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June 15, 2013

Press Information Booklet

2

Mahindra + CIE Global AllianceOverview

Mahindra & Mahindra (M&M), India and CIE Automotive (“CIE”), Spain enter into a

global alliance in the component business

Cross investment by both groups

– M&M to invest in CIE Automotive (Spain)

– CIE’s Brazilian listed subsidiary−Autometal−to invest in the component businesses

of M&M’s Systech Sector (Mahindra Systech)

Amalgamation of all component companies of Mahindra Systech into an India-listed

component supplier with partnership of CIE (Mahindra CIE Automotive) consisting of

– Mahindra Systech’s Automotive Components business (FY13 Sales ~ INR 4,000

Cr/EUR 580 mn) with operations in India, UK, Italy and Germany

– CIE’s European Forgings business (CY12 Sales ~ INR 1,050 Cr/EUR 150 mn) with

operations in Spain and Lithuania

3

Mahindra + CIE Global AllianceM&M to be a Partner at 2 levels–CIE Group, Spain & Mahindra CIE Automotive, India

Mahindra Systech

CIE Automotive

CompositesForgings

StampingsCastings +

Magnetics

Gears

Autometal

Bio Fuels

Inf. & Comm.

Tech

Mahindra CIE

Automotive Limited

Machining

M&M

Indicates transaction

Indicates merger

Stampings

Aluminium

Plastics

Forgings*

Brazil

Mexico

Listed company* CIE Forgings plants in Spain & Lithuania

USA

China

Note:

Mahindra Systech is not a legal entity

All companies, listed or unlisted, will be merged into Mahindra

Forgings Ltd. to be renamed as Mahindra CIE Automotive Ltd

Forgings, Machining

Castings, Stampings,

Plastics, Painting

Aluminum, Forgings,

Machining, Stampings,

Plastics, Painting

Plastics

Forgings

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Industry CharacteristicsGlobal presence especially in emerging economies vital for suppliers

Source: Society of Indian Automobile Manufacturers database, ACMA, McKinsey, CSM

Global Product

Convergence

Localization

AcceleratingIndia becoming an

important auto hub

Passenger Vehicle

platforms and standards

converging globally

Emerging trend in Heavy

Trucks

Customers seeking global

suppliers for global

platforms (OEMs and

Tier1s)

The Alliance extends the reach of CIE into India and Mahindra to the Americas and China

Volume growth in BRIC

markets driving localization

(OEMs achieving scale)

Tariff regimes benefit local

content

CIE customers seeking

local content in India

Mahindra Systech

customers seeking local

content in Americas

Local Light Vehicle output

grows from 3 M (2010) to 7

M (2017)

16% of Indian car

production currently

exported

Small car hub: Suzuki Alto,

Hyundai i10, Nissan Micra

Most global car & truck

OEMs in India

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Industry StructureAs industry consolidates via acquisitions/partnerships, global presence is key

1. Global OEMs only; local OEMs not taken into accountSource: Boston Consulting Group, E&Y

60

40

20

30,000

20,000

10,000

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

2020

Nu

mb

er

of

Au

tom

oti

ve O

EM

s1

Nu

mb

er o

f su

pp

liers

Supplier consolidation is faster than OEM consolidation

Global presence (emerging + developed world) becoming key for suppliers

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Rationale for Mahindra CIE AllianceCreates global alliance; realises „One Systech‟ vision

Transaction Rationale

Creates a larger and

diversified auto-

components business

Ensures larger product and

technology portfolio;

addresses continuously

upgrading operational

requirements

Enables global presence

especially in key emerging

markets

Realizes vision of

“OneSystech” - Large listed

Indian auto component

company

Builds on Shared Values

Supports CIE customers in

India; Supports Mahindra

customers in other markets

M&M + CIE Systech + CIE Forge

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Rationale for Mahindra CIE AllianceMahindra + CIE will be a large global component group

Segments

Market

Position

CIE Automotive

Size

(Eur mn)

Mahindra Systech

Forgings, Castings, Composites,

Stampings, Gears

575 (FY2013)

Markets India, Germany, UK, Italy

1,647 (CY2012)

