JSW Energy Limited Investor Presentation November 2017 Agenda

Overview Value Proposition Operational Appendix Highlights

2 JSW Group – overview

USD 11 billion group with presence across the core sectors JSW Steel*: India’s leading integrated steel JSW Energy*: Engaged across the value chain producer (Steel making capacity: 18MTPA) of power business (Operational plants’ capacity: 4,531MW^)

JSW Infrastructure: Engaged in development JSW Cement: Manufacturer of PSC, OPC and operations of ports (Operational capacity: and GGBS cement (Operational plants’ 70MTPA) capacity: 11.6MTPA)

Group market cap (USD 11,807 mn **)

JSW Energy 2,162 JSW Steel 9,645

As on October 31, 2017

• Listed company. ** USD/ ` = 64.7745 (RBI reference rate as on October 31, 2017) • ^ Company has signed Share Purchase Agreement for acquisition of 500MW Bina thermal power project from JPVL and 1,000MW Tamnar thermal power project from JSPL 3 • JSW Energy – Presence across the value chain

. Currently operational . Operational transmission line – JV with capacity: 4,531MW Power MSETCL: two 400KV transmission lines Power generation transmission

. JV with Toshiba, Japan for Equipment . Rajasthan (lignite): Kapurdi manufacturing of super-critical Mining (operational with capacity of steam turbines and generators manufacturing 7MTPA) and Jalipa (under development) mines; mineable reserves of 441mn tonnes Power trading

. Engaged in power trading since June 2006 . Handled trading volume of ~4bn units in FY17

4 Established energy company with 4,531 MW operational capacity

Baspa II (300MW) & Karcham Wangtoo (1,091MW) . Units operating: Baspa II since 2003 and Karcham Wangtoo since 2012 Barmer: 1,080MW . Technology & Fuel Source: Hydro . Power Offtake: Long Term PPA and Merchant . Configuration: 8 X 135MW . Asset Value to JSW Energy: INR 92,750mn/ $1,546mn2 . Units operating: since 20103 . Technology: Sub-critical pithead lignite based TPP . Fuel Source: Captive lignite mines of BLMCL1 . Power Offtake: Long Term PPA . Project Cost: INR 71,650mn/ $1,194mn2

Ratnagiri: 1,200MW Vijayanagar: 860MW . Configuration: 4 X 300MW . Units operating: since 20113 . Configuration: 2 X 130MW and 2 X 300MW 3 . Technology: Sub-critical TPP . Units operating: since 2000 . Fuel Source: Imported thermal coal . Technology: Sub-critical TPP . Power Offtake: Long Term PPA & Merchant . Fuel Source: Gas & imported thermal coal . Project Cost: INR 55,161mn/ $919mn2 . Power Offtake: Long Term PPA & Merchant . Project Cost: INR 30,957mn/ $516mn2

Proximity to load centre/fuel source/infrastructural facilities 1) Long term FSA with BLMCL for supply of lignite from its captive mines; BLMCL is a 49:51 JV between Raj WestPower Ltd (subsidiary of JSW Energy) and Rajasthan government undertaking, 2) USD/ INR = 60, 3) denotes start of first unit in respective fiscal year; TPP – Thermal Power Plant 5 Proven track record

FY12 FY17

Capacity (MW) 2,600 4,531 . CAGR FY12–17: 12%

Net Generation (MUs) 13,594 21,631 . CAGR FY12–17: 10%

Total Revenue INR 62,654mn / $1,044mn INR 84,804mn / $1,413mn . CAGR FY12–17: 6%

EBITDA INR 15,944mn/ $266mn INR 35,414mn/ $590mn . CAGR FY12–17: 17%

. CAGR FY12–17: 30% PAT INR 1,701mn/ $28mn INR 6,290mn/ $105mn . Profitable and dividend paying since listing

Fuel Type Thermal Coal Thermal Coal, Lignite, Hydro . Diversifying fuel sources

Power generation, O&M, Power generation, O&M, Business Segment transmission, trading, coal mining transmission, trading, coal mining . Presence across the value chain and equipment manufacturing and equipment manufacturing

Despite turbulent sector dynamics, delivering sustainable growth driven by focused execution and balanced strategy

