.5 %  7.7 %  8.2 %  9.0 %  Unlevered FCF 1        8  57  430  660  749  808        TY12,2351.5 %1,34211.0 %9798.0 %721                                  Equity Value per Share ($)  Source: Public filings, Dusk Management projectionsNote: Free cash flow discounted to 31-Jul-2020 using mid-year convention for cash flows. Terminal value calculated as of 31-Oct-2025. EV-Equity bridge (as of Jul-2020) includes financial debt of $3,532m, cash and cash equivalents of $(1,610)m, $(647)m financial services book value (1.0x P/B), $2,013m unfunded pension obligations and OPEB liabilities, $(30)m equity investments, $203m non-controlling interest, cash settlement of existing cash-settled RSUs and cash-settled equity grants of $36m at $56 per share mid-point. EV-EqV Bridge also reflects due diligence findings of $3m.1 FCF derived based on the following assumptions, as per Dusk management assumptions: (i) tax rate of 26.0%, (ii) change in net working capital calculated based on the assumption of net working capital as % of sales of c. 0.1% for all years incl. Terminal Year apart from Q4 2020E, (iii) capex % of sales in line with public guidance by Dawn, for Terminal Year 3.0% of sales as per Dusk management guidance, (iv) other cash flow items related to cash warranty expenses and off-balance sheet obligations in the forecast period, assumed to be equal to $0 in Terminal Year.  13  Preliminary Illustrative Financial Analyses        Perpetuity Growth Rate          Perpetuity Growth Rate        1.0 %  1.5 %  2.0 %      1.0 %  1.5 %  2.0 %    8.0 %  $ 57  $ 63  $ 69    8.0 %  8.2 x  8.8 x  9.5 x  WACC  8.4 %  $ 52  $ 56  $ 62  WACC  8.4 %  7.7 x  8.3 x  8.9 x    9.0 %  $ 45  $ 49  $ 54    9.0 %  7.1 x  7.6 x  8.2 x  Implied LTM / Terminal Year EBIT Multiple 
 
 CONFIDENTIAL DRAFT          31%  38%  Median  Average          32%  41%  Median  Average  Public Market Premia for Selected US Cash Transactions in 2014-2020YTD  Source: Dealogic, CapitallQ as of Nov-2020Note: Includes announced transactions in which the buyer (pre-deal ownership <50%) increases its ownership in an US target to >75% through an all-cash transaction. Premia based on share price one month prior to  Large Deals  All Deals            Deal Value  >$250m    >$2.5bn  # Deals  576    220    3rd quartile: 50%  1st quartile: 19%    3rd quartile: 48%  1st quartile: 18%    2  announcement.  14  Preliminary Illustrative Financial Analyses 
 
 CONFIDENTIAL DRAFT  Dawn  1  United States  1.691    1.69  1.30 1  1.131  2,3891  1,604  3,742  40 %  60 %  Paccar  United States  0.93    1.56  1.01  1.04  31,202  (4,413)  (4,413)  (16)%  116 %  Volvo  Sweden  1.37  1.31  2.14  1.03  1.44  44,729  (5,226)  (3,219)  (13)%  113 %  Median    1.15  1.31  1.85  1.02  1.24  37,965  (4,820)  (3,816)  (15)%  115 %  Peer Comparison ($m) Historical Beta   Company  Country  Axioma  Bloomberg Pro-forma Dawn PredictedMSCI Europe Capitalization Axioma Beta Asset Beta  Net Debt (excl.Market Cap pensions)  Net Debt(incl. Net Debt / Equity / pensions) Capital 2 Capital  Selected Comparable Companies  Illustrative Weighted Average Cost of Capital Analysis  Source: Dawn filings, Dusk Management assumptions, Axioma, Bloomberg, CapitalIQ as of 06-Nov-2020        As of 06-Nov-2020WACC Derivation WACC Sensitivity AnalysisCommentary    35%  40%  45%  1.49  8.0%  7.8%  7.5%  1.69  8.7%  8.4%  8.1%  1.89  9.5%  9.1%  8.7%   Capital Structure (Tax Rate: 26%)   Debt  Equity Beta      Risk-free Rate  1.4 %  Equity Beta  1.69  Equity Risk Premium  5.6 %  Cost of Equity  10.8 %  Pre-Tax Cost of Debt  6.5 %  Tax Rate  26.0 %  Post-Tax Cost of Debt  4.82 %  Equity / Capital  60.0%  Debt / Capital  40.0%  WACC  8.4 %                        Current yield of 20-yr US government bond (maturing Aug- 2040)  Dawn historical Axioma beta (2yr period, weekly) as of 30- Jan (last undisturbed)  US historical equity risk premium based on Duff & Phelps (GS-internal guidelines)  Yield of Dawn $1.1bn unsecured bond (due 2025) as of 30- Jan (last undisturbed)Long-term Dawn corporate cash tax rate as per Dusk / external advisor input  Dusk guidance on Dawn capital structure derived from current capitalization                        1 Dawn market cap, historical beta, asset beta and predicted beta as of 30-Jan-2020 (last undisturbed). 2 Excluding pensions.Preliminary Illustrative Financial Analyses  15 
 
Exhibit (c)(7)
 CONFIDENTIAL and PROPRIETARY to NAVISTAR    NYSE: NAV  Project Titan | Valuation analysis  Preliminary draft for illustrative purposes only – All projections are WIP  July 28, 2020 
 
   Management forecast comparison as of July 2020  Preliminary draft for illustrative purposes only – All projections are WIP  Management – Feb. 2020    Revenue ($mm)    Adj. EBITDA ($mm)                                $946  $740  $877  $1,119  $1,451  $1,448  10.0%  11.7%  12.0%        % margin  (14.6%)  9.3%  6.4%  10.9%  (2.7%)  % growth  Management projections pre-COVID  Source: Company information and projections, CapIQ as of 07/23/20 Note: Financials reflect 10/31 FYE  Management – July 2020                            $300  $585  $988  $1,376  $1,494  9.4%  11.4%  12.0%  (35.1%)  10.2%  31.2%  14.0%  3.0%  Latest management estimates    (23.9%)    (23.3%)    (5.4%)    (2.8%)    2.9%  Δ vs. Feb.    (59.5%)    (33.3%)    (11.7%)    (5.2%)    3.2%  Δ vs. Feb.  Whole Co. financial projections  Consensus – July 2020      $7,714  $8,861  $9,654  2020  2021  2022              $365  $609                                                        8.4%    7.7%    8.4%                4.1%    7.3%                4.7%    6.9%    7.8%  2019    2020    2021    2022    2023    2024    2020    2021    2022    2023    2024    2020    2021    2022  $754  (31.4%)  14.9%  8.9%  Consensus analyst estimates as of 7/23  Δ vs. July mgmt.    5.6%    10.1%    (8.6%)  Δ vs. July mgmt.    21.7%    4.0%    (23.7%)  Long term  manufacturing EBITDA  margin of 10.9%                                $11,251  $9,603  $10,498 $11,170  $12,387 $12,055  13.8%  13.0%  15.0%  16.0%  17.0%  17.5%  2019 2020 2021 2022 2023 2024        Class 8 market share                            $7,305  2  NYSE: NAV  CONFIDENTIAL and PROPRIETARY to NAVISTAR  $8,050  $10,563  $12,039  $12,401  10.5%  11.3%  13.5%  15.2%  16.7%  2020  2021  2022  2023  2024 
 
     Revenue CAGR (‘20E – ‘22E)    EBITDA CAGR (‘20E – ‘22E)  Source: Wall Street Research, Capital IQNote: Market data as of 7/23/20. Navistar figures are company estimates. Based on WholeCo financials        (Mgmt.)    Revenue Growth (’21E – ’22E)    EBITDA Growth (’21E – ’22E)  (Consensus)          (Mgmt.)    (Consensus)                (Mgmt.)    (Consensus)        (Mgmt.)    (Consensus)        (Mgmt.)    (Consensus)  North American peer group operating comparison  Preliminary draft for illustrative purposes only – All projections are WIP        20.2%  19.6%  12.0%  11.7%        81.5%  39.0%  37.7%  20.8%          EBITDA Margin (’22E)  14.9%      11.6%    9.4%    7.9%    (Mgmt.) (Consensus)  EBITDA Margin Expansion (’20E – ’22E)          31.2%  22.0%  11.1%  9.7%        68.9%  26.0%  25.2%  18.7%        5.2%  3  NYSE: NAV  CONFIDENTIAL and PROPRIETARY to NAVISTAR  2.8%  2.8%  2.1% 
 
   Illustrative standalone discounted cash flow analysis summary  Preliminary draft for illustrative purposes only – All projections are WIP  Discount rate range  9.5% - 11.5%  Terminal growth range  1.0% - 2.0%  Long-term manufacturing EBITDA margin  10.9%  Base range  $37 - $60  Mid-point  $47  Standalone valuation range1  Key counterproposal messages  Management’s plan reflects impact of COVID- 19 on market share growth and margin expansion plan over the next five yearsStandalone intrinsic value of that plan centers on ~$47 per shareNavistar’s granular analysis of potential synergies has identified ~$600mm to $1.0bn of additional annual run-rate cost and revenue synergies achievable post combinationTraton is likely to focus on off-balance sheet liabilities which could reduce valuation by ~$8 per share    1 For reference only; as per July 15, 2020 projections from management  3  NYSE: NAV  CONFIDENTIAL and PROPRIETARY to NAVISTAR 
 
   Illustrative standalone discounted cash flow sensitivity analysis  Preliminary draft for illustrative purposes only – All projections are WIP    As implied by preliminary management base case analysis  High  Low  Mid-point    Discount rate: 10.5%; TVGR: 1.5% Revenue CAGR 20E' - 29E' 7.4% 6.9% 6.4% 5.9% 5.4%  11.4%  $55 $52  $48  $45  $42  10.9%  $50 $47  $43 $40 $37  10.4% $45  $42  $39  $36  $33  9.9% $40  $37  $34  $31  $28  9.4% $35  $32  $29  $27  $24  8.7% $28  $25  $23  $20  $18  Long term manufacturing EBITDA margin                      Discount rate: 9.5%; TVGR: 2.0% Revenue CAGR 20E' - 29E' 7.4% 6.9% 6.4% 5.9% 5.4%  11.4%  $70 $66  $61  $57  $53  10.9%  $64 $60  $56 $52 $48  10.4% $58  $54  $51  $47  $43  9.9% $53  $49  $45  $42  $38  9.4% $47  $43  $40  $36  $33  8.7% $39  $36  $32  $29  $26  Long term manufacturing EBITDA margin                      Discount rate: 11.5%; TVGR: 1.0% Revenue CAGR 20E' - 29E' 7.4% 6.9% 6.4% 5.9% 5.4%  11.4%  $45 $41  $39  $36  $33  10.9%  $40 $37  $34 $32 $29  10.4% $36  $33  $30  $28  $25  9.9% $31  $28  $26  $23  $21  9.4% $27  $24  $22  $19  $17  8.7% $20  $18  $16  $14  $12  Long term manufacturing EBITDA margin                    Source: Management projections  4  NYSE: NAV  CONFIDENTIAL and PROPRIETARY to NAVISTAR 
 
   Navistar Low Synergy Estimate(1)    Low Estimate Synergy NPV Per Share Sensitivity AnalysisAscribes No Credit to Balance Sheet Synergies  Navistar High Synergy Estimate(2)  High Estimate Synergy NPV Per Share Sensitivity AnalysisAscribes No Credit to Balance Sheet Synergies  Source: MNote: NPV values based on a 10.5% discount rate; After-tax NPV per share value based on a 27% tax rate(1) Based on management provided low case; based on 100.9mm shares outstanding    –  25%  50%  75%  100%        –  25%  50%  75%  100%  –  $0  $4  $8  $13  $17    enue or  –  $0  $10  $20  $30  $40  25%  $2  $7  $11  $15  $19    of Rev Paid F  25%  $3  $13  $23  $33  $43  50%  $5  $9  $13  $17  $22    ive % rgies  50%  $6  $16  $26  $36  $45  75%  $7  $11  $15  $20  $24    ustrat Syne  75%  $8  $18  $28  $38  $48  100%  $9  $13  $18  $22  $26    Ill  100%  $11  $21  $31  $41  $51  anagement s  ynergy analysis, company filings                          Illustrative Traton perspective on synergy assumptions sensitivity  Preliminary draft for illustrative purposes only – All projections are WIP  Cost Synergies  $265  $17  Revenue Synergies  224  9  Balance Sheet Synergies  124  10  Total Synergies  $612  $36  Annual NPV Per EBITDA Uplift Share   Cost Synergies  $572  $40  Revenue Synergies  295  11  Balance Sheet Synergies  128  11  Total Synergies  $995  $62  Annual NPV Per EBITDA Uplift Share    Illustrative % of Cost Synergies Paid For   Illustrative % of RevenueSynergies Paid For           Illustrative % of Cost Synergies Paid For       ($ in millions, expect per share data)  (2) Based on management provided high case; based on 101.4mm shares outstanding  5  NYSE: NAV  CONFIDENTIAL and PROPRIETARY to NAVISTAR 
 
                       % of synergies paid for  100%                      $47  $39  ($8)  75%        50%  $19    $58  25%  $10    $48  $29  $68  $39  $77  Standalone 1 Off-balance 2DCF value sheet liabilities  Share price pre-synergies  Illustrative 3 Share price synergies paid post-synergiesaway  Illustrative negotiating framework  $37 – $60  ($2) – ($15)    $10 – $39  Source: Company informationNote: Per share calculations based on fully diluted share count of 100.1mm; Incremental increases based on midpoint of value ranges1 Based on management base case plan; Assumes 1-2% terminal growth rate and 10.5% discount rate2 Off-balance sheet liabilities include litigation, used truck and pension risk of $5.37, $0.43 and $2.71, respectively, with corresponding ranges of ($2.32 – $8.41), ($0.00 – $0.85) and ($0.00 – $5.41)3 NPV values based on a 10.5% discount rate and 27% tax rate; ascribes no credit to balance sheet synergies  Preliminary draft for illustrative purposes only – All projections are WIP  Represents mid-point values  DCF Based  Market Based    undisturbed since offer share price4 cost synergies3 synergies revenue  share price 4 synergies 3      Implied share price impact    Amounts represent value per Navistar share  4 Unaffected share price reflects Navistar pre-offer share price of $24.07 as of 01/30/20; current share price reflects Navistar share price of $31.30 as of 07/23/20  6  NYSE: NAV  CONFIDENTIAL and PROPRIETARY to NAVISTAR  $24  $31  $50  $7  $17   $48 $9  $57  NAV Appreciation NAV current NPV of low Market + cost NPV of low Market + cost  and revenue synergies 
 
 CONFIDENTIAL and PROPRIETARY to NAVISTAR    NYSE: NAV  APPENDIX 
 
                                             13.4x (2)  10.8x  7.8x  6.5x  6.0x  5.9x  8.3x  8.1x  6.9x  6.1x  6.4x  4.8x  4.5x  3.0x  7.4x  3.9x 5.7x      Current Multiples Multiples at 2/19 Average of Current Multiples (Excl. NAV) Average of Multiples at 2/19 (Excl. NAV)10.6x  12.1x (3)  (2)9.7x  Adj. TEV / 2021E EBITDAPO(1)    Source: Company filings, Wall Street Research, Capital IQNote: Market data as of 7/23/20. Averages exclude Navistar multiples1 Adjusted TEV defined as market cap plus net debt, preferred stock, minority interest and tax-affected pension & OPEB less investments in affiliates and book value of FinCo Equity2 Based on consensus 2021E Manufacturing EBITDA of $484mm and $652mm as of 7/23/20 and 2/19/20, respectively3 Assumes 2021E Manufacturing EBITDAPO of $535mm based on 2021E WholeCo Adj. EBITDA of $585mm, 2021E FinCo EBITDA of $124mm, and non-service pension cost of $74mm                (Consensus)    (Management)  Looking at trading multiples for the sector is challenging given uncertainty and lack of granularity on Manufacturing specific projections.  Change in Share Price(2/19/20 to 7/23/20)                                  Change in TEV(2/19/20 to 7/23/20)  Navistar peer trading update  February 19, 2020 to July 23, 2020  Preliminary draft for illustrative purposes only – All projections are WIP      (25%)  (22%)  (17%)  (15%)  (11%)  3%  13%  16%      (22%)  9  NYSE: NAV  CONFIDENTIAL and PROPRIETARY to NAVISTAR  (19%)  (9%)  (5%)  2%  6%  14%  30% 
 
   Industry sales forecasts by class / type  Class 8 Truck                                  75,597  45,500  44,000  59,400  65,000 63,800  58,500  15.6%   (39.8%)   35.0%  9.4%  (3.3%) (1.8%) (8.3%)  Source: ACT ResearchNote: Financials reflect 12/31 FYE                                8.1%  26.2%  31.8%  2.3%  (1.7%)  1.6%    (42.9%)            2019  2020  2021  2022  2023  2024  2025  2019  2020  2021  2022  2023  2024  2025  Class 5-7 Truck              215,587  123,200  155,500  204,900  209,650  206,050  209,250 2019A – 2025E CAGR(0.5%)  Bus                      41,425  10  NYSE: NAV  CONFIDENTIAL and PROPRIETARY to NAVISTAR  31,300  37,300          19.2%  21.4%              (1.1%)    (24.4%)          1.9%    0.0%    0.7%  2019    2020    2021  2022    2023    2024    2025  45,300  46,150 46,150 46,450  Retail sales (units) and YoY growth (%) per ACT Research  2019A – 2025E CAGR (4.2%)  2019A – 2025E CAGR1.9%  2020E – 2025E CAGR5.2%  2020E – 2025E CAGR11.2%  2020E – 2025E CAGR8.2%  Preliminary draft for illustrative purposes only – All projections are WIP 
 
   Heavy: Dealer led sales and segment optimized product offerings to drive heavy market share from 13.8% in FY19 to 18.1% by 2026. Commercial acceleration initiative along with more aggressive pivot to small/mid size customer expect to increase segment penetration in Private and general Freight  Medium: EPS driven refreshed production, and dealer engagement to grow government business to drive market share growth from 27% to 29.0% by 2026  Severe Service: Launch of Next Gen HX in FY21 and targeting growth in Utility & Concrete segments achieve market share from 14.8% to 20.6% by 2026  Bus: Launch of electric bus in FY21, and continued focus on National Accounts, Dealer augmented AOR focus to maintain Bus market share growth momentum, reaching 40% in FY25  Market Share        FY19 ACT  FY20  FY21  FY22  FY23  FY24  FY25  FY26  Heavy  13.8%  10.5%  11.3%  13.5%  15.2%  16.7%  17.2%  18.1%  Severe  14.8%  15.5%  16.9%  17.3%  18.4%  19.1%  19.9%  20.6%  Medium  27.0%  21.0%  23.0%  26.2%  27.7%  27.2%  28.6%  29.0%  Bus  35.8%  37.0%  38.5%  38.0%  38.0%  39.5%  40.0%  40.5%  Total Traditional  18.8%  17.0%  18.1%  19.3%  20.3%  21.4%  22.8%  23.5%  Source: Company information  9  NYSE: NAV  CONFIDENTIAL and PROPRIETARY to NAVISTAR  Key Assumptions  Market share growth assumptions  Preliminary draft for illustrative purposes only – All projections are WIP 
 
   Key valuation assumptions  10  NYSE: NAV  CONFIDENTIAL and PROPRIETARY to NAVISTAR  2020E and 2021E projections based on Management projections as of June 26th, 20202022E through 2026E projections based on Management's sensitized strategic plan assumptions as of July 9th, 2020Assumes truck cycle returns to trend beginning in 20222024E heavy duty market share growth to 16.7% (current market share of 10.5%)2026E through 2029E assumes a linear decline in revenue growth from 1.8% in 2026E to 1.5% in 2029EResults in a 2020E – 2029E revenue CAGR of 6.9%Long-term (2024E and beyond) Manufacturing Adj. EBITDA margin of 10.9% (12% WholeCo margin)Long-term annual capex expense of $250mm, driven by autonomous and e-mobility investment as well as maintenance capital expenditureAssumes valuation date of April 30th, 2020 and mid-period discounting conventionBalance sheet data as of April 30th, 2020 per Q2 2020 filingReflects net debt of $2,038mm, after-tax pension and OPEB of $1,659mm ($2.1bn pre-tax), FinCo book equity of $617mm, and assumes PV of NOLs of $300mmAssumes normalized long-term tax rate of 27%  Preliminary draft for illustrative purposes only – All projections are WIP  Source: Company filings 
 
