Automotive Outsouring Analysis - Zinnov

Key Activities across Sub – verticals (2/3)AreaCarElectronicsADAS &Autonomous CarsHeadcount1200-1500Key Customers BMWDelphi AutomotiveFiat Chrysler AutomobilesFord Motor CompanyGroupe PSANissanRobert Bosch GmbHToyotaVolvoVolkswagen GroupVolvo BMWContinental AGDensoGroupe PSARenault-Nissan-MitsubishiAllianceRenaultRobert Bosch GmbHTata MotorsVolvoVolkswagen800-850 Project Details/Activities Integration of electrical and electronics components in the vehicles post production Fuel Level Management, Ignition Working Condition, Power Doors Lock functionalities Hybrid Vehicle Calibration & Evaluation Development of Mechatronics System Doors & Exterior Equipment of Vehicle Lighting Systems (Electronic Schematic Design/Electronic Boards Testing & Validation) The Objective of this project is to Design, Implementation and Optimization of CommonMathematical Library functions for Camera and Radar for Advanced Drivers Assistance System(ADAS) Pre Development in Camera based Driver Assistance System (Consultant) Validation of ADAS sensors/Development of Autonomous Emergency Braking System Electrical Power Steering for next generation of ADAS Vehicle17Note - Above analysis is based on data taken from DRAUP engineering module, updated as on june,2018Source : DRAUP17

Key Activities across Sub – verticals (3/3)AreaInfotainment 600-700400-45010-30Key Customers BMW Fiat ChryslerAutomobiles Groupe PSA Nissan Robert Bosch GmbH Tata Motors Volkswagen Group Volvo Renault DensoProject Details/Activities Development and management of the functional specifications (Vehicle Function) for all core logicsand indications managed by radio or VP (Anti-Theft , antenna information, audio output, powermanagement, media integration, vehicle controls by VP) Development Telematics, Infotainment HMI development for Renault at the Techno centre in Guyana court Navigation system modelling - Renault Continental AG Fiat ChryslerAutomobiles Ford Motor Company Groupe PSA Renault Brake System module development Renault System Engineer/Consultant of Active Emergency Braking (AEB) Systems for the Groupe Renault Brake and Commands Project Mechanical Development of Power Steering Systems/Dimensioning of Steering component System Design Industrial Vehicle Chassis Engineer Dimensioning Brake System (2014 to 2015)18Note - Above analysis is based on data taken from DRAUP engineering module, updated as on june,2018Source : DRAUP18

EDAG –Automotive OutsourcingAnalysisJune 2018May 201519Source : DRAUP19

Financial Overview – EDAG’s revenue stood at 0.717B in 2017 and increased by 0.002B from FY 2016 EDAG is a German company. The EDAG Group is one of the world's largest independent development partners tothe automotive industry.1969Wiesbaden, GermanyCompany HeadquartersYear of EstablishmentRevenue Growth(in Billion) - (for 5 years ) 8,404 0.717 BillionEmployees (FY’17)Revenue (FY’17)Revenue by Industry(FY 2017)Revenue by Geography (FY 2017)ELECTRICS/ELECTRONICS, 20%0.7220.7150.7170.6356.48 %Revenue CAGR(5 Yrs)0.561Germany73%Rest of the Europe14%North America7%South te – DRAUP data curated from EDAG financial reports published annually and updated in December, %20Source : DRAUP20

KEY STRATEGIC PRIORITIES: Acquisitions, Key Focus, Partnerships andInvestmentAcquisitions Key FocusOn July 2017, EDAG engineering group AG acquired CKGP/PW &Associates Inc. which has been the major North American vehicleBYTON in the development of its first series produced car, it integrated withmanufacturers as an engineering partner for production plants. On June 2017, EDAG Engineering Group acquired Swedish engineeringOn June 2017, EDAG supports the premium manufacturer of electric cars“mobility” ecosystem. company HRM Engineering AB, who is the service provider of SwedishEDAG focusing on the field of hydrogen technology and its currently investing ina mobile hydrogen filling station.automotive industry. On June 2016,EDAG engineering acquired Dutch engineering companyDuvedec Europe B.V, which is an engineering partner to European vehiclemanufacturers and suppliers.PartnershipsInvestment VinFast Manufacturing and Trading, a member of VinGroup, partnering withEDAG as the overall development partner for the first electric vehicle to enterthe Vietnamese market.EDAG specifically involved in the management of the Edge Creative EnterpriseFund, a 40m fund which closed in November 2015. EDAG focuses to investment in the development of electric fleets. EDAG engineering invest in Schweiz sub-Holding AG in the amount of CHF 452million The ECEF will generally invest 500k to 5m as growth capital in businesseswhich will creative industries and technologies, having existing revenue of inexcess of 1m per annum, which are all capable of generating al least 3x money21within five year period.Note: Analysis is based on the news articles, journals etc updated in June, 2018Source : DRAUP21

