February 2016 Agenda

JSW Steel Limited Investor Presentation February 2016 Agenda

Overview Value Proposition Performance Business Overview Environment

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 producer (Steel making capacity: 14.3MTPA) chain of power business (Operational plants’ capacity: 4,531 MW)

JSW Infrastructure: Engaged in development JSW Cement: Manufacturer of PSC, OPC and operations of ports (Operational and GGBS cement (Operational plants’ capacity: 33MTPA) capacity: 6MTPA)

Group market cap ($5,865 mn**) JSW Group FY 2014-15 Gross Turnover: 10,782 EBITDA: 2,165 JSW Energy 2,103 Profit after Tax: 520 JSW Steel Cash Profit: 1,221 3,762 Cash Profit= PAT + Depreciation All figures are in USD millions USD/ ` = 62.5908 (RBI reference rate as on Mar 31, 2015) As on Dec 31, 2015

* Listed company ** USD/ ` = 66.3260 (RBI reference rate as on Dec 31, 2015) 3 JSW Steel – India’s leading steel manufacturer

. Integrated steel manufacturing . Installed capacity 14.3 MTPA, facilities – from raw material at six strategic locations in Leading steel processing plants to value- South and West India Integrated manufacturer manufacturing added product capacities in India process

. Pan India marketing and distribution network, export Strong . Combination of state-of- presence in ~100 countries distribution across the 5 continents Technological the-art steel making network and competence technologies: Corex, DRI, export Blast Furnace presence

Diversified Global product . Extensive portfolio of products – presence HR, CR, galvanized/galvalume, pre- portfolio . International presence in mining painted, tinplates, electrical steel assets (Chile, US and Mozambique) (CRNO) TMT bars, wire rods, and value-added facilities (Plate and special steel bars, rounds and Pipe mill in US) blooms

4 Transformational journey to market leadership

FY 2002 FY 2010 FY 2015

. CAGR FY’02–15: 18% Capacity (MTPA) 1.6 7.8 14.3 . FY 2016 expected capacity of 18MTPA

Production (MTPA) 1.3 6.0 12.6 . CAGR FY’02–15: 19%

Revenue 277 3,114 8,463 . CAGR FY’02–15: 30% (USD mn)

EBITDA 45 664 1,502 . CAGR FY’02–15: 31% (USD mn)

EBITDA/ton(1) 35 116 125 . CAGR FY’02–15: 10% (USD/ton)

Market Cap . Significant value creation with 42x increase in 84 3,693 3,501 (USD mn) market value(2)

Technology Corex Corex, BF Corex, BF, DRI . Adopting industry leading technologies

Flats, long, special Flat, long, special . Continuously expanding product canvas with Product Mix Flats steel and value steel & high value- focus on high-end value-added products added added auto grade

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

Continuously evaluating opportunities to deliver value enhancing growth

(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

General technical assistance Value creation for both the partners Automotive technology agreements agreements for sustainable business operations JSW Steel: Benefits to JSW Steel: Operational excellence and cost  Focused expansion plans in India  Access to fast growing auto steel reduction by:  Optimized capital structure through market  Improvement in quality, productivity, deleveraging  Short learning curve yield , and energy efficiency  Access to cutting edge technologies  Application engineering  Sharing best maintenance, environment JFE:  New product development management, and safety practices  Presence in growing Indian market  Benchmarking and personnel training  Benchmarking, training and talent sharing  Future growth through equity  Standardization of processes participation  Strategic production base in India for existing automobile customers

7 Balanced corporate strategy

 Maintain market share of 14-15% through selective organic and inorganic growth  Undertake brownfield expansions at low specific investment cost per ton Selective  Consider inorganic opportunities that are value accretive Growth

Diversification of  Increase proportion of high margin value-added products Product Profile and  Diversify customer base, both within India and abroad Customer Base  Continue to focus on rural markets in India

 Committed to sustainable and eco-friendly technologies to drive Focus on Resource Optimization growth  Focus on cost reduction and energy efficiency

 Continue to evaluate raw material assets in India and abroad Strengthening Backward and Forward to secure key raw material supplies and to reduce cost of Integration production by targeting strategic tie-ups and investments

 Continuously seeks to improve financial profile Prudent Balance Sheet Management  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