Forgings, Castings, Composites, St

ampings, Roof Systems

NAFTA, Mercosur, Europe, China,

Russia, Morocco

EUR 1 = INR 70

Amongst large Indian auto comp groups

with focus on : Crankshafts for Cars+UVs

in India & Heavy Truck Forgings in Europe

Amongst large European, Brazilian and

Nafta auto component groups

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Rationale for Mahindra CIE AllianceMahindra + CIE will have presence in most key automotive markets

A Globally Networked Auto Supplier

Source: CSM

4W Vehicle Production Volumes 2011 vs 2017

Total Sales of the global

alliance: EUR 2.2 bn/

Rs 15,000cr. , of which BRIC

~40%

Presence in all key markets

(except Korea/Japan)

Exchange Listings in India,

Brazil, Spain

EUR 1 = INR 70

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Rationale for Mahindra CIE AllianceMahindra + CIE have complementary product market presence

Process EU NAFTA Brazil Russia India China

Stampings

Forgings1

Gears/ Machining2

Plastics

Aluminium

Castings

Painting

Roof Sys.

Composites

Magnets

1. Forgings in EU largely complementary – CIE serves car markets while Systech serves CV market

2. Gears/ Machining complementary – Systech manufactures gears while CIE machines other componentsCIE Presence Systech Presence

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Rationale for Mahindra CIE AllianceLarge listed multi technology co. in India with BRIC linkages & global knowhow

Higher value for shareholders

Higher ability to capture synergies

Enhanced ability to make investments

Greater focus on engineering for differentiation

What CIE brings

Access to car markets of Europe, Brazil, Mexico

Large product and technology portfolio

Proven and successful global business model

One Systech key benefits:

Mahindra CIE Alliance key benefits:

“ONE SYSTECH + CIE FORGINGS (EUROPE)”

What Systech brings

Access to Indian auto market

Access to truck & off road markets of Europe

One

Systech

Mahindra Castings

Gears India MUSCO (Stampings)

Gears Europe Mahindra Forgings

Mahindra Composites

CIE Forging IBERIA Global Customers

Know-How

Business Model/

Management

CIE Forging Lithuania

One

Systech

Mahindra CIE

On

e S

yste

ch

Gro

up

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Rationale for Mahindra CIE AllianceMahindra CIE create a “Global Forgings Powerhouse”

Main

Products

CIE Forgings

Crankshafts + Spindles

+ Hubs for cars

Mahindra Forgings

Europe

Axle Beams and other

CV Forgings

Size

(Eur mn) 150258

Mahindra Forgings

India

Crankshafts + Steering

Knuckles for cars + UVs

63

*CY2012/ FY2013

New Mahindra-CIE Forgings Business

Key

Markets

Car c/shafts in Europe

(~2.5mn pcs/ yr)Commercial vehicle

forgings in Europe

Forged c/shafts for cars/

UVs in India (~1mn pcs/ yr)

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Overview of Mahindra Systech

Business Overview Financial Summary

Sales By Business Corporate Structure

INR mn FY11 FY12 FY13

Sales: India 14,377 18,205 18,151

Sales: Europe 19,246 24,843 21,991

Sales: Total 33,623 43,048 40,142

*1 Euro = INR 70.0

Systech Sector

Largest part of Mahindra’s Systech Sector (~80%)

FY13 Sales of ~INR 40,000 mn / EUR 580 mn

19 Manufacturing facilities in India, Germany, UK,

Italy

55% of revenues from European operations

Auto

ComponentsSteel

Engg Services

Aerospace

Listed:

Mahindra Forgings (India, Germany, UK)

[M&M: 53%]

MUSCO Stampings (India) [M&M: 50.7%]

Mahindra Composites (India) [M&M: 35.4%]

Private:

Mahindra Hinoday (Castings + Magnets,

India) [M&M: 65%]

Mahindra Gears (India) [M&M: 76.7%]

Metalcastello (Gears, Italy) [M&M: 51%]

Not Part of Transaction

Forgings55%

Castings9%

Gears13%

Stampings19%

Others4%

[M&M: Shareholding]

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Overview of CIE Automotive

Company Overview Financial Summary

Shareholding Pattern of CIE Corporate Structure

Listed in Spain with a significant subsidiary listed in

Brazil

Key business areas include

forgings, machining, stampings, casting, plastics, Alu

minum and painting.

