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Corporate Profile

Hero Honda Motors Ltd. is the world's largest manufacturer of two wheelers, based inIndia.

The company is a joint venture between India's Hero Group and Honda Motor Company,Japan that began in 1984.

In 2001, the company achieved the coveted position of being the largest two-wheeler manufacturing company in India and the World No.1 two-wheeler company in terms of unitvolume sales in a calendar year by a single company. Hero Honda has retained that coveted

position till date.

Today, every second motorcycle sold in the country is a Hero Honda bike. Every 30 seconds,someone in India buys Hero Honda's top-selling motorcycle Splendor.

Vision The Hero Honda story began with a simple vision the vision of a mobile and an empoweredIndia, powered by Hero Honda. This vision was driven by Hero Hondas commitment tocustomer, quality and excellence, and while doing so, maintaining the highest standards of ethics and societal responsibilities. Hero Honda believes that the fastest way to turn thatdream into a reality is by remaining focused on that vision.

Strategy Hero Hondas key strategy has been driven by innovation in every sphere of activity

building a robust product portfolio across categories, exploring new markets, aggressivelyexpanding the network and continuing to invest in brand building activities.

Manufacturing Hero Honda bikes are manufactured across three globally benchmarked manufacturingfacilities. Two of these are based at Gurgaon and Dharuhera which are located in the state of Haryana in northern India. The third and the latest manufacturing plant is based at Haridwar,in the hill state of Uttrakhand.

Technology In the 1980s Hero Honda pioneered the introduction of fuel-efficient, environment friendlyfour-stroke motorcycles in the country. Today, Hero Honda continues to be technology

pioneer. It became the first company to launch the Fuel Injection (FI) technology in Indianmotorcycles, with the launch of the Glamour FI in June 2006.

Products

Hero Honda's product range includes variety of motorcycles that have set the industrystandards across all the market segments. The company also started manufacturing scooter in2006. Hero Honda offers large no. of products and caters to wide variety of requirementsacross all the segments.

Distribution The company's growth in the two wheeler market in India is the result of an intrinsic abilityto increase reach in new geographies and growth markets. Hero Honda's extensive sales andservice network now spans close to 4500 customer touch points. These comprise a mix of

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authorized dealerships, Service & Spare Parts outlets, and dealer-appointed outlets across thecountry.

B randThe company has been continuously investing in brand building utilizing not only the new

product launch and new campaign launch opportunities but also through innovative

marketing initiatives revolving around cricket, entertainment and ground- level activation.

Hero Honda has been actively promoting various sports such as hockey, cricket and golf.Hero Honda was the title sponsor of the Hero Honda FIH Hockey World Cup that was playedin Delhi during Feb-March 2010. Hero Honda also partners the Commonwealth Games Delhi2010.

2009-10 Performance Total unit sales of 46,00,130 two-wheelers, growth of 23.6 per centTotal net operating income of Rs. 15860.51 Crores, growth of 28.1 per cent

Net profit after tax at Rs. 2231.83 Crores, growth of 74.1 per centFinal dividend of 1500% or Rs. 30 per share on face value of each share of Rs. 2EBIDTA margin for the year 17.4 per centEPS of Rs. 111.77, growth of 74.1 per cent

BOAR D OF DI RE CT OR S

N o. N ame of the Directors Designation

1 Mr. Brijmohan Lall Munjal

Chairman & Whole-time Director 2 Mr. Pawan Munjal Managing Director & CEO

3 Mr. Toshiaki Nakagawa Joint Managing Director

4 Mr. Sumihisa Fukuda Technical Director

5 Mr. Om Prakash Munjal Non-executive Director

6 Mr. Sunil Kant Munjal Non-executive Director

7 Mr. Masahiro Takedagawa Non-executive Director

8 Mr. Satoshi Matsuzawa (Alternate Director to Mr. Takashi Nagai)

Non-executive Director

9 Mr. Pradeep Dinodia Non-executive & Independent Director 10 Gen.(Retd.) V. P. Malik Non-executive & Independent Director

11 Mr. Analjit Singh Non-executive & Independent Director

12 Dr. Pritam Singh Non-executive & Independent Director

13 Ms. Shobhana Bhartia Non-executive & Independent Director

14. Mr. Meleveetil Damodaran Non-executive & Independent Director

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15. Mr. Ravi Nath Non-executive & Independent Director

16. Dr. Anand C. Burman Non-executive & Independent Director

BR IEF PROF IL E OF DI RE CT OR S

M R . BR IJM OHA N L A LL MU N J A L

Mr. Brijmohan Lall Munjal is the founder Director and Chairman of the Company and the $2.8 billion Hero Group. He is the Past President of Confederation of Indian Industry (CII),Society of Indian Automobile Manufacturers (SIAM) and was a Member of the Board of theCountry's Central Bank (Reserve Bank of India ). In recognition of his contribution toindustry, Mr. Lall was conferred the Padma Bhushan Award by the Union Government.

Mr. Brijmohan Lall Munjal is currently on the board of the following companies:N o. N ame of Company N ature of O ffice

1 Hero Honda Motors Limited Chairman and Whole-time Director

2 Hero Cycles Limited Chairman and Director

3 Hero Honda Finlease Limited Chairman and Director

4 Munjal Showa Limited Chairman and Director

5 Sunbeam Auto Limited Chairman and Director

6 Easy Bill Limited Director

7 Munjal Auto Industries Limited Director

8 Shivam Autotech Limited Director

M R . P AWA N MU N J A L

Mr. Pawan Munjal is the Managing Director and CEO of the Company. He is responsible for growth and strategic planning for the entire Group. A graduate in mechanical engineering,Mr. Munjal has been instrumental in bringing about technological and managerial excellencein the Company's operations. He has been the Chairman of several Committees of CII.

He is also on the board of Indian Institute of Management, Lucknow . An avid golfer, Mr.Munjal is Past Chairman of the Asian PGA Tour Board of Directors and the Past President of Professional Golfers Association of India (PGAI). Under his guidance, Hero Honda launchedthe Hero Indian Sports Academy (HISA) in collaboration with Laureus Foundation to provideequal opportunities in sports to various communities and to reward talent in the country.

Mr. Pawan Munjal is currently on the Board of the following companies:

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N o. N ame of Company N ature of O ffice

1 Hero Honda Motors Limited Managing Director

2 Hero Honda Finlease Limited Director

M R . T O SH IAK I N AKAGAWA

Mr. Toshiaki Nakagawa joined the Company as Joint Managing Director on February 1,2006.

