Investor Presentaiton

6.00 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

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