Q3 2014 SalesJacques Aschenbroich – CEO

October 21, 2014 I 1

October 21, 2014

Jacques Aschenbroich – CEO

Q3 2014 highlights

� Consolidated sales of €3,069 million, up 10% on a reported basis � up 6% on a like-for-like basis(1)

� OEM sales of €2,644 million, up 13% on a reported basis � up 7% on a like-for-like basis(1)

� Near 7-pt above-market growth in OEM sales

OEM sales growth* Performance**

China +25.3% +20.3pts

October 21, 2014 I 2

� Aftermarket sales up 1% on a reported basis � down 1% on a like-for-like basis(1)

(1) Constant Group structure and exchange rates.(2) Including Valeo Sylvania

China +25.3% +20.3pts

Europe +9.0% +9.2pts

Asia (excl. China) (2) +5.1% +5.3pts

North America (2) +4.2% +0.4pt

South America -21.7% -2.2pts

World +7.3% +6.6pts*like-for-like **vs automotive production

2014 outlook

Based on the automotive production assumptions published in the H12014 results:

� World: growth of approximately 3%

� Europe: growth of approximately 2%

October 21, 2014 I 3

Valeo confirms its objectives for 2014:

� Sales growth outperformance in the main production regions

� Operating margin* slightly higher than 7% of sales

* Incl. JV and associates in accordance with new IFRS standards

Sales of €3.1bn, up 10% as reported,

up 6%

October 21, 2014 I 4

up 6% like-for-like

OEM sales, up 13% as reported,

up 7% like-for like, a near 7-point outperformance

Aftermarket sales, up 1% as reported,

down 1% like-for-like

+8%*+10%**Like-for-like growth

Total sales up 10% as reported, up 6% like-for-likeYTD sales up 8% like-for-like

+6%*

October 21, 2014 I 5

3,069

6,347

9,416

Q3 14 H1 14 YTD 14

As reported +8%

Exchange rates -2.1%

Perimeter +1.7%

As reported +7%

Exchange rates -3.1%

Perimeter +0.4%

€m

As reported +10%

Exchange rates 0.0%

Perimeter +4.3%

OEM sales

OEM sales up 13% on a reported basis, up 7% like-for-likeAftermarket up 1% on a reported basis, down 1% like-for-like

Aftermarket

+1%**

X,XXX2,516

366

7531,119

Q3 14 H1 14 YTD 14

+1%**

+9%*+10%**Like-for-likegrowth

+2%*+3%*

+7%*

+1%**

-1%*

October 21, 2014 I 6

2,644

5,432

8,076

Q3 14 H1 14 YTD 14

Miscellaneous

59

162221

Q3 14 H1 14 YTD 14

+9%**

Exchange rates -2.1%

Perimeter 2.2%

+8%**

Exchange rates -3.2%

Perimeter +0.7%

+5%*+16%*-14%*

**Change as reported

-8%**+3%**-29%**

+13%**

Exchange rates 0.0%

Perimeter 5.3%

€m

Europe*OEM sales** +8.9%

Production***-0.2%

Asia* excl. China

North AmericaOEM sales** +4.2%

Production*** +3.8% 49% of Valeo sales

22% of Valeo sales

Outperf.+0.4pts

Outperf.+9.1pts

Outperf.+5.3pts

WorldOEM sales** +7.7%

Production***+0.7%

Outperf.+7.0pts

Q3

OEM sales outpaced the global market by 7 pointsOutperformance in China of more than 20 points and in Europe of more than 9 points

