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 .