   Illustrative standalone discounted cash flow analysis  Preliminary draft for illustrative purposes only – All projections are WIP    PV of terminal value    PV of cash flows  +    Firm value    Equity value    Implied value per share    Book value of FinCo1  +    Implied TV / 2029E Adj. EBITDA  =   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $4,365  $4,667  $5,008    10.5%  3,599  3,822  4,072    11.5%  3,003  3,172  3,360   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $8,794  $9,095  $9,437    10.5%  7,856  8,079  8,329    11.5%  7,099  7,268  7,456   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $5,421  $5,722  $6,064    10.5%  4,483  4,706  4,956    11.5%  3,726  3,895  4,083   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $53.76  $56.71  $60.06    10.5%  $44.57  $46.76  $49.21    11.5%  $37.14  $38.81  $40.65   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  7.3x  7.8x  8.4x    10.5%  6.6x  7.0x  7.4x    11.5%  6.0x  6.3x  6.7x  Discount rate  9.5%  $3,812    10.5%  3,640    11.5%  3,479  Discount rate  9.5%  $617    10.5%  617    11.5%  617    Net debt and NOLs2  Discount rate  9.5%  ($3,373)    10.5%  (3,373)    11.5%  (3,373)  =  -  Source: Navistar management projectionsNote: Assume valuation date as of 04/30/20; assumes mid-period discounting convention; assumes tax rate of 27%1 Assumes 1.0x FinCo. book value of $617mm as per 2020 Q2 filing2 Net debt of $2,038mm, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $28mm as per 2020 Q2 filing; Post tax underfunded pension and OPEB of $1,659mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,300mm and pre-tax underfunded OPEB of $800mm as of 04/30/20); PV of NOLs of $300mm  Management base case – July 15, 2020; Assumed discount rate of 9.5% - 11.5%   Management projections ($mm) Q3-Q4 20E Oct-21E Oct-22E Oct-23E Oct-24E Oct-25E Oct-26E                Oct-27E   CAGR Oct-28E Oct-29E Terminal 20E' - 24E' 20E' - 29E'              Manufacturing revenue  $3,463  $7,879  $10,376  $11,843  $12,202  $12,206  $12,429  $12,643  $12,847  $13,039    $13,235    14.4%  6.9%  % growth    10.5%  31.7%  14.1%  3.0%  0.0%  1.8%  1.7%  1.6%  1.5%    1.5%        Manufacturing Adj. EBITDA  $96  $461  $842  $1,213  $1,327  $1,327  $1,352  $1,375  $1,397  $1,418    $1,439    67.1%  26.6%  % margin  2.8%  5.9%  8.1%  10.2%  10.9%  10.9%  10.9%  10.9%  10.9%  10.9%    10.9%        Plus: Non-service pension expenses  28  74  38  26  14  4  (4)  0  0  0    0        Manufacturing EBITDAPO  $124  $535  $880  $1,239  $1,341  $1,331  $1,348  $1,375  $1,397  $1,418    $1,439        % margin  3.6%  6.8%  8.5%  10.5%  11.0%  10.9%  10.8%  10.9%  10.9%  10.9%    10.9%        Less: Manufacturing D&A  (77)  (142)  (146)  (146)  (160)  (143)  (154)  (164)  (173)  (183)    (183)        Manufacturing EBITPO  $47  $393  $734  $1,093  $1,181  $1,189  $1,194  $1,211  $1,224  $1,236    $1,257        % margin  1.4%  5.0%  7.1%  9.2%  9.7%  9.7%  9.6%  9.6%  9.5%  9.5%    9.5%        Tax expense  (13)  (48)  (198)  (295)  (319)  (321)  (322)  (327)  (330)  (334)    (339)        EBIAT  $34  $345  $536  $798  $862  $868  $872  $884  $894  $902    $918        Plus: Manufacturing D&A  77  142  146  146  160  143  154  164  173  183    183        % capex  85.6%  47.3%  48.8%  48.5%  53.3%  57.0%  61.8%  65.5%  69.3%  73.0%    73.0%        Less: Capex  (90)  (300)  (300)  (300)  (300)  (250)  (250)  (250)  (250)  (250)    (250)    13.6%  3.7%  Less: Δ(NWC) & Other  (20)  (39)  124  160  61  (19)  (5)  (5)  (5)  (5)    (5)        Unlevered FCF  $1  $148  $506  $803  $782  $741  $771  $793  $812  $829    $845              11  NYSE: NAV  CONFIDENTIAL and PROPRIETARY to NAVISTAR 
 
     Litigation, used truck and pension risk   Reduction in Interest Rates (bps)                   0  25  50  75  100  Return on plan assets  0.0%  $0.0  ($84.8)  ($169.5)  ($254.3)  ($339.0)    (5.0%)  (100.7)  (185.4)  (270.2)  (354.9)  (439.7)    (10.0%)  (201.3)  (286.1)  (370.8)  (455.6)  (540.3)    (15.0%)  (302.0)  (386.7)  (471.5)  (556.2)  (641.0)    (20.0%)  (402.6)  (487.4)  (572.1)  (656.9)  (741.6)    Impact on funding status1   Reduction in Interest Rates (bps)                   0  25  50  75  100  Return on plan assets  0.0%  $0.0  ($61.9)  ($123.7)  ($185.6)  ($247.5)    (5.0%)  (73.5)  (135.3)  (197.2)  (259.1)  (320.9)    (10.0%)  (146.9)  (208.8)  (270.7)  (332.6)  (394.4)    (15.0%)  (220.4)  (282.3)  (344.2)  (406.0)  (467.9)    (20.0%)  (293.9)  (355.8)  (417.6)  (479.5)  (541.4)    Post-tax impact on equity value1   Reduction in Interest Rates (bps)                   0  25  50  75  100  Return on plan assets  0.0%  $0.00  ($0.62)  ($1.24)  ($1.85)  ($2.47)    (5.0%)  ($0.73)  ($1.35)  ($1.97)  ($2.59)  ($3.21)    (10.0%)  ($1.47)  ($2.09)  ($2.70)  ($3.32)  ($3.94)    (15.0%)  ($2.20)  ($2.82)  ($3.44)  ($4.06)  ($4.67)    (20.0%)  ($2.94)  ($3.55)  ($4.17)  ($4.79)  ($5.41)    Post-tax impact on share price1  $85  $0  $0.85  $0.00    Used truck lossPer shareSource: Company information1 Based on plan assets of $2.013bn; Assumes 1.00% reduction in interest rates would reduce funding status by $339mm based on sensitivity analysis; Assumes tax rate of 27%  Preliminary draft for illustrative purposes only – All projections are WIP    12  NYSE: NAV  CONFIDENTIAL and PROPRIETARY to NAVISTAR 
 
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Morgan is a marketing name for investment businesses of JPMorgan Chase & Co. and its subsidiaries and affiliates worldwide. Securities, syndicated loan arranging, financial advisory, lending, derivatives and other investment banking and commercial banking activities are performed by a combination of J.P. Morgan Securities LLC, J.P. Morgan Securities plc, J.P. Morgan AG, JPMorgan Chase Bank, N.A. and the appropriately licensed subsidiaries and affiliates of JPMorgan Chase & Co. worldwide. J.P. Morgan deal team members may be employees of any of the foregoing entities. J.P. Morgan Securities plc is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. J.P. Morgan AG is authorized by the German Federal Financial Supervisory Authority (BaFin) and regulated by BaFin and the German Central Bank (Deutsche Bundesbank).For information on any J.P. Morgan German legal entity see: https://www.jpmorgan.com/country/US/en/disclosures/legal-entity-information#germany.For information on any other J.P. Morgan legal entity see: https://www.jpmorgan.com/country/GB/EN/disclosures/investment-bank-legal-entity-disclosures.This presentation does not constitute a commitment by any J.P. Morgan entity to underwrite, subscribe for or place any securities or to extend or arrange credit or to provide any other services.Copyright 2020 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A., organized under the laws of U.S.A. with limited liability.  NYSE: NAV  CONFIDENTIAL and PROPRIETARY to NAVISTAR 
 

Exhibit (c)(8)

 Project Titan | Illustrative Combination AnalysisJuly 2020  Preliminary draft for illustrative purposes only – All projections are WIP  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute  NYSE: NAV 
 
 Navistar is Traton’s primary avenue to create the world’s leading commercial vehicle platformOne-of-a-kind platform to launch new products and technologies into US marketDrive significant additional cost synergies, leveraging strong partnership created by AllianceAcquisition of Navistar is an explicit pillar of Traton investor case and is widely expected by the marketPositive investor response would facilitate partial selldown of VW stake at a more attractive valuation ~6-12 months post transaction  Key Observations on the TRATON Acquisition of Navistar  Based on Acquisition Purchase Price of $50 - $60 Per Share, Management Forecast and Low-End Synergies    Strategic Rationale  Financial Profile  EPS Impact  Return on Invested Capital  Balance SheetImpact  Key Issues  Accelerates Traton’s revenue and earnings growth outlook through 2023Improves Traton’s EBIT margins by ~70 basis points by 2023, before synergies (~110 basis points includingsynergies)  Acquisition is over 11% EPS accretive in the first full year of combination (2022) before any synergiesOver 17% accretive including low-end cost and revenue synergy estimates  Year 3 ROIC estimated at ~10-11%Year 5 ROIC estimated at ~12-13%  Traton is likely to preserve its investment grade rating, with some risk of a one-notch downgrade if the transaction isall debt financedPro forma net leverage >2.5x at year-end 2021, returning to ~1.0x by 2023, based on a fully debt financed transactionUse of equity funding (either as consideration or via an offering) could be considered to further strengthen pro forma balance sheet, but Traton / VW likely reticent to issue at its current stock price  Takeover premium implied by purchase prices of $50-60 per share (58-89% premium to current price(1))Elevated transaction EBITDA multiples versus comparable transactions at $50 - $60 per share purchase price  Multiple of 2021E EBITDA pre-synergies: 14.4x – 16.1xMultiple of 2021E EBITDA with low-end run-rate synergies: 8.3x – 9.3x  Traton perspective on synergies and amount that they are willing to commit to with investorsTraton is likely to base their analysis on a haircut to the management caseVolkswagen has several other capital projects, some of which may be more strategically important  (1) Based on Navistar’s share price of $31.72 as of 7/29/20.  Preliminary draft for illustrative purposes only – All projections are WIP    We have reviewed the transaction pro formas based on both the Management Forecast and a Wall Streetresearch consensus case for Navistar.          NYSE: NAV  2  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute 
 
 Assumes TRATON acquires the remaining 83% of Navistar for 100% cashNavistar’s manufacturing and financial services debt refinanced atinterest rates of 2.25% and 3.0%, respectively– TRATON bonds currently yield 1.5%Assumes $425mm of run-rate synergies comprised of $265mm of cost synergies and $160mm of earnings on revenue synergies of $951mm with phase-in period and cost to achieve synergies per Navistar management estimates  Run-rate cost synergies achieved in 2025; run-rate revenuesynergies achieved in 2029Represents low end of Navistar management synergy estimates and excludes balance sheet and captive finance synergiesRun-rate represents 5.4% of 2021E Navistar Manufacturingrevenue  Navistar projections per Management ForecastTRATON projections per Wall Street research consensusAnalysis excludes any potential transaction-related amortizationAssumes 12/31/20 transaction close  Sources and Uses / Key Assumptions  Key Assumptions        ($ in millions)  Sources  New TRATON Debt Raised  $6,516  Rolled NAV Pension and OPEB  2,100  NAV Existing Balance Sheet Cash  1,400  TRATON Excess Balance Sheet Cash⁽¹⁾  333  Total Sources  $10,349  Uses  Acquire 83% of NAV Equity @ $55/share  $4,583  Refinance NAV Industrial Debt  3,537  Assumption of NAV Pension and OPEB  2,100  Breakage Costs on NAV Industrial Debt⁽²⁾  79  Transaction Fees and Expenses 50  Total Uses $10,349              Source: Company Filings, Navistar Management Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 7/29/20. EUR / USD exchange rate of 1.18.Assumes TRATON minimum cash balance of €2.0bn as of YE 2020.Based on 107.125% redemption price on Navistar 9.5% Notes due 2025 triggered by a TRATON acquisition and 3.313% make-whole value on Navistar 6.625% Notes due 2025beginning 11/20/20.    Preliminary draft for illustrative purposes only – All projections are WIP  NYSE: NAV  3  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute  Illustrative Sources and uses @ $55 per Share 
 
           3.9%  8.4% 8.6%  Standalone  Pro Forma  Pro Forma + Revenue Synergies      20.4%  42.2% 43.5% 44.3%  Standalone  Pro Forma  Synergies  Pro Forma + Cost Pro Forma + Cost  and Revenue Synergies      12.3%  19.6%  20.7% 21.1%  Standalone  Pro Forma  Synergies  Pro Forma + Cost Pro Forma + Cost  and Revenue Synergies  Pro Forma TRATON Financial Profile Based on Navistar Management Forecast   Source: Company Filings, Navistar Management Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 7/29/20. EUR / USD exchange rate of 1.18. Assumes Navistar's low run-rate cost synergy estimate of $265mm and low run-rate earnings on revenue synergy estimate of $160mm, including cost to achieve synergies and phase-in period, per management estimates. Revenue synergies do not begin phase-in until 2022E and exclude captive finance synergies.  Preliminary draft for illustrative purposes only – All projections are WIP    2021E – 2023E Industrial EBITDA Margin  2021E – 2023E Industrial Revenue CAGR  2021E – 2023E Industrial EBITDA CAGR  2021E – 2023E EPS CAGR                10.2%  9.4%  11.5%  10.7%  11.9%  11.5%    2021E – 2023E Industrial EBIT Margin      Standalone    Pro Forma    2022E 2023EPro Forma + Cost and Revenue Synergies  9.6%  11.0%  11.9%  2021E                5.1%  5.1%  6.6%  6.7%  7.0%  7.7%      Standalone    Pro Forma    2022E 2023EPro Forma + Cost and Revenue Synergies  NYSE: NAV  4  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute  5.2%  7.0%  8.1%  2021E 
 
 Pro Forma Leverage Impact on TRATON  Source: Company Filings, Navistar Management Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 7/29/20. EUR / USD exchange rate of 1.18.Includes tax-affected pension & OPEB.Assumes Navistar’s low run-rate cost synergy estimate range, including cost to achieve synergies and phase-in period, per management estimates.Assumes Navistar’s low run-rate cost synergy estimate of $265mm and low run-rate earnings on revenue synergy estimate of $160mm, including cost to achieve synergies and phase-in period, permanagement estimates. Revenue synergies do not begin phase-in until 2022E and exclude captive finance synergies.  2022E PF Net Leverage(1)Standalone Current Leverage = 0.9x    NAV Acquisition Stock Price$50.00 $55.00 $60.00  Run-Rate Synergies ($mm)  –(2)$265(3)$425  1.6x 1.7x 1.8x1.5x 1.6x 1.7x1.5x 1.6x 1.7x          Preliminary draft for illustrative purposes only – All projections are WIP  2023E PF Net Leverage(1)Standalone Current Leverage = 0.8x  NAV Acquisition Stock Price$50.00 $55.00 $60.00    Run-Rate Synergies ($mm)  –(2)$265(3)$425  1.0x 1.1x 1.2x0.9x 1.0x 1.1x0.9x 1.0x 1.1x          2022E PF Net Leverage(1)Standalone Current Leverage = 0.9x  NAV Acquisition Stock Price$50.00 $55.00 $60.00  Run-Rate Synergies ($mm)  –(2)$265(3)$425  1.8x 1.9x 2.0x1.7x 1.8x 1.9x1.7x 1.8x 1.9x          2023E PF Net Leverage(1)Standalone Current Leverage = 0.8x  NAV Acquisition Stock Price$50.00 $55.00 $60.00    Run-Rate Synergies ($mm)  –(2)$265(3)$425  1.2x 1.3x 1.4x1.1x 1.2x 1.3x1.1x 1.2x 1.3x          Navistar Management Case  NYSE: NAV  5  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute  Navistar Consensus Case 
 
 NAV Acquisition Stock Price$50.00 $55.00 $60.00  Run-Rate Synergies ($mm)  –$265 (1)$425 (2)  12.7% 12.2% 11.4%18.0% 17.4% 16.6%18.5% 18.0% 17.2%  2023E EPS Acc/Dil (%)                2022E EPS Acc/Dil (%)  Source: Company Filings, Navistar Management Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 7/29/20. EUR / USD exchange rate of 1.18.Assumes Navistar’s low run-rate cost synergy estimate range, including cost to achieve synergies and phase-in period, per management estimates.Assumes Navistar’s low run-rate cost synergy estimate of $265mm and low run-rate earnings on revenue synergy estimate of $160mm, including cost to achieve synergies and phase-in period, permanagement estimates. Revenue synergies do not begin phase-in until 2022E and exclude captive finance synergies.    Preliminary draft for illustrative purposes only – All projections are WIP  NAV Acquisition Stock Price$50.00 $55.00 $60.00  Run-Rate Synergies ($mm)  –  13.9%  13.2%  12.8%    (1)$265  21.3%  20.6%  20.2%    (2)$425  22.7%  22.0%  21.6%          2022E EPS Acc/Dil (%)  NAV Acquisition Stock Price$50.00 $55.00 $60.00  Run-Rate Synergies ($mm)  –  0.2%  (0.4%)  (1.2%)    $265 (1)  5.4%  4.9%  4.1%    $425 (2)  6.0%  5.5%  4.6%          2023E EPS Acc/Dil (%)  Pro Forma Accretion / Dilution Impact on TRATON  Navistar Management Case  Navistar Consensus Case  NAV Acquisition Stock Price$50.00 $55.00 $60.00  Run-Rate Synergies ($mm)  –  28.3%  27.6%  27.2%    (1)$265  35.7%  35.0%  34.6%    (2)$425  37.1%  36.4%  36.0%          NYSE: NAV  6  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute 
 
 NAV Acquisition Stock Price$50.00 $55.00 $60.00    Run-Rate Synergies ($mm)  –(3)$265(4)$425  3.8%  3.6%  3.4%      4.7%  4.4%  4.2%      4.8%  4.5%  4.3%          NAV Acquisition Stock Price$50.00 $55.00 $60.00    Run-Rate Synergies ($mm)  –  6.3%  6.0%  5.7%    $265 (3)  7.7%  7.3%  6.9%    (4)$425  8.0%  7.5%  7.1%          Based on Navistar Net Operating Profit After Tax, divided by Acquisition Transaction Enterprise Value(1,2)  Illustrative ROIC Analysis  Source: Company Filings, Navistar Management Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 7/29/20. EUR / USD exchange rate of 1.18.NOPAT is calculated before non-service pension expense. Assumes tax rate of 27% per management estimates.Transaction TEV includes net debt of $2,135mm, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $28mm as per 2020 Q2 filing; Post tax underfunded pension and OPEB of $1,659mm (assumes tax rate of 21%,pre-tax underfunded pension of $1,300mm and pre-tax underfunded OPEB of $800mm as of 04/30/20); PV of NOLs of $300mm.Assumes Navistar’s low run-rate cost synergy estimate of $265mm, including cost to achieve synergies and phase-in period, per management estimates.Assumes Navistar’s low run-rate cost synergy estimate of $265mm and low run-rate earnings on revenue synergy estimate of $160mm, including cost to achieve synergies and phase-in period, permanagement estimates. Analysis excludes captive finance synergies.    Preliminary draft for illustrative purposes only – All projections are WIP  Year 3 ROIC (2023E)  Navistar Management Case  Navistar Consensus Case  Year 2 ROIC (2022E)  NAV Acquisition Stock Price$50.00 $55.00 $60.00            Run-Rate Synergies ($mm)  –  6.3%  6.0%  5.7%    $265 (3)  7.2%  6.8%  6.5%    $425 (4)  7.3%  6.9%  6.6%  NAV Acquisition Stock Price$50.00 $55.00 $60.00            Run-Rate Synergies ($mm)  –  9.4%  8.9%  8.4%    (3)$265  10.8%  10.2%  9.7%    $425 (4)  11.1%  10.5%  9.9%  Year 5 ROIC (2025E)  NAV Acquisition Stock Price$50.00 $55.00 $60.00            Run-Rate Synergies ($mm)  –  10.2%  9.7%  9.2%    (3)$265  12.5%  11.8%  11.2%    $425 (4)  13.2%  12.4%  11.8%  NYSE: NAV  7  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute  Year 3 ROIC (2023E)  Year 2 ROIC (2022E) 
 
