DANA INC - FORM 8-K - EX-99.2

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2015 Dana Limited. This presentation contains copyrighted and confidential information of Dana Holding Corporation and/or its subsidiaries. Those having access to this work

may not copy it, use it, or disclose the information contained within it without written authorization of Dana Holding Corporation. Unauthorized use may result in prosecution.

Dana Holding Corporation

Deutsche Bank

Global Auto Industry Conference

January 13, 2015

Honesty & Integrity

Good Corporate Citizen

Open Communication

Continuous Improvement

Exhibit 99.2

Safe Harbor Statement

Dana 2015

Certain statements and projections contained in this presentation are, by their nature,

forward-looking within the meaning of the Private Securities Litigation Reform Act of

1995. These forward-looking statements are based on our current expectations,

estimates and projections about our industry and business, management’s beliefs,

and certain assumptions made by us, all of which are subject to change. Forward-

looking statements can often be identified by words such as “anticipates,” “expects,”

“intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,”

“would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations

or negatives of these words. These forward-looking statements are not guarantees of

future results and are subject to risks, uncertainties and assumptions that could cause

our actual results to differ materially and adversely from those expressed in any

forward-looking statement. Dana’s Annual Report on Form 10-K, subsequent

Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other

Securities and Exchange Commission filings discuss important risk factors that could

affect our business, results of operations and financial condition. The forward-looking

statements in this presentation speak only as of this date. Dana does not undertake

any obligation to revise or update publicly any forward-looking statement for any

reason.

Dana Snapshot

Founded in 1904

Based in Maumee, Ohio

2014 preliminary sales: $6.6 billion

Global operations and customers

Over 90 major facilities

26 countries on six continents

Customers in over 125 countries

15 R&D centers

23,000 people

Applying Dana’s Expertise

End Markets

Business

Segments

Competencies

And

Technologies

Light Vehicle

Driveline

Commercial

Vehicle

Driveline

Off-Highway

Driveline

Power

Technologies

Percent of preliminary

2014 sales

Light Vehicles: 50%

Off-Highway: 20%

Heavy Vehicles: 30%

Dana 2015

28%

38%

18%

16%

Dana 2015

Products and Applications

Axles

Driveshafts

Sealing Products

Thermal Products

Light Vehicle

Commercial Vehicle

Off-Highway

Drive Axles

Steer Axles

Driveshafts

Sealing Products

Thermal Products

Axles

Driveshafts

Transmissions & Controls

Sealing Products

Thermal Products

Tire Management

Systems

Central Tire Inflation

Systems

Dana 2015

2014 Highlights and Preliminary Results

Strong margin performance overcoming

currency and emerging market demand

challenges

Record

margin

and

consecutive

year of margin growth

Record margin performance in 3 of

our 4 business units

CV margin impacted by supply chain

initiatives and Brazil market demand

Strong free cash flow including capital

investment for future growth

Significant shareholder return: $260M in

share repurchases in 2014; total of

$1.09B or 51M shares since program

inception

Refinanced $400M of outstanding notes,

lowering interest costs and extending

maturities, and reduced pension liability

by over $150M through voluntary

settlement payments to eligible former

employees. These actions will result in

non-cash charges of ~$55M in Q4 2014

See appendix for comments regarding the presentation of non-GAAP measures

LVD

~$2.5B

Sales

~10%

Margin

CVD

~$1.8B

Sales

~9%

Margin

OHD

~$1.2B

Sales

~14%

Margin

~$1.1B

Sales

~15%

Margin

Preliminary

Results

Sales

$6.6 B

Adjusted EBITDA

$745 M

Margin

11.3%

Free Cash Flow

$275

Cash

(incl. markt. secur.)

