Tata Motors : Jaguar Land Rover España, S.L.

Jaguar Land Rover España, S.L. (Sole-Shareholder Company)

Financial Statements for the year ended 31 March 2024 and Directors' Report

Translation of a report originally issued in Spanish based on our work performed in accordance with the audit regulations in force in Spain and of financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Company in Spain (see Notes 2 and 23). In the event of a discrepancy, the Spanish-language version prevails.

Translation of financial statements originally issued in Spanish and prepared in accordance with the regulatory financial reporting framework applicable to the Company in Spain (see Notes 2 and 23). In the event of a discrepancy, the Spanish-language version prevails.

Jaguar Land Rover España, S.L. (Sole-Shareholder Company)

Notes to the financial statements for the year ended 31 March 2024

1. Company description
   Jaguar Land Rover España, S.L.U. ("the Company") was incorporated on 12 January 2000 in Madrid in accordance with the Spanish Public Limited Liability Companies Law under the company name Osa Menor, S.L. On 30 April 2000, the Company acquired certain assets and liabilities from Rover España, S.A. On 5 May 2000, it changed its company name to Jaguar Land Rover España, S.L.U. The Company's registered office is at Paseo de la Castellana
   130, 8ª Planta, Madrid. On 31 May 2013, following the absorption of Jaguar Hispania, S.L.U. by Land Rover España, S.L.U., the Company changed its name to Jaguar Land Rover España, S.L.U. The disclosures required under Article 93 of Royal Decree-Law 4/2004, of 5 March, approving the Consolidated Spanish Income Tax Law, were included in the financial statements for 2013.
   The Company's registered office and tax domicile are located at Puerto de Somport 21-23, Madrid.
   On February 16, 2016, the Sole Partner approved the amendment of the corporate bylaws, establishing thereafter that the Company's financial and tax years would end on March 31 and begin on the immediately following April 1.
   Its business activities consist of the distribution, import, export and sale of Land Rover and Jaguar-brand cars in Spain, as well as the maintenance and repair thereof. In practice, the Company has entered into an agreement with Jaguar Land Rover, Ltd. which regulates its entire operating activity and pursuant to which the applicable economic terms and conditions are established.
   The Company forms part of the Tata Motors Group, whose Parent is Tata Motors Limited with registered office in the Republic of India. Tata Motors Ltd has formulated the consolidated financial statements as of 31 march 2024, which were formally prepared by the Company's Directors at its Board Meeting held on 10th May 2024 and are placed in the Mercantile Register Office of Mumbai (India).
2. Basis of presentation of the financial statements

2.1. Regulatory framework for financial reporting applicable to the Group

These financial statements were formally prepared by the directors in accordance with the regulatory financial reporting framework applicable to the Group, which consists of:

1. The Spanish Commercial Code and all other Spanish corporate law.
2. The Spanish National Chart of Accounts approved by Royal Decree 1514/2007 and its industry adaptations.
3. The mandatory rules approved by the Spanish Accounting and Audit Institute in order to implement the Spanish National Chart of Accounts and the relevant secondary legislation.
4. All other applicable Spanish accounting legislation.

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2.2. Fair presentation

These financial statements were obtained from the Company's accounting records, are presented in accordance with Royal Decree 1514/2007 approving the Spanish National Chart of Accounts and, accordingly, present fairly the Company's equity, financial position, results of operations and cash flows for 2020.

These financial statements, which were formally prepared by the Company's directors, will be submitted for approval by the sole shareholder, and it is considered that they will be approved without any changes. The financial statements for period ended 31 March 2023 were approved by the sole shareholder on 14 October 2022.

2.3. Accounting principles

The directors formally prepared these financial statements taking into account all the obligatory accounting principles and standards with a significant effect hereon. All obligatory accounting principles were applied.

2.4. Functional currency and presentation currency

The financial statements are presented in euros, which is the functional and presentation currency of the Company.

