Exhibit (c)(2)

November 7, 2020 Project DawnPresentation to the Dusk Supervisory Board and Management Board

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1 Transaction Summary Source: Dusk Management, Dawn Filings, Bloomberg, FactSet and Wall Street Research as of November 6, 2020. Note: USD in millions, except per share amounts. Diluted share count calculated pursuant to the Treasury Stock Method, based on 99.576mm basic shares outstanding, 1.015mm options with a weighted average strike price of $34.15, 0.307mm RSUs, 0.060mm DSUs and 0.070mm Series D convertible preference stock with a conversion ratio of 0.3125 per Dusk Management as of November 6, 2020. Also includes 0.024mm Director deferred shares expected to be issued prior to closing per Dusk Management.Pension-related tax benefits provided by Dusk Management. Assumes 8% discount rate.EV / EBITDA multiples shown are adjusted for EV pension / OPEB adjustment of $1,791mm, FY2019A EBITDA pension / OPEB adjustment of $6mm, FY2020E EBITDA pension / OPEB adjustment of ($48mm), FY 2021E EBITDA pension / OPEB adjustment of ($47mm) and FY 2022E EBITDA pension / OPEB adjustment of ($67mm).EV / EBITDA multiples shown are adjusted for EV pension / OPEB adjustment of $1,791mm, FY2019A EBITDA pension / OPEB adjustment of $6mm, FY2020E EBITDA pension / OPEB adjustment of ($48mm), FY 2021E EBITDA pension / OPEB adjustment of ($47mm) and FY 2022E EBITDA pension / OPEB adjustment of ($67mm).As presented on pages 4 and 5.Based on U.S. NOL balance of $2,247mm, Section 382 limitation, RBIG allowance, annual usage and tax rate of 25%, all per Dusk Management. Assumes 8% discount rate. Offer Price per Share (All-Cash) $44.50 Premium / (Discount) to:One-Day Prior to Initial Offer ($24.07) (1/30/2020) 85% 30-Day VWAP ($28.14) as of 1/30/2020 58% 52-Week High ($39.15) as of 1/30/2020 14% Plus: Industrial Financial Debt 3,532 Plus: Non-Controlling Interest 220 Less: Industrial Cash and Cash Equivalents (1,610) Less: Financial Services Book Equity (647) Less: Equity Investments (30) Plus: Pension Underfunding / OPEB Liabilities 2,013 Less: Utilization of Pension-Related Tax Benefits (2) (222) Plus: Cash-Settled RSUs 8 Plus: 2021E Cash-Settled Grants 21 Implied Pension Adj. Enterprise Value $7,746 Diluted Shares Outstanding (mm) (1) 100.224 Implied Equity Value $4,460 Implied Due Diligence Adj. Enterprise Value $7,959 For Reference: Additional Adjustments (Included for Discounted Cash Flow Analysis Only)Less: Illustrative Present Value of U.S. NOLs (407) (6)Plus: Dusk Management Due Diligence Findings 621 Dusk Management Industrial BusinessStandalone Case for Dawn PensionAdj. EBITDA (3) FY 2019A $719 10.8x FY 2020E 165 47.0 FY 2021E 448 17.3 FY 2022E 707 11.0 Dusk Management Industrial Business Management Case for Dawn Pension Adj. EBITDA (4) FY 2019A $719 10.8x FY 2020E 165 47.0 FY 2021E 481 16.1 FY 2022E 830 9.3 Median of (5) LTM SelectedPublicly Traded Companies Selected Precedent Transactions9.7x FY 2021E 9.0x FY 2022E 7.7x