He joined Honda Motor Co., Ltd, Japan in April 1973 and later on took various assignmentsat Senior Positions in world wide Honda net work, such as staff member of UK, Hongkongand President of Honda Czech Republic, Honda France and General Manager of HondaBeijing Office.

Before joining the Company, he held the position as General Manager of Operating Office of China, ASEAN succeeding by Operating Office No.1 (North America, South America andEurope) at Honda Head Office, Japan.

His specialization is Overseas Sales of Automobiles and Motorcycles.

Mr. Nakagawa is currently on the Board of the following companies:


1 Hero Honda Motors Limited Joint Managing Director


M R . SUMI H IS A F UK UD A

Mr. Sumihisa Fukuda was appointed as an Additional and Technical Director in the Whole-time employment of the Company by way of passing a resolution by Circulation on May 13,2008 . Mr. Fukuda was born on December 12, 1955 at Nagasaki , Japan and after completinga course in Mechanical Engineering, he joined Honda Motor Co., Ltd., Japan as an Engineer & has completed various assignments in Honda. In recent past, he was working as Manager -Asian Autoparts Co. Ltd., Thailand . He brings with him rich experience of more than 30years.

Mr. Fukuda is currently on the Board of the following companies:

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1 Hero Honda Motors Limited Whole-time Director


M R . O M P RAKA SH MU N J A L

Mr. Om Prakash Munjal is also founder Director of the Company. He is the Co-Chairmanand CEO of Hero Cycles Limited, the largest producer of bicycles and bicycle components inthe world. Under his leadership, Hero Cycles has found its way into the Guinness Book of World Records. In 1990, Mr. Munjal was awarded the "Indira Gandhi National Unity Award"

by the President of India.

Mr. Om Prakash Munjal is currently on the Board of the following companies:


1 Hero Cycles Limited Co-Chairman and Managing Director

2 Majestic Auto Limited Chairman & Director

3 Hero Financial Services Limited Chairman & Director

4 Hero Motors Limited Director



7 Highway Industries Limited Director

8 Hero Global Design Limited Director 9 Easy Bill Limited Director

10 Hero Honda Motors Limited Director


M R . SU NIL KA N T MU N J A L

Mr. Sunil Kant Munjal born on December 14, 1957, at Ludhiana is aged 49 years. After hisgraduation, he underwent training in the field of Mechanical Engineering. Presently he isManaging Director of Hero Cycles Ltd. (C.R. Division) and Hero Corporate ServicesLimited.

In 2004-05, Mr. Munjal became the President of Confederation of Indian Industry (CII), India's premier business association. He is also on the Board of Indian School of Business,Hyderabad and is visiting faculty at various Business Schools and Corporate. Hisspecialization is in Business Studies and Holistic Management Practices. Apart from the

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above he is a member of Prime Minister's Council on Trade and Industry, Consultative Groupon Industry, Planning Commission, Government of India and SEBI Committee onDisclosures. He has made significant contributions to some of the National-level Economicand Labour reforms in India either by chairing some of the reforms Committee or as amember.

Mr. Sunil Kant Munjal is currently on the board of the following companies:


1 Hero Management Service Limited Chairman & Managing Director

2 Hero Corporate Service Limited Chairman

3 Shivam Autotech Limited Chairman

4 Hero Cycles Limited Managing Director

5 DCM Shriram Consolidated Limited Director

6 Easy Bill Limited Director 7 Hero Honda Motors Limited Director


9 Satyam Auto Components Limited Director

10 Weave Engineering and Design Limited Director

11 Abhayuday Manufacturing & Automotive Ltd Director

12 Arrow Infrastructure Limited Director

13 Hero Mindmine Institute Limited Director

14 Hero Life Insurance Company Limited Director

M R . M A SAH IRO T AKE DAGAWA

Mr. Masahiro Takedagawa was appointed as an Additional Director on the Board of theCompany w.e.f. May 30, 2006 . He joined Honda Motors Co., Ltd, Japan as an Area Manager in the Car Retail Operations. He was thereafter deputed in the Sales & Marketing Division of Honda Motors at USA , Italy & Thailand . Before joining Honda Siel Cars India Limited asPresident & CEO in April 2005, he was stationed at the Product Planning & Marketing officeat Tokyo.

Mr. Takedagawa holds the directorship and membership of the Committee(s) of the Board of the following companies:


1 Honda Siel Cars India Limited President & CEO

2 Honda Siel Power Products Limited Director Member-Audit Committee


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M R . T AKA SH I N AGA I

Mr. Takashi Nagai has been appointed as an Additional Director on the Board of theCompany w.e.f May 11, 2007. After completing his graduation from Keio University, Japanin the year 1982, he joined Honda Motors Co., Ltd, Japan. Presently, he is working asExecutive Vice President, Asian Honda Motor, Thailand . Mr. Nagai brings with him vastexperience in Automobile Industry.

Mr. Nagai is on the board of the following companies.:



M R . S A T O SH I M A TSUZ AWA

Mr. Satoshi Matsuzawa aged 48 years has been appointed as an Alternate Director to Mr.Takashi Nagai w.e.f. April 24, 2008 . He was born on March 2, 1960 at Tokyo , Japan . After completing his graduation in Science and Engineering from Waseda University , Japan in theyear 1982, he joined Honda Motors Co., Ltd, Japan . Currently, he holds the position of General Manager, Overseas Operations.

Mr. Matsuzawa is on the board of the following companies.:


1 Hero Honda Motors Limited Alternate Director

M R . P RA DEE P DI N O DI A

Mr. Pradeep Dinodia was appointed as an Additional Director on the Board of the Companyon March 31, 2001. Mr. Dinodia is a fellow member of The Institute of CharteredAccountants of India and a senior partner in the Delhi-based Chartered Accountancy firmM/s. S.R. Dinodia & Company. He has considerable experience in corporate affairs and alliedlegal and taxation matters.

