#1JSW Energy Limited Investor Presentation February 2020 JSW Better Everyday#2Agenda Overview Value Proposition Quarterly Highlights Appendix JSW Energy 2#3JSW Group - Overview JSW Steel: India's leading integrated steel producer (Installed Crude Steel Production Capacity: ~18 MTPA) - Market Cap²: USD 9.8 Bn JSW Energy¹: Engaged across the value chain of power business (Installed Capacity: ~4.5 GW) - Market Cap²: USD 1.5 Bn JSW Infrastructure: Engaged in development and operations of ports (Operational Capacity: 93 MTPA) JSW Cement: Manufacturer of PSC, OPC and GGBS cement (Operational Plants' Capacity: 14 MTPA) JSW Paints: Commenced operations in March 2019 (Annual Capacity: 125 KL); Only fully-automated, water-based plant in India JSW Ventures JSW Ventures: Early-stage, tech-focused, venture capital fund based in Mumbai (Portfolio: Purplle, IndusOS, Limetray, Homelane) JSW Sports: Supporting Indian athletes and sports ecosystem (Teams Owned: Bengaluru FC, Delhi Capitals, Haryana Steelers) JSW Foundation: Social development arm of JSW Group, committed towards empowerment of communities, with a footprint across 11 states USD 14 Billion Group - Amongst India's Largest Conglomerates JSW Energy (1) Listed companies (2) USD/INR = 71.3 Source: RBI reference rate as on Feb 10, 2020 3#4JSW Energy - Presence Across The Value Chain ◉ Current Installed Capacity: 4,559 MW Power Generation Power Transmission ☐ - Operational Transmission Line JV with MSETCL¹: two 400KV transmission lines ■ Handling trading volume of ~2 Bn units³ Power Trading Mining ☐ Producing 6-7 MTPA Lignite in Barmer through BLMCL² JSW Energy Amongst the Largest Private Independent Power Producers in India (1) Maharashtra State Transmission Company Ltd. (2) BLMCL is a 49:51 JV between JSW Energy (Barmer) Ltd (100% subsidiary of JSW Energy) and Rajasthan Government undertaking ! (3) During FY2018-19#5• Leading IPP with ~4.5 GW of Installed Generation Capacity Baspa II: 300MW & Karcham Wangtoo: 1,091MW Barmer: 1,080MW Configuration: 8 X 135MW 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 7,165 Crore/ $1,005mn² Ratnagiri: 1,200MW Configuration: 4 X 300MW Units operating: since 2011³ Technology: Sub-critical TPP Fuel Source: Imported Thermal Coal Power Offtake: Long Term PPA & Merchant Project Cost: INR 5,516 Crore/ $774mn² Vijayanagar: 860 MW Configuration: 2 X 130MW and 2 X 300MW Units operating: since 2000³ Technology: Sub-critical TPP Fuel Source: Imported Thermal Coal & Gas Power Offtake: Long Term PPA & Merchant Project Cost: INR 3,096 Crore/ $434mn² JSW Energy • Units operating: Baspa II since 2003 and Karcham Wangtoo since 2012 • Technology & Fuel Source: Hydro Power Offtake: Long Term PPA Asset Value to JSW Energy: INR 9,275 Crore/ $1,301mn² Kutehr: 240 MW (Under-construction) 240 MW hydro plant under construction at Kutehr (Himachal Pradesh) awaiting regulatory approval for PPA with Haryana Discom Salboni: 18 MW (Under-construction) 18 MW thermal plant under-construction at Salboni (W.B.) Nandyal: 18 MW Commissioned 18 MW thermal capacity in Q1FY20 at Nandyal (A.P.) with LT PPA under Group captive scheme Solar: 10 MW Commissioned ~10 MW solar power projects across various locations within JSW Group, and opportunities in Renewable segment Well Diversified Fuel/Geography/Offtaker Mix (1) Long term FSA with BLMCL for