VISTEON CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited, Dollars in Millions)

Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company's performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company's operating activities across reporting periods. The Company defines Adjusted EBITDA as net income attributable to the Company, plus net interest expense, provision for income taxes and depreciation and amortization, as further adjusted to eliminate the impact of discontinued operations, equity in net income of non-consolidated affiliates, net income attributable to non-controlling interests, asset impairments, gains or losses on divestitures, net restructuring expenses and other reimbursable costs, non-cash stock-based compensation expense, certain employee charges and benefits, reorganization items and other non-operating gains and losses.  Because not all companies use identical calculations, this presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

Electronics &

Three Months Ended

Corp. Only

March 31

Estimated

2015

2014

Full Year 2015 *

$

189

$

161

$245 - $265

   Interest expense, net

6

8

17

   Provision for income taxes

1

31

55

   Depreciation and amortization

68

60

85

   Non-cash, stock-based compensation expense

3

3

10

   Transformation and integration costs

14

6

55

   Restructuring expense

4

1

25

   Equity in net income of non-consolidated affiliates

(2)

(2)

5

   Net income attributable to non-controlling interests

20

29

15

   Other

2

—

—

   Loss from discontinued operations, net of tax

23

6

—

Net income attributable to Visteon

$

50

$

19

* In connection with the anticipated 2015 sale of the Company's outstanding shares in Halla Visteon Climate Control Corporation ("HVCC"), the Company is providing 2015 guidance for the electronics product group and corporate costs only. Guidance excludes the climate product group, other product group, and discontinued operations.

Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses Adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies, and (iii) because the Company's credit agreements use similar measures for compliance with certain covenants.

Free Cash Flow and Adjusted Free Cash Flow : Free cash flow and Adjusted free cash flow are presented as supplemental measures of the Company's liquidity that management believes are useful to investors in analyzing the Company's ability to service and repay its debt. The Company defines Free cash flow as cash flow provided from operating activities less capital expenditures. The Company defines Adjusted free cash flow as cash flow provided from operating activities less capital expenditures, as further adjusted for restructuring and transformation-related payments. Free cash flow and Adjusted free cash flow include amounts associated with discontinued operations. Because not all companies use identical calculations, this presentation of Free cash flow and Adjusted free cash flow may not be comparable to other similarly titled measures of other companies.

Electronics &

Three Months Ended

Corp. Only

March 31

Estimated

2015

2014

Full Year 2015 *

Cash provided from operating activities

$

173

$

96

$20 - $60

Capital expenditures

(55)

(52)

100

Free cash flow

$

118

$

44

Restructuring/transformation-related payments

21

20

120

Adjusted free cash flow

$

139

$

64

* In connection with the anticipated 2015 sale of the Company's outstanding shares in HVCC, the Company is providing 2015 guidance for the electronics product group and corporate costs only. Guidance excludes the climate product group, other product group, and discontinued operations.

Free cash flow and Adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and Adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses Free cash flow and Adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.

Adjusted Net Income and Adjusted Earnings Per Share : Adjusted net income and Adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company's  profitability. The Company defines Adjusted net income as net income attributable to Visteon plus net restructuring expenses, reorganization items and other non-operating gains and losses, as further adjusted to eliminate the impact of discontinued operations. The Company defines Adjusted earnings per share as Adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of Adjusted net income and Adjusted earnings per share may not be comparable to other similarly titled measures of other companies.