52 - Week Low - High (Pre-Initial Offer) (1) Analyst Price Targets (Pre-Initial Offer) (1) Selected Publicly Traded Companies Selected PrecedentTransactions Discounted Cash FlowAnalysis - Standalone (5) Discounted Cash FlowAnalysis - Management (6) High Low - High (Undiscounted) FY 2022E FY 2019A Discount Discount Ind. Pen. Adj. EBITDA (2) Ind. Pen. Adj. EBITDA (3) Rate Rate $39.15 (01/03/2019) $29.00 - $38.00 $707 $719 7.0% - 9.0% 7.0% - 9.0% FY 2020E Ind. Pen. Adj. EBITDA (4) $610 Low Low - High (Discounted) Multiple Range Multiple Range Perpetuity Growth Rate Perpetuity Growth Rate $21.63 (08/27/2019) $26.25 - $34.50 7.0x - 8.0x 8.5x - 12.0x 0.75% - 1.25%Implied LTM EBITDA 0.75% - 1.25%Implied LTM EBITDA $21.63 $26.25 $16.75 $18.75 $39.75 $39.15 $34.50 $23.75 $44.50 $74.00 $48.75 $78.25 10 20 30 40 50 60 70 80 90 $100 $53.25 $29.50 $53.75 $28.25 $19.00 $40.25 0 10 20 30 40 50 60 70 80 $10090 2 Financial Analysis Summary Financial Analysis Ranges Terminal Multiple Terminal Multiple 6.3x - 9.0x 6.8x - 9.8xSource: Dusk Management, Dawn Filings, FactSet and Wall Street Research as of November 6, 2020.Note: USD in millions, except per share values. Per share values rounded to the nearest $0.25 except for 52-week low/high. Reflects Industrial Debt of $3,532mm, Industrial Cash of $1,610mm, book value of financial services of $647mm, equity investments of $30mm, minority interest of $220mm, 0.176mm of cash-settled RSUs and 0.469mm of 2021E equity grants as well as pension liability of $2,013mm as of July 31, 2020 adjusted for utilization of pension-related tax benefits per Dusk Management. Utilization of pension-related tax benefits assumes an 8% discount rate. Diluted share count calculated pursuant to the Treasury Stock Method, based on 99.576mm basic shares outstanding, 1.015mm options with a weighted average strike price of $34.15, 0.307mm RSUs, 0.060mm DSUs and 0.070mm Series D convertible preference stock with a conversion ratio of 0.3125 per Dusk Management as of November 6, 2020. Also includes 0.024mm Director deferred shares expected to be issued prior to closing per Dusk Management. (1)(2)(3) Represents Dawn’s 52-week trading performance based on closing share price and broker price targets as of January 30, 2020 which represents one-day prior to the initial offer. Broker price targets discounted back 1 year at midpoint cost of equity of 10.0%, excludes Jefferies as outlier. Represents Dusk Management Industrial Business Standalone Case for Dawn Pension Adj. EBITDA which adjusts for pension related P&L impact. FY 2022E EBITDA pension / OPEB adjustment of ($67mm). Does not include adjustments for Dusk Management due diligence findings.Represents Dusk Management Industrial Business Standalone Case for Dawn LTM Pension Adj. EBITDA as of July 31, 2020 which adjusts for one-time and non-recurring items as well as pension related P&L impact. FY2019A EBITDA pension / OPEB adjustment of $6mm. Does not include adjustments for illustrative present value of U.S. NOLs or Dusk Management due diligence findings.Represents Dawn FY2020E Industrial Pension Adj. EBITDA based on Wall Street consensus as of January 30, 2020 which represents one-day prior to the initial offer.Represents Dusk Management Industrial Business Standalone Case for Dawn. Terminal year assumes mid-cycle Industrial Revenue, 6% Industrial Pension Adj. EBIT margin, normalized capex equal to 3% of Industrial Revenue, depreciation equal to 99% of capex, no change in NWC, and tax rate of 26.0%, all per Dusk Management. Reflects Dusk Management due diligence findings of $621mm.Represents Dusk Management Industrial Business Management Case for Dawn. Terminal year assumes mid-cycle Industrial Revenue, 8% Industrial Pension Adj. EBIT margin, normalized capex equal to 3% of Industrial Revenue, depreciation equal to 99% of capex, no change in NWC, and tax rate of 26.0%, all per Dusk Management. Reflects Dusk Management due diligence findings of $621mm.Based on U.S. NOL balance of $2,247mm, Section 382 limitation, RBIG allowance, annual usage and tax rate of 25%, all per Dusk Management. Assumes 7% discount rate to reflect the upper end of the NOL DCF range. (4)(5) (6) (7) Reference Ranges Offer:$44.50 Midpoint Assumption DCF Value of Dawn NOLs (7)

