1. Presented by Nan Liang Tianbai Wang Qi He May 1, 2012

2. Agenda  Intro  Related Stock Market  Macro Review  Business Review  Comps  Financial Analysis  DCF

3. Intro  Business Description Gentex Corporation designs, develops, manufactures and markets proprietary electro-optic products, including automatic-dimming rearview mirrors for the automotive industry and fire protection products mainly for the commercial building industry.  Sector: Consumer Goods  Industry: Auto Parts & Equipment  GICS Map: 251010  Revenue in 2011: 1.02Billion Resource: GNTX 10-K

4. Products Resource: GNTX Official Website

5. Global Business Distribution Resource: GNTX Official Website

6. Financial Description  52 Week Range: $20.69 - $32.21  PEG: 0.95  Trailing P/E: 18.78  Forward P/E: 15.26  Implied 1 Year Growth Rate: 23%  5-7 Growth Rate: 5.14%  Market Cap: 3.15 B  Beta: 1.51 Intro Resource: Yahoo Finance

7. Related Stock Market Resource: Yahoo Finance

8. Global Automobile Auto Parts Manufacturing Mirror Manufacturing Industry

9. Global Automobile Manufacturing & Auto Parts Manufacturing Global Auto Vehicle Sales Global Auto Parts Manufacturing Resource: IBIS World

10. Business Locations Resource: IBIS World

11. Automakers Resource: IBIS World

12. Industry Opportunity Economic Indicator – Consumer sentiment index Demand GrowthGovernment Intervention Regulation & Tech InnovationCheaper Currency & Competitiveness

13. Opportunity 1 – Better Economy When households are optimistic about their financial future and the economy, they are more likely to spend money on big-ticket items. Purchasing a new vehicle requires a significant outlay, which is often financed through loans. In times of economic downturns, households are less willing to spend money on expensive items, for fear of losing their jobs and being unable to meet repayments. Consumer sentiment has been fairly low around the globe in 2009 due to the global financial crisis. Resource: IBIS World

14. Mature industry with limited growth potential as the market is saturated Aging population & Replacement of existing vehicles Developed Economies Rising wealth, standards of living and access to proper road infrastructure Population (esp. young adults) growth Emerging Economies Opportunity 2 – Demand Growth

15. Opportunity 3- Government Incentives During Recession

16. Opportunity 4 – Regulation & Innovation

17. Market Risks Auto Parts

18. ESTIMATED AUTOMATIC-DIMMING MIRROR GLOBAL MARKET SHARE Resource: GNTX Presentation

19. Auto-Dimming Rearview Mirrors Market GNTX: Leading producer and the dominant supplier to the automotive industry: 88% market share worldwide in 2011, 85% in 2010. U.S. manufacturer Magna: hybrid or solid polymer matrix versions of electro chromic mirrors. 2 Japanese manufacturers: supply a few vehicle models in Japan with solid-state electro chromic mirrors. Some small Chinese domestic mirror suppliers: selling auto-dimming rearview mirrors, in low volume, within the domestic China automotive market but not currently meet global automotive grade specifications. Resource: GNTX 10-K

20. Fire Protection Products Auto- Dimming Rearview Mirrors Dimmable Aircraft Windows Product Lines 98% Of Total Sales Found In 1974 Manufacturer Of These i.e. Boeing 787 Source: Gentex’s Website

21. Auto-dimming Mirrors Source: Investor Presentation Glare

22. Smart Beams ® Source: Investor Presentation

23. Rear Camera Display (RCD) Mirror Source: Investor Presentation

24. Revenue Growth Source: Annual Reports

25. Main Clients Source: Annual Reports

26. Region Source: Annual Reports

27. Global Market Share (2011) Source: Annual Reports Main Competitor Magna Mirrors

28. Competitor: Magna Mirrors + Owned by Magna International, Inc. (NYSE: MGA) + MGA also produces lots of auto parts for cars: Body, Seating, Roof, and hybrid energy system, etc. It’s Gentex’s Main Competitor. But Comparable or Not?

29. Multiples Source: Bloomberg & Yahoo!Finance GNTXMGADLPHLEABWA Mkt. Cap 3.21B 10.21B 10.16B 4.22B 9.17B EPS 1.17 4.20 3.61 5.08 4.73 P/E 19.12 10.44 8.57 8.27 16.90 EV/EBITDA 9.77 4.54 4.89 3.13 8.97 Target Price: $7 - $20 Gentex Current Price: $22

30.  Capital Structure  0 Debt  Quick Ratio Data Source : 10-K Financial Analysis

31. Data Source : 10-K

33. Current Price: $22.05 DCF: $27.2 - $35.5 Multiple: $7- $20 Buy 200 shares at market price, about 1.5% of the portfolio Recommendation