JAGUAR LAND ROVER - c.jcms-api.com 442 12.5% 7.9% Q1 FY17 399 595 . 11 RECORD FY17 RETAIL SALES 604,009 UP 16% ALL REGIONS UP EXCEPT OVERSEAS UK +16% 125 21% North America +24% 124

1

JAGUAR LAND ROVERINVESTOR PRESENTATION

4th October 2017

2

KENNETH GREGOR

CHIEF FINANCIAL OFFICER, JAGUAR LAND ROVER

BENNETT BIRGBAUER

TREASURER, JAGUAR LAND ROVER

PRESENTERS

3

Business Overview and Historical Performance 4

Recent Performance 9

Looking Ahead 13

Q&A

Additional Slides 20

AGENDA

4

BUSINESS OVERVIEW AND HISTORICAL PERFORMANCE

5

EXCITING MODEL RANGE FY17 604K RETAIL UP 16%, Q1FY18 137K RETAIL UP 3.5%

XJ

LUXURY

XF SPORTBRAKE

XE

F-TYPE Coupe

SPORTS

F-TYPE CONVERTIBLE

F-PACE

LIFESTYLE

LAND ROVER DEFENDERReplacement in development

ALL NEW DISCOVERY

LUXURY – RANGE ROVER LEISURE - DISCOVERY DUAL PURPOSE - DEFENDER

DISCOVERY SPORT

DISCOVERY SPORT

XFL

Range Rover

XEEVOQUE DISCOVERY SPORT

JAGUAR XF WINNER

GOLDEN STEERING

WHEEL AWARD

2016 BEST SALOON CAR

JAGUAR F-PACE WINNER

WORLD CAR AWARDS

2017 WORLD CAR

OF THE YEAR

JAGUAR F-PACE WINNER

WORLD CAR AWARDS

2017 WORLD CAR

DESIGN OF THE YEAR

LAND ROVER

DISCOVERY SPORT

RANGE ROVER

BEST LUXURY BUY

RANGE ROVER SPORT SVR

AUTOCAR STAR AWARD

F-TYPE RANGE ROVER

RANGE ROVER SPORT

RANGE ROVER VELAR

RANGE ROVER EVOQUE

XF

XE

6

1,674

2,501 2,614

1,557 1,6101,806

FY13 FY14 FY15 FY16 FY17 FY18 Q1 LTM

1,717

2,505

3,075

1,793 1,458

1,198

10.9 %12.9 % 13.9 %

8.0 %6.0 % 4.9 %

FY13 FY14 FY15 FY16 FY17 FY18 Q1 LTM

374.6434.3 462.2

521.6

604.0 608.7

FY13 FY14 FY15 FY16 FY17 FY18 Q1 LTM

Retail volume(Units in 000’s)

(1) Excludes £437m credit relating to changes made to the Company’s pension plans in Q1 FY18 as well as net Tianjin charges and recoveries in FY16, FY17 and FY18.

(2) Includes one-off Items which relate to a £437m credit relating to changes made to the Company’s pension plans in Q1 FY18 as well as net Tianjin charges and recoveries to date in FY16, FY17 and FY18.

EBIT and EBIT margin1

(£ millions)

PROFITABLE REVENUE GROWTH

15,78419,386

22,106 22,28624,339 24,583

FY13 FY14 FY15 FY16 FY17 FY18 Q1 LTM

Revenue(£ millions)

Profit before tax2

(£ millions)

7

416

824

606 644

141

(506)

FY13 FY14 FY15 FY16 FY17 FY18 Q1LTM

2,534

3,508 3,753 3,779

3,579

3,235

FY13 FY14 FY15 FY16 FY17 FY18 Q1LTM

1,058 1,270 1,411 1,560

1,794 1,836

1,057

1,414

1,736 1,575

1,644 1,905

2,118

2,684

3,147 3,135

3,438 3,741

13.4% 13.8% 14.4% 14.1% 14.1%15.2%

FY13 FY14 FY15 FY16 FY17 FY18 Q1LTM

Cash flow before product investment(£ millions)

Product investment1

(£ millions)

Free cash flow(£ millions)

(1) Total product and other investment reflects net cash used in investing activities and expensed R&D (not included in net cash used in investing activities) but excluding movements in other restricted deposits, movements in short-term

deposits, finance income received and proceeds from sale of property, plant and equipment.