Seshagiri Rao M.V.S Kannan Vijayaraghavan, Naveen Raj Singh Savitri Devi Jindal Joint Managing Director & FCA and Certified Nominee Director of Group CFO Management Consultant KSIIDC Dr. Punita Kumar Sinha Kyoichi Kameyama Promoter Director Dr. Vinod Nowal Former CIO at The Asia Nominee Director of JFE Dy. Managing Director Sajjan Jindal Tigers Fund Steel Corporation Chairman & Managing Jayant Acharya Director Malay Mukherjee Director (Commercial & 40yrs of rich experience in Marketing) mining and steel industry 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 Business Overview 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 1 Strong fundamentals to boost India steel demand

. Decisive mandate in India general elections . Potential for substantial growth in steel  Strong investor confidence and raised expectations of fast- consumption(2)(6) paced decision-making and economic reforms o World Per Capita Consumption is ~225 Kgs. o India Per Capita Consumption is ~58 Kgs. . Upturn in overall GDP growth(1) 1,400 • (%)

6.9% 7.3% 7.5% 1,200 South Korea 5.1% 1,000 800 China Taiwan 600 Japan

FY13 FY14 FY15 FY16E Germany

400 Italy . Infrastructure sector is a key focus area for the new Canada government 200 Russia USA  Infrastructure investment expected to reach ~$1 trillion Mexico France 0 Brazil during 2012-2017(4) India (200)  New government is focused to give impetus to infrastructure 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 sector 2013(Kg.) in Consumption Steel capita Per . Automobile sector expected to turn around GDP per capita in 2013 ($)  India projected to become 3rd largest automotive market in . India steel consumption to rise at a faster rate the world by 2016(5) o India’s steel consumption was 76MT in 2014 and is  Faster economic growth and government's policies is likely expected to rise to ~82MT in 2015 and ~88MT in 2016(3) to drive volumes and revive the automobile sector 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) 12th 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

Vasind & Tarapur (JSCPL*) Dolvi: 3.3 MTPA . 1.18 MTPA GP/GC . 2 MTPA Blast Furnace . 0.5 MTPA Colour Coating Line . 1.6 MTPA DRI . 30 MW Power Plant . 3.6 MTPA Twin Shell ConArc . 55 MW Power Plant

Kalmeshwar (JSCPL*) . 0.58 MTPA GP/GC . 0.19 MTPA Colour Coating Line Vijayanagar: 10MTPA

. 1.65 MTPA Corex Salem: 1 MTPA . 8.4 MTPA Blast Furnaces . 855 MW Power Plant . 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

Mozambique coal mines Chile iron ore mines . JSW Steel ownership: 100% . JSW Steel ownership: 70% . 5 mining licenses awarded . Acquisition cost: $252mn . Early stage development in progress . Started operations in FY11 . Maritime concession to develop cape size port in North Caldera

Strategic overseas presence for backward integration and value-added facilities

14 4 Diversified Product Profile

Slabs HRC HR Plates GC CRC Wide Offering of Flat and Long Products Color Billets Blooms TMT Wire Rods Coated

 Diversified portfolio to address growing demand for value-added steel Continuously  Commissioned new facilities to further enrich product mix Increasing Value  Added Products Leveraging JFE Steel’s well-established manufacturing technology for high value-added products for auto- grade steel

 Enhanced focus on cold rolled, galvanised and galvanneal products for body Automotive panels of automobiles Grade Steel  Manufactured at a new CRM2 complex Developing New  Largest color coated facility to address construction, warehousing and roofing Products, Capturing Color Coated requirements Niche Markets Products  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 Electrical Steel domestic demand by substituting imports of high grade electrical steel Continuously enriching product mix

