Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 19th November 2015

Type of meeting IDFC Investor Conference

Attendees:

Investor / Analysts 1. Ajit Motwani – Bharti AXA Life Insurance 2. Naysar Shah – Capital 72 Fund / Firm 3. Geetika Gupta – First Voyager Advisors 4. Aditya Sood – ICICI Prudential Mutual Fund 5. George Joseph - ICICI Prudential Mutual Fund 6. Animesh Shah – L&T Mutual Fund 7. Prakriti Banka – Pramerica Mutual Fund 8. Prashant Shah – Reliance Life Insurance 9. Tejal Shah – Reliance Life Insurance 10. Dennis Chung – Cathay Securities 11. Sumeet Mangal – Goldman Sachs 12. Aakash Mangani – BOI AXA Investment 13. Anirudh Singhi – IDBI Mutual Fund 14. Sanket Baheti – Geecee Investments 15. Madhuchanda Dey – Avendus Capital Pvt Ltd 16. Pradeepkumar Dhamdhere – Bajaj Allianz 17. Kaustav Kakati – DHFL Pramerica Life Insurance Co. Ltd 18. Dipen Sanghvi – Enam Asset Management 19. Sejal Doshi – ILFS (FII) 20. Arjun Khanna – Principal AMC 21. Aditya Biyani – Reliance Mutual Fund 22. Deepak Malhotra – Silver Streak MAC 23. Sowmiya M – Star Union Dai Chi Life Insurance 24. Harish Krishnan – Kotak Asset Management 25. Sudhir Kedia – Ask Investment Managers 26. Vaishali Jajoo – Aegon Religare Life Insurance Co

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia

Did the discussions involved No reveal any UPSI

Gist of discussions 1. How have the new products and variants launched done in the market? 2. When will Bolero bounce back to its original numbers? 3. After the festive season now, will M&M see any fall in growth in LCV segment i.e 2 to 3.5 ton? 4. What is AMT capacity of TUV300? 5. Who is supplying AMT to M&M? 6. Is M&M planning to enter “Tiller” category in farm equipment?

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 19th November 2015

Type of meeting UBS Investor Conference

Attendees:

Investor / Analysts 1. Karthik Kumar – Asiya Investments 2. Danesh Ranchhod – Franklin Templeton Investments Fund / Firm 3. Arjun Tandon – Matsya Capital 4. Rajiv Batra – Temasek 5. Vibhor Talreja – Temasek 6. Jiten Poojara – Temasek 7. Ketan Shah – Comgest 8. Utkarsh Katkoria – Deutsche Asset Management 9. Ted Chisholm - Edgepoint 10. Gavin Ma – Gavekal Capital 11. Ankit Jain – Mirae Global Investment Management 12. Jasween Malik – Sumitomo Mitsui Trust Bank Ltd 13. Casey Preyss – William Blair & Co 14. Gonzalo Pangaro – T Rowe Price International Inc 15. Jai Kapadia – T Rowe Price International Inc 16. Mark Edwards – T Rowe Price International Inc 17. Preyesh Patel – T Rowe Price International Inc 18. Rajeev Eyunni – Alliance Bernstein 19. Jeff Liu – Buena Vista Fund 20. Robert Rosner – Buena Vista Fund 21. Karsten Naumann – Edmond De Rothschild Asset Management 22. Murali Yerram – Franklin Templeton Asset Management 23. Deepak Singh – Highbridge Capital Management 24. Hari Ravishankar – Janchor Partners Ltd 25. Dale Michelson – Putnam Investments

Company Representatives Mr. K. Chandrasekar, Mr. Sandesh Naik.

Did the discussions involved No reveal any UPSI

Gist of discussions 1. About TUV300 – initial response? 2. Capital Allocation strategy? 3. UVs scenario? 4. Tractor industry and rural economy scenario? 5. Where do you see Mahindra Group going forward in the next 5 years?