supply of lignite from its captive mines (2) USD/INR = 71.3 Source: RBI reference rate as of Feb 10, 2020 (3) Denotes start of first unit in respective fiscal year; TPP-Thermal Power Plant exploring other 5#6Capacity (MW) Net Generation (MUs) Total Revenue Proven Track Record FY12 2,600 13,594 FY19 4,541 CAGR FY12-19: 8% 22,088 CAGR FY12-19: 7% INR 6,265 Crore / $879mn¹ INR 9,506 Crore / $1,333mn¹ CAGR FY12-19:6% EBITDA INR 1,594 Crore/ $224mn¹ INR 3,221 Crore/ $452mn¹ CAGR FY12-19: 11% PAT INR 170 Crore/ $24mn¹ INR 685 Crore/ $96mn¹ Fuel Type Thermal Coal Business Segment Power Generation, O&M, Transmission, Trading, Coal Mining Thermal Coal, Lignite, Hydro, Solar Power Generation, O&M, Transmission, Trading, Coal Mining CAGR FY12-19:22% Diversifying fuel sources Presence across the value chain Delivering Sustainable Growth driven by Focused Execution and Financial Prudence JSW Energy (1) USD/INR = 71.3 Source: RBI reference rate as of Feb 10, 2020 6#7Sound Corporate Governance ✓ Audit Committee Compensation and Nomination & Remuneration Committee Stakeholders Relationship Committee Risk Management Committee Corporate Social Responsibility (CSR) Committee Ensures regular review of audit plans, significant audit findings, adequacy of internal audit system, compliance with applicable regulations by the Company and its subsidiaries ✓ Comprises of three Independent Directors and one Non-Executive Director ✓ ✓ Identifies qualified persons and recommends to the Board the appointment, removal and evaluation of Directors Responsible for drafting policy on specific remuneration packages for Executive Directors and approving the payment of remuneration to managerial personnel Formulate criteria for independence of Director, evaluation of Independent Directors, policy on Board diversity ✓ Comprises of two Independent Directors and one Non-Executive Director ✓ Responsible for the functioning of the investor grievances redressal system ✓ Comprises of one Independent Director, one Non-Executive Director and one Executive Director Periodically reviews risk assessment and minimisation procedures ✓ Comprises of two Independent Directors, one Non-Executive Director and two Executive Directors ✓ ✓ Formulates and recommends to the Board a CSR Policy including list of projects and programs Periodically reviews the progress of CSR activities and programs ✓ Comprises of one Independent Director, one Non-Executive Director and one Executive Director JSW Energy All Key Committees in place; Adequate Independent Director representation 7#8Agenda Overview Value Proposition Quarterly Highlights Appendix JSW Energy 80#9Project Execution Expertise Driving Efficient Capital Allocation Project cost of select power plants set up by other players in the industry Power Project Capacity Project cost 1st COD JPVL (Nigrie) MW 1,320 INR Crore/MW $mn/MW² Year 7.92 1.11 2014 Giral (Rajasthan) 250 7.69 1.08 2011 DB Power (Janjgir-Champa) 1,200 7.02 0.98 2014 INR 6.63 Crore¹/MW Neyveli (Barsingsar) 250 7.00 0.98 2010 GMR EMCO (Warora) 600 6.25 0.88 2013 Adhunik (Padampur) 540 6.18 0.87 2013 Dhariwal (Chandrapur) 600 6.22 0.87 2014 Lanco (Amarkantak) 600 5.23 0.73 2009 Tata Power/DVC (Maithon) 1,050 5.24 0.73 2011 Aryan Coal (Kasaipalli) 270 5.00 0.70 2011 Lanco (Udupi) 1,200 4.67 0.65 2010 Vijayanagar Vijayanagar (2010): 600 MW @ INR 3.28 Crore/MW (2000-2001): (~$0.46mn/MW)² 260 MW @ INR 4.34 Crore/MW (~$0.61mn/MW)² Ratnagiri (2011-2012): 1,200 MW @ INR 4.60 Crore/MW (~$0.64mn/MW)² Barmer (2010-2013): 1,080 MW @ (~$0.93mn/MW)² JSW Energy (1) High capital cost due to CFBC boilers for lignite based power plant (2) USD/INR = 71.3 Source: RBI reference rate as of Feb 10, 2020#10Diversified and Balanced Portfolio of Efficient Operating Assets Portfolio well-diversified across fuel sources Improving LT PPA tie-up rendering high cash flow visibility; ~98% of LTPPA under two-part tariff (fuel cost/forex pass through) • Imported coal 5,000 80% 90% • Lignite 75% 64.5% • Hydro 4,000 70% 60% 3,579 3,328 • Renewable (RE) - Solar 2,866 3,000 2,657 50% JSW Energy 0.2% RE 2,000 30% 30.5% FY16 FY17 FY18 FY19 ■Hydro LT PPA (MW) LT PPA % 23.7% ■Lignite 45.6% ■Imported coal Sound operating efficiency characterised by falling O&M Cost/MW; Further, one among the lowest O&M cost in the sector 4,559 MW Period FY16 FY17 FY18 FY19 O&M Expenses (INR Lakh/MW) 19.4 19.4 19.3 18.7 10#11Robust Financial Risk Profile Amongst the strongest balance sheet in the Power sector 3.8 4.0 3.4 3.0 Proactive debt reduction through prepayments/repayments 14,476- 3.5 3.1 13,384 2.9 ~INR 4,950 Cr 11,278 10,050 9,530 2.0 1.4 1.3 1.0 0.9 0.8 1.0 0.0 Mar-16 Mar-17 Mar-18 Mar-19 Dec-19 Mar-16 Mar-17 Net Debt/Equity (x) Net Debt/EBITDA (TTM) (x) Mar-18 Mar-19 I Net Debt (INR Cr) Dec-19 Ample liquidity characterized by robust cash accruals, and availability of undrawn bank lines that can be tapped in any exigency ✓ Existing business of JSW Energy continues to generate gross cash accruals of ~INR 1,900 Cr¹ annually ✓ Ability to raise Short-term lines/ WC lines/ Commercial Papers in excess of INR 1,000 Cr ✓ JSW Energy is the second largest entity in the USD 14 Bn JSW group, whose strong name in the market enhances the ease of tapping in both the ECM/DCM, which adds to financial flexibility ✓ Further, JSW Energy holds ~INR 1,890 Cr² worth JSW Steel shares (#7 Cr shares) which further enhances financial flexibility JSW Energy (1) Computed as PAT+ Depreciation+ Deferred Taxes+ Exceptional items for FY19 (2) As on Dec 31, 2019 11#12FY19 EBITDA Margin¹ 34% 50% Healthy Margins and Return Ratios Average 28% -28% 27% 32% 23% FY19 Return on Capital Employed² (ROCE) 9.7% 9.1% 8.6% -7.2% Average 6.8% 8.0% 6.5% JSW Energy Reliance Power Adani Power CESC NTPC Tata Power JSW Energy CESC Adani Power NTPC Reliance Power Tata Power JSW Energy Source: Stock exchange filings - FY19 results; (1) Calculated as EBITDA/ Revenue, where EBITDA includes Other Income (2) Calculated as EBIT/Average Capital Employed 12#13Amongst the Strongest Balance Sheet in the Power sector FY19 Net Debt/EBITDA¹ (x) 7.1 FY19 Net Debt/Equity (x) 7.0 6.1 6.2 6.3 0.9 3.1 2.3 1.7 Average 2.3 1.5 1.5 4.5 JSW Energy CESC NTPC Reliance Power Tata Power Adani Power JSW Energy CESC NTPC Adani Power Tata Power Reliance Power Source: Stock exchange filings - FY19 results JSW Energy (1) EBITDA includes Other Income Average 5.7 13#14Agenda Overview Value Proposition Quarterly Highlights Appendix JSW Energy 14#15Key Highlights for Q3FY20 Debt restructuring agreement with Jaiprakash Power Ventures Ltd (JPVL) stands completed whereby the Company has acquired ~5% equity stake in JPVL, in addition to INR 120 Crore continuing as