Exhibit (c)(9)

Project Titan | Discussion materials October 7, 2020

VALUATION ANALYSIS

Introduction J.P. Morgan and PJT utilized the latest Management projections to develop a detailed valuation analysisManagement provided two sets of 2020E-2026E projections as of October 3, 2020The two cases are entitled (1) Management Case #1 and (2) Management Case #2Both cases assume the truck cycle returns to trend beginning in 2022, and ultimately reaches market share in 2026 of 22.6% in Management Case #1 and 20.2% in Management Case #2Management has performed a risk assessment with respect to the two cases provided and Management Case #2 reflects incremental risksLong-term annual capital expenditures of $300mm in both cases, driven by autonomous / e-mobility investments as well as maintenance capital expendituresAssumes valuation date of October 31st, 2020 and mid-period discounting conventionBalance sheet data as of October 31st, 2020 per management estimatesReflects net debt of $1,833mm, after-tax pension and OPEB of $1,442mm, FinCo book equity of$347mm, and PV of NOLs of $360mmReflects incremental litigation liability of $4 per share per midpoint of management estimates Source: Company filings 1

Navistar projected market share forecasts Source: Navistar management 18.8% 16.1% 18.9% 20.4% 22.2% 22.6% 22.6% 17.5% 17.5% 18.0% 18.8% 20.1% 20.2% 20.2% 2019A 2020E 2021E 2022E 2023E 2024E 2025E 2026E Management Case #1 Management Case #2 2

$370 $700 $1,064 $1,432 $1,337 $1,464 5.0% 8.0% 9.9% 11.6% 11.2% 11.6% 12.7% 2020 2021 2022 2023 2024 2025 2026 Management forecast comparison ($mm) 2019 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2025 2026 2020 2021 2022 2023 2024 2025 2026 % growth (14.6%) 9.3% 6.4% 10.9% (2.7%) (34.2%) 18.0% 22.9% 14.8% (3.5%) 6.0% 0.0% (34.2%) 18.0% 19.9% 11.6% (4.1%) 4.9% 0.0% Source: Company information and projections, CapIQ as of 10/02/2020 Management Case 2019 $11,251 $9,603 $10,498 $11,170 $12,387 $12,055 $1,119 $1,451 $1,448 10.0% 11.7% 12.0% $882 $740 $877 7.8% 7.7% 8.4% 2019 2020 2021 2022 2023 2024 Management projections pre-COVID Adjusted base case with revised estimates Management Case #1 Δ vs..Mgmt. (49.9%) (20.2%) (4.9%) (1.3%) (7.7%) $7,400 $8,729 $10,732 $12,315 $11,887 $12,600 $12,600 $1,604 Adjusted base case with revised estimates Management Case #2 (16.9%) (6.3%) (5.7%) (7.1%) Δ vs..Mgmt. (49.9%) (20.2%) (9.5%) (10.8%) (17.8%) $7,400 $8,729 $10,465 $11,681 $11,203 $11,756 $11,756 nue eRev $7,375 $8,687 $9,884 $613 $762 $368 5.0% 7.1% 7.7% (0.3%) (0.5%) (7.9%) (0.7%) 12.4% (28.4%) Δ vs..Mgmt. case #1 Δ vs..Mgmt. case #2 (0.3%) (0.5%) (5.5%) (0.7%) (12.4%) (24.7%) Current consensus 2020 2021 2022 2020 2021 2022Consensus revenue Consensus Adj. EBITDA $370 $700 $1,013 $1,295 $1,190 $1,291 $1,282 5.0% 8.0% 9.7% 11.1% 10.6% 11.0% 10.9% 2020 2021 2022 2023 2024 2025 2026 Adj. EBITDA Revenue Δ vs..Mgmt. (22.9%) (16.9%) (3.9%) (0.6%) (1.4%) Δ vs..Mgmt.. (22.9%) case 2019 case 2019 case 2019 case 2019 Note: Financials reflect 10/31 FYE 3

Illustrative preliminary valuation summary $21.36 $30.00 $30.00 $12.60 $12.30 $19.00 $42.90 $29.10 $39.15 $45.00 $50.00 $42.10 $41.60 $37.40 $58.00 $41.40 $0 $10 $20 $30 $40 $60 Unaffected (01/30/20):$24.07 Discount rate: 9.5% – 10.5% TVGR:1.0% – 2.0% Current $50 7.0x – 12.0x$594mm Source: Management projections, FactSet as of 10/02/20, Balance sheet date as of 10/31/20; Valuation date of 10/31/201 NAV high since S&P 500 low on 03/23/2020 through the 09/10/20 unaffected date of the $43.00 offer; 2 Median value of analyst price targets as of each respective date; 3 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; Post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm as of 10/31/20); BV of FinCo equity of $347mm; 4 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; 5 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; Post-tax mid-point of litigation risk as per Navistar management; Post tax underfunded pension and OPEB of $1,442mm; PV of NOLs of $360mm; BV of FinCo equity of $347mm4 (10/02/20): $44.00 Trading multiples3 Management Case #1 Management Case #2 7.0x – 12.0x$590mm 2021E EBITDAPO 2021E EBITDAPO LTM 2020E EBITDA 10.0x – 15.0x$370mm Discount rate: 9.5% – 10.5% TVGR:1.0% – 2.0% DCF5 Management Case #1 Management Case #2 Traton offer (09/10/20):$43.00 High: 03/01/2019 Low: 08/27/2019 For reference purposes only 52-week close as of 01/30/2020 Analyst price targets as of 01/30/2020 Analyst price targets as of 10/02/2020 High between 3/23/20 –9/10/20:$37.351 Median $31.502 Median: $40.002 Equity value per share ($/share), rounded to the nearest $0.10 (except 52-week high/low and analyst price targets)Transaction multiples4For reference only