2.5. Key issues in relation to the measurement and estimation of uncertainty

Estimations made by the Company's Directors were used for the elaboration of these financial statements in order to measure certain of the assets, liabilities, income, expenses and obligations reported herein. These estimations relate basically to the following aspects:

• Assessment of possible impairment losses on certain assets (see Notes 4.5 and 4.6).
• Calculation of provisions for short-term commercial incentives (see Notes 4.9 and 4.10).

Although these estimates were made on the basis of the best information available at 31 March 2023, future events might make it necessary to change them (upwards or downwards) in coming years. Changes in accounting estimates would be applied prospectively.

2.6. Comparative information

The financial statements show for comparison purposes, with each of the balance sheet items, the profit and loss account, the statement of changes in equity, the statement of cash flows and the report, in addition to the figures of the year ended March 31, 2023, those corresponding to the previous year, which were part of the financial statements for the year ended March 31, 2022 approved by the General Shareholders' Meeting held on August 2, 2022.

2.7. Grouping of items

Certain items in the balance sheet, income statement, statement of changes in equity and statement of cash flows are have been grouped together to facilitate their understanding. However, whenever involved amounts are significant, the information is broken down in the related notes of the financial statements.

2.8. Changes in accounting policies

During the year ended March 31, 2023, there have been no significant changes in accounting criteria with respect to the criteria applied in the year ended March 31, 2022.

2.9. Correction of errors

In preparing the financial statements no significant errors were detected that would have made it necessary to restate the amounts included in the financial statements for the period ended 31 March 2023.

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3. Profit distribution

The proposed distribution of the profit for the year ended 31 March 2024, which the Company's directors will submit for approval by the sole shareholder, is as follows:

Distribution:

To legal reserve

To voluntary reserve

Euros

454,226.30

4,088,036.71

Total profit for the year

4,542,263.01

The proposed distribution of the profit for the year ended 31 March 2023, which the Company's directors approved by the sole shareholder on 19 October 2023, is as follows:

Distribution:

To legal reserve

To voluntary reserve

Euros

282,221.32

2,539,991.86

Total profit for the year

2,822,213.18

4. Accounting policies and measurement bases

The principal accounting policies and measurement bases used by the Company in preparing its financial statements for the three-month period ended 31 March 2024, in accordance with the Spanish National Chart of Accounts, were as follows:

4.1. Intangible Assets

As a general rule, intangible assets are recognised initially at acquisition cost and are subsequently measured at cost less any accumulated amortization and by any impairment losses recognised according to the criteria mentioned in Note 4.3. These assets are amortised over their years of useful life. When the useful life of these assets cannot be estimated reliably, they are amortised over a period of ten years.

Goodwill is allocated to the cash-generating units to which the economic benefits of the synergies of the business combination are expected to flow. Subsequent to initial recognition, goodwill is measured at cost, less any accumulated amortisation and any accumulated impairment losses recognised. Pursuant to the applicable legislation, the useful life of goodwill is set at ten years and it is amortised on a straight-line basis.

Also, the Company analyses if there are any indications of impairment of the aforementioned cash-generating units at least once a year and, if there are, they are tested for impairment according to the methodology described below and, where appropriate, they are written down.

An impairment loss recognised for goodwill must not be reversed in a subsequent period.

Specifically, the Company recognises under this epigraph the goodwill that arose on acquisition of the assets of Rover España, S.A., as described in Note 5.

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4.2. Fixed assets: Property, plant and equipment

Property, plant and equipment are initially recognised at acquisition cost and are subsequently reduced by the related accumulated amortization and by any impairment losses recognised according to the criteria mentioned in Note 4.3.

Property, plant and equipment upkeep and maintenance expenses are recognised in the income statement for the year in which they are incurred. However, the costs of improvements leading to increased capacity or efficiency or to a lengthening of the useful lives of the assets are capitalised.

The Company depreciates its property, plant and equipment by the straight-line method at annual rates based on the years of estimated useful life of the assets, the detail being as follows:

	Depreciation
	rate
Plant	15 % - 25 %
Tools	30 %
Furniture and office equipment	10 %
Computer hardware	25 %

4.3. Impairment of intangible and fixed assets

At the end of each reporting period the Company analyses if there are any indications of impairment of its assets or cash generating units to which it allocated goodwill or other intangible assets and, if there are, the Company tests the assets for impairment to determine whether the recoverable amount of the assets has been reduced to below their carrying amount. Recoverable amount is the higher of fair value less costs to sell and value in use.

