JSW Steel Limited Investor Presentation October 2015

JSW Steel Limited Investor Presentation October 2015

Agenda Overview Value Proposition Performance Overview Business Environment 2

JSW Group overview USD 11 billion group with presence across the core sectors JSW Steel*: India s leading integrated steel producer (Steel making capacity: 14.3MTPA) JSW Infrastructure: Engaged in development and operations of ports (Operational capacity: 33MTPA) JSW Energy*: Engaged across the value chain of power business (Operational plants capacity: 4,531 MW) JSW Cement: Manufacturer of PSC, OPC and GGBS cement (Operational plants capacity: 6MTPA) Group market cap ($5,620 mn**) JSW Energy 2,350 JSW Steel 3,270 JSW Group FY 2014-15 Gross Turnover: 10,782 EBITDA: 2,165 Profit after Tax: 520 Cash Profit: 1,221 Cash Profit= PAT + Depreciation All figures are in USD millions USD/ ` = 62.5908 (RBI reference rate as on Mar 31, 2015) As on Sep 30, 2015 * Listed company ** USD/ ` = 65.7418 (RBI reference rate as on Sep 30, 2015) 3

JSW Steel India s leading steel manufacturer Installed capacity 14.3 MTPA, at six strategic locations in South and West India Leading steel manufacturer in India Integrated manufacturing process Integrated steel manufacturing facilities from raw material processing plants to valueadded product capacities Pan India marketing and distribution network, export presence in ~100 countries across the 5 continents Strong distribution network and export presence Technological competence Combination of state-ofthe-art steel making technologies: Corex, DRI, Blast Furnace Extensive portfolio of products HR, CR, galvanized/galvalume, prepainted, tinplates, electrical steel (CRNO) TMT bars, wire rods, special steel bars, rounds and blooms Diversified product portfolio Global presence International presence in mining assets (Chile, US and Mozambique) and value-added facilities (Plate and Pipe mill in US) 4

Transformational journey to market leadership FY 2002 FY 2010 FY 2015 Capacity (MTPA) 1.6 7.8 14.3 Production (MTPA) 1.3 6.0 12.6 CAGR FY 02 15: 18% FY 2016 expected capacity of 18MTPA CAGR FY 02 15: 19% Revenue (USD mn) EBITDA (USD mn) EBITDA/ton (1) (USD/ton) Market Cap (USD mn) 277 3,114 8,463 45 664 1,502 35 116 125 84 3,693 3,501 CAGR FY 02 15: 30% CAGR FY 02 15: 31% CAGR FY 02 15: 10% Significant value creation with 42x increase in market value (2) Technology Corex Corex, BF Corex, BF, DRI Adopting industry leading technologies Product Mix Flats Flats, long, special steel and value added Flat, long, special steel & high valueadded auto grade Continuously expanding product canvas with focus on high-end value-added products Unrelenting progress through the economic cycles (1) Calculated as consolidated EBITDA / Saleable steel, (2) From 31st March 2002 to 31st March 2015, (3) USD/ ` = 62.5908 (RBI reference rate as on Mar 31, 2015) 5

Combination of Organic and Inorganic growth Key Projects in progress/pipeline: Dolvi Works capacity expansion to 5MTPA Vijayanagar Works capacity expansion to 12MTPA Salem Works capacity expansion to 1.2MTPA 0.2MTPA Tin plate mill at Tarapur Complex 2002 1.6 MTPA 2004 Acquired SISCOL (1) 2005 2.5 MTPA Color Coating Line Acquired EURO IKON 2007 4.8 MTPA CRM of 1.0 MTPA 2009 7.8 MTPA 2011 Acquisition of 49.3% stake in Ispat 2012 2006 3.8 MTPA 2010 2008 Iron Ore mines acquired in Chile Acquisition of Plate and Pipe Mill in US Coal mining concessions in Mozambique 2013 14.3 MTPA post Ispat merger FY2016/17 18 MTPA 2015 New CRM2 Phase 2 0.2MTPA Electrical Steel Mill HSM II Capacity Expansion to 5 MTPA JSW-JFE Strategic Partnership 3.5 MTPA of HSM II Coal mining concessions in US Continuously evaluating opportunities to deliver value enhancing growth 2014 New CRM2 Phase I 4 MTPA Pellet Plant (2) 1 MTPA Coke Oven Plant (2) Acquired 50% stake in Vallabh Tinplate Acquired Welspun Maxsteel (1) Southern Iron and Steel Company, (2) Amba River Coke Limited 6