Illustrative discounted cash flow bridge $3.50 $3.60 ($18.00) ($14.40) ($4.20) PV of cash flow PV of Terminal value Book value of FinCo equity PV of NOLs Net debt Tax-affected pension & OPEB adjustment Post-tax litigation expenses Share price Management Case #1 Management Case #2 $3.50 $3.60 ($18.00) ($14.40) ($4.20) adjustment PV of cash flow PV of Terminal Book value of FinCo PV of NOLs Net debt Tax-affected Post-tax litigation Share price value equity pension & OPEB expenses Source: Navistar management projections; Note: Assume valuation date as of 10/31/20; assumes mid-period discounting convention; assumes tax rate of 27%; Equity value per share ($/share), rounded to the nearest $0.10 Discount rate: 9.5% – 10.5%TGR: 1.0% – 2.0% Discount rate: 9.5% – 10.5%TGR: 1.0% – 2.0% $38.30 – $39.90 $34.30 – $47.50 $42.90 – $58.00 $31.20 – $32.50 $27.50 – $38.40 $29.10 – $41.40 5

Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7%21E' - 30E' 5.1% 4.6% 4.1% 3.6% 8.2% 3.1% Long term manufacturing EBITDA margin 12.0% $48 $46 $43 $40 $38 11.5% $46 $43 $40 $38 $35 11.0% $43 $40 $38 $35 $33 10.5% $40 $37 $35 $33 $30 10.0% $37 $35 $32 $30 $28 Illustrative standalone discounted cash flow sensitivity analysis Source: Management projections High Low Mid-point Discount rate: 10.50%; TVGR: 1.0% Discount rate: 10.00%; TVGR: 1.5% Discount rate: 9.50%; TVGR: 2.0% Management Case #1 Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7% 8.2%21E' - 30E' 5.1% 4.6% 4.1% 3.6% 3.1% Long term manufacturing EBITDA margin 12.0% $56 $53 $50 $47 $44 11.5% $53 $50 $47 $44 $41 11.0% $49 $47 $44 $41 $38 10.5% $46 $43 $41 $38 $35 10.0% $43 $40 $38 $35 $33 Revenue CAGR 21E' - 25E' 10.2% 9.7% 9.2% 8.7% 8.2%21E' - 30E' 5.1% 4.6% 4.1% 3.6% 3.1% Long term manufacturing EBITDA margin 12.0% $65 $62 $58 $55 $52 11.5% $61 $58 $55 $52 $49 11.0% $58 $55 $51 $48 $45 10.5% $54 $51 $48 $45 $42 10.0% $50 $47 $45 $42 $39 Revenue CAGR 21E' - 25E' 8.7% 8.2% 7.7% 7.2% 6.7% 21E' - 25E' 8.7% 8.2% 7.7% 7.2% 6.7% 21E' - 25E' 8.7% 8.2% 7.7% 7.2% 6.7% 21E' - 30E' 4.8% 4.3% 3.8% 3.3% 2.8% 21E' - 30E' 4.8% 4.3% 3.8% 3.3% 2.8% 21E' - 30E' 4.8% 4.3% 3.8% 3.3% 2.8% Long term manufacturing EBITDA margin 11.5% $39 $37 $34 $32 $29 11.0% $37 $34 $32 $29 $27 10.5% $34 $31 $29 $27 $25 10.0% $31 $29 $27 $24 $22 9.5% $29 $26 $24 $22 $20 High Low Mid-point Discount rate: 10.50%; TVGR: 1.0% Discount rate: 10.00%; TVGR: 1.5% Discount rate: 9.50%; TVGR: 2.0% Management Case #2 Revenue CAGR Long term manufacturing EBITDA margin 11.5% $46 $43 $40 $38 $35 11.0% $43 $40 $37 $35 $32 10.5% $40 $37 $35 $32 $30 10.0% $37 $34 $32 $29 $27 9.5% $34 $31 $29 $26 $24 Revenue CAGR Long term manufacturing EBITDA margin 11.5% $54 $51 $48 $45 $42 11.0% $51 $48 $45 $42 $39 10.5% $47 $44 $41 $39 $36 10.0% $44 $41 $38 $35 $33 9.5% $40 $38 $35 $32 $30 6

