#1HIT NO-621796 SZE-2.9X1600NN ADE-IS 6240 2008 JŚW Investor Presentation US$[•] million Senior Notes Offering September, 2019#2Disclaimer THIS PRESENTATION IS BEING PRESENTED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, REDISTRIBUTED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. This presentation and accompanying slides (the "Presentation") is strictly confidential and is not for release, distribution or publication, whether directly or indirectly, in whole or part, into or in the United States, Australia, Canada, Japan, India or any other jurisdiction in which such release, distribution or publication would be unlawful. This Presentation has been prepared by JSW Steel Limited (the "Company"), and has not been independently verified. 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For purposes of this presentation, 'EBITDA' is calculated as total profit / (loss) for the year / period +(-) share of profit/(loss) from joint ventures (net) +(-) taxes (benefit) + exceptional items + depreciation and amortization expense + finance costs - other income THE NOTES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT, OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE OR LOCAL SECURITIES LAWS. ANY INVESTMENT DECISION SHOULD BE MADE ON THE BASIS OF THE FINAL TERMS AND CONDITIONS OF THE NOTES AND THE INFORMATION CONTAINED IN THE RELEVANT OFFERING MEMORANDUM AND/OR OTHER MATERIALS THAT WILL BE DISTRIBUTED TO YOU AND NOT ON THE BASIS OF THIS PRESENTATION. 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JSW Steel 1#3Offering summary Summary indicative term sheet Issuer • JSW Steel Limited Structure • Senior Unsecured Notes Corporate ratings (a) • Moody's: Ba2 (Positive) / Fitch: BB (Stable) Expected issue ratings (a) Distribution • Ba2 by Moody's / BB by Fitch • Reg S only Issue size • US$[ ]m Tenor • Use of proceeds Coupon Clearing Listing 5.5 years The Company intends to use the gross proceeds of the Notes for capital expenditure or any other purpose in accordance with the ECB Guidelines . Fixed rate, payable semi-annually Euroclear, Clearstream • Singapore stock exchange Governing law Joint Lead Manager and Joint Bookrunners English law Standard Chartered Bank, ANZ, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, First Abu Dhabi Bank, ING, J.P. Morgan and Mizuho Securities (a) A rating is not a recommendation to buy, sell or hold the notes and may be subject to suspension, reduction or withdrawal at any time by rating agencies JSW Steel 2#4JSW JSW Group and company overview 14807682 Key highlights Appendix#5JSW Group - overview JSW Steel* India's leading integrated steel producers (Current installed crude steel production capacity of ~18 MTPA being ramped to ~24 MTPA Market capitalisation of US$7.6 bn(a) JSW Infrastructure Engaged in development and operations of ports Operational capacity 75 MTPA JSW Steel * Listed company (a) SW JSW Energy* Engaged across the value chain of power business Operational capacity: 4.56 GW Market capitalisation of US$1.5bn(a) JSW Paints Commenced operations in March 2019 Annual capacity of 125 KL Fully automated coil coating capacity Only fully-automated, water-based plant in India JSW Cement Manufacturer of Portland Slag Cement (PSC), Ordinary Portland Cement (OPC) and Ground Granulated Blast Furnace Slag (GGBS) Operational capacity of 14 MTPA Presence across the core sectors Based on closing price as of 16th September 2019 on BSE Note: Translated at 1 USD = 71.5362 INR, FBIL as of 16th September 2019 4#6JSW Steel - among India's leading steel manufacturers Installed crude steel capacity of ~18 MTPA, at strategic locations in South and West India One of the leading steel players in India Integrated manufacturing process Integrated steel manufacturing facilities - from raw material processing plants