BorgWarner board approves PHINIA spin-off; record date June 23, distribution July 3

BORGWARNER INC

Distribution of 100% of PHINIA common stock as a pro rata dividend on July 3, 2023.
Record date June 23, 2023; stockholders receive 1 PHINIA share for every 5 BWA shares.
PHINIA expected to begin regular-way trading on NYSE under ticker "PHIN" on July 5, 2023.
Holders selling BWA stock regular way on or before distribution date also sell PHINIA rights.
Spin-off conditioned on satisfaction/waiver of conditions in PHINIA's Form 10 registration.

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