MAHARASHTRA SEAMLESS LTDDecember 2010

“Explore the true potential”

Corporate Presentation

FORWARD LOOKING & DISCLAIMER STATEMENT

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This Investor Communique contains “forward-looking statements” about ourbusiness, financial performance, skills and prospects. Statements about our plans,intentions, expectations, beliefs, estimates, prediction or similar expression for thefuture are forward-looking statements.

Forward looking statements are based on management’s current views andassumptions and involve known and unknown risks that could cause actual results,performance or events to differ materially from those expressed or implied by thosestatements. These risks include but are not limited to risks arising from uncertaintiesas to future Oil & Gas Prices and their impact on investment programs by Oil & GasCompanies, Steel Prices worldwide & domestic, economic & political conditions. Wecan not assure that outcome of this forward-looking statements will be realized.

The Company disclaims any duty to update the information presented here. Thematerial presented can not be used for any other purpose in any form without ourexpress written consent.

Group & Company Overview

Market & Industry Overview

Financial Overview

Awards

SWOT Analysis & Future Outlook

Conclusions & Contacts

Pg: 4 to 9

Pg: 10 to 15

Pg: 16 to 18

Pg: 19 to 20

Pg: 21 to 24

Pg: 25 to 27

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GROUP STRUCTURE

MSL – Maharashtra Seamless Ltd., JPL – Jindal Pipes Ltd., JDIL – Jindal Drilling & Industries Ltd.,

D P Jindal Group

Pipes

MSL JPL JDIL

Jindals embarked intobusiness activity longback in 1952

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JINDAL is a brand synonymous with“Steel Pipes & Tubes”within & outside India.

Today D. P. Jindal Group is one of the leading industrialHouse in India, Having turnover of Over USD 825Millions or INR 4000 Crores and having Market Cap inexcess of USD 525 Million or INR 2500 Crores.

One of the largest producer ofSteel Pipes & Tubes(in both Seamless & ERW)

Jindals are pioneer & major contributoryin Growth of Seamless & ERWPipes & Tubes Industry.

Drilling

A BRIEF ABOUT MSL

Leading manufacturer of Seamless & ERW Carbon & Alloy Steel Pipes & Tubes in India.

A unique track record of putting up the plant at the lowest CAPEX levels.

Is an ISO 9001 : 2000 Company and having API (5CT & 5L) and IBR Licenses.

Plant is strategically located at Nagothane, about 100 Kms. from Mumbai Port.

Both Seamless & ERW Plants are first of its kind in India and are having Technical Tie-upwith SMS MEER (earlier known as MANNESMANN DEMAG) of Germany.

“CPE Technology”, used for Seamless Pipes & Tubes production (upto 7” OD), is theworld renowned technology.

“Plug Mill Technology”, used for Higher Dia Seamless Pipes & Tubes production(from 7” to 14” OD), is the most reliable technology, in higher dia segment.

High Frequency Induction Welding Technology, is used for ERW Pipes & Tubes (upto 21” OD).

Having made a strategic business decision of foraying into Wind Power Generation businessfor captive consumption leading to low cost of Power Generation & substantial saving thereby.

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MAJOR MILESTONES OF MSL1988 Incorporated

1991 IPO Launched

1992 7” Seamless Plant Commissioned

1993 API Certification and Production of Casing & Line Pipes

1995 IBR Certification by Central Boiler Board

1996 ISO Certification by BVQI

2000 21” ERW Plant Commissioned

2001 7 MW Wind Power Plant Commissioned

2004 14” Seamless Plant Commissioned

2005 JV facility with Hydril USA for premium Connections Commissioned

2005 FCCB issue of USD 75 Million (entirely converted in Indian Equity Shares)

2006 Coating facility Commissioned

2007 6” Seamless Plant having 2,00,000 TPA acquired from Romania

2008 JV Arrangement with Tenaris reconstituted (post Hydril acquisition)

2008 Allocation of Non Coking Coal Block near Nagpur (Maharashtra) in consortium.

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INSTALLED CAPACITIES

At Raigad (Maharashtra)

3,50,000 MT p.a. of Seamless Pipes (from 1/2 ” to 14” OD)

