Corporate Presentation

Copyright 2010 Jindal Steel & Power Ltd.

May 2011

Disclaimer
Certain statements in the presentations and, if applicable, the subsequent question and answer session and

discussions concerning our future growth prospects, are forward looking statements which involve a number of risks,
uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, general political, social and

economic conditions in India, Bolivia, and elsewhere, accidents, natural disasters or outbreaks of disease,
government policies regarding the steel ,power and diamond industry(ies), including industrial licensing, environmental regulations, safety regulations, import restrictions and duties, excise duties and sales taxes, our ability to successfully implement our strategy, our growth and expansion plans and technological changes, increasing competition in, and the conditions of the global and Indian steel , power and diamond industry, changes in laws and regulations that apply to the Indian and global steel, power and diamond industry, significant movements in the prices of key materials, terms on which we finance our working capital and capital and product requirements affecting our company and our industry and other development expenditure requirements, general economic conditions factors beyond our control.

Corporate Snapshot

Jindal Steel & Power / Jindal Power / Jindal Shadeed

Steel 3 MTPA

Iron Ore & Coal Mining 15 MTPA

Power Generation 1,783 MW

Hot Briquetted Iron 1.5 MTPA

Pellet Plant 5MTPA

FY 2010 - 11

Revenue : USD 2.9 Bn

Cash Profit : USD 1.13 Bn

Current Expansion Plans

Steel Plant, & 810 MW Power Plant at Angul, Orissa 6 MTPA Inv. USD 5.4 Bn Steel Plant, Patratu, Jharkhand 6 MTPA Inv. USD 4.4 Bn Steel Plant Bolivia 2 MTPA Inv. USD 2.1 Bn

Steel Plant, Raigarh, Chhattisgarh 3 MTPA Inv. USD 2.6 Bn

Coal To Liquid Jindal Steel & Power Limited 80,000 Barrels per day

Inv. USD 8.0 Bn

Thermal Power, Chhattisgarh 2,400 MW Inv. USD 2.9 Bn

Thermal Power, Jharkhand 1,980 MW Inv. USD 2.4 Bn

Hydro Power, Arunachal Pradesh 6,100 MW Inv. USD 8.1 Bn

Steel business overview

Power business overview

Financial overview

Growth drivers

Sustainability Initiatives

Indian Steel Story

India s share in World steel production was 2% in 1995. Current share 5% With GDP expected to grow over 8-9%, Steel consumption is expected to grow over 10%

Huge demand coming from Power, Road and Infrastructure sector

Steel Production in India expected to go up tp 200 MTPA by 2020 from current 70 MTPA In 11th plan GOI has a target of $500 Bn investment in Infrastructure (9% of GDP)

Steel consumption for this level of investment is about 145 Mn T

In 12th plan GOI has plans of $1,000 Bn investment in Infrastructure (estd. at 10% of GDP)

Steel consumption for this level of investment is over 350 Mn T

Currently India imports about 8 MTPA of steel

Giving a cushion to absorb additional supply in the immediate future

JSPL A young and dynamic company

Jindal Steel & Power Limited (JSPL) is a leading player in steel, power and mining Perseverance, firm commitment towards all stakeholders and the community at large coupled with an enterprising spirit have been the driving force behind the company's growth over the last decade JSPL has consistently tapped new opportunities by increasing production capacity, diversifying investments, and leveraging its core capabilities to venture into new businesses

Core operational capacities

Iron ore mine Coal mine Pellet Plant

3.00 MTPA 12.00 MTPA 5.0 MTPA 1.37 MTPA 1.50 MTPA 1.65 MTPA 3.00 MTPA 0.75 MTPA 1.00 MTPA 0.60 MTPA 0.65 MTPA 759 MW 24 MW 1,000 MW

Sponge Iron (coal based) Sponge Iron (Gas based- Oman) Hot Metal (Pig Iron) Total Steel Rails, Beams & Structurals Plates & Coils Medium Section Mill Slabs, Rounds, Blooms & Billets, Wire Rods Total Captive Power Plant Wind Power Jindal Power Limited

JSPL integration
Iron Ore from Mines Sale Sale Pelletization plant Pellets Coal Washery
Char/Flu Gases

Coal from Mines

Washery Rejects
Wire Rod & Rebar

Sale ROTARY KILNS

FINES

POWER PLANT(a) Sale EAF

Sale

CSEB/OTHERS

Coking Coal

COKE OVEN

Sponge Iron

PLATE MILL
PLATES & COILS

COKE
SINTER PLANT

BF

Pig Iron

Sinter

Rounds/ Blooms/ Slabs/ Billets Sale

RAIL & UNIVERSAL BEAM MILL

Sale

Rails

Structurals

Sale

Sale
(a) Captive Power Plant supplies power to all facilities

JSPL Product Range

Hot Rolled Plates upto 3.5 Mtr.

