Introducing Jaguar Land Rover

One global premium automotive business, two great British car

brands

Global sales of around 300,000 units, across 169 countries Global revenue $15 billion up over 50% in five years Nine car lines, designed, engineered and manufactured in the UK 16,000 talented and passionate employees
Tata has purchased a transformed business with a brilliant future

Jaguar: inspired by its sporting legends but looking to the future

1922 Swallow Side Car Company founded by motorcycle enthusiasts

1948 Mark V and XK120

1961 Launch of E-Type

1968 XJ Model debut

1989 Jaguar acquired by Ford

2003 Launch of all-aluminium XJ

2006 Launch of all-aluminium XK

1930

1940

1950

1960

1970

1980

1990

2000

1935 Jaguar name first appeared on 2.5 Litre saloon and company takes on the name

1951 Won first Le Mans race 1953 Took 1st, 2nd and 4th at Le Mans 1956 First manufacturer to win both Le Mans and the Monte Carlo rally

1999 Launch of S-Type

2001 Launch of X-Type

2008 Launch of XF (replacing S-Type)

2008 Tata Motors acquires Jaguar Land Rover

Land Rover: after 60 years, delivering the finest ever all-terrain vehicles

1948 First Land Rover, the Series I, was produced in Solihull

1970 Range Rover introduced as the first genuinely multi-purpose vehicle

2000 Land Rover acquired by Ford

2004 New Discovery model launched most awarded SUV with over 100 industry & media awards around the world

2007 Launch of Freelander/ LR2 and New Defender powertrain

1950

1960

1970

1980

1990

2000

1989 Launch of Discovery

1997 Freelander launched

2001 New Range Rover launched

2005 Range Rover Sport launched

2008 Tata Motors acquires Jaguar Land Rover

One global business, two great brands

Over the last five years we have managed Jaguar Land Rover as a single
integrated business with two great brands

All customer facing activities have dedicated, brand-specific teams led by

brand MDs with complementary global distribution networks

Two award-winning design teams led by Ian Callum and Gerry McGovern
supported by cross-functional vehicle development activities

Single engineering team, sharing premium technologies, features and

powertrains within co-managed engineering facilities

All back-office functions increasingly integrated Purchasing, HR, IT,

Finance, Quality driving for efficient, common business processes

Vehicle assembly and stamping at three UK locations

Provides increasing flexibility and scale whilst maintaining a laser-like focus on the brands
5

Business transformed over last five years

Jaguar Land Rover

Cessation of vehicle assembly operations at Browns Lane Halewood shared with Land Rover Workforce rationalisation > c.1,900 employees 2004-2007 Working capital actions (stock reductions dealer and company) Back-office integration with Land Rover SG&A efficiencies Residual value management Engineering efficiencies Material cost reductions Launched new range of diesel engines Refocused marketing and communications around Beautiful Fast Cars Launch of XK & XF and more in pipeline Significant improvement in underlying results, net revenues and cost structure

Improved efficiency and quality at Solihull Workforce rationalisation > c.2,200 employees 2004-2007 Working capital actions (stock reductions dealer and company) Engineering efficiencies Material cost reductions Adoption of Jaguar petrol engines and new range of diesel engines with Jaguar Launch of new Discovery, Range Rover Sport and new Freelander Growth in new markets Russia, China Quality improvement actions Profitable for the last three years

An experienced management team is leading delivery of the transformation

Jaguar & Land Rover David Smith Chief Executive Officer Automotive experience: 25 yrs Time with JLR: 6 yrs

Managing Director Jaguar Mike ODriscoll Director Automotive experience: Time with JLR:

Manufacturing Jan Gijsen Director Automotive experience: Time with JLR:

Managing Director Land Rover Phil Popham Director Automotive experience: Time with JLR:

Product Development Phil Hodgkinson Acting Director Automotive experience: Time with JLR:

Business Strategy & Finance Kenneth Gregor CFO & Director Automotive experience: Time with JLR:

32 yrs 27 yrs

32 yrs 3 yrs

20 yrs 18 yrs

32 yrs 17 yrs

11 yrs 11 yrs

Legal Affairs Jon Osgood Director Automotive experience: Time with JLR:

Human Resources Des Thurlby Director Automotive experience: Time with JLR:

Purchasing Ermal Faulkner Director Automotive experience: Time with JLR:

Retail Strategy & Cust. Service Mike Wright Director Automotive experience: Time with JLR:

17 yrs 3 yrs

20 yrs 5 yrs

16 yrs 3 yrs

32 yrs 32 yrs

Company Quality Tim Davis Director Automotive experience: Time with JLR:

