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CONFIDENTIAL

CONFIDENTIAL | MAY 2008

Presentationby

Jaiprakash Associates Limited

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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 Company’s 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 Company’s business strategy, the Company’s 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 Company’s 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 = 40 INR

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1. Company Overview

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……

“To strive for excellence in every activity we undertake as we contribute in nation building through our participation in infrastructure sector of the country utilizing resources

optimally, while growing with human face.”

“To strive for excellence in every activity we undertake as we contribute in nation building through our participation in infrastructure sector of the country utilizing resources

optimally, while growing with human face.”

Jaypee Group At A Glance

Power Generation

Real Estate & Expressways

Cement

Engineering & Construction

Largest Private Hydropower Group

700MW operational1000MW in execution (H.P.)

2525 MW in Arunachal (MoA)720 MW in Meghalaya (MoA)

9 million tpa capacity

54.3% participation in 10th

Five year planCurrent Order Book: US$ 10.6 Bn.- 19.5x FY08 E&C Revenue

3rd Largest Cement Group by 2010 with 25 MTPA capacity

Thermal Power(2X660MW) at Sidhi (M.P.) under dev.

160 km Taj Expressway from Noida to Agra

Real Estate Development- Taj expressway: 400 Mn. sq feet- Ganga expressway: Approx. 3.3 Bn. sq feet

1,047 km Ganga Expressway from Noida to Ballia

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Corporate Structure

Market Cap. (22 Apr.’08) - JHPL: INR 3,353Crs (US$ 838 Mn.); JHL: INR 867 Crs (US$ 217 Mn.)Market Cap. (22 Apr.’08) - JHPL: INR 3,353Crs (US$ 838 Mn.); JHL: INR 867 Crs (US$ 217 Mn.)

Jaiprakash Associates Limited

(“JAL”)Cement$Cement$

Engineering, Construction & Real Estate

Engineering, Construction & Real Estate

BOO PowerBOO Power Infrastructure & Hospitality

Infrastructure & Hospitality

Jaypee Hotels Limited

Jaypee Infratech Limited#

72%

100%

Cement Cement

$ Installed Capacity-19.5 MTPA

Himalayan Expressway

Limited

100%

11 MTPA

Subsidiaries & Joint Ventures

Coal MiningCoal Mining

Joint Ventures with State Govt.

For 1320 MW Thermal Power

Jaiprakash Power Ventures Limited

(400 MW-Hydro – in Operation)(1320 MW Thermal – Under Implementation)

67.39% - POST IPO

JKHCL (1000 MW -Karcham

Wangtoo Project)

Jaypee Powergrid

Limited

23%

55.36% Arunachal Projects

(2500MW)

Meghalaya Projects (720MW)

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

63.3%51%

74%

89%

Jaypee Ganga Infra.

Corp. Limited

100%

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2. Infrastructure and Real Estatea) Leading Infrastructure Company in India

b) 54% share in 10th Five year plan Hydropower Projects

c) 160 km Expressway connecting Noida to Agra with 400 Million sq feet Real Estate Development

d) 1,047 km Expressway connecting Noida to Balliawith 3.3 Billion sq feet Real Estate Development

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The Leading Infrastructure Company in India

N E P A L

BA

NG

LAD

ESH

BHUTAN

Baghalihar I & II900MW

Sardar Sarovar1,450MW

Karcham-Wangtoo1,000MW

Alimineti Madhava Reddy Project (51 Km Long Tunnel)

Teesta V510MW

E&C Projects under

execution

Sidhi – Thermal Power 1320MW (2X660MW)

Taj Expressway160 km

Zirakpur-ParwanooToll road- 27 km

Roads&Real Estate

Thermal Power

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

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

Ganga Expressway at 1,047 km, the largest infrastructure project in the country at

Rs 60,000 Crs (US$ 15 Bn) is to be executed by JAL

Ganga Expressway at 1,047 km, the largest infrastructure project in the country at

Rs 60,000 Crs (US$ 15 Bn) is to be executed by JAL

Jaypee GreensReal Estate

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HYDROPOWER CAPACITY COMMISSIONED BY THE JAYPEE GROUPName of Project

BUILD-OWN-OPERATE1. Baspa-II 300 300

3. Chamera-II 300 300

6. Nathpa Jhakri hydro-electric project 1500 1500

10. Tala (Powerhouse) 1020 1020Total (MW) 1500 300 300 1250 400 4130 7880

2.

5.

7.

8.

9.

10.

12.

EPC CONTRACTS

CONTRACTS WITH VARIOUS GOVERNMENT AGENCIES

2002 2003 2004 2005 2006 2007 Total (MW)

Vishnuprayag

Indira Sagar (Dam & Powerhouse) 1000 1000Sardar Sarovar (Saddle Dam Complete) 250 250

400

Omkareshwar

Dul-Hasti (Dam, Powerhouse & HRT)

Tehri (Rock-fill Dam & Spillway)

Sardar Sarovar (Main Dam & Power House)

1200 1200

1000 1000

520

390

400

520

390

2002-2007 : 7880 MW added to the National Grid

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Jaypee Greens is developing India’s first “golf centric” real estate project in Greater Noida

2.75 Million Sq Feet sold till 31 Mar. 2008 @ Rs 5,873 per sq ft.2.75 Million Sq Feet sold till 31 Mar. 2008 @ Rs 5,873 per sq ft.