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 18th November 2015

Type of meeting Macquarie Investor Conference

Attendees:

Investor / Analysts 1. Ho Yin Pong – Allianz Global Investors 2. Siddharth Johri – Allianz Global Investors Fund / Firm 3. Yuming Pan – Allianz Global Investors 4. Eric Chan – Buena Vista Management 5. Achmad Syafriel – PT. AIA Financial 6. Yuanita Hutami – PT. AIA Financial 7. S. Natraj – Quantum Mutual Fund 8. Romil Jain - Quantum Mutual Fund 9. Vimal Gohil - Union KBC Asset Management 10. Achala Kanitkar – Birla Sun Life Asset Management Co 11. Vincent Lui – AMP Capital 12. Hongmin Choi – Asiya Investments 13. Sumeet Hinduja – Exide Life Insurance 14. Neal Smith – Denker Capital 15. Richard Shepherd – Denker Capital 16. Chuk Wong – 1832 Asset Management (Dynamic Funds) 17. Michael Dillon – Brown Advisory LLC 18. Maneesh Bajaj – Brown Investment Advisory & Trust 19. Priyanka Agnihotri - Brown Investment Advisory & Trust 20. Alex Leung – GMT Capital 21. Neil Mascarenhas – Hamon Asset Management 22. Christopher Knapp – Jarislowsky Fraser 23. Arit Chaudhury – Max Life Insurance

Company Representatives Mr. K. Chandrasekar, Mr. Sandesh Naik.

Did the discussions involved No reveal any UPSI

Gist of discussions 1. About TUV300 – initial response? 2. UVs scenario? 3. Tractor industry and rural economy scenario?

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 17th November 2015

Type of meeting Mr. Anand Mahindra’s Interactive session with CIOs

Attendees:

Investor / Analysts 1 Temasek Mr. Vibhor Talreja Franklin Templeton Fund / Firm 2 Group Ms. Roshi Jain GIC of India Mr. Jayashri B 3 ICICI Pru Life Mutual 4 Fund Mr. Yogesh Bhatt 5 Fidelity Group Mr. Sandeep Kotharti 6 Blackrock Group Mr. Anup Maheshwari 7 New India Assurance Mr. V Hari Srinivas 8 Premji Invest Mr. Sashikanth Balachandar 9 UTI Mutual Fund Mr. Anoop Bhaskar 10 SBI Mutual Fund Mr. Navneet Munot 11 Axis MF Mr. Pankaj Murarka 12 Capital Research Mr. Amol Gogate 13 Oriental Insurance Mr. A K Mittal 14 Capital World Ms. Aditi Puri

Company Representatives Mr. Anand Mahindra, Mr. V S Parthasarathy, Mr. K. Chandrasekar, Mr. Sriram Ramachandran & the IR team.

Did the discussions involved No reveal any UPSI

Gist of discussions 1. India is within top three countries (after US and China) of discussion at global forums. 2. Economic environment in India – seen improvement during the festive season, though not secular. 3. The ease of doing business has improved dramatically in India. 4. M&M Auto business – TUV 300 has been received well. S101 is likely to be launched soon and will improve volumes. 5. Though rural economy is impacted by poor monsoon, Indian agriculture sector is undergoing transformation. 6. The group is focusing on simplicity, digitization and leveraging synergy across group companies. 7. As the economy turns around, M&M group companies has the advantage as we have built robust eco-systems.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 14th October 2015

Type of meeting Con-call

Attendees:

Investor / Analysts Binay Singh and Satyam Thakur from Morgan Stanley Securities

Fund / Firm

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions 1. Update on Auto & Farm Sector of M&M? 2. New product launches?

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 12th October 2015

Type of meeting One on one Meeting

Attendees:

Investor / Analysts Ms. Aditi Puri from Capital World.

Fund / Firm

Company Representatives Mr. V.S Parthasarathy, Mr. K. Chandrasekar, Mr. Sriram Ramachandran

Did the discussions involved No reveal any UPSI

Gist of discussions 1. The philosophy of managing group businesses 2. Metrics used to evaluate the performance of group portfolio 3. Investment philosophy into related and unrelated businesses

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 12th October 2015

Type of meeting One on one Meeting

Attendees:

Investor / Analysts Mr. James Long, Mr. Ronald Gould, Mr. James Strachan, Mr. Dean Buckley, Ms. Bronwyn Curtis from JP Morgan Asian Investment Trust Fund / Firm plc and Ms. Sonia Yu and Ms. Alison Vincent from JP Morgan Asset Management.

Company Representatives Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions 1. Update on M&M Group’s businesses

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 5th October 2015

Type of meeting One on One meeting

Attendees:

Investor / Analysts Mr. Arun Agarwal from Kotak Securities (Private Client Group)

Fund / Firm

Company Representatives Mr. Rajen Kavadia

Did the discussions involved No reveal any UPSI

Gist of discussions 1. Update on M&M Auto & Farm equipment sectors? 2. Update on M&HCV business of M&M?

