<SEC-DOCUMENT>0000897069-20-000225.txt : 20200507
<SEC-HEADER>0000897069-20-000225.hdr.sgml : 20200507
<ACCEPTANCE-DATETIME>20200506175137
ACCESSION NUMBER:		0000897069-20-000225
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200507
DATE AS OF CHANGE:		20200506
EFFECTIVENESS DATE:		20200507

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BORGWARNER INC
		CENTRAL INDEX KEY:			0000908255
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				133404508
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12162
		FILM NUMBER:		20853856

	BUSINESS ADDRESS:	
		STREET 1:		3850 HAMLIN RD.
		CITY:			AUBURN HILLS
		STATE:			MI
		ZIP:			48326
		BUSINESS PHONE:		2487549200

	MAIL ADDRESS:	
		STREET 1:		3850 HAMLIN RD.
		CITY:			AUBURN HILLS
		STATE:			MI
		ZIP:			48326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BORG WARNER AUTOMOTIVE INC
		DATE OF NAME CHANGE:	19930628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Delphi Technologies PLC
		CENTRAL INDEX KEY:			0001707092
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				981367514
		STATE OF INCORPORATION:			Y9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38110
		FILM NUMBER:		20853855

	BUSINESS ADDRESS:	
		STREET 1:		ONE ANGEL COURT
		STREET 2:		10TH FLOOR
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC2R 7HJ
		BUSINESS PHONE:		011-44-020-305-74300

	MAIL ADDRESS:	
		STREET 1:		ONE ANGEL COURT
		STREET 2:		10TH FLOOR
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC2R 7HJ

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Delphi Jersey Holdings plc
		DATE OF NAME CHANGE:	20170518
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>cmw212.htm
<TEXT>
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      <div style="text-align: center; margin-right: 182.9pt; margin-left: 182.55pt; margin-top: 3.85pt; font-size: 8pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; margin-right: 182.9pt; margin-left: 182.6pt; margin-top: 0.9pt; font-size: 8pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; margin-right: 256.6pt; margin-left: 256.7pt; margin-top: 0.85pt; font-size: 8pt; font-weight: bold;">Washington, D.C. 20549 SCHEDULE 14A</div>
      <div style="text-align: center; margin-right: 182.8pt; margin-left: 183.4pt; margin-top: 0.1pt; font-size: 8pt;">Proxy Statement Pursuant to Section 14(a) of</div>
      <div style="text-align: center; margin-right: 182.9pt; margin-left: 183.4pt; margin-top: 0.85pt; font-size: 8pt;">the Securities Exchange Act of 1934 (Amendment No. )</div>
      <div style="margin-top: 0.1pt;"><br>
      </div>
      <div style="margin-left: 34.25pt; margin-top: 0.05pt; font-size: 8pt;">Filed by the Registrant &#9744;</div>
      <div style="margin-left: 34.25pt; margin-top: 4.65pt; font-size: 8pt;">Filed by a Party other than the Registrant &#9746;</div>
      <div style="margin-left: 34.25pt; margin-top: 5.1pt; font-size: 8pt;">Check the appropriate box:</div>
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                <div style="margin-left: 5.7pt; margin-top: 5.15pt; font-size: 8pt;">&#9744;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 5.15pt; font-size: 8pt;">Preliminary Proxy Statement</div>
              </td>
            </tr>

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                <div style="margin-left: 5.7pt; margin-top: 4.65pt; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">&#9744;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 4.65pt; font-size: 8pt; font-weight: bold;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
              </td>
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        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 4.65pt; width: 100%; text-align: left; color: #000000;">

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                <div style="margin-left: 5.7pt; margin-top: 4.65pt; font-size: 8pt;">&#9744;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 4.65pt; font-size: 8pt;">Definitive Proxy Statement</div>
              </td>
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      </div>
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                <div style="margin-left: 5.7pt; margin-top: 4.65pt; font-size: 8pt;">&#9744;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 4.65pt; font-size: 8pt;">Definitive Additional Materials</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-top: 0.2pt;"><br>
      </div>
      <div style="margin-left: 5.75pt; font-size: 8pt;">&#9746;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font>Soliciting Material under &#167;240.14a-12</div>
      <div><br>
      </div>
      <div style="margin-top: 0.4pt;"><br>
      </div>
      <div style="text-align: center; margin-right: 182.9pt; margin-left: 183.25pt; margin-bottom: 0.8pt; font-size: 8pt; font-weight: bold;">Delphi Technologies PLC</div>
      <div style="text-align: center;">(Name of Registrant as Specified In Its Charter) </div>
      <div style="margin-top: 0.05pt;"><br>
      </div>
      <div style="margin-left: 5.15pt; text-align: center; font-weight: bold; font-size: 8pt;">BorgWarner Inc.</div>
      <div style="text-align: center; margin-right: 182.9pt; margin-left: 183.4pt; margin-top: 0.1pt; font-size: 8pt;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
      <div style="margin-top: 0.05pt;"><br>
      </div>
      <div style="margin-left: 34.25pt; font-size: 8pt;">Payment of Filing Fee (Check the appropriate box):</div>
      <div style="margin-left: 5.75pt; margin-top: 5.1pt; font-size: 8pt;">&#9746;<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 12pt">&#160;</font>No fee required.</div>
      <div style="margin-top: 0.2pt;"><br>
      </div>
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                <div style="margin-left: 5.7pt; font-size: 8pt;">&#9744;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="font-size: 8pt;">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</div>
              </td>
            </tr>