 Source: Company Filings, Navistar Management Projections.Note: Based on Q2 2020 balance sheet ending 4/30/20.3-month VWAP represents 90-business days.Net debt of $2,038mm, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $28mm as per 2020 Q2 filing; Post tax underfunded pension and OPEB of $1,659mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,300mm and pre-tax underfunded OPEB of $800mm as of 04/30/20); PV of NOLs of $300mmAssumes Navistar’s low run-rate cost synergy estimate of $265mm and low run-rate earnings on revenue synergy estimate of $160mm, including cost to achieve synergies and phase-in period, permanagement estimates. Excludes captive finance synergies.    Navistar Acquisition Matrix (With and Without Run-Rate Synergies)Based on Navistar Management Forecast  NYSE: NAV  8  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute  Preliminary draft for illustrative purposes only – All projections are WIP  ($ in millions, except per share)          Navistar Share Price    $50.00  $55.00  $60.00  Premium to Current of $31.72 as of 7/29/20    57.6%  73.4%  89.2%  Premium to 3-month VWAP of $23.79⁽¹⁾    110.2%  131.2%  152.2%  FDSO (mm)    100.7  100.9  101.0  Implied Equity Value    $5,037  $5,547  $6,058  Plus: Industrial Net Debt and Other⁽²⁾    3,373  3,373  3,373  Implied Enterprise Value    $8,410  $8,920  $9,431  Less: Book Value of FinCo Equity    (617)  (617)  (617)  Implied Manufacturing Enterprise Value    $7,793  $8,303  $8,814  Valuation Multiples          TEV / EBITDA  Metric        2019A  $882  9.5x  10.1x  10.7x  2019A (Incl. $425mm Run-Rate Synergies)⁽³⁾  1,307  6.4x  6.8x  7.2x  2020E  $300  28.0x  29.7x  31.4x  2020E (Incl. $425mm Run-Rate Synergies)⁽³⁾  725  11.6x  12.3x  13.0x  2021E  $585  14.4x  15.2x  16.1x  2021E (Incl. $425mm Run-Rate Synergies)⁽³⁾  1,010  8.3x  8.8x  9.3x  Manufacturing TEV / Manufacturing EBITDAPO          2019A  $810  9.6x  10.3x  10.9x  2019A (Incl. $425mm Run-Rate Synergies)⁽³⁾  1,235  6.8x  7.2x  7.6x  2020E  $227  34.3x  36.5x  38.8x  2020E (Incl. $425mm Run-Rate Synergies)⁽³⁾  652  12.9x  13.7x  14.5x  2021E  $535  14.6x  15.5x  16.5x  2021E (Incl. $425mm Run-Rate Synergies)⁽³⁾  960  8.8x  9.3x  9.8x 
 
     TRATON – Historical share price and key events since the IPO      Share price performance since IPO – June 28, 2019 Commentary  •  •  •  •  •  Traton offered 500 million shares (11.5%) to the market on June 28, 2019 and raised €1.55bnSince September 5th, Traton now trades on both the Stockholm Stock Exchange, and the Frankfurt Stock ExchangeTraton submitted a proposal to acquire all outstanding shares of Navistar not already owned by Traton at a price of ~$2.9bn (i.e. $35 per Navistar share), in an all-cash deal on January 30, 2020Meaningful differences in financial performance between Scania and MAN has been a significant factor in underwhelming share price performance since the IPOMAN is also committed to launching a new truck generation into the market during an imminent negative cycle (coupled with the impact of COVID-19) and management indicated MAN would suffer from high costs and poor profitability for the next year at leastOn July 7th, 2020 the Traton Supervisory Board announced the dismissal of Andreas Renschler as the CEO and he was succeeded by Matthias Grundler    Traton ownership summary  Free float10%  Volkswagen 90%  (indexed to 100)   Source: Equity research, press releases; Factset as of 7/29/2020.                             June 28, 2019: IPO onStockholm Stock Exchange at €27 / share (€13.5bn valuation)  Traton  Navistar                  DAX      September 5, 2019: Traton listed on Frankfurt Stock Exchange  October 1, 2019: Lowest U.S. PMI in 10yrs, triggers sell-off  January 30, 2020: Traton submits bid for Navistar at $35 / share (~$2.9bn) valuation  July 7, 2020: CEO Andres Renschler to step down immediately, will be succeeded by Matthias Grundler  March 11,2020: WHOdeclares COVID-19 a global pandemic      November 11 2019: Traton price stabilizes around €25  NYSE: NAV  9  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute  Preliminary draft for illustrative purposes only – All projections are WIP 
 
 TRATON – Equity capital market observations  At present (without a Navistar transaction), VW could do a smaller secondary offering of Traton shares (approximately €500 million)~5.6% of Traton’s current market capitalization of ~€8.9bn as of 07/29/2020Access to a broader equity transaction is constrained by the following themesLimitation on floatLack of cogent equity storyPoor performance of MAN since IPONew management team has yet to unveil strategic initiativesA ~15 – 20% accretive Navistar transaction may incrementally increase the amount of shares that VWcould issue in the secondary market by providing an improved equity storyImproved market share in highly profitable North American marketSignificantly improved margin and cash flow profileMeaningful step in “Global Champion” strategy announced at Traton IPOPost a Navistar transaction, Traton’s will continue to trade at a discount to VolvoTraton will need to execute on a number of priorities to justify a re-rating back to €27 IPO priceNavistar acquisitionMAN profitability improvementsAlterative propulsion / autonomous technologiesGlobal partnerships (Sinotruk / Hino)  Preliminary draft for illustrative purposes only – All projections are WIP  Source: Factset as of 7/29/2020.    NYSE: NAV  10  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute 
 
                 Peer benchmarking  Source: Company filings, equity research, Navistar Management Projections.Note: FX rate 1.17 EUR / USD; .115 SEK / USD; All breakdowns per latest annual filing.         Total geographic split by revenue                North America 25%  South America 10%  Europe 49%  Other 16%                  Europe 39%  North America 33%  Africa and Ocenia6%South America 9%  Asia 13%              Europe 66%  South America 13%  Other 21%  /            Preliminary draft for illustrative purposes only – All projections are WIP  FY2019 metrics  Key financials($bn)        Key operatingdata  Truck & Bus units sold (000s)  Total revenue  Total EBIT margin  Truck & Bus revenue  2017-2019 CAGR        Truck & Bus unit sales growth  Adj. TEV / 2021E EBITDAPO        2021 tradingmultiples  NYSE: NAV  11  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute  Price / 2021Eearnings  242    329    243  $31.5bn    $42.7bn    $49.7bn            $20.3bn    $28.9bn    $35.4bn            7.0%    6.9%    11.5%            8.7%    12.1%    7.0%            3.4x    -    6.4x            11.1x    -    14.6x 
 
 Traton adj. TEV / 2021E EBITDAPO  3.4x    Volvo TEV / 2021E EBITDAPO  6.4x  Traton adj. 2021E EBITDAPO  $2,783    Traton adj. 2021E EBITDAPO  $2,783  Adj. firm value  $9,576    Implied adj. firm value  $17,813  Industrial net debt & other(1)  $995    Industrial net debt & other(1)  $995  Equity value  $10,571    Implied equity value  $18,808  Diluted shares outstanding (mm)  500.0    Diluted shares outstanding (mm)  500.0  Current price per share ($)  $21.14    Implied price per share ($)  $37.62  Current price per share (€)  €17.96    Implied price per share (€)  €31.95  Illustrative TRATON standalone share price at deal announcement  Source: Company filings, press releases; Factset as of 7/29/2020. Note: FX rate: EUR / USD = 1.18.  $mm, expect per share data  Preliminary draft for illustrative purposes only – All projections are WIP    Adj. TEV / 2021E EBITDAPO  3.4x  €17.96    4.0x  €20.60    4.5x  €22.96    5.0x  €25.43    5.5x  €27.69    6.0x  €30.06    6.4x  €31.95    7.0x  €34.78    TRATON standalone at announcement Share price sensitivity to multiple expansion  Current trading multiple        Current trading multiple    Current price per share    Approximate IPO price per share    ~15-20% share price increase which is in line with illustrative 2022E EPSaccretion    (1) Net debt of $191mm, minority interest of $306mm, investment in associates of $1,655mm, Finco book equity of $1,143mm; Post tax underfunded pension and OPEB of $1,307mm  NYSE: NAV  11  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute 
 
             Source: Company filings, press releases; Factset as of 7/29/2020. Note: FX rate: EUR / USD = 1.18.  Assumes Navistar’s low-run revenue synergy estimate of $951mm and Navistar’s low run-rate cost synergy estimate of $265mm and low run-rate earnings on revenue of synergy estimate of$160mm, including cost to achieve synergies and phase-in period, per management estimates. $118mm of synergies phased-in and applied to 2022E.PF net debt of $4,974mm, minority interest of $306mm, investment in associates of $1,655mm, Finco book equity of $1,143mm; Post tax underfunded pension and OPEB of $3,407mm  Preliminary draft for illustrative purposes only – All projections are WIP    TRATON PF for Navistar (100% cash consideration @ $55 per share) Share price sensitivity to multiple expansion  Illustrative TRATON share price pro forma for Navistar transaction  Adj. TEV / 2022E EBITDAPO  2.9x  €11.25    3.4x  €15.21    3.8x  €17.96    4.5x  €22.97    5.0x  €26.64    5.5x  €30.30    6.0x  €33.96    6.4x  €36.90    7.0x  €41.29      $mm, expect per share data        Implied PF adj. TEV / 2022E EBITDAPO  2022ETraton multiple2.9x    Assuminkeepsshare3.8x  g T curr pri  raton ent ceVolvo TEV / EBITDAPO  2022EVolvomultiple4.4x  2021EVolvo multiple 6.4x  PF adj. 2022E EBITDAPO(1)  $4,314    $4,314    PF adj. 2022E EBITDAPO(1)  $4,314  $4,314  Adj. firm value  $12,511    $16,459    Implied adj. firm value  $18,982  $27,610  Industrial net debt & other(2)  ($5,888)        Industrial net debt & other(2)  ($5,888)    Equity value  $6,623    $10,571    Implied equity value  $13,094  $21,722  Diluted shares outstanding (mm)  500.0        Diluted shares outstanding (mm)  500.0    Price per share ($)  $13.25    $21.14    Implied price per share ($)  $26.19  $43.44  Price per share (€)  €11.25    €17.96    Implied price per share (€)  €22.24  €36.90    Current price per share    Approximate IPO price per share        2021E Traton multiple  12    NYSE: NAV 
 
 What has to be true for TRATON to trade at Volvo multiple?  Meaningfully improve market share in the highly profitable N.A. truck marketSignificantly increase profitability, margin and cash flow profileIncrease product offering to compete with the strong Volvo extensive portfolioIncrease alternative propulsion technology presence to compete with Volvo electric trucks and fuel cellsystemsExpand global production footprint (particularly in N.A. and APAC)Improve MAN profitability to be more in-line with Scania and diversify MAN’s over-reliance on theGerman marketThe limited ~10.0% free float at Traton today (only ~€0.9bn of market cap) must grow; it is a major obstacle for prospective long-term investors looking to justify a position in Traton  Preliminary draft for illustrative purposes only – All projections are WIP  Source: Company filings, press releases; Factset as of 7/29/2020. Note: FX rate: EUR / USD = 1.18.    NYSE: NAV  13  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute 
 
 APPENDIX 
 
 TRATON Financial Assumptions  Preliminary draft for illustrative purposes only – All projections are WIP  Source: Company filings, Wall Street Research. Note: Market data as of 7/29/20.(1) Based on equity research post-June 2020 senior secured Notes offering.  TRATON BALANCE SHEET ASSUMPTIONS (BASED ON 12/31/20E)(€ in millions)  TRATON Financial Summary Forecast(€ in millions)  Industrial Net Debt⁽¹⁾  € 1,375  Investments in Associates  € 1,406  After Tax Pension  1,110  Fully Diluted Shares Outstanding (mm)  500  Minority Interest  260  Tax Rate  27.0%  Financial Services Book Value of Equity  971        2020E  2021E  2022E  2023E  '20E - '23E CAGR      Scania  € 10,934  € 12,286  € 12,871  € 13,191 6.5%  MAN  8,997  10,163  10,715  11,014 7.0%  VWCO  1,001  1,099  1,180  1,214 6.6%  Other  ( 317)  ( 316)  ( 316)  ( 316)  Industrial Sales  € 20,615  € 23,232  € 24,450  € 25,103 6.8%  Financial Services  823  814  804  880  Consolidation  ( 392)  ( 392)  ( 392)  ( 392)  Group Sales  € 21,046  € 23,654  € 24,862  € 25,591 6.7%  % Growth  (21.8%)  12.4%  5.1%  2.9%  Scania  € 723  € 1,203  € 1,351  € 1,442 25.9%  MAN  ( 415)  209  452  502 NM  VWCO  ( 54)  ( 24)  ( 6)  0 NM  Other  ( 150)  ( 200)  ( 181)  ( 180)  Industrial Adj. EBIT  € 104  € 1,188  € 1,616  € 1,764 NM  % Margin  0.5%  5.1%  6.6%  7.0%  Financial Services  108  132  135  148  Consolidation  NA  ( 1)  NA  NA  Group Adj. EBIT  € 212  € 1,319  € 1,751  € 1,912 NM  % Growth  (88.7%)  522.2%  32.8%  9.2%  Industrial D&A  1,122  1,177  1,202  1,219  Group Adj. EBITDA  € 1,334  € 2,496  € 2,953  € 3,131 32.9%  % Margin  6.3%  10.6%  11.9%  12.2%  Industrial Capex  1,399  1,381  1,334  1,294  % of Industrial Revenue  6.8%  5.9%  5.5%  5.2%  Industrial Change in Working Capital  ( 800)  600  61  33  Tax Rate  27.0%  27.0%  27.0%  27.0%  NYSE: NAV  15  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute 
 
                                                     Illustrative Pro Forma Acquisition Analysis (Navistar Management Forecast)Assumes $55/NAV Share Transaction with 100% Cash Funding and $425mm of Synergies                          ($ in millions)            Sources    Uses        New TRATON Debt Raised  $6,516  Acquire 83% of NAV Equity @ $55/share      $4,583  Rolled NAV Pension and OPEB  2,100  Refinance NAV Industrial Debt      3,537  NAV Existing Balance Sheet Cash  1,400  Assumption of NAV Pension and OPEB      2,100  TRATON Existing Balance Sheet Cash(1)  333  Breakage Costs on NAV Industrial Debt⁽²⁾      79      Transaction Fees and Expenses      50  Total Sources  $10,349  Total Uses      $10,349  Income Statement Contribution              Standalone 2020E  PF2020E 2021E    2022E  2023E  TRATON Industrial Revenue  $24,262  $24,262 $27,342    $28,775  $29,543  NAV Manufacturing Revenue  –  7,134 7,879    10,376  11,843  (+) Synergies⁽ ³⁾  –  – –    51  161  Total Industrial Revenue  $24,262  $31,396  $35,221  $39,202  $41,547  % Growth  (8.3%)  29.4%  12.2%  11.3%  6.0%  TRATON Industrial EBITDA  1,443  1,443  2,783  3,316  3,511  NAV Manufacturing EBITDAPO  –  227  535  880  1,239  (+) Synergies⁽ ³⁾  –  –  53  118  193  PF Synergized Industrial EBITDA  $1,443  $1,670  $3,372  $4,314  $4,942  % Margin  5.9%  5.3%  9.6%  11.0%  11.9%  PF Consolidated Synergized EBIT⁽⁴⁾  $250  $410  $2,062  $2,989  $3,618  % Margin  1.0%  1.3%  5.9%  7.6%  8.7%  (-) Net Interest Expense From Industrial Debt⁽⁵⁾  (36)  (159)  (144)  (110)  (67)  (-) Net Interest Expense From Financial Services Debt⁽⁵⁾  (427)  (482)  (482)  (482)  (482)  (-)Taxes @ 27.0%⁽⁶⁾  58  90  (360)  (623)  (829)  PF Net Income  ($156)  ($141)  $1,076  $1,775  $2,241  TRATON Shares (mm)  500  500  500  500  500  PF EPS  NA  ($0.28)  $2.15  $3.55  $4.48  TRATON Standalone EPS  ($0.31)  $0.36  $2.27  $3.01  $3.29  % Accretion  –  NM  (5.1%)  18.0%  36.4%  % Accretion (Pre-Synergies)  –  NM  (8.5%)  12.2%  27.6%  PF Net Debt (Incl. Tax-Affected Pension and OPEB)  $2,924  $10,032  $8,686  $7,025  $4,828  PF Net Leverage (Incl. Tax-Affected Pension and OPEB)  –  6.0x  2.6x  1.6x  1.0x  Standalone Net Leverage (Incl. Tax-Affected Pension and OPEB)  –  2.0x  1.1x  0.9x  0.8x  Source: Company Filings, Navistar Management Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 7/29/20. EUR / USD exchange rate of 1.18.  (1)(2)(3)  Assumes TRATON minimum cash balance of €2.0bn as of YE 2020.Based on 107.125% redemption price on Navistar 9.5% Notes due 2025 triggered by a TRATON acquisition and 3.313% make-whole value on Navistar 6.625% Notes due 2025 beginning 11/20/20. Assumes Navistar’s low-run revenue synergy estimate of $951mm and Navistar’s low run-rate cost synergy estimate of $265mm and low run-rate earnings on revenue of synergy estimate of $160mm, including cost to achieve synergies and phase-in period, per management estimates.Includes Financial Services EBIT of Navistar and TRATON.Assumes blended interest rate on Industrial Debt of 2.25% based on TRATON’s senior secured notes raised in June 2020; assumes blended interest rate on Financial Services debt of 3.0%.Tax rate based on TRATON’s company filing. Includes the impact of Navistar’s assumed NOL balance of $300mm. Taxable EBIT reduced by $95mm per year based on the purchase price of Navistar equity multiplied by the tax-exempt rate of 1.89%.  (4)(5)(6)  NYSE: NAV  16  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute  Preliminary draft for illustrative purposes only – All projections are WIP 
 
