Investors Presentation a June 2020 Contents EICHER MOTORS - PowerPoint PPT Presentation

5/20/2020 Investors Presentation a June 2020

Contents EICHER MOTORS LIMITED – OVERVIEW 1 2 ROYAL ENFIELD 3 VE COMMERCIAL VEHICLES 4 FINANCIALS 5 APPENDIX Note: The Company followed “January-December” as its reporting year till December 2014. The Board of Directors in its meeting held on February 13, 2015 decided to align the reporting year of the Company with the requirements of Companies Act, 2013. Therefore the reporting year for 2015-16 commenced on January 1, 2015 and ended on March 31, 2016, being a period of 15 months. However, to have comparability in the numbers from previous reported years, the presentation captures un-audited financials for FY15-16 (April 1st 2015 to March 31st 2016). Maps are not to scale. Representation of maps is for reference purposes only. INVESTOR PRESENTATION 2 June 2020

Eicher Motors Limited OVERVIEW INVESTOR PRESENTATION 3 June 2020

Key Milestones India’s first Royal Enfield Enters heavy Forms JV* with AB Volvo Shutdown of tractor rolls out motorcycles duty trucks of Sweden; transfers operations of of Eicher factory acquired segment commercial vehicle Eicher Polaris in Faridabad business to the JV* 1959 1984 1991 1993 2002 2005 2008 2012 2018 JV* with JV* with Divests tractor & allied Forms JV* with Mitsubishi Mitsubishi businesses to focus on Polaris Industries Inc. Motors to make ended, enters commercial vehicle & USA, to design, ‘Canter’ trucks medium duty motorcycle businesses manufacture & market bus segment personal vehicles INVESTOR PRESENTATION 4 June 2020

Shareholding Pattern (31 st March 2020) Domestic Foreign Institutional Promoter Group Others Institutional Investors Investors 49.28% 11.89% 27.71% 11.12% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Eicher Motors Limited (EML) Volvo Group Business Unit 45.6 Royal Enfield (RE) VE Commercial Vehicles (VECV) RE Brazil (Royal Enfield RENA (Royal Royal Enfield Brasil Comercio de Enfield North (Thailand) Ltd Motocicletas Ltda) America Ltd.) Eicher Trucks & Buses Motorcycles Business Volvo Trucks INVESTOR PRESENTATION 5 June 2020

Eicher Management Philosophy Break-through emerging Established Corporate Strong Values market business model Governance ▪ An evolved business model with ▪ Fully empowered management ▪ Corporate conduct rooted in highest standards of ethics, 50+ years of experience in teams automotive space in India integrity & transparency ▪ Annual 3 year rolling business plan ▪ Highly professional work ethic ▪ In-depth customer insights & market understanding ▪ Strategic quarterly board meetings – based on mutual respect full review with management ▪ Best-in-class capital optimization : ▪ Very strong HR & IR culture and ▪ Strategic quarterly reviews &regular brand • Frugal engineering practices • Extensive knowledge of monthly operations review suppliers ▪ Long-term orientation • Operational excellence ▪ Product board, Quality board, • Global quality standards Customer satisfaction board, Soft ▪ Long history of institutionalized product board (after-market) held CSR & community activities ▪ Low cost supply chain & every quarter along with other distribution – value chain statutory meetings INVESTOR PRESENTATION 6 June 2020

Board Eicher Motors Limited VE Commercial Vehicles S Sandilya Siddhartha Lal* Non-executive Chairman Chairman Siddhartha Lal Vinod Aggarwal Managing Director Managing Director & CEO Vinod K. Dasari Jan Gurander Whole Time Director & Additional Director CEO - Royal Enfield Philippe Divry Vinod Aggarwal Director Non-Executive Director Raul Rai Inder Mohan Singh Director Independent Director Lila Poonawalla Manvi Sinha Independent Director Independent Director Inder Mohan Singh Independent Director *Note: Note: Mr. Siddhartha Lal was appointed as Chairman w.e.f April 15, 2020 and INVESTOR PRESENTATION Mr. Hakan Karlsson resigned as a Director and Chairman w.e.f April 1, 2020. 7 June 2020

Business Highlights – FY 2019-20^ Debt 0 698,216 26.6% 24.3% 29.5% EML continues Motorcycles sold Royal Enfield’s Royal Enfield’s VE Commercial to be Net debt in FY20, ~13x in market share in EBITDA margin Vehicles market free & company last 9 years the mid-size in FY20, industry share in domestic LMD # segment motorcycles* leading margins segment Source – SIAM and Company Analysis &Net debt = Short term debt + long term debt – cash and cash equivalent ^ All figures mentioned are Standalone for period 1st April’2019 to 31st March ’2020 INVESTOR PRESENTATION 8 *Mid size motorcycles refers to engine capacity between 250cc – 750cc June 2020 # Light to Medium Duty (3.5 to 15 ton)