15 Domestic market leader with strong export 5 presence

. Penetrating further to capture growing domestic India Finished Steel demand with unique marketing strategy – unique 11.4% 13.4% 6.9% 0.8% 3.3% Consumption Growth(1) nationwide retail network (JSW Connect, JSW Shoppe, JSW Explore as well as non-exclusive retails) of more 15% 23% 16% 25% 24% JSW Export Turnover as than 4,700 outlets with footprints across 495 districts % of Total . Leadership position in India and largest exporter of steel products out of India 77% 85% 84% 75% 76% JSW Domestic Turnover . Ability to re-align sales effort and shift between as % of Total domestic and export market as per market conditions . Exports to high demand regions such as Asia, Middle FY08 FY10 FY12 FY14 FY15 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 Segmented approach to address different retail segments  Optimizing market mix and product mix to derive ‘JSW explore’ maximum benefit from sector growth . Branded, multiple product service center for steel solutions  Leveraging export presence Metro / Urban . Just-in-time solution with in-house  profiling lines and Value Added New product approvals for Original Equipment Services Manufacturers (OEMs) and automotive customers . Franchisee Model  Increase in value added products leading to incremental growth in focus sectors and also ‘JSW Shoppe’ facilitating import substitution Urban / Semi- . Steel distribution  Focused on Retail Sales – increased reach and urban . Enhanced customer experience penetration

‘JSW Shoppe Connect’ Semi- . Smaller retail format linked to JSW explore/Shoppe urban / . Last mile link to talukas/rural areas Rural . 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 Non- . Improving labor productivity: . Integrated manufacturing facilities: recovery Coke Ovens Current production of ~1,029 tons/ From pelletisation / beneficiation to . Agglomeration: Pelletisation and employee(1) downstream value-add capabilities Beneficiation Plants . In-house training programs internal . Dedicated port and railway siding for . Iron Making: Blast Furnace, Corex, faculty logistics support Sponge Iron (DRI) . Continuously investing, building and . 100% assured power supply through . Steel Making: Basic Oxygen Furnace enhancing competencies captive power plants and (BOF), Electric Arc Furnace (EAF), Conarc arrangements with JSW Energy and . Casting: Continuous Casting, Thin Slab the power grid Casting, Billet Casting

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 Strategic expansion aided by strong project 8 execution

Strong project execution capabilities …. Major on-going Projects  Experienced in-house project management team . Vijayanagar Works:  Supported by cross-functional team (commercial, finance and legal  Capacity expansion from 10 MTPA to 12 MTPA by setting up department) certain new facilities and debottlenecking/ modification of  Established long-term relationship with key domestic and existing facilities international suppliers  50,000 TPA capacity Service Center to handle the products  Savings in procurement cost by negotiating firm prices for follow-on of Electrical Steel Complex orders . Dolvi works: (1) … at low specific investment cost  Capacity expansion from 3.3 MTPA to 5 MTPA by setting up  Reduced specific investment cost/ton of capacity certain new facilities and debottlenecking/ modification of expansion shows cost efficiency existing facilities . Salem Works:  Capacity expansion from 1 MTPA to 1.2 MTPA by setting up 7.8 Mtpa 11 Mtpa certain new facilities and debottlenecking/ modification of • FY 2009 3.8 Mtpa • FY 2012 existing facilities • USD 559/mt • FY 2007 • USD 545/mt • USD 550/mt . Setting-up of Reheating Furnace in Bar Rod Mill, Coke Oven 2.5 Mtpa and Turbo Generator • FY 2006 • USD 682/mt . Tarapur Works: 1.6 Mtpa • FY 2003  Setting up 0.2MTPA Tin plate mill • USD 923/mt 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 . Infusion of equity . Capacity expansion to 5MTPA . Loss making at EBITDA level . Alignment of marketing strategies resulting in . Further operational . High interest cost freight synergies and VAT benefits improvements underway . Financially distressed . 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

. Inability to service existing debt . Exit from CDR . Operational improvements underway . Inadequate cashflows . Generating positive profit after tax . Profitability to improve substantially . Corporate debt restructuring (CDR) case

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  Achieved significant sales growth despite weak economic and sluggish domestic volume and revenue demand in past 2 years growth Superior profitability  Resilient operations with improved EBITDA margin marked by several supported by efficient productivity and cost improvement measures in FY14 and FY15 operations

Well-capitalized  Adequate liquidity levels owing to prearranged funding in place for capacity balance sheet expansions and a committed working capital facility

 Diverse sources of funding Financial flexibility to  Strong relationships with over 50 banks/financial institutions with access to low raise capital cost credit  Healthy mix of local and foreign currency debt

