CONFIDENTIAL

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CONFIDENTIAL | AUGUST 2009

Presentation

by

Jaiprakash Associates Limited

CONFIDENTIAL

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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 = 48 INR

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1. Company Overview

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Corporate Structure (Post Amalgamation of Power Cos.)

BOO Power Infrastructure

Jaypee

Infratech

Limited

96.9%

Cement

Himalayan

Expressway

Limited

100%

4.3 MTPA

Joint Ventures

Coal Mining

Coal Mining JV

with State Govt.

For 1320 MW

Thermal Power

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

(400 MW-Hydro-Vishnuprayag- in Operation

(1320 MW Thermal – Under Implementation)

76.25%

JKHCL (1000 MW

-Karcham

Wangtoo Project

Jaypee

Powergrid

Limited

74%

Arunachal

Projects

(3200MW)

Meghalaya

Projects

(720MW)

74%

89%

Jaypee

Ganga Infra.

Corp. Limited

100%

Bina Power

(1250MW)

100%

Cement – 29.25 MTPA

Jaiprakash Associates Limited*

E&CReal Estate & Hospitality

(Yamuna Expressway Project)

55.36%

(44.64% held by

JAL)

Market Cap. (30 July ‘09) - JAL: INR 33,678 Crs (US$ 7.02 Bn.); JHPL: INR 4,065 Crs (US$ 847 Mn.);

* Listed Company

UP Power

Projects

(5280 MW)

100%

To be renamed

JPVL

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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 Asia‟s first Formula-1 Circuit

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The Leading Infrastructure Company in India

•BHUTAN

Baghalihar II

450MW

Sardar Sarovar

1,450MW

Karcham-Wangtoo

1,000MW

Alimineti Madhava

Reddy Project (51 Km Long Tunnel)

E&C Projects

under

execution

Sidhi – Thermal Power

1320MW (2X660MW)

Yamuna Expressway

165 km

Zirakpur-Parwanoo

Toll 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

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

Jaypee Greens

Real Estate

Bina Thermal Power 1250

MW (5X250MW)

PARTICIPATION ON EPC/CONTRACT/BOO BASIS TO ADD 8840 MW TO THE NATION

BETWEEN 2002-2008

Karchana – Thermal Power

1980MW (3X660MW)

Bara – Thermal Power

3300MW (5x660MW)

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AGRA

MATHURA

DISTRICT

AGRA

DISTRICT HATHRAS

SADABAD

DISTRICT MATHURA

TAJ ECONOMIC ZONEDISTRICT ALIGARH

INTERNATIONAL

AIRPORT

HARYANA

CHHATA TAHSIL

GAUTAM BUDH NAGAR

GREATER

NOIDA

NOIDA

5

432

1

Yamuna Expressway Project

NEW DELHI

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

LAND FOR DEVELOPMENT AT 5

LOCATIONS

TOTAL – 6250 ACRES

TO BE DEVELOPED BY JAL

GREATER NOIDA TO AGRA – YAMUNA

EXPRESS TO BE DEVELOPED BY JAL

NOIDA TO GREATER NOIDA EXPRESSWAY

-COMPLETED

LEGEND :

PROPOSED METRO UPTO JEWAR

METRO Currently under Construction up to Noida City Centre

METRO extension proposed to planned Airport in JEWAR

SPORTS SDZ (1000 Ha.)

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Yamuna Expressway - Project Cost & Means of Finance

S.N. Description Rs. Crs

1 Cost of land – Expressway & Structures 900

2 Road Construction Cost 5,300

3 Preliminary, Preoperative & Contigencies 470

4 Interest during Construction 1,350

5 Cost of land – For development 1,719

Total 9,739

S.N. Description Rs. Crs.

1 Equity/ IPO/ Pvt. Placement 2,250

2 Inflows from Real Estate 1,489

3 Senior Debt/Term loan 6,000

Total 9,739

Project Cost

Means of Finance

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Yamuna Expressway – Progress as on 30.07.09

S.N. ActivityTotal Quantity

(Lac Cum)

On 30.03.08

(Lac Cum)%

On 30.07.09

(Lac Cum)%

1 Clearing & Grubbing 1,735 Ha 33.50 Ha* 2% 1160 Ha# 67 %

2Earthwork in

Embankment374.58 5.94 2% 210.48 56 %

3 Fly Ash 27.16 - - 5.94 22 %

4 Structural Concrete

a) Culverts 0.78 0.02 3% 0.30 38%

b)

Vehicular

Underpasses/CartTrack

Underpasses

2.54 0.04 2% 0.43 17 %

c) Minor Bridges 1.67 - - 0.50 30 %

d) Interchanges 3.95 - - 0.67 17 %

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* Possession On 30.03.08: Land For Expressway 160 Acres

Land For Development 914 Acres

# Possession On 30.07.09: Land for Expressway 3,991 Acres

Land for Development 1,175 Acres

Work is continuing in the entire stretch of 165 km

Amount spent on Yamuna Expressway Project as of 30 July „09 – Rs. 4,617 Crs

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JPSK Sports SDZ – 1000 Hectares Development Opportunity

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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. 850 Ha land in possession.