Mr. Dinodia holds the directorship and membership of the Committee(s) of the Board of thefollowing companies:


1 DCM Shriram ConsolidatedLimited

Director and Chairman - Shareholders & InvestorsGrievance CommitteeMember- Audit Committee

2 DFM Foods Limited Director

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Chairman - Audit Committee

3 Hero Corporate Services Limited Director Chairman - Audit Committee

4 Hero Honda Motors Limited Director and Chairman - Audit CommitteeMember - Shareholder & Investors Grievance

Committee5 Micromatic Grinding

Technologies LimitedDirector

6 Ultima Finvest Limited Director

7 Shriram Pistons & Rings Limited Director Chairman - Audit CommitteeMember - Remuneration Committee

8 JK Lakshmi Cement Limited Director

9 SPR International Auto ExportsLimited

Director

GE N . ( RE TD.) V. P. Malik

Gen. (Retd.) V. P. Malik was appointed as an Additional Director on the Board of theCompany on May 4, 2001 . Gen. Malik retired as Chief of the Indian Army in September,2000. During his distinguished military career, he received number of awards including theAti Vishista Seva Medal (AVSM) and the Param Vishishta Seva Medal (PVSM) - the highest

National award for distinguished services.

He holds the directorship and membership of the Committee(s) of the Board of the followingcompanies:


1 Hero Honda Motors Limited Director Member- Audit Committee

2 Reliance Infrastructure Limited Director Member- Audit Committee

3 BSES Rajdhani Power Limited Director Member- Audit Committee

4 BSES Yamuna Power Limited Director Member- Audit Committee

M R . A N A LJIT SI N GH

Mr. Analjit Singh was appointed as an Additional Director on the Board of the Company onSeptember 28, 2004 . He is currently Chairman of Max India Limited, New Delhi.Mr. Singh brings with him rich and varied experience in businesses like Pharmaceuticals,telecom services, packaging, specialty plastic products and electronic components.

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Mr. Singh is currently on the board of the following companies:


1 Max India Limited Chairman and Mg. Director 2 Max New York Life Insurance Company Limited Chairman

3 Max Healthcare Institute Limited Chairman

4 IDBI Limited Director

5 Max Neeman Medical International Limited Chairman

6 Max Bupa Health Insurance Limited Chairman

7 Grow Talent Company Limited Director

8 Malsi Holdings Limited Chairman

9 Malsi Estates Limited Chairman

10 Malsi Hotels Limited Director 11 Vodafone Essar Limited Director

12 Tata Tea Limited Director

13 Dabur India Limited Director


DR . P R IT A M SI N GH

Dr. Pritam Singh was appointed as an Additional Director on the Board of the Company onSeptember 28, 2004 . He is author of seven academically reputed books and over 50 research

papers. Dr. Pritam Singh is one of the pioneers of Management Education in India who hasdevoted his life to the development of Management Education in India and abroad. Dr. Singhreceived the " Padam Shri " award in 2003 for his contributions in this field.

He is also on the Board of the following companies and their committees:


1 Hero Honda Motors Limited Director and Member - Audit CommitteeMember - Shareholder's Grievance Committee

2 Parsvnath Developers Limited Director

3 Dish TV India Limited Director

4 Dena Bank Limited Director

5 Delhi Stock Exchange Limited Director

6 Godrej Properties Limited Director

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M R S. S HOBHA N A BHAR TI A

Mrs. Shobhana Bhartia was appointed as an Additional Director on the Board of theCompany on March 24, 2005. She belongs to the distinguished Birla family and has marriedinto another major industrial family, the Bhartia Group. Currently, she is the ViceChairperson and Editorial Director of HT Media Limited. She has been conferred the "PadamShri" by the Union Government for her contribution to the media. Mrs. Bhartia is also theChairperson of International Press Institute (India Chapter). .

Mrs. Bhartia is director on the Board of the following companies and their committee(s):



2 Air Travel Bureau Limited Director

3 Britex (India) Limited Director

4 Goldmerry Investment &

Trading Co. Limited

Director

5 HT Media Limited Chairperson & Editorial Director

6 HTL Investment & Trading Co. Limited Director

7 Nilgiri Plantation Limited Director

8 Ronson Traders Limited Director

9 Shradhanjali Investment& Trading Co. Limited

Director

10 The Hindustan Times Limited Chairperson andChairperson Audit Committee

11 Hindustan Media Ventures Limited Director 12 Udit (India) Limited Director

13 Usha Flowell Limited Director

14 Yashovardhan Investment& Trading Co. Limited

Director

15 Firefly e-ventures Limited Director

M R . M. D A M O DARA N

Mr. M. Damodaran has been appointed as an Additional Director w.e.f. June 16, 2008 in thecategory of Non-Executive and Independent Director. Mr. Damodaran, aged 61 years was born on May 4, 1947 and belongs to the Indian Administrative Service, Manipur-TripuraCadre. He had held various coveted positions in Government / Public Sector and RegulatoryBodies.

In the past he held the position of Joint Secretary (Banking Division) in the Ministry of Finance, Chairman Unit Trust of India. He headed the IDBI bank before being appointed asthe Chairman of the Securities and Exchange Board of India (SEBI), the country's financial

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market watchdog. He was also appointed as officer on special duty with the Reserve Bank of India dealing primarily with the restructuring of three identified weak public sector banks.

Mr. Damodaran is currently on the board of the following companies:


1 Hero Honda Motors Limited Director and Member - Shareholder's GrievanceCommittee

2 Tech Mahindra Limited Director

3 Sahaj e-village Limited Director

4 ING Vysya Bank Limited Director

5 GMR VaralakshmiFoundation

Director

MR

.RA

VI NA

TH

Mr. Ravi Nath has been appointed as an Additional Director w.e.f. October 14, 2009 in thecategory of Non-Executive and Independent Director. Mr. Nath, aged 64 years is anAdvocate of Supreme Court of India. He is a Partner of one of the India's oldest legal firmsRajinder Narain & Co. He has done his B.Com (Honours), LLB, International andCompetitive Laws from King's College, London, and PIL from Harvard. He did hisapprentice from Sinclair Roche and Temperley, London. He brings with him rich andspecialized experience in the field of Corporate and Commercial law, Asset Finance,Aviation and Cross Border issues of nearly 40 illustrious years. He has also been recognizedseveral times by Euromoney and others as a leading lawyer in the field of Mergers &Acquisitions. He is listed in Who's Who and Legal 500. The Bar Association of India

conferred its highest honour on him.

