JSW Steel Corporate Presentation

8 Debt Profile and Credit Ratings Net Gearing (ND/Equity) within the stated cap of 1.75x Leverage (ND/EBITDA) within the stated cap of 3.75x 1.75x 1.48x 1.38x 1.34x 3.75x 1.17x 2.60x 0.89x 2.40x 0.83x FY18 FY19 FY20 FY21 FY22 FY23 Strong Liquidity and Credit Ratings 4.50x JSW Steel Diversified Funding Sources 2.61x 3.20x 1.45x Foreign currency debt, 57% INR debt, 43% Loans and others, 58% Bonds and debentures, 42% FY18 FY19 FY20 FY21 FY22 FY23 Cash and Cash equivalents of *20,719 crore Credit Ratings: ○ International: Moody's: Ba1 (Stable Outlook) and Fitch: BB (Stable Outlook) Domestic: ICRA: AA (Stable Outlook), IndRa: AA (Stable Outlook), CARE: AA (Stable Outlook) Debt Profile • Access to diverse pools of liquidity. Strong relationships with domestic and international banks and financial institutions Net Gearing and Leverage within stated caps of 1.75x and 3.75x, respectively Successfully raised US$3.69bn through global bond markets since 2014 • Issued global steel industry's first USD Sustainability Linked Bond in September 2021 JSW Steel Corporate Presentation: May 2023 Note: Net Debt/EBITDA on LTM basis 35

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