Investor Presentation August 2023

Business Outlook: India's economy remains strong; risks from global geo-politics • World Bank projection of India's FY24 GDP growth at 6.3% ⚫ Jun'23 GST collection at INR 1.62 trillion with 12% YOY growth • CPI inflation moderated for 4th successive month to 4.3% in May'23 led by lower food inflation and favorable base effect • WPI contracted at -3.5% in May'23 as compared to -0.9% in Apr 23 • Merchandise exports and imports contracted by -10.3% and -6.6% in May'23 reflecting subdued global demand. • PMI manufacturing increased to a 31-month high of 58.7 on May. PMI services at 61.2 recorded second highest level in 13 years • CV sales grew by 5.9% in Jun'23 (40,157) over LYM (37,913) • Avg. crude price fell to a 17-month low of US$74.1/bbl. in May'23 Outlook • Govt spending likely to remain strong this fiscal, with focus on infrastructure investments • Economic growth driving CV demand across all sectors; likely to continue in near future, with seasonal fluctuations • Continued weakness expected in Eicher's traditional export markets INVESTOR PRESENTATION August 2023 VOLVO VE COMMERCIAL VEHICLES A VOLVO GROUP AND EICHER MOTORS JOINT VENTURE EICHER 57

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