Leading market position Fair product, customer, and geographic diversity Good technology and value-added content Weak cash flow and earnings Highly competitive markets Cyclically weak demand Relatively narrow business base The rating on TRW Automotive Inc. reflects Standard&Poor's Ratings Services' assumption that a still-weak global market for light vehicles in 2010 could cause TRW to use cash, but the company's liquidity is adequate to fund this cash use. We expect light-vehicle sales to rise about 8% in 2010 to 11.1 million units (still well below the 2008 level of 13.2 million), following our estimated 2009 year-over-year decline of about 22% in North America to 10.3 million units. We also expect auto registrations in Europe to decline in 2010, partly