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 29th September 2015

Type of meeting One on One meeting

Attendees:

Investor / Analysts Mr. Anant Shirgaonkar and Mr. Sonal Gupta from UBS Securities

Fund / Firm

Company Representatives Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions 1.Update on M&M UVs? 2.Effect of rural demand on tractor sales? 3.Two wheeler business and strategy way forward?

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 24th September 2015

Type of meeting Group Meeting

Attendees:

Investor / Analysts Mr. Daiji Ozawa from Invesco Asset Management (Japan) Ltd

Fund / Firm Mr. Christopher Avery from Wellington Management

Mr. Manish Shah from Comgest. Mr. Shreyash Devalkar from BNP Paribas Mutual Fund

Mr. Rakesh Kumar, Mr. Clive Wiggins, Mr. James Yoon, Neil Nathwani from BNP Paribas Securities.

Company Representatives Mr. K. Chandrasekar, Mr. Rajen Kavadia, Mr. Sandesh Naik, Mr. Brian D’Penha

Did the discussions involved No reveal any UPSI

Gist of discussions 1.Rural demand and M&M’s presence there? 2.GST introduction in India? 3.Update on Ssangyong? 4.Tractor scenario and about M&M’s market share in tractors? 5.Update on other businesses of M&M Group?

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 22nd September 2015

Type of meeting Con-call

Attendees:

Investor / Analysts Mr. Murali Aburri and Mr. Sriram Vasudevan from Graticule Asset Management Fund / Firm

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions 1. Latest updates/happenings in the UVs and tractor industry? 2. Government spend and infrastructure development in India? 3. Effect of Monsoon on tractor sales?

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 21st September 2015

Type of meeting One on One meeting

Attendees:

Investor / Analysts Siddharth Purohit from Sushil Financial Services Pvt Ltd

Fund / Firm

Company Representatives Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions 1. M&M UV products profile – new products? 2. Tractor margins - Q1 were high? Are they sustainable? 3. About two wheeler business? Till when will M&M continue?

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 16th September 2015

Type of meeting CLSA Investor Conference in Hong Kong

Attendees:

Investor / Analysts 1. Knut Harald Nilsson – Skagen 2. Aravindan Jegannathan – JK Capital Management Ltd Fund / Firm 3. Eugene Profis – Mackenzie Investments 4. Gigi Chan – Wellington Management Co. LLP 5. Julie Lee – Lion Global Investors Ltd 6. Kuldeep Khanapurkar – Baring Asset Management (Asia) Ltd 7. James Fan – Robeco Hong Kong 8. Jean Van De Walle - Abu Dhabi Investment Authority 9. Myla Cruz – Lazard Asset Management LLC 10. Rashmi Kwatra – Prince Street Capital 11. Amol Gogate – Capital Research Global Investors 12. Winnie Kwan – Capital Research Global Investors 13. Jesper Lyckeus – Capital Research Global Investors 14. Tomonori Tani – Capital World Investors 15. Leo Hee – Capital World Investors 16. Austin Forey – JP Morgan Asset Management UK Ltd 17. Leon Eidelman - JP Morgan Asset Management UK Ltd 18. Luis Carrillo - JP Morgan Asset Management UK Ltd

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia.

Did the discussions involved No reveal any UPSI

Gist of discussions 1. About TUV300 – its product development cost, initial response? 2. UVs scenario? 3. Update on Ssanyong? 4. Tractor industry scenario? 5. New product launches and how will M&M regain its lost market share in UVs?

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 15th September 2015

Type of meeting CLSA Investor Conference in Hong Kong

Attendees:

Investor / Analysts 1. Wenjie Ge – Capital International Inc 2. Manish Bishnoi – Macquarie Funds Group Hong Kong Fund / Firm 3. Paul Ryndak – Calamos Advisors LLC 4. Sunil Parthasarathy – Trilogy Global Advisors (MAIN) 5. Robert Holmes – NNIP Advisors B.V 6. Sreevardhan Agarwal – First State Investment (Singapore) 7. Tushar Jain – Sumitomo Mitsui Asset Management 8. Yuming Pan - Allianz Global Investors Asia Pacific 9. Avinash Abraham – Balyasny Asset Management LP 10. Christine Kim – Balyasny Asset Management LP 11. David Walsh – GLG Partners 12. Jerome Van Der Ghinst – Epoch Investment Partners Inc 13. Mark Kingdon – Kingdon Capital Management LLC 14. Rizi Mohanty – Myriad Asset Management Ltd 15. Mihail Dobrinov – Principal Global Investors 16. Ewan Thompson – Neptune Investment Management Ltd

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia.

