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Jaguar Land Rover PLC LX000000002046407490

Oct 27, 2014

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OFFERING MEMORANDUM

NOT FOR GENERAL CIRCULATION IN THE UNITED STATES

19MAR201219160608

19MAR201219393092

Jaguar Land Rover PLC500,000,000 8.250% Senior Notes due 2020Guaranteed on a senior unsecured basis by Jaguar Cars Limited, Land Rover, Jaguar Land Rover North America, LLC, Land Rover Exports Limited and Jaguar Cars Exports LimitedThe 8.250% Senior Notes due 2020 have been issued in the aggregate principal amount of 500,000,000 (the Notes). The Notes will bear interest at the rate of 8.250% per annum payable semi-annually in arrears on 15 March and 15 September of each year, beginning on 15 September 2012. The Notes will mature on 15 March 2020. In the event of a Change of Control (as defined herein), Jaguar Land Rover PLC (the Issuer) must make an offer to purchase the Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest to the date of purchase. The Notes will be the Issuers senior obligations and will rank equally in right of payment with all existing and future indebtedness of the Issuer that is not subordinated in right of payment to the Notes and will be senior in right of payment to all existing and future indebtedness of the Issuer that is subordinated in right of payment to the Notes. The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Jaguar Cars Limited, Land Rover, Jaguar Land Rover North America, LLC, Land Rover Exports Limited and Jaguar Cars Exports Limited (the Guarantors). The guarantees of the Notes by each of the Guarantors (the Note Guarantees) will rank equally in right of payment with all of the existing and future indebtedness of such Guarantor that is not subordinated in right of payment to the Note Guarantees, and senior in right of payment to all existing and future indebtedness of such Guarantor that is subordinated in right of payment to the Note Guarantees. The Notes and the Note Guarantees will also be effectively subordinated to all of the Issuers and each of the Guarantors existing and future secured debt to the extent of the value of the assets securing such debt and to all existing and future debt of all the Issuers subsidiaries that do not guarantee the Notes. Currently, there is no public market for the Notes. Application has been made to admit the Notes to the Official List of the Luxembourg Stock Exchange and to trading on the Luxembourg Stock Exchanges Euro MTF market (the Euro MTF Market). The Euro MTF Market is not a regulated market pursuant to the provisions of Directive 2004/39/EC. This Offering Memorandum constitutes a prospectus for the purpose of the Luxembourg law dated 10 July 2005 on Prospectuses for Securities.

Investing in the Notes involves risks. Please see Risk Factors beginning on page 23.The Notes and the Note Guarantees have not been registered under the US Securities Act of 1933, as amended (the US Securities Act), or any state securities laws. Accordingly, the Notes and the Note Guarantees are being offered and sold only to qualified institutional buyers (QIBs) in accordance with Rule 144A under the US Securities Act (Rule 144A) and outside the United States in offshore transactions in accordance with Regulation S under the US Securities Act (Regulation S). Prospective purchasers that are QIBs are hereby notified that the seller of the Notes may be relying on the exemption from the registration requirements under the US Securities Act provided by Rule 144A.

Price: 99.289% plus accrued interest, if any, from 27 March 2012The Notes have been issued in the form of global notes in registered form. Please see Book-entry; Delivery and Form.

Joint Physical Bookrunners

Citigroup Credit Suisse J.P. Morgan Morgan Stanley Standard Chartered Bank11 April 2012

TABLE OF CONTENTSPage

Important Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notes on Defined Terms Used in this Offering Memorandum Presentation of Financial and Other Data . . . . . . . . . . . . . . . Forward-looking Statements . . . . . . . . . . . . . . . . . . . . . . . . . Exchange Rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Capitalisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Selected Consolidated Financial and Other Data . . . . . . . . . . Operating and Financial Review and Prospects . . . . . . . . . . . Our Industry and Markets . . . . . . . . . . . . . . . . . . . . . . . . . . Our Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Board of Directors and Senior Management . . . . . . . . . . . . . Major Shareholders and Related Party Transactions . . . . . . . . Description of Other Indebtedness . . . . . . . . . . . . . . . . . . . . Description of the Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . Book-Entry; Delivery and Form . . . . . . . . . . . . . . . . . . . . . . Taxation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Plan of Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Notice to Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Legal Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Independent Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Service of Process and Enforcement of Judgments . . . . . . . . . Where You Can Find More Information . . . . . . . . . . . . . . . . Listing and General Information . . . . . . . . . . . . . . . . . . . . . Glossary of Selected Terms . . . . . . . . . . . . . . . . . . . . . . . . . Index to the Consolidated Financial Statements . . . . . . . . . .

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i vii ix xiii xv 1 23 43 44 45 49 84 91 117 127 128 144 192 196 203 206 208 208 209 210 211 213 F-1

IMPORTANT INFORMATION You should rely only on the information contained in this offering memorandum (the Offering Memorandum). None of the Issuer, the Guarantors or Citigroup Global Markets Limited, Credit Suisse Securities (Europe) Limited, J.P. Morgan Securities Ltd., Morgan Stanley & Co. International plc and Standard Chartered Bank (collectively, the initial purchasers) has authorised anyone to provide you with any information or represent anything about the Issuer, the Guarantors or the initial purchasers, the Issuers financial results or this offering that is not contained in this Offering Memorandum. If given or made, any such other information or representation should not be relied upon as having been authorised by the Issuer, the Guarantors or the initial purchasers. None of the Issuer, the Guarantors or the initial purchasers is making an offering of the Notes in any jurisdiction where this offering is not permitted. You should not assume that the information contained in this Offering Memorandum is accurate as at any date other than the date on the front of this Offering Memorandum. In making an investment decision, prospective investors must rely on their own examination of the Issuer and the terms of this offering, including the merits and risks involved. This Offering Memorandum has been prepared by the Issuer solely for use in connection with the proposed offering of the Notes described in this Offering Memorandum and for application for listing particulars to be approved by the Luxembourg Stock Exchange and for the Notes to be admitted to the Official List of the Luxembourg Stock Exchange and admitted to trading on its Euro MTF Market. This Offering Memorandum may only be used for this purpose. This Offering Memorandum does not constitute an offer to any other person or to the public generally to subscribe for or otherwise acquire Notes. Each prospective investor, by accepting delivery of this Offering Memorandum, agrees to the foregoing. In addition, none of the Issuer, the Guarantors or the initial purchasers or any of our or their respective representatives is making any representation to you regarding the legality of an investment in the Notes, and you should not c

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