He is also on the Board of the following companies:



2 Bonanza Biotech Limited Director

3 Designs Auto Systems Limited Director

4 Kanoria Chemicals & IndustriesLtd.

Director

5 Somany Ceramics Ltd. Director 6 Voith Paper Fabrics India Ltd Director and Member - Audit Committee

Chairman - Shareholder's & Investor GrievanceCommittee

Dr. A nand C. B urman

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Mr. Anand C. Burman has been appointed as an Additional Director w.e.f. January 13, 2010in the category of Non-Executive and Independent Director. Dr. Burman is an eminentIndustrialist with particular interests in the areas of Research and Development in thePharmaceutical Sciences as well as Biotechnology and Technology issues. Dr. Burman hasDoctorate in the area of Pharmaceutical Chemistry from the University of Kansas, USA. Heis currently the Chairman of Dabur India Limited. He is also a member in the Council of

Governors at Birkbeck College, University of London.




2 Dabur India Limited Chairman & Director

3 Fresenius Kabi Oncology Limited Director

4 Hindustan Motors Limited Director

5 Dabur Overseas Limited Director

6 Althea Lifesciences Limited Director

7 H&B Stores Limited Director

8 Dabur Pharmaceuticals Limited Director

9 Aviva Life Insurance Co. India Limited Director

SE N IOR M A N AGE M E N T T EA M N o. N ame Designation

1 Mr. Ravi Sud Sr. Vice President & Chief Finance Officer

2 Mr. Anil Dua Sr. Vice President-Sales,Marketing and Customer Care

3 Mr. Vikram Kasbekar Plants Head-Operations and Supply Chain

4 Dr. Anadi S. Pande Vice President-HRM,Corporate Planning and Strategy

5 Mr. Vijay Sethi Vice President-Information Systems

6 Mr. Neeraj Mathur Vice President Supply Chain and Strategic Sourcing

Company Secretary & Compliance O fficer

N o. N ame Designation

1 Mr. Ilam C. Kamboj Sr. G. M. Legal & Company SecretaryEmail - [email protected]

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BR IEF PROF IL E OF DI RE CT OR S

M R . BR IJM OHA N L A LL MU N J A L

Mr. Brijmohan Lall Munjal is the founder Director and Chairman of the Company and the $2.8 billion Hero Group. He is the Past President of Confederation of Indian Industry (CII),Society of Indian Automobile Manufacturers (SIAM) and was a Member of the Board of theCountry's Central Bank (Reserve Bank of India ). In recognition of his contribution toindustry, Mr. Lall was conferred the Padma Bhushan Award by the Union Government.

Mr. Brijmohan Lall Munjal is currently on the board of the following companies:N o. N ame of Company N ature of O ffice

1 Hero Honda Motors Limited Chairman and Whole-time Director

2 Hero Cycles Limited Chairman and Director

3 Hero Honda Finlease Limited Chairman and Director

4 Munjal Showa Limited Chairman and Director

5 Sunbeam Auto Limited Chairman and Director




M R . P AWA N MU N J A L

Mr. Pawan Munjal is the Managing Director and CEO of the Company. He is responsible for growth and strategic planning for the entire Group. A graduate in mechanical engineering,Mr. Munjal has been instrumental in bringing about technological and managerial excellencein the Company's operations. He has been the Chairman of several Committees of CII.

He is also on the board of Indian Institute of Management, Lucknow . An avid golfer, Mr.Munjal is Past Chairman of the Asian PGA Tour Board of Directors and the Past President of Professional Golfers Association of India (PGAI). Under his guidance, Hero Honda launchedthe Hero Indian Sports Academy (HISA) in collaboration with Laureus Foundation to provideequal opportunities in sports to various communities and to reward talent in the country.

Mr. Pawan Munjal is currently on the Board of the following companies:


1 Hero Honda Motors Limited Managing Director

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M R . T O SH IAK I N AKAGAWA

Mr. Toshiaki Nakagawa joined the Company as Joint Managing Director on February 1,2006.

He joined Honda Motor Co., Ltd, Japan in April 1973 and later on took various assignmentsat Senior Positions in world wide Honda net work, such as staff member of UK, Hongkongand President of Honda Czech Republic, Honda France and General Manager of HondaBeijing Office.

Before joining the Company, he held the position as General Manager of Operating Office of China, ASEAN succeeding by Operating Office No.1 (North America, South America and

Europe) at Honda Head Office, Japan.

His specialization is Overseas Sales of Automobiles and Motorcycles.

Mr. Nakagawa is currently on the Board of the following companies:


1 Hero Honda Motors Limited Joint Managing Director


M R . SUMI H IS A F UK UD A

Mr. Sumihisa Fukuda was appointed as an Additional and Technical Director in the Whole-time employment of the Company by way of passing a resolution by Circulation on May 13,2008 . Mr. Fukuda was born on December 12, 1955 at Nagasaki , Japan and after completinga course in Mechanical Engineering, he joined Honda Motor Co., Ltd., Japan as an Engineer & has completed various assignments in Honda. In recent past, he was working as Manager -Asian Autoparts Co. Ltd., Thailand . He brings with him rich experience of more than 30years.

Mr. Fukuda is currently on the Board of the following companies:


1 Hero Honda Motors Limited Whole-time Director


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and Labour reforms in India either by chairing some of the reforms Committee or as amember.

Mr. Sunil Kant Munjal is currently on the board of the following companies:

N o. N ame of Company N ature of O ffice 1 Hero Management Service Limited Chairman & Managing Director

2 Hero Corporate Service Limited Chairman

3 Shivam Autotech Limited Chairman

4 Hero Cycles Limited Managing Director

5 DCM Shriram Consolidated Limited Director




9 Satyam Auto Components Limited Director

10 Weave Engineering and Design Limited Director

11 Abhayuday Manufacturing & Automotive Ltd Director

12 Arrow Infrastructure Limited Director

13 Hero Mindmine Institute Limited Director

14 Hero Life Insurance Company Limited Director

M R . M A SAH IRO T AKE DAGAWA

Mr. Masahiro Takedagawa was appointed as an Additional Director on the Board of theCompany w.e.f. May 30, 2006 . He joined Honda Motors Co., Ltd, Japan as an Area Manager in the Car Retail Operations. He was thereafter deputed in the Sales & Marketing Division of Honda Motors at USA , Italy & Thailand . Before joining Honda Siel Cars India Limited asPresident & CEO in April 2005, he was stationed at the Product Planning & Marketing officeat Tokyo.

