Letter of Offer Dated [●], 2015 For Eligible Shareholders only DRAFT – SUBJECT TO FINALISATION TATA MOTORS LIMITED Tata Motors Limited was incorporated as Tata Locomotive and Engineering Company Limited on September 1, 1945 as a public liability limited company under the Companies Act, 1913. For details in relation to change in name of our Company, see “General Information” on page [●]. Re giste re d Office : Bombay House, 24, Homi Mody Street, Mumbai 400 001 Con tact Pe rson : H K Sethna, Company Secretary and Compliance Officer Te l : (91 22) 6665 8282; Fax: (91 22) 6665 7799; Email : [email protected]; Websi te: www.tatamotors.com Corporate Identity Number: L28920MH1945PLC004520 PRO MO TER O F OUR COMPANY: TATA SO NS LIMITED FOR PRIVATE CIRCULATI ON T O THE ELIGIBLE SHAREHOLDE RS OF TATA MOTORS LIMITED (OUR “COM PAN Y” OR T HE “ISSUER”) ONL Y SIMULTANEOUS BUT UNLINKED ISSUE OF UP T O 15,06,44,759 ORDINARY SHARES OF FACE VALUE ₹ 2 EAC H (T HE “OR DINAR Y SHARES”) OF OUR COM PAN Y F OR C ASH AT A PRICE OF ₹ 450 (INCLUDING A PREMIUM OF ₹ 448 PER ORDINARY S HARE ) ON A RIGHTS BASIS T O THE ELIGIBLE ORDINARY S HARE HOLDERS OF OUR COMPANY IN THE RATI O OF SI X OR DINA RY S HARES FOR 109 FULLY PAID-UP ORDI NARY SHARES HELD ON T HE RECORD DATE, T HAT IS ON APRIL 8, 2015 AND UP T O 2,65,30,290 ‘A’ OR DINA RY S HARES OF FACE VALUE ₹ 2 EAC H (THE “‘A’ OR DINAR Y S HARES” ) OF OU R C OMP ANY F OR C AS H AT A P RICE OF ₹ 271 (INCLUDING A PREMIUM OF ₹ 269 PER ‘A’ ORDIN ARY S HA RE) ON A RIGHTS BASIS T O THE ELI GIBLE ‘A’ OR DINAR Y SHARE HOL DERS OF OUR COM PAN Y IN THE RATIO OF SIX ‘A’ ORDIN ARY SHARES FOR 109 FULLY PAID- UP ‘A’ ORDI NARY S HARES HELD ON T HE RECORD DATE, THAT IS ON APRIL 8, 2015 (COLLECTIVELY, THE “ISSUE”). THE ISSUE PRICE OF THE ORDINARY SHARES IS 225 TIMES THE FACE VALUE OF THE ORDINARY SHARES. THE ISSUE PRICE OF THE ‘A’ ORDINA RY SHARES IS 135.5 TIMES THE FACE VALUE OF T HE ‘ A’ OR DINAR Y S HARES. T OTAL PR OCEEDS FR OM T HE ISSUE OF OR DINA RY S HARES AN D ‘A ’ ORDI NARY SHARES WOULD AGGRE GATE UP TO ₹ 7,500 CRORE. FOR FURTHER DET AILS, SEE “TERMS OF THE ISSUE” BEGINNI NG ON P AGE [●]. GENERAL RIS KS Investment in equity and equity related securities involve a degree of risk and investors should not invest any funds in the Issue unless they can afford to take the risk of losing their investment. Investors are advised to read the risk facto rs carefully befo re taking an investment decision in the Issue. For taking an investment decision, investors must rely on their own examination of our Company and the Issue including the risks involved. The securities being offered in the Issue have not been recommended or approved by the Securities and Exchange Board of India (“SEBI” ) nor does SEBI guarantee the accuracy or adequacy of this Letter of Offer. Investors are advised to refer to “Risk Factors” beginning on page [●] before making an investment in this Issue. ISSUER’S ABSOLUTE RESPONSIBILITY Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Letter of Offer contains all information with regard to our Company and the Issue, which is material in the context of the Issue, that the information contained in this Letter of Offer is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Letter of