to value-added product capacities Pan India marketing and distribution network, export presence in c.100 countries across 5 continents Strong distribution network and export presence Extensive portfolio of products - hot rolled coils, cold rolled coils, galvanneal, galvanized/ galvalume, pre-painted, tinplates, electrical steel (CRNO), TMT bars, wire rods, rails, special steel bars, rounds and blooms JSW Steel SW Steel Technological competence Combination of state-of-the-art steel making technologies: Corex, DRI, Blast Furnace, Twin Shell Conarc Diversified product portfolio Global presence International presence in steel making (US), value-added facilities (US, Italy), and mining assets (Chile, US and Mozambique) 5#7Transformational journey to market leadership Capacity (MTPA) 1.6 CAGR FY02-19: 15.3% 7.8 18.0 Total revenue (US$m)(a) CAGR FY02-19 25.7% 2,829 10,647 12,328 2,895 EBITDA (US$m) CAGR FY02-19: 28.2% 603 2,147 2,750 539 252 40 FY02 FY10 FY19 FY02 FY10 FY18 FY19 Q1 FY20 FY02 FY10 FY18 FY19 Q1 FY20 Market cap (US$m)(b) FY02 FY10 FY19 7,897 TSR for FY02-19= 26.71% Technology Corex Corex, BF Corex, BF, DRI 3,354 Adopting industry leading technologies 37 Product mix Flats Flats, long, special steel and value added 31-Mar-02 31-Mar-10 Current JSW Steela) Value accretive growth through the economic cycles Note: Translated at 1 USD = 68.9180 INR, FBIL as of 28th June 2019 Includes other income Source: Market Cap and Total Shareholder Returns (TSR) as per Bloomberg Flat, long, special steel, value added, AHSS for automotive, electrical steel, colour coated steel Continuously expanding product canvas with focus on high-end value-added products 6#8Key credit highlights 1 One of the leading domestic steel player and well placed to benefit through the cycle 2 Strong business profile diversified by region, markets and products 3 Strong focus on operational efficiency with best-in-class conversion costs JSW Steel 4 JSW Steel Robust financial profile and stable cash flows 5 Prudent leverage management 6 Proven track record of growth through organic and inorganic expansions 7 Experienced management with strong parentage 7#9JŚW JSW Group and company overview Key highlights Appendix#101 One of the leading domestic steel player and well placed to benefit through the cycle Fastest growing large steel player in India JSW Steel crude steel production as a % of India crude steel production 7% 3.7 FY09 11% 8.5 FY13 FY09-19 crude steel production CAGR 16% 16.2% 16.7 FY19 % of India Crude Steel Production JSW Steel Crude Steel Production (mt) Source: Company Annual Reports, JPC and Ministry of Steel Annual Reports India is 2nd largest crude steel producer in the world 928 107 104 JSW Steel 11.5% 1.9% 6.5% Peer1 Peer2 India Source: Filings on BSE, Joint Plant Commission India is slated to become the world's 2nd largest consumer of finished steel products by 2019 Top 10 Finished Steel Consuming Countries (mt) Top 10 Crude Steel Producing Countries in 2018 (mt) 835 843 80 87 73 72 42 37 35 25 ■2018 2019E 2013-18 CAGR % 96 103 100101 65 65 54 53 41 40 41 42 31 29 25 26 26 27 China India Japan US South Korea Russia Germany Turkey Brazil Italy China I India US Japan South Korea Russia Germany Turkey Italy Mexico 2.4% 5.4% 0.9% 0.1% 0.7% -1.0% 1.4% -0.5% 3.8% 4.3% Source: IMF World Economic Outlook Database (April 2019) JSW Steel Source: World Steel Association, Short Range Outlook (April 2019) 6#111 One of the leading domestic steel player and well placed to benefit through the cycle (continued) Long term fundamentals of Indian steel demand are strong, albeit the recent slow down India is one of the fastest growing major economies in the world India China (a). 