Facilities to include a Formula 1 Race Track &

Hockey Stadium in 350 Ha. 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”.

Architectural design has been finalized.

Preconstruction activities have begun at

site.

Opportunity to develop 650 Hectares of

Real Estate. Master plan being prepared by

WATG.

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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

Ganga Expressway Project

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Real Estate Development

Locations Proposed Development

1. Jaypee Greens 8 Mn Sq Ft

2. Yamuna Expressway 400 Mn Sq Ft

3. Ganga Expressway 3.3 Bn Sq Ft

Locations

Total Area Sold

till 30 Jun‟09

(Mn sq. ft.)

Collections

till 30 Jun ‟09

(In Rs. Crs)

Average

Realization

(Rs. /Sq. ft.)

1. Jaypee Greens 2.90 1,048 5,523

2. Yamuna Expressway 9.96 1,260 3,819

Total Area Sold in Apr - Jun ‟09 4.82 Mn Sq. Ft.

Total Area Sold in Apr - Jun ‟09(excl. Aman) 1.23 Mn Sq. Ft.

Jaypee Greens – Aman : Sold 3.59 Mn Sq. ft. in ONE DAY

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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. Project FuelCapacity

(MW)

Regulated

Tariff (MW)

Merchant

Power

(MW)

VERs/

CERsCOD

1. Baspa-II Hydro 300 300 - 1.00 Mn VERs 2003

2. Vishnuprayag Hydro 400 400 - 1.32 Mn.VERs 2006

3. Karcham Wangtoo Hydro 1000 800 200 3.35 Mn. CERs* 2011*

4. Bina Power Thermal 1,250 750* 500* - 2011**

5. Jaypee Nigrie Thermal 1,320 660* 660* 0.8 Mn. CERs* 2013*

6. Karchana Thermal 1,980 1,320* 660* 1.5 Mn. CERs* 2014*

7. Bara Thermal 3,300 2,045* 1,255* 2.5 Mn. CERs* 2014*

8. Lower Siang Hydro 2,700 1,350* 1350* TBD 2015***

9. Hirong Hydro 500 250* 250* TBD 2018*

10. Kynshi Stage -II Hydro 450 225* 225* TBD 2018*

11. Umngot Stage -I Hydro 270 135* 135* TBD 2018*

TOTAL 13,470 8,235 5,235

* Expected

** 500 MW Phase-I by 2011, *** 1200 MW Phase-I by 2015

700 MW in Operation, 8820 MW Under Development, & 3950 MW Under Planning

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Power Business – Summary of Project Status

Project Land Water Environment Clearance DPR/EPC Order Fuel PPA

Baspa II – 300 MW PROJECT IN OPERATION

Vishnuprayag –

400MWPROJECT IN OPERATION

Karcham Wangtoo –

1000 MW

20% Merchant

Lower Siang –

2700 MW-

Approval for pre-

constn activities

granted by MOEF

DPR submitted

to CEA 50% Merchant

Hirong –

500 MW- Same as above

Acres of

Canada

appointed for

DPR

preparation

50% Merchant

Bina Power –

1250 MW Being revalidated

GoMP-42%

40 % Merchant

Nigrie Thermal –

1320 MW 90% Acquired*

Final presentation

made to MOEF.

Approval expected

shortly.

GoMP – 37.5%

50%Merchant

Karchna Thermal –

1980 MW50% acquired** Applied for DPR prepared 33% Merchant

Bara Thermal –

3300 MW94% acquired** Applied for DPR prepared 38% Merchant

* Entire Plant land for Nigrie in posession

** Balance land expected shortly.

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Hydro Projects Delivering Returns in Excess of 30%

Particulars JHPL JPVL

FY 2008 FY 2009 FY 2008 FY 2009

Revenue (Rs. Crs.) 342.50 317.91 404.54 418.73

EBIDTA (Rs. Crs.) 317.38 294.49 377.86 378.86

PAT* (Rs. Crs.) 152.75 149.88 190.55 186.47

Paid Up Capital (Rs. Crs) 491 491 532.5 534.89

ROE 31% 31% 36% 35%

JHPL - Baspa–II HEP Awarded the Gold Shield by the Ministry of Power for outstanding

performance in 2007-08.

JHPL - Baspa – II HEP Accredited for 1 million VER‟s 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.