Wall Street Analyst Perspectives 3 Source: Broker Research and Factset as of November 6, 2020.Represents analyst price targets as of January 30, 2020 which is one-day prior to the initial offer.Represents median price target of brokers included in Factset’s database: BMO Capital Markets, Jefferies, Loop Capital Markets, Melius Research, Morningstar, RBC Capital Markets, Wells Fargo, Wolfe Research and Vertical Research. Excludes Raymond James and UBS. Pre-Initial(1)Offer Current Target Target Recomm- Valuation Broker Date Price ($) Date Price ($) endation Methodology Melius Research 1/16/2020 $31.00 10/16/2020 $46.00 Hold NA Loop Capital 12/17/2019 38.00 10/13/2020 46.00 Hold NA Vertical Research 12/18/2019 30.00 10/9/2020 45.00 Hold NA Jefferies 12/17/2019 45.00 10/22/2020 44.50 Hold Based on Offer RBC 1/16/2020 32.00 10/16/2020 44.50 Hold Based on Offer BMO 1/13/2020 30.00 9/14/2020 43.00 Hold Based on Offer UBS 9/10/2019 32.00 9/14/2020 43.00 Hold Based on Offer Morningstar 12/18/2019 29.00 9/11/2020 43.00 Hold NA Wolfe Research NA NA 7/6/2020 39.00 Buy NA Wells Fargo 12/17/2019 30.00 9/11/2020 35.00 Hold EV/EBITDA /EV/Sales Raymond James 12/17/2019 NA 10/15/2020 NA Hold NA Low $29.00 $35.00 High (Excl. Jefferies) $38.00 $46.00 MEDIAN BROKER TARGET PRICE FOR DAWN IN LAST ONE YEAR (2) Dawn$43.37 $44.50 (2) $32.00 (2) Dawn$32.74 $30$25$20$15$10 $35 $40 $45 $50 Dawn Share Price Dawn Broker Target Price Median

Truck OEMS PACCAR $90.09 97% $31,316 $23,398 9.6x 8.0x (7.7%) (13.2%) 12.0% 9.4% (2.2x) Volvo 21.99 100% 44,728 38,787 8.4x 7.3x (7.2%) (14.6%) 11.3% 9.2% (1.2x) Dusk 20.95 74% 10,473 9,510 4.6x 3.5x (6.7%) (12.1%) 7.6% 2.9% 0.4x Median: 8.4x 7.3x (7.2%) (13.2%) 11.3% 9.2% (1.2x) Price as of % of Market Company 11/06/2020 52-Wk High Value Adj. Enterprise Value (1) EV / Pen. Adj. EBITDA (1) 2019 - 2021E CAGR 2021E Net Debt / 2021E 2022E Rev. EBITDA EBITDA % EBIT % '20E EBITDA Selected Publicly Traded Companies 4 Source: Dusk Management, Dawn filings, Dusk filings, other public filings and FactSet as of November 6, 2020.Note: USD in millions, except per share data. All items fiscalized to Dawn’s October 31 year end. Revenue, EBIT and EBITDA reflect Industrial Business only. EBIT and EBITDA adjusted for pension liabilities and associated carrying costs.EBIT and EBITDA are IFRS-adjusted for capitalized development costs. Reflects Industrial Adj. Enterprise Value defined as Market Value of Equity less Industrial Cash & Cash Equivalents, plus Industrial Debt, plus Preferred Shares, plus Minority/Non-controlling Interest, less Investments in Unconsolidated Subsidiaries and Affiliates, as applicable. Adjusted for pension / OPEB liabilities and book value of financial services companies.Market price as of January 30, 2020, which is one day prior to the initial offer.Represents Dusk Management Industrial Business Standalone Case for Dawn. Capital Goods CNH Industrial $9.31 80% $12,765 $14,206 7.6x 6.1x (20.2%) (13.0%) 11.1% 4.8% 2.3x Deere 247.64 100% 79,034 81,844 16.8x 14.8x (3.6%) 1.4% 15.0% 11.7% 1.0x Caterpillar 161.29 95% 88,565 91,703 13.3x 11.6x (10.1%) (17.3%) 16.8% 12.7% 0.4x Median: 13.3x 11.6x (10.1%) (13.0%) 15.0% 11.7% 1.0x CV Suppliers Allison $37.87 77% $4,267 $6,532 8.0x 7.2x (8.7%) (13.4%) 36.2% 28.7% 2.9x Cummins 229.05 99% 34,279 35,239 10.9x 9.7x (6.0%) (5.3%) 15.5% 11.5% 0.4x Median: 9.5x 8.4x (7.4%) (9.4%) 25.8% 20.1% 1.6x Median of All: 9.0x 7.7x (7.4%) (13.1%) 13.5% 10.5% 0.4x (2) Dawn (Consensus) $24.07 71% $2,407 $5,679 10.8x 8.7x (13.1%) (14.5%) 6.3% 4.6% 5.8x (2)(3)Dawn (Dusk Mgmt. Forecast) $24.07 71% $2,407 $5,679 12.7x 8.0x (13.9%) (21.0%) 5.5% 3.5% 11.7x