Strong positioning as  Strong EBITDA margins and higher returns on invested capital as compared to compared to peers* global peers

*Refer next slide 21 Strong positioning compared to peers

EBITDA Margin (1) (%)

26.4% 23.4% 22.9% 19.4% 18.8% 17.9% 16.0% 13.3% 12.1% 11.8% 11.0% 10.4% 10.0% 9.9% 9.9% 8.8% 8.3% 8.1% 5.9% 5.5%

Severstal CSN NLMK MMK JSW Steel China Hyundai Evraz Nipppon Gerdau SAIL JFE Baoshan Nucor Posco Arcelor Hebei Tata Steel US Steel Thyssen Steel

Return on Average Capital Employed(2) (%) 18.30%

14.20% 11.50% 10.20% 9.70% 8.10% 7.50% 6.60% 6.50% 6.30% 6.20% 6.00% 5.40% 5.40% 5.10% 5.00% 4.90% 4.80% 4.40% 3.70%

Severstal NLMK JSW Steel Nucor MMK Evraz Hebei Hyundai JFE Thyssen Nipppon Baoshan China CSN Posco Gerdau Tata Steel SAIL US Steel Arcelor Steel

Source: Bloomberg, 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, (2) Calculated as EBIT/ Average Capital Employed 22

Agenda

Overview Value Proposition Recent Business Performance Environment

23 Key highlights – 3QFY16

 Crude Steel production: 2.70 million tonnes  Saleable Steel sales: 2.55 million tonnes Standalone  Gross Turnover: `8,076crore/ US$1,218 mn performance  Net Sales: `7,207 crore/ US$1,087 mn  Operating EBITDA: `878crore/ US$132 mn  Net Debt to Equity: 1.48x and Net Debt to EBITDA: 5.67x

 Gross Turnover: `9,562crore/ US$1,442 mn Consolidated  Net Sales: `8,621 crore/ US$1,300 mn performance  Operating EBITDA: `892 crore/ US$134 mn  Net Debt to Equity: 1.83x and Net Debt to EBITDA: 6.66x

USD/ ` = 66.3260 (RBI reference rate as on Dec 31, 2015) 24 Quarterly volumes – standalone

Crude Steel Production Saleable Steel Sales -15% -17% -16% -20% YoY QoQ YoY QoQ 3.25 3.19 3.17 3.03 2.70 2.55

3QFY15 3QFY16 2QFY16 3QFY15 3QFY16 2QFY16

3QFY15 3QFY16 2QFY16 3QFY15 3QFY16 2QFY16 Flat 2.56 1.87 2.57 Flat 2.44 1.86 2.50 Long 0.50 0.63 0.64 Long 0.47 0.66 0.65 Semis 0.01 0.03 0.03

All figures are in million tonnes 25 9M volumes – standalone

Crude Steel Production Saleable Steel Sales -2% -1% YoY YoY 8.97 9.57 9.36 8.84

9MFY15 9MFY16 9MFY15 9MFY16

9MFY15 9MFY16 9MFY15 9MFY16 Flat 7.60 6.94 Flat 7.22 6.77 Long 1.58 1.96 Long 1.43 1.93 Semis 0.32 0.15

All figures are in million tonnes 26 Quarterly sales highlights – consolidated

3.03^ 2.67^ 3.14^ 35% 36% 34% 12% 10% 29% 2.82* 2.16* 2.34* 66% 15% 11% 13% 65% 64% 24% 40% 35% 61% 49% 53%

3QFY15 3QFY16 2QFY16 3QFY15 3QFY16 2QFY16 Value added & special Products Other products OE Retail Auto Exports

 Increase in Retail sales by 82%YoY helped overall domestic sales to grow by 8%YoY despite the planned shut downs at all upstream locations  Product mix improved with value added products sales reaching 36% of total sales despite lower exports  TMT sales grew 107%YoY and CRCA sales grew 18%YoY

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 9M sales highlights – consolidated

8.98^ 8.93^ 33% 35% 12% 27% 6.56* 7.82* 67% 15% 12% 65% 23% 35% 62% 53%

9MFY15 9MFY16 9MFY15 9MFY16 Value added & special Products Other products OE Retail Auto Exports