September 11, 2020:MAN announces an “extensive restructuring” plan stating up to 25% of employees jobs could be cut Returns 5yr 3yr 1yr YTD Since01/30 Since09/09 NAV S&P 500 262%72% (2%)32% 66%16% 52%4% 83%2% 23%(2%) Navistar broker targets and historical performance 7 January 30, 2020: Navistar receives $35 bid from TRATON after market close01/30/2020 unaffected share price of $24.07 September 10,2020:Navistar receives revised $43 bid from TRATON Current broker target prices as of 10/02/2020(2) Navistar share price performance – 5 years(rebased to NAV share price) Broker Date Rec. Targetprice ($) Prem. / (Disc.)to current(1) Jefferies 09/18/20 Buy $45.00 2.3% BMO Capital Markets 09/14/20 Hold 43.00 (2.3%) Wells Fargo 09/09/20 Hold 35.00 (20.5%) Raymond James 09/09/20 Hold – – Loop Capital Markets 09/09/20 Buy 40.00 (9.1%) Melius Research 09/09/20 Buy 50.00 13.6% Vertical Research 08/05/20 Hold 30.00 (31.8%) Wolfe Research 07/06/20 Buy 39.00 (11.4%) Median $40.00 (9.1%) Average NAV price $28.46 $33.82 $29.65 $29.26 $29.53 $42.50March 11, 2020:WHO declares COVID-19 a global pandemic Broker Date Rec. Target price ($) Prem. / (Disc.) to unaffected(4) BMO Capital Markets 12/20/19 Hold $30.00 24.6% Baird 12/18/19 Buy 34.00 41.3% Vertical Research 12/18/19 Hold 30.00 24.6% Raymond James 12/17/19 Hold – – Loop Capital Markets 12/17/19 Buy 38.00 57.9% Jefferies 12/17/19 Buy 45.00 87.0% Melius Research 12/17/19 Hold 31.00 28.8% Wells Fargo 12/17/19 Hold 30.00 24.6% Median $31.50 30.9% Unaffected broker target prices as of 01/30/2020(2),(3) Navistar & TRATON reaction to proposals – since 01/01/2020 (Indexed to 100)NAV 1st offer 2nd offer TRATON 52% (29%) Oct-20 July 11, 2020:CEO Andres Renschler to step down immediately, will be succeeded by Matthias Grundler Navistar broker target price progression Source: Press releases; Factset as of 10/02/2020. (3) Pre-proposal 1/30/2020.; (4) Based on 01/30/2020 closing price of $24.07. $40.00 (1) Based on 10/02/2020 closing price of $44.00.; (2) Excludes J.P. Morgan research.;

Commercial vehicle trading multiples 11.8x(2) 11.1x 10.0x 8.2x 7.1x 6.7x 5.6x 3.4x 6.1x 11.0x(3) Source: Company filings, Wall Street Research, Capital IQ.Note: Market data as of 10/2/20. Navistar multiples represent unaffected share price as of 9/9/20 and balance sheet as of 7/31/20. Median trading multiple excludes Navistar multiples.Adjusted TEV defined as market cap plus net debt, preferred stock, minority interest and tax-affected pension & OPEB less investments in affiliates and book value of FinCo Equity.Based on consensus 2021E Manufacturing EBITDA of $554mm.Assumes 2021E Manufacturing EBITDAPO of $594mm based on 2021E WholeCo Adj. EBITDA of $700mm, 2021E FinCo EBITDA of $126mm, and 2021E non-service pension cost of $20mm per Management Case #1 projections. 2021E ADJ. TEV / EBITDAPO(1) (Consensus) Unaffected NAV TEV as of 9/9/20 (Management) Median 2021E Adj. TEV / EBITDAPO(Excl. NAV) 8

Commercial vehicle transaction multiples 9.7x 8.4x 6.1x4.5x 9.7x TEV / LTM EBITDA15.6x12.8x11.6x Year 2000 – 2014 2019 2006 2016 2006 – 2012 2016 2000 Target Scania WABCO Scania Navistar MAN Blue Bird Renault V.I. Acquirer Volkswagen ZF MAN Volkswagen Volkswagen American Securities Volvo Transaction Size ($bn)Announced Synergies ($mm)(5) Weighted Avg.(1) $7.4 $16.6(2) $5.9(3) Weighted Avg.(1) $0.4(4) $1.6 $1,170 NA $630 $200 NA NA $360 Source: Company filings, Navistar Management Projections, Capital IQ.Represents weighted average multiple based on size of acquired stake for all of Volkswagen’s stake purchases in Scania and MAN.Transaction ultimately failed.Implied based on 16.6% ownership stake.Implied based on 57% ownership stake.Reflects annual run-rate synergies. Synergy amount converted to USD based on conversion rate on announcement date. Median TEV / LTM EBITDA 9

OFFER AND PRO-FORMA ANALYSIS

Navistar acquisition matrix (with and without run-rate synergies) Based on Management Case #1 ($ in millions, except per share) Navistar Share Price $43.00 $45.00 $50.00 $55.00 Premium to unaffected price of $24.07 as of 1/30/20 78.6% 87.0% 107.7% 128.5% Premium to unaffected 52-week high of $39.15 as of 1/30/20 9.8% 14.9% 27.7% 40.5% Implied Equity Value $4,323 $4,527 $5,037 $5,548 Plus: Industrial Net Debt and Other⁽¹⁾ 3,312 3,312 3,312 3,312 Implied Enterprise Value $7,635 $7,839 $8,350 $8,860 Less: Book Value of FinCo Equity⁽²⁾ (347) (347) (347) (347) Implied Manufacturing Enterprise Value $7,288 $7,492 $8,003 $8,513 Valuation Multiples TEV / EBITDAPO Metric 2020E $433 17.6x 18.1x 19.3x 20.4x 2020E (Incl. $337mm Run-Rate Cost Synergies)⁽³⁾ 770 9.9x 10.2x 10.8x 11.5x 2021E $720 10.6x 10.9x 11.6x 12.3x 2021E (Incl. $337mm Run-Rate Cost Synergies)⁽³⁾ 1,057 7.2x 7.4x 7.9x 8.4x Manufacturing TEV / Manufacturing EBITDAPO 2020E $308 23.6x 24.3x 26.0x 27.6x 2020E (Incl. $337mm Run-Rate Cost Synergies)⁽³⁾ 645 11.8x 12.2x 12.9x 13.7x 2021E $594 12.3x 12.6x 13.5x 14.3x 2021E (Incl. $337mm Run-Rate Cost Synergies)⁽³⁾ 931 8.2x 8.4x 9.0x 9.5x 13 Source: Company Filings, Navistar Management Case #1 Projections, Bloomberg.2020E net debt of $1,833mm and post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm) per management estimates; preferred stock of $2mm, minority interest of $2mm, and investment in affiliates of $30mm as per 2020 Q3 filing; PV of NOLs of $360mm PV of NOLs of $360mm; post tax litigation risk of$424mm (assumes tax rate of 21%, pre-tax litigation risk of $537mm).FinCo. book value deducts $300mm of intercompany loans from FinCo. to ManufacturingCo. from book value of $647mm per 2020 Q3 filing.Assumes Navistar’s run-rate cost synergy estimate of $337mm per management estimates.

