Jindal Saw Ltd. — Capital/Financing Update 2021

Mar 13, 2021

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March 13, 2021

BSE Limited National Stock Exchange of India Limited, Corporate Relation Department Listing Department, 1st Floor, New Trading Ring Exchange Plaza, Rotunga Building Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Bandra (East) Mumbai - 400 001 Mumbai – 400 051 Stock code: 500378 Stock code: JINDALSAW

Sub.:- Disclosure of Credit Rating for proposed Bonds to be issued by the Company - Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir,

This is with reference to the captioned subject, we wish to inform you that the Brickwork Ratings India Pvt. Ltd. (“Brickwork Ratings”) vide its letter dated March 13,2021 revalidated its rating for the proposed issue of Bonds amounting to Rs. 500 Crores of the Company. A copy of said letter is attached for your reference.

This is for your information and record.

Thanking you, Yours faithfully, For Jindal Saw Limited,

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Sunil K Jain Company Secretary FCS- 3056

Corporate Office : Jindal Centre, 12 Bhikaiji Cama Place, New Delhi- 110066 • Phone: +91 (11) 26188360 - 74, 26188345 Fax: +91 (11) 26170691 Regd. Office : A-1, UPSIDC, Indl. Area, Nandgaon Road, Kosi Kalan, Distt. Mathura (U.P.) - 281403 • Website: www.jindalsaw.com CIN: L27104UP1984PLC023979

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BWR/NCD/DEL/CRC/RK/0592/2020-21 March 13, 2021

Ms. Sminu Jindal

Managing Director Jindal Saw Ltd 12 Jindal Centre, Bhikaji Cama Place, New Delhi - 110066

Dear Sir,

Sub: Revalidation of Rating - Bonds Issue amounting to ₹ 500 Crores (INR Five Hundred Crores Only) of Jindal Saw Ltd

Ref: Your email dated March 12, 2021

We wish to advise that your company’s aforementioned bonds issue of ₹ 500 Crores carries a rating of BWR AA/Stable as advised vide our letter ‘BWR/NCD/DEL/CRC/RK/0242/2020-21’ dated August 19, 2020.

The said rating is valid up to August 19, 2021. Instruments with this rating are considered to have the High degree of safety regarding timely servicing of financial obligations. Such instruments carry Very low credit risk . We note that the company has not raised out of the said issue till now and the company can now raise NCDs amounting to a maximum of Rs. 500 Crores against this rating.

Please note that all terms and conditions as per our initial rating letter (referenced above) remains unchanged. On completion of the borrowing, kindly furnish all the financing documents to us.

Best Regards,

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R K Sharma Principal Director – Ratings Brickwork Ratings India Pvt Ltd

Note: In case of all valid Ratings, respective Rating Rationale is published on Brickwork Ratings website. All non-accepted ratings are also published. Interested persons are well advised to refer to our website www.brickworkratings.com, if they are unable to view the rationale, they are requested to inform us on brickworkhelp@brickworkratings.com

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DISCLAIMER

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|Brickwork|Ratings|India|Pvt.|Ltd.|(BWR),|a|Securities|and|Exchange|Board|of|India [SEBI] registered Credit Rating Agency and|
|accredited|by|the|Reserve|Bank|of|India|[RBI],|offers|credit|ratings|of|Bank|Loan|facilities,|Non-|convertible|/|convertible|/|
|partially|convertible|debentures|and|other|capital|market|instruments and bonds, Commercial Paper, perpetual bonds, asset-backed|
|and|mortgage-backed|securities,|partial|guarantees|and|other|structured|/|credit|enhanced|debt|instruments,|Security|Receipts,|
|Securitisation|Products,|Municipal|Bonds,|etc.|[hereafter|referred|to|as|“Instruments”].|BWR|also|rates|NGOs,|Educational|
|Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations.|
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|assigned|by|BWR|are|based|on|information|obtained|from the issuer of the instrument and other reliable sources, which in BWR’s|
|best|judgement|are|considered|reliable.|The|Rating|Rationale|/|Rating|Report|&|other|rating|communications are intended for the|
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