If an impairment loss has to be recognised for a cash-generating unit to which all or part of an item of goodwill has been allocated, the carrying amount of the goodwill relating to that unit is written down first. If the loss exceeds the carrying amount of this goodwill, the carrying amount of the other assets of the cash-generating unit is then reduced, on the basis of their carrying amount, down to the limit of the highest of the following values: fair value less costs to sell; value in use and zero.

Where an impairment loss subsequently is reverted (not permitted in the specific case of goodwill), the carrying amount of the asset or cash-generating unit is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised in prior years. A reversal of an impairment loss is recognised as income.

At 31 March 2024 and 2023, the Company has not recognised any impairment losses on its assets.

4.4. Leasing

Leases are classified as financial leasing whenever the terms of the lease transfer substantially all the risks and rewards incidental to ownership of the leased asset to the lessee. All other leases are classified as operational leasing.

Financial leasing

Financial leasing where the Company acts as the lessee, the cost of the leased assets is presented in the balance sheet, based on the nature of the leased asset, and, simultaneously, a liability is recognised for the same amount. This amount will be the lower of the fair value of the leased asset and the present value of the minimum lease payments agreed at the inception of the lease, including the price of the call option when it is reasonably certain that it will be exercised. The minimum lease payments do not include contingent rent, costs for services and taxes to be paid by and reimbursed to the lessor. The total finance charges arising under the

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lease are allocated to the income statement for the year in which they are incurred using the effective interest method. Contingent rent is recognised as an expense for the period in which it is incurred.

Leased assets are depreciated, based on their nature, using similar criteria to those applied to the items of property, plant and equipment that are owned.

Operational leasing

Lease expenses from operational leasing are recognised at income statement on an accrual basis.

Any payment that might be made when arranging an operational leasing will be treated as a prepaid lease payment which will be allocated to profit or loss over the lease term in accordance with the time pattern in which the benefits of the leased asset are provided or received.

4.5. Financial Instruments

(i) Recognition and classification of financial instruments

The Company classifies financial instruments at the time of their initial recognition as a financial asset, a financial liability or an equity instrument, in accordance with the economic substance of the contractual agreement and with the definitions of financial asset, financial liability or equity instrument. heritage.

The Company recognizes a financial instrument when it becomes an obligated party to the contract or legal business in accordance with its provisions, either as issuer or as holder or acquirer of the former.

For valuation purposes, the Company classifies financial instruments in the categories of assets at fair value with changes in the profit and loss account and financial assets and liabilities valued at amortized cost.

The Company classifies a financial asset at amortized cost, even when it is admitted to trading, if it is held within the framework of a business model whose objective is to maintain the investment in order to receive the cash flows derived from the execution of the contract and the contractual conditions. of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the amount of principal outstanding (UPPI).

The business model is determined by the Company's key personnel and at a level that reflects how they jointly manage groups of financial assets to achieve a specific business objective. The Company's business model represents the way in which it manages its financial assets to generate cash flows.

Financial assets that are part of a business model whose objective is to maintain assets to receive contractual cash flows are managed to generate cash flows in the form of contractual collections during the life of the instrument. The Company manages the assets held in the portfolio to receive those specific contractual cash flows. To determine whether the cash flows are obtained by receiving contractual cash flows from financial assets, the Company considers the frequency, value and timing of sales in prior years, the reasons for those sales and the expectations in relation with future sales activity. However, sales in themselves do not determine the business model and therefore cannot be considered in isolation. Instead, it is the information on past sales and future sales expectations that provides data indicative of how to achieve the Company's stated objective with regard to the management of financial assets and, more specifically, the how the cash flows are obtained. The Company considers information about past sales in the context of the reasons for these sales and the conditions that existed at that time compared to current conditions. For these purposes, the Company considers that the trade debtors and accounts receivable that are going to be transferred to third parties and that are not going to imply their removal, remain in this business model.