4.1% EMDES 4.7% 3.2% World 3.5% 2.6% US 1.9% 1.9% AMES 1.7% 1.3% Euro Area 1.6% 0.9% Japan 0.4% GDP growth 2019P 2020P Source: IMF World Economic Outlook Update (July 2019) Note: Based on Projected Real GDP 7.0% 7.2% 6.2% 6.0% (Kg of finished steel products per capita) Significant room for improvement in per-capita consumption in India Positive India steel consumption environment 1,047 590 514 307 225 7% 160 71 South Korea China Japan US World India I India (2030E) i 2018 Source: WSA (World Steel in Figures 2019), National Steel Policy, 2017 Political stability and continued reforms are driving positive growth outlook National Steel policy 2017: Target to increase per capital steel consumption to 160 kg by FY31 (a) For India, data and forecasts are presented on a fiscal year basis. JSW Steel 3.9% 6.9% 7.5% 5.9% 7.9% 3.1% 77.0 81.5 84.0 90.7 97.5 25.1 FY15 FY16 FY17 Q1 FY20 Total consumption (MT) YoY growth (%) Source: IBEF, Joint Plant Committee (Annual Performance Report) Industrialization and urbanization are the key drivers of Indian growth in the coming years 10 10#122 Strong business profile diversified by region, markets and products Geographically diversified with manufacturing facilities in South and West India along with strategic overseas presence Dolvi: 5 MTPA 3.5 MTPA blast furnace 1.6 MTPA sponge iron plant 67 MW captive power Salav: 0.9 MTPA DRI Vijayanagar: 12 MTPA 1.7 MTPA corex 10.4 MTPA blast furnaces 854 MW captive power Flexibility to judiciously shift between domestic and international markets based on market conditions India Finished Steel 11.4% 13.2% 6.8% 3.9% 5.9% 3.1% 7.9% 7.5% Vasind & Tarapur (JSCPL) Consumption Growth (a) 1.25 MTPA GI/GL 0.5 MTPA colour coating line 0.25 MTPA Tin Plate line 15% 16% 12% 24% 26% 25% 24% 18% Key distribution regions Kalmeshwar (JSCPL) 0.67 MTPA GI/GL 0.20 MTPA colour coating line Salem: 1 MTPA 1 MTPA blast furnaces 0.5 MTPA blooming mill ✓ 90 MW captive power ✓ Locational advantage of being the only large steel player close to large end user markets in West and South India (a) Joint Plant Committee JSW Steel (b) Revenue from operations as per Ind-AS from FY16 onwards (c) FY18 based on restated financials 85% 84% 88% 82% 76% 74% 75% 76% (c) FY08 FY10 FY12 FY15 FY16 FY17 FY18 FY19 (b) ■ Revenue within India as % of total ■ Revenue from outside India as % of total (b) One of the largest exporter of steel products from India with export presence in over 100 countries Ability to re-align sales effort as per market conditions 11 111#132 Strong business profile diversified by region, markets and products (continued) Slabs Wide offering of flat and long products Balanced portfolio of value added products (a) Billets HR HRC CRC Plates GC/GL/ GI Color Coated RCS/Blooms Bars/Rods] Wire Rods 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 advanced high strength steel (AHSS) for automotive Total saleable steel (MTPA)(b) 12.3 14.7 46% 65% 54% 35% FY16 FY17 15.6 42% 58% FY18 15.6 47% 53% 3.7 51% 49% FY19 Q1 FY20 Developing new products, capturing niche markets AHSS for automotive Color coated products Electrical steel ■ Value Added and Special Products Other Products 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 (a) JSW Steel (b) Focus on enhancing product mix Special products data available from FY2017 Total sales (JSW Standalone + JSW Steel Coated Products after netting-off inter-company sales). Value added and Special products (VASP) include HRPO, CRFH, CRCA, ES, Galvanised, Colour Coated and Special Bars and Rounds. Special products include HR special, TMT Special and WR Special 12#143 Strong focus on operational efficiency with best-in-class conversion costs Ongoing initiatives Parameter(a) SW Steel TATA STEEL posco NUCOR voestalpine Severstal NIPPON STEEL & SUMITOMO METAL Project Description Vijayanagar Works Expanding 10/10 Capacity 9 8 9 7 6 6 • Pipe Conveyor system To transport Iron ore from the mines to the Vijayanagar