Sources and Uses / Key Assumptions Key Assumptions ($ in millions) Sources New TRATON Industrial Debt Raised @ 2.25% $4,281 Rolled NAV Pension and OPEB 1,825 NAV Existing Balance Sheet Cash 1,650 TRATON Excess Balance Sheet Cash⁽¹⁾ 1,874 Total Sources $9,630 Uses Acquire 83% of NAV Equity @ $50/share $4,191 Refinance NAV Industrial Debt 3,485 Assumption of NAV Pension and OPEB 1,825 Breakage Costs on NAV Industrial Debt⁽²⁾ 79 Transaction Fees and Expenses 50 Total Uses $9,630 Assumes TRATON acquires the remaining 83% of Navistar for 100% cashNavistar’s manufacturing and financial services debt refinanced at interest rates of 2.25% and 3.0%, respectivelyTRATON 2.25% Senior Secured Notes due 2025 currently yield 0.725%Navistar projections per Management Case #1Assumes $337mm of Navistar annual run-rate cost synergies(3)Includes phase-in period and cost to achieve synergies per Navistar management estimatesRun-rate cost synergies achieved in 2025Excludes revenue, eMobility, balance sheet, and captive finance synergiesTotal run-rate cost synergies represent 3.9% of 2021E Navistar Manufacturing revenue per Management Case #1TRATON projections per Wall Street research consensusAssumes TRATON annual dividend of €1.00 / share based on 2019A distributionAnalysis excludes any potential transaction-related amortizationIllustratively assumes 12/31/20 transaction closeSource: Company Filings, Navistar Management Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 10/2/20. EUR / USD exchange rate of 1.17.Assumes TRATON minimum cash balance of $2.0bn as of YE 2020.Based on 107.125% redemption price on Navistar 9.5% Notes due 2025 triggered by a TRATON acquisition and 3.313% make -whole value on Navistar 6.625% Notes due 2025 beginning 11/20/20.Assumes Navistar’s run-rate cost synergy estimate of $337mm. Includes cost to achieve synergies and phase-in period, per management estimates. Illustrative Sources and uses @ $50 per Share 14

Pro Forma TRATON Financial Profile 4.0% 7.7% Standalone Pro Forma 26.0% 39.4% 42.1% Standalone Pro Forma Pro Forma + NAV CostSynergies 12.4% 18.9% 20.7% Standalone Pro Forma Pro Forma + NAV CostSynergies Source: Company Filings, Navistar Management Case #1 Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 10/2/20. EUR / USD exchange rate of 1.17. Assumes Navistar’s run-rate cost synergy estimate of $337mm and includes 2021E – 2023E Industrial EBITDA Margin 2021E – 2023E Industrial Revenue CAGR 2021E – 2023E Industrial EBITDA CAGR 2021E – 2023E EPS CAGR 10.1% 9.4% 11.5% 10.7% 11.8% 11.4% 2021E – 2023E Industrial EBIT Margin Standalone Pro Forma 2022E 2023EPro Forma + NAV Cost Synergies 9.5% 11.1% 12.0% 2021E 5.1% 5.2% 6.6% 6.7% 7.0% 7.6% Standalone Pro Forma 2022E 2023EPro Forma + NAV Cost Synergies 5.4% 7.1% 8.1% 2021E cost to achieve synergies and phase-in period, per management estimates. 15

Pro Forma TRATON Cash EPS The transaction is highly accretive by 2022 even without the assumption of synergies. Source: Company Filings, Navistar Management Case #1 Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 10/2/20. EUR / USD exchange rate of 1.17. New TRATON Industrial debt raised at 2.25%. NAV Acquisition Stock Price$43 $45 $50 $55 Pre-Synergies 13.5% 13.4% 13.1% 12.9% 21.2% 21.1% 20.8% 20.6% 30.4% 30.3% 30.0% 29.7% With As Realized NAV Cost Synergies(1) With Run-rate NAV Cost Synergies(1) 2022E Cash EPS Acc/Dil (%) 2023E Cash EPS Acc/Dil (%) The transaction is significantly accretive by 2022 even without the assumption of synergies NAV Acquisition Stock Price$43 $45 $50 $55 Pre-Synergies 24.6% 24.5% 23.9% 22.9% 35.0% 34.9% 34.3% 33.3% 39.7% 39.6% 39.0% 38.1% With As Realized NAV Cost Synergies(1) With Run-rate NAV Cost Synergies(1) NAV Acquisition Stock Price$43 $45 $50 $55 Pre-Synergies 1.8% 1.6% 1.3% 0.9% 6.2% 6.0% 5.7% 5.3% 25.1% 25.0% 24.6% 24.2% With As Realized NAV Cost Synergies(1) With Run-rate NAV Cost Synergies(1) 2021E Cash EPS Acc/Dil (%) (1) Assumes Navistar’s run-rate cost synergy estimate of $337mm. As realized cost synergies include cost to achieve synergies and phase-in period, per management estimates. 16