 Increase in Retail sales by 80%YoY helped overall domestic sales to grow by 19%YoY despite the planned shut downs in 3QFY16 at all upstream loactions and lower exports  Product mix improved with value added products sales reaching 35% of total sales

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) 28 Quarterly retail sales highlights – consolidated

Retail sales (‘000 tonnes) Retail - Branded Sales Retail - Others Sales -4% 43% 45% 43%

936 976 +82% 57% 55% 57%

514

3QFY15 3QFY16 2QFY16 3QFY15 3QFY16 2QFY16

 Branded steel product’s sale grew 4% YoY to 45% of total Retail sales  TMT sale grew 220%YoY – Individual residential, real estate, commercial were major contibutors  HR CTL sale grew 60%YoY; Coated Steel sale grew 38%YoY – General engineering, construction and individual residential projects were major contibutors  Increased retailer network by 1,083 to 5,783 during the quarter

Retail sales grew by 82%YoY

29 Automotive and appliance grade approvals

Applications Components Grades Approved Hood 270F 340P 270F 340P Roof 270F 590R Doors 270F 270F Body side outer 270F 270F BIW (Inner) 980Y 590R 440W Floor 270F Automotive Structural 980Y 590Y 590R Reinf. Pillar 980Y Wheels SPFH440 SPFH590 SAPH 590 HR 750 Engine SCM435 S36CV 86B45 SAE1070 SAE4140 Transmission 16MnCr5 SAE4124 SAE8822 SAE5160 SAE4145 20MnCr5Ni Suspension 51CrMoVn Front Panel EDD IF Appliance Side Panel D DD Cold Rolled Coated HRPO Hot Rolled Alloy Steel Longs

Above mentioned approved grades are the highest among the specific product/grade-group; the lower grades upto the highest grades are also approved. 30

Exceptional items related to overseas assets

A provision for diminution in value of investments and loans and advances of `5,596crore (at standalone level) and `2,121crore (at consolidated level) related to overseas assets has been made during the quarter USD mn Particulars Standalone Consolidated JSW Steel (USA) Inc - US Plate & Pipe Mill 537 140 Periama Holding LLC and its subsidiaries – US Coal 53 27 JSW Panama (Holding) Corporation and its 183 161 subsidiaries - Chile JSW Steel (Netherlands) BV 99 0 Total 871 327 Rs. Crores Equivalent 5,596 2,121

31 3Q Financials – standalone

Particulars 3QFY16 3QFY15 ` Crores USD mn ` Crores USD mn Gross Turnover 8,076 1,218 12,368 1,865 Net Sales 7,207 1,087 11,310 1,705 Operating EBITDA 878 132 2,117 319 Other Income 96 14 88 13 Finance Cost 663 100 781 118 Depreciation 642 97 712 107 Exceptional Items (5,597) (844) (102) (15) Profit Before Tax (5,928) (894) 611 92 Tax (1,786) (269) 196 30 Profit after Tax (4,142) (624) 415 63

USD/ ` = 66.3260 (RBI reference rate as on Dec 31, 2015) 32 9M Financials – standalone

Particulars 9MFY16 9MFY15 ` Crores USD mn ` Crores USD mn Gross Turnover 29,923 4,512 37,765 5,694 Net Sales 26,841 4,047 34,566 5,212 Operating EBITDA 3,948 595 7,198 1,085 Other Income 294 44 306 46 Finance Cost 1,991 300 2,224 335 Depreciation 1,904 287 2,075 313 Exceptional Items (5859) (883) (291) (44) Profit Before Tax (5,511) (831) 2,914 439 Tax (1,641) (247) 936 141 Profit after Tax (3,870) (583) 1,978 298

USD/ ` = 66.3260 (RBI reference rate as on Dec 31, 2015) 33 Operating EBITDA movement – standalone

` crore/ USD mn $212 1,406

$319 2,117

(332) ($50) $3 $2 $132 23 14 878 (2,350) ($354)

EBITDA Volume Cost NSR Mix Others EBITDA 3QFY15 3QFY16

USD/ ` = 66.3260 (RBI reference rate as on Dec 31, 2015) 34 Operational performance – JSW Steel Coated Products