USD/ INR = 60 6 Sound Corporate Governance

 Ensures regular review of audit plans, significant audit findings, adequacy of internal audit system, compliance with Audit Committee regulations by the Company and its subsidiaries  Comprises of six Non-Executive Directors

 Identifies qualified persons and recommends to the Board the appointment, removal and evaluation of Directors Compensation and  Responsible for drafting policy on specific remuneration packages for Executive Directors and approving the payment Nomination & of remuneration to managerial personnel Remuneration  Formulate criteria for independence of Director, evaluation of Independent Directors, policy on Board diversity Committee  Comprises of four Non-Executive Directors

Stakeholders  Responsible for the functioning of the investor grievances redressal system Relationship  Comprises of three Non-Executive Directors Committee

Risk Management  Periodically reviews risk assessment and minimisation procedures Committee  Comprises of four Non-Executive Directors

Corporate Social  Formulates and recommends to the Board a CSR Policy including list of projects and programs Responsibility (CSR)  Strong commitment towards CSR Committee  Comprises of four Non-Executive Directors

All key committees in place, having adequate independent director representation

7 Agenda

Overview Value Proposition Operational Appendix Highlights

8 Value proposition

1 Efficient Capital Allocation and Execution Capabilities

2 Portfolio of Efficient Operating Assets

3 Diversified Fuel Tie-up

4 Balanced Mix of Off-take Arrangements

5 Robust Financial Profile

9 1 Efficient Capital Allocation and Execution Capabilities

Project cost of select power plants set up by other players in the industry Power project Capacity Project cost 1st COD MW ` crore/MW $mn/MW Year Lanco (Amarkantak) 600 5.23 0.87 2009 Lanco (Udupi) 1,200 4.67 0.78 2010 Aryan Coal (Kasaipalli) 270 5.00 0.83 2011 Barmer /DVC (Maithon) 1,050 5.24 0.87 2011 (2010-2013): Adhunik (Padampur) Ratnagiri 1,080 MW @ 540 6.18 1.03 2013 (2011-2012): INR 66.34mn1 /MW GMR EMCO (Warora) 600 6.25 1.04 2013 Vijayanagar 1,200 MW @ (~$1.11mn/MW) GMR (Kamalanga ) 1,050 6.21 1.04 2013 (2010): INR 45.97mn/MW 600 MW @ (~$0.77mn/MW) Dhariwal (Chandrapur) 600 6.22 1.04 2014 Vijayanagar INR 32.78mn/MW DB Power (Janjgir-Champa) 1,200 7.02 1.17 2014 (~$0.55mn/MW) (2000-2001): JPVL (Nigrie) 1,320 7.92 1.32 2014 260 MW @ 1 INR 43.42mn/MW Neyveli (Barsingsar) 250 7.00 1.17 2010 1 (~$0.72mn/MW) Giral (Rajasthan) 250 7.69 1.28 2011

Leveraging upon strong project execution and project management expertise, and infrastructure

1) High capital cost due to CFBC boilers for lignite based power plant USD/ INR = 60 10 2 Portfolio of Efficient Operating Assets

1 JSW Energy Standalone PLF  Among the best run thermal power plants in India on a All India private sector thermal power plants' PLF* consistent basis 93% 81% 83% 84%  Vijayanagar plant has been consistently recognised as a 64% 62% 61% 62% top performing operating power plant by the Ministry of 61% 61% 56% 56% Power for 8 consecutive years2

 PLF in the recent past has been low due to lack of JSW Energy Standalone Energy JSW FY13 FY14 FY15 FY16 FY17 6M FY18 schedule

RajWest Hydro 94% 85% 86% 85% 86% 85% 84% 82% 78%  Highest ever generation in Hydro Plants in First Half of FY

69% 18

and Hydro and 3

24% 14%

RajWest

Q2 FY18Q2 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Industry leading PLFs driven by O&M and execution expertise *Source-CEA 1) Includes Vijaynagar (860MW) and Ratnagiri (1,200MW) plants, 2) Vijaynagar’s SBU I (260MW) or SBU II (600MW) received either the Bronze Shield or the Silver Shield in the category of ‘Performance of Thermal Power Stations’ for FY07/FY08/ FY09/ FY10/ FY11/FY14 and the Gold Shield for FY12 and FY13, 11 3) Deemed PLF Diversified Fuel Tie-up and balanced Mix of Off-take 3 4 Arrangements