Comms & Public Affairs Simon Warr Director Automotive experience: Time with JLR:

Information Technology Michael Ali Director Automotive experience: Time with JLR:

27 yrs 7 yrs

10 yrs 6 yrs

8 yrs 3 yrs

JLR has excellent UK facilities

Halewood
X-Type & Freelander Stamping, Body & Assembly 2,000 Employees Very successful turnaround Highest Ford FPS and Quality Awards JD Power European Gold Plant Award (2005)

Whitley
Design and Engineering Centre 1,900 Employees

Gaydon

Castle Bromwich
XK, XJ, XF Stamping, Body & Assembly 2,600 Employees Many quality and FPS awards Also Browns Lane (Veneer Centre) in Coventry

Global JLR headquarters Design and Engineering Centre M&S and Staff functions 2,900 Employees

Memo: Overseas M&S: 1,000 employees in 25 national sales companies

Solihull
Range Rover, Range Rover Sport, Discovery, Defender Stamping, Body & Assembly including Europe's largest Press (5-stage transfer press) 5,600 Employees

Manned Capacity (000s)

Halewood Castle Bromwich Solihull Total 89 65 153 307

All products designed, engineered and assembled in the UK A significant part of UKs automotive R&D and a major employer and exporter
8

A growing technical capability

Comprehensive vehicle Product Development capability > 5 new models in last 5 years Petrol engine engineering and powertrain application capability for petrol
and diesel

Product Development staff c.3,400 Flexibility to balance resources across product portfolios at different
stages of their life cycles

An industry leader in aluminium body structure and all-terrain technology Leveraging architectures for multiple vehicles Growing advanced research capability Winners of 2008 Queens Award for Innovation for Land Rover Terrain Response System
9

A comprehensive sustainability / CO2 plan

Future legislation is uncertain:

>

Mandatory EU standards proposed for 2012 based on weight, to achieve overall industry average of 130 g, specifics still being negotiated including timing and compensation arrangements Potential niche producer derogation / caps under discussion Pooling may be allowed but in practice will be at margin All premium brands have similar challenges History shows industry / regulators can reach workable solutions Market / competitive forces growing JLR are devoting significant resources to deliver competitiveness with other premium brands segment by segment 700m of product actions deliver improvements by 2012 beyond average industry requirement including improvements in both gasoline and diesel engines (including mix change), transmission, steering / braking system, weight, aerodynamics, micro and full hybrids Future technology plans thoroughly benchmarked in line with competition
10

> > > > > > >

Total industry challenge:

We are taking it very seriously:

>

Increasingly balanced global presence less dependence on mature markets

Sales by Region Jaguar
RoW 14% N America 27% Europe / Russia 28%

Sales by Region Land Rover

UK 31%

RoW 17%

UK 22%

2007

N America 24%

Europe / Russia 37%

Dealer Network Land Rover North America UK Rest of Europe Rest of World Total 205 129 726 328 1,388 Jaguar 207 97 348 202 854 Of which joint 69 20 170 100 359

Notes: 1) Jaguar and Land Rover do not own or operate their retail outlets but franchise them to selected retail partners 2) Regional sales splits based on 2007 retail volumes

11

Operates in growing premium vehicle segments

Global Premium Passenger Car Volume by Segment
3.1 3.3 3.6 3.8 3.9 4.0 3.9 4.0 4.2 4.3 4.5
Sports Large Medium Compact SubCompact 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Millions

2.8

CAGR 4.4%

Global Premium SUV Volume by Segment

1.2 Millions 1.0 0.5 0.6 0.6 0.7
Large Medium Small 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

1.2

1.3

1.4

0.4 0.2
1996

0.2

CAGR 22.0%
Source: JLR segmentation analysis 12

With significant company and dealer investment in growth markets

Beijing St Petersburg

China expected to be Land Rovers 5th largest - Jaguars 7th largest

Russia expected to be Land Rovers 3rd largest - Jaguars 8th largest

13

Jaguars mission is

To create Beautiful Fast Cars

POSITIONING STATEMENT

Exclusive, stylish and sporting cars that demand your immediate attention.

PROPOSITION

Seductive Form. Flawless Function.

EXPRESSION

This is the New Jaguar.