Million tonnes Volumes 3QFY16 3QFY15 9MFY16 9MFY15 Production* 0.33 0.36 1.11 1.17 Sales 0.34 0.37 1.14 1.18

` crore Key P&L data 3QFY16 3QFY15 9MFY16 9MFY15 Turnover 1,629 2,270 5,687 5,042 Operating EBITDA 38 65 250 268 Profit after Tax (22) (18) 26 1

*Including Job Work 35 Operational performance – US Plate & Pipe Mill

Production (net tonnes) 3QFY16 3QFY15 9MFY16 9MFY15 Plate Mill 48,547 83,601 1,64,978 2,89,043 Utilization (%) 20% 34% 23% 39% Pipe Mill 13,217 18,898 42,800 38,780 Utilization (%) 10% 14% 10% 9%

Sales (net tonnes) 3QFY16 3QFY15 9MFY16 9MFY15 Plate Mill 36,192 63,822 1,26,215 2,45,413 Pipe Mill 12,421 18,101 47,175 43,972

USD mn Key P&L data 3QFY16 3QFY15 9MFY16 9MFY15 Turnover 39.58 79.81 145.45 267.72 EBITDA + Other Income (4.89) (0.46) (17.38) 6.10 Profit after Tax (15.37) (16.09) (60.09) (39.19)

Net tonnes = 0.907 metric tonnes 36 Operational performance – Chile

USD mn Particulars 3QFY16 3QFY15 9MFY16 9MFY15

Production (Tonnes) - 2,18,515 83,774 6,63,638

Sales (Tonnes) - 2,24,123 1,60,667 7,70,670

Turnover - 14.20 8.60 64.51

Operating EBITDA (0.32) (6.45) (0.12) (8.56)

Profit after Tax (0.63) (6.38) (3.92) (13.04)

37 3Q Financials – consolidated

Particulars 3QFY16 3QFY15 ` Crores USD mn ` Crores USD mn Gross Turnover 9,562 1,442 14,026 2,115 Net Sales 8,621 1,300 12,927 1,949 Operating EBITDA 892 134 2,296 346 Other Income 23 3 13 2 Finance Cost 811 122 937 141 Depreciation 773 117 890 134 Exceptional Items (2,122) (320) - - Profit Before Tax (2,792) (421) 482 73 Tax (1,810) (273) 175 26 Share of Associates and Minority Interest 58 9 22 3 Profit after Tax (923) (139) 329 50

USD/ ` = 66.3260 (RBI reference rate as on Dec 31, 2015) 38 9M Financials – consolidated

Particulars 9MFY16 9MFY15 ` Crores USD mn ` Crores USD mn Gross Turnover 34,045 4,512 43,038 5,694 Net Sales 30,746 4,047 39,686 5,212 Operating EBITDA 4,248 595 7,720 1,085 Other Income 87 44 93 46 Finance Cost 2,469 300 2,635 335 Depreciation 2,394 287 2,536 313 Exceptional Items (2,124) (883) (21) (44) Profit Before Tax (2,652) (831) 2,620 439 Tax (1,651) (247) 932 141 Share of Associates and Minority Interest 88 (583) 46 298 Profit after Tax (913) 4,512 1,734 5,694

USD/ ` = 66.3260 (RBI reference rate as on Dec 31, 2015) 39 Net debt movement – consolidated

` crore/ USD mn

$33 $5,953 $85 $23 567 39,483 $5,881 151 217 39,008 (460) ($69)

Net Debt* New Loan Taken Repayments Fx Impact Movement in FD/MF Net Debt* as on Sep'15 as on Dec'15

Particulars 31.12.2015 30.09.2015 Cash & cash equivalent (` crore) 1,161 1,378 Net Debt/Equity (x) 1.83 1.72 Net Debt/EBITDA (x) 6.66 5.32

*Net Debt excludes Acceptances USD/ ` = 66.3260 (RBI reference rate as on Dec 31, 2015) 40 Agenda

Overview Value Proposition Recent Business Performance Environment

41 Global economy

GDP growth - 2015 estimates and 2016 projections by IMF . Global economic outlook remains fragile, IMF revises 2015E (Jan'16) 2016P (Apr'15)

2016P (Jan'16) down 2016 global GDP growth yet again to 3.4%.