Mr. Takedagawa holds the directorship and membership of the Committee(s) of the Board of the following companies:


1 Honda Siel Cars India Limited President & CEO

2 Honda Siel Power Products Limited Director Member-Audit Committee


M R . T AKA SH I N AGA I

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Mr. Takashi Nagai has been appointed as an Additional Director on the Board of theCompany w.e.f May 11, 2007. After completing his graduation from Keio University, Japanin the year 1982, he joined Honda Motors Co., Ltd, Japan. Presently, he is working asExecutive Vice President, Asian Honda Motor, Thailand . Mr. Nagai brings with him vastexperience in Automobile Industry.

Mr. Nagai is on the board of the following companies.:



M R . S A T O SH I M A TSUZ AWA

Mr. Satoshi Matsuzawa aged 48 years has been appointed as an Alternate Director to Mr.Takashi Nagai w.e.f. April 24, 2008 . He was born on March 2, 1960 at Tokyo , Japan . After completing his graduation in Science and Engineering from Waseda University , Japan in theyear 1982, he joined Honda Motors Co., Ltd, Japan . Currently, he holds the position of General Manager, Overseas Operations.

Mr. Matsuzawa is on the board of the following companies.:


1 Hero Honda Motors Limited Alternate Director

M R . P RA DEE P DI N O DI A

Mr. Pradeep Dinodia was appointed as an Additional Director on the Board of the Companyon March 31, 2001. Mr. Dinodia is a fellow member of The Institute of CharteredAccountants of India and a senior partner in the Delhi-based Chartered Accountancy firmM/s. S.R. Dinodia & Company. He has considerable experience in corporate affairs and alliedlegal and taxation matters.

Mr. Dinodia holds the directorship and membership of the Committee(s) of the Board of thefollowing companies:


1 DCM Shriram ConsolidatedLimited

Director and Chairman - Shareholders & InvestorsGrievance CommitteeMember- Audit Committee

2 DFM Foods Limited Director Chairman - Audit Committee

3 Hero Corporate Services Limited Director Chairman - Audit Committee

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4 Hero Honda Motors Limited Director and Chairman - Audit CommitteeMember - Shareholder & Investors GrievanceCommittee

5 Micromatic GrindingTechnologies Limited

Director

6 Ultima Finvest Limited Director 7 Shriram Pistons & Rings Limited Director

Chairman - Audit CommitteeMember - Remuneration Committee

8 JK Lakshmi Cement Limited Director

9 SPR International Auto ExportsLimited

Director

GE N . ( RE TD.) V. P. Malik

Gen. (Retd.) V. P. Malik was appointed as an Additional Director on the Board of theCompany on May 4, 2001 . Gen. Malik retired as Chief of the Indian Army in September,2000. During his distinguished military career, he received number of awards including theAti Vishista Seva Medal (AVSM) and the Param Vishishta Seva Medal (PVSM) - the highest

National award for distinguished services.

He holds the directorship and membership of the Committee(s) of the Board of the followingcompanies:


1 Hero Honda Motors Limited Director Member- Audit Committee

2 Reliance Infrastructure Limited Director Member- Audit Committee

3 BSES Rajdhani Power Limited Director Member- Audit Committee

4 BSES Yamuna Power Limited Director Member- Audit Committee

M R . A N A LJIT SI N GH

Mr. Analjit Singh was appointed as an Additional Director on the Board of the Company onSeptember 28, 2004 . He is currently Chairman of Max India Limited, New Delhi.Mr. Singh brings with him rich and varied experience in businesses like Pharmaceuticals,telecom services, packaging, specialty plastic products and electronic components.

Mr. Singh is currently on the board of the following companies:

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1 Max India Limited Chairman and Mg. Director

2 Max New York Life Insurance Company Limited Chairman

3 Max Healthcare Institute Limited Chairman

4 IDBI Limited Director 5 Max Neeman Medical International Limited Chairman

6 Max Bupa Health Insurance Limited Chairman

7 Grow Talent Company Limited Director

8 Malsi Holdings Limited Chairman

9 Malsi Estates Limited Chairman

10 Malsi Hotels Limited Director

11 Vodafone Essar Limited Director

12 Tata Tea Limited Director

13 Dabur India Limited Director


DR . P R IT A M SI N GH

Dr. Pritam Singh was appointed as an Additional Director on the Board of the Company onSeptember 28, 2004 . He is author of seven academically reputed books and over 50 research

papers. Dr. Pritam Singh is one of the pioneers of Management Education in India who hasdevoted his life to the development of Management Education in India and abroad. Dr. Singhreceived the " Padam Shri " award in 2003 for his contributions in this field.

He is also on the Board of the following companies and their committees:


1 Hero Honda Motors Limited Director and Member - Audit CommitteeMember - Shareholder's Grievance Committee

2 Parsvnath Developers Limited Director

3 Dish TV India Limited Director

4 Dena Bank Limited Director

5 Delhi Stock Exchange Limited Director

6 Godrej Properties Limited Director

M R S. S HOBHA N A BHAR TI A

Mrs. Shobhana Bhartia was appointed as an Additional Director on the Board of theCompany on March 24, 2005. She belongs to the distinguished Birla family and has married

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into another major industrial family, the Bhartia Group. Currently, she is the ViceChairperson and Editorial Director of HT Media Limited. She has been conferred the "PadamShri" by the Union Government for her contribution to the media. Mrs. Bhartia is also theChairperson of International Press Institute (India Chapter). .

Mrs. Bhartia is director on the Board of the following companies and their committee(s):



2 Air Travel Bureau Limited Director

3 Britex (India) Limited Director

4 Goldmerry Investment &Trading Co. Limited

Director

5 HT Media Limited Chairperson & Editorial Director

6 HTL Investment & Trading Co. Limited Director

7 Nilgiri Plantation Limited Director 8 Ronson Traders Limited Director

9 Shradhanjali Investment& Trading Co. Limited

Director

10 The Hindustan Times Limited Chairperson andChairperson Audit Committee

11 Hindustan Media Ventures Limited Director

12 Udit (India) Limited Director

13 Usha Flowell Limited Director

14 Yashovardhan Investment& Trading Co. Limited

Director

15 Firefly e-ventures Limited Director

M R . M. D A M O DARA N

Mr. M. Damodaran has been appointed as an Additional Director w.e.f. June 16, 2008 in thecategory of Non-Executive and Independent Director. Mr. Damodaran, aged 61 years was

born on May 4, 1947 and belongs to the Indian Administrative Service, Manipur-TripuraCadre. He had held various coveted positions in Government / Public Sector and Regulatory

Bodies.