plant with a capacity of 20 MTPA (Phase 1 completed) Location in high 10/10 8 7 CO 6 LO growth markets 5 6 4 • Environmental friendly solution and reduction of transportation costs Pellet and coke Setup 8 MTPA pellet plant and 1.5 MTPA coke oven Conversion costs; yields 10/10 8 10 10 10 8 10 Labor costs 10/10 7 7 8 LO 5 9 00 6 Dolvi Works Capacity expansion 4.5 MTPA BF with 5 MTPA Steel Melt Shop and 5MTPA Hot Strip Mill Cost cutting efforts 9/10 7 9 7 10 8 8 00 • Coke Oven Phase 2: Second line of 1.5 MTPA coke oven battery along with CDQ Aggregate rank 17 Vasind Works, Tarapur Works and Kalmeshwar Works Modernization and enhancement of capacity by 1.5 MTPA by setting up PLTCM #1 ranked Indian player(b) Capacity modernization o Increase in GI/GL capacity by 1.08 MTPA 。 Color coating line by 0.28 MTPA Setup additional 0.25 MTPA tinplate line at Tarapur Enhancing capacity of pre-painted galvalume line (PPGL) at Kalmeshwar by 0.22 MTPA #3 ranked Asian player(b) #7 ranked Global player(b) Source: World Steel Dynamics (World-Class Steelmaker Rankings as of June 2019) (a) All quoted numbers are scores assigned out of 10 on World Steel Dynamics' World-Class Steelmaker Rankings as of Jun 19 (b) JSW Steel On the basis of weighted average score out of 10 across 23 different parameters from World Steel Dynamics' World-Class Steelmaker Rankings as of Jun 19 13#154 Robust financial profile and stable cash flows Strong track record of volume growth 15.55 15.60 14.70 12.30 3.66 Positive momentum in operating revenues 31.7% 20.9% 15.8% 12,298 10,623 8,784 6,671 (a) FY16 FY17 FY18 FY16 FY17 FY18 FY19 Q1 FY20 Consolidated saleable steel (MTPA) Operating revenue (US$m) EBITDA margin improvement of 850 bps from FY16 to FY19 76 120 138 176 148 13.9% 20.1% 20.2% 22.4% 18.8% 2,750 2,147 1,766 929 FY16 EBITDA (US$m) 539 FY17 (a) FY18 FY19 Q1 FY20 (c) EBITDA /tonne (US$/tonne) EBITDA margin (%) Cashflow from operations (in US$m) (d) 1,182 1,031 FY19 y-o-y growth 2,505 2,005 2,875 Q1 FY20 373 FY16 FY17 FY18 FY19 Q1 FY20 Note: Translated at 1 USD = 68.9180 INR, FBIL as of 28th June 2019 EBITDA calculated as profit for the year/period + (-) share of profit/ loss from joint ventures (net) +(-) tax expense/benefit + exceptional items + depreciation and amortization expense + finance costs - other income Based on consolidated saleable steel volume (a) FY18 numbers based on restated financials (b) (c) (d) Excludes income taxes paid JSW Steel 14#165 Prudent leverage management Publicly stated financial policies Focused leverage management Strong y-o-y profitability improvement => reduction in net leverage Diversify funding sources Diverse sources of funding (d) (e) 6,124 6,288 5,716 7,577 148 259 199 910 6.43x 8,384 1,453 JSW Steel long Foreign currency debt INR debt 49% term target: 3.75x (inline with current financial policy) 51% -3.41x 2.57x 2.72x 2.43x FY16 FY17 FY18 FY19 Q1 FY20 Net debt(a)(b)/ EBITDA (c) Total debt(a) (US$m) Total cash (US$m) JSW Steel long term 2.19x 1.85x target: 1.75x (inline with current financial policy) 1.38x 1.34x 1.35x FY16 FY17 FY18 FY19 Q1 FY20 Net debt(a)(b)/Equity Note: Translated at 1 USD = 68.9180 INR, FBIL as of 28th June 2019 Improve debt maturity profile Loans and others 72% Bonds and debentures 28% ✓ Financial flexibility to raise capital ✓ Strong relationships with over 50 banks / financial institutions with access to low cost credit ✓ Healthy mix with 51% of debt being foreign currency Maturity profile of long term borrowings (d) (US$) 1,739 <1 year 4,469 >1 year (a) Debt excludes acceptances (b) Net debt calculated as Non-current Borrowings + current borrowings + current maturities of long-term borrowings + current maturities of finance lease obligations, if any + long term advance from customer - cash and cash equivalents - bank balances other