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Mahindra & Mahindra Ltd. Mahindra Towers,

Dr. G. M. Bhosale Marg, Worli,

Mumbai 400 018 India

Tel: +91 22 24901441

Fax: +91 22 24975081

REF:NS:SEC: 7th August, 2020

National Stock Exchange of India Limited "Exchange Plaza", 5th Floor, Plot No.C/1, G Block Bandra-Kurla Complex Bandra (East), Mumbai 400051.

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai 400001.

Bourse de Luxembourg Societe de la Bourse de Luxembourg Societe Anonyme/R.C.B. 6222, B.P. 165, L-2011 Luxembourg.

London Stock Exchange Plc 10 Paternoster Square London EC4M 7LS.

Sub: Chairman’s Presentation at the 74th Annual General Meeting We are enclosing a copy of the presentation being made by the Chairman at the 74th Annual

It was the best of times; it was the worst of times…

It was the season of light, it was the season of darkness;

It was the spring of hope, it was the winter of despair.

-Charles Dickens

MAHINDRA RISES TO FIGHT AGAINST COVID19

Produced and delivered

1.2 million Face Masks

Produced and delivered

400,000+ Face Shields

Produced and supplied

70,000+ litres of Hand

Sanitizer

Produced and delivered 600+

Aerosol boxes to 30+

Hospitals in India

Free Emergency Cab Services

launched in Nine cities.

3000+ customers served

Prepared a prototype of

Low Cost Ventilators

in just 5 days

Provided 300,000+

meals pan India50 Resorts pan India were

made available as Temporary

Care Facilities

THE WORST OF TIMES

322

120

56

M&M Share Price '00 - '02

2000 2001 2002

LEADERSHIP FINANCIAL

RETURNS

Blue Chip Mantras

INNOVATION GLOBALISATION

0

50

100

150

200

250

2002 2003

Mahindra Group Profits 2002 - 2003

(Rs.

Cro

res)

123

216

(Rs. Crores)

1717

216

451

724

1404

1855

1638

2891

3175 3060

123

2002 2003 2004 2005 20092008 2010 2011 2012 20132006 2007

Mahindra Group Profits4129

LEGACY OF VALUE CREATION

Year 2002 to 2018

Operating Cash Flow pre Capex (Rs Cr) 2,433

EPS CAGR 34%

Avg RoE 22%

F02-F18

EPS and RoE on consolidated basis

Cash Flow is Average per annum on standalone basis for M&M

M&M Closing Share Price1200

1000

800

600

400

200

0

INR

Rs. Crore

VALUE CREATION IN LISTED COMPANIES

Swaraj

Engines

Tech Mahindra MMFSL

Mahindra

Holidays

Returns include dividends, sale & market value of the holding on 31st Mar, 2020. Investment include both original cost and subsequent investments

▪From the Nifty constituents of 2002, M&M is

the best performing stock with a CAGR of

31%, while MTNL is the only stock to deliver

negative returns.

LEGACY OF VALUE CREATION

0

200

400

600

800

1000

1200

M&M Closing Share Price

Year 2002 to 2018

Operating Cash Flow pre Capex (Rs Cr) 2,433 5,210

EPS CAGR 34% (87%)

Avg RoE 22% 12%

F02-F18

EPS and RoE on consolidated basis

Cash Flow is Average per annum on standalone basis for M&M

CAGR: -54%

Aug 2018

2018-20

F18-F20

CACategory

Loss-making businesses/entities to be closely scrutinized & put under 3 categories, viz. A, B and C

B

Tighter Capital Allocation NormsACTION ON LOSS-MAKING SUBS

ContinueAction

Entities with clear path to

18% RoELogic

Delayed or unclear path to profitability

but quantifiable strategic impact

Unclear path to profitability

Continue

Exit (Explore partnership, alliance

or shut-down)

Aftermarket

Mahindra Electric

Mahindra Susten

MahindraAccelo

Powerol

Mahindra Rural Housing Finance

Mobility

HARNESS VALUE FROM POTENTIAL BILLION $ CANDIDATES

Mahindra: A gateway to

the largest and fastest

growing themes in IndiaClassic

Legends

Agri

M&M SHARE PRICE

Source: in.finance.yahoo.com; Closing price 30st of every month.

567.15

457.05

284.95

366.65

436.35

510.7

606.5

0

100

200

300

400

500

600

700

JAN-20 FEB-20 MAR-20 APR-20 MAY-20 JUN-20 JUL-20

SH

AR

E P

RIC

E (

RS

)

ALTERNATIVE THINKING

CORE VALUES

ACCEPTING NO LIMITS

DRIVING

POSITIVE CHANGEGOVERNANCE