In the past he held the position of Joint Secretary (Banking Division) in the Ministry of Finance, Chairman Unit Trust of India. He headed the IDBI bank before being appointed asthe Chairman of the Securities and Exchange Board of India (SEBI), the country's financialmarket watchdog. He was also appointed as officer on special duty with the Reserve Bank of India dealing primarily with the restructuring of three identified weak public sector banks.

Mr. Damodaran is currently on the board of the following companies:

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1 Hero Honda Motors Limited Director and Member - Shareholder's GrievanceCommittee

2 Tech Mahindra Limited Director

3 Sahaj e-village Limited Director

4 ING Vysya Bank Limited Director

5 GMR VaralakshmiFoundation

Director

M R . RA VI N A T H

Mr. Ravi Nath has been appointed as an Additional Director w.e.f. October 14, 2009 in thecategory of Non-Executive and Independent Director. Mr. Nath, aged 64 years is an

Advocate of Supreme Court of India. He is a Partner of one of the India's oldest legal firmsRajinder Narain & Co. He has done his B.Com (Honours), LLB, International andCompetitive Laws from King's College, London, and PIL from Harvard. He did hisapprentice from Sinclair Roche and Temperley, London. He brings with him rich andspecialized experience in the field of Corporate and Commercial law, Asset Finance,Aviation and Cross Border issues of nearly 40 illustrious years. He has also been recognizedseveral times by Euromoney and others as a leading lawyer in the field of Mergers &Acquisitions. He is listed in Who's Who and Legal 500. The Bar Association of Indiaconferred its highest honour on him.


N o. N ame of Company N ature of O ffice 1 Hero Honda Motors Limited Director

2 Bonanza Biotech Limited Director

3 Designs Auto Systems Limited Director

4 Kanoria Chemicals & IndustriesLtd.

Director

5 Somany Ceramics Ltd. Director

6 Voith Paper Fabrics India Ltd Director and Member - Audit CommitteeChairman - Shareholder's & Investor GrievanceCommittee

Dr. A nand C. B urman

Mr. Anand C. Burman has been appointed as an Additional Director w.e.f. January 13, 2010in the category of Non-Executive and Independent Director. Dr. Burman is an eminentIndustrialist with particular interests in the areas of Research and Development in thePharmaceutical Sciences as well as Biotechnology and Technology issues. Dr. Burman has

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Doctorate in the area of Pharmaceutical Chemistry from the University of Kansas, USA. Heis currently the Chairman of Dabur India Limited. He is also a member in the Council of Governors at Birkbeck College, University of London.


N o. N ame of Company N ature of O ffice 1 Hero Honda Motors Limited Director

2 Dabur India Limited Chairman & Director

3 Fresenius Kabi Oncology Limited Director

4 Hindustan Motors Limited Director

5 Dabur Overseas Limited Director

6 Althea Lifesciences Limited Director

7 H&B Stores Limited Director

8 Dabur Pharmaceuticals Limited Director

9 Aviva Life Insurance Co. India Limited Director

C O DE OF C O N DUCT FOR DI RE CT OR S A N D S E NI OR M A N AGE M E NT

I. I NT RO DUCTI O N

This Code of Conduct has been adopted by the Board of Directors of Hero Honda MotorsLimited for its members and the Senior executives one level below, the Directors, includingall functional heads (hereinafter referred to as "Specified employee").

There are certain clauses of the Code, which are meant for Directors only such as attendingmeetings of the Board and Committee thereof. The Specified employees need to ignore suchclauses.

The principal duty of the Board of Directors, along with management, is to ensure that theCompany is well managed in the interests of its shareholders. The Board of Directors playsthe central role in the Company's governance. It is the Company's decision-making authorityon all matters except those reserved to shareholders or delegated to the management. TheBoard of Directors is not expected to assume an active role in the day-to-day management of the Company.

II. G UID E LI N E S FOR C O N DUCT

Each director and Specified Employees seek to use due care in the performance of his/her duties, be loyal to the Company, act in good faith and in a manner such Director andSpecified employee reasonably believes to be not opposed to the best interests of theCompany. A Director and Specified employee should seek to also:

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y Make reasonable efforts to attend Board and committee meetings.y Dedicate time and attention to the Company.y Comply with all applicable laws, regulations, confidentiality obligations and

corporate policies of the Company.y Be independent in judgement and actions and to take all reasonable steps to be

satisfied as to the soundness of all decisions taken by the Board of Directors.

III. C OR PORA T E B USI N E SS O PP OR TU N ITI E S

In carrying out their duties and responsibilities, Directors and Specified employees shouldavoid:

y Appropriating corporate business opportunities for themselves that are discoveredthrough the use of Company property or information or their position as Directors andSpecified employees.

y Using Company property or information, or their position as Director and Specifiedemployees, for personal gain.

y Competing with the Company.

A corporate business opportunity is an opportunity:

1.

Which is in the Company's line of business or proposed expansion or diversification.2. Which the Company is financially able to undertake.3. Which may be of interest to the Company.

A Director and Specified employee, who learns of such a corporate business opportunity andwho wishes to avail of it should disclose such opportunity to the Company's Board of Directors. If the Board of Directors determines that the Company does not have an actual or expected interest in such opportunity, then, and only then, may the Director and Specifiedemployee avail of it, provided that the Director and Specified employee has not wrongfullyutilized the Company's resources in order to acquire such opportunity.

IV. C O N F LICTS OF INT ERE ST

y Each Director and Specified employee should endeavour to avoid having his or her private interests interfere with:i) the interests of the Company or

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ii)his or her ability to perform his or her duties and responsibilities objectively andeffectively.

y They should avoid receiving, or permitting members of their immediate family toreceive, improper personal benefits from the company, including loans from or guarantees of obligations by the Company, except as may be provided in their employment contract.

y They should make a full disclosure to the entire Board of any transaction or relationship that such a Director and Specified employee reasonably expects couldgive rise to an actual conflict of interest with the Company and seek the Board'sauthorization to pursue such transactions or relationships.

V. C O MP A NY PRO PER T Y

In carrying out their duties and responsibilities, Directors and Specified employees shouldendeavour to ensure that management is causing the Company's assets, proprietaryinformation and resources to be used by the Company and its employees only for legitimate

business purposes of the Company.