Selected Precedent Transactions 5 Source: Public filings, Wall Street Research, FactSet, Mergermarket and other publicly available sources.Note: EUR in billions. Announcement Industrial Pen. Adj. IndustrialPen. Adj. EV Date Acquiror Target EV (€bn) / LTM EBITDA Sep-2016 Volkswagen AG Navistar (16.6% Stake) € 5.6 11.9x May-2011 Volkswagen AG MAN SE (Majority Stake) 13.0 8.7x Mar-2008 Volkswagen AG Scania AB (Majority Stake) 16.8 10.6x Oct-2006 MAN SE Scania AB (Cancelled) 10.0 8.6x Mean: 9.9x Median: 9.7x

Dusk Management Industrial Business Standalone Case for Dawn (1) Dusk Management Industrial Business Management Case for Dawn (2) Equity Value per Share Synergy Equity Value per Share Discount at a Perpetuity Growth Rate of Discount at a Perpetuity Growth Rate of Rate 0.75% 1.00% 1.25% 7.0% $38.75 $41.50 $44.50 8.0% 27.50 29.50 31.50 9.0% 18.75 20.25 22.00 Rate 0.75% 1.00% 1.25% 7.0% $66.25 $70.00 $74.00 8.0% 51.25 53.75 56.50 9.0% 39.75 41.50 43.75 6 Summary of Discounted Cash Flow Analysis Standalone projections exclude any incremental synergies arising from the transaction Terminal year includes normalizing adjustment for long- term Pension Adj. EBIT margin of 6.0% Perpetuity growth rate range of 0.75% – 1.25% implies a terminal LTM EBITDA multiple of 6.3x – 9.0x Management projections include incremental synergies arising from the transaction Terminal year includes normalizing adjustment for long- term Pension Adj. EBIT margin of 8.0% Perpetuity growth rate range of 0.75% – 1.25% implies a terminal LTM EBITDA multiple of 6.8x – 9.8x Source: Dusk Management, Dawn Filings and FactSet as of November 6, 2020.Note: Dollars in millions, except per share values. Cash flows discounted to July 31, 2020 using mid-year convention. Diluted share count calculated pursuant to the Treasury Stock Method, based on 99.576mm basic shares outstanding, 1.015mm options with a weighted average strike price of $34.15, 0.307mm RSUs, 0.060mm DSUs and 0.070mm Series D convertible preference stock with a conversion ratio of 0.3125 per Dusk Management as of November 6, 2020. Also includes 0.024mm Director deferred shares expected to be issued prior to closing per Dusk Management. Represents Dusk Management Industrial Business Standalone Case for Dawn. Terminal year assumes mid-cycle Industrial Revenue, 6% Industrial Pension Adj. EBIT margin, normalized capex equal to 3% of Industrial Revenue, depreciation equal to 99% of capex, no change in NWC, and tax rate of 26.0%, all per Dusk Management. Reflects Dusk Management due diligence findings of $621mm.Represents Dusk Management Industrial Business Management Case for Dawn. Terminal year assumes mid-cycle Industrial Revenue, 8% Industrial Pension Adj. EBIT margin, normalized capex equal to 3% of Industrial Revenue, depreciation equal to 99% of capex, no change in NWC, and tax rate of 26.0%, all per Dusk Management. Reflects Dusk Management due diligence findings of $621mm. Dusk Management Guidance for Perpetuity Growth Rate

Appendix

0.0x 5.0x 10.0x 15.0x 20.0x Nov-15 Nov-16 Nov-17 Nov-18 Nov-19 Nov-20 Dawn 19.3x PACCAR 12.0x Current Volvo 8.3x Dusk 7.4x (2)CV Suppliers10.0x Capital Goods (1) 13.1x 7 EV / LTM Adj. EBITDA Evolution Source: Dawn filings, Dusk filings, other public filings and Factset as of November 6, 2020.Note: Enterprise Values shown Reflects Industrial Adj. Enterprise Value. Enterprise Values adjusted for pension liabilities and other carrying costs. Enterprises Values adjusted for book value of equity for financial services companies. Adj. EBITDA adjusted for pension liabilities and associated carrying costs. Adj. EBITDA is IFRS-adjusted for capitalized development costs. Dawn EBITDA reflects consensus WholeCo.Capital Goods selected publicly traded companies include CNH Industrial, Deere and Caterpillar.CV Supplier selected publicly traded companies include Allison Transmissions and Cummins. Earliest available Dusk estimates Average 5 Year 3 Year 1 Year YTD Dawn 10.0x 9.7x 10.5x 11.0x(1) Capital Goods 8.9x 9.0x 9.3x 9.4x PACCAR 5.6x 6.3x 7.7x 7.9x CV Suppliers (2) 8.5x 7.9x 8.1x 8.2x Volvo 5.7x 5.3x 5.5x 5.6x Dusk -- -- -- 4.7x