Did the discussions involved No reveal any UPSI

Gist of discussions 1. Political & Economic situation in India? 2. Update on Tractor Industry performance, dynamics, penetration and tractor mechanization? 3. How M&M is positioning the TUV300? Whether urban or rural or a mix of both? 4. Understanding of M&M Group for new investors? 5. Tractor pricing, discounts? 6. About Ssangyong’s Tivoli performance and effect of Russia slowdown? 7. M&HCV industry scenario? 8. Two wheeler business update? 9. UV industry – market scenario?

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 8th September 2015

Type of meeting Motilal Oswal Investor Conference

Attendees:

Investor / Analysts 1. Jason Nogueria – T Rowe Price 2. Mark Edwards – T Rowe Price Fund / Firm 3. Rajat Chandak – ICICI Prudential MF 4. Yogesh Bhat – ICICI Prudential MF 5. Manish Kumar – ICICI Prudential MF 6. Kevin Koh – UBS Global Asset Management 7. Raymond Wong – UBS Global Asset Management 8. Manish Kumar - ICICI Prudential Life Insurance 9. Sumanta Khan – ICICI Prudential Life Insurance 10. Hiroshi Yoh – Janus Capital 11. Subhra Chaterjee – Janus Capital 12. Achala Kanitkar – Birla MF 13. Bhagyesh Kagalkar – HDFC Mutual Fund 14. Sam West – Highclere International Investors 15. Sanjay Doshi – Reliance Mutual Fund 16. Sarah Chang – Taishin 17. Arjya Chattoraj – Tokio Marine 18. John Lin – Yuanta 19. Ashish Naik – Axis MF 20. Christine NG – Government of Singapore (GIC) 21. Tien Doe - Government of Singapore (GIC) 22. Alex Duffy – Fidelity International 23. Anthony Srom - Fidelity International 24. Dhananjay Phadnis - Fidelity International 25. Jason Billings - Fidelity International 26. Jochen Breuer - Fidelity International 27. Kuleen Tanna - Fidelity International 28. Leon Tucker - Fidelity International 29. Nick Price - Fidelity International

Company Representatives Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions New Product launches, Strategy way forward, update on two wheelers business and CVs business and environment scan of UVs & tractors.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 7th September 2015

Type of meeting Con-Call

Attendees:

Investor / Analysts Ms. Wakaba Kawai from Nomura Asset Management Singapore.

Fund / Firm

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions 1. Demand for tractors 2. Tractor industry situation and M&M’s competitiveness in the industry. 3. Outlook for tractor growth. 4. UV Industry performance

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 31st August 2015

Type of meeting Con-Call

Attendees:

Investor / Analysts Mr. Tyler Brown and Ms. Vera Trojan from Wellington Management.

Fund / Firm

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions 1. Tractor industry dynamics. 2. Tractor growth in balance part of FY16 and if possible in FY17 as well as for the industry 3. UV industry dynamics 4. New products pipeline 5. Conglomerate structure of M&M group

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 26th August 2015

Type of meeting One on One meeting

Attendees:

Investor / Analysts Ms. Preetie Kohli, Mr.Gaurav Jaitley and Mr. Pramod Kumar from Goldman Sachs (India) Securities Pvt Ltd. Fund / Firm

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions General update on M&M’s businesses.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 20th August 2015

Type of meeting One on One meeting

Attendees:

Investor / Analysts Mr. Amit Maskara from Carrhae Capital.

Fund / Firm

Company Representatives Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions General update on Auto and Farm sectors.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 19th August 2015

Type of meeting One on One meeting

Attendees:

Investor / Analysts Mr. Sebestian Chia and Mr. Akira Takeuchi from Nippon Life Global Investors Singapore Ltd. Fund / Firm

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia

Did the discussions involved No reveal any UPSI

Gist of discussions Update on the M&M Auto and Farm Equipment sectors and new launches.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 18th August 2015

Type of meeting Bank of America Merrill Lynch Conference via Telepresence

Attendees:

Investor / Analysts 1. Aadil Ebrahim – Alliance Bernstein 2. Swee San Tan – Alliance Bernstein Fund / Firm 3. Manish Shah – Comgest Sa 4. Saurabh Sinha – Lion Global Investors Ltd 5. Kong Chiat Ng – Natixis Asset Management Asia Ltd 6. Anish Mathew – Sundaram Mutual Fund 7. Kevin Koh – UBS Global Asset Management 8. Namit Nayegandhi - UBS Global Asset Management 9. Daniel Ling – Massachusetts Financial Services 10. Robert Lau – Massachusetts Financial Services 11. Chetan Shetty – Broad Peak Investment Advisers 12. Koushik Pal – Manulife Asset Management 13. Rana Gupta – Manulife Asset Management 14. Satyan Wadhwa – Millenium Partners

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia

Did the discussions involved No reveal any UPSI

Gist of discussions New Product launches, Strategy way forward on two wheelers business, effect of competition on M&M UV sales, understanding of M&M and its subsidiaries’ structure, effect of GST on UVs .

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 14th August 2015

Type of meeting CLSA Investor Roadshow (NDR) in USA

Attendees:

Investor / Analysts 1. Owens Huang – Dalton Investments 2. Venkat Pasupuleti – Dalton Investments Fund / Firm 3. Amit Kumar – Metropolitan West Capital Management 4. David Lund – Nuveen Asset Management 5. Tracy Stouffer - Nuveen Asset Management 6. Tariq Ahmad – Indus Capital Partners

Company Representatives Mr. V. S. Parthasarathy

Did the discussions involved No reveal any UPSI

Gist of discussions New Product launches, effect of competition on M&M UV sales, general updates on Auto & Farm Equipment Sectors and other businesses of M&M.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 12th August 2015

Type of meeting CLSA Investor Roadshow (NDR) in USA

Attendees:

Investor / Analysts 1. Ken Ryan – Dodge & Cox 2. Karol Marcin – Dodge & Cox Fund / Firm 3. Richard T. Callister – Dodge & Cox 4. Charles F. Pohl – Dodge & Cox 5. Paritosh Somani - Dodge & Cox 6. Bart Grenning - TIAA CREF Investment Management 7. Eric Koo - TIAA CREF Investment Management 8. Lisa Wang – TIAA CREF Investment Management 9. Eric Sandlund – Newport Asia LLC 10. Sebastian Von Renouard - Passport Capital 11. Suhaib Jamjoom – Passport Capital 12. Shashin Shah – Think Investments

Company Representatives Mr. V. S. Parthasarathy

Did the discussions involved No reveal any UPSI

Gist of discussions New Product launches, effect of competition on M&M UV sales, general updates on Auto & Farm Equipment Sectors and other businesses of M&M.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 12th August 2015

Type of meeting One on One meeting

Attendees:

Investor / Analysts Mr. Jay Mehta from Bank of America Merrill Lynch

Fund / Firm

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions Update on the M&M Auto and Farm Equipment sectors, understanding industry dynamics and new launches.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 11th August 2015

Type of meeting Con-call

Attendees:

Investor / Analysts Ms. Ayako Mikami from MFS Investment Management

Fund / Firm

Company Representatives Mr. Sriram Ramachandran, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions It was more of financial numbers clarifications presented in the M&M Annual report of FY2015 and business updates.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 9th July 2015

Type of meeting One on One Meeting

Attendees:

Investor / Analysts 1. Mr. Vidrum Mehta and Mr. Nishit Zota from ICICI Securities Ltd (ICICI Direct). Fund / Firm

2. Mr. Eric Yuan from T. Rowe Price Hong Kong Ltd & Mr. Hitesh Goel from Kotak Securities.

3. Mr. Ayaz Ebrahim and Mr. Sudeepto Deb from Amundi Asset Management and Mr. Vijay Chugh and Ms. Allie Eom from BNP Paribas Securities (Asia) Ltd.

Company Representatives Meeting #1: Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Meeting #2: Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Brian D’Penha

Meeting #3: Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Sandesh Naik.

Did the discussions involved No reveal any UPSI

Gist of discussions Meeting with ICICI Securities (ICICI Direct) – It was an introduction of M&M’s auto & tractor businesses to them.

Meeting with T. Rowe Price & Kotak Securities – The discussion was about the two wheeler business of M&M and understanding its dynamics.