   Standalone 2020E  PF2020E  2021E  2022E  2023E  TRATON Industrial Revenue  $24,262  $24,262  $27,342  $28,775  $29,543  NAV Manufacturing Revenue  –  7,134  7,879  10,376  11,843  (+) Synergies⁽ ³⁾  –  –  –  51  161  Total Industrial Revenue  $24,262  $31,396  $35,221  $39,202  $41,547  % Growth  (8.3%)  29.4%  12.2%  11.3%  6.0%  TRATON Industrial EBITDA  1,443  1,443  2,783  3,316  3,511  NAV Manufacturing EBITDAPO  –  227  535  880  1,239  (+) Synergies⁽ ³⁾  –  –  53  118  193  PF Synergized Industrial EBITDA  $1,443  $1,670  $3,372  $4,314  $4,942  % Margin  5.9%  5.3%  9.6%  11.0%  11.9%  PF Consolidated Synergized EBIT⁽⁴⁾  $250  $410  $2,062  $2,989  $3,618  % Margin  1.0%  1.3%  5.9%  7.6%  8.7%  (-) Net Interest Expense From Industrial Debt⁽⁵⁾  (36)  (123)  (107)  (73)  (29)  (-) Net Interest Expense From Financial Services Debt⁽⁵⁾  (427)  (482)  (482)  (482)  (482)  (-)Taxes @ 27.0%⁽⁶⁾  58  81  (369)  (633)  (839)  PF Net Income  ($156)  ($114)  $1,103  $1,802  $2,268  TRATON Shares (mm)  500  576  576  576  576  PF EPS  NA  ($0.20)  $1.92  $3.13  $3.94  TRATON Standalone EPS  ($0.31)  $0.36  $2.27  $3.01  $3.29  % Accretion  –  NM  (15.6%)  4.0%  19.9%  % Accretion (Pre-Synergies)  –  NM  (18.5%)  (1.1%)  12.3%  PF Net Debt (Incl. Tax-Affected Pension and OPEB)  $2,924  $8,428  $7,056  $5,367  $3,143  PF Net Leverage (Incl. Tax-Affected Pension and OPEB)  –  5.0x  2.1x  1.2x  0.6x  Standalone Net Leverage (Incl. Tax-Affected Pension and OPEB)  –  2.0x  1.1x  0.9x  0.8x    Illustrative Pro Forma Acquisition Analysis (Navistar Management Forecast)Assumes $55/NAV Share Transaction with 65% Cash / 35% Stock Funding and $425mm of Synergies  Source: Company Filings, Navistar Management Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 7/29/20. EUR / USD exchange rate of 1.18.  (1)(2)(3)  Assumes TRATON minimum cash balance of €2.0bn as of YE 2020.Based on 107.125% redemption price on Navistar 9.5% Notes due 2025 triggered by a TRATON acquisition and 3.313% make-whole value on Navistar 6.625% Notes due 2025 beginning 11/20/20. Assumes Navistar’s low-run revenue synergy estimate of $951mm and Navistar’s low run-rate cost synergy estimate of $265mm and low run-rate earnings on revenue of synergy estimate of $160mm, including cost to achieve synergies and phase-in period, per management estimates.Includes Financial Services EBIT of Navistar and TRATON.Assumes blended interest rate on Industrial Debt of 2.25% based on TRATON’s senior secured notes raised in June 2020; assumes blended interest rate on Financial Services debt of 3.0%.Tax rate based on TRATON’s company filing. Includes the impact of Navistar’s assumed NOL balance of $300mm. Taxable EBIT reduced by $95mm per year based on the purchase price of Navistar equity multiplied by the tax-exempt rate of 1.89%.  (4)(5)(6)  NYSE: NAV  17  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute  ($ in millions)          Sources      Uses    New TRATON Debt Raised  $4,912    Acquire 83% of NAV Equity @ $55/share  $4,583  TRATON Equity Consideration (76mm New Shares)  1,604    Refinance NAV Industrial Debt  3,537  Rolled NAV Pension and OPEB  2,100    Assumption of NAV Pension and OPEB  2,100  NAV Existing Balance Sheet Cash  1,400    Breakage Costs on NAV Industrial Debt⁽²⁾  79  TRATON Existing Balance Sheet Cash(1)  333    Transaction Fees and Expenses  50  Total Sources  $10,349    Total Uses  $10,349  Income Statement Contribution          Preliminary draft for illustrative purposes only – All projections are WIP 
 
   Standalone 2020E  PF2020E  2021E  2022E  2023E  TRATON Industrial Revenue  $24,262  $24,262  $27,342  $28,775  $29,543  NAV Manufacturing Revenue  –  7,404  8,421  9,493  10,835  (+) Synergies⁽ ³⁾  –  –  –  51  161  Total Industrial Revenue  $24,262  $31,666  $35,762  $38,319  $40,539  % Growth  (8.3%)  30.5%  12.9%  7.1%  5.8%  TRATON Industrial EBITDA  1,443  1,443  2,783  3,316  3,511  NAV Manufacturing EBITDAPO  –  331  484  573  868  (+) Synergies⁽ ³⁾  –  –  53  118  193  PF Synergized Industrial EBITDA  $1,443  $1,773  $3,320  $4,007  $4,572  % Margin  5.9%  5.6%  9.3%  10.5%  11.3%  PF Consolidated Synergized EBIT⁽⁴⁾  $250  $540  $2,052  $2,733  $3,301  % Margin  1.0%  1.7%  5.7%  7.1%  8.1%  (-) Net Interest Expense From Industrial Debt⁽⁵⁾  (36)  (159)  (144)  (112)  (74)  (-) Net Interest Expense From Financial Services Debt⁽⁵⁾  (427)  (482)  (482)  (482)  (482)  (-)Taxes @ 27.0%⁽⁶⁾  58  55  (357)  (553)  (741)  PF Net Income  ($156)  ($46)  $1,069  $1,586  $2,004  TRATON Shares (mm)  500  500  500  500  500  PF EPS  NA  ($0.09)  $2.14  $3.17  $4.01  TRATON Standalone EPS  ($0.31)  $0.36  $2.27  $3.01  $3.29  % Accretion  –  NM  (5.7%)  5.5%  22.0%  % Accretion (Pre-Synergies)  –  NM  (9.2%)  (0.4%)  13.2%  PF Net Debt (Incl. Tax-Affected Pension and OPEB)  $2,924  $10,032  $8,684  $7,223  $5,276  PF Net Leverage (Incl. Tax-Affected Pension and OPEB)  –  5.7x  2.6x  1.8x  1.2x  Standalone Net Leverage (Incl. Tax-Affected Pension and OPEB)  –  2.0x  1.1x  0.9x  0.8x    Illustrative Pro Forma Acquisition Analysis (Navistar Consensus Estimates)Assumes $55/NAV Share Transaction with 100% Cash Funding and $425mm of Synergies  Source: Company Filings, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 7/29/20. EUR / USD exchange rate of 1.18.  (1)(2)(3)  Assumes TRATON minimum cash balance of €2.0bn as of YE 2020.Based on 107.125% redemption price on Navistar 9.5% Notes due 2025 triggered by a TRATON acquisition and 3.313% make-whole value on Navistar 6.625% Notes due 2025 beginning 11/20/20. Assumes Navistar’s low-run revenue synergy estimate of $951mm and Navistar’s low run-rate cost synergy estimate of $265mm and low run-rate earnings on revenue of synergy estimate of $160mm, including cost to achieve synergies and phase-in period, per management estimates.Includes Financial Services EBIT of Navistar and TRATON.Assumes blended interest rate on Industrial Debt of 2.25% based on TRATON’s senior secured notes raised in June 2020; assumes blended interest rate on Financial Services debt of 3.0%.Tax rate based on TRATON’s company filing. Includes the impact of Navistar’s assumed NOL balance of $300mm. Taxable EBIT reduced by $95mm per year based on the purchase price of Navistar equity multiplied by the tax-exempt rate of 1.89%.  (4)(5)(6)  NYSE: NAV  18  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute  ($ in millions)          Sources      Uses    New TRATON Debt Raised  $6,516    Acquire 83% of NAV Equity @ $55/share  $4,583  Rolled NAV Pension and OPEB  2,100    Refinance NAV Industrial Debt  3,537  NAV Existing Balance Sheet Cash  1,400    Assumption of NAV Pension and OPEB  2,100  TRATON Existing Balance Sheet Cash(1)  333    Breakage Costs on NAV Industrial Debt⁽²⁾  79        Transaction Fees and Expenses  50  Total Sources  $10,349    Total Uses  $10,349  Income Statement Contribution          Preliminary draft for illustrative purposes only – All projections are WIP 
 
     Based on Navistar Net Operating Profit After Tax, divided by Acquisition Transaction Enterprise Value(1,2)Assumes synergies phase in per management estimates  Illustrative ROIC Analysis Based on Navistar Management Forecast   2021E 2022E 2023E 2024E 2025ESource: Company Filings, Navistar Management Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 7/29/20. EUR / USD exchange rate of 1.18.NOPAT is calculated before non-service pension expense. Assumes tax rate of 27% per management estimates.Transaction TEV includes net debt of $2,135mm, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $28mm as per 2020 Q2 filing; Post tax underfunded pension and OPEB of $1,659mm (assumes tax rate of 21%,pre-tax underfunded pension of $1,300mm and pre-tax underfunded OPEB of $800mm as of 04/30/20); PV of NOLs of $300mm.Assumes Navistar’s low run-rate cost synergy estimate of $265mm, including cost to achieve synergies and phase-in period, per management estimates.Assumes Navistar’s low run-rate cost synergy estimate of $265mm and low run-rate earnings on revenue synergy estimate of $160mm, including cost to achieve synergies and phase-in period, per  Year 3 ROIC (2023E)  Annual Transaction ROICBased on $55 NAV Acq. Price            3.2%  6.0%  8.9%  9.6%  9.7%  6.8%  10.2%  11.3%  11.8%  3.6–%  6.9%  10.5%  11.8%  12.4%   NAV Acquisition Stock Price $50.00 $55.00 $60.00  Run-Rate Synergies ($mm)  –  9.4%  8.9%  8.4%    (3)$265  10.8%  10.2%  9.7%    $425 (4)  11.1%  10.5%  9.9%      Year 5 ROIC (2025E)   NAV Acquisition Stock Price $50.00 $55.00 $60.00  Run-Rate Synergies ($mm)  –  10.2%  9.7%  9.2%    (3)$265  12.5%  11.8%  11.2%    $425 (4)  13.2%  12.4%  11.8%      Preliminary draft for illustrative purposes only – All projections are WIP          No Synergies $265mm Synergies(3) $425mm Synergies(4)  management estimates. Analysis excludes captive finance synergies.  NYSE: NAV  19  CONFIDENTIAL and Proprietary to Navistar | Do not copy or distribute 
 
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Exhibit (c)(9)

 Project Titan | Discussion materials  October 7, 2020     
 
 VALUATION ANALYSIS     
 
 Introduction  J.P. Morgan and PJT utilized the latest Management projections to develop a detailed valuation analysisManagement provided two sets of 2020E-2026E projections as of October 3, 2020The two cases are entitled (1) Management Case #1 and (2) Management Case #2Both cases assume the truck cycle returns to trend beginning in 2022, and ultimately reaches market share in 2026 of 22.6% in Management Case #1 and 20.2% in Management Case #2Management has performed a risk assessment with respect to the two cases provided and Management Case #2 reflects incremental risksLong-term annual capital expenditures of $300mm in both cases, driven by autonomous / e-mobility investments as well as maintenance capital expendituresAssumes valuation date of October 31st, 2020 and mid-period discounting conventionBalance sheet data as of October 31st, 2020 per management estimatesReflects net debt of $1,833mm, after-tax pension and OPEB of $1,442mm, FinCo book equity of$347mm, and PV of NOLs of $360mmReflects incremental litigation liability of $4 per share per midpoint of management estimates  Source: Company filings      1 
 
 Navistar projected market share forecasts  Source: Navistar management          18.8%  16.1%  18.9%  20.4%  22.2%  22.6%  22.6%  17.5% 17.5%  18.0%  18.8%  20.1%  20.2%  20.2%  2019A  2020E  2021E  2022E  2023E  2024E  2025E  2026E    Management Case #1    Management Case #2        2 
 
                                               $370  $700  $1,064  $1,432  $1,337  $1,464  5.0%  8.0%  9.9%  11.6%  11.2%  11.6%  12.7%  2020 2021 2022 2023 2024 2025 2026  Management forecast comparison ($mm)  2019  2020  2021  2022  2023  2024  2020  2021  2022  2023  2024  2025  2026  2020  2021  2022  2023  2024  2025  2026  % growth  (14.6%)  9.3%  6.4%  10.9%  (2.7%)  (34.2%)  18.0%  22.9%  14.8%  (3.5%)  6.0%  0.0%  (34.2%)  18.0%  19.9%  11.6%  (4.1%)  4.9%  0.0%  Source: Company information and projections, CapIQ as of 10/02/2020  Management Case 2019      $11,251  $9,603  $10,498  $11,170  $12,387  $12,055                            $1,119  $1,451  $1,448  10.0%  11.7%  12.0%  $882    $740    $877                                7.8%    7.7%    8.4%  2019    2020    2021  2022 2023 2024  Management projections pre-COVID  Adjusted base case with revised estimates                                Management Case #1  Δ vs..Mgmt. (49.9%)  (20.2%)  (4.9%)  (1.3%)  (7.7%)      $7,400  $8,729  $10,732  $12,315  $11,887  $12,600  $12,600  $1,604  Adjusted base case with revised estimates                      Management Case #2  (16.9%) (6.3%) (5.7%) (7.1%)  Δ vs..Mgmt. (49.9%)  (20.2%)  (9.5%)  (10.8%)  (17.8%)      $7,400  $8,729  $10,465  $11,681  $11,203  $11,756  $11,756    nue eRev      $7,375  $8,687  $9,884                  $613  $762  $368 5.0% 7.1% 7.7%     (0.3%)    (0.5%)    (7.9%)    (0.7%)    12.4%    (28.4%)  Δ vs..Mgmt. case #1  Δ vs..Mgmt. case #2    (0.3%)    (0.5%)    (5.5%)    (0.7%)    (12.4%)    (24.7%)    Current consensus    2020 2021 2022 2020 2021 2022Consensus revenue Consensus Adj. EBITDA                                    $370  $700  $1,013  $1,295  $1,190  $1,291  $1,282  5.0%  8.0%  9.7%  11.1%  10.6%  11.0%  10.9%  2020 2021 2022 2023 2024 2025 2026    Adj. EBITDA      Revenue  Δ vs..Mgmt. (22.9%)  (16.9%) (3.9%) (0.6%) (1.4%)  Δ vs..Mgmt.. (22.9%)  case 2019  case 2019  case 2019  case 2019      Note: Financials reflect 10/31 FYE  3 
 
 Illustrative preliminary valuation summary                      $21.36  $30.00  $30.00  $12.60  $12.30  $19.00  $42.90  $29.10  $39.15  $45.00  $50.00  $42.10  $41.60  $37.40  $58.00  $41.40  $0  $10  $20  $30  $40  $60    Unaffected (01/30/20):$24.07  Discount rate: 9.5% – 10.5% TVGR:1.0% – 2.0%    Current $50  7.0x – 12.0x$594mm  Source: Management projections, FactSet as of 10/02/20, Balance sheet date as of 10/31/20; Valuation date of 10/31/201 NAV high since S&P 500 low on 03/23/2020 through the 09/10/20 unaffected date of the $43.00 offer; 2 Median value of analyst price targets as of each respective date; 3 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; Post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm as of 10/31/20); BV of FinCo equity of $347mm; 4 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; 5 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; Post-tax mid-point of litigation risk as per Navistar management; Post tax underfunded pension and OPEB of $1,442mm; PV of NOLs of $360mm; BV of FinCo equity of $347mm4  (10/02/20):  $44.00        Trading multiples3      Management Case #1    Management Case #2  7.0x – 12.0x$590mm  2021E EBITDAPO 2021E EBITDAPO LTM 2020E EBITDA  10.0x – 15.0x$370mm  Discount rate: 9.5% – 10.5% TVGR:1.0% – 2.0%  DCF5      Management Case #1    Management Case #2  Traton  offer (09/10/20):$43.00  High: 03/01/2019 Low: 08/27/2019    For reference purposes only      52-week close as of 01/30/2020  Analyst price targets as of 01/30/2020  Analyst price targets as of 10/02/2020      High between 3/23/20 –9/10/20:$37.351  Median  $31.502  Median:  $40.002  Equity value per share ($/share), rounded to the nearest $0.10 (except 52-week high/low and analyst price targets)Transaction multiples4For reference only     
 
 Illustrative discounted cash flow bridge                $3.50  $3.60  ($18.00)  ($14.40)  ($4.20)  PV of cash flow  PV of Terminal value  Book value of FinCo equity  PV of NOLs  Net debt  Tax-affected pension & OPEB adjustment  Post-tax litigation expenses  Share price    Management Case #1    Management Case #2                $3.50  $3.60  ($18.00)  ($14.40)  ($4.20)  adjustment  PV of cash flow  PV of Terminal  Book value of FinCo  PV of NOLs  Net debt  Tax-affected  Post-tax litigation  Share price    value  equity      pension & OPEB  expenses    Source: Navistar management projections;  Note: Assume valuation date as of 10/31/20; assumes mid-period discounting convention; assumes tax rate of 27%; Equity value per share ($/share), rounded to the nearest $0.10  Discount rate: 9.5% – 10.5%TGR: 1.0% – 2.0%  Discount rate: 9.5% – 10.5%TGR: 1.0% – 2.0%  $38.30 – $39.90  $34.30 – $47.50  $42.90 – $58.00  $31.20 – $32.50  $27.50 – $38.40  $29.10 – $41.40      5 
 
     Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7%21E' - 30E' 5.1% 4.6% 4.1% 3.6%  8.2%  3.1%  Long term manufacturing EBITDA margin  12.0%  $48  $46  $43  $40  $38    11.5%  $46  $43  $40  $38  $35    11.0%  $43  $40  $38  $35  $33    10.5%  $40  $37  $35  $33  $30    10.0%  $37  $35  $32  $30  $28  Illustrative standalone discounted cash flow sensitivity analysis   Source: Management projections     High    Low    Mid-point  Discount rate: 10.50%; TVGR: 1.0%  Discount rate: 10.00%; TVGR: 1.5%  Discount rate: 9.50%; TVGR: 2.0%    Management Case #1     Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7% 8.2%21E' - 30E' 5.1% 4.6% 4.1% 3.6% 3.1%  Long term manufacturing EBITDA margin  12.0%  $56  $53  $50  $47  $44    11.5%  $53  $50  $47  $44  $41    11.0%  $49  $47  $44  $41  $38    10.5%  $46  $43  $41  $38  $35    10.0%  $43  $40  $38  $35  $33     Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7% 8.2%21E' - 30E' 5.1% 4.6% 4.1% 3.6% 3.1%  Long term manufacturing EBITDA margin  12.0%  $65  $62  $58  $55  $52    11.5%  $61  $58  $55  $52  $49    11.0%  $58  $55  $51  $48  $45    10.5%  $54  $51  $48  $45  $42    10.0%  $50  $47  $45  $42  $39     Revenue CAGR   21E' - 25E' 8.7%  8.2%  7.7%  7.2%  6.7%  21E' - 25E' 8.7%  8.2%  7.7%  7.2%  6.7%  21E' - 25E' 8.7%  8.2%  7.7%  7.2%  6.7%  21E' - 30E' 4.8%  4.3%  3.8%  3.3%  2.8%  21E' - 30E' 4.8%  4.3%  3.8%  3.3%  2.8%  21E' - 30E' 4.8%  4.3%  3.8%  3.3%  2.8%  Long term manufacturing EBITDA margin  11.5%  $39  $37  $34  $32  $29    11.0%  $37  $34  $32  $29  $27    10.5%  $34  $31  $29  $27  $25    10.0%  $31  $29  $27  $24  $22    9.5%  $29  $26  $24  $22  $20    High    Low    Mid-point  Discount rate: 10.50%; TVGR: 1.0%  Discount rate: 10.00%; TVGR: 1.5%  Discount rate: 9.50%; TVGR: 2.0%    Management Case #2     Revenue CAGR   Long term manufacturing EBITDA margin  11.5%  $46  $43  $40  $38  $35    11.0%  $43  $40  $37  $35  $32    10.5%  $40  $37  $35  $32  $30    10.0%  $37  $34  $32  $29  $27    9.5%  $34  $31  $29  $26  $24     Revenue CAGR   Long term manufacturing EBITDA margin  11.5%  $54  $51  $48  $45  $42    11.0%  $51  $48  $45  $42  $39    10.5%  $47  $44  $41  $39  $36    10.0%  $44  $41  $38  $35  $33    9.5%  $40  $38  $35  $32  $30      6 
 
     September 11, 2020:MAN announces an “extensive restructuring” plan stating up to 25% of employees jobs could be cut    Returns  5yr  3yr  1yr  YTD  Since01/30  Since09/09  NAV S&P 500  262%72%  (2%)32%  66%16%  52%4%  83%2%  23%(2%)  Navistar broker targets and historical performance  7                                      January 30, 2020: Navistar receives $35 bid from TRATON after market close01/30/2020 unaffected share price of $24.07      September 10,2020:Navistar receives revised $43 bid from TRATON    Current broker target prices as of 10/02/2020(2) Navistar share price performance – 5 years(rebased to NAV share price)  Broker  Date  Rec.  Targetprice ($)  Prem. / (Disc.)to current(1)  Jefferies  09/18/20  Buy  $45.00  2.3%  BMO Capital Markets  09/14/20  Hold  43.00  (2.3%)  Wells Fargo  09/09/20  Hold  35.00  (20.5%)  Raymond James  09/09/20  Hold  –  –  Loop Capital Markets  09/09/20  Buy  40.00  (9.1%)  Melius Research  09/09/20  Buy  50.00  13.6%  Vertical Research  08/05/20  Hold  30.00  (31.8%)  Wolfe Research  07/06/20  Buy  39.00  (11.4%)  Median      $40.00  (9.1%)      Average NAV price $28.46 $33.82 $29.65 $29.26 $29.53 $42.50March 11, 2020:WHO declares COVID-19 a global pandemic    Broker  Date  Rec.  Target price ($)  Prem. / (Disc.) to unaffected(4)  BMO Capital Markets  12/20/19  Hold  $30.00  24.6%  Baird  12/18/19  Buy  34.00  41.3%  Vertical Research  12/18/19  Hold  30.00  24.6%  Raymond James  12/17/19  Hold  –  –  Loop Capital Markets  12/17/19  Buy  38.00  57.9%  Jefferies  12/17/19  Buy  45.00  87.0%  Melius Research  12/17/19  Hold  31.00  28.8%  Wells Fargo  12/17/19  Hold  30.00  24.6%  Median      $31.50  30.9%    Unaffected broker target prices as of 01/30/2020(2),(3)    Navistar & TRATON reaction to proposals – since 01/01/2020                                                                            (Indexed to 100)NAV          1st offer  2nd offer  TRATON    52%  (29%)  Oct-20      July 11, 2020:CEO Andres Renschler to step down  immediately, will be succeeded by Matthias Grundler        Navistar broker target price progression                                            Source: Press releases; Factset as of 10/02/2020.  (3) Pre-proposal 1/30/2020.; (4) Based on 01/30/2020 closing price of $24.07.  $40.00      (1) Based on 10/02/2020 closing price of $44.00.; (2) Excludes J.P. Morgan research.; 
 
