Tata Motors : Jaguar Land Rover Nederland BV

Financial report 2023/2024

Jaguar Land Rover Nederland B.V.

Vianen

1

Contents

Annual report of the directors	3
Annual accounts	8
Balance sheet before appropriation of profit as at March 31 2024	8
The profit and loss account for the year ended on 31 March 2024	10
Cash flow statement 2023/24	11
Notes to the financial statements	12
Other information	38
Independent Auditor's report	38
Profit appropriation according to the Articles of Association	38

2

Annual report of the directors

The Board of directors of the Company hereby presents its management report for the financial year ended on 31 March 2024.

Mission Statement

Jaguar Land Rover's new vision is the reimagining of the future of the modern luxury by design through a canvas of true sustainability and a new benchmark in quality. With two distinct British brands, Jaguar Land Rover will become a more agile creator of the world's most desirable luxury vehicles and services for the most discerning of customers.

Jaguar Land Rover Netherlands

Jaguar Land Rover Netherlands operates as a distributor of Land Rover and Jaguar products in The Netherlands. It is a 100% subsidiary of Jaguar Land Rover Ltd (United Kingdom (hereafter: 'UK')).

3

The company's offices are in Utrecht. Its principal function is the sales, marketing and distribution of Land Rover and Jaguar products in The Netherlands. Its responsibility includes the development and maintenance of the local dealer network, and the deployment of Jaguar Land Rover's strategy in the local market.

Jaguar Land Rover Netherlands distributes new and used vehicles as well as parts and accessories to a stable network of Dutch dealerships who deliver the goods to the end customer.

Since the 1st of April 2010 Jaguar Land Rover Netherlands and Jaguar Land Rover Belux have been integrated into one Sales Company to grow sales and save costs by maximising the economies of scale. Although there is one organisation scheme for the Benelux-organisation, both countries still have separate legal entities. While shared functions are optimized in both entities, Jaguar Land Rover Netherlands ensures to retain highly qualified and experienced staff specific for the Dutch market.

Marketing activities such as national advertising campaigns and the supply of marketing materials to dealerships is being organised by Jaguar Land Rover Netherlands. The company also supports dealerships with their local marketing activities.

Results and development during the year

In 2023/24 ramp-up of global production of Jaguar Land Rover vehicles, which started in the second half of 2022/23, continued to improve and reduced the lead times of JLR products back to normal levels.

Wholesale units in 2023/24 increased with 4,5% versus 2022/23, from 2.873 units to 3.021 units. The relative share in the wholesale mix of the car lines with the highest revenues - New Range Rover, New Range Rover Sport and Defender - grew from 43% in 2022/23 to 75% in 2023/24.

Order intake for New Range Rover, New Range Rover Sport and Defender remains strong while sales incentives are still kept to a minimum. As a result, net revenue (cars) increased with EUR 68.709k or 33% from EUR 205.311k in 2022/23 to EUR 274.020k in 2023/24.

Result before taxation increased with EUR 2.535k or 88% to EUR 5.405k. The balance sheet total decreased with EUR 8.044k to EUR 40.706k. This is mainly caused by a year-over-year reduction of inventory as per 31 March with EUR 8.832k.

Financial position

The shareholders' equity decreased from EUR 8.994k to EUR 4.107k because of the distribution of the dividend of EUR 8.900k over the year 2022/23 to the shareholders in March 2024 and the addition of the net result of EUR 4.012k of the year 2023/24.

The solvability (ratio of equity capital in relation to total capital) decreased from 18,5% to 10,0%. The liquidity position (ratio of currents assets in relation to current liabilities) was slightly lower: from 1,2 in 2022/23 to 1,1 in 2023/24.

4

Investments and funding

Jaguar Land Rover Netherlands is not exposed to currency risk as all transactions are in Euro. The company does not have any significant concentrations of credit risk related to customers as title documents are not released before payment is received. No forward contracts or other derivatives are concluded to mitigate financial risks due to the limited exposure.

Jaguar Land Rover Netherlands is completely funded by its parent company. In 2023/24 there were no changes in funding, nor are there any expected in 2024/25.

Risks

Jaguar Land Rover Netherlands has assessed all potential risks - strategically, operationally, financially, and legally - and has concluded that from a market perspective there are no risks which are relevant for this report. Management trusts that given the current order intake, electrified product portfolio, finance structure and financial performance the company can continue on a going concern basis. For all potential risks from a manufacturer's / Brand viewpoint we refer to the 'Risks and Mitigations' section in the annual report of Jaguar Land Rover Ltd.

The group is willing to take risks in a responsible and calculated manner and hence a careful and risk-based assessment process is applied for strategic and tactical decisions. The risk assessments are included in the central risk management and internal controlling system of the Jaguar Land Rover Group. The identified risks are being quantified and reported and monitored according to the frequency as well as the consequences they have. To reduce each risk, the Jaguar Land Rover Group management defines and implements the corresponding measures.

