Corporate Presentation May 2019 Varroc is the 2nd Largest Indian Auto Component Group1 with a Global Footprint Founded in 1988 in Aurangabad, India by the Jain family Successful listing on the Indian Stock Exchanges in July 2018 Leading Two primary business lines: tier-1 manufacturer and supplier to 1. Varroc Lighting Systems (“VLS”): global supplier of exterior lighting the Indian 2W and 3W OEMs(4) systems to passenger car OEMs 2. Varroc India Business: manufacturer and supplier of diverse range of auto components primarily to 2W, 3W and 4W OEMs 6th Strong, long-lasting, growing customer relationships with Largest(2), fastest growing among marquee auto OEMs globally and in India top six global exterior auto lighting Well-diversified global auto component business across geographies, products and customers suppliers Low cost, strategically located global manufacturing footprint 41 Operating plus 2 Upcoming Manufacturing Facilities and 16 R&D Centres across 5 continents In-house R&D capabilities in India, Czech Republic, China(5), USA, INR 120 bn Mexico, Germany, Italy, Romania and Poland FY19 revenue(3) ~1,500 R&D engineers(6); 185 patents granted globally(6) Experienced management team supported by reputed Board ~14,000 employees across the globe(6) Note: (1) Based on CRISIL Report - By revenue for FY17. Excludes TVS Motors revenues for Sundaram Clayton and Bosch Ltd. part of Robert Bosch GmbH (Germany). (2) Based on Yole Report – By revenue for CY16. For passenger and light commercial vehicles. (3) Based on Yole Report for Revenue CAGR from 2014 – 2016. (4) Based on CRISIL report; by revenue for CY16 – Sum of Varroc Engineering Pvt. Ltd, Varroc Polymers Pvt. Ltd and Durovalves Pvt Ltd. taken for Varroc. (5) Activities in China are through a 50% joint venture with Beste Motor Co. Ltd. (6) As of March 31, 2018. Excluding JVs. Confidential Our Journey Development of JV with Plastic Electronic Fuel- Omnium, France Acquired Investment in Injection Visteon’s global manufacturing facilities Technology for PV lighting in Brazil and Morocco 2W in India Acquired Forging business company, IMES, Italy, Acquired auto Acquired PV accessories Lighting manufacturer business in Team Concepts (India) Turkey 2007 2012 2017 1990 2018 2019 Polymer Varroc Engineering Limited Inauguration of 2011 2014 Business 2005 listed on Indian Stock manufacturing facility Indices (BSE & NSE) PE Investments by in Morocco Omega TC Holdings 2W and 3W Acquired and Tata Capital Inauguration of Expansion of catalytic Tri.o.m (Italy), manufacturing facility in manufacturing facility converters - 2W lighting Acquired 50% in Brazil and Halol (India) in Czech Republic Varroc TYC Corporation (China) Note: (1) Now part of VLS. Vision, Mission & Values Vision Values To be an INR 200 billion supplier of innovative solutions for Our core values serve as a common identity for every employee in transportation and allied industry in 2020 the organization. These values have been ingrained in Varroc since • Core business sectors will be exterior lighting and two wheeler our inception and have stood the test of time. Our principles have mobility helped us thrive in the global competitive market. • Be a partner of choice for vision, mobility and emission technologies • Be the fastest growing player in our core sectors Mission Bring leading edge technologies to the mainstream markets with high quality, cost competitive solutions • By delivering customized solutions with superior service • With speed, agility and creativity • And fostering an environment that empowers employees and encourages the pursuit of excellence Business Overview METALLIC POLYMER ELECTRICAL - ELECTRONICS LIGHTING • Engine valves • Air Filter Assembly • 2W lighting • Head Lamps • Transmission gears • Seating Assembly • Digital clusters • Rear Lamps • Crank pins, Links • Interiors • Motors, Magnetos • CHMSL • Connecting Rods • Painted plastic exterior • Regulator & Rectifiers • Fog Lamps • Crankshafts products • Body switches, CDI, • Mirror assembly • Catalytic Converters • Integral Skin 11 Facilities – India (8)#, Italy, 10 Facilities – Czechia (2), 7 Facilities – India (5)#, Italy (2) 15 Facilities – India# Romania, Vietnam China (2), Turkey (2), Mexico, 1 upcoming facility - India India, Brazil & Morocco • Offers precision forged & • One of the largest polymer • Comprehensive solutions in • Leading global supplier of machined parts for engines solution providers to all electrical-electronics exterior automotive lighting and transmissions major auto OEMs with a components, assemblies for systems for PV • Supplies engines valves in pan-India presence automotive applications. • 8000+ employees domestic and international • High end lighting systems for markets • 1600+ employees the