JSW JFE strategic partnership One of the largest FDI in the Indian Metals and Mining space Equity infusion by JFE of `5,410 Crores (~$1.2 bn) for 14.99% equity stake Deleveraged Balance Sheet to support next phase of growth Access to cutting edge technologies and fast growing automotive steel market Operational excellence to result in cost reduction Value creation for both the partners JSW Steel: Focused expansion plans in India Optimized capital structure through deleveraging Access to cutting edge technologies JFE: Presence in growing Indian market Future growth through equity participation Strategic production base in India for existing automobile customers Automotive technology agreements Benefits to JSW Steel: Access to fast growing auto steel market Short learning curve Application engineering New product development Benchmarking and personnel training General technical assistance agreements for sustainable business operations Operational excellence and cost reduction by: Improvement in quality, productivity, yield, and energy efficiency Sharing best maintenance, environment management, and safety practices Benchmarking, training and talent sharing Standardization of processes 7

Balanced corporate strategy Selective Growth Maintain market share of 14-15% through selective organic and inorganic growth Undertake brownfield expansions at low specific investment cost per ton Consider inorganic opportunities that are value accretive Diversification of Product Profile and Customer Base Increase proportion of high margin value-added products Diversify customer base, both within India and abroad Continue to focus on rural markets in India Focus on Resource Optimization Committed to sustainable and eco-friendly technologies to drive growth Focus on cost reduction and energy efficiency Strengthening Backward and Forward Integration Continue to evaluate raw material assets in India and abroad to secure key raw material supplies and to reduce cost of production by targeting strategic tie-ups and investments Prudent Balance Sheet Management Continuously seeks to improve financial profile Manage capacity expansion and debt profile to capture market opportunities without excessive risk 8

Strong and balanced Board comprising experts of eminence & integrity Chairperson Emeritus Executive Directors Independent Directors Nominee Directors Savitri Devi Jindal Seshagiri Rao M.V.S Joint Managing Director & Group CFO Kannan Vijayaraghavan, FCA and Certified Management Consultant Naveen Raj Singh Nominee Director of KSIIDC Promoter Director Sajjan Jindal Chairman & Managing Director Dr. Vinod Nowal Dy. Managing Director Jayant Acharya Director (Commercial & Marketing) Dr. Punita Kumar Sinha Former CIO at The Asia Tigers Fund Malay Mukherjee 40yrs of rich experience in mining and steel industry Kyoichi Kameyama Nominee Director of JFE Steel Corporation Uday Madhav Chitale Senior Partner at M/s. M.P. Chitale & Co., Chartered Accountants Dr. Vijay Kelkar Ex Finance Secretary, Ex Secretary of MoP&G, Ex Chairman Finance Commission Haigreve Khaitan Senior Partner at M/s. Khaitan & Co, India's one of the oldest and full service law firm Board fundamentally committed to sustainable business 9

Agenda Overview Value Proposition Performance Overview Business Environment 10

A platform of strength and agility 1 Strong fundamentals to boost India steel demand 2 Multi-location manufacturing facilities in India 3 Strategic overseas presence 4 Diversified product profile 5 Domestic market leader with strong export presence 6 Strong sales and marketing platform 7 Focus on operational efficiency 8 Strategic expansion aided by strong project execution 9 Proven ability to acquire and turnaround assets 10 Robust financial profile 11