If the Company habitually assigns commercial debtors without recourse, then it would mean that the portfolio meets the criteria to be valued at fair value with changes in the profit and loss account.

Although the objective of the Company's business model is to maintain financial assets in order to receive contractual cash flows, this does not mean that the Company maintains all the instruments until maturity. Therefore, the Company's business model is to maintain financial assets in order to receive contractual cash flows even when sales of those assets have occurred or are expected to occur in the future. The Company

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understands that this requirement has been met, provided that the sales occur due to an increase in the credit risk of the financial assets. In all other cases, at the individual and aggregate level, the sales must be insignificant even though they are frequent, or infrequent even though they are significant.

The financial assets that are part of a business model whose objective is to maintain assets to receive contractual cash flows and sell them, are managed to generate cash flows in the form of contractual collections and sell them in response to the different needs of the Company. In this type of business model, the Company's key management personnel have made the decision that, in order to meet this objective, both the collection of contractual cash flows and the sale of financial assets are essential. Compared to the previous business model, in this business model the Company usually makes more frequent and higher value asset sales.

The contractual cash flows that are UPPI are consistent withn a basic loan agreement. In a basic loan agreement, the most significant elements of interest are generally consideration for the time value of money and credit risk. However, in an agreement of this type, the interest also includes the consideration for other risks, such as liquidity and costs, such as the administrative costs of a basic loan associated with maintaining the financial asset for a certain period. In addition, the interest may include a markup that is consistent with a basic loan agreement.

The Company designates a financial asset initially at fair value through profit or loss if doing so eliminates or significantly reduces any valuation inconsistency or accounting mismatch that would otherwise arise, if the valuation of the assets or liabilities or the recognition of the results thereof were made on different bases.

(ii) Compensation principles

A financial asset and a financial liability are offset only when the Company has the enforceable right to offset the recognized amounts and intends to settle the net amount or to realize the asset and cancel the liability simultaneously.

(iii) Financial assets at fair value with changes in the profit and loss account

The Company recognizes financial assets at fair value with changes in the profit and loss account initially at fair value. Transaction costs directly attributable to the purchase or issue are recognized as an expense as incurred.

The fair value of a financial instrument at the initial moment is usually the transaction price, unless said price contains different elements of the instrument, in which case, the Company determines its fair value. If the Company determines that the fair value of an instrument differs from the transaction price, it records the difference in results, to the extent that the value has been obtained by reference to a price quoted in an active market for an identical asset or liability. or was obtained from an assessment technique that used only observable data. In all other cases, the Company recognizes the difference in results, to the extent that it arises from a change in a factor that market participants would consider when determining the price of the asset or liability.

After their initial recognition, they are recognized at fair value, registering the variations in results. Changes in fair value include the interest component. The fair value is not reduced by the transaction costs that may be incurred for its eventual sale or disposal by other means.

(iv) Financial assets and liabilities at amortized cost

Financial assets and liabilities at amortized cost are initially recognized at fair value, plus or minus the transaction costs incurred, and are subsequently valued at amortized cost, using the effective interest rate method. The effective interest rate is the discount rate that equalizes the book value of a financial instrument with the estimated cash flows throughout the expected life of the instrument, based on its contractual conditions and for financial assets without considering the future credit losses, except for those acquired or originated with losses incurred, for which the effective interest rate adjusted for credit risk is used, that is, considering the credit losses incurred at the time of acquisition or origination.

However, financial assets and liabilities that do not have an established interest rate, the amount is due or is expected to be received in the short term and the effect of updating is not significant, are valued at their nominal value.

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The Company recognizes interest on purchased or originated credit-impaired financial assets, applying the effective interest rate adjusted for credit quality to the amortized cost of the financial asset from initial recognition. If, as a result of obtaining additional information or knowledge of new facts, there is a change in estimate that reveals the receipt of cash flows greater than those initially forecast, the Company prospectively reviews the interest rate, without, therefore, proceeding to make any adjustment to the book value of the asset at the time the change in estimate occurs.

