Tata Motors Limited

rs,

BSE Limited First Floor, New Trading Ring Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai 400 001 Listing Compliance Department National Stock Exchange of India

23%

ve 7 ORD shares for every 10 “A” ORD shares held (“Capital Reduction Consideration”) Translates to 23% premium to the previous day closing price (1) of “A” ORD shares; and 30% discount to ORD share pric

30%

ideration”) Translates to 23% premium to the previous day closing price (1) of “A” ORD shares; and 30% discount to ORD share price (vs ~43% prevailing discount (1)) The transaction will reduce the tota

43%

m to the previous day closing price (1) of “A” ORD shares; and 30% discount to ORD share price (vs ~43% prevailing discount (1)) The transaction will reduce the total share capital by ~4% making it EPS

4%

re price (vs ~43% prevailing discount (1)) The transaction will reduce the total share capital by ~4% making it EPS accretive for all shareholders Elimination of price discount between ORD and “A” ORD

Rs,

to regulatory approvals; Expect to take 12-15 months for completion Along with the delisting of ADRs, the above actions will simplify, streamline and consolidate trading of TML equity shares to the TML

10%

discount to ORD shares despite adequate liquidity • • • In 2008, TML issued “A” ORD shares at a 10% discount to ORD with lower voting rights (1/10th) and higher dividend (by 5%) In 2009, SEBI disall

5%

d “A” ORD shares at a 10% discount to ORD with lower voting rights (1/10th) and higher dividend (by 5%) In 2009, SEBI disallowed companies to create new class of shares with differential rights impacti

10.0%

0-2014 2010- 2023 Last 10 years Last 5 years Last 3 years Last 12 months 24st July 2023 10.0% 40.0%1 43.1% 45.1% 52.2% 52.2% 48.4% 43.1% 700 600 500 400 300 200 100 0 1-Company has con

40.0%

2010- 2023 Last 10 years Last 5 years Last 3 years Last 12 months 24st July 2023 10.0% 40.0%1 43.1% 45.1% 52.2% 52.2% 48.4% 43.1% 700 600 500 400 300 200 100 0 1-Company has consistent

43.1%

023 Last 10 years Last 5 years Last 3 years Last 12 months 24st July 2023 10.0% 40.0%1 43.1% 45.1% 52.2% 52.2% 48.4% 43.1% 700 600 500 400 300 200 100 0 1-Company has consistently paid

45.1%

st 10 years Last 5 years Last 3 years Last 12 months 24st July 2023 10.0% 40.0%1 43.1% 45.1% 52.2% 52.2% 48.4% 43.1% 700 600 500 400 300 200 100 0 1-Company has consistently paid average

“• Continue to anticipate moderate inflation.”

“539 crs on Y-o-Y basis to 8.1% (down 0.2% Q-o-Q and 0.6% Y-o-Y) • Focus on portfolio quality and pricing discipline on new disbursals showing results; PBT (bei) positive after 3 quarters • Business on track to deliver double digit ROE in the medium term lowering credit losses and tight with focus on improving NIMs, controls on operating costs.”

Expenses

2

Note

1

Trust Corpus

1

Trust Deed

1

Timeline for formation of Trust

1

Provides JLR with

1

Note

1. TML will have to bear Stamp duty on the scheme, initial corpus for settling the Trust, legal expenses and fees for valuation report and fairness opinion, other advisory fees 6 Q&A session - Cancellation of ‘A’ ORD shares and issue of ORD shares as consideration Please submit your questions in the Q&A textbox Please mention your name and name of the organization you represent along with the questions 7 Annexures 8 Tax Implication of the Scheme for “A” ORD shareholders Tax Treatment* • Cancellation of ‘A’ ORD shares and issue of ORD shares will be taxable in the hands of A ORD shareholders • The applicable WHT taxes for each “A” ORD holder will be settled by the Trust by selling requisite ORD shares and the net ORD shares and cash for fractional entitlement to be credited to the holder’s account Total Adjustment Amount* 1. WHT on Deemed Dividend : • WHT tax on deemed dividend to the extent of accumulated profits of TML on ‘Effective Date’ of the Scheme 2. WHT on Capital Gains on issue