Per capita Steel Consumption in 2013 (Kg.) 1 Strong fundamentals to boost India steel demand Decisive mandate in India general elections Strong investor confidence and raised expectations of fastpaced decision-making and economic reforms Upturn in overall GDP growth (1) (%) 5.1% 6.9% 7.3% 7.5% Potential for substantial growth in steel consumption (2)(6) o World Per Capita Consumption is ~225 Kgs. o India Per Capita Consumption is ~58 Kgs. 1,400 1,200 1,000 South Korea 800 China Taiwan FY13 FY14 FY15 FY16E Infrastructure sector is a key focus area for the new government Infrastructure investment expected to reach ~$1 trillion during 2012-2017 (4) New government is focused to give impetus to infrastructure sector Automobile sector expected to turn around India projected to become 3rd largest automotive market in the world by 2016 (5) Faster economic growth and government's policies is likely to drive volumes and revive the automobile sector 600 400 200 0 (200) India Russia Mexico Brazil Italy Japan France Germany Canada USA 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 GDP per capita in 2013 ($) India steel consumption to rise at a faster rate o India s steel consumption was 76MT in 2014 and is expected to rise to ~82MT in 2015 and ~88MT in 2016 (3) With the growth in economy, JSW Steel is well positioned to be part of the India growth story (1) Reserve Bank of India, (2) World Steel Association, World Bank, IMF, (3) World Steel Association, (4) 12 th Five- Year Plan (India), (5) IHS Automotive, (6) Bubble size represents total steel demand of respective country 12

2 Multi-location manufacturing facilities in India Dolvi: 3.3 MTPA 2 MTPA Blast Furnace 1.6 MTPA DRI 3.6 MTPA Twin Shell ConArc 55 MW Power Plant Vasind & Tarapur (JSCPL*) 1.18 MTPA GP/GC 0.5 MTPA Colour Coating Line 30 MW Power Plant Kalmeshwar (JSCPL*) 0.58 MTPA GP/GC 0.19 MTPA Colour Coating Line Vijayanagar: 10MTPA 1.65 MTPA Corex 8.4 MTPA Blast Furnaces 855 MW Power Plant Salem: 1 MTPA 1 MTPA Blast Furnaces 0.5 MTPA Blooming Mill 60 MW Power Plant Leveraging locational advantage to increase market share strategically in the Southern and Western regions of India *JSW Steel Coated Products Limited 13

3 Strategic overseas presence US coal mines JSW Steel ownership: 100% Acquisition cost: $70mn 2 of 7 mines are operational Alloy Dock Load Out Facility US plate and pipe mill JSW Steel ownership: 90% Acquisition cost: $810mn Capacity: 1.2 Net MTPA Plates and 0.55 Net MTPA Pipes Acquired in 2007 Opportunity for diversification in terms of products, markets and geographies Chile iron ore mines JSW Steel ownership: 70% Acquisition cost: $252mn Started operations in FY11 Maritime concession to develop cape size port in North Caldera Mozambique coal mines JSW Steel ownership: 100% 5 mining licenses awarded Early stage development in progress Strategic overseas presence for backward integration and value-added facilities 14

4 Diversified Product Profile Wide Offering of Flat and Long Products Slabs Color Coated HRC Billets HR Plates Blooms GC TMT CRC Wire Rods Continuously Increasing Value Added Products Diversified portfolio to address growing demand for value-added steel Commissioned new facilities to further enrich product mix Leveraging JFE Steel s well-established manufacturing technology for high value-added products for autograde steel Developing New Products, Capturing Niche Markets Automotive Grade Steel Color Coated Products Electrical Steel Enhanced focus on cold rolled, galvanised and galvanneal products for body panels of automobiles Manufactured at a new CRM2 complex Largest color coated facility to address construction, warehousing and roofing requirements State-of-the-art color coating line for appliance grade products used in consumer durables Commissioned Cold Rolled Non-grain Oriented (CRNO) steel plant to address domestic demand by substituting imports of high grade electrical steel Continuously enriching product mix 15

5 Domestic market leader with strong export presence 11.4% 13.4% 6.9% 0.8% 3.3% 23% 15% 16% 25% 24% 77% 85% 84% 75% 76% FY08 FY10 FY12 FY14 FY15 India Finished Steel Consumption Growth (1) JSW Export Turnover as % of Total JSW Domestic Turnover as % of Total Penetrating further to capture growing domestic demand with unique marketing strategy unique nationwide retail network (JSW Connect, JSW Shoppe, JSW Explore as well as non-exclusive retails) of more than 4,700 outlets with footprints across 495 districts Leadership position in India and largest exporter of steel products out of India Ability to re-align sales effort and shift between domestic and export market as per market conditions Exports to high demand regions such as Asia, Middle East, Europe and the US presence in over 100 countries Flexibility to shift between domestic and international markets based on market conditions (1) Joint Plant Committee 16