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        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 5.15pt; margin-bottom: 0.8pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 54.45pt; vertical-align: top; align: right;">
                <div style="margin-left: 5.7pt; margin-top: 5.15pt; margin-bottom: 0.8pt; font-size: 8pt;">(1)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 5.15pt; margin-bottom: 0.8pt; font-size: 8pt;">Title of each class of securities to which transaction applies:</div>
              </td>
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              <td style="width: 54.45pt; vertical-align: top; align: right;">
                <div style="margin-left: 5.7pt; margin-top: 0.1pt; margin-bottom: 0.75pt; font-size: 8pt;">(2)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 0.1pt; margin-bottom: 0.75pt; font-size: 8pt;">Aggregate number of securities to which transaction applies:</div>
              </td>
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                <div style="margin-left: 5.7pt; margin-top: 0.1pt; font-size: 8pt;">(3)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 0.1pt; font-size: 8pt;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was
                  determined):</div>
              </td>
            </tr>

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      </div>
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              <td style="width: 54.45pt; vertical-align: top; align: right;">
                <div style="margin-left: 5.7pt; margin-top: 0.05pt; margin-bottom: 0.75pt; font-size: 8pt;">(4)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 0.05pt; margin-bottom: 0.75pt; font-size: 8pt;">Proposed maximum aggregate value of transaction:</div>
              </td>
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              <td style="width: 54.45pt; vertical-align: top; align: right;">
                <div style="margin-left: 5.7pt; margin-top: 0.1pt; margin-bottom: 0.75pt; font-size: 8pt;">(5)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 0.1pt; margin-bottom: 0.75pt; font-size: 8pt;">Total fee paid:</div>
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                <div style="margin-left: 5.7pt; margin-top: 4.65pt; font-size: 8pt;">&#9744;</div>
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                <div style="margin-top: 4.65pt; font-size: 8pt;">Fee paid previously with preliminary materials.</div>
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                <div style="margin-left: 5.7pt; margin-top: 4.65pt; font-size: 8pt;">&#9744;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 4.65pt; font-size: 8pt;">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing
                  by registration statement number, or the Form or Schedule and the date of its filing.</div>
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                <div style="margin-left: 5.7pt; margin-top: 5.3pt; margin-bottom: 0.75pt; font-size: 8pt;">(1)</div>
              </td>
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                <div style="margin-top: 5.3pt; margin-bottom: 0.75pt; font-size: 8pt;">Amount Previously Paid:</div>
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                <div style="margin-left: 5.7pt; margin-top: 0.1pt; margin-bottom: 0.75pt; font-size: 8pt;">(2)</div>
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                <div style="margin-top: 0.1pt; margin-bottom: 0.75pt; font-size: 8pt;">Form, Schedule or Registration Statement No.:</div>
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                <div style="margin-left: 5.7pt; margin-top: 0.1pt; margin-bottom: 0.75pt; font-size: 8pt;">(3)</div>
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                <div style="margin-top: 0.1pt; margin-bottom: 0.75pt; font-size: 8pt;">Filing Party:</div>
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              <td style="width: 54.45pt; vertical-align: top; align: right;">
                <div style="margin-left: 5.7pt; margin-top: 0.1pt; margin-bottom: 0.75pt; font-size: 8pt;">(4)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="margin-top: 0.1pt; margin-bottom: 0.75pt; font-size: 8pt;">Date Filed:</div>
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      <div style="text-align: center; margin-right: 155.5pt; margin-left: 183.4pt; margin-top: 3.85pt; font-size: 8pt; font-weight: bold;">EXPLANATORY NOTE</div>
      <div><br>
      </div>
      <div style="text-indent: 28.5pt; margin-left: 5.75pt; font-size: 8pt;">This filing relates to the proposed transaction between BorgWarner Inc. (the &#8220;<u>Company</u>&#8221; or &#8220;<u>BorgWarner</u>&#8221;) and Delphi Technologies PLC (&#8220;<u>Delphi Technologies</u>&#8221;)
        pursuant to the Transaction Agreement, dated January 28, 2020, by and between the Company and Delphi Technologies.</div>
      <div style="margin-top: 0.35pt;"><br>
      </div>
      <div style="text-indent: 27pt; margin-left: 4.5pt; font-size: 8pt;">On May 6, 2020<font style="font-size: 10pt;">, </font>the Company sent a letter to all employees disclosing entry into an Amendment and Consent Agreement, dated as of May 6, 2020,
        between the Company and Delphi Technologies. A copy of the letter is filed herewith.</div>
      <div><br>
      </div>