loan repayable from JPVL to the Company. Further, both parties have agreed to forego their respective rights and obligations in relation to the Securities Purchase Agreement for transfer of Karcham and Baspa hydro assets Update on Acquisitions: - GMR Kamalanga Energy Ltd (1050 MW): Discussions progressing well between the Company and GMR Energy Ltd for an expeditious closure Ind-Barath Energy (Utkal) Ltd (700 MW): Approval by National Company Law Tribunal under process for the resolution plan submitted by the Company Transfer of JSW Energy (Kutehr) Ltd by the Company to JSW Hydro Energy Ltd (wholly owned subsidiary of the Company) stands completed Pursuant to changes in the Corporate Tax Regime, the Company has made an assessment of the impact and decided to continue with the existing tax regime for the Company and its key subsidiaries The Company's Ratnagiri plant was awarded as 'Best Operating Thermal Power Plant' by Independent Power Producers Association of India (IPPAI) JSW Energy (Barmer) Ltd won the award for 'Best Innovation' from IPPAI JSW Energy 15#16Power Generation Q3 Plant-wise Net Generation (MUs) 10% 9M Plant-wise Net Generation (MUs) 24% 1% 15% 1 / 15% 4% 20% 11% 13% 6% 1,002 802 1,969 753 1,457 271 689 730 5,116 4,580 Nil 2,867 2,165 5,560 5,488 4,640 3,931 4,806 5,524 17,872 17,147 20 3 Vijayanagar Ratnagiri Barmer Hydro Q3 FY19 Nandyal Q3 FY20 Solar Total Vijayanagar Ratnagiri Barmer Hydro 9M FY19 9M FY20 Nandyal Solar Total Actual PLF/CUF Vijayanagar Ratnagiri Barmer Q3 FY20 46% 72% (*81%) Q3 FY19 57% 9M FY20 9M FY19 81% (*84%) 41% 76% (*87%) 59% (*82%) 68% (*80%) Hydro 26% 24% 62% (*82%) 65% 55% 76% (*79%) 73% (*84%) 56% Lower ST sales Remarks (Q3 FY20) Lower ST sales and back-down by LT customers Lower due to back-down by LT customers Higher due to better water availability Nandyal 58% (*99%) 47% (*86%) Solar - Nandyal 17% 17% Solar Salboni 17% 16% Short term sales (MUs) 541 1,112 2,022 2,574 Lower at both Vijayanagar and Ratnagiri JSW Energy Hydro net generation numbers includes free power to HPSEB 16 * Deemed PLF#17Consolidated Financial Results INR Crore Q3FY20 Q3FY19 Particulars 9M FY20 9MFY19 2,016 2,492 Total Revenue 6,712 7,487 706 809 EBITDA 2,615 2,651 35% 32% EBITDA Margin (%) 39% 35% 261 295 Interest 803 916 293 293 Depreciation 879 876 151 221 Profit Before Tax (before exceptional items) 933 858 61 Exceptional Items 61 213 221 Profit Before Tax (after exceptional items) 994 858 394 146 Profit After Tax 991 691 499 467 Gross Cash Accruals* 1,721 1,590 2.40 0.89 Diluted EPS () # 6.04 4.21 JSW Energy # Not Annualized * Computed as PAT+ Depreciation+ Deferred Taxes+ Exceptional items 17#18Robust Balance Sheet in INR Crore 13,000 0.98 1.10 in (x) 1.00 12,000 0.90 0.89 0.86 0.90 0.85 0.83 Net Worth (INR Crore) 11,000 0.76 0.80 I Net Debt* (INR Crore) 10,000 Net Debt/Equity (x) 0.70 9,000 0.60 8,000 0.50 Jun 30, Sept 30, Dec 31, Mar 31, Jun 30, Sep 30, Dec 31, 2018 2018 2018 2019 2019 2019 2019 Net Worth (INR Crore) 11,581 12,231 11,904 11,822 11,928 11,756^ 12,467 Net Debt* (INR Crore) 11,382 10,982 10,611 10,050 10,221 9,702 9,530 Net Debt/Equity (x) 0.98 0.90 0.89 0.85 0.86 0.83 0.76 Net Debt*/TTM EBITDA (x) 3.68 3.61 3.34 3.12 3.16 2.95 2.99 Weighted Average Cost of Debt 8.97% 9.00% 9.06% 9.07% 9.20% 9.20% 9.13% Net Debt calculation excludes the market value