 Commercial vehicle trading multiples        11.8x(2)  11.1x  10.0x  8.2x  7.1x  6.7x  5.6x  3.4x  6.1x  11.0x(3)  Source: Company filings, Wall Street Research, Capital IQ.Note: Market data as of 10/2/20. Navistar multiples represent unaffected share price as of 9/9/20 and balance sheet as of 7/31/20. Median trading multiple excludes Navistar multiples.Adjusted TEV defined as market cap plus net debt, preferred stock, minority interest and tax-affected pension & OPEB less investments in affiliates and book value of FinCo Equity.Based on consensus 2021E Manufacturing EBITDA of $554mm.Assumes 2021E Manufacturing EBITDAPO of $594mm based on 2021E WholeCo Adj. EBITDA of $700mm, 2021E FinCo EBITDA of $126mm, and 2021E non-service pension cost of $20mm per Management Case #1 projections.  2021E ADJ. TEV / EBITDAPO(1)      (Consensus)                    Unaffected NAV TEV as of 9/9/20  (Management)  Median 2021E  Adj. TEV / EBITDAPO(Excl. NAV)      8 
 
 Commercial vehicle transaction multiples        9.7x  8.4x  6.1x4.5x  9.7x    TEV / LTM EBITDA15.6x12.8x11.6x  Year  2000 – 2014  2019  2006  2016  2006 – 2012  2016  2000  Target  Scania  WABCO  Scania  Navistar  MAN  Blue Bird  Renault V.I.  Acquirer  Volkswagen  ZF  MAN  Volkswagen  Volkswagen  American Securities  Volvo    Transaction Size ($bn)Announced Synergies ($mm)(5)  Weighted Avg.(1)  $7.4  $16.6(2)  $5.9(3)  Weighted Avg.(1)  $0.4(4)  $1.6  $1,170  NA  $630  $200  NA  NA  $360  Source: Company filings, Navistar Management Projections, Capital IQ.Represents weighted average multiple based on size of acquired stake for all of Volkswagen’s stake purchases in Scania and MAN.Transaction ultimately failed.Implied based on 16.6% ownership stake.Implied based on 57% ownership stake.Reflects annual run-rate synergies. Synergy amount converted to USD based on conversion rate on announcement date.  Median TEV / LTM EBITDA      9 
 
 OFFER AND PRO-FORMA ANALYSIS     
 
       Navistar acquisition matrix (with and without run-rate synergies) Based on Management Case #1   ($ in millions, except per share)          Navistar Share Price  $43.00  $45.00  $50.00  $55.00  Premium to unaffected price of $24.07 as of 1/30/20  78.6%  87.0%  107.7%  128.5%  Premium to unaffected 52-week high of $39.15 as of 1/30/20  9.8%  14.9%  27.7%  40.5%        Implied Equity Value    $4,323  $4,527  $5,037  $5,548  Plus: Industrial Net Debt and Other⁽¹⁾    3,312  3,312  3,312  3,312  Implied Enterprise Value    $7,635  $7,839  $8,350  $8,860  Less: Book Value of FinCo Equity⁽²⁾    (347)  (347)  (347)  (347)  Implied Manufacturing Enterprise Value    $7,288  $7,492  $8,003  $8,513  Valuation Multiples            TEV / EBITDAPO  Metric          2020E  $433  17.6x  18.1x  19.3x  20.4x  2020E (Incl. $337mm Run-Rate Cost Synergies)⁽³⁾  770  9.9x  10.2x  10.8x  11.5x  2021E  $720  10.6x  10.9x  11.6x  12.3x  2021E (Incl. $337mm Run-Rate Cost Synergies)⁽³⁾  1,057  7.2x  7.4x  7.9x  8.4x  Manufacturing TEV / Manufacturing EBITDAPO            2020E  $308  23.6x  24.3x  26.0x  27.6x  2020E (Incl. $337mm Run-Rate Cost Synergies)⁽³⁾  645  11.8x  12.2x  12.9x  13.7x  2021E  $594  12.3x  12.6x  13.5x  14.3x  2021E (Incl. $337mm Run-Rate Cost Synergies)⁽³⁾  931  8.2x  8.4x  9.0x  9.5x  13  Source: Company Filings, Navistar Management Case #1 Projections, Bloomberg.2020E net debt of $1,833mm and post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm) per management estimates; preferred stock of $2mm, minority interest of $2mm, and investment in affiliates of $30mm as per 2020 Q3 filing; PV of NOLs of $360mm PV of NOLs of $360mm; post tax litigation risk of$424mm (assumes tax rate of 21%, pre-tax litigation risk of $537mm).FinCo. book value deducts $300mm of intercompany loans from FinCo. to ManufacturingCo. from book value of $647mm per 2020 Q3 filing.Assumes Navistar’s run-rate cost synergy estimate of $337mm per management estimates. 
 
 Sources and Uses / Key Assumptions  Key Assumptions  ($ in millions)    Sources    New TRATON Industrial Debt Raised @ 2.25%  $4,281  Rolled NAV Pension and OPEB  1,825  NAV Existing Balance Sheet Cash  1,650  TRATON Excess Balance Sheet Cash⁽¹⁾  1,874  Total Sources  $9,630      Uses    Acquire 83% of NAV Equity @ $50/share  $4,191  Refinance NAV Industrial Debt  3,485  Assumption of NAV Pension and OPEB  1,825  Breakage Costs on NAV Industrial Debt⁽²⁾  79  Transaction Fees and Expenses  50  Total Uses  $9,630  Assumes TRATON acquires the remaining 83% of Navistar for 100% cashNavistar’s manufacturing and financial services debt refinanced at interest rates of 2.25% and 3.0%, respectivelyTRATON 2.25% Senior Secured Notes due 2025 currently yield 0.725%Navistar projections per Management Case #1Assumes $337mm of Navistar annual run-rate cost synergies(3)Includes phase-in period and cost to achieve synergies per Navistar management estimatesRun-rate cost synergies achieved in 2025Excludes revenue, eMobility, balance sheet, and captive finance synergiesTotal run-rate cost synergies represent 3.9% of 2021E Navistar Manufacturing revenue per Management Case #1TRATON projections per Wall Street research consensusAssumes TRATON annual dividend of €1.00 / share based on 2019A distributionAnalysis excludes any potential transaction-related amortizationIllustratively assumes 12/31/20 transaction closeSource: Company Filings, Navistar Management Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 10/2/20. EUR / USD exchange rate of 1.17.Assumes TRATON minimum cash balance of $2.0bn as of YE 2020.Based on 107.125% redemption price on Navistar 9.5% Notes due 2025 triggered by a TRATON acquisition and 3.313% make -whole value on Navistar 6.625% Notes due 2025 beginning 11/20/20.Assumes Navistar’s run-rate cost synergy estimate of $337mm. Includes cost to achieve synergies and phase-in period, per management estimates.  Illustrative Sources and uses @ $50 per Share      14 
 
 Pro Forma TRATON Financial Profile        4.0%  7.7%  Standalone Pro Forma            26.0%  39.4%  42.1%  Standalone  Pro Forma  Pro Forma + NAV CostSynergies            12.4%  18.9%  20.7%  Standalone  Pro Forma  Pro Forma + NAV CostSynergies  Source: Company Filings, Navistar Management Case #1 Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 10/2/20. EUR / USD exchange rate of 1.17. Assumes Navistar’s run-rate cost synergy estimate of $337mm and includes  2021E – 2023E Industrial EBITDA Margin  2021E – 2023E Industrial Revenue CAGR  2021E – 2023E Industrial EBITDA CAGR  2021E – 2023E EPS CAGR                10.1%  9.4%  11.5%  10.7%  11.8%  11.4%    2021E – 2023E Industrial EBIT Margin    Standalone    Pro Forma    2022E 2023EPro Forma + NAV Cost Synergies  9.5%  11.1%  12.0%  2021E                    5.1%  5.2%  6.6%  6.7%  7.0%  7.6%    Standalone    Pro Forma    2022E 2023EPro Forma + NAV Cost Synergies  5.4%  7.1%  8.1%  2021E      cost to achieve synergies and phase-in period, per management estimates.  15 
 
 Pro Forma TRATON Cash EPS  The transaction is highly accretive by 2022 even without the assumption of synergies.  Source: Company Filings, Navistar Management Case #1 Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 10/2/20. EUR / USD exchange rate of 1.17. New TRATON Industrial debt raised at 2.25%.  NAV Acquisition Stock Price$43 $45 $50 $55  Pre-Synergies  13.5%  13.4%  13.1%  12.9%  21.2%  21.1%  20.8%  20.6%  30.4%  30.3%  30.0%  29.7%              With As Realized NAV Cost Synergies(1)  With Run-rate NAV Cost Synergies(1)          2022E Cash EPS Acc/Dil (%)  2023E Cash EPS Acc/Dil (%)  The transaction is significantly accretive by 2022 even without the assumption of synergies  NAV Acquisition Stock Price$43 $45 $50 $55  Pre-Synergies  24.6%  24.5%  23.9%  22.9%  35.0%  34.9%  34.3%  33.3%  39.7%  39.6%  39.0%  38.1%              With As Realized NAV Cost Synergies(1)  With Run-rate NAV Cost Synergies(1)          NAV Acquisition Stock Price$43 $45 $50 $55  Pre-Synergies  1.8%  1.6%  1.3%  0.9%  6.2%  6.0%  5.7%  5.3%  25.1%  25.0%  24.6%  24.2%              With As Realized NAV Cost Synergies(1)  With Run-rate NAV Cost Synergies(1)          2021E Cash EPS Acc/Dil (%)      (1) Assumes Navistar’s run-rate cost synergy estimate of $337mm. As realized cost synergies include cost to achieve synergies and phase-in period, per management estimates.  16 
 
 Illustrative ROIC Analysis  Based on Navistar Manufacturing Net Operating Profit After Tax, divided by Acquisition Transaction Enterprise Value(1,2)Assumes synergies phase in per management estimates  Year 3 ROIC (2023E)  Annual Transaction ROICBased on $50 NAV Acq. Price      4.0%  6.4%  9.4%  8.5%  9.6%  4.6%  7.8%  11.5%  11.0%  12.5%  2021E  2022E  2023E  2024E  2025E  Pre-Synergies  NAV Acquisition Stock Price$43.00 $45.00 $50.00 $55.0010.3% 10.0% 9.4% 8.8%  12.6%  12.3%  11.5%  10.8%                      With As Realized NAV Cost Synergies (3)  Year 5 ROIC (2025E)  NAV Acquisition Stock Price  $43.00 $45.00 $50.00  $55.00  Pre-Synergies  10.6%  10.3%  9.6%  9.1%  13.7%  13.4%  12.5%  11.8%                        With As Realized NAV Cost Synergies (3)      Pre-Synergies With As Realized NAV Cost Synergies(3)  Source: Company Filings, Navistar Case #1 Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 10/2/20. EUR / USD exchange rate of 1.17.NOPAT is calculated before non-service pension expense. Assumes tax rate of 27% per management estimates.Transaction TEV includes 2020E net debt of $1,833mm and post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm) per management estimates; preferred stock of $2mm, minority interest of $2mm, and investment in affiliates of $30mm as per 2020 Q3 filing; PV of NOLs of $360mm FinCo. book value of $347mm.      (3) Assumes Navistar’s run-rate cost synergy estimate of $337mm and includes cost to achieve synergies and phase-in period, per management estimates.  17 
 
 Traton Ratings Analysis  Pre-Synergies  NAV Acquisition Stock Price$43.00 $45.00 $50.00 $55.002.5x 2.6x 2.7x 2.8x  2.4x  2.5x  2.6x  2.7x                              NAV Acquisition Stock Price  2022E S&P Adj. PF Net Leverage(2)  Pre-Synergies  NAV Acquisition Stock Price$43.00 $45.00 $50.00 $55.002.1x 2.2x 2.3x 2.4x  2.0x  2.0x  2.1x  2.2x                      With As Realized NAV Cost Synergies(4)  2023E S&P Adj. PF Net Leverage(2)  Pre-Synergies  NAV Acquisition Stock Price$43.00 $45.00 $50.00 $55.001.5x 1.6x 1.7x 1.8x  1.4x  1.4x  1.5x  1.6x                      With As Realized NAV Cost Synergies(4)  2022E Moody’s Adj. PF Gross Leverage(3)  2023E Moody’s Adj. PF Gross Leverage(3)  Current Rating: BBB / StableS&P rating is tied to VW rating; transaction is unlikely to result in a downgrade absent downgrade of VW(1)  Current Long-term Rating: Baa1 / NegativeSustained gross leverage >2.0x could result in a Moody’s downgrade    Moody’s leverage likely constrained above $55 per share    With As Realized NAV Cost Synergies (4)  Pre-SynergiesWith As Realized NAV Cost Synergies (4)  $43.00  $45.00  $50.00  $55.00      1.9x1.7x  2.0x1.8x  2.1x1.9x  2.2x2.0x    Source: Company Filings, Navistar Management Case #1 Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 10/2/20. EUR / USD exchange rate of 1.17.Minimum FFO / Net Debt of 60% is also a constraint for S&P but the agency has allowed TRATON to be below this in the near ter m. At $55 per share this metric should reach close to 60% by 2023.S&P adjustments include operating lease, pension, restricted cash, and other recurring adjustments.Moody’s adjustments include operating lease, pension, and other recurring adjustments.      (4) Assumes Navistar’s run-rate cost synergy estimate of $337mm and includes cost to achieve synergies and phase-in period, per management estimates.  18 
 
 Illustrative Synergy Value Paid to Navistar at Various Offer Prices  Price @ 9.0x EBITDAPO⁽¹⁾  Cost Synergies⁽²⁾  Cost and Revenue Synergies⁽³⁾  Offer Price $31  $43  $45  $50  $55  Total $ Premium Paid Over Share –  1,218  1,422  1,932  2,443  Premium as a % of NPV of NAV –  45%  52%  71%  90%  Premium as a % of NPV of NAV –  33%  38%  52%  66%      Analysis based on Navistar’s implied share price assuming a 9.0x 2021E Manufacturing EBITDAPO, which represents a ~1.0x discount to PACCAR’s current multiple and a ~1.0x premium to Navistar’s 10 year average multiple    NAV Share Price @ 9.0x EBITDAPO  Source: Company Filings, Navistar Management Projections, Management synergy findings and forecast, third-party reports.Note: Post-tax NPV of synergies figures assume 8.2% discount rate based on TRATON WACC per company filings, and 0% perpetuity growth rate for all synergy categories. Includes phase-in period and cost to achieve synergies per Navistar management projections.Note: Share prices calculated based on 2020E net debt of $1,833mm and post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre- tax underfunded OPEB of $356mm) per management estimates; preferred stock of $2mm, minority interest of $2mm, and investment in affiliates of $30mm as per 2020 Q3 filing; PV of NOLs of $360mm; FinCo. book value of $347mm per 2020 Q3 filing.9.0x 2021E Manufacturing EBITDAPO represents a ~1.0x discount to PACCAR’s multiple and a ~1.0x premium to Navistar’s 10 year average multiple. Based on 2021E Manufacturing EBITDAPO of$594mm per Management Case #1 Projections.Based on the $2.7bn after-tax NPV of Navistar’s annual run-rate cost synergy estimate of $337mm.Based on the $3.7bn after-tax NPV of Navistar’s annual run-rate cost synergy estimate of $337mm and Navistar’s midpoint run-rate EBITDA impact from revenue synergy estimate of $180mm on midpoint      run-rate revenue synergy estimate of $1,071mm.  19 
 
 APPENDIX     
 
 Illustrative standalone discounted cash flow analysis    PV of terminal value    PV of cash flows  +    Firm value    Equity value    Implied value per share    Book value of FinCo1  +    Implied TV / 2030E Adj. EBITDA  =   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $4,181  $4,471  $4,799    10.0%  3,781  4,030  4,309    10.5%  3,431  3,645  3,884   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $8,553  $8,843  $9,171    10.0%  8,062  8,311  8,590    10.5%  7,624  7,838  8,077   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $5,241  $5,530  $5,859    10.0%  4,750  4,998  5,277    10.5%  4,312  4,526  4,765   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $51.99  $54.83  $58.05    10.0%  $47.19  $49.62  $52.35    10.5%  $42.90  $44.99  $47.33   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  7.0x  7.5x  8.1x    10.0%  6.6x  7.1x  7.6x    10.5%  6.3x  6.7x  7.1x  Discount rate  9.5%  $4,025    10.0%  3,934    10.5%  3,846  Discount rate  9.5%  $347    10.0%  347    10.5%  347    Net debt and NOLs2  Discount rate  9.5%  ($3,312)    10.0%  (3,312)    10.5%  (3,312)  =  -  Management Case #1 – 11.4% Manufacturing long term margin; Assumed discount rate of 9.5% - 10.5%   Management projections Management extrapolation ($mm) Oct-21E Oct-22E Oct-23E Oct-24E Oct-25E Oct-26E Oct-27E Oct-28E Oct-29E Oct-30E Terminal   CAGR 21E' - 25E' 21E' - 30E'                          Manufacturing revenue  $8,557  $10,545  $12,118  $11,687  $12,399  $12,399  $12,445  $12,539  $12,680  $12,870  $13,063      9.7%  4.6%  % growth  18.3%  23.2%  14.9%  (3.6%)  6.1%  0.0%  0.4%  0.8%  1.1%  1.5%  1.5%          Manufacturing Adj. EBITDA  $574  $889  $1,249  $1,156  $1,282  $1,422  $1,427  $1,438  $1,454  $1,476  $1,498      22.3%  11.1%  % margin  6.7%  8.4%  10.3%  9.9%  10.3%  11.5%  11.5%  11.5%  11.5%  11.5%  11.5%          Plus: Non-service pension expenses  20  16  12  8  6  0  (4)  0  0  0  0          Manufacturing EBITDAPO  $594  $905  $1,260  $1,164  $1,287  $1,422  $1,423  $1,438  $1,454  $1,476  $1,498          % margin  6.9%  8.6%  10.4%  10.0%  10.4%  11.5%  11.4%  11.5%  11.5%  11.5%  11.5%          Less: Manufacturing D&A  (132)  (171)  (185)  (194)  (185)  (185)  (193)  (201)  (209)  (217)  (217)          Manufacturing EBITPO  $463  $734  $1,075  $970  $1,102  $1,237  $1,230  $1,237  $1,245  $1,259  $1,281          % margin  5.4%  7.0%  8.9%  8.3%  8.9%  10.0%  9.9%  9.9%  9.8%  9.8%  9.8%          Tax expense  (36)  (198)  (290)  (262)  (298)  (334)  (332)  (334)  (336)  (340)  (346)          EBIAT  $427  $536  $785  $708  $805  $903  $898  $903  $909  $919  $935          Add: Manufacturing D&A  132  171  185  194  185  185  193  201  209  217  217          % capex  43.8%  57.1%  61.6%  64.6%  61.7%  61.7%  64.3%  67.0%  69.6%  72.3%  72.3%          Less: Capex  (300)  (300)  (300)  (300)  (300)  (300)  (300)  (300)  (300)  (300)  (300)      0.0%  0.0%  Less: Δ(NWC) & Other  (53)  49  128  (94)  (42)  (83)  (5)  (5)  (5)  (5)  (5)          Unlevered FCF  $205  $456  $798  $508  $648  $705  $786  $799  $813  $831  $847              Source: Navistar management projections; Note: Assume valuation date as of 10/31/20; assumes mid-period discounting convention; assumes tax rate of 27%1 Assumes 1.0x FinCo. book value of $347mm which reflect reduction in Fin Co. value to account for intercompany loan to Manufacturing Co. as per Navistar management2 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; $424mm post-tax mid-point of litigation risk as per Navistar management; Post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm as of 10/31/20); PV of NOLs of$360mm  21 
 