$1.3 B

Dana 2015

2015 Expectations

New business and market demand offsetting currency effects

Significant new business launches across all of our segments

Capital investment to support future growth

Realize benefits of supply chain initiatives

Continued focus on new product development and introductions

Dana 2015

2015 Market Expectations

Dana Sales Impact vs 2014

New Business and Market

Offsetting Currency

Headwinds in S. America

and Europe

North America

Europe

South America

Asia Pacific

LVD

CVD

MKT

New Business

Increasing Sales

LVD

CVD

MKT

Sales

Impacted by FX

LVD

CVD

MKT

Sales Impacted

by FX

LVD

CVD

Key Market Comments

Strong

market

continuing

benefitting all businesses

economic

and

political

uncertainty driving volatility and

weaker demand

expected

remain

relatively

flat; Agricultural demand

expected to be lower ~7%

provides

modest

growth

India and Thailand

Worldwide mining demand

remains sluggish

MKT

Dana 2015

$140

$480

$730

$340

$250

2015

Increment

2016

Increment

2017

$560

$600

$730

2015 -

2017 Sales Backlog Flow by Year

Sales Backlog Continues to Grow

2014 -

2016

Backlog

2014 -

2016

Updated

Backlog

2015 -

2017

Backlog

Sales Backlog Comparison

By BU

2014 -

2016 Sales Backlog intact

Additional wins in 2014 and fewer

expected losses offset volume

and currency changes

2015 -

2017 Sales Backlog

accelerating reflecting additional

new business wins

Sales Backlog Providing Top-Line Growth in Excess of Market Factors

Represents new business awards, net of any known losses. Excludes replacement business wins

By Region

By Customer

$730

($ in millions)

Ford

18%

Nissan

14%

Toyota

10%

FCA

JLG

Mahindra

Volvo

Other

25%

40%

28%

27%

LVD

$450

170

100

CVD

Total

$730

+$40

+$130

Light Vehicle -

Key Program Launches

Jaguar XF & XE

Toyota Hilux

Nissan Navara

GM Colorado/Canyon

Suzuki SX4

Mahindra

Bolero

Mahindra

Xylo Mini

Ford Everest

Ford Super Duty

Represents Annual Sales

of +$300M at Full Run-Rate

Dana 2015

Off-Highway –

Key Program Launches

Doosan 5T Excavator

John Deere Final Tier Four

Sany 5T FE Loader

XCMG Motor Grader

JLG Sky Trak 6000 Series

TEREX GTH 6

Represents Annual Sales

of +$110M at Full Run-Rate

Dana 2015

Dana 2015

2015 Financial Targets

*Calculated

based

fully

diluted

outstanding

168

million

excludes

future

impact

the

repurchase

program

See appendix for comments regarding the presentation of non-GAAP measures

Key Financial Metrics

2015 Targets

Sales

$6.7 –

$6.8 B

Adjusted EBITDA

$760 –

$780 M

Margin

~11.4%

Diluted Adjusted EPS*

$2.10 –

$2.15

Capital Spend

$300 –

$320 M

Free Cash Flow

$190 –

$220 M

Other Cash Flow Items

Depreciation / Amortization

~$190 M / ~$20 M

Cash Taxes

~$100 M

Net Interest

~$90 M

Pension Funding, Net

~$15 M

Cash Restructuring

~$20 M

Euro / USD

1.20

USD / MXN

13.00

USD / BRL

2.50

USD / ARP

10.70

USD / INR

60.00

U.S. GAAP Rate

23%

Cash Tax Rate

22%

Adjusted EPS Rate

22%

Tax Assumptions

Currency Assumptions

Dana 2015

See appendix for comments regarding the presentation of non-GAAP measures

Light Vehicle Driveline

~$2.7

Sales

~10%

Margin

Commercial Vehicle Driveline

~$1.8 B

Sales

~10%

Margin

Off-Highway Driveline

~$1.2 B

Sales

~13%

Margin

Power Technologies

~$1.1

Sales

~15%

Margin

2015 Targets by Business

2015 Sales and Adjusted EBITDA

Sales Progression

Adjusted EBITDA Progression

2014

Prelim.