than cash and cash equivalents - current investments (c) EBITDA calculated as profit for the year/period + (-) share of profit / loss from joint ventures (net) +(-) tax expense/benefit + exceptional items + depreciation and amortization expense + finance costs - other income (d) JSW Steel (e) As of 30th June 2019 Excluding preference share capital and unamortized upfront fees 15#17CO 6 Proven track record of growth through organic and inorganic expansions Combination of organic and inorganic growth 2007 3.8 MTPA • 1.0 MTPA - CRM ⚫ Plate and pipe mill in US Coal mining concessions in Mozambique 2008 2007 2009 2011 Capacity at 7.8 MTPA • 49.3% stake in Ispat industries 2010 2013 • 14.3 MTPA post Ispat merger 2015 • CRM2- Phase 2 ⚫ 0.2 MTPA electrical steel mill 2009 2011 2013 2015 2012 2008 • Iron ore mines in Chile 2010 • 3.5 MTPA - HSM-2 ⚫ JSW-JFE strategic partnership • Coal mining 2012 • HSM-2 capacity expansion to 5 MTPA concessions in US Note: Highlighted portions indicate acquisitions Southern Iron and Steel Company (a) (b) Amba River Coke Limited (c) Praxair India Private Limited (d) JSW Praxair Oxygen Private Limited JSW Steel 2014 2017 ° 74% stake in Praxair's (c) industrial gases JV(d) ⚫ Won 6 iron ore mines in Karnataka (~120mn tonnes of estimated resources) 2019 ⚫ Preferred Bidder for 3 Iron Ore mines with capacity 92.97 MnT 2017 2019 2016 2018 2014 • ° New CRM2 - Phase I 4 MTPA Pellet Plant (b) 1 MTPA - Coke Oven(b) Welspun Maxsteel 50% stake in Vallabh Tinplate 2016 ⚫ 18 MTPA • Won Moitra coal mine in Jharkhand 2018 • Acero Junction, Ohio based steel plant Aferpi, Steel mill in Italy Minority stake in Monnet • Ispat and Energy Continuously evaluating opportunities to deliver value enhancing growth Key new projects India ° • Dolvi: Increasing steel making capacity to 10 MTPA Vijayanagar: Capacity expansion of CRM-1 complex from 0.85 MTPA to 1.80 MTPA Vasind and Tarapur: Modernization-cum- capacity enhancement . International Investment, in phases, to develop steel manufacturing infrastructure in Baytown, Texas Integration of acquired Aferpi to establish its presence in the Italian and European specialty steel long products markets 16#18CO 6 Proven track record of growth through organic and inorganic expansions (continued) Case study: Turnaround strategy at JSW Ispat's Dolvi plant JSW Steel has a proven track record of identifying, acquiring and integrating assets creating synergies and optimizing costs December 2010 Plant under maintenance Loss making at EBITDA level High interest cost Financially distressed Completed initiatives - FY2011 - 2015 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 4 MTPA pellet plant(a), 1 MTPA coke oven (a), waste gas based 55MW power plant, railway siding, and lime calcination plant • FY2016 2017 FY2018-2020 Capacity expanded to 5 MTPA Diversified product offering from Flat steel only to mix of Flat and Long steel Capacity expected to be increased to 10MTPA from current 5MTPA Major facilities being setup include: 4.5 MTPA Blast furnace with 5 MTPA Steel Melt Shop . 5 MTPA Hot Strip Mill Inability to service existing debt Inadequate cashflows Corporate debt restructuring (CDR) case Exit from CDR Stabilized/ramped-up the expanded Generating positive profit after tax capacity Further expansion and operational improvements underway Able to leverage an acquisition to maximum value accretion through application of knowledge and experience (a) Implemented in a wholly owned subsidiary Amba River Coke Limited JSW Steel 17#19USD mn CO 6 Proven track record of growth through organic and inorganic expansions (continued) Detailed capex plan... 6,439 7,069 7,069 Pellet plant, Coke ovens, captive power 843 213 plant, pipe conveyer etc 929 126 Dolvi 0.7 MTPA expansion on hold Crude steel capacity increase from 18 MTPA to 24 914 