 Illustrative standalone discounted cash flow analysis    PV of terminal value    PV of cash flows  +    Firm value    Equity value    Implied value per share    Book value of FinCo1  +    Implied TV / 2030E Adj. EBITDA  =   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $3,354  $3,588  $3,853    10.0%  3,034  3,234  3,459    10.5%  2,753  2,926  3,118   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $6,969  $7,203  $7,468    10.0%  6,577  6,777  7,002    10.5%  6,227  6,399  6,592   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $3,657  $3,891  $4,156    10.0%  3,265  3,465  3,690    10.5%  2,914  3,087  3,280   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $36.47  $38.76  $41.37    10.0%  $32.59  $34.57  $36.79    10.5%  $29.12  $30.83  $32.74   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  6.6x  7.1x  7.6x    10.0%  6.3x  6.7x  7.2x    10.5%  6.0x  6.4x  6.8x  Discount rate  9.5%  $3,268    10.0%  3,196    10.5%  3,127  Discount rate  9.5%  $347    10.0%  347    10.5%  347    Net debt and NOLs2  Discount rate  9.5%  ($3,312)    10.0%  (3,312)    10.5%  (3,312)  =  -  Management Case #2 – 10.5% Manufacturing long term margin; Assumed discount rate of 9.5% - 10.5%   Management projections Management extrapolation ($mm) Oct-21E Oct-22E Oct-23E Oct-24E Oct-25E Oct-26E Oct-27E Oct-28E Oct-29E Oct-30E Terminal   CAGR 21E' - 25E' 21E' - 30E'  )  )  ))                          Manufacturing revenue    $8,504  $10,185  $11,386  $10,903  $11,454  $11,454    $11,497  $11,584  $11,714  $11,890  $12,068        7.7%  3.8%  % growth    17.6%  19.8%  11.8%  (4.2%)  5.1%  --    0.4%  0.8%  1.1%  1.5%  1.5%            Manufacturing Adj. EBITDA    $570  $865  $1,145  $1,011  $1,106  $1,097    $1,209  $1,218  $1,232  $1,250  $1,269        18.0%  9.1%  % margin    6.7%  8.5%  10.1%  9.3%  9.7%  9.6%    10.5%  10.5%  10.5%  10.5%  10.5%            Plus: Non-service pension expenses    20  16  12  8  6  0    (4)  0  0  0  0            Manufacturing EBITDAPO    $590  $881  $1,156  $1,019  $1,112  $1,097    $1,205  $1,218  $1,232  $1,250  $1,269            % margin    6.9%  8.7%  10.2%  9.3%  9.7%  9.6%    10.5%  10.5%  10.5%  10.5%  10.5%            Less: Manufacturing D&A    (132)  (171)  (185)  (194)  (185)  (185    (193)  (201)  (209)  (217)  (217)            Manufacturing EBITPO    $459  $710  $972  $826  $927  $912    $1,012  $1,017  $1,023  $1,033  $1,052            % margin    5.4%  7.0%  8.5%  7.6%  8.1%  8.0%    8.8%  8.8%  8.7%  8.7%  8.7%            Tax expense    (35)  (192)  (262)  (223)  (250)  (246    (273)  (275)  (276)  (279)  (284)            EBIAT    $423  $518  $709  $603  $676  $666    $738  $742  $747  $754  $768            Add: Manufacturing D&A    132  171  185  194  185  185    193  201  209  217  217            % capex    43.8%  57.1%  61.6%  64.6%  61.7%  61.7%    64.3%  67.0%  69.6%  72.3%  72.3%            Less: Capex    (300)  (300)  (300)  (300)  (300)  (300    (300)  (300)  (300)  (300)  (300)        0.0%  0.0%  Less: Δ(NWC) & Other    (53)  22  97  (96)  (54)  (83    (5)  (5)  (5)  (5)  (5)            Unlevered FCF    $202  $412  $691  $401  $508  $467    $626  $638  $650  $666  $680                Source: Navistar management projections; Note: Assume valuation date as of 10/31/20; assumes mid-period discounting convention; assumes tax rate of 27%1 Assumes 1.0x FinCo. book value of $347mm which reflect reduction in Fin Co. value to account for intercompany loan to Manufacturing Co. as per Navistar management2 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; $424mm post-tax mid-point of litigation risk as per Navistar management; Post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm as of 10/31/20); PV of NOLs of$360mm  22 
 
 TRATON Financial Assumptions  Source: Company filings, Wall Street Research. Note: Market data as of 10/2/20.(1) Based on equity research post-June 2020 senior secured Notes offering.  TRATON BALANCE SHEET ASSUMPTIONS (BASED ON 12/31/20E)(€ in millions)  TRATON Financial Summary Forecast(€ in millions)  Industrial Net Debt⁽¹⁾  € 1,136  Investments in Associates  € 1,345  After Tax Pension  1,219  Fully Diluted Shares Outstanding (mm)  500  Minority Interest  240  Tax Rate  30.0%  Financial Services Book Value of Equity  957      2020E  2021E  2022E  2023E  '20E - '23E CAGR      Scania  € 11,113  € 12,492  € 13,089  € 13,409 6.5%  MAN  8,890  10,055  10,607  10,905 7.0%  VWCO  1,268  1,400  1,509  1,555 7.0%  Other  ( 316)  ( 316)  ( 316)  ( 316)  Industrial Sales  € 20,955  € 23,631  € 24,889  € 25,553 6.8%  Financial Services  829  826  821  898  Consolidation  ( 392)  ( 393)  ( 392)  ( 392)  Group Sales  € 21,392  € 24,064  € 25,318  € 26,059 6.8%  % Growth  (20.5%)  12.5%  5.2%  2.9%  Scania  € 702  € 1,186  € 1,336  € 1,427 26.7%  MAN  ( 415)  209  452  502 NM  VWCO  ( 18)  16  38  45 NM  Other  ( 171)  ( 200)  ( 181)  ( 180)  Industrial Adj. EBIT  € 98  € 1,211  € 1,645  € 1,794 NM  % Margin  0.5%  5.1%  6.6%  7.0%  Financial Services  99  123  128  140  Consolidation  NA  NA  NA  NA  Group Adj. EBIT  € 197  € 1,334  € 1,773  € 1,934 NM  % Growth  (89.5%)  577.2%  32.9%  9.1%  Industrial D&A  1,122  1,179  1,206  1,225  Group Adj. EBITDA  € 1,319  € 2,513  € 2,979  € 3,159 33.8%  % Margin  6.2%  10.4%  11.8%  12.1%  Industrial Capex  1,415  1,397  1,357  1,316  % of Industrial Revenue  6.8%  5.9%  5.5%  5.2%  Industrial Change in Working Capital  ( 100)  600  63  33  Tax Rate  30.0%  30.0%  30.0%  30.0%      23 
 
 Illustrative Traton Pro Forma Acquisition Analysis (Navistar Management Case #1)  Assumes $50/NAV Share Transaction with 100% Cash Funding and $337mm of Synergies(1)        Standalone 2020E  PF2020E  2021E  2022E  2023E  $24,546  $24,546 7,134  $27,681 8,557  $29,154 10,545  $29,932 12,118  TRATON Industrial Revenue NAV Manufacturing Revenue(+) Synergies⁽ ¹⁾  ––  –  –  –  –  $24,546(7.2%)1,429  $31,68029.1%1,429308  Total Industrial Revenue% GrowthTRATON Industrial EBITDA NAV Manufacturing EBITDAPO(+) Synergies⁽ ¹⁾  ––  –  $36,23814.4%2,80059464  $39,6999.6%3,340905155  $42,0505.9%3,5361,260236  PF Synergized Industrial EBITDA% Margin  $1,4295.8%  $1,7375.5%  $3,4579.5%  $4,40011.1%  $5,03312.0%  $2310.9%(30)(177)  PF Consolidated Synergized EBIT⁽⁴⁾% Margin(-) Net Interest Expense From Industrial Debt⁽⁵⁾(-) Net Interest Expense From Financial Services Debt⁽⁵⁾(-)Taxes @ 30.0%⁽⁶⁾  –  $4671.5%(176)(484)87  $2,1505.9%(168)(484)(421)  $3,0637.7%(149)(484)(700)  $3,6798.7%(121)(484)(900)  –––  PF Net Income TRATON Shares (mm)PF EPSTRATON Standalone EPS  $0.07  ($107) 500 ($0.21)$0.07  $1,077500$2.15$2.04  $1,729500$3.46$2.86  $2,173500$4.35$3.24  ––  % Accretion% Accretion (Pre-Synergies) PF S&P Adj. Net Debt⁽⁷⁾PF S&P Adj. Net Leverage⁽⁷⁾  $3,893 4.3x  NM NM$10,0927.9x  5.7%1.3%$9,375 3.1x  20.8%13.1%$8,414 2.1x  34.3%23.9%$6,882 1.5x                                                      ($ in millions)  Sources  Uses  New TRATON Industrial Debt Raised @ 2.25% Rolled NAV Pension and OPEBNAV Existing Balance Sheet Cash TRATON Existing Balance Sheet Cash⁽²⁾  $4,281 1,8251,6501,874  Acquire 83% of NAV Equity @ $50/share Refinance NAV Industrial Debt Assumption of NAV Pension and OPEB Breakage Costs on NAV Industrial Debt⁽³⁾ Transaction Fees and Expenses  $4,191 3,4851,8257950  Total Sources  $9,630  Total Uses  $9,630                  Income Statement Contribution  Source: Company Filings, Navistar Management Case #1, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 10/2/20. EUR / USD exchange rate of 1.17.Assumes Navistar’s run-rate cost synergy estimate of $337mm. Includes cost to achieve synergies and phase-in period, per management estimates.Assumes TRATON minimum cash balance of €3.9bn as of YE 2020.Based on 107.125% redemption price on Navistar 9.5% Notes due 2025 triggered by a TRATON acquisition and 3.313% make-whole value on Navistar 6.625% Notes due 2025 beginning 11/20/20.Includes Financial Services EBIT of Navistar and TRATON.Assumes blended interest rate on Industrial Debt of 2.25% based on TRATON’s senior secured notes raised in June 2020; assumes blended interest rate on Financial Services debt of 3.0%.Tax rate based on Germany statutory tax rate. Includes the impact of Navistar’s assumed NOL balance of $360mm. Taxable EBIT reduced by a maximum of $105mm per year based on the purchase price of Navistar equity multiplied by the tax-exempt rate of 1.89%.Includes operating lease, pension, restricted cash, and other recurring adjustments.      24 
 
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Exhibit (c)(10)

 Project Titan | Discussion materials  October 12, 2020     
 
   Illustrative preliminary valuation summary                    $21.36  $30.00  $30.00  $12.60  $12.30  $19.00  $42.90  $29.10  $39.15  $45.00  $50.00  $42.10  $41.60  $37.40  $58.00  $41.40  $0  $10  $20  $30  $40  $60    Unaffected (01/30/20):$24.07  Discount rate: 9.5% – 10.5% TVGR:1.0% – 2.0%    Current $50  7.0x – 12.0x$594mm  Source: Management projections, FactSet as of 10/02/20, Balance sheet date as of 10/31/20; Valuation date of 10/31/201 NAV high since S&P 500 low on 03/23/2020 through the 09/10/20 unaffected date of the $43.00 offer; 2 Median value of analyst price targets as of each respective date; 3 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; Post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm as of 10/31/20); BV of FinCo equity of $347mm; 4 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; 5 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; Post-tax mid-point of litigation risk as per Navistar management; Post tax underfunded pension and OPEB of $1,442mm; PV of NOLs of $360mm; BV of FinCo equity of $347mm  (10/02/20):  $44.00        Trading multiples3      Management Case #1    Management Case #2  7.0x – 12.0x$590mm  2021E EBITDAPO 2021E EBITDAPO LTM 2020E EBITDA  10.0x – 15.0x$370mm  Discount rate: 9.5% – 10.5% TVGR:1.0% – 2.0%  DCF5      Management Case #1    Management Case #2  Traton  offer (09/10/20):$43.00  High: 03/01/2019 Low: 08/27/2019    For reference purposes only      52-week close as of 01/30/2020  Analyst price targets as of 01/30/2020  Analyst price targets as of 10/02/2020      High between 3/23/20 –9/10/20:$37.351  Median  $31.502  Median:  $40.002  Equity value per share ($/share), rounded to the nearest $0.10 (except 52-week high/low and analyst price targets)Transaction multiples4For reference only      2 
 
      Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7% 8.2%21E' - 30E' 5.1% 4.6% 4.1% 3.6% 3.1%  Long term manufacturing EBITDA margin  12.0%  $48  $46  $43  $40  $38    11.5%  $46  $43  $40  $38  $35    11.0%  $43  $40  $38  $35  $33    10.5%  $40  $37  $35  $33  $30    10.0%  $37  $35  $32  $30  $28  Illustrative standalone discounted cash flow sensitivity analysis  Source: Management projections    High    Low    Mid-point  Discount rate: 10.50%; TVGR: 1.0%  Discount rate: 10.00%; TVGR: 1.5%  Discount rate: 9.50%; TVGR: 2.0%    Management Case #1     Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7% 8.2%21E' - 30E' 5.1% 4.6% 4.1% 3.6% 3.1%  Long term manufacturing EBITDA margin  12.0%  $56  $53  $50  $47  $44    11.5%  $53  $50  $47  $44  $41    11.0%  $49  $47  $44  $41  $38    10.5%  $46  $43  $41  $38  $35    10.0%  $43  $40  $38  $35  $33     Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7% 8.2%21E' - 30E' 5.1% 4.6% 4.1% 3.6% 3.1%  Long term manufacturing EBITDA margin  12.0%  $65  $62  $58  $55  $52    11.5%  $61  $58  $55  $52  $49    11.0%  $58  $55  $51  $48  $45    10.5%  $54  $51  $48  $45  $42    10.0%  $50  $47  $45  $42  $39     Revenue CAGR   21E' - 25E' 8.7%  8.2%  7.7%  7.2%  6.7%  21E' - 25E' 8.7%  8.2%  7.7%  7.2%  6.7%  21E' - 25E' 8.7%  8.2%  7.7%  7.2%  6.7%  21E' - 30E' 4.8%  4.3%  3.8%  3.3%  2.8%  21E' - 30E' 4.8%  4.3%  3.8%  3.3%  2.8%  21E' - 30E' 4.8%  4.3%  3.8%  3.3%  2.8%  Long term manufacturing EBITDA margin  11.5%  $39  $37  $34  $32  $29    11.0%  $37  $34  $32  $29  $27    10.5%  $34  $31  $29  $27  $25    10.0%  $31  $29  $27  $24  $22    9.5%  $29  $26  $24  $22  $20    High    Low    Mid-point  Discount rate: 10.50%; TVGR: 1.0%  Discount rate: 10.00%; TVGR: 1.5%  Discount rate: 9.50%; TVGR: 2.0%    Management Case #2     Revenue CAGR   Long term manufacturing EBITDA margin  11.5%  $46  $43  $40  $38  $35    11.0%  $43  $40  $37  $35  $32    10.5%  $40  $37  $35  $32  $30    10.0%  $37  $34  $32  $29  $27    9.5%  $34  $31  $29  $26  $24     Revenue CAGR   Long term manufacturing EBITDA margin  11.5%  $54  $51  $48  $45  $42    11.0%  $51  $48  $45  $42  $39    10.5%  $47  $44  $41  $39  $36    10.0%  $44  $41  $38  $35  $33    9.5%  $40  $38  $35  $32  $30      This analysis is illustrative of the impact of hypothetical trading at assumed multiples and should not be interpreted as a stock price prediction or opinion related thereto by J.P. Morgan and PJT Partners; No opinion is expressed to the price at which the common stock of Navistar will trade at any future time  3 
 
   Navistar stock price analysis based on peer and market trading  Company  Current share price  01/30 closing price (date before offer)  % performance since 01/30    $44.83  $24.07  86.2%    $20.56  $25.39  (19.0%)    $8.41  $9.85  (14.6%)    $223.32  $166.10  34.4%    $7.39  $9.27  (20.2%)    $9.24  $10.02  (7.7%)    $89.22  $76.06  17.3%    $20.54  $16.98  21.0%  S&P 500  $3,477.13  $3,283.66  5.9%  S&P 500 Industrials  $682.05  $700.16  (2.6%)                  Implied share price          Company  01/30 closing price (date before offer)  Index  Average performance  Implied current share price    $24.07  All peers  1.6%  $24.451      US peers  25.9%  $30.30      S&P 500  5.9%  $25.49      S&P 500 Industrials  (2.6%)  $23.45        Source: Factset as of 10/09/2020; Note: Traton submitted $35 offer after market close on 01/30 and $43 offer before market open on 9/101 NAV Implied share price excluding Traton is $25.28 per share  4  This analysis is illustrative of the impact of hypothetical trading at assumed multiples and should not be interpreted as a stock price prediction or opinion related thereto by J.P. Morgan and PJT Partners; No opinion is expressed to the price at which the common stock of Navistar will trade at any future time 
 
                       11.8x  11.1x  11.0x(2)  10.0x  8.2x  7.1x  6.7x  5.6x  6.1x3.4x  Illustrative Implied NAV Share Price at Various Multiples  Source: Company Filings, Navistar Management Projections, Wall Street Research, Capital IQ.Note: Share prices calculated based on 2020E net debt of $1,833mm and post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm) per management estimates; preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm, and book value of FinCo. $647mm as per 2020 Q3 filing; PV of NOLs of $360mm.Note: Market data as of 10/2/20. Navistar multiples represent unaffected share price as of 9/9/20 and balance sheet as of 7/31/20. Median trading multiple excludes Navistar multiples.Average NAV multiples as of 1/30/20.Adjusted TEV defined as market cap plus net debt, preferred stock, minority interest and tax-affected pension & OPEB less investments in affiliates and book value of FinCo Equity.      Preliminary draft for illustrative purposes only – All projections are WIP    Commercial Vehicle Trading Multiples: 2021E Adj. TEV / EBITDAPO(1)  Adj. TEV / 2021E Manufacturing EBITDAPO  7.0x  7.4x  8.0x  8.5x  9.0x  2021E Manufacturing EBITDAPO  Mgmt. Case #1 ($594mm)  $19.16  $21.54  $25.10  $28.06  $31.01    Mgmt. Case #2 ($590mm)  $18.90  $21.26  $24.80  $27.75  $30.67    Wall St. Consensus ($554mm)  $16.36  $18.57  $21.90  $24.67  $27.43              Implied NAV Share Price Sensitivity  NAV 20Y Avg.(1)      NAV 10Y Avg.(1)          (Consensus)                    Unaffected NAV TEV as of 9/9/20  (3) Based on Navistar Management Case #1 2021E Manufacturing EBITDAPO of $594mm.  5  (Management)  Median 2021E  Adj. TEV / EBITDAPO  (Excl. NAV)  NAV 5Y Avg.(1) 
 
   Illustrative Synergy Value Paid to Navistar at Various Offer Prices  Price @ 9.0x EBITDAPO⁽¹⁾  Cost Synergies⁽²⁾  Cost and Revenue Synergies⁽³⁾  Offer Price $31  $43  $45  $50  $55  Total $ Premium Paid Over Share –  1,218  1,422  1,932  2,443  Premium as a % of NPV of NAV –  45%  52%  71%  90%  Premium as a % of NPV of NAV –  33%  38%  52%  66%      Analysis based on Navistar’s implied share price assuming a 9.0x 2021E Manufacturing EBITDAPO, which represents a ~1.0x discount to PACCAR’s current multiple and a ~1.0x premium to Navistar’s 10 year average multiple    NAV Share Price @ 9.0x EBITDAPO  Source: Company Filings, Navistar Management Projections, Management synergy findings and forecast, third-party reports.Note: Post-tax NPV of synergies figures assume 8.2% discount rate based on TRATON WACC per company filings, and 0% perpetuity growth rate for all synergy categories. Includes phase-in period and cost to achieve synergies per Navistar management projections.Note: Share prices calculated based on 2020E net debt of $1,833mm and post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre- tax underfunded OPEB of $356mm) per management estimates; preferred stock of $2mm, minority interest of $2mm, and investment in affiliates of $30mm as per 2020 Q3 filing; PV of NOLs of $360mm; FinCo. book value of $347mm per 2020 Q3 filing.9.0x 2021E Manufacturing EBITDAPO represents a ~1.0x discount to PACCAR’s multiple and a ~1.0x premium to Navistar’s 10 year average multiple. Based on 2021E Manufacturing EBITDAPO of$594mm per Management Case #1 Projections.Based on the $2.7bn after-tax NPV of Navistar’s annual run-rate cost synergy estimate of $337mm.Based on the $3.7bn after-tax NPV of Navistar’s annual run-rate cost synergy estimate of $337mm and Navistar’s midpoint run-rate EBITDA impact from revenue synergy estimate of $180mm on midpoint run-rate revenue synergy estimate of $1,071mm.      6 
 