Fuel sources – Power off-take arrangements – optimal mix of long term o Imported coal contracts & merchant power sales (return optimisation) …. o Lignite Long term: o Hydro 35.4%  Stable cashflows, pre-defined returns  Insulated from inflation and fuel 64.6% price movement, declining tariff 31% Short term:  Ability to capitalise on better 24% realisations  Ability to respond to demand 45% fluctuations and shortages

Long Term Short Term …. with aim to tie-up over 85% of capacity under long term Imported coal Lignite Hydro PPAs Lower fuel risk, resilience to sector dynamics

12 5 Robust Financial Profile

FY17 EBITDA Margin (%1) FY17 Return on Capital Employed (%2)

45.9% 10.2% 41.8% 37.4% 8.6% 7.6% 6.9% 28.2% 6.4% 27.5% 26.6% 5.7% 19.4% 3.0%

JSW Energy R Power JPVL NTPC CESC Tata Power JSW Energy NTPC R Power CESC Adani Power Tata Power JPVL (Standalone) (Standalone) FY17 Return on Net Worth (%)

11.3% 6.3% 6.6% 6.4% 5.3%  Dividend paying track-record since listing in 2010 -14.5%

-118% JSW Energy NTPC CESC Tata Power R Power JPVL Adani Power (Standalone) Sector leading margins and return ratios

Source: Annual Reports for FY 2015-16 (1) Calculated as EBITDA/ Revenue, where EBITDA includes Other Income, (2) Calculated as EBIT/ Average Capital Employed (Net Worth + Minority 13 Interest + Gross Borrowings + Net Deferred Tax Liabilities) 5 Robust Financial Profile

FY17 Net Debt/Equity (x) FY17 Net Debt/EBITDA (x)

14.0 17.2

4.1 8.9 8.1 2.6 6.2 4.7 1.5 3.8 1.3 1.1 2.6 0.4

JSW Energy CESC NTPC R Power JPVL Tata Power Adani Power JSW Energy CESC NTPC R Power Adani Power Tata Power JPVL (Standalone) (Standalone)

Well capitalised balance sheet, best positioned to tap growth opportunities

Source: Annual Reports for FY 2015-16 14 Agenda

Overview Value Proposition Operational Appendix Highlights

15 Key highlights for Q2FY18

. Long term PPA (LTPPA) tie-up . LTPPA proportion at ~65% in Q2FY18 - secured group captive contract of 4MW at Ratnagiri

. Net debt reduced by ` 1,705 crore in H1FY18 after adjusting for JPVL liability; cost of debt dips by 84bps from Q4FY17 level . Optimisation of debt profile through proactive prepayments, refinancing and scheduled repayments

. Proactive working capital management: Reduction in consolidated debtors by ~ ` 570 crore over Q4FY17 levels

. Operational efficiency measures drive savings in O&M costs

16 Power generation Q2 plant-wise net generation 6M plant-wise net generation -3% -3%

-4% 6,276

6,117 6,117 12,924 12,924

-21% 12,517 7% 4% -20% 2%

43% 4%

2,667 2,667

2,565 2,565

4,775 4,775

4,601 4,601

1,826 1,826 1,950

760 760 533 533

3,686 3,686

2,875 2,875 2,917 2,917 2,811

1,699 1,699 1,361 1,377 1,430 Ratnagiri Vijayanagar Barmer Hydro Total Ratnagiri Vijayanagar Barmer Hydro Total Q2 FY17 Q2 FY18 6M FY17 6M FY18 Q2 FY17 Q2 FY18 6M FY17 6M FY18 PLF – Ratnagiri 71% (*82%) 57% (*61%) 77% (*84%) 61% (*66%) PLF – Vijayanagar 31% 43% 52% 56% PLF – Barmer * 86% 83% 85% 85% PLF – Hydro 94% 90% 81% 84% Short term sales (MUs) 1,321 1,182 3,718 3,016 Healthy merchant demand boosts Q2FY18 Vijayanagar generation. Ratnagiri affected by shutdown