Billets

Parallel Flange Beams

Channels 9

Columns

Hot Rolled Coils

JSPL Product Range (contd.)

Beam Blank

120 Mtr. Long Track Rails

Power

Rounds 10

Fabricated Beams

JSPL Captive power plants

945MW Addition
1,708MW

759MW

Existing

FY12

Tamnar Coal Mine CPP 270 MW (2x135 MW)

11

Angul CPP 675 MW (5x135 MW)

Steel business overview

Power business overview

Financial overview

Growth drivers

Sustainability Initiatives

12

India Power Story

Installed Capacity (Mar 11) Total Installed Capacity Thermal Power Hydro Power Renewable Nuclear Power Reactors
Source: CEA

Top 5 States (Power Demand)

173, 626 MW 112,825 MW 37,567 MW 18,454 MW 4,780 MW

State Utilities (Categorization by PFC)

C rating B rating A rating A+ rating
Source: CEA

10
5

20 29 20

A+ rated SEBs have doubled in FY 10 Top 5 states account for 50% of energy demand Maharashtra & UP will likely drive future latent demand due to large energy requirement & deficit; either due to power cuts or non-availability of power

6 30 18 4
FY08

33 25
20
FY09

30 16 5
FY07
Source: PFC

21
FY10

13

JPL Operational Project Tamnar I (4x250MW)

FY10 FY 11

Location

Tamnar, Raigarh, Chhattisgarh (4 x 250 MW) Captive coal mines

Installed capacity (MW)(a)

Gross units generated (MU)(a)

1,000

1,000

Fuel

8,596
8,148

Power Evacuation

258 Km Captive transmission line connected to National Grid

Financials EBITDA (%) PAT (%)

FY 10 90% 59%

FY11 88% 56%

PLF
Auxiliary consumption (%)

98.1% 93.0%

8.9%

8.6%

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TAMNAR I PROJECT (OP Jindal super thermal power plant)

Main Plant

258 km transmission line from Raigarh to Raipur

6.9 km cross country pipe conveyor belt for coal transportation

Captive Coal Mine

15

Steel business overview

Power business overview

Financial overview

Growth drivers

Sustainability Initiatives

16

Consistent Performance
Revenues CAGR 47 % Consolidated, USD in Million

3000

2500

1500

Revenue

1000 500
0 200320042005200620072008200920102011

Net Profit

2000

900 800 700 600 500 400 300 200 100 0

200320042005200620072008200920102011

Year
Net Profit CAGR 60%

Year

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Growth Trajectory: Quarterly net profits

33 trailing quarters (consolidated, INR Crores)

988 900 899

1,001
963
874

957

951 894

765 808

444

405
319 250 190 203 117 122 124 124 60 147 150 145 151 153 157 277

126

60

50

58

80

Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar02 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11

18

Consolidated financials at a glance

FY04
(Rupees in Crores)

FY05

FY06

FY07

FY08

FY09

FY10

FY11

Times

INCOME STATEMENT
Gross Turnover Net Turnover Net Profit After Tax Cash Profit 1,403 1,272 305 434 2,467 2,271 515 765 2,905 2,617 572 858 3,948 3,548 703 1,174 6,260 5,538 1,251 1,810 11,694 10,913 3,007 4,193 11,679 11,151 3,634 4,759 13,998 13,111 3,804 5,115 9.9 10.3 12.4 11.7

BALANCE SHEET
Gross Fixed Assets Net worth Borrowings Equity 1,966 853 1,026 15 2,875 1,317 1,495 15 4,389 1,837 2,745 15 5,866 2,475 3,507 15 10,679 3,722 6,996 15 14,927 7,021 8,113 15 21,109 10,386 8,605 93 29,327 14,135 13,987 93 14.9 16.5 13.6 -

