CONFIDENTIAL

\\ssng14p20001\COVSEA$\IBDUSER\SINGAPORE\Temasek\Logistics Consolidation\Strategic Options for Logistics v9.ppt - Jul 07 2002 - 16:30 /0

Presentation by Jaiprakash Associates Limited

CONFIDENTIAL | MAY 2009

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Disclaimer
This presentation contains statements that constitute forward looking statements including, without limitation, statements relating to the implementation of strategic initiatives, and other statements relating to the Companys future business developments and economic performance. All statements regarding the expected financial condition and results of operations, business, plans and prospects of the Company are forward-looking statements. These forward-looking statements include statements as to the Companys business strategy, the Companys revenue and profitability, planned projects and other matters discussed in this presentation regarding matters that are not historical fact. These forward-looking statements and any other projections contained in this presentation (whether made by the Company or any third party) involve known and unknown risks, uncertainties and other factors that may cause the Companys actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or other projections. The Company undertakes no obligation to publicly update or revise any of the opinions or forward looking statements expressed in this presentation as a result of new information, future events or otherwise. Exchange Rate: 1 USD = 48 INR

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1. Company Overview

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Corporate Structure (Post Amalgamation)

Jaiprakash Associates Limited Real Estate & E&C Cement 29.2 MTPA Hospitality

BOO Power
80.56% Jaiprakash Power Ventures Limited (400 MW-Hydro in Operation) (1320 MW Thermal Under Implementation) 55.36% (44.64%
held by JAL)

Cement

Infrastructure

96.9%

Joint Ventures 4.3 MTPA Coal Mining

100%

Jaypee Infratech Limited

(Yamuna Expressway Project)

JKHCL (1000 MW -Karcham Wangtoo Project

89%

Arunachal Projects (3200MW) Meghalaya Projects (720MW) Bina Power (1250MW)

23%

Jaypee Powergrid Limited

51%

Himalayan Expressway Limited

74%

Joint Ventures with State Govt. For 1320 MW Thermal Power

100%

63.3%

Jaiprakash Hydro Power Limited* (300 MW - Baspa-II)

100%

Jaypee Ganga Infra. Corp. Limited

Market Cap. (22 May 09) - JAL: INR 20,521Crs (US$ 4.27 Bn.); JHPL: INR 2,634 Crs (US$ 549 Mn.); JHL: INR 929 Crs (US$ 194 Mn.) * Listed Company

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2. Infrastructure and Real Estate

a) Leading Infrastructure Company in India b) 54% share in 10th Five year plan Hydropower Projects c) 165 km Expressway connecting Noida to Agra with 400 Million sq feet Real Estate Development d) 1,047 km Expressway connecting Noida to Ballia with 3.3 Billion sq feet Real Estate Development e) Developing South Asias first Formula-1 Circuit

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The Leading Infrastructure Company in India

Karcham-Wangtoo 1,000MW Zirakpur-Parwanoo Toll road- 27 km Yamuna Expressway 165 km

PROUD TO PARTICIPATE IN:

Largest Concrete Dam in India Sardar Sarovar Largest Rockfill Dam in India Tehri Largest Underground Powerhouse in India Naptha-Jhakri Second Largest Surface Powerhouse in India Indira-Sagar

Baghalihar II 450MW

Jaypee Greens Real Estate

BHUTAN

Sardar Sarovar 1,450MW

Bina Thermal Power 1250 MW (5X250MW)

Sidhi Thermal Power 1320MW (2X660MW)

Alimineti Madhava Reddy Project (51 Km Long Tunnel)

E&C Projects under execution

Roads& Real Estate

Thermal Power

Ganga Expressway at 1,047 km, the largest infrastructure project in the country at Rs 60,000 Crs (US$ 12.5 Bn) is to be executed by JAL
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PARTICIPATION ON EPC/CONTRACT/BOO BASIS TO ADD 8840 MW TO THE NATION BETWEEN 2002-2008

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Yamuna Expressway Project

165 km long 6 Lane Access Controlled Expressway connecting Noida to Agra

Estimated total cost: Rs. 9,739 Crs. (US$ 2.02 Bn.) Rights to concessionaire for 36 years Ribbon development of 25 Million Sq Mtrs of land along the Expressway Five or more locations (one location either Noida or Greater Noida)- 90 year lease
SADABAD DISTRICT MATHURA

AGRA 5
DISTRICT AGRA DISTRICT HATHRAS

MATHURA SPORTS SDZ (1000 Ha.) TAJ ECONOMIC ZONE GAUTAM BUDH NAGAR GREATER NOIDA 2 3 4
CHHATA TAHSIL DISTRICT ALIGARH

LEGEND :
HARYANA

GREATER NOIDA TO AGRA YAMUNA EXPRESS TO BE DEVELOPED BY JAL NOIDA TO GREATER NOIDA EXPRESSWAY -COMPLETED LAND FOR DEVELOPMENT AT 5 LOCATIONS TOTAL 6250 ACRES TO BE DEVELOPED BY JAL PROPOSED METRO UPTO JEWAR