Risk management and internal control systems are an integral part of the overall management process. Identifying the business risks, assessing these risks, and ensuring an adequate internal control are important management tasks. The risk management and control systems implemented are matched to the size of the organization and were not significantly different versus previous year Regular audits of the internal processes are carried out by both internal and external auditors. No relevant changes in risk management and control systems are planned.

Currently the Dutch management consider the principal risks and uncertainties facing the company to be as follows:

• Strategy: risks and uncertainties to realize the legal entity's strategy fully depends on the release of new models that fit to the Dutch market and innovations in low emission vehicles, but also on new models that will further reduce the company's CO2-emission like hybrid and electric products. Local management is not able to reduce this risk, this is managed by the group and/or shareholder, but risks could have a material impact on revenues;
• Operational: risks and uncertainties that affect the effectiveness and efficiency of the legal entity's operations in the short term are related to the reliance on the IT system. This risk is mitigated by using the central ERP system management by the Group. Another operational risk that could impact the brand reputation is the quality of products. This risk is fully reduced by Jaguar Land Rover Group by a continued investing program in the quality of the vehicles;

5

• Legislation and regulations: risks and uncertainties ensuing from legislation and regulations (taxation, BPM, environmental and other) is applicable because local regulations will change regularly. Mitigating measures included recruitment and retention of well qualified and experienced staff and engaging external specialist advice when necessary.
• Fraud risk: fraud risk is mitigated by internal controls at organisation level (such as codes of conduct, whistleblowing procedures, third party due diligence) internal control at a process level and procedures to mitigate the risks, and any follow-up of recommendations for remedial actions.

Financial and non-financial performance indicators

There are no specific critical performance indicators defined within Jaguar Land Rover Netherlands other than the number of cars sold.

Personnel

The average number of employees in FTE remained stable from 14,25 heads in 2022/23 to 13,83 heads in 2023/24. Staffing will remain sufficient to suite necessary business operations.

Environmental issues

Investments are made on an on-going basis to improve Jaguars' and Land Rovers' reputation on corporate citizenship. Together with several suppliers and supported by the British government, Jaguar and Land Rover is continuously launching new hybrid and full electric models that will reduce the company's CO2-emission.

On February 15th, 2021, our former CEO of Jaguar Land Rover Automotive Plc Thierry Bolloré announced the new global strategy of Jaguar Land Rover called Reimagine. This is the start of a journey to become a net zero carbon business by 2039. Also, this will reimagine Jaguar as an all- electric luxury brand from 2025 to 'realise its unique potential'. In the next five years, Land Rover will welcome six pure electric variants as it continues to be the world leader of luxury SUVs.

Information regarding financial instruments

For the notes to financial instruments reference is made to the specific item by item note 11.

Research and development information

Jaguar Land Rover Netherlands has no research and development activities.

Code of Conduct

The Code of Conduct is the mandatory, group-wide policy for appropriate business behaviour and responsibility towards our stakeholder and is the backbone of the Group's sustainability commitment. The policy consists of business ethics, human rights and social justice and environmental principles which shall be applied in policies, decisions, and activities. Also, Jaguar Land Rover shall comply with the laws and regulations of each country in which it operates and integrate the principles of this policy into critical processes.

6

Board of Directors, Leadership Team and Diversity

The present composition of the Board of Directors is a result of the qualifications of the present members. A balanced situation as described in the aforementioned articles can only be realized when vacancies occur where quality prevails over gender.

Jaguar Land Rover Ltd has recently introduced gender targets to focus attention on increasing representation of females in the business. By 2026, the aim is globally to achieve at least 30 per cent of all senior leadership positions held by females. In the senior management team of the Benelux organisation currently 2 out of 7 leaderships positions are held by women.

Outlook

Jaguar Land Rover Netherlands continues to see strong demand for its products. The outlook for 2024/25 is that wholesales, revenue and profit will exceed 2023/24 results.

Measures taken by Management (like strict cost control, pull volume strategy) to mitigate the risks and to improve our resilience against negative effects in recent years like the Covid-19 pandemic and the semiconductor shortage continue to be beneficial for fiscal year 2024/25. Management trusts therefore that based upon the scenarios, current finance structure and financial performance the company can continue on a going concern basis.

The new global strategy as mentioned before will create a sustainability-rich reimagination of modern luxury, unique customer experiences, and positive societal impact. A streamlined structure will deliver greater agility and promote an efficiency of focus. These changes will set us on a path towards double-digit EBIT margin and positive cash flow, as it is the ambition of Jaguar Land Rover to achieve positive cash net-of-debt by 2025 with a value creation approach delivering quality and profit-over- volume.

No investments are planned by Jaguar Land Rover Netherlands for 2024/25.

Vianen, May 30th, 2024

M.A.M. Bienemann

Managing Director

7

Annual accounts

Balance sheet before appropriation of profit as at March 31 2024

8

The notes on pages 12 to 36 are an integral part of these financial statements.

9

The profit and loss account for the year ended on 31 March 2024

The notes on pages 12 to 36 are an integral part of these financial statements.

10