of listed equity investments worth ~INR 1,890 Crore (As on Dec 31, 2019) Net Debt to Equity healthy at 0.76x; Well positioned to pursue growth opportunities JSW Energy *Excluding short term working capital debt/acceptances ^Impact due to change in value of listed equity investments through Other Comprehensive Income, and Dividend payout 18#19Items to Note in Q3FY20 I. JPVL Loan Restructuring: Pursuant to restructuring of JPVL loan, the Company has written off ~INR 570 Crore of JPVL loan which has been adjusted against reversal of existing provision of ~INR 454 Crore and write-back of ~INR 177 Crore of JPVL contingent consideration payables in the Company's books, resulting in a net gain of ~INR 61 Crore in Q3FY20. This has also resulted in reversal of current tax of ~INR 39 Crore provided in H1FY20. 752 INR Crore 280 120 352 62* JPVL Debt Outstanding Amount Written-off Continuing Loan Loan converted into JPVL Equity II. South African Operations: The Company has made a provision of ~INR 38 Crore in the Standalone financials towards impairment of its investments in South African operations. This has no impact on the Consolidated financials as accumulated losses corresponding to the impairment amount have already been provided for in earlier periods. III. Corporate Tax: Pursuant to changes in the Corporate Tax Regime, the Company has made an assessment of the impact and decided to continue with the existing tax regime for the Company and its key subsidiaries. Further, the Company has re-evaluated the existing deferred tax liability in its books, and based on the assumption that the Company would migrate to the new tax regime at a future date, decided to write back ~INR 165 Crore to the P&L account. JSW Energy *Fair value as on conversion date (INR 78 Crore as on February 1, 2020) 19#20Entity-wise Summary Financial Performance Q3 FY20 Q3 FY19 Total Revenue# 9M FY20 9M FY19 1,126 1,553 Standalone 3,468 4,280 636 672 JSW Barmer 2,037 1,983 215 208 JSW Hydro 1,124 1,134 20 22 JPTL 2,016 2,492 60 61 Consolidated * 6,712 7,487 JSW Energy # Including Other Income * After inter-company adjustments and eliminations INR Crore 20 20#21Entity-wise Summary Financial Performance Q3 FY20 Q3 FY19 EBITDA 9M FY20 9M FY19 245 367 Standalone 824 935 276 270 JSW Barmer 802 759 170 166 JSW Hydro 989 1,001 19 21 JPTL 706 809 JSW Energy * After inter-company adjustments and eliminations 57 58 Consolidated * 2,615 2,651 INR Crore 21#22Agenda Overview Value Proposition Operational Highlights Appendix JSW Energy 222#23Demand Growth Trends 9M FY20* Q3 FY20* Q2 FY20 Q1 FY20 Region YOY% YoY % YoY % YoY % (MUs) (MUs) (MUs) (MUs) North 312,794 4.4% 84,734 -3.7% 118,952 7.8% 109,107 7.6% Remarks - Q3 (Key States impacting Demand - YoY) Rajasthan (-6.1%), UP (-4.4%) West 289,309 -1.9% 93,819 -8.6% 90,466 -2.4% 105,024 5.4% MP (-17.2%), Chhattisgarh (+12.1%) South 251,542 0.3% 78,389 -6.4% 82,181 -2.3% 90,972 9.8% Karnataka (-12.9%), AP (-7.0%) East 114,448 1.4% 32,599 -6.0% 41,348 2.8% 40,501 6.6% Odisha (-16.8%) North-East 12,924 0.8% 4,081 -0.4% 4,648 -3.7% 4,195 7.6% Tripura (-17.6%) All-India 981,017 1.0% 293,623 -6.2% 337,595 1.6% 349,800 7.4% Quarterly Growth Rates FY20 FY19 Region North West All-India -6.2% 1.6% Q3* Q2 Q1 -3.7% 7.8% 7.6% -8.6% -2.4% 5.4% South -6.4% -2.3% 9.8% East -6.0% 2.8% 6.6% North-East -0.4% -3.7% 