NOIDA

INTERNATIONAL AIRPORT
METRO Currently under Construction up to Noida City Centre METRO extension proposed to planned Airport in JEWAR

NEW DELHI

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Yamuna Expressway - Project Cost & Means of Finance

Project Cost S.N. 1 2 3 4 5 Description Cost of land Expressway & Structures Road Construction Cost Preliminary, Preoperative & Contigencies Interest during Construction Cost of land For development Total Means of Finance S.N. 1 2 3 Description Equity/ IPO/ Pvt. Placement Inflows from Real Estate Senior Debt/Term loan Total Rs. Crs. 2,250 1,489 6,000 9,739
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Rs. Crs 900 5,300 470 1,350 1,719 9,739

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Yamuna Expressway Progress as on 21.05.09

S.N. 1 2 3 4 a) Activity Clearing & Grubbing Earthwork in Embankment Fly Ash Structural Concrete Culverts 0.61 1.83 0.02 0.04 4% 2% 0.19 0.23 31 % 13 % Total Quantity (Lac Cum) 1,735 Ha 351.51 27.42 On 30.03.08 (Lac Cum) 33.50 Ha* 5.94 % 2% 2% On 21.05.09 (Lac Cum) 1093 Ha# 156.33 3.28 % 63 % 44 % 12 %

Vehicular b) Underpasses/CartTrack Underpasses c) Minor Bridges d) Interchanges

* Possession On 30.03.08:
# Possession On

1.13 3.84

160 Acres 914 Acres

0.30 0.39

27 % 10 %

Land For Expressway Land For Development Land for Expressway Land for Development

21.05.09:

3,991 Acres 1,150 Acres

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Work is continuing in the entire stretch of 165 km Amount spent on Yamuna Expressway Project as of 30 Apr 09 Rs. 3,700 Crs

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JPSK Sports SDZ 1000 Hectares Development Opportunity

Promoted by JPSK Sports Pvt. Ltd., a subsidiary of Jaiprakash Associates Limited.

1,000 Ha Sports Special Development zone, located 11 km from Zero Point of the upcoming Yamuna Expressway. Entire land requirement in place.
Facilities to include a Formula 1 Race Track & Hockey Stadium with an estimated investment of Rs. 1,700 Crs First F-1 Race scheduled in 2011. Circuit being designed by World Renowned architect Hermann Tilke. Opportunity to develop 650 Hectares of Real Estate.
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Ganga Expressway Project

1,047 Km expressway 35 year concession period Rights of development of an estimated 30,000 acres of land along the Expressway 3.3 Bn. Sq. Feet Built-up Area

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Real Estate Development

Locations
1. 2.

Proposed Development 8 Mn Sq Ft 400 Mn Sq Ft

Jaypee Greens Yamuna Expressway

3.

Ganga Expressway

3.3 Bn Sq Ft
Average Realization (Rs. /Sq. ft.) 5,500 5,024

Locations
1. 2.

Total Area Sold Collections till 30 Apr 09 till 30 Apr 09 (Mn sq. ft.) (In Rs. Crs) 2.90 5.45 993 1,067 3.01 Lac sq. ft.

Jaypee Greens Yamuna Expressway Total Area Sold in Apr 09

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3. Power & Energy

a) Largest Private Sector Hydropower Developer
b) Coal Block supported Thermal Power c) Transmission d) Presence in Wind Power and Oil & Gas Exploration

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Power Business at a Glance

S.N. 1. 2. 3. 4. 5. 6. 7. 8. Project Baspa-II Vishnuprayag Karcham Wangtoo Bina Power Jaypee Nigrie Karchana Bara Lower Siang Fuel Hydro Hydro Hydro Thermal Thermal Thermal Thermal Hydro Capacity (MW) 300 400 1000 1250 1320 1980 3300 2700 Regulated Tariff (MW) 300 400 800 625* 660* 1320* 1980* 1350* Merchant Power (MW) 200 625* 660* 660* 1320* 1350* VERs/ CERs 1.00 Mn VERs 1.32 Mn.VERs 3.35 Mn. CERs* CERs expected 1.5 Mn. CERs 2.5 Mn. CERs TBD COD 2003 2006 2011* 2011** 2012* 2014* 2014* 2015***

9.

