Investor Presentaiton

Conclusion 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

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