8 Million square feet of premium real estate development spread over 450 acres, the project integrates exclusive homes with golf course, landscaped parks and emerald greens.

18 hole Greg Norman signature championship golf course, which is also India’s longest course at 7347 yards, 88 bunkers and 14 water bodies

60-acre nature reserve with theme parks

A 200 room Boutique Spa Hotel in collaboration with SIX SENSES by 2010

Real Estate: Jaypee Greens

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AGRA

MATHURA

DISTRICTAGRA

DISTRICT HATHRAS

SADABADDISTRICT MATHURA

TAJ ECONOMIC ZONEDISTRICT ALIGARH

INTERNATIONALAIRPORT

HARYANA

CHHATA TAHSIL

GAUTAM BUDH NAGAR

GREATERNOIDA

NOIDALAND FOR DEVELOPMENT AT 5 LOCATIONSTOTAL – 6250 ACRESTO BE DEVELOPED BY JAL

GREATER NOIDA TO AGRA – TAJEXPRESS TO BE DEVELOPED BY JALNOIDA TO GREATER NOIDA EXPRESSWAY-COMPLETED

LEGEND :

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Taj Expressway Project

NEW DELHI

160 km long 6 Lane Access Controlled Expressway connecting Noida to AgraEstimated cost: Rs. 6000 Crs. (US$ 1.50 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

160 km long 6 Lane Access Controlled Expressway connecting Noida to AgraEstimated cost: Rs. 6000 Crs. (US$ 1.50 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

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Taj Expressway Project – Real Estate Development

Land use plan approved for 600 Acres at NOIDA for 35 Million sq. ft. of real estate development consisting of primarily:Residential – 63%Institutional – 9%Recreational – 12%Roads – 12%Commercial – 4%

ParticularsAvailable

/Offered Area (Million Sq Ft)

Total Area Sold (Million Sq Ft)

Average Sale Value (Rs.)

Plots 0.7 0.48

2.08

2.56

6,872 per sq ft

5,500 per sq ft

Avg. 5,750 per sq ft

Apartments 3.38

TOTAL 4.08

Locations Area (Acres)1. 1250*

1250125012501250

2.

3.

4.

5.

NOIDADhankaurMirzapurTappalAgra

* 914 Acres in physical possession

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1,047 Km expressway in Uttar Pradesh along the left bank of the river Ganga connecting Greater Noida to Ballia

35 year concession period

Largest private sector infrastructure project in IndiaRights of development of an estimated 30,000 acres of land along the ExpresswayEstimated Cost - Rs 60,000 crore Estimated completion period - 2 + 3 years

1,047 Km expressway in Uttar Pradesh along the left bank of the river Ganga connecting Greater Noida to Ballia

35 year concession period

Largest private sector infrastructure project in IndiaRights of development of an estimated 30,000 acres of land along the ExpresswayEstimated Cost - Rs 60,000 crore Estimated completion period - 2 + 3 years

Ganga Expressway Project

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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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89% market share in private hydropower capacity addition

Capacity Additions (MW)Capacity Additions (MW)

14,992 13,954 17,080

35,000

27,500

5,0611,430 1,931

1992-97 1997-2002 2002-07 2007-12

Public Sector Private Sector

Source: Infraline

JAYPEE GROUPCONTRIBUTION

700 MW

1,2311,231

700700HYDRO

THERMAL4,9754,975

8686HYDRO

THERMAL

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Power Business at a glance

S.No Project Fuel Capacity (MW)

Regulated Tariff (MW)

Merchant Power(MW)

VERs/CERs

1 - Baspa-II (JHPL) Hydro 300 300 - - 2003

1.32 Mn.VERs

3.35 Mn. CERs*CERs

expected

TBD

6- Hirong Hydro 500* 250* 250* TBD 2015*

7- Kynshi Stage -II Hydro 450* 225* 225* TBD 2016*

TBD

-

200

660

5- Lower Siang Hydro 2025* 1025* 1000* 2014*

135*

2470

400

800

660

135*

3795

400

1000

1320

270*

6265

Hydro

Hydro

Thermal

Hydro

2- Vishnuprayag 2006

3-

4-

8- Umngot Stage -I 2016*

COD

Karcham Wangtoo 2011*

Jaypee Nigrie Thermal 2012*

TOTAL * Expected* Expected

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Hydro Projects Delivering Consistent Returns of 25-30%

Particulars JHPL JPVL

FY 2007 FY 2008 FY 2007 FY 2008

PAT* (Rs. Crs.) 115.8 115.8 69.6

491 509

14%24%

168.5#

Paid Up Capital (Rs. Crs)

491 532.5

ROE 24% 31%

*PAT from ordinary activities excluding net of tax income from extraordinary items and other income# Includes income from sale of VERs*PAT from ordinary activities excluding net of tax income from extraordinary items and other income# Includes income from sale of VERs