All figures are in MUs. * Deemed PLF. Hydro net generation numbers includes free power to HPSEB 17 Long term PPAs

2950

2900 2,866MW 2,870MW in MW 64.5% * 4MW 64.6% * 2850

2800

2750

2700 Q1FY18 Addition in Q2FY18 Q2FY18 Availability under long term PPA remained above normative in Q2FY18

. 4MW tied under “Group Captive” scheme at Ratnagiri plant in Q2FY18 . In HBPCL: Long term PPAs for both Haryana (176MW) and Punjab (200MW) recommended to respective state regulators for approval; regulatory approval under process

* Proportion of long term PPA to total capacity. Karcham Wangtoo capacity @ 1,000MW as currently approved 18 Consolidated financial results

` Crore USD Mn

Q2 FY17 Q2 FY18 Particulars Q2 FY17 Q2 FY18

2,099 2,220 Turnover 324 343 1,014 1,053 EBITDA 157 163 48% 47% EBITDA Margin(%) 48% 47% 436 391 Interest 67 60 247 245 Depreciation 38 38 332 417 Profit Before Tax 51 64 217 297 Profit after Tax 34 46 1.34 1.81 Diluted EPS (`/USD) * 0.02 0.03

O&M cost reduction, Significant debt reduction and lower cost of debt boost PBT

INR/USD ` = 64.7745 (RBI reference rate as on October 31, 2017)

*Not Annualized 19 Consolidated financial results

` Crore USD Mn

6M FY17 6M FY18 Particulars 6M FY17 6M FY18

4,590 4,554 Turnover 709 703 2,173 2,029 EBITDA 335 313 47% 45% EBITDA Margin(%) 47% 45% 865 792 Interest 134 122 487 488 Depreciation 75 75 821 749 Profit Before Tax 127 116 584 514 Profit after Tax 90 79 3.59 3.14 Diluted EPS (`/USD) * 0.06 0.05

EBITDA at healthy levels supported by operational efficiency

INR/USD ` = 64.7745 (RBI reference rate as on October 31, 2017)

*Not Annualized 20 Consolidated financial highlights

Particulars Mar 31, 2017 Jun 30, 2017 Sep 30, 2017

` Crore USD mn ` Crore USD Mn ` Crore USD mn

Net Worth 10,368 1,601 10,696 1,651 11,259 1,738

Net Debt 13,384 2,066 13,686 2,113 12,679 1,957

Net Debt to Equity Ratio (x) 1.29 1.28 1.13

Weighted average cost of debt 10.17% 10.05% 9.33%

Debt gearing continues to show declining trend Reduction in cost of debt to 9.33% INR/USD ` = 64.7745 (RBI reference rate as on October 31, 2017)

21 Update on EV business

. MoU signed with Gujarat state government to set up manufacturing facilities for electric car and battery

. Company is in process of developing: . Product and technology strategies . Business partnerships for technology and engineering . Organisation structure including hiring right talent for core capabilities

. Planning to set up project SPV for the business

. Regular updates will be provided at the appropriate stage

22 New initiatives

. New thermal generation capacity of 36MW to be set-up with long term PPA tie-up . 2 units of 18MW thermal power capacity each at two locations of JSW Cement viz. in Nandyal and Salboni

. Building capability in the Renewable Energy space . Setting up 7MW solar power units . 6MW for JSW Cement with long term PPA tie-up . 1MW for JSW Energy’s captive consumption

. Secured ` 600 crore line of credit at attractive interest rate from SBI in partnership with World Bank for funding rooftop solar power projects

23 Agenda

Overview Value Proposition Operational Appendix Highlights

24 Strong financial track record

Total Revenue (Rs. mn) EBITDA (Rs. mn, RHS) Net Debt (Rs. mn) Net Debt to Equity 42,612 1,20,000 38,535 1,60,000 2.40 34,536 35,414 40,000 1,00,000 1,44,762 1,00,596 1.60 2.00 91,477 32,000 1,20,000 1.52 1,33,844 80,000 96,103 1.36 89,076 84,804 1.60 30,066 24,000 1.01 1.49 60,000 62,654 80,000 91,191 94,049 1.20 89,205 1.29 40,000 16,000 75,739 0.80 15,944 40,000 20,000 8,000 0.40 - 0 - - FY12 FY13 FY14 FY15 FY16 FY17 FY12 FY13 FY14 FY15 FY16 FY17

