Disclaimer

This presentation and the accompanying slides (the Presentation), which has been prepared by JSL Stainless Limited (the "Company"), has been prepared for information purposes only and is not, and is not intended to be, an offer, or solicitation of offer, or invitation or recommendation to buy or sell any securities of the Company, and shall not constitute an offer, solicitation or invitation or recommendation to buy or sell in any jurisdiction in which such offer, solicitation or invitation or recommendation is unlawful. No part, or all, of this Presentation shall form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities of the Company. This Presentation is strictly confidential and may not be copied, published, distributed or transmitted to any person, in whole or in part, by any medium or in any form for any purpose. The information in this Presentation is being provided by the Company and is subject to change without notice. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. This Presentation contains statements about future events and expectations that are forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. Any statement in this Presentation that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this Presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the Presentation. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. You acknowledge that you will be solely responsible for your own assessment of the market, the market position, the business and financial condition of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. This Presentation speaks as of the date mentioned herein. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date. This Presentation is not being made and will not be made directly or indirectly in or into, or by use of the mails of, or by any means or instrumentality of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States. This includes, but is not limited to, facsimile transmission, electronic mail, telex, telephone and the Internet. Neither this Presentation nor any copy of this Presentation is being, and must not be taken or transmitted into the United States or distributed, directly or indirectly, in the United States. This Presentation is not an offer for sale within the United States of any equity shares or other securities of the Company. No securities may be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register any of its securities for offer or sale in the United States or elsewhere, or to conduct a public offering of securities in the United States or elsewhere. The distribution of this Presentation in certain jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about and observe any such restrictions.

JSL Stainless Ltd

Local Presence & Capacities

HISAR, HARYANA Indias largest integrated stainless steel plant (Steel Melting Shop, Hot Rolling and Cold Rolling)

- GURGAON, HARYANA fabrication facilities for Architecture, Building & Construction (ABC) - ROHAD, HARYANA Design & fabrication of Lifestyle retail products

ORISSA Ferro Alloy facilities Thermal Power Plant Coke Oven Integrated Stainless Steel Facility*

Service Centers Gurgoan Mumbai Chennai Baroda*

VIZAG Ferro Chrome Plant Leased Chrome Ore Mines in Orissa

*Facilities under Implementation

Overseas Presence
Russia Turkey USA Spain Italy Dubai India China

Poland

S. Korea

Vietnam Thailand

Indonesia

Sales Office

Service Centre Cold Rolling Unit

Warehouse

Debt Restructuring : CDR

FY 2009 Loss Before Tax ~Rs.870 Crore Global commodity price meltdown Rupee depreciation Hisar plant shutdown for up gradation Orissa Plant shutdown due to cyclone Orissa Phase II Project cost ~ Rs.6400 Crore Project under implementation in 2008 Financial closure was complete Internal accrual shortfall ~ Rs3000 crore debt servicing over next 3 yrs

Proactively approached CDR to ensure long term viability Approval from over 60 lenders Debt Restructuring through CDR cell Approval from CDR majority lenders Master restructuring agreement executed with majority of domestic lenders

Long Term Debt ~ Rs7500 Crore Working capital Debt ~Rs2700 Crore Orissa Phase II project by March 2012 Debt Repayment spread over next 10 years Deferment of repayments till July 2012 Interest moratorium on partial debt till March 2012 (converted as loan)
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Operational Performance
Year ended Particulars Stainless Steel Production (tons) Capacity (tons) Capacity Utilisation (%) Ferro Alloys Production (tons) Capacity (tons) Capacity Utilisation (%) Power Generation (million units) Capacity (million units) Capacity Utilisation (%) FY 09 466,834 720,000 65% 149,406 250,000 60% 835 1,971 42% Year ended FY 10 677,841 720,000 94% 161,393 250,000 65% 1,730 1,971 88% 107% 8% Growth 45%

FY 2009-10

Performance FY 2009-10 & H1 FY 2010-11

Rs in Crore

Year ended FY 09 448,490 4,862 359 7.4% (595) (867) (580)

Year ended FY 10

Rs.in crore
%

Growth 35% 19% 200%

Particulars Sales Volume (MT) Net Sales & other Income EBIDTA EBIDTA % Exception Gain / (Loss) Profit Before Tax Profit After Tax

606,851 5,766 1,077 18.7% 233 570 378

Rs in crore
Particulars SS Sales Volume (MT) Net Sales & other Income EBIDTA EBIDTA % Profit Before Tax Profit After Tax

Coresponding Comparision
H1 fy 2010-11 311,359 3,367 574 17% 242 163 H1 fy 2009-10 295,901 2,677 512 19% 242 158 % change Y-o-Y 5% 26% 12% 0% 3%
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Balance Sheet
Particulars
Share Capital-Equity Reserves and Surplus Secured Loans Unsecured Loans Deffered Tax Laibility (Net) TOTAL Fixed Assets-Net Block Investment in Subsidiaries Investment in Liquid Assets Investment in others Investment Inventories Sundry Debtors Cash and Bank Balances Loans and Advances Current Assets Loans & Advances Less: Current Liabilities & Provisions Net Current Assets Misc Expenditure( not w/off) TOTAL

Rs in crore 31st March'10 31st March'09

37 1,876 1,914 7,286 259 7,545 391 9,850 7,788 156 188 8 351 1,633 1,060 688 818 4,198 2,516 1,682 28 9,850 32 1,258 1,290 5,180 478 5,657 199 7,147 5,966 151 741 5 897 1,662 562 657 747 3,628 3,373 255 28 7,147
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Shareholding Pattern as on 30th September 2010

Shareholders Promoters & Group Holding Promoters GDS held by promoters (underlying shares) Total Promotors & Group Holding Public & Others Holding Public & Others GDS held by others (underlying shares) Total Public & Others Holding Total No. Shares No. Equity Shares 74,465,935 16,734,984 91,200,919 % Holding 40.13% 9.02% 49.14%

93,511,903 50.39% 869,350 0.47% 94,381,253 50.86% 185,582,172 100.00%

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Proposed Project Cost & Means of Finance

Project Cost Basic Capital Equipment Cost Blast Furnace Contingency Interest during construction Working Capital Margin Total
Means of Finance Equity/Internal accruals - Equity - Internal Accruals Debt - Senior Debt (including ECB USD 250 mn) - Sub Debt - New Loan Total

Original Revised Appraised Appraised 44,092 46,315 3,700 2,425 2,401 7,320 9,535 2,131 2,290 55,968 64,241
Original Appraised 700 11,268 Revised Appraised 4,400 15,291

Rs Million Increase / (Decrease) 2,223 3,700 (24) 2,215 159 8,273

Rs Million Increase / (Decrease) 3,700 4,023

39,000 5,000 55,968

39,000 5,000 550 64,241

550 8,273

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Orissa Investments
Orissa Captive mines / linkages Overseas mining ventures

Ferro Chrome

Captive thermal power

Cost improvement/mt On existing cost structure at Hisar

Ferro manganese

.
Silico manganese

Energy efficient plant - liquid material flow Feritic grade competitiveness Increased coil weight to 36ton Wider Width material Lower logistic costs being closer to port

In-house Coke Ovens

Blast Furnace

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Annexures

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Contact us at
For Secretarial Information
Jitendar Kumar Company secretary Phone:+91 11 26188340-50 Direct:+91 11 61462502

For Corporate Information

Sandeep Sikka Head Corporate Finance Phone:+91 11 26188340-50 Direct:+91 11 61462134 Amit Berry Assistant General Manager Corporate Finance Phone:+91 11 26188340-50 Direct:+91 11 61462181
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Thank You

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