Like-for-like proforma 2014

October 21, 2014 I 7

Asia* excl. ChinaOEM sales** +5.1%

Production***-0.2%

South AmericaOEM sales** -21.7%

Production***-19.5%

13% of Valeo sales

3% of Valeo sales

Underperf.-2.2pts

13% of Valeo sales

Outperf.+20.4pts

ChinaOEM sales** +25.4%

Production***+5.0%

* Europe including Africa; Asia including Middle East

** Valeo OEM sales by destination***LMC estimates – light vehicle production

Europe*OEM sales** +9.4%

Production***+3.2%

Asia* excl. China

North AmericaOEM sales** +7.7%

Production*** +3.4% 50% of Valeo sales

21% of Valeo sales

Outperf.+4.3pts

Outperf.+6.2pts

Outperf.+7.4pts

WorldOEM sales** +9.9%

Production***+2.7%

Outperf.+7.2pts

YTD

OEM sales outpaced the global market by more than 7 pointsOutperformance in all production regions

Like-for-like proforma 2014

October 21, 2014 I 8

Asia* excl. ChinaOEM sales** +8.4%

Production***+1.0%

South AmericaOEM sales** -16.0%

Production***-18.9%

13% of Valeo sales

4% of Valeo sales

Outperf.+2.9pts

12% of Valeo sales

Outperf.+23.5pts

ChinaOEM sales** +32.0%

Production***+8.5%

* Europe including Africa; Asia including Middle East

** Valeo OEM sales by destination***LMC estimates – light vehicle production

Asia excl.

Eastern Europe &

Africa14%

Asia excl.

Eastern Europe &

Africa 13%

WesternEurope

WesternEurope

OEM sales by production regionSales including joint-ventures consolidated proportionally

Geographic repositioning Asia and North America (US & Mexico) both up 1 pointWestern Europe down 2 points

October 21, 2014 I 9

Q3 2014

US11%

Mexico10%

SA 3%

China14%

Asia excl. China14%

US10%Mexico

10%

SA4%

China 13%

Asia excl. China14%

54% in Asia& emergingcountries

Q3 2013

Europe36%

Europe34%

55% in Asia& emergingcountries

Asia excl.

Eastern Europe &

Africa14%

Asia excl.

Eastern Europe &

Africa 14%

Western WesternEurope

OEM sales by production regionSales including joint-ventures consolidated proportionally

Geographic repositioning North America (US & Mexico) up 2 points, Asia up 1 point Western Europe down 1 point

October 21, 2014 I 10

2014

US10%Mexico

10%

SA 3%

China13%

Asia excl. China14%

US9%Mexico

9%

SA5%

China 12%

Asia excl. China14%54% in Asia

& emergingcountries

2013

Europe37%

Europe36%

54% in Asia& emergingcountries

YTD end-September

French* 16%

Other6%

Balanced customer portfolioGerman and Asian customers stable at 30% and 26% respectively, American customers up 1 point, French customers down 1 point

French*17%

Other 6%

German30%

German30%

% of OEM salesSales including joint-ventures consolidated proportionally

October 21, 2014 I 11

Asian**26%

American22%

2014

Asian** 29%

American 21%

2013

* Excluding Nissan** Including Nissan

Asian**26%

Asian**26%

YTD end-September

YTD total sales

change(on a reported

basis)

OEM sales growth (like-for-like)

Q3 H1 YTD

-1% +13% +16%

Above-market growth in all Business Groups

+15%CDA**

CDA 18%

PTS26%

THS29%

VIS27%

Group€3.1bn

% Q3 2014 sales

October 21, 2014 I 12

-1% +13% +16%

+6% +3% +8%

+7% +6% +10%

+20% +9%* +12%*Visibility

Thermal

+15%

+8%

CDA**

Powertrain +7%

+11%*

*2014 perimeter** Comfort & Driving Assistance

2014 outlook

October 21, 2014 I 13

2014 outlook

2014 outlook

Based on the automotive production assumptions published in the H12014 results:

� World: growth of approximately 3%

� Europe: growth of approximately 2%

October 21, 2014 I 14

Valeo confirms its objectives for 2014:

� Sales growth outperformance in the main production regions

� Operating margin* slightly higher than 7% of sales

* Incl. JV and associates in accordance with new IFRS standards

Contact

Investor Relations

Thierry Lacorre43, rue BayenF-75848 Paris Cedex 17FranceTel.: +33 (0) 1.40.55.37.93