MTPA 3,032 Augmentation of CRM1, new Tinplate, Colour Coating, Galvalume and PLTCM Lines - overall value added capacity 2,067 increase of 3.95 MTPA Announced Project on Revised Capex Hold Capex (FY18- Upstream Projects Downstream Cost saving Projects Projects Mining Capex Other Capex 22) (FY18-FY21) Note: Translated at 1 USD = 68.9180 INR, FBIL as of 28th June 2019 Source: Company data JSW Steel ...based on a well thought-out guidelines / strategic rationale Focus on return metrics instead of pure capacity addition Well planned spread-out of capex into phases with run-rate value addition at the end of each phase Funding for capex well thought-out with a significant percentage being funded through internal accruals Sustenance & Track record of successful project execution on-time and within budget 18#207 Experienced management with strong parentage SW Steel JFE Chairperson - Emeritus Promoter Director Savitri Devi Jindal Executive Directors Seshagiri Rao M.V.S Joint Managing Director and Group CFO Independent Directors Malay Mukherjee 40yrs of rich experience in mining and steel industry Dr. Punita Kumar Sinha Former CIO at The Asia Tigers Fund Dr. Vinod Nowal Sajjan Jindal Chairman and Managing Director Dy. Managing Director Jayant Acharya Director (Commercial and Marketing) Harsh Charandas Mariwala Chairman of Marico, Chairman and MD of Kaya Haigreve Khaitan Senior Partner at M/s. Khaitan & Co Nirupama Rao 40yrs of experience as a diplomat, Ex-Foreign Secretary of India Seturaman Mahalingam CA, Ex-CFO of TCS, Ex member of the Tax Administration Reform Commission JSW-JFE partnership Partnership overview 14.99% minority stake bought by JFE in 2010 • Access to cutting edge technologies • Operational excellence for cost reduction Balance Sheet deleveraging to support growth Technology agreements benefits: ✓ Access to fast growing auto steel market ✓ Technical know-how for electrical steel manufacturing Short learning curve Application engineering New product development Benchmarking and personnel training Nominee Directors Ganga Ram Baderiya, IAS, Nominee Director of KSIIDC JSW Steel Hiroyuki Ogawa Nominee Director of JFE Steel Corporation Other benefits: Improvement in quality, productivity, yield, energy efficiency Sharing best maintenance, environment and safety practices Benchmarking, training and talent sharing Standardization of processes Inclusion into the Nifty50 index in September 2018 19#21Conclusion Market leadership in one of the fastest growing major economies of the world Strong asset portfolio Improving business fundamentals and operating leverage One of the largest steel manufacturers and exporters in India; 53% (FY19) share of VASP and special products (a) Fastest growing large steel player in India with 16.2% crude production CAGR FY09-19 Low per capita steel consumption coupled with favorable government policy and spend initiatives underpins strong India steel consumption growth expectations Strong sales presence in South & West India where a large portion of Indian steel customers are located Focus on flat steel products (approximately 70% of capacity) with higher entry barriers, differentiated end-product and sticky customer base Wide product range and new product development targeted at capturing niche markets eg. AHSS for auto, electrical steel for electrical motors, generators, power plants Flexibility to shift sales between domestic and international markets based on market conditions Lower cost from recently commenced captive iron ore mines with cumulative capacity of 5 MTPA; Four of the six iron ore mines already operational Ongoing cost benefit initiatives to increase sustainability and cost competitiveness Planned capex and brownfield expansions to further catalyze operating leverage and growth Strong growth with improving leverage