Locations -

Europe, Brazil, Mexico, USA, China, Russia, Morocco

EUR Mn CY 10 CY 11 CY 12

Sales 1,591 1,840 1,647

EBITDA 193 234 224

EBITDA margin 12.1% 12.7% 13.6%

PAT 41 61 61

Net Debt 507 342 394

Source: Company Filings; Bloomberg, 1 EUR = 2.66 BRL

CIE

(Spain)

Sales: Eur 1,647 mn

EBITDA: Eur 224 mn

Market Cap: Eur 659 mn

75%

Autometal

(Brazil)

Sales: Eur 641 mn

EBITDA: Eur 108 mn

Market Cap: Eur 978 mn

Key Businesses:

Aluminum

Forgings

Castings

Stampings

Machining

Plastics

Non key businesses:

Biofuels

IT

Gestamp25.9%

Management Team / Family Office24.4%

Institutions18.5%

Free float 21.5%

T.S.10.0%

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Mahindra CIE Automotive LimitedHow would Mahindra CIE look like on F13 numbers

M&M CIE Public

Mahindra CIE

Multi-Technology Platform (Rs cr.)

Forgings

Castings + Magnets

Composites

Gears

Stampings

~3270

~480

~50

~500

~770

Mahindra CIE will be a Large Listed Multi Technology Multinational Company

20.18% 51.12% 28.70%

* FY13 Sales in INR Crores

Total ~5070

Systech Autocomp cos.

~Rs 4000cr.

CIE Forge cos.

~Rs 1000cr.

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Transaction Structure (Step 1)CIE/Autometal to purchase stakes in MFL, MCL and MHIL

M&M

Mahindra

Forgings

Mahindra

Composites

Mahindra

Hinoday

Industries

CIE

(Spain)

PIA 2

(Spain)

Autometal

(Brazil)

Share

Purchase +

Open Offer

Share

Purchase +

Open Offer

Share

Purchase

75%

72%

28%

CIE

Forgings

PIA 3

(Spain)

100%

100%

53.0%

30.0%

64.9%

79.2%

61.7%

64.9%

*Assuming 100% open offer subscription

MIIPL (1)

MGIL (2)

MUSCO

100%

100%

50.7%

(1)MIIPL holds M&M’s investment in MGTPL (Gears India)(2)MGIL holds M&M’s investment in MGGL which holds ~95% in Metalcastello (Gears Europe)

MHL holds 5% in MCL, Mahindra Family owns 4.8% in MUSCO & 9.4% in MCL

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Transaction Structure (Step 2)Mahindra CIE is created via a merger of Systech Companies & CIE Forgings

Mahindra CIE

Automotive *

Mahindra

Composites

Mahindra

Investments

(India)

Mahindra

Gears

International.

Mahindra

Hinoday

CIE Forgings

MUSCO

Mahindra Gears &

Transmission (India)

Metalcastello

(Italy)

Merger

M&M

Autometal ~20%

13.5%

~75%

*Mahindra Forgings is proposed to be renamed as Mahindra CIE Automotive

Mahindra Forgings

(Europe)

PIA 2

(Spain)

72 %

28%

~51%

CIE

PIA 3

Mahindra Family to hold ~1% in Mahindra CIE Automotive Ltd.

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Swap Ratios

Company Swap Ratio

MHIL 110

MCL 90

MIIPL 17

MGIL 20

MUSCO 284

PIA 3 105

No of shares of MFL to be issued for every 100 shares of companies as below:

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Estimated Timeline & Regulatory Approvals

Event Estimated Dates

Transaction Signing June 15, 2013

Closure of Open Offer* Oct, 2013

Receipt of High Court Approval April, 2014

Regulatory Approvals

Competition Commission of India

Bundeskartelamt, Germany (Anti-Trust Authority)

SEBI Clearance for the Letter of Offer (Open Offer)

High Court and shareholders’ approval for the merger

Timeline

*Subject to receipt of regulatory approvals

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Advisors

Transaction Advisor

Fairness Opinion provider for Mahindra Forgings

Limited

Fairness Opinion provider for Mahindra CompositesLimited

Fairness Opinion provider for MUSCO

Valuers providing Swap Ratios for MergerNM RAIJI

Legal Advisors

Diligence Advisors

S R BATLIBOI

2020

Thank you