6 Strong sales and marketing platform Multi-sectoral volume growth Optimizing market mix and product mix to derive maximum benefit from sector growth Leveraging export presence New product approvals for Original Equipment Manufacturers (OEMs) and automotive customers Increase in value added products leading to incremental growth in focus sectors and also facilitating import substitution Focused on Retail Sales increased reach and penetration Segmented approach to address different retail segments Metro / Urban JSW explore Branded, multiple product service center for steel solutions Just-in-time solution with in-house profiling lines and Value Added Services Franchisee Model JSW Shoppe Steel distribution Enhanced customer experience Urban / Semiurban Semiurban / Rural JSW Shoppe Connect Smaller retail format linked to JSW explore/shoppe Last mile link to talukas/rural areas Sales to end consumers and MSMEs Increased customer focus and market penetration 17

7 Focus on operational efficiency Diverse blend of technology High labour productivity Integrated operations Coke Making: Recovery and Nonrecovery Coke Ovens Agglomeration: Pelletisation and Beneficiation Plants Iron Making: Blast Furnace, Corex, Sponge Iron (DRI) Steel Making: Basic Oxygen Furnace (BOF), Electric Arc Furnace (EAF), Conarc Casting: Continuous Casting, Thin Slab Casting, Billet Casting Improving labor productivity: Current production of ~1,029 tons/ employee (1) In-house training programs faculty internal Continuously investing, building and enhancing competencies Integrated manufacturing facilities: From pelletisation / beneficiation to downstream value-add capabilities Dedicated port and railway siding for logistics support 100% assured power supply through captive power plants and arrangements with JSW Energy and the power grid Resulting in operational efficiency Reduced raw material costs Focus on process improvements Waste gas utilization for power generation Efficient operations resulting in low conversion cost High level of integration and technological expertise leading to reduced production cost and time (1) Total production (12.63MT) divided by total no. of employees on Company payroll (12,271) in FY15 18

8 Strategic expansion aided by strong project execution Strong project execution capabilities. Experienced in-house project management team Supported by cross-functional team (commercial, finance and legal department) Established long-term relationship with key domestic and international suppliers Savings in procurement cost by negotiating firm prices for follow-on orders at low specific investment cost (1) Reduced specific investment cost/ton of capacity expansion shows cost efficiency 1.6 Mtpa FY 2003 USD 923/mt 2.5 Mtpa FY 2006 USD 682/mt 7.8 Mtpa 3.8 Mtpa FY 2009 USD 559/mt FY 2007 USD 550/mt 11 Mtpa FY 2012 USD 545/mt Vijayanagar Works: Major on-going Projects Capacity expansion from 10 MTPA to 12 MTPA by setting up certain new facilities and debottlenecking/ modification of existing facilities 50,000 TPA capacity Service Center to handle the products of Electrical Steel Complex Dolvi works: Capacity expansion from 3.3 MTPA to 5 MTPA by setting up certain new facilities and debottlenecking/ modification of existing facilities Salem Works: Capacity expansion from 1 MTPA to 1.2 MTPA by setting up certain new facilities and debottlenecking/ modification of existing facilities Setting-up of Reheating Furnace in Bar Rod Mill, Coke Oven and Turbo Generator Tarapur Works: Setting up 0.2MTPA Tin plate mill Focus on low cost and returns accretive brownfield projects to capitalise on expected demand recovery (1) Vijayanagar works expansions 19

9 Proven ability to acquire and turnaround assets JSW Steel has a proven track record of acquiring troubled assets and turning them around in record time by closely integrating them with its existing operations thus creating synergies and optimizing cost Case Study: Turnaround strategy at JSW Ispat s Dolvi plant December 2010 Completed Initiatives FY2011 2015 Road Ahead Plant under maintenance Loss making at EBITDA level High interest cost Financially distressed Infusion of equity Alignment of marketing strategies resulting in freight synergies and VAT benefits Reduction of high cost working capital funding Refinancing of existing debt Electricity sourcing from JSW Energy at competitive prices Commissioning of 4MTPA pellet plant (1), 1MTPA coke oven (1), waste gas based 55MW power plant, railway siding, and lime calcination plant Capacity expansion to 5MTPA Further operational improvements underway Inability to service existing debt Inadequate cashflows Corporate debt restructuring (CDR) case Exit from CDR Generating positive profit after tax Operational improvements underway Profitability to improve substantially Able to leverage an acquisition to maximum value accretion through application of knowledge and experience (1) Implemented in a wholly owned subsidiary Amba River Coke Limited. 20