Hirong

Hydro
Hydro Hydro

500
450 270

250*
225* 135*

250*
225* 135*

TBD
TBD TBD

2015*
2016* 2016*

10. Kynshi Stage -II 11. Umngot Stage -I

TOTAL

13470

8045

5425

* Expected ** 500 MW Phase-I by 2011, *** 900 MW Phase-I by 2015

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Power Business Summary of Project Status

Project
Baspa II 300 MW Vishnuprayag 400MW Karcham Wangtoo 1000 MW Lower Siang 2700 MW

Land

Water

Environment Clearance

DPR/EPC Order

Fuel

PPA

PROJECT IN OPERATION PROJECT IN OPERATION Approval for preconstn activities granted by MOEF DPR submitted to CEA Acres of Canada appointed for DPR preparation DPR Ready , ICB under review 20% Merchant 50% Merchant

Hirong 500 MW
Bina Power 1250 MW Nigrie Thermal 1320 MW Karchna Thermal 1980 MW Bara Thermal 3300 MW

Same as above

50% Merchant

65% Acquired. Balance in adv. stage of acquisition

Being revalidated

GoMP-42% 50 % Merchant GoMP 37.5% 50%Merchant 33% Merchant 38% Merchant

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TOR cleared by MOEF

Applied for Applied for

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Hydro Projects Delivering Returns in Excess of 30%

Particulars JHPL JPVL

FY 2008
PAT* (Rs. Crs.) Paid Up Capital (Rs. Crs) ROE
* PAT excludes extraordinary items

FY 2009
149.88 491 31%

FY 2008
190.55 532.5 36%

FY 2009
186.47 534.89 35%

152.75 491 31%

JHPL - BaspaII HEP Awarded the Gold Shield by the Ministry of Power for outstanding performance in 2007-08.

JHPL - Baspa II HEP Accredited for 1 million VERs per annum.

JPVL Vishnuprayag HEP awarded 1st Prize in Excellence in Fast Track Power Project Execution Hydro in the Indian Electrical and Electronics Manufacturers Association (IEEMA) Power Awards 2008.

JPVL - Successfully securitized receivables from the Vishnuprayag HEP for Rs. 1,650 Crs.
JHPL Baspa II securitization of receivables is underway. Expected to net Rs. 1,100 Crores.

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4. Prominent Cement Manufacturer

a) Largest player in Central India b) 24 MTPA capacity by FY 2010 with

245 MW captive power

Captive coal blocks (in MP)

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Installed Capacity & Expected Production by year

Year

CEMENT (Mn. Tonnes) Installed Capacity

Production 6.77 7.60 13.94 23.00 30.80

CAPTIVE POWER PLANT (MW) 88 MW 154 MW 245 MW 327 MW 327MW

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FY-08 FY-09 FY-10 FY-11 FY-12

9.00 13.50 24.30 26.80 33.50

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Cement Capacity Rollout by FY-12 (In Mn Tonnes)

Zone Name of Plant Rewa Complex Central Zone UPCP Sidhi JP Super Dalla Baga Bagheri(G) North Zone Panipat(G) Roorkee (G) Sikanderabad(G) GACL Wanakbori(G) East Zone South Zone Bhilai JV Bokaro JV(G) Balaji Total New Capacity Total (in MTPA) 14.70 9.60 24.30 2.50 26.80 1.20 1.50 1.20 1.00 1.20 1.50 2.20 2.10 3.50 6.70 33.50 33.50
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Existing 7.00 3.00 2.00

FY-10

FY-11

FY-12

Total

13.10 1.10 1.50 2.00 7.20

West Zone

1.50

5.40 4.30 3.50

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Productivity gains through focus on principal components of cement cost

Cement Cost (%)
100%
13%
COAL COST

Key Measures to Enhance Productivity/Contain Costs

Installation of modern pyro processing system in all the new installations having lower coal consumption MSW plant at Chandigarh to produce pallets for kiln firing at Baga Recently allotted Mandla (North) & Mandla (South) Coal Blocks for Cement business which will become operational from 2011 Expected coal cost at Rs 1600 PMT v/s Rs 2800 PMT at present Existing split location grinding/blending plants near the market & flyash source have resulted in reduced freight cost. New split location grinding/blending units at Panipat, Bagheri, Roorkee, & Wanakbori which are close to consumption centres as well as near source of fly ash 10 MTPA of the new capacity is entitled to various fiscal benefits. 10 year exemption on Sales Tax , Royalty & Electricity Duty on Captive Thermal Power Plants for 3 MTPA UP Cement Project 10 year exemption on excise duty for 7 MTPA capacity at HP Existing Captive Thermal Power Plants have reduced the power cost from Rs 406 PMT in 2001-02 to Rs 293 PMT 2008-09. Captive Thermal Power Plants installed at all new Cement plants Cost of generation: Rs 2.75 per unit v/s Rs 4.50 per unit from grid
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19%
67% DISTRIBUTION COST

24%
TAXES & DUTIES

11%
RAW MATERIAL, FLYASH

9%

POWER

OTHERS

24%

CEMENT COST DETERMINANTS

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Cement Volume Growth Performance

March 09 volumes stood at 7.90 Lac Tonnes 16 % over March 08. 15% over Feb 09. Q4 FY 09 volumes stood at 22.2 Lac Tonnes 12% over Q4 FY 08. 17% over Q3 FY 09. JAL Cement sales have increased by 13 % to 76.46 Lac Tonnes in FY 09.