Illustrative ROIC Analysis Based on Navistar Manufacturing Net Operating Profit After Tax, divided by Acquisition Transaction Enterprise Value(1,2)Assumes synergies phase in per management estimates Year 3 ROIC (2023E) Annual Transaction ROICBased on $50 NAV Acq. Price 4.0% 6.4% 9.4% 8.5% 9.6% 4.6% 7.8% 11.5% 11.0% 12.5% 2021E 2022E 2023E 2024E 2025E Pre-Synergies NAV Acquisition Stock Price$43.00 $45.00 $50.00 $55.0010.3% 10.0% 9.4% 8.8% 12.6% 12.3% 11.5% 10.8% With As Realized NAV Cost Synergies (3) Year 5 ROIC (2025E) NAV Acquisition Stock Price $43.00 $45.00 $50.00 $55.00 Pre-Synergies 10.6% 10.3% 9.6% 9.1% 13.7% 13.4% 12.5% 11.8% With As Realized NAV Cost Synergies (3) Pre-Synergies With As Realized NAV Cost Synergies(3) Source: Company Filings, Navistar Case #1 Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 10/2/20. EUR / USD exchange rate of 1.17.NOPAT is calculated before non-service pension expense. Assumes tax rate of 27% per management estimates.Transaction TEV includes 2020E net debt of $1,833mm and post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm) per management estimates; preferred stock of $2mm, minority interest of $2mm, and investment in affiliates of $30mm as per 2020 Q3 filing; PV of NOLs of $360mm FinCo. book value of $347mm. (3) Assumes Navistar’s run-rate cost synergy estimate of $337mm and includes cost to achieve synergies and phase-in period, per management estimates. 17

Traton Ratings Analysis Pre-Synergies NAV Acquisition Stock Price$43.00 $45.00 $50.00 $55.002.5x 2.6x 2.7x 2.8x 2.4x 2.5x 2.6x 2.7x NAV Acquisition Stock Price 2022E S&P Adj. PF Net Leverage(2) Pre-Synergies NAV Acquisition Stock Price$43.00 $45.00 $50.00 $55.002.1x 2.2x 2.3x 2.4x 2.0x 2.0x 2.1x 2.2x With As Realized NAV Cost Synergies(4) 2023E S&P Adj. PF Net Leverage(2) Pre-Synergies NAV Acquisition Stock Price$43.00 $45.00 $50.00 $55.001.5x 1.6x 1.7x 1.8x 1.4x 1.4x 1.5x 1.6x With As Realized NAV Cost Synergies(4) 2022E Moody’s Adj. PF Gross Leverage(3) 2023E Moody’s Adj. PF Gross Leverage(3) Current Rating: BBB / StableS&P rating is tied to VW rating; transaction is unlikely to result in a downgrade absent downgrade of VW(1) Current Long-term Rating: Baa1 / NegativeSustained gross leverage >2.0x could result in a Moody’s downgrade Moody’s leverage likely constrained above $55 per share With As Realized NAV Cost Synergies (4) Pre-SynergiesWith As Realized NAV Cost Synergies (4) $43.00 $45.00 $50.00 $55.00 1.9x1.7x 2.0x1.8x 2.1x1.9x 2.2x2.0x Source: Company Filings, Navistar Management Case #1 Projections, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 10/2/20. EUR / USD exchange rate of 1.17.Minimum FFO / Net Debt of 60% is also a constraint for S&P but the agency has allowed TRATON to be below this in the near ter m. At $55 per share this metric should reach close to 60% by 2023.S&P adjustments include operating lease, pension, restricted cash, and other recurring adjustments.Moody’s adjustments include operating lease, pension, and other recurring adjustments. (4) Assumes Navistar’s run-rate cost synergy estimate of $337mm and includes cost to achieve synergies and phase-in period, per management estimates. 18

Illustrative Synergy Value Paid to Navistar at Various Offer Prices Price @ 9.0x EBITDAPO⁽¹⁾ Cost Synergies⁽²⁾ Cost and Revenue Synergies⁽³⁾ Offer Price $31 $43 $45 $50 $55 Total $ Premium Paid Over Share – 1,218 1,422 1,932 2,443 Premium as a % of NPV of NAV – 45% 52% 71% 90% Premium as a % of NPV of NAV – 33% 38% 52% 66% Analysis based on Navistar’s implied share price assuming a 9.0x 2021E Manufacturing EBITDAPO, which represents a ~1.0x discount to PACCAR’s current multiple and a ~1.0x premium to Navistar’s 10 year average multiple NAV Share Price @ 9.0x EBITDAPO Source: Company Filings, Navistar Management Projections, Management synergy findings and forecast, third-party reports.Note: Post-tax NPV of synergies figures assume 8.2% discount rate based on TRATON WACC per company filings, and 0% perpetuity growth rate for all synergy categories. Includes phase-in period and cost to achieve synergies per Navistar management projections.Note: Share prices calculated based on 2020E net debt of $1,833mm and post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre- tax underfunded OPEB of $356mm) per management estimates; preferred stock of $2mm, minority interest of $2mm, and investment in affiliates of $30mm as per 2020 Q3 filing; PV of NOLs of $360mm; FinCo. book value of $347mm per 2020 Q3 filing.9.0x 2021E Manufacturing EBITDAPO represents a ~1.0x discount to PACCAR’s multiple and a ~1.0x premium to Navistar’s 10 year average multiple. Based on 2021E Manufacturing EBITDAPO of$594mm per Management Case #1 Projections.Based on the $2.7bn after-tax NPV of Navistar’s annual run-rate cost synergy estimate of $337mm.Based on the $3.7bn after-tax NPV of Navistar’s annual run-rate cost synergy estimate of $337mm and Navistar’s midpoint run-rate EBITDA impact from revenue synergy estimate of $180mm on midpoint run-rate revenue synergy estimate of $1,071mm. 19