$6.6B

Adjusted

~$6.3B

Pricing / Recovery

$75M -

$100M

Market / Backlog

$350M

$400M-

2015

Target

$6.7B

$6.8B

2014

Prelim.

$745M

Adjusted

~$705M

Volume Mix

$40M -

$50M

Performance

$15M -

$25M

2015

Target

$760M

$780M

+$400 -

500M

+$55 -

75M

FX ~$(40)M

FX ~$(300)M

Dana 2015

2016 Sales and Adj. EBITDA Margin Targets Update

~ $8 B

~ $7.4 B

Original

2016

Sales

Target

Revised

2016

Sales

Target

Euro and

Emerging Market

Impacts

Tempered Emerging

Markets and Global

Off-

Highway

Exit Rate

13%

Exit Rate

13% -

14%

Backlog

$40M

$(400)M

Market

$(200)M

2015 Assumption Changes

Sales Backlog solid

FX and market lowering 2016 sales target by $600M

Market impact on operating leverage moving Adjusted EBITDA

margin exit rate to lower end of range

Dana 2015

Driving Shareholder Value

Invest in

Current

Business /

Organic Growth

Protect

Access to

Capital

Inorganic

Growth

Initiatives

Shareholder

Value

Initiatives

Capital Allocation

Focus

Strength

2015 Capital

Spending

Target:

$300-320M

Rating: BB+

Outlook: Stable

M&A Focus:

Bolt-on, adjacent

technology

acquisitions

<$500M

Returned

$1.09B

Since 2012

Dana 2015

The Dana Advantage

Trajectory set for profitable growth

$730M+ New business coming on-line through 2017

2016 expected Adjusted EBITDA exit rate of 13%+

Investing for future

Capital investments in 2015 supporting new business growth

Supply chain improvements providing efficiencies

Strong cash flow generation

Pursuing and investing in technology and innovation

Strong balance sheet providing flexibility for continued business

investment and shareholder value initiatives

Dana 2015

Appendix

Non-GAAP Financial Information

The preceding slides refer to Adjusted EBITDA, which we’ve defined to be earnings from continuing and discontinued

operations before interest, taxes, depreciation, amortization, equity grant expense, restructuring expense and other

nonrecurring items (gain/loss on debt extinguishment, pension settlements or divestitures, impairment, etc.). Adjusted

EBITDA is a primary driver of cash flows from operations and a measure of our ability to maintain and continue to invest in

our operations and provide shareholder returns. Adjusted EBITDA should not be considered a substitute for income (loss)

before income taxes, net income (loss) or other results reported in accordance with GAAP. Adjusted EBITDA may not be

comparable to similarly titled measures reported by other companies.

Diluted adjusted EPS is a non-GAAP financial measure which we have defined as adjusted net income divided by

adjusted diluted shares. We define adjusted net income as net income attributable to the parent company excluding any

nonrecurring income tax items, restructuring and impairment expense, amortization expense and other nonrecurring items

(as used in adjusted EBITDA), net of any associated income tax effects. We define adjusted diluted shares as diluted

shares as determined in accordance with GAAP based on adjusted net income. This measure is considered useful for

purposes of providing investors, analysts and other interested parties with an indicator of ongoing financial performance

that provides enhanced comparability to EPS reported by other companies. Diluted adjusted EPS is neither intended to

represent nor be an alternative measure to diluted EPS reported under GAAP.

Free cash flow is a non-GAAP financial measure which we have defined as cash provided by (used in) operating

activities, less purchases of property, plant and equipment. We believe this measure is useful to investors in evaluating

the operational cash flow of the company inclusive of the spending required to maintain the operations. Free cash flow is

neither intended to represent nor be an alternative to the measure of net cash provided by (used in) operating activities

reported under GAAP. Free cash flow may not be comparable to similarly titled measures reported by other companies.

Please reference the “Non-GAAP financial information” accompanying our quarterly earnings conference call

presentations on our website at www.dana.com/investors for our GAAP results and the reconciliations of these measures,

where used, to the comparable GAAP measures.

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