Key financial parameters FY15 FY16 FY17  Profit making entity since inception EBITDA Margin (%) 40.1 42.4 41.8  Dividend paying track-record since listing Return on Avg. Net Worth (%) 19.2 16.0 6.3  Free cash positive EPS (` Per Share) 8.23 8.90 3.87  Well capitalised balance sheet/ low gearing ratios DPS (` Per Share) 2.00 2.00 0.50

Robust financial profile in a challenging environment

Note: Figures from FY16 onwards have been restated as per IndAS 25 Reversal in trend as capacity declines 975MW QoQ

Sector-wise Installed Capacity – 329 GW Mode-wise Installed Capacity (as on Sep 30, 2017) (as on Sep 30, 2017)

-520 MW*, Total: 58 GW # Total: 81 GW # -835 MW*, RES -1,126 MW *, Central Total: 103 GW # 18% State Total: 219 GW # 25% 31% +151 MW *, Total: 45 GW # Hydro 13% Thermal Private 67% 44% Nuclear +380 MW*, 2% Total: 145 GW # Total: 7 GW #

QoQ decrease in total capacity by 975 MW in Q2FY18 led by central and state govt segments. Although there was a net decline in thermal capacity, new capacities were added in the hydro space.

Source: CEA. Renewables capacity is as of 30th June, 2017. *Additions/reduction during Q2 FY18 excluding renewables. # Refers to total installed capacity of respective segments 26 Demand growth steady at ~5% in H1FY18

Region Q1FY18 YoY Q2FY18 YoY H1FY18 YoY Remarks (MUs) change % (MUs) change % (MUs) change % North 96,515 4.9% 1,06,758 8.4% 2,03,273 6.7% Driven by UP (Q2: 18%, H1: 15% YoY growth) West 94,762 5.2% 85,117 3.1% 1,79,879 4.2% (Q2: 8%, H1: 9%) South 79,530 5.0% 77,651 3.5% 1,57,181 4.3% Telangana (Q2: 19%, H1: 15%) East 35,866 7.4% 35,009 2.6% 70,875 4.9% DVC (Q2: 11%, H1: 15%) North-East 4,048 12.4% 4,498 8.6% 8,546 10.3% Manipur and Nagaland: (Q2: 9% and 7% respectively), (H1: 9% and 12% respectively) All-India 3,10,086 5.1% 3,09,667 5.2% 6,19,753 5.2%

Trend in Growth Rates Region FY17 FY18 Q1 Q2 Q3 Q4 Q1 Q2 North 8.9% 0.4% 0.2% 0.8% 4.9% 8.4% West 8.7% -1.0% -6.5% -1.8% 5.2% 3.1% South 7.3% 2.0% 12.4% 3.4% 5.0% 3.5% East 6.9% 4.2% 0.4% -1.7% 7.4% 2.6% NE 2.9% 6.6% 3.8% 4.5% 12.4% 8.6% All-India 8.1% 0.9% 1.0% 0.5% 5.1% 5.2% Source: CEA 27 Thermal PLF picks up in H1FY18 compared to last year

Gross Q1FY18 YoY Q2FY18 YoY H1FY18 YoY Remarks Generation (MUs) change % (MUs) change % (MUs) change %

Thermal 2,61,299 2.2% 2,47,668 8.5% 5,08,967 5.2% Growth picks YoY but sequential decline Hydro 36,243 17.6% 45,105 -3.7% 81,348 4.7% Weak Q2 growth despite sequential pick-up RE 25,826 29.0% 23,785 24.4% 49,611 26.7% Q2FY18 data available only for Jul-Aug Others 10,119 0.5% 10,841 -15.9% 20,960 -8.6% Subdued due to weak nuclear generation Total 3,33,487 5.3% 3,27,399 6.6% 6,60,886 6.0%