14

With a rapidly evolving Jaguar showroom

Jaguar XF

Launched 2008 Volume c. 40,000 units Price $67,000-$109,000 Competitors Mercedes Benz E-Class, BMW 5 Series, Audi A6

Jaguar XK

Launched 2006 (all-aluminium) Volume 12,000 units Price $121,000-$152,000 Competitors Mercedes Benz SL, BMW 6 Series, Porsche 911

Jaguar XJ

Launched 2003 (all-aluminium) Volume 10,500 units Price $87,000-$120,000 Competitors Mercedes Benz S-Class, BMW 7 Series, Audi A8

Jaguar X-Type

Launched 2001 Volume 23,300 units Price $43,000-$61,000 Competitors Mercedes Benz C-Class, BMW 3 Series, Audi A4

Notes: 1) 2007 retail volume except XF 2008 indicative retail volume 2) UK OTR prices as at June 2008. Converted from to $ assuming a 1.98 $: exchange rate

15

Winning increasing recognition and awards

XF What Car? Best Executive Car and Car of the Year Award 2008 What Diesel Car of the Year Award 2008 Fleetworld 'Design of the Year AWARD

XK Car Of The Year' And 'Best Coupe' Awards At The UK Auto Express New Car Honours (June 2006) Over 15 other awards won in 2006 Short List for North American COTY (Jan 2007) Jaguar XK has been voted Car of the Year four times in 2007: Top Gears, Scottish, Auto Express and UK TV Peoples Car of the Year

CHAUFFEUR CAR OF THE YEAR

XJ Best Luxury Car, 2004 and 05 What Car? (UK) UK: XJ Diesel Wins Best Luxury Car at 2006 Fleet World Honours UK: XJ Diesel voted Best Large Exec Car at the Auto Express Used Car Honours UK: XJ 2.7 Diesel: Environmental Transport Association's 2007 Car Buyers Guide's Britain's greenest luxury car The Chauffeur magazine XJ Long Wheelbase Wins Chauffeur Car Of The Year 2008

X-Type Gold prize at the UK Fleet Excellence Awards 2004 GERMANY: Auto Motor und Sport, reader's award, Best Imported car, middle class, 2003

16

Jaguar sales business repositions to compete as a premium niche player

140 130 121 120 101 90
Volume (000)

119

100

90 75 60

80

75

60 50 40 27 20 30 40 39 44

27

29

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2007 2008 YTD YTD May May X-Type
Note: data is actual retail volume

S-Type

XF

XJ

XK
17

Land Rovers mission is

To create the worlds finest all-terrain vehicles

worlds finest premium of the highest quality most fit for purpose globally recognised

all-terrain vehicles not just off-road embraces on-road includes all-weather

Land Rover 2003

18

Land Rover has benchmark products in every segment

Range Rover

Range Rover Sport

Launched 2001 Volume 30,300 units Price $111,000-$144,000 Competitors Mercedes S Class, BMW 7 series, Porsche Cayenne Launched 2005 Volume 58,800 units Price $72,000-$126,000 Competitors BMW X5, Porsche Cayenne Launched 2004 Volume 47,500 units Price $54,000-$89,000 Competitors Mercedes Benz ML, Lexus GX470, VW Touareg Launched 2007 Volume 66,600 units Price $42,000-$70,000 Competitors BMW X3, Audi Q5, Infiniti FX35 Launched 1948 Volume 23,200 units Price $39,000-$57,000 Competition Toyota Landcruiser, Nissan Patrol, Isuzu Trooper
19

Land Rover Discovery 3 / LR3

Land Rover Freelander 2 / LR2

Land Rover Defender

Notes: 1) 2007 retail volume 2) UK OTR prices as at June 2008. Converted from to $ assuming a 1.98 $: exchange rate

And continues to win in every category and market

Most Luxurious SUV Range Rover
2007 Most Luxurious SUV 2007 Best New Car for Off-roaders, Car.com, USA 2005, APPEAL, JD Power, USA

Range Rover Sport

2006 & 07 Leisure car of the year, AXA 2006 Best Diesel 4x4, Diesel Car Magazine, UK 2005 Best SUV, Automobile, Hong Kong

Discovery/LR3 Most awarded SUV ever with >100 industry & media
awards around the world. What Car? and Business Awards best large 4x4 2007 & 2008 Best 4x4 of 2007 by Planet 4x4 magazine

Freelander 1/2 Top selling SUV in UK for 8 years and Mainland Europe for 5 years.
Freelander 2, 2006 SUV of the year Top Gear Freelander 2, 2007 Best Compact SUV What Car? What Car? 2008 AWARDS Best Compact 4x4

Defender
Classic SUV 2006, Russia 4 X 4 Magazine Extreme Class Award 2008 20

Land Rover achieving sales records each year since 2005

250 226

200 178 153

Volume (000)

185 169 175 164 165 162

193

150 125 116 100 73 50 90 88 93 128

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2007 2008 YTD YTD May May Defender Note: data is actual retail volume Freelander Discovery Range Rover Sport Range Rover
21

JLR financial data basis of preparation

Jaguar Land Rover in financial accounting terms comprises a number of legal entities and national sales companies, many of which are embedded divisions of Ford legal entities.