INVESTOR PRESENTATION 9 June 2020

Our Vision is to be a Global Motorcycling Brand Our goal continues to be to catalyse and lead the global mid-size motorcycle market by making amazing and aspirational motorcycles that are still accessible, and a world of deeply engaging and frictionless experiences delivered by us, our partners, and the ecosystem that we harness. INVESTOR PRESENTATION 10 June 2020

Launch of “Classic” in 2009 was an Inflection Point Launch of 650 Launch of cc “ Twins ” “ Himalayan Launch of ” Launch of new “ Thunderbird ” and “ Continental “ apparel & accessories ” GT ” 900 820 824 Thousands Transition of all 698 models to “ UCE ” 666 600 508 Launch of “ Classic ” 303 300 178 113 53 75 52 43 37 33 0 CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 FY16 FY17 FY18 FY19 FY20 Note: Standalone volumes for Eicher Motors Limited 125,250 Volumes grew by 32% CAGR during the period CY2010 to FY2020 19,204 2MFY20 2MFY21 Note: In April 2020, the company's manufacturing facilities and dealerships in India remained closed, in compliance with the INVESTOR PRESENTATION 11 June 2020 Government directives.

Financial Highlights – Eicher Motors Ltd. (Standalone) All figures are for Eicher Motors Limited Standalone (in Rs. Crs unless specified) Sales Volume Total Revenue Market Share* (India) Total revenue from operations (net of excise duty) (in Thousands) 27.0% 26.6% 24.9% 24.0% 666,493 820,492 823,828 698,216 7,038 8,958 9,794 9,077 FY17 FY18 FY19 FY20 FY17 FY18 FY19 FY20 FY17 FY18 FY19 FY20 EBITDA & Margins Profit After Tax Net Cash 31.3% 31.9% 30.1% 35% 30% 24.3% 25% 20% 15% 2,206 2,853 2,944 2,204 10% 1,560 1,713 2,054 1,904 3,187 4,929 5,830 6,762 5% 0% FY17 FY18 FY19 FY20 FY17 FY18 FY19 FY20 FY17 FY18 FY19 FY20 The figures in % indicate EBITDA Margins EBITDA Margin = EBITDA/Total revenue from operations Net Cash = Cash and cash equivalent – Total debt (net of excise duty) Note: PAT for FY18 and FY19 includes an impairment loss of Rs. 311.98 crores and Rs. 17.52 crores respectively on the company's investment in its joint venture, EPPL subsequent to winding down of operations of EPPL. * Market share in above 125cc segment Source - SIAM INVESTOR PRESENTATION 12 June 2020

Product Portfolio – Motorcycles Royal Enfield range of motorcycles is able to address a unique mix of appeals – from its traditional customer base to urban, aspiration-driven youth Continental Interceptor Bullet Classic Thunderbird Himalayan GT 650 650 ▪ Longest ▪ Sense of ▪ Definitive ▪ Purpose-built ▪ Authentic café ▪ The production distinctiveness highway tourer and adventure racer quintessential motorcycle tourer roadster with ▪ Post-war styling ▪ Long range & ▪ Powered by commanding ▪ Resolute, load-bearing modern Twin ▪ Versatile for and unchanged ▪ Timeless design capabilities cylinder engine riding on- & off- comfortable form road riding position ▪ For the free- ▪ Perfect for ▪ Pride of the spirited high speed ▪ Powered by ▪ Fully ground-up armed forces explorer blasts on modern twin with all-new twisty cylinder engine engine ▪ Iconic cues – backroads or ▪ Fun and thump, ▪ Touring as a stylish practical to ride pinstripes, road capabilities motorcycle in almost all presence for the city terrains Traditional & Iconic Urban, Lifestyle and now Adventure INVESTOR PRESENTATION 13 June 2020

More Choices with the launch of Variants of Bullet 350 and Classic 350 New colour ways with contemporary Blacked out theme New Variant of Classic 350 New Variant of Bullet 350 ▪ Launched in two new colours - Pure Black ▪ Launched in six new colours - Silver, Sapphire Blue, Onyx Black, Jet Black, Regal and Mercury Silver Red and Royal Blue ▪ Offers single channel Anti-Lock Braking System (ABS) option INVESTOR PRESENTATION 14 June 2020