Offer as a whole or any such information or the expression of any such opinions or intentions misleading in any material respect. LISTING The existing Ordinary Shares and ‘A’ Ordinary Shares of our Company are listed on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE” ), and together with BSE, the “Stock Exchanges”). Our Company has received “in -principle” approvals from the BSE and the NSE for listing the Securities to be allotted pursuant to the Issue through their letters dated [●] and [●], respectively. For the purposes of the Issue, the Designated Stock Exchange is the BSE. LEAD MANAGERS TO T HE ISSUE Citigroup Global Markets India Private Limited 1202, 12 th Floor, First International Financial Center, G-Block Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Tel: (91 22) 6175 9999 Fax: (91 22) 6175 9961 Website:http://www.online.citibank.co.in/rhtm /citigroupglobalscreen1.htm Emai l: tata. [email protected] Contact Person: Mitul Shah SEBI Registration No: INM000010718 Credit Suisse S ecuri ties (India) Private Limited Ceejay House, 9th Floor, Plot F Shivsagar Estate, Dr. Annie Besant Road Worli, Mumbai 400 018 Tel : (91 22) 6777 3906 Fax : (91 22) 6777 3820 Website: www.credit-suisse.com Emai l: [● ] Contact Person: [●] SEBI Registration No: INM000011161 DSP Merril l Lynch Limited 8th Floor, Mafatlal Center, Nariman Point Mumbai 400 021 Tel: (91 22) 6632 8000 Fax: (91 22) 2204 8518 Website: www.dspml.com Emai l: [● ] Contact Person: [●] SEBI Registration No.: INM000011625 HSBC Se curiti es and Capital Markets (India) Private Limi ted 52/60, Mahatma Gandhi Road, Fort, Mumbai 400 001 Tel: (91 22) 2268 1285 Fax: (91 22) 2263 1984 Website: http://www.hsbc.co.in/1/2/corporate/equities- globalinvestment-banking Emai l: [● ] Contact Person: [●] SEBI Registration No.: INM000010353 LEAD MANAGERS TO T HE ISSUE REGISTRAR TO THE ISSUE ICICI Securiti es Limited ICICI Centre, H.T. Parekh Marg Churchgate, Mumbai 400 020 Tel : (91 22) 2288 2460 Fax : (91 22) 2282 6580 Website: www.icicise curities.co m Emai l: [● ] Contact Person: [●] SEBI Registration No.: INM000011179 J. P. Morgan India Private Limited J. P. Morgan Tower, Kalina, Off C. S. T. Road, Santacruz (East), Mumbai 400 098 Tel: (91 22) 6157 3000 Fax: (91 22) 6157 3911 Website: www.jpmipl.com Emai l: [● ] Contact Person: [●] SEBI Registration No.: INM000002970 Kotak Mahindra Capital Company Limited 1 st Floor, 27 BKC, Plot No. 27, G Block Bandra Kurla Complex Bandra (East ), Mumbai 400 051 Tel: (91 22) 4336 0000 Fax: (91 22) 6713 2447 Website: http://investmentbank.kotak.com Emai l: [● ] Contact Person: [●] SEBI Registration No.: INM000008704 SBI Capital Markets Limited 202, Maker Tower 'E' Cuffe Parade Mumbai 400 005 Tel: (91 22) 2217 8300 Fax: (91 22) 2218 8332 Website: www.sbicaps.com E-mail: [ ●] Contact Person: [●] SEBI Registration Number: INM000003531 Link Intime India Private Limited C-13, Pannalal Silk Mills Compound, L.B.S. Marg Bhandup (West), Mumbai 400 078 Tel: (91 22) 6171 5400 Fax: (91 22) 2596 0329 Website: www.linkintime.co.in Emai l: tata [email protected] Contact Person: Sachin Achar SEBI Registration No: INR000004058 ISSUE PROGRAMME ISSUE OPENS ON LAST DATE FOR REQUEST FOR SPLIT APPLICATI ON FORMS ISSUE CLOSES ON [●] [●] [●]