Meeting with Amundi Asset Management & BNP Paribas Securities – Discussion was about the rural economy in India, technological developments in M&M and updates on M&M’s defence sector.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 8th July 2015

Type of meeting One on One Meeting

Attendees:

Investor / Analysts

Fund / Firm Mr. Brent Lynn and Mr. Subhra Chatterjee from Janus Capital

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions General updates of the UV and tractor industry and understanding its dynamics, growth prospects and about CV segment.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 30th June 2015

Type of meeting One on One Meeting

Attendees:

Investor / Analysts

Fund / Firm Mr. Sejal Doshi from IL&FS Portfolio Management Services and Mr. Priya Ranjan from Systematix Shares & Stocks (I) Ltd.

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions General updates of M&M’s businesses and how M&M sees itself in the next 5years.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 26th June 2015

Type of meeting One on One Meeting

Attendees:

Investor / Analysts

Fund / Firm Mr. Alex Markillie from USS Investment Management Ltd and Mr. Sahil Kedia from Barclays Securities.

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia

Did the discussions involved No reveal any UPSI

Gist of discussions About UV and tractor industry dynamics and M&M’s performance.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 25th June 2015

Type of meeting One on One Meeting

Attendees:

Investor / Analysts

Fund / Firm Mr. Jamie Sterne and Mr. Kiran Pendri from Third Point LLC

Company Representatives Mr. Sriram Ramachandran, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions Understanding M&M’s presence in UV and tractor industry and other businesses as a holding company. Also, took M&M’s views on rural economy.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 24th June 2015

Type of meeting One on One Meeting

Attendees:

Investor / Analysts

Fund / Firm Mr. Mithun Soni, Mr. Pratik Gandhi and Mr. Sanket Baheti from Geecee Investments.

Company Representatives Mr. Rajen Kavadia and Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions Geecee investments have just initiated their coverage on M&M and hence it was more of an introduction of M&M’s businesses to them and making them understand the dynamics of the UV and tractor industry.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 22nd June 2015

Type of meeting One on One Meeting

Attendees:

Investor / Analysts 1. Mr. Nemkumar from IIFL.

Fund / Firm 2. Mr. Kapil Singh from Nomura Financial Advisory & Securities India Pvt Ltd.

Company Representatives Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions Meeting with IIFL – The discussion was related to general views on Indian Economy.

Meeting with Nomura – The discussion was about GST implementation, Agri Business, update on UV & tractor industry.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 18th June 2015

Type of meeting One on One Meeting

Attendees:

Investor / Analysts 1. Mr. Suhas Harinarayanan, Mr. Ambrish Mishra from JM Financial Institutional Securities Ltd. Fund / Firm 2. Mr. Gordon Fraser from Blackrock and Mr. Nitij Mangal

from CLSA India Pvt Ltd.

Company Representatives Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions Meeting with JM Financial – The discussion was related to rural report released by JM Financial and debriefing of their USA Sales trip.

Meeting with Blackrock & CLSA – More understanding of the Q4 FY15 results.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 16th June 2015

Type of meeting One on One Meeting

Attendees:

Investor / Analysts Mr. S. B. Mainak, Mr. Pravin Kutumbe, Mr. M.M.L Verma and Mr. Pradeep Kumar Malhotra from Life Insurance Corporation of India. Fund / Firm

Company Representatives Mr. V.S. Parthasarathy, Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions Discussions were more of general updates on the businesses of the company, new products and tractor industry.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 12th June 2015

Type of meeting One on One Meeting

Attendees:

Investor / Analysts Mr. Prasun Gajri, Mr. Farokh Pandole, Mr. Nishit Dholakia, Mr. Shirish Guthe from HDFC Standard Life Insurance Company Ltd. Fund / Firm

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions Discussions were more of general updates on the businesses of the Company.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 9th June 2015

Type of meeting Morgan Stanley Investor Conference

Attendees:

Investor / Analysts 1. Sundeep Bihani – Eastspring Investments 2. Trilok Agarwal – Birla Sunlife Insurance Fund / Firm 3. Munish Puri – Journey Investment Management 4. Anil Tewari – RWC Partners 5. Mehul Kinariwala – Azentus Capital Management 6. Morgan Sze - Azentus Capital Management 7. Chris McGoldrick – First State Investments 8. Robert Ledger - Schroder Investment Management 9. Allan Be – Canyon Partners 10. Rizi Mohanty – Myriad Asset Management 11. Jaap M. van der Hart – Robeco Group 12. Anatoly Romanovsky – Pictet Asset Management 13. Michael Sznajer – Silvaris Capital Management 14. Peter Gillespie – Lazard Asset Management 15. Vikas Pershad – Port Meadow 16. Albert Kwok – Jennison Associates 17. Paul Eisenstein – Lone Pine Capital 18. Jaibir Sethi– Premji Investments 19. Michael Van Voorst – Robeco Group 20. Michael Cumming – Scout Investments 21. Pablo Echavarria – Thornburg Investment Management

