Investor Presentaiton

1 One of the leading domestic steel player and well placed to benefit through the cycle (continued) Long term fundamentals of Indian steel demand are strong, albeit the recent slow down India is one of the fastest growing major economies in the world India China (a). 4.1% EMDES 4.7% 3.2% World 3.5% 2.6% US 1.9% 1.9% AMES 1.7% 1.3% Euro Area 1.6% 0.9% Japan 0.4% GDP growth 2019P 2020P Source: IMF World Economic Outlook Update (July 2019) Note: Based on Projected Real GDP 7.0% 7.2% 6.2% 6.0% (Kg of finished steel products per capita) Significant room for improvement in per-capita consumption in India Positive India steel consumption environment 1,047 590 514 307 225 7% 160 71 South Korea China Japan US World India I India (2030E) i 2018 Source: WSA (World Steel in Figures 2019), National Steel Policy, 2017 Political stability and continued reforms are driving positive growth outlook National Steel policy 2017: Target to increase per capital steel consumption to 160 kg by FY31 (a) For India, data and forecasts are presented on a fiscal year basis. JSW Steel 3.9% 6.9% 7.5% 5.9% 7.9% 3.1% 77.0 81.5 84.0 90.7 97.5 25.1 FY15 FY16 FY17 Q1 FY20 Total consumption (MT) YoY growth (%) Source: IBEF, Joint Plant Committee (Annual Performance Report) Industrialization and urbanization are the key drivers of Indian growth in the coming years 10 10

View entire presentation