Investor Presentaiton

Strengthening Balance Sheet JSW Consolidated total net debt - equity ratio has improved to 0.80 at Sep' 2010 end from 1.60 at Jun' 2010 end Consolidated weighted average debt cost has come down by 58bps to 6.13% during Q2 FY11 Potential Equity Infusion of 2,488 Crores over 21 months 1,588 Crores – Promoters warrants - * 600 crores - 3mn GDRs plus 1mn shares to JFE * 300 crores - 2mn shares to JFE on conversion of outstanding FCCBs Impact of FCCBs conversion ✰ Outstanding FCCBs - 1,230 crores, if converted will simultaneously increase equity and reduce debt. 4

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