APPENDIX

Illustrative standalone discounted cash flow analysis PV of terminal value PV of cash flows + Firm value Equity value Implied value per share Book value of FinCo1 + Implied TV / 2030E Adj. EBITDA = Terminal growth rate 1.0% 1.5% 2.0% Discount rate 9.5% $4,181 $4,471 $4,799 10.0% 3,781 4,030 4,309 10.5% 3,431 3,645 3,884 Terminal growth rate 1.0% 1.5% 2.0% Discount rate 9.5% $8,553 $8,843 $9,171 10.0% 8,062 8,311 8,590 10.5% 7,624 7,838 8,077 Terminal growth rate 1.0% 1.5% 2.0% Discount rate 9.5% $5,241 $5,530 $5,859 10.0% 4,750 4,998 5,277 10.5% 4,312 4,526 4,765 Terminal growth rate 1.0% 1.5% 2.0% Discount rate 9.5% $51.99 $54.83 $58.05 10.0% $47.19 $49.62 $52.35 10.5% $42.90 $44.99 $47.33 Terminal growth rate 1.0% 1.5% 2.0% Discount rate 9.5% 7.0x 7.5x 8.1x 10.0% 6.6x 7.1x 7.6x 10.5% 6.3x 6.7x 7.1x Discount rate 9.5% $4,025 10.0% 3,934 10.5% 3,846 Discount rate 9.5% $347 10.0% 347 10.5% 347 Net debt and NOLs2 Discount rate 9.5% ($3,312) 10.0% (3,312) 10.5% (3,312) = - Management Case #1 – 11.4% Manufacturing long term margin; Assumed discount rate of 9.5% - 10.5% Management projections Management extrapolation ($mm) Oct-21E Oct-22E Oct-23E Oct-24E Oct-25E Oct-26E Oct-27E Oct-28E Oct-29E Oct-30E Terminal CAGR 21E' - 25E' 21E' - 30E' Manufacturing revenue $8,557 $10,545 $12,118 $11,687 $12,399 $12,399 $12,445 $12,539 $12,680 $12,870 $13,063 9.7% 4.6% % growth 18.3% 23.2% 14.9% (3.6%) 6.1% 0.0% 0.4% 0.8% 1.1% 1.5% 1.5% Manufacturing Adj. EBITDA $574 $889 $1,249 $1,156 $1,282 $1,422 $1,427 $1,438 $1,454 $1,476 $1,498 22.3% 11.1% % margin 6.7% 8.4% 10.3% 9.9% 10.3% 11.5% 11.5% 11.5% 11.5% 11.5% 11.5% Plus: Non-service pension expenses 20 16 12 8 6 0 (4) 0 0 0 0 Manufacturing EBITDAPO $594 $905 $1,260 $1,164 $1,287 $1,422 $1,423 $1,438 $1,454 $1,476 $1,498 % margin 6.9% 8.6% 10.4% 10.0% 10.4% 11.5% 11.4% 11.5% 11.5% 11.5% 11.5% Less: Manufacturing D&A (132) (171) (185) (194) (185) (185) (193) (201) (209) (217) (217) Manufacturing EBITPO $463 $734 $1,075 $970 $1,102 $1,237 $1,230 $1,237 $1,245 $1,259 $1,281 % margin 5.4% 7.0% 8.9% 8.3% 8.9% 10.0% 9.9% 9.9% 9.8% 9.8% 9.8% Tax expense (36) (198) (290) (262) (298) (334) (332) (334) (336) (340) (346) EBIAT $427 $536 $785 $708 $805 $903 $898 $903 $909 $919 $935 Add: Manufacturing D&A 132 171 185 194 185 185 193 201 209 217 217 % capex 43.8% 57.1% 61.6% 64.6% 61.7% 61.7% 64.3% 67.0% 69.6% 72.3% 72.3% Less: Capex (300) (300) (300) (300) (300) (300) (300) (300) (300) (300) (300) 0.0% 0.0% Less: Δ(NWC) & Other (53) 49 128 (94) (42) (83) (5) (5) (5) (5) (5) Unlevered FCF $205 $456 $798 $508 $648 $705 $786 $799 $813 $831 $847 Source: Navistar management projections; Note: Assume valuation date as of 10/31/20; assumes mid-period discounting convention; assumes tax rate of 27%1 Assumes 1.0x FinCo. book value of $347mm which reflect reduction in Fin Co. value to account for intercompany loan to Manufacturing Co. as per Navistar management2 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; $424mm post-tax mid-point of litigation risk as per Navistar management; Post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm as of 10/31/20); PV of NOLs of$360mm 21