and robust financial profile 8.4% saleable steel CAGR and 22.6% revenue CAGR FY16-19 850 bps EBITDA margin expansion from FY16 through FY19 Strong balance sheet position with net leverage reduced from 6.43x in FY16 to 2.72x (b) in Q1 FY20 Note 1: Net debt calculated as Non-current Borrowings + current borrowings + current maturities of long-term borrowings + current maturities of finance lease obligations, if any - cash and cash equivalents + long term advance from customer - bank balances other than cash and cash equivalents - current investments Note 2: EBITDA calculated as profit for the year/period + (-) share of profit / loss from joint ventures (net) +(-) tax expense/benefit + exceptional items + depreciation and amortization expense + finance costs other income (a As per FY19 consolidated saleable steel volume JSW Steel (b) Net debt upon LTM EBITDA as of June 2019 20 20#22JSW JSW Group and company overview Key highlights Appendix 14807682#23Consolidated financials Particulars (US$m) FY16 FY17 FY18 (a) FY19 Q1 FY20 Operating revenue 6,671 8,784 10,623 12,298 2,875 Operating EBITDA (b) 929 1,766 2,147 2,750 539 % margin 13.9% 20.1% 20.2% 22.4% 18.8% Profit before tax (355) 746 1,110 1,621 257 Profit after tax (70) 503 887 1,092 146 Shareholder's (c) equity Net Debt 2,724 3,251 3,995 4,983 5,122 5,976 6,029 5,516 6,668 6,931 Net Debt/Equity Net Debt/ EBITDA 2.19x 1.85x 1.38x 1.34x 1.35x 6.43x Note 1: Financials as per Ind-AS. Translated at 1 USD = 68.9180 INR, FBIL as of 28th June 2019 3.41x 2.57x 2.43x 2.72x Note 2: Net debt calculated as Non-current Borrowings + current borrowings + current maturities of long-term borrowings + current maturities of finance lease obligations, if any + long term advance from customer - cash and cash equivalents - bank balances other than cash and cash equivalents - current investments (net debt excludes acceptances) Note 3: EBITDA calculated as profit for the year/period + (-) share of profit / loss from joint ventures (net) +(-) tax expense/benefit + exceptional items + depreciation and amortization expense + finance costs - other income (a) FY18 and financials restated (b) EBITDA based on group definition JSW Steel (c) Includes non controlling interest 22 22#24Standalone financials Particulars (US$m) FY16 FY17 FY18(a) FY19 Q1 FY20 (b) Crude steel production 12.56 15.80 16.27 16.69 4.24 Saleable Steel sales 12.13 14.77 15.62 15.76 3.75 (MT) Operating revenue 5,929 8,258 9,827 11,133 2,539 Operating EBITDA 924 1,675 1,994 2,670 541 % margin 15.6% 20.3% 20.3% 24.0% 21.3% EBITDA/ Ton ($/MT) 76.2 113.4 127.6 169.4 144.2 Note 1: Financials as per Ind-AS. Translated at 1 USD = 68.9180 INR, FBIL as of 28th June 2019 Note 2: EBITDA calculated as profit for the year/period +(-) tax expense/benefit + exceptional items + depreciation and amortization expense + finance costs other income (a) (b) FY18 financials restated Condensed JSW Steel 23 23#25Performance on sustainability metrics Material recycled 4.5 MnT 96%+ Waste gas utilization rate for FY19 2019 Recognised as one of the "Steel Sustainability Champion" by World Steel Association Recycled and reused water 19,161 '000KI 2018 26.14 LTIFR(a) in Specific energy 0.35 million FY 19 GJ/Ton consumption in FY19 Decreasing Lost Time Injury Frequency Rate (LTIFR) Lost time injuries per million hours worked 0.50 0.36 FY2016 FY2017 Source: Company Filings 0.42 0.35 Deming Award for Vijayanagar Works JSW Steel included in the NIFTY 50 Index 2017 Golden Peacock Innovative Product Award 2016 2015 FY2018 FY2019 (a) Lost time injury frequency rate JSW Steel "National Award for Supply Chain and Logistics Excellence" under the steel industry category by the Confederation of Indian Industry ""Industry Leadership Award” in steel, metals and mining at Platts Global Metals Awards 24#2600.00 Thank you