【正文】 4 .5 % 2 .6 % 1 .9 % 1 .0 %5 .0 %7 .9 % 8 .0 % 4 .0 % 0 .0 % 4 .0 % 8 .0 %M in iva nS p o r t W a g o nL u x u r y Ca rM id d le SUVS m a ll Pi ck u pS m a ll SU VL u x u r y SUVUS Dollar per Euro: Jan 03 Present Source: FactSet amp。 Man Stanley Research Y/Y Change in Monthly New Car CPI Source: CPI amp。 Man Stanley Research Peak Trough Now Jan02 Oct02 Nov03 Interest Rates Consumer Confidence Gasoline Prices Used Car Prices Employment Affordability Near 25 Year Best 171819202122231 Q 8 0 4 Q 8 3 3 Q 8 7 2 Q 9 1 1 Q 9 5 4 Q 9 8 3 Q 0 2Number of Weeks of Ine to Purchase a Vehicle Source: FRB amp。 Man Stanley Research Off Lease Vehicles Begin to Decline Source: Manheim amp。A FY2020E: OEMs Spending for Growth Source: Company data amp。 Man Stanley Research Global Sales Forecasts: 2020 2020 Source: Global Insight amp。 Co. International Limited, solely for the purposes of section 21 of the Financial Services and Markets Act 2020. Private . investors should obtain the advice of their Man Stanley amp。 in Spain by Man Stanley, .,., a Man Stanley group pany, which is supervised by the Spanish Securities Markets Commission (CNMV) and states that this document has been written and distributed in accordance with the rules of conduct applicable to financial research as established under Spanish regulations。 UP=Underperform. For definitions, please go to Analyst Industry Views Attractive (A). The analyst expects the performance of his or her industry coverage universe to be attractive vs. the relevant broad market benchmark over the next 1218 months. InLine (I). The analyst expects the performance of his or her industry coverage universe to be in line with the relevant broad market benchmark over the next 1218 months. Cautious (C). The analyst views the performance of his or her industry coverage universe with caution vs. the relevent broad market benchmark over the next 1218 months. 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Reports prepared by Man Stanley research personnel are based on public information. Facts and views presented in this report have not been reviewed by, and may not reflect information known to, professionals in other Man Stanley business areas, including investment banking personnel. The value of and ine from your investments may vary because of changes in interest rates or foreign exchange rates, securities prices or market indexes, operational or financial conditions of panies or other factors. There may be time limitations on the exercise of options or other rights in your s ecurities transactions. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. This publication is disseminated in Japan by Man Stanley Japan Limited and/or Man Stanley Nippon Securities Limited。s) coverage universe, on a riskadjusted basis, over the next 1218 months. More volatile (V) We estimate that this stock has more than a 25% chance of a price move (up or down) of more than 25% in a month, based on a quantitative assessment of historical data, or in the analyst39。s industry (or industry team39。s total return is expected to exceed the average total return of the analyst39。 Co. Incorporated makes a market in the securities of Aftermarket Technology, Delphi, Dura Automotive, Ford, General Motors, Magna Intl., TBC and Tower Automotive. Global Stock Ratings Distribution (as of December 31, 2020) (Continued) C o v e r a g e U n i v e r s e I n v e s t m e n t B a n k i n g C l i e n t ( I B C )S t o c k R a t i n g C a t e g o r y C o u n t % o f t o t a l C o u n t % o f t o t a l I B C % o f R a t i n g C a t e g o r yO ve r w e i g h t 592 32 241 38 41E q u a l W e i g h t 856 46 287 46 34U n d e r w e i g h t 402 22 98 16T o t a l 1 , 8 5 0 626Disclosures Data include mon stock and ADRs currently assigned ratings. For disclosure purposes (in accordance