10 Robust financial profile Strong track record of volume and revenue growth Superior profitability supported by efficient operations Well-capitalized balance sheet Financial flexibility to raise capital Strong positioning as compared to peers* Achieved significant sales growth despite weak economic and sluggish domestic demand in past 2 years Resilient operations with improved EBITDA margin marked by several productivity and cost improvement measures in FY14 and FY15 Adequate liquidity levels owing to prearranged funding in place for capacity expansions and a committed working capital facility Diverse sources of funding Strong relationships with over 50 banks/financial institutions with access to low cost credit Healthy mix of local and foreign currency debt Strong EBITDA margins, low leverage and higher returns on invested capital as compared to global peers Refer next slide 21

Strong positioning compared to peers EBITDA Margin (1) (%) 17.8% 19.2% 26.6% 25.2% 19.5% 17.8% 16.0% 12.0% 9.9% 9.1% 9.1% 6.7% 5.9% 5.1% JSW Steel JSW Steel (Consolidated) (Standalone) Severstal CSN Magnitogorsk Iron and Steel Evraz Hyundai Steel Gerdau Nucor Tata Steel Arcelormittal Steel Dynamics US Steel ThyssenKrupp Net Debt/EBITDA (x) 3.81x 2.97x 0.69x 1.32x 1.49x 1.66x 2.06x 2.20x 2.21x 2.67x 4.30x 4.56x 5.22x 5.55x JSW Steel JSW Steel (Consolidated) (Standalone) Severstal Magnitogorsk ThyssenKrupp Nucor US Steel Arcelormittal Evraz Gerdau Hyundai Steel Steel Iron and Steel Dynamics CSN Tata Steel Return on Average Capital Employed (2) (%) 17.78% 9.67% 11.02% 11.93% 9.04% 7.97% 7.53% 5.77% 5.60% 5.57% 5.47% 5.41% 4.68% 0.02% JSW Steel JSW Steel (Consolidated) (Standalone) Severstal ThyssenKrupp Magnitogorsk Iron and Steel Evraz CSN Gerdau Tata Steel Hyundai Steel Steel Dynamics US Steel Arcelormittal Nucor Financials as of FY14 (FY ending December) for all peers except JSW Steel and Tata Steel (FY15 ending March) and ThyssenKrupp (FY14 ending September), (1) Calculated as EBITDA/ Revenue, where EBITDA is post adjustment of any one-off items, (2) Calculated as EBIT/ Average Capital Employed (net worth + long-term borrowings + shortterm borrowings + current maturity of long-term borrowings + net deferred tax liabilities) 22

Agenda Overview Value Proposition Recent Performance Business Environment 23

Key highlights 2QFY16 Standalone performance Highest ever quarterly Saleable Steel sales: 3.19 million tonnes Crude Steel production: 3.25 million tonnes Gross Turnover: `10,780 crore/ US$1,640 mn Net Sales: `9,653 crore/ US$1,468 mn Operating EBITDA: `1,566 crore/ US$238 mn Net Debt to Equity: 1.22x and Net Debt to EBITDA: 4.55x Consolidated performance Key update Gross Turnover: `11,928 crore/ US$1,814 mn Net Sales: `10,743 crore/ US$1,634 mn Operating EBITDA: `1,729 crore/ US$263 mn Net Debt to Equity: 1.72x and Net Debt to EBITDA: 5.32x Blast Furnace (BF-1) at Vijayanagar is under shutdown for relining and modification from 19 th August, 2015 Blast Furnace at Dolvi too went under shutdown for capacity expansion from 17 th October, 2015 USD/ ` = 65.7418 (RBI reference rate as on Sep 30, 2015) 24

Quarterly volumes standalone Crude Steel Production -1% -4% YoY QoQ 3.30 3.25 3.40 3.07 Saleable Steel Sales +4% +3% YoY QoQ 3.19 3.11 2QFY15 2QFY16 1QFY16 2QFY15 2QFY16 1QFY16 2QFY15 2QFY16 1QFY16 Flat 2.61 2.57 2.50 Long 0.56 0.64 0.69 2QFY15 2QFY16 1QFY16 Flat 2.47 2.50 2.40 Long 0.48 0.65 0.62 Semis 0.12 0.03 0.08 All figures are in million tonnes 25