7.7% 7.4% Q4 Q3 Q2 Q1 -0.5% 2.9% 2.7% 5.8% 2.8% 7.2% 8.9% 5.1% 2.4% 9.3% 8.5% 4.2% -0.1% 9.7% 11.0% 6.0% 10.7% 0.9% 4.6% -3.7% 1.6% 6.7% 6.8% 5.1% JSW Energy Source: CEA, * Basis Provisional CEA Data for Dec'19 23#24Generation and PLF Trends Gross 9M FY20* Q3 FY20* Q2 FY20 Q1 FY20 YoY% YoY% YoY% YoY % Generation (MUs) (MUs) (MUs) Thermal 779,623 -3.2% 244,769 -11.3% 247,134 -2.3% Hydro 129,582 16.0% RES 105,016 Others Total 41,238 1,055,460 7.0% 25.8% 0.7% 26,877 13,028 318,214 33,541 18.4% 8.4% 30.7% -6.1% 56,544 41,899 16,172 35.1% 361,748 0.6% 9.1% -2.1% (MUs) 287,720 4.0% 39,498 25.1% 36,241 18.7% 12,039 11.0% 375,498 7.4% Remarks Overall generation growth declined 6.1% YoY in Q3 FY20 led by decline in Thermal generation In 9MFY20, generation growth stood at 0.7% YoY Thermal PLF (%) 9M FY20* 9M FY19 Q3 FY20* Q3 FY19 Q2 FY20 | Q2 FY19 Q1 FY20 Q1 FY19 Remarks All-India PLF 55.8% 6 61 61.1% 51.9% 62.5% 52.5% 57.6% 62.8% 62.2% Central 63.5% 72.0% 60.0% 73.8% 60.0% 68.2% 69.0% 73.3% State 50.1% 57.7% 43.9% 59.3% 48.7% 51.6% 60.8% 61.3% All-India Thermal PLF declined to 51.9% in Q3 FY20 from 62.5% in Q3FY19 primarily due to decline in Central and State sector PLFs Private 54.7% 55.6% 54.7% 56.8% 52.3% 54.2% 59.6% 54.5% JSW Energy Source: CEA, Basis Provisional CEA Data for Dec'19 24#25Installed Capacity Sector-wise Installed Capacity - 368.8 GW (As on December 31, 2019) Segment-wise Installed Capacity - 368.8 GW (As on December 31, 2019) Total: 92.8 GW # +1,300 MW * Central, 25.2% State, 28.1% Total: 103.8 GW # +800 MW * Total: 85.9 GW # +3,319 MW * RES, 23.3% Private, 46.7% Total: 172.2 GW # +3,319 MW * Total: 45.4 GW # Hydro, 12.3% Thermal, 62.6% Total: 230.7 GW # +2,100 MW * Nuclear, 1.8% Total: 6.8 GW # In Q3FY20, Installed Capacity increased by 5.4 GW led by RES (+3.3 GW) and Thermal (+2.1 GW) segments JSW Energy Source: CEA; Basis Provisional CEA Data for Dec'19 * *Net capacity change during Q3FY20 # Refers to total installed capacity of respective segments 25#266.00 5.00 4.00 3.00 2.00 Average Merchant Tariff Merchant Tariff Trend (INR/unit) 1.00 Apr May Jun FY16 Jul Aug Sep Oct Nov Dec Jan Feb Mar -FY18 -FY17 FY19 FY20 Particulars Q3 FY20 Q2 FY20 Q3 FY19 YOY% QoQ% Merchant Volume 11,113 12,967 12,968 -14% -14% (MUs) Average merchant tariff (/unit) 2.83 3.16 4.28 -34% -10% Particular 9M FY20 FY19 FY18 FY17 FY16 Average merchant tariff (/unit) 3.09 3.85 3.26 2.42 2.73 Average merchant tariff in Q3 FY20 lower on a YoY and QoQ basis JSW Energy Source: IEX (DAM) 26#27Indian Economy and Imported Thermal Coal Prices USD/INR trend (monthly average) ■ Industrial production (IIP) growth for Apr-Nov'19 stood at 0.6% on a YoY basis 72 ■ Average imported coal (API4) prices witnessed a decline of ~21% YoY however increased ~23% QoQ in Q3FY20 70 70 In Q3FY20, average rupee value against USD depreciated ~1% QoQ however appreciated ~1% on YoY basis 68 Dec-18 6% 4% 2% 0% -2% -4% -6% Nov-18 Industrial Production Growth (YoY %) Mar-19 Jun-19 Sep-19 Dec-19 Imported coal (API4) trend (monthly average) Overall IIP Manufacturing 100 90 80 70 60 50 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 JSW Energy Source: API4 Coal Index, MoSPI, Bloomberg, Reserve Bank of India (RBI) 27#28Forward 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. JSW Energy 28#29Thank you JSW Energy JSW Better Everyday