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      [BORGWARNER LOGO]<br>
      <div><br>
      </div>
      <div>May 6, 2020</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div>Dear Colleagues,</div>
      <div><br>
      </div>
      <div>While I do not typically send written updates with earnings, there are a few unique circumstances that I believe warrant a note this quarter.</div>
      <div><br>
      </div>
      <div>First, I continue to be impressed with how our global teams have pulled together through the COVID-19 pandemic &#8211; we should be proud of our collective
        efforts and I know you will continue to make the right decisions for our people and our business.</div>
      <div><br>
      </div>
      <div>Second, I&#8217;d like to congratulate our team in Seneca, South Carolina for the work they have done to restart the facility following a tornado that struck last
        month. What you have accomplished is remarkable and our thoughts are with you and the entire community as the rebuilding effort continues.</div>
      <div><br>
      </div>
      <div>Finally, in addition to our Q1 2020 earnings results, we issued a press release earlier today with an update to our previously announced acquisition of
        Delphi Technologies.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Q12020 Financial Results and Related Company Updates</div>
      <div><br>
      </div>
      <div>While industry production rates were understandably volatile in Q1, our performance was strong on a relative basis. The company reported $2.3 billion in
        sales, representing an 8.1% decrease from the prior year period. By comparison, our market was down approximately 20% in the quarter, which means BorgWarner drove significant outgrowth in all major regions. We also delivered strong free cash flow
        of $146 million, which gives us a cash cushion as we manage through lower production levels. Maintaining a strong focus on cash flow and liquidity management is paramount in challenging times like these.</div>
      <div><br>
      </div>
      <div>We anticipate a very challenging remainder of the year, especially in Q2. The biggest drivers of this uncertainty are the timing of production restarts and
        the pace at which industry production ramps back up. While our visibility into the production outlook has certainly improved compared to even just a month ago, there is still&#160; a lot of uncertainty around the sustainability and ramp up of this
        production over the balance of the year.</div>
      <div><br>
      </div>
      <div>The actions we&#8217;ve taken to help moderate the impact of the production declines have been felt companywide. Indeed, our financial strength and operational
        discipline will allow us to successfully manage the ongoing challenges. As we work towards a production restart, we will continue to prioritize the health and safety of our people.</div>
      <div><br>
      </div>
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      </div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Delphi Technologies Transaction Update</div>
      <div><br>
      </div>
      <div>We also announced this morning that BorgWarner and Delphi Technologies have amended certain terms of our definitive transaction agreement. The amended terms
        relate to the total revolver borrowings that Delphi Technologies can have outstanding at the time the transaction closes; in connection with this, the stock consideration that Delphi Technologies&#8217;&#160; shareholders will receive at that time has been
        reduced. This represents a resolution between our two companies regarding a breach that we alleged. A copy of the release can be found on www.borgwarner.com.</div>
      <div><br>
      </div>
      <div>We continue to believe in the strategic merits of this transaction. Our integration planning efforts remain on track as we move ahead expeditiously towards
        closing in the second half of 2020.</div>
      <div><br>
      </div>
      <div>On behalf of our Board and senior leadership, I want to thank you again for everything you have done and will continue to do for each other and the
        business.</div>
      <div><br>
      </div>
      <div>Be well.</div>
      <div><br>
      </div>
      <div>Best,</div>
      <div> <br>
      </div>
      <div> <br>
      </div>
      <div>Stay healthy and see you very soon.<br>
      </div>
      <div> <br>
      </div>
      <div>Fred,<br>
      </div>
      <div> <br>
      </div>
      <div>/s/ Fr&#233;d&#233;ric B. Lissalde
        <div><br>
        </div>
        <div><br>
        </div>
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        </div>
        <div><br>
        </div>
        <div style="font-size: 8pt; font-weight: bold;">No Offer or Solicitation</div>
        <div><br>
        </div>
        <div style="font-size: 8pt;">This communication is being made in respect of the proposed acquisition of Delphi Technologies by BorgWarner.&#160; This communication is not intended to and
          does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the proposed
          transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In particular, this communication is not an offer of securities for sale into the United States. No
          offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended (the &#8220;<u>Securities Act</u>&#8221;), or