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Exhibit (c)(11)

 Project Titan | Discussion materials  October 15, 2020     
 
   Situation overview      Source: Equity research and news reports.  1  October 14, TRATON confirmed their $43 per share in cash offer represents their best and final offer. Theletter referenced:Price of $43 per share represents a premium of 46% over Navistar’s 90-day VWAP price of $29.37 as of September 9, 2020The offer price also represents a premium of 79% over Navistar’s pre-offer share price of $24.07 as ofJanuary 30, 2020The offer will expire and be deemed withdrawn on Friday, October 16, 2020 at 6:00pm CET unless prior to that time Navistar responds in writing a willingness to proceed with discussions at the proposed $43 per share 
 
       Navistar and TRATON share price performance  Source: Company filings; FactSet as of 10/15/2020.    Price ($/shr)  Premium / (disc.) to 10/13 close  10/13 Close  $44.46  –  10/14 Open  $44.02  (1.0%)  10/14 High  $44.68  0.5%  10/14 Low  $35.25  (20.7%)  10/14 Close  $36.00  (19.0%)  10/14 S&P 500 close  3,489  (0.7%)  10/14 volume traded (000s)  13,657    6-month ADTV  899     ADTV multiple   15.2x     Navistar 10/14 intraday trading performance TRATON 10/15 intraday trading performance  2                                  0  100,000  200,000  300,000  400,000  500,000  600,000 €19.00  $35.00  $36.00  $37.00  $38.00  $39.00  $40.00  $41.00  $42.00  $43.00  $44.00  $45.00  (NAV $/share)  (Volume, shares) (TRA €/share)  9:30 AM(Eastern Time)  4:00 PM  11:00 AM  2:00 PM  (Volume, shares)                                        0  2,000  4,000  6,000  8,000  10,000  12,000  14,000  16,000  18,000  €16.00  €17.00  €18.00  9:30 AM 11:00 AM  4:00 PM  2:00 PM    Price (€/shr)  Premium / (disc.) to 10/14 close  10/14 Close  €17.77  –  10/15 Open  €17.64  (0.7%)  10/15 High  €17.83  0.3%  10/15 Low  €17.27  (2.8%)  10/15 Close  €17.76  (0.1%)  10/15 DAX close  12,704  (2.5%)  10/15 volume traded (000s)  136    6-month ADTV  74     ADTV multiple   1.8x     (Central European Time)      Letterreleased  TRATON trading shown for 10/15     
 
 Navistar acquisition matrix (with and without run-rate synergies)   Based on Management Case #1 ($ in millions, except per share)  Source: Company Filings, Navistar Management Case #1 Projections, Bloomberg.2020E net debt of $1,833mm per management estimates; preferred stock of $2mm, minority interest of $2mm, and investment in affiliates of $30mm as per 2020 Q3 filing; PV of NOLs of $360mm PV of NOLs of$360mm; post tax litigation risk of $424mm (assumes tax rate of 21%, pre-tax litigation risk of $537mm).2020E post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm) per management estimates.FinCo. book value deducts $300mm of intercompany loans from FinCo. to ManufacturingCo. from book value of $647mm per 2020 Q3 filing.Assumes Navistar’s run-rate cost synergy estimate of $347mm per management estimates.3          Navistar Share Price (Illustrative and for reference only)    $43.00  $44.00  $45.00  $46.00  $47.00  $48.00  $49.00  $50.00  Premium to unaffected price of $24.07 as of 1/30/20    78.6%  82.8%  87.0%  91.1%  95.3%  99.4%  103.6%  107.7%  Premium to unaffected 52-week high of $39.15 as of 1/30/20    9.8%  12.4%  14.9%  17.5%  20.1%  22.6%  25.2%  27.7%  Implied Equity Value    $4,323  $4,425  $4,527  $4,629  $4,731  $4,833  $4,935  $5,037  Plus: Industrial Net Debt and Other⁽¹⁾    1,871  1,871  1,871  1,871  1,871  1,871  1,871  1,871  Implied Enterprise Value    $6,193  $6,295  $6,398  $6,500  $6,602  $6,704  $6,806  $6,908  Plus: Tax Affected Unfunded Pension & OPEB⁽²⁾    1,442  1,442  1,442  1,442  1,442  1,442  1,442  1,442  Implied Adj. Enterprise Value    $7,635  $7,737  $7,839  $7,941  $8,043  $8,145  $8,247  $8,350  Less: Book Value of FinCo Equity⁽³⁾    (347)  (347)  (347)  (347)  (347)  (347)  (347)  (347)  Implied Adj. Manufacturing Enterprise Value    $7,288  $7,390  $7,492  $7,594  $7,696  $7,798  $7,900  $8,003  Valuation Multiples                    TEV / EBITDA Metric                    2020E $370    16.7x  17.0x  17.3x  17.5x  17.8x  18.1x  18.4x  18.6x  2020E (Incl. $337mm Run-Rate Cost Synergies)⁽⁴⁾ 707    8.8x  8.9x  9.0x  9.2x  9.3x  9.5x  9.6x  9.8x  2021E $700    8.9x  9.0x  9.1x  9.3x  9.4x  9.6x  9.7x  9.9x  2021E (Incl. $337mm Run-Rate Cost Synergies)⁽⁴⁾ 1,037    6.0x  6.1x  6.2x  6.3x  6.4x  6.5x  6.6x  6.7x  Adj. TEV / EBITDAPO                    2020E  $433  17.6x  17.8x  18.1x  18.3x  18.6x  18.8x  19.0x  19.3x  2020E (Incl. $337mm Run-Rate Cost Synergies)⁽⁴⁾  770  9.9x  10.0x  10.2x  10.3x  10.4x  10.6x  10.7x  10.8x  2021E  $720  10.6x  10.7x  10.9x  11.0x  11.2x  11.3x  11.5x  11.6x  2021E (Incl. $337mm Run-Rate Cost Synergies)⁽⁴⁾  1,057  7.2x  7.3x  7.4x  7.5x  7.6x  7.7x  7.8x  7.9x  Adj. Manufacturing TEV / Manufacturing EBITDAPO                    2020E  $308  23.6x  24.0x  24.3x  24.6x  25.0x  25.3x  25.6x  26.0x  2020E (Incl. $337mm Run-Rate Cost Synergies)⁽⁴⁾  645  11.3x  11.5x  11.6x  11.8x  11.9x  12.1x  12.2x  12.4x  2021E  $594  12.3x  12.4x  12.6x  12.8x  13.0x  13.1x  13.3x  13.5x  2021E (Incl. $337mm Run-Rate Cost Synergies)⁽⁴⁾  931  7.8x  7.9x  8.0x  8.2x  8.3x  8.4x  8.5x  8.6x 
 
   Illustrative preliminary valuation summary                    $21.36  $30.00  $30.00  $12.60  $12.30  $19.00  $42.90  $29.10  $39.15  $45.00  $50.00  $42.10  $41.60  $37.40  $58.00  $41.40  $0  $10  $20  $30  $50  $60    Unaffected (01/30/20):$24.07  Discount rate: 9.5% – 10.5% TVGR:1.0% – 2.0%    Current $40  7.0x – 12.0x$594mm  Source: Management projections, FactSet as of 10/14/20, Balance sheet date as of 10/31/20; Valuation date of 10/31/201 NAV high since S&P 500 low on 03/23/2020 through the 09/10/20 unaffected date of the $43.00 offer; 2 Median value of analyst price targets as of each respective date; 3 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; Post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm as of 10/31/20); BV of FinCo equity of $347mm; 4 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; 5 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; Post-tax mid-point of litigation risk as per Navistar management; Post tax underfunded pension and OPEB of $1,442mm; PV of NOLs of $360mm; BV of FinCo equity of $347mm4  (10/14/20):  $36.00        Trading multiples3      Management Case #1    Management Case #2  7.0x – 12.0x$590mm  2021E EBITDAPO 2021E EBITDAPO LTM 2020E EBITDA  10.0x – 15.0x$370mm  Discount rate: 9.5% – 10.5% TVGR:1.0% – 2.0%  DCF5      Management Case #1    Management Case #2  Traton offer (09/10/20):$43.00  High: 03/01/2019 Low: 08/27/2019    For reference purposes only      52-week close as of 01/30/2020  Analyst price targets as of 01/30/2020  Analyst price targets as of 10/02/2020      High between  3/23/20 –9/10/20:$37.351  Median  $31.502  Median:  $40.002  Equity value per share ($/share), rounded to the nearest $0.10 (except 52-week high/low and analyst price targets)Transaction multiples4For reference only     
 
 Appendix     
 
   Commercial vehicle trading multiples        11.8x(2)  11.7x  10.7x  8.7x  7.5x  7.2x  5.7x  3.5x  7.5x  11.0x(3)  Source: Company filings, Wall Street Research, Capital IQ.Note: Market data as of 10/14/20. Navistar multiples represent unaffected share price as of 9/9/20 and balance sheet as of 7/31/20. Median trading multiple excludes Navistar multiples.Adjusted TEV defined as market cap plus net debt, preferred stock, minority interest and tax-affected pension & OPEB less investments in affiliates and book value of FinCo Equity.Based on consensus 2021E Manufacturing EBITDA of $554mm.Assumes 2021E Manufacturing EBITDAPO of $594mm based on 2021E WholeCo Adj. EBITDA of $700mm, 2021E FinCo EBITDA of $126mm, and 2021E non-service pension cost of $20mm per Management Case #1 projections.5  2021E ADJ. TEV / EBITDAPO(1)      (Consensus)                  (Management)  Median 2021E Adj. TEV / EBITDAPO(Excl. NAV)     
 
   Commercial vehicle transaction multiples        9.7x  8.4x  6.1x4.5x  9.7x    TEV / LTM EBITDA15.6x12.8x11.6x  Year  2000 – 2014  2019  2006  2016  2006 – 2012  2016  2000  Target  Scania  WABCO  Scania  Navistar  MAN  Blue Bird  Renault V.I.  Acquirer  Volkswagen  ZF  MAN  Volkswagen  Volkswagen  American Securities  Volvo  Transaction Size ($bn)  Weighted Avg.(1)  $7.4  $16.6(2)  $5.9(3)  Weighted Avg.(1)  $0.4(4)  $1.6  Announced Synergies ($mm)(5)  $1,170  NA  $630  $200  NA  NA  $360  Source: Company filings, Navistar Management Projections, Capital IQ.Represents weighted average multiple based on size of acquired stake for all of Volkswagen’s stake purchases in Scania and MAN.Transaction ultimately failed.Implied based on 16.6% ownership stake.Implied based on 57% ownership stake.Reflects annual run-rate synergies. Synergy amount converted to USD based on conversion rate on announcement date.  6  Median TEV / LTM EBITDA     
 
      Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7% 8.2%21E' - 30E' 5.1% 4.6% 4.1% 3.6% 3.1%  Long term manufacturing EBITDA margin  12.0%  $48  $46  $43  $40  $38    11.5%  $46  $43  $40  $38  $35    11.0%  $43  $40  $38  $35  $33    10.5%  $40  $37  $35  $33  $30    10.0%  $37  $35  $32  $30  $28  Illustrative standalone discounted cash flow sensitivity analysis    High    Low    Mid-point  Discount rate: 10.50%; TVGR: 1.0%  Discount rate: 10.00%; TVGR: 1.5%  Discount rate: 9.50%; TVGR: 2.0%    Management Case #1     Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7% 8.2%21E' - 30E' 5.1% 4.6% 4.1% 3.6% 3.1%  Long term manufacturing EBITDA margin  12.0%  $56  $53  $50  $47  $44    11.5%  $53  $50  $47  $44  $41    11.0%  $49  $47  $44  $41  $38    10.5%  $46  $43  $41  $38  $35    10.0%  $43  $40  $38  $35  $33     Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7% 8.2%21E' - 30E' 5.1% 4.6% 4.1% 3.6% 3.1%  Long term manufacturing EBITDA margin  12.0%  $65  $62  $58  $55  $52    11.5%  $61  $58  $55  $52  $49    11.0%  $58  $55  $51  $48  $45    10.5%  $54  $51  $48  $45  $42    10.0%  $50  $47  $45  $42  $39     Revenue CAGR   21E' - 25E' 8.7%  8.2%  7.7%  7.2%  6.7%  21E' - 25E' 8.7%  8.2%  7.7%  7.2%  6.7%  21E' - 25E' 8.7%  8.2%  7.7%  7.2%  6.7%  21E' - 30E' 4.8%  4.3%  3.8%  3.3%  2.8%  21E' - 30E' 4.8%  4.3%  3.8%  3.3%  2.8%  21E' - 30E' 4.8%  4.3%  3.8%  3.3%  2.8%  Long term manufacturing EBITDA margin  11.5%  $39  $37  $34  $32  $29    11.0%  $37  $34  $32  $29  $27    10.5%  $34  $31  $29  $27  $25    10.0%  $31  $29  $27  $24  $22    9.5%  $29  $26  $24  $22  $20    High    Low    Mid-point  Discount rate: 10.50%; TVGR: 1.0%  Discount rate: 10.00%; TVGR: 1.5%  Discount rate: 9.50%; TVGR: 2.0%    Management Case #2     Revenue CAGR   Long term manufacturing EBITDA margin  11.5%  $46  $43  $40  $38  $35    11.0%  $43  $40  $37  $35  $32    10.5%  $40  $37  $35  $32  $30    10.0%  $37  $34  $32  $29  $27    9.5%  $34  $31  $29  $26  $24     Revenue CAGR   Long term manufacturing EBITDA margin  11.5%  $54  $51  $48  $45  $42    11.0%  $51  $48  $45  $42  $39    10.5%  $47  $44  $41  $39  $36    10.0%  $44  $41  $38  $35  $33    9.5%  $40  $38  $35  $32  $30   Source: Management projections 7      This analysis is illustrative of the impact of hypothetical trading at assumed multiples and should not be interpreted as a stock price prediction or opinion related thereto by J.P. Morgan and PJT Partners; No opinion is expressed to the price at which the common stock of Navistar will trade at any future time 
 

Exhibit (c)(12)

 Project Titan | Discussion materials  November 06, 2020     
 
 Overview of Management Forecasts        Management Base Case    Management Upside Case  Navistar management has advised that the Management Base Case represents its higher probability financial forecast and directed that it should form the basis of the valuation analysisBoth the Management Base Case and Upside Case assume that the TRATON Alliance continues throughout the forecast periodManagement has indicated that a termination of the TRATON Alliance would reduce the Company’sforecasted earnings and cash flowsManagement has indicated that the Management Base Case represents its best current estimate and judgment as to its financial forecast for the Company for 2020E – 2026E and will form the basis of Management’s next Strategic PlanAssumes Navistar increases North American market share to 20.2% by 2026E and WholeCoEBITDA margin to 10.9% by 2026EManagement Base Case forms the basis for our discounted cash flow analysisManagement has indicated that the Management Upside Case was developed to highlightpotential upside in the business but in the materially lower probability financial scenarioAssumes Navistar increases North American market share to 22.6% by 2026E and WholeCo EBITDA margin to 12.7% by 2026EManagement Upside Case discounted cash flow analysis presented for reference purposes only        Source: Navistar management projections  2 
 
 Navistar projected market share forecasts          18.8%  16.1%  18.0%  18.8%  20.1%  20.2%  20.2%  17.5% 17.5%  18.9%  20.4%  22.2%  22.6%  22.6%  2019A  2020E  2021E  2022E  2023E  2024E  2025E  2026E    Management Base Case    Management Upside Case (For reference only)        Source: Navistar management projections  3 
 
                                           $370  $700  $1,064  $1,432  $1,337  $1,464  9.9%  11.6%  11.2%  11.6%  12.7%  Management forecast comparison ($mm)  Source: Company information and Navistar management projections. Analyst consensus per CapIQ as of 11/04/20  Management Case 2019      $11,251  $9,603  $10,498  $11,170  $12,387  $12,055                            $1,119  $1,451  $1,448  10.0%  11.7%  12.0%  $882    $740    $877                                7.8%    7.7%    8.4%  2019    2020    2021  2022 2023 2024  Management projections pre-COVID  Adjusted base case with revised estimates                                Management Upside Case (For reference only)      $7,400  $8,729  $10,732  $12,315  $11,887  $12,600  $12,600  $1,604  Adjusted base case with revised estimates                      Management Base Case  (16.9%) (6.3%) (5.7%) (7.1%)      $7,400  $8,729  $10,465  $11,681  $11,203  $11,756  $11,756    nue eRev      $7,414  $8,679  $9,536                  $377  $612  $788    0.2%    Δ vs..Mgmt. Upside case    Δ vs..Mgmt. 0.2%Base case    (0.6%)  (11.1%)  2.0%  (12.6%)  (26.0%)  (0.6%)  (8.9%)  2.0%  (12.6%)  (22.2%)    Current analyst consensus    2020 2021 2022Consensus revenue   5.1% 7.0% 8.0% 2020 2021 2022Consensus Adj. EBITDA                                    $370  $700  $1,013  $1,295  $1,190  $1,291  $1,282  5.0%  11.1%  10.6%  11.0%  10.9%  8.0%  9.7%          5.0%    8.0%              2021  2022  2023  2024  2025  2026  2020    2021    2022  2023  2024  2025  2026  2020    Adj. EBITDA      Revenue  2019  2020  2021  2022  2023  2024  2020  2021  2022  2023  2024  2025  2026  2020  2021  2022  2023  2024  2025  2026  % growth  (14.6%)  9.3%  6.4%  10.9%  (2.7%)  (34.2%)  18.0%  19.9%  11.6%  (4.1%)  4.9%  0.0%  (34.2%)  18.0%  22.9%  14.8%  (3.5%)  6.0%  0.0%  Δ vs..Mgmt. (49.9%) (20.2%) (9.5%) (10.8%) (17.8%) Δ vs..Mgmt. (49.9%) (20.2%) (4.9%) (1.3%) (7.7%)case 2019 case 2019                                        Δ vs..Mgmt.. (22.9%)  (16.9%) (3.9%) (0.6%) (1.4%)  Δ vs..Mgmt. (22.9%)  case 2019  case 2019      Note: Financials reflect forecasted as of 10/31 FYE  4 
 
                   Illustrative valuation summary  $21.36  $30.00  $43.00  $19.00  $12.60  $30.00  $44.10  $39.15  $45.00  $50.00  $37.50  $42.20  $42.40  $59.40  $0  $10  $20  $30  $40  $50  $60    Unaffected (01/30/20):$24.07  Discount rate: 9.5% – 10.5% TVGR:1.0% – 2.0%  Source: Navistar management projections, FactSet as of 11/04/20, Balance sheet date forecasted as of 10/31/20; Valuation date of 10/31/201 NAV high since S&P 500 low on 03/23/2020 through the 09/10/20 unaffected date of the $43.00 offer; 2 Median value of analyst price targets as of each respective date; 3 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; Post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm as of 10/31/20); BV of FinCo equity of $347mm; 4 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; 5 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; Post-tax  Current  (11/04/20):  $43.20      Equity value per share ($/share), rounded to the nearest $0.10 (except 52-week high/low and analyst price targets)Management Upside Case –For reference only  7.0x – 12.0x$594mm  LTM 2020E EBITDA 2021E EBITDAPO  10.0x – 15.0x$370mm  Discount rate: 9.5% – 10.5% TVGR:1.0% – 2.0%    Management Base Case      Trading multiples3    DCF5    DCF5      Traton offer (10/15/20):$44.50  High: 03/01/2019 Low: 08/27/2019    High between 3/23/20 –9/10/20:$37.351  Median  $31.502  Median:  $45.002  For reference purposes only      52-week close as of 01/30/2020  Analyst price Analyst pricetargets as of targets as of01/30/2020 11/04/2020  Transaction multiples4      mid-point of litigation risk as per Navistar management; Post tax underfunded pension and OPEB of $1,442mm; PV of NOLs of $430mm including $80mm of R&D credit; BV of FinCo equity of $347mm  5 
 