Company Representatives Mr. K. Chandrasekar, Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions More of business updates and environmental scan.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 8th June 2015

Type of meeting One on One Meeting

Attendees:

Investor / Analysts Mr. Chris McGoldrick from First State Stewart and Govindarajan C from Jefferies India Pvt Ltd. Fund / Firm

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions Discussions were about long term strategies of the Mahindra Group and capital allocation already in public domain.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 5th June 2015

Type of meeting One on One Meeting

Attendees:

Investor / Analysts Manish Kumar, Sumanta Khan, Fatema Pacha from ICICI Prudential Life Insurance. Fund / Firm

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions A general company update regarding new product launches, environment scan of UV and tractor industry which are in public domain

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 4th June 2015

Type of meeting One on One Meetings

Attendees:

Investor / Analysts 1. David Walsh, Nicholas Vidale from GLG Partners Hong Kong Ltd and Aditya Khansaheb from J.P Morgan Fund / Firm Securities

2. Jason Zhang from Capital Research Global Investors and Amit Mishra, Chirag Jain from Macquarie Capital Securities (India) Pvt Ltd.

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions Meeting with GLG Partners - About tractor industry, the competitive dynamics, new product launches in UVs and tractors.

Meeting with Capital Research Global Investors – More understanding the Indian auto industry and its dynamics.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 3rd June 2015

Type of meeting Mahindra Research Valley (MRV) visit in Chennai

Attendees:

Investor / Analysts 1. Ms. Kimberley McPhail, Mr. Douglas Lendingham & Nick Edgerton from First State Stewart Fund / Firm

2. Mr. Govindarajan C. & Mr. Mohan Gundu from Jefferies India Pvt Ltd

3. Mr. S. Krishnakumar from Sundaram Mutual Fund

Company Representatives Mr. Rajen Kavadia, Mr. Sunil Satpute

Did the discussions involved No reveal any UPSI

Gist of discussions Showed the Mahindra Research Valley (MRV) facility and catered to questions relating to it.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 3rd June 2015

Type of meeting B&K Investor Conference

Attendees:

Investor / Analysts 1. Prerna Lotlikar - Allard Partners 2. Shreyas Devalkar – BNP Paribas AMC Fund / Firm 3. Aditya – Steinberg 4. Yogesh Patil - Canbank MF 5. Arit.Chaudhury - Max Life 6. Surjit Arora - Tata MF 7. Omprakash Kuchian - Reliance Mutual Fund 8. Aditya Biyani - - Reliance Mutual Fund 9. Sanjay Doshi - Reliance Mutual Fund 10. Sanjay Parekh - Reliance Mutual Fund 11. Amit Nadekar - Alchemy Capital 12. Falgun Shah - Argonaut Capital 13. Ajit Motwani - Bharti Axa Ins 14. Natasha Lulla - Birla MF 15. Achala Kanitkar - Birla MF 16. Nitish P – Ind Asia 17. Keshav Sangha – Venture works 18. Rohan Patki – Himalayan Fund 19. Vishal Mishra – Daiwa Mutual Fund 20. Devender Singhal - Kotak Mutual Fund 21. Gaurav Agarwal - Ellara Capital 22. Sonaal - Ellara Capital 23. Henry Ashton - Matterhorn Investment 24. Kush Joshi – Kitara Capital

Company Representatives Mr. Sriram Ramachandran, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions The discussions revolved around the Industry, company information already in public domain.

Any other comments NIL

Mahindra & Mahindra Limited

Recording of Investor Meetings

Date of the meeting 2nd June 2015

Type of meeting One-on-one ______

Attendees:

Investor / Analysts Ms. Monica Joshi, Bajaj Allianz Life Insurance & Mr. Deepak Jain, IDFC Securities Fund / Firm

Company Representatives Mr. Sriram Ramachandran, Mr. Rajen Kavadia, Mr. Sandesh Naik

Did the discussions involved No reveal any UPSI

Gist of discussions The discussions revolved around the Industry, company information already in public domain.

Any other comments NIL