The effective interest rate adjusted for credit quality is the discount rate that equals the amortized cost of a purchased or originated credit-impaired financial asset with the estimated cash flows over the expected life of the instrument, based on its conditions. contractual and considering the losses due to credit risk. However, in the event that the most realistic alternative to recover the value of the investment was through the eventual adjudication and realization of the corresponding guarantee, the Company does not recognize any income and keeps the financial asset valued at its acquisition price. less, where appropriate, the necessary valuation corrections

(v) Reclassifications of financial instruments

The Company reclassifies financial assets when it modifies the business model for its management or when it meets or ceases to meet the criteria to be classified as an investment in group, jointly controlled or associated companies or the fair value of an investment ceases to be reliable or becomes reliable again. , except for equity instruments classified at fair value with changes in equity, which cannot be reclassified. The Company does not reclassify financial liabilities.

If the Company reclassifies a financial asset from the amortized cost category to fair value with changes in the profit and loss account, it recognizes the difference between the fair value and the book value in results. From that moment on, the Company does not separately record the interests of the financial asset.

If the Company reclassifies a financial asset from the fair value category with changes in the profit and loss account at amortized cost, the fair value on the reclassification date is considered the new book value for the purposes of applying the interest rate method. effective interest and the recording of valuation corrections for impairment.

(vi) Interest

The Company recognizes interest on financial assets accrued after the acquisition date as income in the profit and loss account.

The Company recognizes interest on financial assets valued at amortized cost using the effective interest rate method.

In the initial valuation of financial assets, the Company records independently, based on their maturity, the amount of explicit interest accrued and not due at that time, as well as the amount of dividends agreed by the competent body at the time of the acquisition. As a result, these amounts are not recognized as income in the profit and loss account.

(vii) Derecognition of financial assets

The Company applies the criteria for derecognition of financial assets to a part of a financial asset or to a part of a group of similar financial assets or to a financial asset or a group of similar financial assets.

Financial assets are derecognized when the rights to receive cash flows related to them have expired or have been transferred and the Company has substantially transferred the risks and benefits derived from their ownership. Likewise, the derecognition of financial assets in those circumstances in which the Company retains the contractual rights to receive the cash flows, only occurs when contractual obligations have been assumed that determine the payment of said flows to one or more recipients and they are met. the following requirements:

• Payment of cash flows is conditional on their prior collection;
• The Company cannot proceed to the sale or pledge of the financial asset; Y

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• The cash flows collected on behalf of the eventual recipients are remitted without significant delay, and the
  Company is not able to reinvest the cash flows. The application of this criterion is exempted from investments in cash or cash equivalents made by the Company during the settlement period comprised between the date of collection and the date of remission agreed with the eventual recipients, provided that the accrued interest is attributed to potential recipients.

In those cases in which the Company assigns a financial asset in its entirety, but retains the right to manage the financial asset in exchange for a commission, an asset or liability corresponding to the provision of said service is recognized. If the consideration received is less than the expenses to be incurred as a result of the provision of the service, a liability is recognized for an amount equivalent to the obligations assumed valued at fair value. If the consideration for the service is higher than that which would result from applying an adequate remuneration, an asset is recognized for administration rights.

In transactions in which the Company records the derecognition of a financial asset in its entirety, the financial assets obtained or the financial liabilities, including the liabilities corresponding to the administration services incurred, are recorded at fair value.

In transactions in which the partial derecognition of a financial asset is recorded, the book value of the entire financial asset is assigned to the part sold and the part held, including the assets corresponding to administration services, in proportion to the relative fair value. of every one of them.

The derecognition of a financial asset in its entirety implies the recognition of results for the difference between its book value and the sum of the consideration received, net of transaction expenses, including the assets obtained or liabilities assumed. Likewise, the amounts deferred in equity are reclassified, where appropriate, to the profit and loss account.