SIGNIFICANT RATIOS
Operating Margin (%) Net Profit to Sales (%) Return on Net Worth (%) Long Term Debt Equity Ratio EPS (INR/Share) (a) (b) 40% 24% 36% 1.09 3.34 40% 23% 39% 1.11 5.58 40% 22% 31% 1.20 6.31 41% 20% 28% 1.07 7.64 41% 23% 34% 1.74 13.54 48% 28% 43% 1.03 32.44 53% 33% 35% 0.59 39.05 49% 29% 27% 0.70 40.75 -

Note: EPS adjusted to reflect a 1:5 stock split w.e.f 27 Dec,07 Note: EPS adjusted to reflect a bonus issue of 5:1 * Net worth and Book value not stated as these are results for part of the year

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Steel business overview

Power business overview

Financial overview

Growth drivers

Sustainability Initiatives

20

JSPLs greenfield expansions

6 MTPA integrated steel plant & captive power plant at Angul, Odisha
Coal gasification & gas based DRI Blast furnace Steel making facilities Flat products (Plates and HR coils) Power Plant

4.0 MTPA

3.0 MTPA

6.0 MTPA

6.0 MTPA

810 MW

Facilities under implementation (Flat Products)

Project Capacity

Expected date of Commissioning March, 2012

March, 2012 April, 2011 - March, 2012 September, 2012

Financial closure

Plate Mill
DRI Power Steel melting shop

1.5 MTPA
2.0 MTPA 810 MW 1.6 MTPA

Achieved
Achieved Achieved Achieved

Resources

Coal mine, estimated reserves 228 MT, allotted. Mining expected to start from October 2011 Iron Ore mine, to be allotted as per MoU with the Govt. of Odisha

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JSPLs greenfield expansions (continued)

6 MTPA integrated steel plant & captive power plant at Patratu, Jharkhand
Blast furnace 6.0 MTPA Steel making facilities (BOF Route) 6.0 MTPA Flat products 3.0 MTPA Long products 3.0 MTPA

Facilities under implementation (Long products)

Project Steel Making (Wire Rod and Rebars) Power Plant 100 MW
Other Major Facilities Coke Oven, Blast Furnace, Sinter Plant and Steel Melting Shop

Capacity 3.0 MTPA

Expected date of commissioning December, 2014

Financial closure Under process

Resources

Two coal mines, combined estimated reserves of 320 MT, allotted Iron Ore mine, with estimated reserves of 80 MT, allotted 22

JSPLs Brownfield expansions (continued)

3 MTPA integrated steel plant & captive power plant at Raigarh, Chhatisgarh
Coal gasification & gas based DRI 2.0 MTPA Steel making facilities 3.0 MTPA Power plant 540 MW*

* Out of 540 MW, 270 MW has been commissioned in the months of September and November 2010

Facilities under implementation

Project Power Plant Capacity 270 MW Expected date of commissioning Sept, 2011 Financial closure Achieved

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Expansion plans of Jindal Power Limited

Overview of power projects
Name (Size) Operational Project (1000 MW) Tamnar I (1,000 MW) Thermal Under Implementation Projects (10,480 MW) Tamnar II (2,400 MW) Dumka (1,320 MW) Godda (660 MW) Hydro (6,100) Thermal Thermal Thermal Hydro Under Planning Projects (3,960 MW) Jharkand (2,640 MW) Angul (1,320 MW) Thermal Thermal Type

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Capacity build-up timeline of JPL

Cumulative capacity build-up (for projects under implementation)(a)
11,480

5,380 3,400 1,000 1,600

5,380

6,180

6,980

6,980

Existing

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

Operational Tamnar I

First unit of Tamar II (600MW)

Three units of Tamnar II (1,800MW)

660 MW Godda

1,320MW Dumka

800MW + 800MW Subansiri Middle

4,000MW Etalin

500MW Attunli

(a) Projects under planning (3,960MW) have not been considered for the above timeline

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Coal to Liquid (CTL) Project

Objective
To enhance energy security of the country Reduce dependence on import of crude oil/
petroleum products
Project CTL Plant Coal mining Power Plant Capacity 80,000 bbl / day 50 MTPA 1350 MW

Facilities under implementation

Projected investment (INR m) 320,000 25,000 75,500 420,500

Maximize Diesel production (60-70 % Diesel) Establish environment friendly CTL Project with
a strategic fit to Indian Coal (High Ash)

Total

Salient Points
CTL capacity represents about 10% of Indias current crude production