Half yearly volumes standalone Crude Steel Production +4% YoY 6.40 6.65 Saleable Steel Sales +6% YoY 6.29 5.94 1HFY15 1HFY16 1HFY15 1HFY16 1HFY15 1HFY16 1HFY15 1HFY16 Flat 5.05 5.07 Long 1.08 1.33 Flat 4.79 4.91 Long 0.96 1.28 Semis 0.20 0.11 All figures are in million tonnes 26

Quarterly sales highlights consolidated 3.10^ 3.14^ 3.11^ 26% 10% 14% 2.31* 2.82* 2.66* 15% 13% 11% 24% 35% 32% 62% 53% 57% 2QFY15 2QFY16 1QFY16 OE/Industrial Retail Auto Exports 33% 34% 35% 67% 66% 65% 2QFY15 2QFY16 1QFY16 Value added & special Products Other products Highest ever quarterly domestic sales of 2.82 million tonnes grew by 22%YoY Exports strategically moderated to 10% of total sales as planned, and yet mix improved with higher sales of value added products Retail sales grew 80%YoY, OE/Industrial sales grew 5%YoY, Auto sales grew 4% Source: JPC and JSW Steel, * Domestic sales in million tonnes ^ Total sales in million tonnes JSW Steel Standalone + JSW Steel Coated Products (net-off inter-company sales) 27

Quarterly retail sales highlights consolidated Brand building activities 360 0 Brand campaign of NeoSteel ECP launched for all Branded products Improved brand positioning Network expansion and Influencer programme Retail sales ( 000 tonnes) +80% 976 +16% 842 543 2QFY15 2QFY16 1QFY16 64% Retail - Branded Sales Retail - Others Sales 36% 43% 45% 57% 55% 2QFY15 2QFY16 1QFY16 Retailer network of 4,700 Retail footprints across 495 districts 3,300+ influencer/ retailers engaged 117 influencer meets and 6 plant visits Branded steel product s sale grew 115% YoY and 10% QoQ TMT sale grew 195%YoY and 33%QoQ Individual residential, real estate, commercial and industrial projects were major contibutors CRCA sales grew 108%YoY and 22%QoQ Auto and general engineering sectors were major contibutors Retail sales grew by 80%YoY and 16%QoQ 28

Widening capability of high-value auto grade steel 780 HR 980Y CR 270C CR 270E CR Fasteners Differential Gear Bearings 270F CR 270E CR 590 CR 980Y CR IFH390 CR Leaf spring Crankshaft 340/440R CR 270/440LA CR 590R/Y CR 340 CR 780Y CR IFH350 CR Transmission Gears Connecting Rod Cold formable steel grades High strength steel grades (HSS/AHSS) Coil springs Steering knuckle 29

New product development/approvals in 2QFY16 Steel Type: EDD Grade CRC End use: Roof panel of SUV Steel Type: IF Grade Galvaneal End use: Fuel Tank of Two wheeler Steel Type: AHSS 590/780/ 980 CRC/GA End use: Structural Components of Passenger Car Steel Type: SAE Grade Micro-Alloyed Steel Round End use: Differential Gear Casing Steel Type: Ferritic Bainitic 600 Grade HR End use: Reinforcement brackets of Passenger Car Steel Type: Electrical Steel- CRNO End use: Motor stampings 30

2Q Financials standalone Particulars 2QFY16 2QFY15 ` Crores USD mn ` Crores USD mn Gross Turnover 10,780 1,640 12,996 1,977 Net Sales 9,653 1,468 11,886 1,808 Operating EBITDA 1,566 238 2,620 399 Other Income 106 16 119 18 Finance Cost 675 103 720 110 Depreciation 510 78 699 106 Exceptional Items 116 18 190 29 Profit Before Tax 371 56 1,131 172 Tax 130 20 369 56 Profit after Tax 241 37 762 116 USD/ ` = 65.7418 (RBI reference rate as on Sep 30, 2015) 31