* PAT excludes extraordinary items

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4. Prominent Cement Manufacturer

a) Largest player in Central India

b) 22.80 MTPA capacity by FY 2010 with

• 252 MW captive power

• Captive coal blocks (in MP)

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Year CEMENT (Mn. Tonnes) CAPTIVE

POWER

PLANT

(MW)

Installed

CapacityProduction

FY-08 9.00 6.77 88 MW

FY-09 13.50 7.60 154 MW

FY-10 22.80 14.54 252 MW

FY-11 29.70 22.70 342 MW

FY-12 33.55 28.70 342 MW

Installed Capacity & Expected Production by year

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

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Zone Name of Plant Existing FY-10 FY-11 FY-12 Total

Central Zone

Rewa Complex 7.00

14.75

UPCP 3.00

Sidhi 2.00

JP Super Dalla 1.00 0.75

Sikanderabad(G) 1.00

North Zone

Baga 1.50

6.20Bagheri(G) 2.00

Panipat(G) 1.50

Roorkee (G) 1.20

West Zone GACL 1.20 1.204.80

Wanakbori(G) 1.20 1.20

East Zone Bhilai JV 2.204.30

Bokaro JV(G) 2.10

South Zone Balaji 3.50 3.50

Total New Capacity 8.10 6.90 3.85

Total (in MTPA) 14.70 22.80 29.70 33.55 33.55

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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 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

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 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

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 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

COAL COST

DISTRIBUTION

COST

TAXES &DUTIES

POWER

RAW

MATERIAL,

FLYASH

OTHERS

67%

100%

CEMENT COST DETERMINANTS

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5. Strong Financial Profile

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Details FY08 FY09Change

in %

FY09 (Apr-Jun)

FY10 (Apr-June)

Change in %

Net Revenue 4,274

(890)

6,152

(1,282)44%

1,195

(249)

2,117

(441)77%

EBITDA1,386

(289)

2,064

(430)49%

356

(74)

592

(123)66%

PBT843

(176)

1,251

(261)48%

191

(40)

268

(56)40%

EPS (Rs) (FV of Rs. 2) 5.42 6.46* 19% 0.91 1.31 44%

Rs. in Crs (USD in Mn)

Strong Financial Performance – FY 2009-10

Details JHPL JPVL (FY09)

Revenue 82.59 418.73

EBITDA 62.94 378.86

PAT 36.54 186.47

Interim Div. Declared - 20%

OPERATING SUBSIDIARIES PERFORMANCE IN FY 2010 (Ending June 30, 2009) Rs. in Crs

At expanded share capital post-amalgamation of 140.18 Cr shares. On original share capital, the EPS is Rs. 7.48.

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JAL – Projections

Rs Crores(Mn USD)

E&C Cement

EBITDARevenue

Real Estate

237598

1,1911,631

752

791

1,591

2,026

301

448

208

59

34

31

87

123

433

307

412

413

2008-

Actual

2009-

Actual

2010 2011

4,639

(966)

3,582

(746)

1,7302,891

4,825

6,9531,950

2,236

5,004

7,175

256

439

925

1,360

31

153

214

336

433

307

412

413

2008-

Actual

2009-

Actual

2010 2011

11,381

(2,371)

16,236

(3,383)

Others (including Div.)Hotels & Hosp.

6,152

(1,282)

2,064

(430)4,274

(890)

1,386

(289)

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• Number of Shares outstanding was 1401.80 Mn of Rs 2 each as of 24 July 2009

• FCCB-I Conversion at USD 97.94 Mn out of USD 100 Mn (97.94%) as of 24 July 2009

• FCCB-II Conversion at EURO 160.27 Mn out of EURO 165 Mn (97.13%) as of 24 July 2009

• FCCB-III Conversion at USD 4.5 Mn out of USD 359 Mn* (1.25%) as of 24 July 2009

(*The Company has bought back & cancelled FCCBs (Series III) of the face value of USD 41 Million )

Shareholding Pattern (July 24, „09)

Pre-Amalgamation Shareholding:

Promoters: 45.14 %, Public & Others: 54.86 %

Market Capitalisation (Rs. Crs)

33,678

26,353

11,69310,083

3,454

1-Apr-05 1-Apr-06 1-Apr-07 1-Apr-08 30-Jul-09

($ 720 Mn.)

($ 2.1 Bn.)($ 2.4 Bn.)

($ 7.0 Bn.)

Continuously Creating Shareholder Value

($ 5.5 Bn.)37.51%

12.57%

23.52%

10.63%

15.77%

Promoters

Trust

FII's

MF's/Banks

Public/PCB's

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6. Summary

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JAL Has Excellent Growth Opportunities

India’s 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

India’s 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 JAL’s natural marketing zone

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THANK YOU