VI. C O N F ID E NTI A L I N FOR M A TI O N

Director and Specified employees should maintain the confidentiality of informationentrusted to them in carrying out their duties and responsibilities, except where disclosure isapproved by the Company or legally mandated or if such information is in the public domain.

The Company's confidential and proprietary information shall not be inappropriatelydisclosed or used for the personal gain or advantage of any Director and Specified employeesor anyone other than the Company. These obligations apply not only during a Director's andSpecified employee's term, but thereafter as well.

VII. FA I R DEA LI N G

In carrying out their duties and responsibilities, Director and Specified employees shouldendeavour to deal fairly, and should promote fair dealing by the Company, its employees andagents, with customers, suppliers and employees.

Director and Specified employees should not seek to take unfair advantage of the Companythrough manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair dealing.

VIII. C O MPLI A N C E W IT H L AW S A N D REG UL A TI O NS

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In carrying out their duties and responsibilities, Directors and Specified employees shouldcomply, and endeavour to ensure that the management is causing the Company to comply,with applicable laws, rules and regulations. In addition, if any Director and Specifiedemployee becomes aware of any information that he or she believes constitutes evidence of amaterial violation of any securities or other laws, rules or regulations applicable to theCompany or the operation of its business, by the Company, any employee or another Director

and Specified employee, then such Director and Specified employee should bring suchinformation to the attention of the Chairman of the Audit Committee.

IX. I NSID ER T RA DI N G

Director and Specified employees should observe all applicable laws and regulationsincluding the Company policies and Codes as applicable to them with respect to the purchaseand sale of the Company's securities.

It is the responsibility of each Director and Specified employee to become familiar with andunderstand these laws, regulations, policies and codes and should seek further explanationsand advice concerning their interpretation, if required.

Any waiver of or amendments to the Company's policies or Codes may be made only by theCompany's Board of Directors and will be disclosed promptly as required by applicable lawsand regulations including the rules of any exchange on which the Company's securities arelisted or traded.

Director and Specified employees should direct questions regarding the application or interpretation of these guidelines to the Company Secretary/Compliance Officer.

X. E NC O URAG IN G T HE RE POR TI N G OF ILL EGA L OR UN E T H IC A LBEHA VI O UR

Director and Specified employees should endeavour to ensure that management is causing theCompany to promote ethical behaviour and to encourage employees to report evidence of illegal or unethical behaviour to appropriate Company personnel.

Director and Specified employees should endeavour to ensure that the Company will notallow retaliation against any employee who makes a good faith report about a possibleviolation of the Company's Code of Conduct.

XI. NO N-C O MPLI A N C E

Suspected violations of this Code may be reported to the Chairman of the Board or theChairman of the Audit Committee. All reported violations should be appropriatelyinvestigated.

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A Director and Specified employees charged with a violation of this Code should not participate in or vote on the matter in the meeting of a Committee or the Board concerninghis/her alleged violation, but may be present at a meeting of the Board or of a Committeeconvened for that purpose.

Any waiver of this Director and Specified employees' Code must be approved by the Board

of Directors and publicly disclosed if required by any applicable law or regulation.

XII. E MPL O YEE S

The Director and Specified employee should respect each and every employee of theCompany, treat each of them in a fair and equitable manner; respect their privacy and not toshare/disclose their personal information without their prior consent; maintain non-discriminatory approach and refrain from harassing employees, making sexual advancements,coercion, threat by virtue of his/her position with the Company.

XIII. CUST O M ER S

The Director and Specified employee should ensure to provide products and services, whichmeet the desired quality and safety standards and redress the Customer's grievance genuinely.

XIV. S HAREHO LD ER S

The Director and Specified employee should ensure to protect shareholders interest byensuring maintenance of accurate and complete records by avoiding false misleading or artificial entries in the Books of accounts.

This Directors' and Specified employees' Code sets forth guidelines for conduct for theB oard of Directors and Specified employees.

KE Y MIL E ST O N E S OF HERO HO N DA Y ear Ev ent

1983 Joint Collaboration Agreement with Honda Motor Co. Ltd. Japan signed

Shareholders Agreement signed

1984 Hero Honda Motors Ltd. incorporated

1985 First motorcycle "CD 100" rolled out

1987 100,000th motorcycle produced

1989 New motorcycle model - "Sleek" introduced

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1991 New motorcycle model - "CD 100 SS" introduced

500,000th motorcycle produced

1992 Raman Munjal Vidya Mandir inaugurated - A School in the memory of founder Managing Director, Mr. Raman Kant Munjal

1994 New motorcycle model - "Splendor" introduced

1,000,000th motorcycle produced

1997 New motorcycle model - "Street" introduced

Hero Honda's 2nd manufacturing plant at Gurgaon inaugurated

1998 2,000,000th motorcycle produced

1999 New motorcycle model - "CBZ" introduced

Environment Management System of Dharuhera Plant certified with ISO-14001 byDNV Holland

Raman Munjal Memorial Hospital inaugurated - A Hospital in the memory of founder Managing Director, Mr. Raman Kant Munjal

2000 4,000,000th motorcycle produced

Environment Management System of Gurgaon Plant certified ISO-14001 by DNVHolland

Splendor declared 'World No. 1' - largest selling single two-wheeler model

"Hero Honda Passport Programme" - CRM Programme launched

2001 New motorcycle model - "Passion" introduced

One million production in one single year

New motorcycle model - "Joy" introduced

5,000,000th motorcycle produced

2002 New motorcycle model - "Dawn" introduced

New motorcycle model - "Ambition" introduced

Appointed Virender Sehwag, Mohammad Kaif, Yuvraj Singh, Harbhajan Singh andZaheer Khan as Brand Ambassadors

2003 Becomes the first Indian Company to cross the cumulative 7 million sales mark

Splendor has emerged as the World's largest selling model for the third calendar year in a row (2000, 2001, 2002)

New motorcycle model - "CD Dawn" introduced

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New motorcycle model - "Splendor +" introduced

New motorcycle model - "Passion Plus" introduced

New motorcycle model - "Karizma" introduced

2004 New motorcycle model - "Ambition 135" introduced

Hero Honda became the World No. 1 Company for the third consecutive year.

Crossed sales of over 2 million units in a single year, a global record.