          pursuant to an exemption from, or in a transaction not subject to, such registration requirements. Any securities issued in the proposed transaction are anticipated to be issued in reliance upon available exemptions from such registration
          requirements pursuant to Section 3(a)(10) of the Securities Act.</div>
        <div><br>
        </div>
        <div style="font-size: 8pt; font-weight: bold;">Participants in the Solicitation</div>
        <div><br>
        </div>
        <div style="font-size: 8pt;">Delphi Technologies, BorgWarner and certain of their respective directors, executive officers and employees may be deemed &#8220;participants&#8221; in the
          solicitation of proxies from Delphi Technologies shareholders in respect of the proposed transaction. Information regarding the foregoing persons, including a description of their direct or indirect interests, by security holdings or otherwise,
          is set forth in the preliminary proxy statement filed on Schedule 14A with the Securities and Exchange Commission (the &#8220;<u>SEC</u>&#8221;) on March 11, 2020 (the &#8220;<u>preliminary proxy statement</u>&#8221;) and will be set forth in a definitive proxy statement and any other relevant documents to be filed with the SEC. You can find
          information about Delphi Technologies&#8217; directors and executive officers in its Annual Report on Form 10-K and Form 10-K/A for the fiscal year ended December 31, 2019 and its definitive proxy statement filed with the SEC on Schedule 14A on March
          15, 2019.&#160; You can find information about BorgWarner&#8217;s directors and executive officers in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and its definitive proxy statement filed with the SEC on Schedule 14A on March
          20, 2020.</div>
        <div><br>
        </div>
        <div style="font-size: 8pt; font-weight: bold;">Additional Information and Where to Find It</div>
        <div><br>
        </div>
        <div style="font-size: 8pt;">This communication may be deemed solicitation material in respect of the proposed transaction. In connection with the proposed transaction, Delphi
          Technologies filed with the SEC the preliminary proxy statement, and Delphi Technologies will file with the SEC and furnish to its shareholders a definitive proxy statement on Schedule 14A and other relevant documents. This communication does not
          constitute a solicitation of any vote or approval. Before making any voting decision, Delphi Technologies&#8217; shareholders are urged to read the proxy statement and any other relevant documents filed or to be filed with the SEC in connection with
          the proposed transaction or incorporated by reference in the proxy statement carefully and in their entirety when they become available because they contain or will contain important information about the proposed transaction and the parties to
          the proposed transaction.</div>
        <div><br>
        </div>
        <div style="font-size: 8pt;">Investors are able to obtain free of charge the preliminary proxy statement, the definitive proxy statement and other documents filed with the SEC (when
          available) at the SEC&#8217;s website at http://www.sec.gov. In addition, the preliminary proxy statement, the definitive proxy statement and Delphi Technologies&#8217; and BorgWarner&#8217;s respective annual reports on Form 10-K, quarterly reports on Form 10-Q,
          current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934, as amended, are available free of charge through Delphi Technologies&#8217; and BorgWarner&#8217;s
          websites at www.delphi.com and www.borgwarner.com, respectively, as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.</div>
        <div><br>
        </div>
        <div style="font-size: 8pt; font-weight: bold;">Notice Regarding Forward-Looking Statements</div>
        <div><br>
        </div>
        <div style="font-size: 8pt;">This communication may contain forward-looking statements as contemplated by the 1995 Private Securities Litigation Reform Act that reflect, when made,
          Delphi Technologies&#8217; or BorgWarner&#8217;s respective current views with respect to future events, including the proposed transaction, and financial performance or that are based on their respective management&#8217;s current outlook, expectations, estimates
          and projections, including with respect to the combined company following the proposed transaction, if completed. Such forward-looking statements are subject to many risks, uncertainties and factors relating to Delphi Technologies&#8217; or
          BorgWarner&#8217;s respective operations and business environment, which may cause the actual results of Delphi Technologies or BorgWarner to be materially different from those indicated in the forward-looking statements. All statements that address
          future operating, financial or business performance or Delphi Technologies&#8217; or BorgWarner&#8217;s respective strategies or expectations are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as
