Assurance statement

Independent Limited Assurance Statement on Sustainability Related Key Performance Indicator Disclosures in the Integrated Report of JSW Steel Limited for the Financial Year Ended March 31, 2019

To The Board of Directors of JSW Steel Limited

We have been engaged by the Management of JSW Steel Limited, to provide an independent Limited Assurance Statement on sustainability-related key performance indicators (“SPIs”) described below and presented in the ‘key performance indicators’ section of the Integrated report as per the “GRI Sustainability Reporting Standards (‘In accordance’ - Core)” issued by the Global Reporting Initiative (“the GRI Standards”) in the Integrated Report of JSW Steel Limited (“JSW Steel/ The Company”) for the year ended March 31, 2019 (“the Integrated Report”) covering - JSW Steel, JSW Steel Coated Products Limited (“JSW SCPL”), JSW Steel Processing Centre Limited (“JSW SPCL”), Amba River Coke Limited (“ARCL”), JSW Steel (Salav) Limited, (“JSW Salav”) and JSW Industrial Gases Private Limited (“JSW Industrial Gases”).

Project Boundary

Sustainability reporting boundary covers the following operations:

• JSW Steel Limited (“JSW Steel”) - Operations specific to Vijayanagar, Dolvi, Salem and Mines
• JSW Steel Coated Products Limited (“JSW SCPL”) - Operations specific to Kalmeshwar, Tarapur and Vasind
• JSW Steel Processing Centres Limited (“JSW SPCL”)
• Amba River Coke Limited (“ARCL”)
• JSW Steel (Salav) Limited, (“JSW Salav”) and
• JSW Industrial Gases Private Limited (“JSW Industrial Gases”).

Subject matter

We are required to provide limited assurance on the following SPIs reported in numerical figures, specific to the period from April 1, 2018 to March 31, 2019 in accordance with management’s basis of preparation and the GRI Standards. The terms of management’s basis of preparation and the GRI Standards comprise the criteria by which the SPIs are evaluated for purposes of our limited assurance engagement.

The subject matter includes the following:

Natural Capital:

Human Capital:

Responsibility of the Management

The Company’s management is responsible for content of the Integrated report, engagement with stakeholders, identification of SPIs, the identification and presentation of information including the responsibility for establishing and maintaining relevant and appropriate performance management systems and internal control framework to facilitate, collection, calculation, aggregation and validation of the data with respect to the management’s basis of preparation and GRI Standards, included in the Integrated Report and preparation of the Integrated Report that is free from material misstatement, whether due to fraud or error.

Our Independence, Ethical Requirements and Quality Control

We have complied with independence policies of Deloitte Haskins and Sells LLP, which address the requirements of the International Federation of Accountants (“the IFAC”) Code of Ethics for Professional Accountants in the role as independent auditors. We have complied with the relevant applicable requirements of the International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

We also confirm that we have maintained our independence in the Report and there were no events or prohibited services related to the Assurance Engagement which could impair our independence.

Our Responsibility

Our responsibility is to express a limited assurance conclusion on the SPIs, set out in the subject matter, as disclosed in the ‘key performance indicators’ section of the Integrated report for the year ended March 31, 2019 based on the procedures we have performed and the evidence we have obtained. We conducted our limited assurance in accordance with International Standard on Assurance Engagement ISAE 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information (“ISAE 3000”) issued by the IFAC. This standard requires us to comply with ethical requirements and to plan and perform our limited assurance engagement to obtain sufficient appropriate evidence about whether the SPIs are free from material misstatement.

The procedures performed in a limited assurance engagement vary in nature and timing from a reasonable assurance engagement in relation to both risk assessment procedures, including an understanding of internal controls, and the procedures performed in response to the assessed risks. The procedures we performed were based on our professional judgment and included inquiries, observation of process followed, inspection of documents, evaluating appropriateness of quantification methods, agreeing or reconciling with underlying data, etc. As a result, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Accordingly, we do not express a reasonable assurance opinion about whether the SPIs have been presented, in all material respects, in accordance with management’s basis of preparation and in accordance with GRI Standards.

In performing the procedures listed above, we:

• Interviewed key personnel including senior executives at respective plant locations and at the corporate office to understand the, systems and controls in place during the reporting period; and
• Carried out site visits at the respective operational locations as specified in the project boundary in order to:
  • Test data, review of records and review of relevant documentation submitted by the Company, to arrive at the data presented in their Integrated Report; and
  • Analyse and review data management systems, processes, procedures relating to collation, aggregation, validation and reporting of the selected SPIs on a sample basis.

We have relied on the information, documents, records and explanations provided by the Company for the purpose of our review.

Our Conclusions

The procedures we have performed and the documents and records that were made available to us and according to the information and explanations provided to us by the Company in connection to the review of the SPIs set out in the subject matter paragraph, as disclosed in the ‘key performance indicators’ section of the Integrated report for the year ended March 31, 2019 provides an appropriate basis for our conclusion as per ISAE 3000 (Revised).

Based on the procedures performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the SPIs set out in the subject matter paragraph for the year ended March 31, 2019, are not prepared, in all material respects, in accordance with the management’s basis of preparation and the GRI Standards.

Other Matters

The assurance scope excludes:

• The Company’s financial performance;
• The Company’s statements that describe or report data pertaining to market share assessment; opinion; beliefs; future performance plans/ strategies;
• Any comparison in any form of performance related to any of the SPIs of the financial year 2018-19 with the SPIs of other Financial Years; and
• Design standards or features or technical assessment of the capacity, efficiency and efficacy of the technologies or utilities of the Company.
• Our procedures did not involve consideration of these matters and, accordingly we accept no responsibility for any changes to either the information on the website, the reports or our independent assurance report that may have occurred since the initial date of presentation.

Restriction on use and distribution

Our work has been undertaken to enable us to express a limited assurance conclusion on the SPI disclosures in the Integrated Report to the Management of the Company in accordance with the terms of our engagement, and for no other purpose. We do not accept or assume liability to any party other than the Company, for our work, for this Integrated Report, or for the conclusion we have reached.

Place: Mumbai
Date: 13/08/2019