Investment in tangible and other intangible assets

R&D

CAPEX Ratio (Capital investment/Revenue)

STRONG CASH FLOW FUNDS INCREASED INVESTMENT

8

538 384 384 300 400784 570

3,362

139

3,749

4,489

3,885

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Q1FY17

Q1FY18

CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25 CY26 CY27 TotalDebt

Bonds Other debt: Discounted receivables, finance leases and deferred fees

Total cash

STRONG LIQUIDITY POSITION£4.5B CASH, £1.9B UNDRAWN RCF, EXTENDED MATURITIES

Debt maturity profile£ millions

£1.9b undrawn RCF extended to

2022 with no financial covenant

539 571

GBP / USD FX rate of 1.30059 as of 30-June-2017

4,108

3,501

9

RECENT PERFORMANCE

10

FY17 AND Q1 FY18 FINANCIAL METRICS

£ millions

Q1

Fu

ll ye

ar

Full year FY17:• Favourable volume and mix,

offset by higher incentives and ongoing launch and growth costs (EBIT 6.0%)

• PBT includes £151m Tianjin recovery

Q1 FY18:• Wholesales down 41k QoQ

reflecting seasonal planning volumes (EBIT 1.2%)

• PBT includes a £437m credit relating to changes made to the Company’s pension plans

22,286 24,339

FY16 FY17

3,147 2,955

14.1%12.1%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

-

500

1,000

1,500

2,000

2,500

3,000

3,500

FY16 FY17

1,557 1,610

FY16 FY17

Revenue EBITDA PBT900

5,355 5,599

Q1 FY17 Q1 FY18

672

442 12.5%

7.9%

Q1 FY17 Q1 FY18

399

595

Q1 FY17 Q1 FY18

11

RECORD FY17 RETAIL SALES 604,009 UP 16%ALL REGIONS UP EXCEPT OVERSEAS

UK

+16%

125

21%

North America

+24%

124

20%

Europe

+13%

141

23%

China

+32%

125

21%

Overseas

(6)%

89

15%

YoY

Units in ‘000

12

CASH FLOWINVESTMENT AND WORKING CAPITAL CALENDARISATION

Year ended 31 March Quarter ended 30 June

(£ millions) 2017 2016 Change 2017 2016 Change

38 30 38 30

PBT 1,610 1,557 53 595 399 196

Depreciation and amortisation 1,656 1,418 238 450 388 62

Tax paid (199) (166) (33) (104) (59) (45)

Total product and other investment (3,438) (3,135) (303) (995) (692) (303)

Working capital changes 467 547 (80) (733) (640) (93)

Finance expenses and fees (154) (147) (7) (25) (28) 3

Other1 199 570 (371) (496) (29) (467)

Free cash flow 141 644 (503) (1,308) (661) (647)

Changes in debt 845 (106) 951 (11) (91) 80

Dividends paid (150) (150) - (60) (150) 90

Net change in cash & financial deposits 836 388 448 (1,379) (902) (477)

1 includes adjustment for non-cash pension credit of £437m in Q1 FY18.

13

LOOKING AHEAD

14

JLR STRATEGYBLUEPRINT FOR LASTING SUCCESS

What We Do To Excel

What We Need To Do To Be Profitable

Experiences

people love,

for life

Customer

FirstEnvironmental

Innovation

More Great

Products

Global

Growth

Transformed

Cost Structure

Business

Excellence

Engaged

Passionate

People

Integrity, Pioneering, Excellence, Unity and ResponsibilityOur most valuable asset is our people, nothing is more important than their safety and wellbeing

Strong global brands

Substantial investment

Exciting new

products & services

Provide experiences people love

for life

Profitable volume growth

Maintain strong

liquidity

15

JLR STRATEGYEXTERNAL ENVIRONMENT & JLR PROFITABILITY TARGET

Geopolitical and economic environment,

including Brexit

Electrification and emissions compliance

Market and competitive forces

Driver assistance, connectivity and mobility trends

Investment requiredfor growth

Growing premium segments & balanced

market mix

Investment in hybrid and BEV technology

Exciting new products

Cost efficiency management

Investment in new technologies and

services

FY17 EBIT margin:

6.0%

EBIT marginplanning target (medium term):

8 - 10%

16

EXCITING NEW PRODUCTS TO DRIVE GROWTHAND MORE TO COME. . .

Discovery (US & China May 2017) Range Rover Velar (July 2017)

18MY Range Rover and Range Rover Sport with PHEV variants (this winter)

I-PACE (2018)

First premium SUV BEV

E-PACE (this winter)

XF Sportbrake (September 2017)

17

• InMotion Ventures invests in the future of transport and mobility

• Lyft investment - $25m with opportunities to collaborate

• Investment in technology & infrastructure to support higher levels of connectivity

• Cloudcar - $15m equity investment

• I-PACE Battery Electric Vehicle on sale 2018

• Plug-in hybrids starting in 2018

• JLR vehicles currently include level 2 features

• Investing in driver assistance technology to support increasing degrees of automation