Whilst the JLR legal entities have been audited to local statutory reporting standards, there have been no JLR consolidated audited financial statements as a standalone organisation.

To facilitate an understanding of the financial performance of JLR, data has been extracted from management accounting information which includes the results of all the Jaguar and Land Rover operations.

The underlying management accounting data has been prepared on a US GAAP basis. We are carving out accounting information for all embedded markets to enable reporting as a standalone JLR organisation going forward.
22

JLR significant improvement in profitability

Above trend - XF Stock build and $800 $650 One time non cash adjustments

EBIT (excl. special items) (Mils.)

$600 $417 $289 $200

$400

$-

$(200) $(357) $(499) $(600) 2005 2006 2007 Q1 2007 Q1 2008

$(400)

23

JLR improving financial performance

2005 (Mils.) Revenue Cost of Sales Gross Profit Gross Profit Margin Marketing and Selling R&D Admin Other EBIT (excl. special items) Special Items EBIT (incl. special items) Memo: Operating Cash Flow (net of Capital Spending) Capital Spending $ $ $ 12,462 (10,955) $ 1,507 12% (1,112) (821) (408) 336 (499) (1,434) (1,933) $ $ $ 2006 (Mils.) 12,969 (11,292) $ 1,677 13% (1,057) (683) (360) 66 (357) (1,751) (2,108) $ $ $ 2007 (Mils.) 14,942 (12,258) $ 2,685 18% (1,069) (829) (352) 215 650 (30) 620 $ $ $ $ Q1 2007 (Mils.) 3,548 (2,747) 801 23% (265) (183) (88) 24 289 (15) 274 $ $ $ $ Q1 2008 (Mils.) 4,145 (3,161) 985 24% (275) (226) (82) 16 417 (417) 0 $ $ $ Q1 2008 B / (W) Q1 2007 (Mils.) 597 (413) 184 1% (10) (43) 5 (8) 128 (402) (274)

(953) (918)

(2) (565)

119 (496)

(155) (137)

12 (87)

167 50

Notes The special items include: Impairments of the asset base (2005: $(1,300)m, 2006: $(1,600)m, 2008 Q1: $(421)m) Restructuring costs, primarily personnel separation costs (2005: $(134)m, 2006: $(151)m, 2007: $(52)m, 2007 Q1 $(15)m) Variable marketing accrual methodology (2007: $(53)m) Mark to market of forward year hedging contracts (2007: $143m, 2008 Q1: $(18)m) Other incl. transaction fees relating to the sale of JLR and D&A "held for sale" treatment (2007: $(68), 2008 Q1: $22m)

24

In summary, a transformed business with gathering momentum, the right owner and a strong plan

We have transformed the business We are delivering improved business results We are excited about our new owner
And we have a strong plan:

Develop the full potential of our brands Deliver exciting and desirable products true to those brands Continue to grow our business and give our customers an outstanding
ownership experience

Fund our investment plans Create a sustainable company with a passion to succeed
25

Yes there will be challenges

Transition from Ford Difficult world economic situation Sustainability and CO2 challenges Currency, commodity and energy prices Relentless premium competition

But our plans are robust and we have long-term arrangements in place to support these plans

26

Tata will provide JLR with the long-term security it needs to fully develop the business

Jaguar Land Rover will operate as a stand-alone business within Tata

with an agreed strategy and financial framework

Tata have committed to support the Jaguar Land Rover business plan
including JLRs market, product and manufacturing plans and business targets

JLR unions have been fully consulted on, and have welcomed, the
ownership transition which maintains current employment conditions

27

JLR and Ford will continue their strong association for many years
Separating JLR from Ford has many complexities, but we have a
carefully constructed separation plan

Agreements have been reached between JLR and Ford to enable JLR to
operate as normal during the transition

There are comprehensive Transitional Support Agreements in respect of: > Information technology, overseas sales locations, accounting and
treasury, HR, facilities, etc.

> Ford Credit transition And there are Long Term Agreements that provide continuity over our
planning horizons:

> Engine and component supply > Technology sharing and joint-development > IPR required to deliver JLRs plans

28

Conclusion
One global business, two great British brands Significant action taken by the JLR team to revitalise both brands and
the business over the last few years

External environment is more volatile, with economic weakness in

mature markets and high commodity costs but great growth market opportunities and an evolving sustainability landscape

We have a track record of success and a robust business plan fully

supported by Tata

We are confident we have a brilliant future

29