1. 1 JSW Steel Ltd. Presentation to Analysts Tornagallu (Bellary) 27 th March 2006

2. 2 Contents Group Highlights JSW Steel Rights Issue Project Status

3. 3 O.P. Jindal P R Jindal Sajjan JindalRatan JindalNaveen Jindal Pipes Carbon steel Stainless steelPower & rail Jindal Saw Ltd. Jindal United Steel Inc. Saw Pipes Inc. Jindal Stainless Ltd. Jindal Steel & Power Ltd. JSW group JSW Steel Ltd. JSW Energy Ltd. Southern Iron & Steel Co. Ltd. South West Port Ltd. JSW Aluminium Ltd. Overview - O.P.Jindal Organization

4. 4 Revenues of over US$ 4 bn Group ranked 548th by Forbes Assets over US$ 4.6 bn Employing over 20,000 people Diverse business interests - Steel & related - Power - Industrial gases - Ports Diverse business interests - Steel & related - Power - Industrial gases - Ports O. P. Jindal Group O.P.Jindal Group - Highlights

5. 5 Turnover over US$ 2 billion Diversified business in steel, power, port and aluminium World’s largest air separation oxygen plant Employing over 9,000 people Known for growth and aggression - Turnover from US$ 22 mn to over US$ 2 bn in ten years Known for growth and aggression - Turnover from US$ 22 mn to over US$ 2 bn in ten years JSW group JSW Group - Highlights

6. 6 JSW Steel…

7. 7 Million ton JSW Steel - Capacity Capacity to increase from 2.5 to 7 mtpa in 3 years

8. 8 Capex & Financing Plan Upto 3.8 mtpa – Nearing completion 3.8 to 7 mtpa – Rs. 6,150 crore: Financing Rs. in crore Equity / Internal accruals: 2550 Debt: 3600 Total: 6150

9. 9 JSW Steel -Product Mix

10. 10 JSW Steel Turnover over $1.7 bn Market share of 12% in the domestic market Employee strength over 4000

11. 11 Share Holding Pattern – 28.02.06

12. 12 JSW Steel - Key Strengths Blend of 2 technologies - no petro fuel usage Proximity to sources of rich Iron Ore reserves - 30% captive Iron ore at 4 mtpa capacity Integrated from Iron Ore to galvanised and colour coated products

13. 13 Sole producer of flat steel in southern region JSW Steel - Key Strengths Waste utilisation up to 85% / Zero effluent discharge Extremely environment friendly & socially responsible approach

14. 14 Exports to over 50 countries JSW Steel - Key Strengths Non unionised work force Long term tie ups with customer

15. 15 Shree Precoated Brakes India Tube Products of India Supplies to 589 OEMs across India Voltas Ltd. Some Domestic Customers

16. 16 Some International Customers

17. 17 *Karnataka State Industrial & Investment Development Corporation Sajjan Jindal V C & M D Dr B.N. Singh JMD & CEO M.V.S. Rao Director (Finance) Board of Directors Audit, Remuneration, shareholders & investors grievance committees Promoter Directors 2 Executive Directors 2 KSIIDC* Nominee Director 1 Independent Directors 5 Lender Nominee Directors 3 JSW Steel - Management Structure Diversified Board & Management Structure

18. 18 Independent directors from diverse fields : Mr. Anthony Pedder, an internationally renowned steel expert Dr. Vijay Kelkar, an eminent economist Mr. Sudipto Sarkar, a reputed lawyer Mr. Uday Chitale, a reputed Chartered Accountant Dr. S. K. Gupta, an acclaimed steel expert Effective Internal control system Sound corporate governance practices JSW Steel-Profile of Directors

19. 19 Financial highlights.. JSW Steel

20. 20 CAGR 76% CAGR 82% CAGR 246% 16.6% JSW Steel - Financial Trends (Figures in Rs. Mn)

21. 21 JSW Steel – Current Financials (Figures in Rs. Mn)

22. 22 JSW Steel – Gearing Ratios EBIDTA / Interest Debt / equity

23. 23 Going forward... JSW Steel

24. 24 Volume growth, 7 mtpa by FY 2009 and 10 mtpa by FY 2011 –Pellet capacity to 5 mtpa by FY 2007 –Slab capacity to 3.9 mtpa by FY 2007 –HR Coils capacity to 3.2 mtpa by FY 2008 –CR products capacity to 1.8 mtpa by 2008 –Colour coated capacity to 0.1 mtpa by FY JSW Steel - Strategy Value added products increasing from 38% to 53% by 2008

25. 25 JSW Steel - Strategy Integration to reduce cost –Allocation of additional iron ore reserves –Investment opportunities in overseas Coal mines for Coal Maintain gearing of 1 Investment in cutting edge management practices –Innovation –Quality systems

26. 26 Delay in tying up further captive raw material source JSW Steel - Challenges / Concerns Declining but yet relatively firm coal prices – valuation of coal mine Meet the growth imperative at 1:1 debt equity Talent retention

27. Rights Issue

28. 28 Rights-Broad Terms Fund raising upto Rs. 400 crs. (without warrants) Entitlement ratio on equity shares 1:8 Warrants entitlement of one Series A & one Series B warrant for every equity share offered on rights basis Warrant conversion period –Series A : 18 - 36 months from allotment date –Series B : 24 - 48 months from allotment date

29. 29 The terms of warrants issue shall be decided by the committee of the Board Warrants to be listed on allotment and will be tradable Rights-Broad Terms

30. 30 Project Status…

31. 31 Up to 3.8 mtpa Expansion - Project Status Commissioning to be completed by June 2006

32. 32 Upto 7 mtpa Expansion - Status Financial closure: - In principle approvals in place Orders placed: -Blast furnace of capacity 4019 M 3 (Largest in India) Land leveling started: -Blast furnace -BOF and CCP

33. 33 Key ratios *Market value per share is as on 24 th March 2006 for all the calculations, wherever required All figures annualised wherever necessary

34. 34 THANK YOU