Compliant with Euro VI norms

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Global Footprint

India Oman Congo Bolivia South Africa Indonesia Mozambique

Georgia

Oman
Shadeed Iron & Steel LLC.
JSPL acquired Shadeed Iron & Steel LLC. In July 2010 Capacity of 1.6 mtpa DRI module (Midrex) plant Total Capital Expenditure of about 525 million USD Gas will be supplied by government at 1 $ per MMBTU, for 20 years Earned PAT of $3.6 Mn in 1st Quarter of operation (Jan Mar 2011)

Expansions planned Phase 1 1.5 MTPA Steel Making Product: Billet Phase 2 2.0 MTPA Rebar and Section Mills

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Bolivia
Investment of USD 2.1 Bn over a period of 8 years
Estimated reserves of Iron Ore - 20 Billion tons

Unit
Pellet Plant 10 mtpa

Capacity

DRI Plant (Natural Gas based) Steel Capacity

6 mtpa 1.7 mtpa

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AFRICA
South Africa
Operating the Kiepersol Colliery near Piet Retief in Mpumalanga 20 MT recoverable reserves; Annual production capacity of 1 mtpa

Mozambique
Mining Agreement signed in Jan. 2011. Coal resources estimated at 700 millions MT including coking coal Estimated Investment -USD 200 million in 5 years Mine expected to be operational by March 2012

Congo

Mining 8000 10000 carats per month of diamonds in Tshikapa Exploration for Kimberlites in progress in Banalia and Jacopunda Coal mine at Tete province (Western Mozambique) covering 25000 Ha
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Indonesia

Coal Mining License obtained in Dec 09. Total concession area of 51 sq km in Barito Regency in Kalimantan Coal deposits est. over 250 MT for open cast operation Production to start in FY 2011-12.

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Resource pool to fuel JSPLs growth

Mine
Tensa
Jiraldaburu

State
Orissa
Jharkand

Geological Reserve (Mn MT) Domestic Iron Ore

20
80

Purpose
Steel
Steel

Bailadila

Chhattisgarh

100

Steel

Total

200

Overseas Iron Ore

El Mutun Bolivia 20 billion MT Steel

Domestic Coal
Gare IV / 1 & IV/6 Gare IV / 2 & 3 (JPL) Jitpur & Amarkonda Utkal B 1 Urtan North Ramchandi (CTL) Chhattisgarh Chhattisgarh Jharkand Orissa M.P. Orissa 300 270 305 224 55 1500 Steel & Power Power Power Steel & Power Steel & Power Coal to Liquid & Power

Total Overseas Coal

South Africa Mozambique Indonesia

2634
50 1200 500

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Total

1,750

Steel business overview

Power business overview

Financial overview

Growth drivers

Sustainability Initiatives

33

Awards and Achievements

Awards
Ranked 1st as wealth creator in India over five years period - Dalal Street Investors Journal, February, 2010
Features in Forbes Fab 50 list, 2009 & 2010 Innovating Sustainability - CSR Excellence Award by ASSOCHAM - 2010

Ranked 1131 by Forbes in 2009-10 (as against 1793 in FY09) in Global 2000 (Worlds biggest listed companies list)

Achievements

2nd largest value creator in the World BCG, Threading the Needle 2010 based on Total Shareholder return (2005-2009) and 1st largest value creator in Global Mining sector
Manufacturer of longest rail of 121 meter long in the world

Largest coal based sponge iron facility in the world

First Company to produce power from waste heat recovery boiler from sponge iron Part of Nifty 50 and Sensex 30

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Sustainability Initiatives and Awards

Initiatives
Action
R&R Colonies Fly Ash brick plant O.P. Jindal Institute of Technology & Skills Medical Camps O.P. Jindal Hospital & Research Centre O.P. Jindal School Modernization of High School O.P. Jindal Industrial Park

Location
All Angul, Odisha Angul, Odisha and Patratu, Jharkand Local villages in Odisha, Jharkand, Chhattisgarh Raigarh, Chhattisgarh Raigarh, Chhattisgarh Patratu, Jharkand Raigarh, Chhattisgarh

Awards
Innovating Sustainability CSR Excellence Award by ASSOCHAM - 2010 Think Odisha Leadership Award in Corporate Social Responsibility 2009, 2008 FICCI Award in recognition of Corporate Initiatives in sports National Energy Conservation Awards - 2007, 2005, 2004, 2003, 2002, 2001

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Thank you

Copyright 2010 Jindal Steel & Power Ltd.