More than 60% of Outsourcing is focused on Body EngineeringAutomotive Outsourcing by Activity6100 – 6150OutsouricingOutsourced HC21%79%EmbeddedAutomotive Outsourcing by sub-verticalsBody EngineeringNon - EmbeddedAutomotive Outsourcing by Geography64%Brazil, 2% South Korea,Sweden, 3%1%France, 1%Japan, 4%Sub - verticalsCar Electronics15%India, 4%Powertrain EngineeringSafety Systems9%Spain, 6%5%ADAS & Autonomous Cars3%Chassis Engineering3%United Statesof America,6%China, 6%Germany,66%Note - Above analysis is based on data taken from DRAUP engineering module, updated as on June,2018Source : DRAUP 22

Key Activities across Sub – verticals (1/3)AreaBody engineeringHeadcount3900 - 4000Key CustomersBMWDaimler AGFord Motor CompanyGeneral MotorsHondaHyundai MobisMitsubishi MotorsNavistar InternationalNissanSAIC MotorTata MotorsToyota VolkswagenGroupVolvoProject Details/Activities Mechanical Design & Concept Development of Interior parts & Assemblies Design of BIW for Passenger Cars/Design of Interior Part Concept Design for Interior & Exterior/3D Modelling Body Engineering surface modelling Welding Fixture Design BIW Robotic Simulation Robotics & Simulation Design & Machining scale vehicle mock ups Meshing Techniques of Sheet Metal & Plastic Vehicle Components Development of Sequential Control System for Special Development Vehicles Integration of VR software updates with software packages as well as by direct ecu connection error search and diagnosis using different tools (CAN ape, CAN oe , PIDT, PASDT) - Final vehicleCar Electronic3900 - 4000ToyotaVolkswagen Grouppreparation and test drive for delivery Application of engineering changes to vehicles with high priority. Improvement of the updatingprocess and procedures. Board network package and supportNote - Above analysis is based on data taken from DRAUP engineering module, updated as on June,2018Source : DRAUP 23

Key Activities across Sub – verticals (2/3)AreaHeadcountKey CusomtersProject Details/Activities Tool Designing & Tracking Powertrain developmentPowertrainEngineering550 - 600Daimler AGNissanRenaultVolkswagen Group Diesel Calibration Engineer Drivetrain test department Diesel Engine Project Engine Automotive project manager at Nissan Technical Centre Europe Control of the development process of Diesel and Gasoline engines Crash Simulations with Metallic and Composite Automotive Structures for Passenger Cars Full Vehicle Crash Simulation/Component TestingSafety Systems300 - 350Daimler AGNissanVolkswagen Group Safety & Serviceability Test Group Responsible for full Vehicle Crash Simulations for load cases: Front and Side crash, following theNAR and Euro NCAP ratings for Bentley Bentayga.ADAS &Autonomous Cars150 - 200BMWHella Front & Rear Crash Systems Hot Farming CAB Support Testing/Radar Sensor Module Data Files & Software Release VescomNote - Above analysis is based on data taken from DRAUP engineering module, updated as on June,2018Source : DRAUP 24

Key Activities across Sub – verticals (3/3)AreaChassis EngineeringHeadcount150 - 200Key CustomersDaimler AGHondaHyundai MotorCompanyProject Details/Activities Brake & Chassis Design Steering & Handling Tests Chassis Design commissioning and programming for Framing linesNote - Above analysis is based on data taken from DRAUP engineering module, updated as on June,2018Source : DRAUP 25

Tata Technologies - AutomotiveOutsourcing AnalysisJune 2018June 2015Source : DRAUP 26