1H Financials standalone Particulars 1HFY16 1HFY15 ` Crores USD mn ` Crores USD mn Gross Turnover 21,847 3,323 25,397 3,863 Net Sales 19,634 2,987 23,256 3,537 Operating EBITDA 3,070 467 5,081 773 Other Income 198 30 217 33 Finance Cost 1,328 202 1,443 219 Depreciation 1,262 192 1,363 207 Exceptional Items 262 40 190 29 Profit Before Tax 417 63 2,303 350 Tax 145 22 740 113 Profit after Tax 272 41 1,563 238 USD/ ` = 65.7418 (RBI reference rate as on Sep 30, 2015) 32

Operating EBITDA movement standalone $206 1,357 ` crore $399 2,620 $16 102 (2,592) ($394) $14 93 (15) ($2) $238 1,566 EBITDA 2QFY15 Volume Cost NSR Mix Others EBITDA 2QFY16 USD/ ` = 65.7418 (RBI reference rate as on Sep 30, 2015) 33

Operational performance JSW Steel Coated Products Million tonnes Volumes 2QFY16 2QFY15 1HFY16 1HFY15 Production* 0.36 0.41 0.75 0.81 Sales 0.37 0.41 0.77 0.81 ` crore Key P&L data 2QFY16 2QFY15 1HFY16 1HFY15 Turnover 1,927 2,537 4,059 5,042 Operating EBITDA 102 108 212 203 Profit after Tax 22 11 48 18 *Including Job Work 34

Operational performance US Plate & Pipe Mill Production (net tonnes) 2QFY16 2QFY15 1HFY16 1HFY15 Plate Mill 58,312 1,02,748 1,16,430 2,05,442 Utilization (%) 25% 40% 24% 41% Pipe Mill 16,043 11,752 29,584 19,882 Utilization (%) 12% 9% 11% 7% Sales (net tonnes) 2QFY16 2QFY15 1HFY16 1HFY15 Plate Mill 41,947 86,084 90,023 1,81,590 Pipe Mill 17,597 16,641 34,754 25,870 USD mn Key P&L data 2QFY16 2QFY15 1HFY16 1HFY15 Turnover 53.41 94.45 105.88 187.91 EBITDA + Other Income (3.09) 2.54 (12.49) 6.56 Profit after Tax (19.25) (12.71) (44.72) (23.10) Net tonnes = 0.907 metric tonnes 35

Operational performance Chile USD mn Particulars 2QFY16 2QFY15 1HFY16 1HFY15 Production (Tonnes) - 2,24,387 83,774 4,45,123 Sales (Tonnes) - 2,21,025 1,60,667 5,46,547 Turnover - 18.24 8.60 50.31 Operating EBITDA (0.48) (1.76) 0.20 (2.11) Profit after Tax (1.37) (2.70) (3.29) (5.81) 36

2Q Financials consolidated Particulars 2QFY16 2QFY15 ` Crores USD mn ` Crores USD mn Gross Turnover 11,928 1,814 14,859 2,260 Net Sales 10,743 1,634 13,692 2,083 Operating EBITDA 1,729 263 2,812 428 Other Income 39 6 26 4 Finance Cost 836 127 855 130 Depreciation 682 104 851 129 Exceptional Items 1 0.2 21 3 Profit Before Tax 248 38 1,112 169 Tax 142 22 374 57 Share of Associates and Minority Interest 11 2 11 2 Profit after Tax 117 18 749 114 USD/ ` = 65.7418 (RBI reference rate as on Sep 30, 2015) 37

1H Financials consolidated Particulars 1HFY16 1HFY15 ` Crores USD mn ` Crores USD mn Gross Turnover 24,484 3,724 29,012 4,413 Net Sales 22,125 3,365 26,759 4,070 Operating EBITDA 3,357 511 5,424 825 Other Income 65 10 80 12 Finance Cost 1,659 252 1,699 258 Depreciation 1,621 247 1,646 250 Exceptional Items 2 0.3 21 3 Profit Before Tax 140 21 2,138 325 Tax 159 24 756 115 Share of Associates and Minority Interest 29 4 23 3 Profit after Tax 10 2 1,405 214 USD/ ` = 65.7418 (RBI reference rate as on Sep 30, 2015) 38

Net debt movement consolidated ` crore $5,773 37,953 $140 919 $87 571 $89 $5,934 585 39,008 (1,020) ($155) Net Debt* as on Jun'15 New Loan Taken** Repayments Fx Impact Movement in FD/MF Net Debt* as on Sep'15 Particulars 30.09.2015 30.06.2015 Cash & cash equivalent (` crore) 1,378 1,963 Net Debt/Equity (x) 1.72 1.66 Net Debt/EBITDA (x) 5.32 4.51 *Net Debt excludes Acceptances USD/ ` = 65.7418 (RBI reference rate as on Sep 30, 2015) 39