Illustrative standalone discounted cash flow analysis PV of terminal value PV of cash flows + Firm value Equity value Implied value per share Book value of FinCo1 + Implied TV / 2030E Adj. EBITDA = Terminal growth rate 1.0% 1.5% 2.0% Discount rate 9.5% $3,354 $3,588 $3,853 10.0% 3,034 3,234 3,459 10.5% 2,753 2,926 3,118 Terminal growth rate 1.0% 1.5% 2.0% Discount rate 9.5% $6,969 $7,203 $7,468 10.0% 6,577 6,777 7,002 10.5% 6,227 6,399 6,592 Terminal growth rate 1.0% 1.5% 2.0% Discount rate 9.5% $3,657 $3,891 $4,156 10.0% 3,265 3,465 3,690 10.5% 2,914 3,087 3,280 Terminal growth rate 1.0% 1.5% 2.0% Discount rate 9.5% $36.47 $38.76 $41.37 10.0% $32.59 $34.57 $36.79 10.5% $29.12 $30.83 $32.74 Terminal growth rate 1.0% 1.5% 2.0% Discount rate 9.5% 6.6x 7.1x 7.6x 10.0% 6.3x 6.7x 7.2x 10.5% 6.0x 6.4x 6.8x Discount rate 9.5% $3,268 10.0% 3,196 10.5% 3,127 Discount rate 9.5% $347 10.0% 347 10.5% 347 Net debt and NOLs2 Discount rate 9.5% ($3,312) 10.0% (3,312) 10.5% (3,312) = - Management Case #2 – 10.5% Manufacturing long term margin; Assumed discount rate of 9.5% - 10.5% Management projections Management extrapolation ($mm) Oct-21E Oct-22E Oct-23E Oct-24E Oct-25E Oct-26E Oct-27E Oct-28E Oct-29E Oct-30E Terminal CAGR 21E' - 25E' 21E' - 30E' ) ) )) Manufacturing revenue $8,504 $10,185 $11,386 $10,903 $11,454 $11,454 $11,497 $11,584 $11,714 $11,890 $12,068 7.7% 3.8% % growth 17.6% 19.8% 11.8% (4.2%) 5.1% -- 0.4% 0.8% 1.1% 1.5% 1.5% Manufacturing Adj. EBITDA $570 $865 $1,145 $1,011 $1,106 $1,097 $1,209 $1,218 $1,232 $1,250 $1,269 18.0% 9.1% % margin 6.7% 8.5% 10.1% 9.3% 9.7% 9.6% 10.5% 10.5% 10.5% 10.5% 10.5% Plus: Non-service pension expenses 20 16 12 8 6 0 (4) 0 0 0 0 Manufacturing EBITDAPO $590 $881 $1,156 $1,019 $1,112 $1,097 $1,205 $1,218 $1,232 $1,250 $1,269 % margin 6.9% 8.7% 10.2% 9.3% 9.7% 9.6% 10.5% 10.5% 10.5% 10.5% 10.5% Less: Manufacturing D&A (132) (171) (185) (194) (185) (185 (193) (201) (209) (217) (217) Manufacturing EBITPO $459 $710 $972 $826 $927 $912 $1,012 $1,017 $1,023 $1,033 $1,052 % margin 5.4% 7.0% 8.5% 7.6% 8.1% 8.0% 8.8% 8.8% 8.7% 8.7% 8.7% Tax expense (35) (192) (262) (223) (250) (246 (273) (275) (276) (279) (284) EBIAT $423 $518 $709 $603 $676 $666 $738 $742 $747 $754 $768 Add: Manufacturing D&A 132 171 185 194 185 185 193 201 209 217 217 % capex 43.8% 57.1% 61.6% 64.6% 61.7% 61.7% 64.3% 67.0% 69.6% 72.3% 72.3% Less: Capex (300) (300) (300) (300) (300) (300 (300) (300) (300) (300) (300) 0.0% 0.0% Less: Δ(NWC) & Other (53) 22 97 (96) (54) (83 (5) (5) (5) (5) (5) Unlevered FCF $202 $412 $691 $401 $508 $467 $626 $638 $650 $666 $680 Source: Navistar management projections; Note: Assume valuation date as of 10/31/20; assumes mid-period discounting convention; assumes tax rate of 27%1 Assumes 1.0x FinCo. book value of $347mm which reflect reduction in Fin Co. value to account for intercompany loan to Manufacturing Co. as per Navistar management2 Net debt of $1,833mm as of 10/31/20, preferred stock of $2mm, minority interest of $2mm, investment in affiliates of $30mm as per 2020 Q3 filing; $424mm post-tax mid-point of litigation risk as per Navistar management; Post tax underfunded pension and OPEB of $1,442mm (assumes tax rate of 21%, pre-tax underfunded pension of $1,468mm and pre-tax underfunded OPEB of $356mm as of 10/31/20); PV of NOLs of$360mm 22