Financial Overview – Tata Technology’s revenue stood at 28.38B in 2018 anddecreased by 1.26 B from FY 2017Tata Technologies Limited is a company in the Tata Group that provides services in engineering and design, productlifecycle management, manufacturing, product development, and IT service management to automotive andaerospace original equipment manufacturers and their suppliersPune Area, IndiaCompany Headquarters1989Year of Establishment 76.5 BillionRevenue (FY’17)27.12Employees (FY’18)Revenue by offering(FY 2018)Revenue Growth(in Billion) - (for 5 years )26.44 5,000ProductRevenue,17%28.38Revenue by Geography (FY 2018)23.9520.45Asia Pacific(including India)8.54%Revenue CAGR(5 Yrs)35%UK and Europe39%North America26%2012-132013-142014-152015-162016-17Note – DRAUP data curated from Tata Technology financial reports published annually and updated in June, 2018ServiceRevenue,83%Source : DRAUP 27

KEY STRATEGIC PRIORITIES: Acquisition & Key FocusAcquisitionKey Focus Announced the acquisition of Escenda Engineering AB, allowing it to enhance Tata Technologies help automakers design, engineer and validate the vehicles ofits scale and service offering in Sweden and across Europe in 2017 to boost theirthe future. Their engineering and design services provide clients with the capacityinternational footprint as well as their capabilities in the automotive sector, whereto innovate, creating new products from components to full vehiclesthey already support a range of global OEMs The ER&D group provides end-to-end engineering services for productmanufacturers from fully outsourced programme management to transactionalengineering support. Offerings include concept development, engineering detailand design, tool design and validation, and manufacturing production services forcomplete products or product sub-systems and componentsNote: Analysis is based on the news articles, journals etc updated in June, 2018Source : DRAUP 28

Most of Outsourcing is focused on Body Engineering, Car Electronics and ChassisEngineeringAutomotive Outsourcing by Activity4000 – 4500OutsouricingOutsourced HC15%85%EmbeddedAutomotive Outsourcing by sub-verticalsSub - verticalsAutomotive Outsourcing by GeographyUnitedKingdom,6%55%Body EngineeringCar Electronics12%Chassis Engineering12%Non - EmbeddedUnited States ofAmerica, 2%China, 1%Sweden, 12%Powertrain Engineering10%Safety Systems10%Infotainment & Connected1%India, 80%Note - Above analysis is based on data taken from DRAUP engineering module, updated as on June,2018Source : DRAUP 29

Key Activities across Sub – verticals (1/4)AreaHeadcountKey CustomersProject Details/Activities Performed full process simulation including springback prediction and compensation for many innerBodyEngineering2300 – 2500 BMW Ford MotorCompany Jaguar Land Rover NIO Renault-NissanMitsubishi Alliance Tata Motors Volvopanels Bench marking study for fixations of sill molding, Glass Run Seal for Drop glass, Sections study forGlasses Packaging of DIS unit, HVAC control unit, Hazard warning switch, fascia Switch. Card holder, penholder in glove box, 2Din music system, single din music system & utility Bin Objective of this project to Design Body and load body for small truck ( New Small Truck (All version)and Crew cab/space cab) Working in Chassis MBD Team of Tata Technologies for Client Jaguar Land Rover. Billing in Suspension System Tuning (SST) Team of JLR Client. Working on MATLAB Guide &simulation projects for SST.ChassisEngineering500 – 550 Tata Motors Responsible for design and development of chassis components like Jack, Wrench, Spare wheelretention, Jack and tools packaging, Instant mobility System (IMS) - Compressor, Sealant, packaging Involved in Steering system design, Hard-point release and Package checking for X-car JLRvehicles. Automated Vehicle Architecture model development in CATIA V5Note - Above analysis is based on data taken from DRAUP engineering module, updated as on June,2018Source : DRAUP 30

Key Activities across Sub – verticals (2/4)AreaHeadcountKey CustomersProject Details/Activities Involved in Model Building and modification of the crush can and front long it in shape, material,and thickness to achieve good crash pulse The project entailed the packaging of engine & its accessories in existing SUMO CAB (armored) &CarElectronics490 – 520 Tata Motors Volvodesign of efficient cooling system and air intake system in a very critical and confined space,starting with the army's requirement of Power-to-weight ratio, ability to start at ambient of -30 0Cand various other requirements, the design was successfully done and released for production,thereby increasing company's revenue in army sector To support complete EPAS and ABS ECU development Comparison of CV and CPM model to find out which method is better based on simulation time,physical deployment co-relation and understand the better model of 2 Worked on Seat Belt mounting Brackets Modified B-Pillar Reinforcements as per the suggestion made by the customer.SafetySystem440 – 450 Tata Motors Volvo Seat recliner concept development. Fuel filler packaging data positioning. Full Vehicle Program Development Highly precise and excellent approach for modal building, vehicle Integration and Crash SafetyAnalysis for JLR SUVNote - Above analysis is based on data taken from DRAUP engineering module, updated as on June,2018Source : DRAUP 31