Trust Deed

• Captures the steps and mechanics for operationalization of the Scheme Determines the role and responsibilities of each party •

Timeline for formation of Trust

• To be set-up prior to “Effective Date” of the scheme 10 Tata Motors Group Results for quarter ended June 30, 2023 Safe harbour statement Statements in this presentation describing the objectives, projections, estimates and expectations of Tata Motors Limited (the “Group”), Jaguar Land Rover Automotive plc (“JLR ”) and its business segments may be “forward-looking statements” within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Group’s operations include, amongst others, economic conditions affecting demand / supply and price conditions in the domestic and overseas markets in which the Group operates, changes in Government regulations, tax laws and other statutes and incidental factors. Certain analysis undertaken and represented in this document may constitute an estimate from the Group and may differ from the actual underlying results. Narrations

Provides JLR with

 Security of supply, based on renewable energy  Supply chain localisation  Full transparency across the value chain  Political de-risking Custom battery designs (stacked prismatic cells) with:  Superior cell-to-pack efficiency  Chemistry flexibility (High Nickel NMC and LFP)  Best-in-class fast charge  Enhanced safety 28 Looking ahead Remain committed to consistent, competitive cash accretive growth while deleveraging the business OUTLOOK FOR FY24 • Remain optimistic on the demand despite near term uncertainties. • Continue to anticipate moderate inflation. • Q2 production and cashflow is expected to be lower than Q1 reflecting the annual summer plant shutdown while wholesales and profitability are expected to be more in line with recent quarters. PRIORITIES • Continue to improve supply availability. • Focus on brand activation to secure order book. • Execute Reimagine plans flawlessly. 29 Tata Commercial Vehicles Girish Wagh & PB Balaji ( I n c l u d e s T a t a C V I n d i a

Expenses

Cost of materials consumed Employee benefit expenses Other expenses Product development and engineering expenses Exchange gain / loss (realized) EBITDA Depreciation and amortization Profit / loss from equity accounted investees EBIT Other income ( excl. grant income) Finance cost Unrealized FX, Unrealized commodities PBT (bei) (Incl share of JV and Associates) EBITDA Margin EBIT Margin JLR 71,396 501 (41,473) (7,414) (8,887) (2,085) (491) 11,546 (5,531) 146 6,161 373 (1,358) (653) 4,523 16.2% 8.6% * Others include vehicle financing, other segment and income / expenses not specifically allocable to any other segments Quarter ended June 30, 2023 Tata Commercial Vehicles Tata Passenger Vehicles Rs Cr. IndAS Others* Consolidated 16,991 68 (12,204) (1,118) (1,909) (226) (5) 1,598 (498) - 1,100 44 (149) (58) 937 9.4% 6.5% 12,839 103 1,010 11 102,236 683 (10,703) (471) (901) (190) 6 683 (557) - 126 174 (57) (57) 186 5.3% 1.0% 596 (850) (3) 88 1 854 (47) 65 871 86 (1,052) (11) (105) (63,783) (

Expenses

Cost of materials consumed Employee benefit expenses Other expenses Product development and engineering expenses Exchange gain / loss (realized) EBITDA Depreciation and amortization Profit / loss from equity accounted investees EBIT Other income ( excl. grant income) Finance cost Unrealized FX, Unrealized commodities PBT (bei) (Incl share of JV and Associates) EBITDA Margin EBIT Margin JLR 43,056 367 (26,844) (5,542) (6,121) (2,511) 428 2,833 (4,769) 5 (1,930) 90 (1,103) (2,153) (5,096) 6.6% -4.4% Tata Commercial Vehicles 16,270 70 (12,243) (1,118) (1,911) (178) (4) 886 (424) - 462 52 (148) (64) 302 5.5% 2.8% Tata Passenger Vehicles 11,556 109 (9,841) (401) (659) (37) (18) 709 (606) - 104 23 (62) (51) 14 6.1% 0.9% * Others include vehicle financing, other segment and income / expenses not specifically allocable to any other segments Others* Consolidated 1,052 1 705 (725) (176) 34 (14) 878 (43) 31 866 175 (1,108) (78) (146) NA NA 71,935 547 (48,222) (7,786) (8,867) (2,692) 392 5,307 (5,