The recognition criteria for the derecognition of financial assets in operations in which the Company neither assigns nor substantially retains the risks and benefits inherent to its ownership are based on the analysis of the degree of control maintained. Thus:

• If the Company has not retained control, the financial asset is written off and any rights or obligations created or retained as a result of the transfer are recognized separately as assets or liabilities.
• If control has been retained, the financial asset continues to be recognized for the Company's ongoing commitment thereto and an associated liability is recorded. The ongoing commitment in the financial asset is determined by the amount of its exposure to changes in the value of said asset. The associated assets and liabilities are valued based on the rights and obligations that the Company has recognised. The associated liability is recognized so that the book value of the associated asset and liability is equal to the amortized cost of the rights and obligations retained by the Company, when the asset is valued at amortized cost, or to the fair value of the rights and obligations held by the Company, if the asset is valued at fair value. The Company continues to recognize the income derived from the asset to the extent of its ongoing commitment and the expenses derived from the associated liability. Changes in the fair value of the asset and associated liability are consistently recognized in income or equity, following the general recognition criteria set out above, and should not be offset.

Transactions in which the Company substantially retains all the risks and rewards inherent to ownership of a transferred financial asset are recorded through recognition in liability accounts of the consideration received. Transaction expenses are recognized in income using the effective interest rate method.

(viii) Impairment of financial assets

A financial asset or group of financial assets is impaired and an impairment loss has occurred, if there is objective evidence of impairment as a result of one or more events that have occurred after the initial recognition of the asset and that event or events causing the loss. have an impact on the estimated future cash flows of the financial asset or group of financial assets, which can be estimated reliably.

The Company follows the criterion of recording the appropriate valuation corrections for impairment of financial assets at amortized cost, when there has been a reduction or delay in future estimated cash flows, motivated by the insolvency of the debtor.

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Impairment of financial assets valued at amortized cost

The amount of the loss due to impairment of the value of financial assets valued at amortized cost is the difference between the book value of the financial asset and the present value of the estimated future cash flows, excluding future credit losses that have not been incurred. , discounted at the original effective interest rate of the asset. For financial assets with a variable interest rate, the effective interest rate corresponding to the valuation date according to the contractual conditions is used. However, the Company uses their market value, provided that it is reliable enough to be considered representative of the value that could be recovered.

The impairment loss is recognized with a charge to results and is reversible in subsequent years, if the decrease can be objectively related to an event subsequent to its recognition. However, the reversal of the loss is limited to the amortized cost that the assets would have had, if the impairment loss had not been recorded.

The Company directly reduces the carrying amount of a financial asset when it does not have reasonable expectations of full or partial recovery.

(ix) Bonds

The guarantees provided are valued following the criteria set forth for financial assets. The difference between the amount delivered and the fair value is recognized as an advance payment that is charged to the profit and loss account during the lease period (during the period in which the service is provided). The advances whose application is going to take place in the long term, are subject to financial update at the end of each financial year based on the market interest rate at the time of their initial recognition.

(x) Derecognitions and modifications of financial liabilities

The Company writes off a financial liability or part of it when it has fulfilled the obligation contained in the liability or is legally exempt from the main responsibility contained in the liability, either by virtue of a judicial process or by the creditor.

4.6. Inventories

Inventories are valued at the lower of acquisition or net realisable value. Trade discounts, rebates, other similar items and interest included in the face value of the related payables are deducted in determining the costs of purchase.

Net realisable value is the estimated selling price less the estimated costs to be incurred in marketing, selling and distribution.

The cost of inventories of spare parts is assigned by using the weighted average cost formula. In turn, the acquisition cost of the vehicles is itemised.

The Company recognises the appropriate write-downs as an expense in the income statement when the net realisable value of the inventories is lower than acquisition or production cost.

Specifically, for used vehicles, the Company writes down the carrying amount on the basis of the best estimate available of the sale price of these vehicles by model and age.

4.7. Foreign currency transactions

The Company's functional currency is the euro. Therefore, transactions in currencies other than the euro are deemed to be "foreign currency transactions" and are recognised by applying the exchange rates prevailing at the date of the transaction.

At each accounting period-end, monetary assets and liabilities denominated in foreign currencies are translated to euros at the rates then prevailing. Any resulting gains or losses are recognised directly in the income statement in the year in which they arise.

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