Key Activities across Sub – verticals (3/4)AreaHeadcountKey CustomersProject Details/Activities Working on Rigid flat faced moving barrier (1814 KG) with full overlap crash test. Checking for fuelsystem integrity as per Jaguar and Land rover standards Design & Development of Rear Heat Shield under mufflerPowertrainEngineering420 – 440 Tata Motors Volvo Jaguar Land Rover The project involved Design Consideration, Packaging, Concept modelling & detailing ofcomponents. Creating, Modification in existing components like crankcase, cylinder head, frontcover, flywheel housings, oil pan ,hoses & other part to suit the engine. Regular Interaction withR&D peoples and Application Engineer regarding technical issues Casting and Machining of various Diesel Engine components Tata Motors SkoolMan Telematics system for School Buses provides a solution for the problemslike delaying of the school bus. For the School Authorities and Operational heads of the SchoolBus Fleets, SkoolMan offers a versatile and comprehensive solution for monitoring and managingthe performance of the Buses, both individually and collectivelyInfotainment &Connected30 – 40 Tata Motors They can not only control the routes, schedules, alerts to parents and the safe-unsafe zonesdemarcation but also manage them dynamically based on an extensive set of reminders andreports The Raspberry Pi( Rpi ) is a low cost, credit-card sized computer that plugs into a computermonitor or TV, and uses a standard keyboard and mouseNote - Above analysis is based on data taken from DRAUP engineering module, updated as on June,2018Source : DRAUP 32

Key Activities across Sub – verticals (4/4)AreaHeadcountKey CustomersProject Details/ActivitiesPES: The Next Electric Vehicle is equipped with Internet access and wireless local area network. ThisHybrid &Electric Mobility10 – 30 NIOallows the EV to share the data and various information with other devices. Working on various functions like Remote window and door control, Cabin Preconditioning. Simulation of a vehicle environment on an Android tablet and communication with anothersimulated HU android App that includes simulated TCU using CAN protocol."Note - Above analysis is based on data taken from DRAUP engineering module, updated as on June,2018Source : DRAUP 33

Tata Consultancy ServicesAutomotive Outsourcing AnalysisJune 2018June 201534Source : DRAUP34

Financial Overview – TCS revenue stood at 1179.66B in FY 2017, increased by 93.2 B from FY 2016Tata Consultancy Services Limited (TCS) is an Indian multinational information technology (IT) service, consulting and businesssolutions company. It is a subsidiary of the Tata Group1968Mumbai, Maharashtra, IndiaCompany HeadquartersYear of EstablishmentRevenue Growth (in Billion) - (for 5 years ) 1179.66 BillionRevenue (FY’18)America1179.6653.7%946.4816.98 %629.89Employees (FY’17)Revenue by Industry(FY 2018)Revenue by Geography (FY 2018)1086.46818.09 394,998Revenue CAGR(4Yrs)Others,15.5%BFSI, 39.3%Manufacturing, 162015-172017-1815.5%Retail&ConsumerBusiness,17.1% Communication,Media& Technology,17.2%35Note – DRAUP data curated from Tata Technology financial reports published annually and updated in June, 2018Source : DRAUP35

Most of Outsourcing is focused on Body Engineering and Car ElectronicsAutomotive Outsourcing by Activity3000 - 4000OutsouricingOutsourced HC58%42%EmbeddedAutomotive Outsourcing by sub-verticalsNon - EmbeddedAutomotive Outsourcing by GeographyGermany, 5%Body Engineering29%Sub - verticalsCar ElectronicsSweden, 1%Soyth Korea,1%UnitedKingdom, 8%22%Powertrain EngineeringUnited Statesof America,38%19%ADAS & Autonomous C

Automotive Outsourcing by sub-verticals-s Outsourced HC 6000-6500 Note - Above analysis is based on data taken from DRAUP engineering module, updated as on june,2018 Outsouricing 52% 48% Embedded Non - Embedded Automotive Outsourcing by Activity Automotive Outsourcing by Geography France, 37% Germany, 20% Italy, 10% Japan, 5% India, 5% United .