Agenda Overview Value Proposition Recent Performance Business Environment 40

Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 IIP (% YoY) 3.5% 3.3% 3.1% 2.4% 2.1% 2.0% 3.1% 2.5% 2.6% 1.5% 1.5% 1.5% 1.0% 0.8% 0.6% 4.3% 4.2% 4.0% 7.5% 7.5% 7.3% 6.8% 6.8% 6.8% Global economy Global growth expectations continue to be marked down, IMF revises 2015 global GDP growth to 3.1%. US continues to grow, consumer sentiment remains buoyant, however an adverse external environment is weighing on manufacturing and exports GDP growth projections for 2015 2015P (Apr 15) 2015P (July 15) 2015P (Oct 15) Europe growth outlook remains stable on the back of monetary stimulus and benign energy prices; recent data print still unaffected by spillover of weak emerging market economies Japan might need another stimulus for consistent recovery; subdued industrial activities and domestic consumption remain a concern China new normal mark yet to stabilize; spillover of financial market volatility into consumer sentiment yet to be seen, effectiveness of policy easing may be declining World AMEs US Euro Area 15 10 5 0-5 -10 Japan EMEs India China Global growth rate weighed down by emerging economies US Eurozone Japan China Source: Bloomberg, IMF and JSW Steel 41

Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 HRC prices ($/tonne) N. America Other Europe Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 CIS Japan Korea China EU World MEA India -6.8-6.4-5.8-5.1-2.1-2.5-3.4-0.7 0.8 3.1 Global steel scenario Global crude steel production - 9MCY15 (% YoY growth) 30% China apparent steel consumption (%YoY growth) China steel Exports (annualized, mn tonnes) -RHS 140 20% 120 10% 100 0% 80-10% 60-20% 40 775 700 625 550 475 400 325 250 North America ExW Black Sea export FOB North Europe ExW China export FOB World Crude Steel production in 9MCY15 fell by 2.5% most regions continue to witness a decline Chinese steel exports continue to increase even at prices below marginal cost as domestic demand falls faster than production cuts resulting in a global supply glut Regional HRC prices remain under pressure driven by surging exports from steel-surplus countries at predatory prices and declining demand Rising exports at predatory prices to intensify trade remedial actions Source: World Steel Association, World Steel Dynamics, Bloomberg and JSW Steel 42

Indian economy and steel industry 44.7 0.8% 45.1 4.1% -2.3% 37.6 39.1 36.5 35.7 Domestic steel industry continues to suffer from surge in imports especially from China, Japan, and Korea; consumption of domestically produced steel fell by 2.3%YoY in 1HFY16 as total steel imports surged by 42%YoY Crude Steel Production 1HFY15 Finished Steel Consumption* 1HFY16 Consumption of domestically produced steel 1HFY16 Finished steel exports fell by 26%YoY. Excess availability continue to dent market sentiments With restart of new mining capacities, domestic iron ore prices correct on the back of improving supply 4.19 42% 5.93 1.34 Total Steel Imports 18% 1.59 1.17 0.65 0.86 Total China Japan Korea 1HFY15 80% 1HFY16 77% 1.52 Activity levels shows an uptick, monetary easing supportive of growth; recent IP data print is encouraging, needs to sustain the momentum Public spending on a few infrastructure segments (highways, ports, power transmission, etc.) is picking up Increase in public spending and progress of policy reforms are key to kick-start the investment cycle Dumping of steel a serious concern Source: JPC and JSW Steel All figures are in million tonnes, * Apparent finished steel consumption net of double counting effect 43

Forward looking and cautionary statement Certain statements in this report concerning our future growth prospects are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risk and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition within Steel industry including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, our ability to commission mines within contemplated time and costs, our ability to raise the finance within time and cost client concentration, restrictions on immigration, our ability to manage our internal operations, reduced demand for steel, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which the Company has made strategic investments, withdrawal of fiscal/governmental incentives, impact of regulatory measures, political instability, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. The company does not undertake to update any forward looking statements that may be made from time to time by or on behalf of the company. 44

Thank you 45