          &#8220;may,&#8221; &#8220;might,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;designed,&#8221; &#8220;effect,&#8221; &#8220;evaluates,&#8221; &#8220;forecasts,&#8221; &#8220;goal,&#8221; &#8220;guidance,&#8221; &#8220;initiative,&#8221; &#8220;intends,&#8221; &#8220;pursue,&#8221; &#8220;seek,&#8221; &#8220;target,&#8221; &#8220;when,&#8221; &#8220;will,&#8221; &#8220;expects,&#8221; &#8220;plans,&#8221; &#8220;intends,&#8221; &#8220;anticipates,&#8221; &#8220;believes,&#8221;
          &#8220;estimates,&#8221; &#8220;predicts,&#8221; &#8220;projects,&#8221; &#8220;potential,&#8221; &#8220;outlook&#8221; or &#8220;continue,&#8221; the negatives thereof and other comparable terminology. Factors that could cause actual results to differ materially from these forward-looking statements include, but are
          not limited to, the possibility that the proposed transaction will not be pursued; failure to obtain necessary shareholder approvals, regulatory approvals or required financing or to satisfy any of the other conditions to the proposed
          transaction; adverse effects on the market price of Delphi Technologies&#8217; ordinary shares or BorgWarner&#8217;s shares of common stock and on Delphi Technologies&#8217; or BorgWarner&#8217;s operating results because of a failure to complete the proposed
          transaction; failure to realize the expected benefits of the proposed transaction; failure to promptly and effectively integrate Delphi Technologies&#8217; businesses; negative effects relating to the announcement of the proposed transaction or any
          further announcements relating to the proposed transaction or the consummation of the</div>
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        <div style="font-size: 8pt;">proposed transaction on the market price of Delphi Technologies&#8217; ordinary shares or BorgWarner&#8217;s shares of common stock; significant transaction costs
          and/or unknown or inestimable liabilities; potential litigation associated with the proposed transaction; general economic and business conditions that affect the combined company following the consummation of the proposed transaction; changes in
          global, political, economic, business, competitive, market and regulatory forces; changes in tax laws, regulations, rates and policies; future business acquisitions or disposals; competitive developments; and the timing and occurrence (or
          non-occurrence) of other events or circumstances that may be beyond Delphi Technologies&#8217; or BorgWarner&#8217;s control.</div>
        <div><br>
        </div>
        <div style="font-size: 8pt;">For additional information about these and other factors, see the information under the caption &#8220;Risk Factors&#8221; in Delphi Technologies&#8217; most recent Annual
          Report on Form 10-K filed with the SEC and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; filed on February 13, 2020, and the information under the caption &#8220;Risk Factors&#8221; in BorgWarner&#8217;s most recent Annual
          Report on Form 10-K filed with the SEC and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; on February 13, 2020.</div>
        <div><br>
        </div>
        <div style="font-size: 8pt;">Delphi Technologies&#8217; and BorgWarner&#8217;s forward-looking statements speak only as of the date of this communication or as of the date they are made. Delphi
          Technologies and BorgWarner each disclaim any intent or obligation to update or revise any &#8220;forward looking statement&#8221; made in this communication to reflect changed assumptions, the occurrence of unanticipated events or changes to future
          operating results over time, except as may be required by law. All subsequent written and oral forward-looking statements attributable to Delphi Technologies, BorgWarner or their respective directors, executive officers or any person acting on
          behalf of any of them are expressly qualified in their entirety by this paragraph.</div>
        <div><br>
        </div>
        <div style="font-size: 8pt; font-weight: bold;">General</div>
        <div><br>
        </div>
        <div style="font-size: 8pt;">The release, publication or distribution of this communication in or into certain jurisdictions may be restricted by the laws of those jurisdictions.
          Accordingly, copies of this communication and all other documents relating to the proposed transaction are not being, and must not be, released, published, mailed or otherwise forwarded, distributed or sent in, into or from any such
          jurisdictions. Persons receiving such documents (including, without limitation, nominees, trustees and custodians) should observe these restrictions. Failure to do so may constitute a violation of the securities laws of any such jurisdiction. To
          the fullest extent permitted by applicable law, the companies involved in the proposed transaction disclaim any responsibility or liability for the violations of any such restrictions by any person.</div>
        <div><br>
        </div>
        <div style="font-size: 8pt;">Any response in relation to the proposed transaction should be made only on the basis of the information contained in the proxy statement and other
          relevant documents. Delphi Technologies shareholders are advised to read carefully the formal documentation in relation to the proposed transaction once the proxy statement and other relevant documents have been dispatched.</div>
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