# Dear fellow shareholders

_Source: `DeepSeekOCR_Ardian_pruned_1k/consumer-cyclical-auto-parts/NYSE_DAN_2022/NYSE_DAN_2022.mmd` · pages 3-9_

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Dear fellow shareholders,

In 2022, Dana achieved record company sales, surpassing $10 billion – earlier than anticipated – and reflecting a nearly 75 percent increase since 2016. In addition, we delivered a record three-year sales backlog of $900 million, with 65 percent of sales coming from electric-vehicle platforms. This is the sixth consecutive year that Dana increased its sales backlog. This revenue growth is attributed to our team's relentless commitment to differentiate ourselves in customer satisfaction.

We were able to accomplish this growth during one of the most difficult business environments in the history of the mobility industry. This past year, we faced unprecedented global economic challenges, including generational cost inflation, higher raw material prices, and extremely volatile customer production schedules that caused dramatic disruptions in our operations. Despite this turmoil, we completely and successfully transformed the company from a supplier of traditional mechanical drivelines for internal combustion engines (ICE) to the only supplier capable of offering a complete, fully integrated, in-house electrified system across all mobility markets. Today, Dana is a leading supplier to many of the world's top ICE and zero-emission vehicle (ZEV) manufacturers.

## 2022 Financial Highlights

Sales | $10.2 billion

Three-Year Sales Backlog | $900 million with 65% electrified

Adjusted EBITDA \( ^{1} \)  | $700 million

Free Cash Flow \( ^{1} \)  | $209 million

All figures as of year-end December 31, 2022.

 \( ^{1} \)  See pages 23-24 of Dana's 2022 Form 10-K, included herein, for explanation and reconciliation of non-GAAP financial measures. At the heart of this company-wide transformation is an element of our enterprise strategy referred to as Leveraging the Core, which defines how we relentlessly drive continuous improvement through our people, customer relationships, operations, and technology across the organization. Every day, we operate as "One Dana," driving the inherent synergies that exist across our business.

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Customer Centricity and Leading in Electrification are also foundational tenants of our enterprise strategy. Early on, we recognized that mobility markets would evolve from predominantly ICE to electric propulsion with the adoption rate varying by end market and vehicle application. This set in motion our commitment to reinvent the company to be an energy-source agnostic mobility supplier with the capability to design, engineer, and manufacture fully electric powertrains in-house for a zero-emissions future.

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Since that time, we have become a customer-recognized front-runner in vehicle electrification across all mobility markets and dramatically increased our potential for content-per-vehicle growth. Our portfolio includes a complete 4-in-1 vehicle driveline system consisting largely of four key elements: mechanicals, electric motors, power electronics, and thermal management.

Utilizing our existing infrastructure and personnel, we have also reinvented our Power Technologies business, which historically supplied sealing and thermal products for ICE vehicles, to win in ZEVs. We not only transformed this business to advance battery and electronics cooling technology, but the product technology is now deeply integrated into our motor, inverter, and mechanical components, with thermal management serving as one of the four critical elements in Dana's 4-in-1 e-Axle and e-Transmission systems.

These leading electrification capabilities — coupled with exceptional customer relationships and credibility across all mobility markets — have resulted in numerous new business wins. A few examples include battery cooling across the light-vehicle market with the General Motors Ultium and Jaguar Land Rover global vehicle platforms, as well as e-Propulsion programs with prestigious customers such as Traton, PACCAR, John Deere, JCB, and Zero Motorcycle.
Throughout this transformation, we have not lost focus on the traditional ICE vehicles, which will remain relevant for at least the next decade. Our strong portfolio of current programs will continue to be the bedrock of the company as the mobility industry migrates to a zero-emissions future.

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In 2022, Dana launched new marquee ICE programs with some of the world's most iconic customers, such as Jaguar Land Rover for the all-new Range Rover and Range Rover Sport, while also increasing commercial-vehicle market share with PACCAR, Traton, and AB Volvo, as well as JLG and Manitou in our off-highway segment.

We also prepared for a record number of new vehicle program launches that will commence serial production in 2023. In fact, many of Dana's largest vehicle programs by revenue are launching this year, including the Ford Super Duty and global Ranger programs, Stellantis' Jeep Wrangler and Gladiator, the Oshkosh hybrid-electric Volterra and airport equipment, and the Fendt 700 Series tractor.

Amidst the journey to transform the company, we have never and will never deviate from operating the business "the right way," meaning with the highest integrity, while earning the utmost respect from our customers for operating performance and technology leadership.

To this end, we have been recognized with significant customer, technology, and industry awards serving as evidence that Dana continues to perform at the highest levels.

From a customer perspective, we repeatedly received outstanding recognition across all mobility end markets. Some examples include General Motors honoring Dana with their most prestigious Overdrive Supplier of the Year Award. Additionally, PACCAR recognized us with its North America Supplier Performance Management Achiever Award, and, in the off-highway segment, Dana received Partner Level recognition from the John Deere Achieving Excellence program. We are honored to receive recognition from so many other partner customers, including Caterpillar, FAW, Ford, Hino, Jaguar Land Rover, JCB, Mahindra, Tata, Toyota, and Zoomlion, just to name a few.

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Since Dana's beginning, technology leadership has been the foundation of the company.

Developing our full suite of electrification products speaks volumes relative to Dana's DNA and our ability to provide innovative solutions for our customers.

In 2022, this technology leadership was recognized as we earned our eighth Automotive News PACE Award for the complete vehicle integration of e-Propulsion and e-Power Systems.

Running the business "the right way" begins with ensuring that our company holistically embraces social responsibility by providing a safe, inclusive, and diverse environment for our people. Our commitment to this is evidenced through recognition from numerous organizations, including The Top Employers Institute, Newsweek magazine, and Great Places to Work. We hold high expectations for our people in terms of honesty, integrity, and ethics, which is why I am proud that we were honored by Ethisphere as one of the "World's Most Ethical Companies." We also rose 79 spots on the prestigious Drucker Institute list of best-managed companies — ranking us highest among our core competitors.

Dana is also leading through our commitment to a zero-emissions future. Sustainability continues to be an underlying driver for vehicle electrification and aligns with our objective of reducing emissions across our products, operations, and supply chain using a science-based approach. To this end, we accelerated the company's climate commitments, validated by the Science Based Targets initiative (SBTi), to reduce global Scope 1 and 2 emissions by more than 75 percent by 2030, with an ultimate target of net zero by 2040.
All of this illustrates the strong correlation between providing exceptional customer satisfaction, running the business "the right way," and earning new business. We believe corporate leaders must make a difference, and Dana is making a difference.

On behalf of our Board of Directors, I would like to thank you for your confidence in the united Dana team. Our team members have paid a personal price navigating the company through the often-perilous times of the past several years. We never wavered as we continue to exponentially grow the business profitably, while at the same time protecting our future by establishing Dana as a front-runner in vehicle electrification. I am optimistic that this transformation of our company places Dana on a trajectory for profitable, above-market growth that supports our vision: Powering Innovation to Move Our World.

My personal best,

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James K. Kamsickas

Chairman and Chief Executive Officer