7.5% 7.5%

7.3%

6.9% 6.3%

6.3% . Downside risk persists with 1) slowdown and rebalancing

4.7%

1.7%

1.6%

4.3% 4.0%

1.2% in China, 2) global trade imbalances driven by a sharp

3.8%

1.0%

3.4%

3.1% 3.1%

2.5% 2.6% 1.5% 0.6%

2.1% 2.4% 1.9% drop in commodity prices as well as weakening currencies, 3) limited room for further monetary stimulus, and 4) uncertainty around monetray tightening by US World AMEs US Euro Japan EMEs India China Area

IMF World Commodity Price Index, 2005=100 Key currencies' movement against USD - Dec 31, 2012=100 220 125

180 100

140 All Commodity 75 Fuel (Energy) BRL/USD INR/USD Metals JPY/USD RUB/USD 100 50 EUR/USD CNY/USD

60 25

Jun-13 Jun-14 Jun-15 Jun-13 Jun-15 Jun-14

Sep-13 Sep-14 Sep-15 Sep-13 Sep-14 Sep-15

Dec-12 Dec-13 Dec-14 Dec-15 Dec-12 Dec-13 Dec-14 Dec-15

Mar-13 Mar-15 Mar-13 Mar-15 Mar-14 Mar-14

Expectations of a pick-up in global growth momentum is waning

Source: Bloomberg, IMF and JSW Steel 42 Global steel scenario China apparent steel consumption (%YoY growth) Global crude steel production (% YoY Change) China steel Exports (annualized, mn tonnes) -RHS 30% 140

9MCY15 CY15 3.1 2.9 20% 120

0.7 10% 100

4.3

1.4

4.8

5.1

1.8

2.1

5.8

2.3

2.5

2.7

2.9

3.4 -

6.8 0% 80

- 8.6 - -10% 60

-20% 40

CIS

India

China

Japan

Korea

World

Jun-14 Jun-15

Sep-14 Sep-15

Dec-13 Dec-14 Dec-15

Mar-14 Mar-15

S. S. America N. America N.

700 . World Crude Steel production in CY2015 fell by 2.9%, as 620 capacity utilization in Dec’15 dropped below 65% – most 540 regions continue to witness a decline 460 380 . Global steel demand continues to weaken with lower 300 investment activities 220

HRC prices ($/tonne) prices HRC . Steel exports from steel-surplus countries (as domestic

Jul-14 Jul-15

Jan-15 Jan-16

Jan-14 demand falls faster than production cuts) are at elevated

Oct-14 Oct-15

Apr-14 Apr-15 North America ExW North Europe ExW levels Black Sea export FOB China export FOB Predatory pricing is intensifying trade measures to check surging imports and pricing pressure

Source: World Steel Association, World Steel Dynamics, Bloomberg and JSW Steel 43 Indian economy and steel industry

0.9% 4.4% -1.2% . Consumption of domestically produced steel fell by 66.5 67.1 56.5 58.9 1.2%YoY in 9MFY16 as total steel imports surged by 54.1 53.5 29%YoY . 9MFY16 Finished steel exports fell by 30%YoY. . Steel industry is grappling with headwinds of insipid Crude Steel Finished Steel Consumption of demand, excess supply and pricing pressure driven by Production Consumption* domestically surge in imports at predatory pricing produced steel 9MFY15 9MFY16 . Consumer discretionary spending, public capex (highways, ports, power transmission, etc.) and foreign

3Q 2Q 1Q direct investment have continued to improve, 3.11 supporting a gradual growth recovery 2.80 . However, weaker exports and private capex have been 3.16 1.24 1.08 0.75 a drag 2.43 0.51 0.86 0.87 0.55 0.90 2.77 0.40 0.58 0.44 . Progress on policy reforms coupled with government’s 1.76 0.72 0.36 0.48 0.29 0.59 0.42 0.62 measures to pump prime the economy bode well for FY15 FY16 FY15 FY16 FY15 FY16 FY15 FY16 steel demand over the medium term Total Steel China Japan Korea Imports

Adequate measures urgently required to check unbridled and unfair imports of steel

Source: JPC and JSW Steel All figures are in million tonnes, * Apparent finished steel consumption net of double counting effect 44 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.

45 Thank you