 Illustrative discounted cash flow bridge    Management Base Case                $3.50  $4.30  ($18.00)  ($14.40)  ($3.90)  PV of cash flow  PV of Terminal  Book value of FinCo  PV of NOLs incl.  Net debt  Tax-affected  Post-tax litigation  Share price    value  equity  R&D credit    pension & OPEB  expenses              adjustment      Source: Navistar management projections; Note: Assumes valuation date as of 10/31/20; assumes mid-period discounting convention; assumes tax rate of 27%; Equity value per share ($/share), PV of NOLs of$430mm including $80mm of R&D credit; Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; Post-tax mid-point of litigation risk as per Navistar management; Post tax underfunded pension and OPEB of $1,442mm; PV of NOLs of $430mm including $80mm of R&D credit; BV of FinCo equity of $347mm; rounded to the nearest  Discount rate: 9.5% – 10.5%TGR: 1.0% – 2.0%  $31.00 – $32.40  $27.70 – $38.60  $30.00 – $42.40      $0.10  6 
 
      Revenue CAGR   21E' - 25E' 8.7%  8.2%  7.7%  7.2%  6.7%  21E' - 25E' 8.7%  8.2%  7.7%  7.2%  6.7%  21E' - 30E' 4.8%  4.3%  3.8%  3.3%  2.8%  21E' - 30E' 4.8%  4.3%  3.8%  3.3%  2.8%  Long term manufacturing EBITDA margin  11.5%  $40  $38  $35  $33  $30    11.0%  $38  $35  $33  $30  $28    10.5%  $35  $32  $30  $28  $25    10.0%  $32  $30  $27  $25  $23    9.5%  $29  $27  $25  $23  $21  Illustrative standalone discounted cash flow sensitivity analysis     Revenue CAGR   Long term manufacturing EBITDA margin  11.5%  $47  $44  $41  $39  $36    11.0%  $44  $41  $38  $36  $33    10.5%  $41  $38  $35  $33  $30    10.0%  $38  $35  $33  $30  $28    9.5%  $35  $32  $30  $27  $25    High  Long term manufacturing EBITDA margin        Low    Mid-point  Discount rate: 10.50%; TVGR: 1.0%  Discount rate: 10.00%; TVGR: 1.5%  Discount rate: 9.50%; TVGR: 2.0%    Management Base Case       Source: Navistar management projections 6 
 
     September 11, 2020:MAN announces an “extensive restructuring” plan stating up to 25% of employees jobs could be cut  5yr 3yr 1yr YTD  Since Since   Returns 01/30 09/09  NAV S&P 500  229%64%  3%33%  27%12%  49%7%  79%5%  21%1%  Navistar broker targets and historical performance  7                                      January 30, 2020: Navistar receives $35 bid from TRATON after market close01/30/2020 unaffected share price of $24.07      September 10,2020:Navistar receives revised $43 bid from TRATON    Current broker target prices as of 11/04/2020(2) Navistar share price performance – 5 years(rebased to NAV share price)  Broker  Date  Rec.  Targetprice ($)  Prem. / (Disc.)to current(1)  Jefferies  10/22/20  Hold  $44.50  3.0%  Melius Research  10/16/20  Hold  46.00  6.5%  RBC Capital Markets  10/16/20  Hold  44.50  3.0%  Raymond James  10/15/20  Hold  –  –  Loop Capital Markets  10/13/20  Hold  46.00  6.5%  Vertical Research  10/09/20  Hold  45.00  4.2%  Wolfe research  10/09/20  Buy  50.00  15.7%  BMO Capital Markets  9/14/20  Hold  43.00  (0.5%)  Median      $45.00  4.2%      Average NAV price $28.97 $33.81 $30.84 $30.66 $31.06 $42.69March 11, 2020:WHO declares COVID-19 a global pandemic    Broker  Date  Rec.  Target price ($)  Prem. / (Disc.) to unaffected(4)  BMO Capital Markets  12/20/19  Hold  $30.00  24.6%  Baird  12/18/19  Buy  34.00  41.3%  Vertical Research  12/18/19  Hold  30.00  24.6%  Raymond James  12/17/19  Hold  –  –  Loop Capital Markets  12/17/19  Buy  38.00  57.9%  Jefferies  12/17/19  Buy  45.00  87.0%  RBC Capital Markets  12/17/19  Hold  32.00  32.9%  Melius Research  12/17/19  Hold  31.00  28.8%  Wells Fargo  12/17/19  Hold  30.00  24.6%  Median      $31.50  30.9%    Unaffected broker target prices as of 01/30/2020(2),(3)    Navistar & TRATON reaction to proposals – since 01/01/2020                                                                              (Indexed to 100)NAV          1st offer  2nd offer  TRATON  49%  (28%)      July 11, 2020:CEO Andres Renschler to step down  immediately, will be succeeded by Matthias Grundler        Navistar broker target price progression                                            Source: Press releases; Factset as of 11/04/2020(1) Based on 11/04/2020 closing price of $43.20; (2) Excludes J.P. Morgan research;  $45.00      (3) Pre-proposal 1/30/2020; (4) Based on 01/30/2020 closing price of $24.07 
 
 Commercial vehicle trading multiples        9.7x  9.3x  7.3x  7.1x  5.6x  3.4x  11.8x(2)11.0x(3)10.4x  Median 2021E Adj. TEV / EBITDAPO(Excl. NAV)7.3x  Source: Company filings, Wall Street Research, Capital IQNote: Market data as of 11/4/20. Navistar multiples represent unaffected share price as of 9/9/20 and balance sheet as of 7/31/20. Median trading multiple excludes Navistar multiplesAdjusted TEV defined as market cap plus net debt, preferred stock, minority interest and tax-affected pension & OPEB less investments in affiliates and book value of FinCo EquityBased on consensus 2021E Manufacturing EBITDA of $554mmAssumes 2021E Manufacturing EBITDAPO of $594mm based on 2021E WholeCo Adj. EBITDA of $700mm, 2021E FinCo EBITDA of $126mm, and 2021E non-service pension cost of $20mm per Navistar management projections  2021E ADJ. TEV / EBITDAPO(1)      (Consensus)                    Unaffected NAV TEV as of 9/9/20  (Management Base Case)      9 
 
 Commercial vehicle transaction multiples – For reference only        9.7x  8.4x  6.1x4.5x  9.7x    TEV / LTM EBITDA15.6x12.8x11.6x  Year  2000 – 2014  2019  2006  2016  2006 – 2012  2016  2000  Target  Scania  WABCO  Scania  Navistar  MAN  Blue Bird  Renault V.I.  Acquirer  Volkswagen  ZF  MAN  Volkswagen  Volkswagen  American Securities  Volvo    Transaction Size ($bn)Announced Synergies ($mm)(5)  Weighted Avg.(1)  $7.4  $16.6(2)  $5.9(3)  Weighted Avg.(1)  $0.4(4)  $1.6  $1,170  NA  $630  $200  NA  NA  $360  Source: Company filings, Capital IQRepresents weighted average multiple based on size of acquired stake for all of Volkswagen’s stake purchases in Scania and MANTransaction ultimately evolved into Volkswagen takeovers of Scania and MAN separatelyImplied based on 16.6% ownership stakeImplied based on 57% ownership stakeReflects annual run-rate synergies. Synergy amount converted to USD based on conversion rate on announcement date  Median TEV / LTM EBITDA      10 
 
   Navistar implied acquisition multiples Including NOLs and potential litigation liabilities   ($ in millions, except per share)      Navistar Offer Price    $44.50  Premium to unaffected price of $24.07 as of 1/30/20    84.9%  Premium to unaffected 52-week high of $39.15 as of 1/30/20    13.7%  FDSO (mm)    100.2  Implied Equity Value    $4,459  Plus: Industrial Net Debt and Other⁽¹⁾    1,768  Implied Enterprise Value    $6,227  Plus: Tax Affected Unfunded Pension & OPEB⁽²⁾    1,442  Implied Adj. Enterprise Value    $7,668  Less: Book Value of FinCo Equity⁽³⁾    (347)  Implied Adj. Manufacturing Enterprise Value    $7,321  Valuation Multiples      TEV / EBITDA  Metric    2020E  $370  16.8x  2021E  $700  8.9x  Adj. TEV / EBITDAPO      2020E  $433  17.7x  2021E  $720  10.6x  Adj. Manufacturing TEV / Manufacturing EBITDAPO      2020E  $308  23.8x  2021E  $594  12.3x  Source: Company Filings, Navistar Management Projections, BloombergNet debt of $1,833mm forecasted as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; $391mm post-tax mid-point of litigation risk as perNavistar management; PV of NOLs of $430mm including $80mm of R&D creditPost tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm forecasted as of 10/31/20      (3) Assumes 1.0x FinCo. book value of $347mm which reflect reduction in Fin Co. value to account for intercompany loan to Manufacturing Co. as per Navistar management  11 
 
 APPENDIX     
 
 Illustrative standalone discounted cash flow analysis   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $3,743  $3,978  $4,244    10.0%  3,350  3,551  3,777    10.5%  2,999  3,172  3,365   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $37.40  $39.73  $42.37    10.0%  $33.49  $35.49  $37.73    10.5%  $29.99  $31.71  $33.64    PV of terminal value    PV of cash flows  +    Firm value   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  6.7x  7.1x  7.6x    10.0%  6.3x  6.7x  7.2x    10.5%  6.0x  6.4x  6.8x    Equity value    Implied value per share    Book value of FinCo1  +    Implied TV / 2030E Adj. EBITDA  =  Discount rate  9.5%  ($3,209)    10.0%  (3,209)    10.5%  (3,209)   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $3,366  $3,601  $3,867    10.0%  3,045  3,245  3,471    10.5%  2,763  2,936  3,129   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $6,953  $7,187  $7,453    10.0%  6,559  6,760  6,986    10.5%  6,208  6,381  6,575  Discount rate  9.5%  $3,239    10.0%  3,168    10.5%  3,098   Management projections Management extrapolations CAGR E l  )  )  ))                Discount rate  9.5%  $347    10.0%  347    10.5%  347    Net debt and NOLs2  =  -  Management Base Case – 10.5% Manufacturing long term margin; Assumed discount rate of 9.5% - 10.5%     ($mm)     Oct-21E  Oct-22E  Oct-23E  Oct-24E  Oct-25E  Oct-26    Oct-27E  Oct-28E  Oct-29E  Oct-30E  Termina      21E' - 25E' 21E'  - 30E'  Manufacturing revenue    $8,504  $10,185  $11,386  $10,903  $11,454  $11,454    $11,497  $11,584  $11,714  $11,890  $12,068      7.7%  3.8%  % growth    17.6%  19.8%  11.8%  (4.2%)  5.1%  0%    0.4%  0.8%  1.1%  1.5%  1.5%          Manufacturing Adj. EBITDA    $574  $837  $1,111  $1,008  $1,108  $1,100    $1,212  $1,221  $1,235  $1,253  $1,272      17.9%  9.1%  % margin    6.7%  8.2%  9.8%  9.2%  9.7%  9.6%    10.5%  10.5%  10.5%  10.5%  10.5%          Plus: Non-service pension expenses    20  16  12  8  6  0    (4)  0  0  0  0          Manufacturing EBITDAPO    $594  $853  $1,123  $1,017  $1,114  $1,100    $1,208  $1,221  $1,235  $1,253  $1,272          % margin    7.0%  8.4%  9.9%  9.3%  9.7%  9.6%    10.5%  10.5%  10.5%  10.5%  10.5%          Less: Manufacturing D&A    (132)  (171)  (185)  (194)  (185)  (185    (193)  (201)  (209)  (217)  (217  )        Manufacturing EBITPO    $463  $682  $938  $823  $929  $915    $1,015  $1,020  $1,026  $1,037  $1,055          % margin    5.4%  6.7%  8.2%  7.5%  8.1%  8.0%    8.8%  8.8%  8.8%  8.7%  8.7%          Tax expense    (36)  (184)  (253)  (222)  (251)  (247    (274)  (275)  (277)  (280)  (285  )        EBIAT    $427  $498  $685  $601  $678  $668    $741  $745  $749  $757  $770          Add: Manufacturing D&A    132  171  185  194  185  185    193  201  209  217  217          % capex    43.8%  57.1%  61.6%  64.6%  61.7%  61.7%    64.3%  67.0%  69.6%  72.3%  72.3%          Less: Capex    (300)  (300)  (300)  (300)  (300)  (300    (300)  (300)  (300)  (300)  (300  )    0.0%  0.0%  Less: Δ(NWC) & Other    (53)  22  97  (96)  (54)  (83    (5)  (5)  (5)  (5)  (5  )        Unlevered FCF    $205  $391  $666  $399  $509  $470    $629  $641  $653  $668  $682              Source: Navistar management projections; Note: Assume valuation date as of 10/31/20; assumes mid-period discounting convention; assumes tax rate of 27%1 Assumes 1.0x FinCo. book value of $347mm which reflect reduction in Fin Co. value to account for intercompany loan to Manufacturing Co. as per Navistar management2 Net debt of $1,833mm forecasted as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; $387mm post-tax mid-point of litigation risk as per Navistar management; Post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm forecasted as of 10/31/20); PV of NOLs of $430mm including $80mm of R&D credit  13 
 
 Illustrative standalone discounted cash flow analysis   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $5,343  $5,633  $5,962    10.0%  4,853  5,101  5,380    10.5%  4,415  4,629  4,868    PV of terminal value   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $53.26  $56.13  $59.38    10.0%  $48.40  $50.86  $53.62    10.5%  $44.06  $46.18  $48.55    PV of cash flows  +    Firm value    Equity value   Terminal growth rate 1.0% 1.5% 2.0%   Discount rate  9.5%  $4,181  $4,471  $4,799    10.0%  3,781  4,029  4,308    10.5%  3,431  3,645  3,884   Terminal growth rate 1.0% 1.5% 2.0%   9.5%  $8,553  $8,842  $9,171  10.0%  8,062  8,310  8,589  10.5%  7,624  7,838  8,077  Discountrate  Discount rate  9.5%  7.0x  7.5x  8.1x    10.0%  6.6x  7.1x  7.6x    10.5%  6.3x  6.7x  7.1x    Implied value per share  Discount rate  9.5%  ($3,209)    10.0%  (3,209)    10.5%  (3,209)    Book value of FinCo1  Discount rate  9.5%  $4,025    10.0%  3,934    10.5%  3,846    Implied TV / 2030E Adj. EBITDA Terminal growth rate 1.0% 1.5% 2.0%   +  =                 ($mm)   Oct-21E  Oct-22E  Oct-23E  Oct-24E  Oct-25E  Oct-26E  Oct-27E  Oct-28E  Oct-29E  Oct-30E  Terminal      21E' - 25E'  21E' - 30E'  Manufacturing revenue  $8,504  $10,451  $12,020  $11,588  $12,298  $12,298  $12,344  $12,437  $12,577  $12,765  $12,957      9.7%  4.6%  % growth  17.6%  22.9%  15.0%  (3.6%)  6.1%  0%  0.4%  0.8%  1.1%  1.5%  1.5%          Manufacturing Adj. EBITDA  $574  $889  $1,249  $1,156  $1,282  $1,422  $1,427  $1,438  $1,454  $1,476  $1,498      22.3%  11.1%  % margin  6.7%  8.5%  10.4%  10.0%  10.4%  11.6%  11.6%  11.6%  11.6%  11.6%  11.6%          Plus: Non-service pension expenses  20  16  12  8  6  0  (4)  0  0  0  0          Manufacturing EBITDAPO  $594  $905  $1,260  $1,164  $1,287  $1,422  $1,423  $1,438  $1,454  $1,476  $1,498          % margin  7.0%  8.7%  10.5%  10.0%  10.5%  11.6%  11.5%  11.6%  11.6%  11.6%  11.6%          Less: Manufacturing D&A  (132)  (171)  (185)  (194)  (185)  (185)  (193)  (201)  (209)  (217)  (217)          Manufacturing EBITPO  $463  $734  $1,075  $970  $1,102  $1,237  $1,230  $1,237  $1,245  $1,259  $1,281          % margin  5.4%  7.0%  8.9%  8.4%  9.0%  10.1%  10.0%  9.9%  9.9%  9.9%  9.9%          Tax expense  (36)  (198)  (290)  (262)  (298)  (334)  (332)  (334)  (336)  (340)  (346)          EBIAT  $427  $536  $785  $708  $805  $903  $898  $903  $909  $919  $935          Add: Manufacturing D&A  132  171  185  194  185  185  193  201  209  217  217          % capex  43.8%  57.1%  61.6%  64.6%  61.7%  61.7%  64.3%  67.0%  69.6%  72.3%  72.3%          Less: Capex  (300)  (300)  (300)  (300)  (300)  (300)  (300)  (300)  (300)  (300)  (300)      0.0%  0.0%  Less: Δ(NWC) & Other  (53)  49  128  (94)  (42)  (83)  (5)  (5)  (5)  (5)  (5)          Unlevered FCF  $205  $456  $798  $508  $648  $705  $786  $799  $813  $831  $847          Discount rate  9.5%  $347    10.0%  347    10.5%  347    Net debt and NOLs2  =  -    Management Upside Case – 11.4% Manufacturing long term margin; Assumed discount rate of 9.5% - 10.5%(For reference only) Management projections Management extrapolations CAGR       Source: Navistar management projections; Note: Assume valuation date as of 10/31/20; assumes mid-period discounting convention; assumes tax rate of 27%1 Assumes 1.0x FinCo. book value of $347mm which reflect reduction in Fin Co. value to account for intercompany loan to Manufacturing Co. as per Navistar management2 Net debt of $1,833mm forecasted as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; $387mm post-tax mid-point of litigation risk as per Navistar management; Post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm forecasted as of 10/31/20); PV of NOLs of $430mm including $80mm of R&D credit  14 
 
 Illustrative discounted cash flow bridge                $3.50  $4.30  ($18.00)  ($14.40)  ($3.90)  PV of cash flow  PV of Terminal  Book value of FinCo  PV of NOLs incl.  Net debt  Tax-affected  Post-tax litigation  Share price    value  equity  R&D credit    pension & OPEB  expenses              adjustment        Management Upside Case (For reference only)  Source: Navistar management projections; Note: Assumes valuation date as of 10/31/20; assumes mid-period discounting convention; assumes tax rate of 27%; Equity value per share ($/share), PV of NOLs of$430mm including $80mm of R&D credit; Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; Post-tax mid-point of litigation risk as per Navistar management; Post tax underfunded pension and OPEB of $1,442mm; PV of NOLs of $430mm including $80mm of R&D credit; BV of FinCo equity of $347mm; rounded to the nearest  Discount rate: 9.5% – 10.5%TGR: 1.0% – 2.0%  $38.40 – $40.10  $34.30 – $47.80  $44.10 – $59.40      $0.10  15 
 
      Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7% 8.2%  21E' - 30E' 5.1%  4.6%  4.1%  3.6%  3.1%  Long term manufacturing EBITDA margin  12.1%  $50  $47  $44  $41  $39    11.6%  $47  $44  $41  $39  $36    11.1%  $44  $41  $39  $36  $34    10.6%  $41  $39  $36  $34  $31    10.1%  $38  $36  $33  $31  $29  Illustrative standalone discounted cash flow sensitivity analysis     Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7% 8.2%  21E' - 30E' 5.1%  4.6%  4.1%  3.6%  3.1%  Long term manufacturing EBITDA margin  12.1%  $57  $54  $51  $48  $45    11.6%  $54  $51  $48  $45  $42    11.1%  $51  $48  $45  $42  $39    10.6%  $48  $45  $42  $39  $37    10.1%  $44  $42  $39  $36  $34  Long term manufacturing EBITDA margin        High    Low    Mid-point  Discount rate: 10.50%; TVGR: 1.0%  Discount rate: 10.00%; TVGR: 1.5%  Discount rate: 9.50%; TVGR: 2.0%    Management Upside Case (For reference only)       Source: Navistar management projections 14 
 
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