EBIDTA has increased to Rs. 1,135/ Tonne in Q4 FY 09

95 % Power was supplied by Captive Power Plants

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5. Strong Financial Profile

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Strong Financial Performance FY 2008-09 (Amalgamated)

Rs. in Crs (USD in Mn)

Details Net Revenue EBITDA PBT

FY07 3594 (749) 1040 (217) 620 (129)

FY08 4,274 (890) 1,386 (289) 843 (176)

Change in % 19% 33% 36%

FY08 4,274 (890) 1,386 (289) 843 (176)

FY09 6,167 (1,285) 2,086 (434) 1,271 (265)

Change in % 44% 51% 51%

EPS (Rs)

19.10

5.42*

42%

5.42*

6.42**

18%
Rs. in Crs JHL

*On Equity Shares with a face value of Rs 2 each; ** On Equity Shares with a face value of Rs 2 each at expanded share capital post-amalgamation of 140.18 Cr shares. On original share capital, the EPS is Rs. 7.48. OPERATING SUBSIDIARIES PERFORMANCE IN FY 2009 (Ending Mar. 31, 2009)

Details Revenue EBITDA

JHPL 317.91 294.49

JPVL 418.73 256.21

174.14 46.00

PAT
Dividend Declared

142.86
15%

186.47
20%

21.50
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JAL Projections
Revenue
16,236 (3,383)
412 336

EBITDA
4,639 (966) 3,582 (746)
413 412 123 448

Rs Crores
(Mn USD)

11,381 (2,371)
413 214

1,360

4,274 (890)
307 31 1,950 1,730

6,167 (1,284)
457 171 256 2,237 440

925

7,175

2,086 (435) 1,386 (289)

307 457

87

301 2,026 1,591

5,004

206 59 752 1,631 1,191 721

6,953 4,825

31 753 237

2,862

2008- 2009Actual Prov.

2010

2011

2008- 2009Actual Prov.

2010

2011

E&C

Cement

Real Estate

Hotels & Hosp.

Others (including Div.)

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Continuously Creating Shareholder Value

Shareholding Pattern (May 15, 09) Market Capitalisation (Rs. Crs)
26,353
Public/ PCB's, 17.52% MF's/ Banks, 12.68%
($ 5.5 Bn.)

Promoter Holding, 45.12%

20,521
($ 4.27 Bn.)

11,693 10,083
($ 2.4 Bn.)

($ 2.1 Bn.)
FII's, 24.69%
Post Amalgamation Shareholding: Promoters: 37.65%, Trust: 14.35%, Public: 48%

3,454
($ 720 Mn.)

1-Apr-05

1-Apr-06

1-Apr-07

1-Apr-08 22-May-09

Number of Shares outstanding was 1183.80 Mn of Rs 2 each as of 22 May 2009 FCCB-I Conversion at USD 97.94 Mn out of USD 100 Mn (97.94%) as of 22 May 2009

FCCB-II Conversion at EURO 160.27 Mn out of EURO 165 Mn (97.13%) as of 22 May 2009
FCCB-III Conversion at USD 4.5 Mn out of USD 359 Mn* (1.25%) as of 22 May 2009
(*The Company has bought back & cancelled FCCBs (Series III) of the face value of USD 41 Million ) 24

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6. Summary

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JAL Has Excellent Growth Opportunities

Indias strong consistent economic growth and infrastructure development has provided JAL with tremendous opportunities

Engineering & Construction Established track record as the leading hydropower E&C company Clear competitive advantage Immense growth potential in Indian hydropower Power Over 13,000 MW portfolio with 60:40 thermal-hydro mix and 40% merchant power

Expressways and Real Estate Indias two largest expressway projects Ganga Expressway and Yamuna Expressway totaling 1250 km approx. to be executed by JAL Construction opportunity in excess of Rs 650 Billion 400 Million sq feet of Real Estate development as part of development of 6250 acres of land along Yamuna expressway. 3.3 Billion sq feet real estate development along the Ganga Expressway
Cement New cement plants in fast growing markets of the North,Central,Eastern & Western Zones will make JAL the 3rd largest cement group in India Dominant low cost producer of cement Strong cement demand in JALs natural marketing zone
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THANK YOU

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