Splendor - World's largest selling motorcycle crossed the 5 million mark

New motorcycle model - "CBZ*" introduced

Joint Technical Agreement renewed

Total sales crossed a record of 10 million motorcycles

2005 Hero Honda is the World No. 1 for the 4th year in a row

New motorcycle model - "Super Splendor" introduced

New motorcycle model - "CD Deluxe" introduced

New motorcycle model - "Glamour" introduced

New motorcycle model - "Achiever" introduced

First Scooter model from Hero Honda - "Pleasure" introduced


15 million production milestone achieved


New 'Splendor NXG' launched

New 'CD Deluxe' launched

New 'Passion Plus' launched

New motorcycle model 'Hunk' launched


2008 Hero Honda Haridwar Plant inauguration

New 'Pleasure' launched

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Splendor NXG lauched with power start feature

New motorcycle model 'Passion Pro' launched

New 'CBZ Xtreme' launched


CD Deluxe lauched with power start feature

New 'Glamour' launched

New 'Glamour Fi' launched

2009 Hero Honda GoodLife Program launched

Hunk' (Limited Edition) launched

Splendor completed 11 million production landmark

New motorcycle model 'Karizma - ZMR' launched

Silver jubilee celebrations

COR PORA T E SO CI A L RE SP O NSI B ILIT Y (CS R )

ST AKEHO LD ER TI E S A T T HE GRA SS ROO TS

Hero Honda Motors takes considerable pride in its stakeholder relationships, especially onesdeveloped at the grassroots. The Company believes it has managed to bring an economicallyand socially backward region in Dharuhera, Haryana, into the national economic mainstream.

An Integrated Rural Development Centre has been set up on 40 acres of land along the Delhi-Jaipur Highway. The Centre-complete with wide approach roads, clean water, and educationfacilities for both adults and children-now nurtures a vibrant, educated and healthycommunity.

The Foundation has adopted various villages located within vicinity of the Hero Hondafactory at Dharuhera for integrated rural development. This includes:

y Installation of deep bore hand pumps to provide clean drinking water.y Constructing metalled roads and connecting these villages to the National Highway

(NH -8).y Renovating primary school buildings and providing hygienic water and toilet

facilities.y Ensuring a proper drainage system at each of these villages to prevent water-logging.

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y Promoting non-conventional sources of energy by providing a 50 per cent subsidy on biogas plants.

Other key projects taken up by the Foundation include:

The Raman Munjal Vidya Mandir began with three classes (up to class II) and 55 students fromnear by areas. It has now grown into a modern Senior Secondar y, CBSE affiliated co-educationalschool with over 1200 students and 61 teachers. The school has a spacious pla yground , an ultra-modern la borator y, a well-equipped audio visual room , an activit y room , a well-stocked li b rar y and acomputer centre.

Multi-specialt y hospital equipped with the latest diagnostic and surgical technolog y. The RamanMunjal Memorial Hospital provides healthcare to the rural population in and around Dharuhera , and also caters to accident and trauma victims driving along the Delhi-Jaipur highwa y.

R aman Munjal Sports Complex

The R aman Munjal Sports Complex has basketball courts, volleyball courts, and hockeyand football grounds are used by the local villagers. In the near future, sports academies are

planned for volley ball and basket ball, in collaboration with National Sports Authority of India.

Vocational Training Centre

In order to help local rural people, especially women, Hero Honda has set up a VocationalTraining Centre. So far 26 batches comprising of nearly 625 women have been trained intailoring, embroidery and knitting. The Company has helped women trained at this centre toset up a production unit to stitch uniforms for Hero Honda employees. Interestingly, most of

the women are now self-employed.

A dult Literacy MissionThis Scheme was launched on 21st September, 1999, covering the nearby villages of Malpura, Kapriwas and Sidhrawali. The project started with a modest enrolment of 36 adults.Hero Honda is now in the process of imparting Adult Literacy Capsules to another 100 adults

by getting village heads and other prominent villagers to motivate illiterate adults.Marriages of underpri v ileged girls

Marriages are organized from time to time, particularly for girls from backward classes, bythe Foundation by providing financial help and other support to the families.

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Besides setting up a modern hospital, the Foundation also regularly provides doorstep healthcare services to the local community. Free health care and medical camps are now a regular feature in the Hero Group's community outreach program.

KE Y PO LICI E S A N E N VI RO N M E N T A LL Y A N D S O CI A LL Y, AWARE C O MP A NY At Hero Honda, our goal is not only to sell you a bike, but also to help you every step of theway in making your world a better place to live in. Besides its will to provide a high-qualityservice to all of its customers, Hero Honda takes a stand as a socially responsible enterpriserespectful of its environment and respectful of the important issues.

Hero Honda has been strongly committed not only to environmental conservation programmes but also expresses the increasingly inseparable balance between the economicconcerns and the environmental and social issues faced by a business. A business must notgrow at the expense of mankind and man's future but rather must serve mankind.

"W e must do something for the community from whose land we generate our wealth. " A famous quote from our Worthy Chairman Mr.Brijmohan Lall Munjal.

E nv ironment Policy

We at Hero Honda are committed to demonstrate excellence in our en v ironmentalperformance on a continual basis , as an intrinsic element of our corporate philosophy.

To achieve this we commit ourselves to:

y Integrate environmental attributes and cleaner production in all our business processesand practices with specific consideration to substitution of hazardous chemicals,where viable and strengthen the greening of supply chain.

y Continue product innovations to improve environmental compatibility.

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y Comply with all applicable environmental legislation and also controlling our environmental discharges through the principles of "alara" (as low as reasonablyachievable).

y Institutionalise resource conservation, in particular, in the areas of oil, water,electrical energy, paints and chemicals.

y Enhance environmental awareness of our employees and dealers / vendors, while

promoting their involvement in ensuring sound environmental management.

Quality Policy

E xcellence in quality is the core v alue of H ero H onda's philosophy .

We are committed at all levels to achieve high quality in whatever we do, particularly in our products and services which will meet and exceed customer's growing aspirations through:

y Innovation in products, processes and services.y Continuous improvement in our total quality management systems.y Teamwork and responsibility.

Safety Policy

H ero H onda is committed to safety and health of its employees and other persons who

may be affected by its operations. We believe that the safe work practices lead to better business performance, motivated workforce and higher productivity.

We shall create a safety culture in the organization by:

y Integrating safety and health matters in all our activities.y Ensuring compliance with all applicable legislative requirements.y Empowering employees to ensure safety in their respective work places.y Promoting safety and health awareness amongst employees, suppliers and contractors.y Continuous improvements in safety performance through precautions besides

participation and training of employees.

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