Valeo Investor Presentation — April 2018

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April 25, 2018 Q1 2018 SALES

JACQUES ASCHENBROICH – CHAIRMAN & CEOValeo has applied IFRS 15 since January 1, 2018, with compara tive periods restated.

For the sake of consistency, the first section of this presen tation shows first-quarter 2018 sales figures under the sam e

accounting principles as in 2017 (i.e., before the applicat ion of IFRS 15). First-quarter 2018 sales figures after appl ying IFRS

15 are then presented on pages 14 to 20.The impact of IFRS 15 (0.7% of sales) is presented on pages 22 a nd 23 of this document

_x0001_under IFRS 15, customer contributions to Research and Devel opment (including prototypes), which were previously acco unted for as a

deduction from “Research and Development expenditure, net ”, are now presented in sales under “Miscellaneous”. This re classification to

sales represented a positive amount of 85 million euros for f irst-quarter 2018 and 83 million euros for first-quarter 20 17, and is expected to

impact net Research and Development expenditure as apercentage of sales by 2percentage points ;APPLICATION OF THE NEW IFRS 15 STANDARD AS OF JANUA RY 1, 2018

April 25, 2018 impact net Research and Development expenditure as apercentage of sales by 2percentage points ;

_x0001_under IFRS 15, the external cost of components imposed by cus tomers (for which Valeo acts as an agent within the meaning of IFRS 15),

which was previously accounted for in original equipment sa les, is now presented as a deduction from “Raw materials cons umed”. This

reclassification represented a negative amount of 121 mill ion euros for first-quarter 2018 and 107 million euros for fi rst-quarter 2017. It

mainly concerns the Thermal Systems Business Group’s front -end module operations.

In millions of euros Q1 2018 Q1 2017 Q1 2018/Q1 2017

Before IFRS 15 After IFRS 15 Before IFRS 15 After IFRS 15 Non -IFRS 15 IFRS 15