PLF (%) Q1FY17 Q1FY18 Q2FY17 Q2FY18 H1FY17 H1FY18 Remarks Thermal 63.2% 62.5% 54.4% 57.6% 58.8% 60.1% Q2FY18 PLF improves across Central, State and Private segments as compared to last year Central 73.9% 73.7% 67.9% 69.7% 70.9% 71.7% State 59.3% 59.1% 44.9% 49.7% 52.1% 54.4% Private 58.0% 56.9% 52.1% 55.2% 55.0% 56.1%

Source: CEA 28 Merchant tariff spikes up in Q2FY18

IEX Average Market Clearing Price - Rs/kWh 4.50 Q1FY18 Q2FY18 H1FY18 4.00 Merchant Volume IEX+PXIL 3.50 12,018 13,169 25,188 (MUs) 3.00 Merchant Volume growth YoY 15.8% 18.2% 17.1% 2.50 Merchant Volume as % of 2.00 3.6% 4.0% 3.8% Total Generation

1.50

Jul-15 Jul-16 Jul-17

Jan-15 Jan-16 Jan-17

Sep-15 Sep-16 Sep-17

Nov-15 Nov-16

Mar-15 Mar-16 Mar-17

May-15 May-16 May-17

Robust exchange traded volume growth in Q2FY18

Source: IEX, PXIL 29 Indian economy and thermal coal prices

. Industrial Production growth has remained range-bound for Thermal coal prices firming up again, while INR appreciated last 1 year slightly during Q2 FY18

. Govt’s package of ` 2.11 trillion to recapitalise PSU banks and Indexed API 4 Coal (monthly avg.) USD/INR (monthly avg.) proposed banking reforms likely to boost lending and aid 160 economic growth 140 . Simultaneously, govt approved the biggest highway construction plan so far of ` 6.9 trillion providing further 120 impetus to growth prospects 100 Industrial production growth (% YoY) 80 12% Overall IIP Manufacturing Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 10% Indexed to Jun 2017 levels 8% 6% Month API 4 Coal USD/INR 4% Jun-17 100 100 2% 0% Jul-17 105 100 -2% Aug-17 112 99 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Sep-17 118 100

Source: API4 Coal Index, Bloomberg 30 Forward looking and cautionary statement

This presentation has been prepared by JSW Energy Limited (the “Company”) based upon information available in the public domain solely for information purposes without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation should not be construed as legal, tax, investment or other advice. This presentation is confidential, being given solely for your information and for your use, and may not be copied, distributed or disseminated, directly or indirectly, in any manner. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions. Furthermore, by reviewing this presentation, you agree to be bound by the trailing restrictions regarding the information disclosed in these materials. This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those specified in such forward-looking statements as a result of various factors and assumptions. The risks and uncertainties relating to these statements include, but are not limited to, (i) fluctuations in earnings, (ii) the Company’s ability to manage growth, (iii) competition, (iv) (v) government policies and regulations, and (vi) political, economic, legal and social conditions in India. The Company does not undertake any obligation to revise or update any forward-looking statement that may be made from time to time by or on behalf of the Company. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The information contained in this presentation is only current as of its date and has not been independently verified. The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. No representation, warranty, guarantee or undertaking, express or implied, is or will be made as to, and no reliance should be placed on, the accuracy, completeness, correctness or fairness of the information, estimates, projections and opinions contained in this presentation. None of the Company or any of its affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Please note that the past performance of the Company is not, and should not be considered as, indicative of future results. Potential investors must make their own assessment of the relevance, accuracy and adequacy of the information contained in this presentation and must make such independent investigation as they may consider necessary or appropriate for such purpose. Such information and opinions are in all events not current after the date of this presentation. None of the Company, any placement agent or any other persons that may participate in the offering of any securities of the Company shall have any responsibility or liability whatsoever for any loss howsoever arising from this presentation or its contents or otherwise arising in connection therewith. This presentation does not constitute or form part of and should not be construed as, directly or indirectly, any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company by any person in any jurisdiction, including in India or the United States, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any investment decision or any contract or commitment therefore. Securities of the Company may not be offered, sold or transferred in to or within the United States absent registration under the United States Securities Act of 1933, as amended (the “Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state of other jurisdiction of the United States. The Company’s securities have not been and will not be registered under the Securities Act. This presentation is not a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement or an offer document under the Companies Act, 2013, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, or any other applicable law in India. 31 Thank you

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