AUTONOMOUS CONNECTED SHAREDELECTRIC

JLR STRATEGIC PRIORITIES -- ACES

18

from 2020

JLR STRATEGYELECTRIFICATION TO MEET CUSTOMER DEMAND AND REGULATIONS

from 2018

• New and refreshed vehicles with electric options

• First plug-in hybrids offered in 18MY Range Rover and Range Rover Sport from early 2018

• I-PACE first battery electric vehicle mid 2018

• All JLR vehicles offer electric options

• Mild hybrids and/or

• Plug-in hybrids or

• Battery electric vehicles=

I PACE

19

LOOKING AHEADCONTINUING TO INVEST TO DRIVE PROFITABLE GROWTH

• JLR’s strategy is to achieve sustainable profitable growth by investing proportionally more in new products, technology and manufacturing capacity. Consistent with this, FY18 investment spending is expected to be in the region of £4 – 4.35b, including investment in the new Slovakia plant

• Despite increased geopolitical uncertainty (e.g. Brexit in the UK), economic growth in most major economies is continuing, although competitive conditions and incentive levels in the automotive sector have increased in key markets such as North America

• As previously indicated, JLR expects margin pressures seen in FY17 including higher incentive levels and launch and growth costs to continue in FY18. We also expect seasonality in volume and profit by Quarter to continue

• The launch of the new Discovery (US and China in May), the Range Rover Velar, the Jaguar E-PACE, XF Sportbrake and other exciting new models in FY18 such as the 18MY Range Rover and Range Rover Sport, featuring plug-in hybrid variants, are expected to strengthen our portfolio and attract new customers, driving sustainable profitable growth over the course of the financial year and beyond

• JLR’s planning target remains to achieve an 8-10% EBIT margin in the medium term

20

ADDITIONAL SLIDES

21

Units in ‘000

Volumes include sales from Chery Jaguar Land Rover – Q1 FY18 20,309 units, Q1 FY17 Actuals 13,558

North America

+16%

28

21%

UK

(14)%

23

17%

Europe

0%

34

24%

China

+30%

34

24%

Overseas

(14)%

19

14%

YoY

Q1 FY18 RETAILS 137,463 UP 3.5%

Units in ‘000

Volumes include sales from Chery Jaguar Land Rover – Jul FY18 6,673 units, July FY17 3,669 units

North America

(2.7)%

10.2

22%

UK

(1.0)%

7.6

16%

Europe

(5.7)%

10.1

21%

China

+34.4%

11.6

25%

Overseas

(6.1)%

6.6

14%

YoY

JULY FY18 RETAILS 46,074 UP 3.6% YOY

23

Units in ‘000

Volumes include sales from Chery Jaguar Land Rover – Aug FY18 7,126 units, Aug FY17 4,107 units

North America

+2.0%

10.5

27%

UK

(11.7)%

2.1

5%

Europe

(9.4)%

7.3

18%

China

+29.9%

12.1

31%

Overseas

(5.4)%

6.5

17%

YoY

AUGUST FY18 RETAILS 38,519 UP 4.3% YOY

24

1One-off items for the full year relate to £151m of Tianjin port recoveries in FY17 and the non-recurrence of Tianjin losses net of recoveries in FY16. One-off Items in Q1 FY18 relate to a £437m credit relating to changes made to the Company’s pension plans and £1m Tianjin recoveries, those in Q1 FY17 reflect Tianjin recoveries (£50m) and a £1m adjustment for higher net realisable value.2 EBIT margin is presented with (unadjusted) and without the pension credit (£437m) and Tianjin recoveries (£1m) in Q1 FY18.

FY17 AND Q1 FY18 FINANCIAL METRICS

Year ended 31 March Quarter ended 30 June

(£ million, unless stated) 2017 2016 Change 2017 2016 Change

Retail volumes ('000 units) (inc CJLR) 604.0 521.6 82.4 137.5 132.8 4.7

Wholesale volumes ('000 units) (exc CJLR) 534.7 509.3 25.4 117.9 120.8 (2.9)

Revenue 24,339 22,286 2,053 5,599 5,355 244

EBITDA 2,955 3,147 (192) 442 672 (230)

EBITDA Margin 12.1% 14.1% (2.0) pts 7.9% 12.5% (4.6) pts

Profit before tax and one-off items 1,459 1,714 (255) 157 348 (191)

One-off items 1 151 (157) 308 438 51 387

Profit before tax 1,610 1,557 53 595 399 196

EBIT margin 2 6.0% 7.1% (1.1) pts 1.2% 6.1% (4.9) pts

EBIT margin (unadjusted) 2 6.0% 7.1% (1.1) pts 9.0% 6.1% 2.9 pts

25

SolihullHalewoodCastle BromwichWolverhampton (EMC)

UK Slovakia

China

Nitra

Changshu

BrazilItatiaia

India

Graz

Austria

JLR STRATEGYGLOBAL MANUFACTURING FOOTPRINT

Pune