global 2W industry • 1600+ employees • 1500+ employees 2W, 3W, PV, CV & OHV, 2W, 3W, PV & CV 2W, 3W, PV & CV PV Earth-moving & Oil-drilling #Pantnagar facility caters to all 3 verticals of India business. Well Diversified Auto Component Business Across Geographies, Product Groups, Customers and Segments Confidential Varroc Leaders Experienced management team Independent directors with experience across industries & practices Tarang Jain*^ Strong governance: Big-4 statutory and internal auditors; independent board Managing Director committees Founder & MD Ashwani Maheshwari CEOs Stephane Vedie CEO – India Business President and CEO – VLS President – Metallic Division D S Sethumadavan Arjun Jain* Business Head – Polymer T. R. Srinivasan President – Electrical Division Business Group Chief Financial Officer Puneet Chandhok Kavita Kulkarni Sumeet Tandon Chief Supply Chain Officer Business & FunctionalBusiness Heads Chief Human Resource Officer Chief Market Development Officer Note: * denotes member of Promoter Group. ^ denotes member of Board of Directors. Low Cost, Strategically Located Global Manufacturing Footprint 41 Operating plus 2 Upcoming Manufacturing Facilities and 16 R&D Centers Across Asia, Europe, Africa, North and South America 15 Global Manufacturing Plants for VLS* & other international businesses 26 Manufacturing Plants and 5 R&D Centers across India Corporate Headquarters Manufacturing plant Czech Uttarakhand R&D Centre Republic (1) Romania Haryana (1) Bulgaria China Morocco Italy NCR (1) India Rajasthan Mexico India Vietnam (1) Gujarat Madhya Pradesh (2) (1) Brazil Maharashtra Corporate Headquarters (15) VLS Headquarters Manufacturing plant Technical / Sales Center R&D Centre Karnataka (2) Manufacturing and R&D Proximity to OEMs leading to cost Pan-India presence enabling Tamil Nadu centers spread across low- effectiveness and quicker turn- proximity to customers across key (1) cost countries around times automotive hubs * VLS - Varroc Lighting Systems Confidential Product Portfolio & Capabilities Across Segments Broad Portfolio of Lighting Technologies for PV OEMs Globally Comprehensive Solution Provider to 2 Wheeler OEMs in India Headlamps Xenon LED Matrix Rear Lamps LED Other Lights Electronics Headlamp Control LED Module Projector Modules Products including headlamps, rear lamps, fog lamps Wide range of products across polymer, electrical and metallic and center high mount stop lamps segments Established presence in key emerging technologies One-stop shop for customers enabling cross-selling such as LED, Laser, Matrix, OLED End to end capabilities across design, R&D/Engineering, testing/validation, tooling, manufacturing and delivery Global Business: Key Strengths Robust Revenue Growth with Improving Margins Strong Competitive Position in a Growing Market Revenue growth driven by new customer wins and increasing business Segment with existing customers Exterior lighting market growth outpacing PV volume growth Improved operational efficiencies resulting in better margins Fastest growing global lighting player amongst top six players(1) 6 1 Robust in-house Technology, Innovation Long Standing, Growing Customer & R&D Capabilities Relationships Nimbleness, flexibility and cost consciousness enables Strong long-standing relationships with marquee OEMs across developing products with shorter turn-around time and at 5 2 high-end and mass market segments competitive prices Expansion of business with key customers (Jaguar Land Rover, Well-positioned to benefit from key trends such as FCA and others) electrification, shared mobility and emission reduction Global Low-cost Manufacturing and R&D Wide Range of Product and Technology Footprint 4 3 Offerings Strategically-located manufacturing and R&D centers in low Diversified product portfolio covering a wide range of technologies cost locations Cost effective, cutting edge technology products to premium and Footprint covers major PV markets mass market PV OEMs Global Business: Key Strengths Continuous Focus on R&D Capabilities and Enhancing India is one of the largest and fast growing 2W market(1) Product Portfolio Growth driven by rising per capita income and increasing 2W penetration Developing proprietary products with continuous focus on innovative, One of the largest Indian 2W component suppliers with diversified cost competitive designs product segments Well-positioned to benefit from key trends such as digitalization, urbanization and increased use of electronics 5 1 Increasing Product Penetration with Pan-India Footprint Servicing the Customers Key Auto Hubs Increasing penetration with major OEMs (Hero, Pan-India presence enabling proximity to customers Varroc Honda) India Business 2 Plants located in all major auto hubs 4 Supplier