October 21, 2014 I 15

Tel.: +33 (0) 1.40.55.37.93Fax: +33 (0) 1.40.55.20.40E-mail: thierry.lacorre@valeo.comWeb site: www.valeo.com

Share Information

FR FPVLOF.PAFR 00013033879,462,540

Share Data

• Bloomberg Ticker• Reuters Ticker• ISIN Number• Shares outstanding as of September 30, 2014

October 21, 2014 I 16

ADR Data

• Ticker/trading symbol• CUSIP Number• Exchange• Ratio (ADR: ord)• Depositary Bank• Contact at J.P. Morgan – ADR

broker relationship desk

VLEEY919134304OTC1:2J.P. MorganJim Reeves+1 212-622-2710

Back-up

October 21, 2014 I 17

Quarterly informationIn €m (2014 as reported and 2013 restated in accordance with IFRS 11)

� Sales by segment

Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14

Comfort & DrivingAssistance Systems 623 569 515 531 552 572 573

PowertrainSystems 774 817 752 818 848 848 798

Thermal Systems 818 885 832 837 880 934 889

Visibility Systems 733 762 711 764 876 925 856

October 21, 2014 I 18

Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14

OE sales 2,470 2,567 2,348 2,449 2,677 2,755 2,644

Aftermarket 375 374 361 377 376 377 366

Miscellaneous 82 76 83 100 59 103 59

Total sales 2,927 3,017 2,792 2,926 3,112 3,235 3,069

� OE & aftermarket sales

Total sales 2,927 3,017 2,792 2,926 3,112 3,235 3,069

Comfort & Driving Assistance Systems H1 2014 key figures:• Sales: €1.1bn (18% of Group sales)• Ebitda: 14.2% (22% of Group Ebitda)

2013 key figures:• 13,431 employees• 23 production units• 9 development centers• 7 research centers

Market share* and competitors:

- Driving Assistance: Valeo no.1Valeo+Bosch+Continental > 60%*

- Interior Controls: Valeo no.1Valeo+Kostal+Tokai Rika > 25%*

Sales performanceGrowth rate on a like-for-like basis

5731,124

1,697

Q3 14 H1 14 YTD 14

+13%

+11%

Total sales (€m)

Total sales -change asreported

OEM sales Like-for-likechange

+16%

-6%

+15%

-1%

October 21, 2014 I 19

Key growth drivers:

� Development of solutions for connected and autonomous vehicles (Valeo first automotive supplier to present a product like the Valet Park4U® driving assistance system)

� Change in regulations: mandatory rear camera in the US as from May 2016 (100% applicable in 2018)

Latest innovations:

� Park4U® with comfort braking launched in 2013

� 2014 Pace Award for the Back-Over Protection System for reversing maneuvers

� First order intake received for laser scanner technology

Valeo+Kostal+Tokai Rika > 25%*

* 2013 Valeo estimate

reported

Powertrain SystemsH1 2014 key figures:

• Sales: €1.7bn (26% of Group sales)• Ebitda: 12.4% (28% of Group Ebitda)

2013 key figures:• 18,769 employees• 32 production units• 16 development centers• 5 research centers

Market share* and competitors:

- Transmission Systems: Valeo no.2Luk+Valeo+ZF Sachs = 45%*

- Electrical Systems: Valeo no.1Valeo+Denso+Bosch = 70%*

Sales performanceGrowth rate on a like-for-like basis

7981,696

2,494

Q3 14 H1 14 YTD 14

+3%

+6%

Total sales (€m)

OEM sales Like-for- likechange

+8%

+7%

+7%

+6%Total sales -change asreported

October 21, 2014 I 20

Key growth drivers:Dual objective of reducing CO2 emissions and fossil fuel consumption, based on 3 priorities for engines:

� Downsizing

� Downspeeding

� Electrification

Latest innovations:

� High efficiency alternators awarded by the European Commission’s eco innovation label

� Production of the dual dry-clutch launched in 2014

� First order intake received for the electric supercharger

Valeo+Denso+Bosch = 70%*

*2013 Valeo estimate

reported

Thermal SystemsH1 2014 key figures:

• Sales: €1.8bn (28% of Group sales)• Ebitda: 11.0% (27% of Group Ebitda)

2013 key figures:• 18,128 employees• 45 production units• 7 development centers• 2 research centers

Market share* and competitors:

- Thermal Systems: Valeo no.2Denso+Valeo+Halla (Visteon) = 50%*

Sales performanceGrowth rate on a like-for-like basis

8891,814

2,703

Q3 14 H1 14 YTD 14

+6%

+7%

Total sales (€m)

OEM sales Like-for-likechange

+10%

+7%

+8%

+7%Total sales -change asreported

October 21, 2014 I 21

Key growth drivers:

� New technological solutions to respond to air conditioning systems becoming more complex

� Innovative solutions to comply with new regulations on gas pollutants and fuel consumption

Latest business developments:

� Air intake module: awarded a PACE Award by Automotive News

� Battery thermal management system

*2013 Valeo estimate

reported

Visibility SystemsH1 2014 key figures:

• Sales: €1.8bn (28% of Group sales)• Ebitda: 9.3% (23% of Group Ebitda)

2013 key figures:• 23,012 employees• 33 production units• 13 development centers• 4 research centers

Market share** and competitors:

- Lighting Systems: Valeo no.2Koito+Valeo+Magnetti Marelli > 50%*

- Wiper Systems: Valeo no.1Valeo+Bosch+Denso = 75%*

Sales performanceGrowth rate on a like-for-like basis

8561,801

2,657

Q3 14 H1 14 YTD 14

+9%*

+20%

Total sales (€m)

OEM sales Like-for- likechange

+12%*

+20%

+11%*

+20%Total sales -change asreported

October 21, 2014 I 22

Key growth drivers:

� Automakers’ widespread implementation of lighting systems with LED low beam, high beam or daytime running lights

� Growing interest in electronic wiper systems and Aquablade® wiper technology

Latest business developments:

� Valeo BiLED® (100% LED) selected for emblematic models such as the BMWi3 and the new Mini

� Omniblade technology chosen for the front of the new Cadillac Escalade in the US

� Start of production of the electronic wiper systems using direct drive blades for the Ford Kuga

Valeo+Bosch+Denso = 75%*

*2014 perimeter**2013 Valeo estimate

reported

Safe Harbor Statement

Statements contained in this report, which are not historical fact, constitute “Forward-LookingStatements”. Even though Valeo’s management feels that the Forward-Looking Statements arereasonable, investors are put on notice that actual results may differ materially due to numerous importantfactors, risks and uncertainties to which Valeo is exposed. Such factors include, among others, thecompany’s ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually orcompetitively required price reductions. The risks and uncertainties to which Valeo is exposed are mainlythe risks resulting from the investigations currently being carried out by the antitrust authorities as theyhave been identified in the Registration Document and any legal actions which could arise as a result ofthese investigations, operational risks which relate to being a supplier in the automotive industry and to the

October 21, 2014 I 23

development of new products and risks due to certain global and regional economic conditions. Alsoincluded are environmental and industrial risks as well as risks and uncertainties described or identified inthe public documents submitted by Valeo to the French “Autorité des marchés financiers” (AMF), includingthose set out in the “Risk Factors” section of Valeo’s Registration Document registered at the AMF onMarch 28, 2014 (ref. no. D.14-0234).

The company assumes no responsibility for any estimates made by analysts and any other informationprepared by third parties which may be used in this report. Valeo does not intend to, or assume anyobligation to, review or to confirm the estimates of analysts or to update any Forward-Looking Statementsto reflect events or circumstances which occur after the date of this report.

October 21, 2014 I 24