TRATON Financial Assumptions Source: Company filings, Wall Street Research. Note: Market data as of 10/2/20.(1) Based on equity research post-June 2020 senior secured Notes offering. TRATON BALANCE SHEET ASSUMPTIONS (BASED ON 12/31/20E)(€ in millions) TRATON Financial Summary Forecast(€ in millions) Industrial Net Debt⁽¹⁾ € 1,136 Investments in Associates € 1,345 After Tax Pension 1,219 Fully Diluted Shares Outstanding (mm) 500 Minority Interest 240 Tax Rate 30.0% Financial Services Book Value of Equity 957 2020E 2021E 2022E 2023E '20E - '23E CAGR Scania € 11,113 € 12,492 € 13,089 € 13,409 6.5% MAN 8,890 10,055 10,607 10,905 7.0% VWCO 1,268 1,400 1,509 1,555 7.0% Other ( 316) ( 316) ( 316) ( 316) Industrial Sales € 20,955 € 23,631 € 24,889 € 25,553 6.8% Financial Services 829 826 821 898 Consolidation ( 392) ( 393) ( 392) ( 392) Group Sales € 21,392 € 24,064 € 25,318 € 26,059 6.8% % Growth (20.5%) 12.5% 5.2% 2.9% Scania € 702 € 1,186 € 1,336 € 1,427 26.7% MAN ( 415) 209 452 502 NM VWCO ( 18) 16 38 45 NM Other ( 171) ( 200) ( 181) ( 180) Industrial Adj. EBIT € 98 € 1,211 € 1,645 € 1,794 NM % Margin 0.5% 5.1% 6.6% 7.0% Financial Services 99 123 128 140 Consolidation NA NA NA NA Group Adj. EBIT € 197 € 1,334 € 1,773 € 1,934 NM % Growth (89.5%) 577.2% 32.9% 9.1% Industrial D&A 1,122 1,179 1,206 1,225 Group Adj. EBITDA € 1,319 € 2,513 € 2,979 € 3,159 33.8% % Margin 6.2% 10.4% 11.8% 12.1% Industrial Capex 1,415 1,397 1,357 1,316 % of Industrial Revenue 6.8% 5.9% 5.5% 5.2% Industrial Change in Working Capital ( 100) 600 63 33 Tax Rate 30.0% 30.0% 30.0% 30.0% 23

Illustrative Traton Pro Forma Acquisition Analysis (Navistar Management Case #1) Assumes $50/NAV Share Transaction with 100% Cash Funding and $337mm of Synergies(1) Standalone 2020E PF2020E 2021E 2022E 2023E $24,546 $24,546 7,134 $27,681 8,557 $29,154 10,545 $29,932 12,118 TRATON Industrial Revenue NAV Manufacturing Revenue(+) Synergies⁽ ¹⁾ –– – – – – $24,546(7.2%)1,429 $31,68029.1%1,429308 Total Industrial Revenue% GrowthTRATON Industrial EBITDA NAV Manufacturing EBITDAPO(+) Synergies⁽ ¹⁾ –– – $36,23814.4%2,80059464 $39,6999.6%3,340905155 $42,0505.9%3,5361,260236 PF Synergized Industrial EBITDA% Margin $1,4295.8% $1,7375.5% $3,4579.5% $4,40011.1% $5,03312.0% $2310.9%(30)(177) PF Consolidated Synergized EBIT⁽⁴⁾% Margin(-) Net Interest Expense From Industrial Debt⁽⁵⁾(-) Net Interest Expense From Financial Services Debt⁽⁵⁾(-)Taxes @ 30.0%⁽⁶⁾ – $4671.5%(176)(484)87 $2,1505.9%(168)(484)(421) $3,0637.7%(149)(484)(700) $3,6798.7%(121)(484)(900) ––– PF Net Income TRATON Shares (mm)PF EPSTRATON Standalone EPS $0.07 ($107) 500 ($0.21)$0.07 $1,077500$2.15$2.04 $1,729500$3.46$2.86 $2,173500$4.35$3.24 –– % Accretion% Accretion (Pre-Synergies) PF S&P Adj. Net Debt⁽⁷⁾PF S&P Adj. Net Leverage⁽⁷⁾ $3,893 4.3x NM NM$10,0927.9x 5.7%1.3%$9,375 3.1x 20.8%13.1%$8,414 2.1x 34.3%23.9%$6,882 1.5x ($ in millions) Sources Uses New TRATON Industrial Debt Raised @ 2.25% Rolled NAV Pension and OPEBNAV Existing Balance Sheet Cash TRATON Existing Balance Sheet Cash⁽²⁾ $4,281 1,8251,6501,874 Acquire 83% of NAV Equity @ $50/share Refinance NAV Industrial Debt Assumption of NAV Pension and OPEB Breakage Costs on NAV Industrial Debt⁽³⁾ Transaction Fees and Expenses $4,191 3,4851,8257950 Total Sources $9,630 Total Uses $9,630 Income Statement Contribution Source: Company Filings, Navistar Management Case #1, Wall Street Research, Capital IQ.Note: Based on projected December 31st, 2020 balance sheet. Market data as of 10/2/20. EUR / USD exchange rate of 1.17.Assumes Navistar’s run-rate cost synergy estimate of $337mm. Includes cost to achieve synergies and phase-in period, per management estimates.Assumes TRATON minimum cash balance of €3.9bn as of YE 2020.Based on 107.125% redemption price on Navistar 9.5% Notes due 2025 triggered by a TRATON acquisition and 3.313% make-whole value on Navistar 6.625% Notes due 2025 beginning 11/20/20.Includes Financial Services EBIT of Navistar and TRATON.Assumes blended interest rate on Industrial Debt of 2.25% based on TRATON’s senior secured notes raised in June 2020; assumes blended interest rate on Financial Services debt of 3.0%.Tax rate based on Germany statutory tax rate. Includes the impact of Navistar’s assumed NOL balance of $360mm. Taxable EBIT reduced by a maximum of $105mm per year based on the purchase price of Navistar equity multiplied by the tax-exempt rate of 1.89%.Includes operating lease, pension, restricted cash, and other recurring adjustments. 24

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