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4. Prominent Cement Manufacturer

a) Largest player in Central India

b) 25 MTPA capacity by 2010 with

• 250 MW captive power

• Captive coal block (in MP)

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Year CEMENT (Mn. Tonnes) CAPTIVE POWER PLANT (MW)

FY-10 28.30 22.90 308 MW

FY-11 32.80 31.40 308 MW

Installed Capacity

Production

9.00 6.77 88 MW

10.30 248 MW

308 MW32.80

19.40

32.80

FY-08

FY-09

FY-12

Installed Capacity & Expected Production by year

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Productivity gains through focus on principal components of cement cost

Installation of modern pyro processing system in all the new installations having lower coal consumptionMSW plant at Chandigarh to produce pallets for kiln firing at BagaRecently allotted Mandla (North) Coal Block for Cement plant which will become operational from 2011

Expected coal cost at Rs 1600 PMT v/s Rs 2800 PMT at present

Cement Cost (%) Key Measures to Enhance Productivity/Contain Costs

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 flyash10 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 Project10 year exemption on excise duty for 7 MTPA capacity at HP

24%

9%

11%

24%

19%

13%

Existing Captive Thermal Power Plants have reduced the power cost from Rs 406 PMT in 2001-02 to Rs 200 PMT 2006-07. 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

COAL COST

DISTRIBUTIONCOST

TAXES &DUTIES

POWERRAW MATERIAL,FLYASH

OTHERS

67%

100%

CEMENT COST DETERMINANTS

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5. Strong Financial Profile

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Details FY-06 % Growth over FY-05

FY-07 % Growth over FY-06

3,594(898)

9%

31%

53%

40%

1,040(260)620

(155)19.1

FY-08

12% 4,274(1,068)1,386

(346.5)843

(211)27.10*

18%

23%

16%

3,307(827)794

(198)404

(101)13.61

% Growth over FY-07

Gross Revenue 19%

33%

36%

EBITDA

42%

PBT

EPS (Rs)

Rs. in Crs (USD in Mn)Strong Financial Performance – FY 2007-08

*On Equity Shares with a face value of Rs 2 each the EPS is Rs 5.42

20%190.55377.86404.54JPVL

17.54213.39PAT43.84317.36EBITDA172.91342.49Revenue

JHLJHPLDetails

18%15%Div. Declared

OPERATING SUBSIDIARIES PERFORMANCE IN FY 2008 Rs. in Crs

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JAL – Projections

610894

1,582

2008 2009 2013

2,1633,963

7,6442,340

3,926

7,069

302

112

118

2008 2009 2013

Rs Crores(Mn USD)

E&C & Real Estate Cement

EBITDARevenue PAT

Dividends

4,615 (1,153)

15,015 (3,754)

4731,231

1,664801

866

1,377

302

118

112

2008 2009 2013

1,386 (346)

3,343 (836)

610 (152)

1,582 (395)

8,007 (2,001)

2,215 (554)

894 (223)

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• Number of Shares outstanding was 1172.505 Mn of Rs 2 each as of 22 Apr. 2008

• FCCB-I Conversion at USD 97.94 Mn out of USD 100 Mn (97.94%) as of 22 Apr. 2008

• FCCB-II Conversion at EURO 157.57 Mn out of EURO 165 Mn (95.5%) as of 22 Apr. 2008

• FCCB-III Conversion at USD 4.5 Mn out of USD 400 Mn (1.13%) as of 22 Apr. 2008

Shareholding Pattern (Apr 18 ‘08)Shareholding Pattern (Apr 18 ‘08)

MF's/Banks9.89%

Promoters44.54%

FII's24.92%

Public/PCB's20.64%

Market Capitalisation (Rs. Crs)Market Capitalisation (Rs. Crs)

3,4541,985

28,842

10,083

1-Apr-04 1-Apr-05 1-Apr-06 24-Apr-08

($ 496 Mn.) ($ 863 Mn.)($ 2.5 Bn.)

($ 7.2 Bn.)

CAGR for 3 Years-140%

74%

191%

72%

Continuously Creating Shareholder Value

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6. Summary

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JAL Has Excellent Growth OpportunitiesIndia’s strong consistent economic growth and infrastructure developmenthas provided JAL with tremendous opportunities

Engineering & ConstructionEstablished track record as the leading hydropower E&C companyClear competitive advantageImmense growth potential in Indian hydropower

Power Approx. 6000 MW portfolio with 80: 20 hydro-thermal mix and more than 40% merchant power

Expressways and Real EstateIndia’s two largest expressway projects – Ganga Expressway and Taj Expressway totaling 1250 km approx. to be executed by JAL Construction opportunity in excess of Rs 650 Billion 35 Million sq feet of Real Estate development as part of development of 6250 acres of land along Taj expressway launched since November 20073.3 Billion sq feet real estate development along the Ganga Expressway

CementNew cement plants in fast growing markets of the North,Central,Eastern & Western Zones will make JAL the 3rd largest cement group in IndiaDominant low cost producer of cementStrong cement demand in JAL’s natural marketing zone

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THANK YOU