2,00,000 MT p.a. of ERW Pipes (from 6” to 20” OD)+ External / Internal Coating Facility (from 1” to 48” OD)

At Satara (Maharashtra)

20 Wind Turbine Generators (WTG) of 350 KW each, aggregating to 7 MW

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(2,00,000 MT p.a. of Seamless Pipe Plant is under erection)

PRODUCT ACCREDITION

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BOARD OF DIRECTORS

Mr. D. P. Jindal Chairman

Mr. Saket Jindal Managing Director

Mr. U. C. Agarwal Director

Mr. D. K. Parikh Director

Mr. S. D. Sharma Director

Mr. S. P. Raj Whole-Time Director

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Mr. Anil Jain - CFO

Types of Pipes

Size Major Raw Material

Domestic Players Main Application

SEAMLESS 1/2” – 14” Round Steel Billets Maharashtra Seamless Indian Seamless TubesJindal SawBHEL, Remi Metals

Wide Application in High Pressure Oil & Gas Exploration & Drilling, Boiler, Automobiles, Process, Pipelines, Refineries

SPIRAL- H SAW

18” – 100” HR Coils Jindal SawPSLWelspun Gujarat Man Industries

Low Pressure Application Cross Country Line Pipes for Oil & Gas and Water Transport

- L SAW 16” – 50” Steel Plates Jindal SawWelspun Gujarat Man Industries

High Pressure Application Cross Country Line Pipes for Oil & Gas Transport

ERW 1/2 ” – 20” HR Coils Maharashtra SeamlessJindal PipesSurya RoshniWelspun Gujarat

Low Pressure Application Cross Country Line Pipes for Oil & Gas and Water Transport

DUCTILE IRON / CAST IRON

3” – 39” Pig Iron & Scrap Electrosteel CastingsJindal Saw Lanco KalahastiKesoram Industries

Water & Sewage Transport.

AN OVERVIEW OF INDIAN PIPES & TUBES INDUSTRY

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DEMAND DRIVERS FOR INDIAN PIPES & TUBES INDUSTRY

Pipe Sector

Seamless HSAW LSAW ERW DI / CI HSAW ERW

Oil & Gas

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Non-Oil

Water & Sewage Transport

General Engg., Auto & Boiler

Seamless

TransportE & P

Boiler, Heat Exchanger & Condenser

VALUED CUSTOMERS

IOCL, HPCL, BPCL, EIL, RPL, MRPL, BRPL,CPCL, HMEL, ESSAR OIL, BORL, IOTL, BCPLOPAL, NOCL, OMPL

Oil & Gas Sector

Hydrocarbon & Process Industry

Automotive Industry

Bajaj Auto, LML, Mahindra & Mahindra, Telco,Scooter India

FAG (India) National Engineering Industries

Bearing Industry

Hydraulic Cylinder

UT Ltd., Salzgitter Hydraulic Pvt Ltd., AMKO Mining & Drilling

BHEL, ISGEC, Thermax, Cethar Vessels, NTPC, Alstom, Parharpur Cooling,Thyssen Krupp, G.B. Engg.

Mechanical & General EngineeringHindalco, NALCO, SAIL, Rashtriya Ispat Nigam, Greaves Ltd, L&T, Mecon, IISCO, Indian Railways, DLW, ICF, Punj Lloyd, Samsung, Technip, BGR, Techpro Ashtech Ltd.

ExportsEnergy Tubular, Chevron, Texaco,Forest Petroleum, Oxy, EncannaKNPC., KOC, Aramco, Petronas

ONGC, OIL, GAIL, RIL, Indraprasta Gas, Cairn Energy, Mahanagar Gas Ltd, BritishGas (India), Green Gas, Bhagyanagar Gas

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45%

15%15%

25%

MSL 45%

ISMT 25%

JINDAL SAW 15%

DOMESTIC MARKET SHARE OF SEAMLESS PIPES

The present Indian Market is approx. 0.65 Million MT p.a.

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IMPORT 15%

VENDOR REGISTRATION FOR MSL BY MAJOR CUSTOMER

Domestic International

Oil & Natural Gas Corpn.Ltd.

Engineers India Ltd.

Oil India Ltd.

Gas Authority of India Ltd.

Indian Oil Corpn.Ltd.

Bharat Petroleum Corpn.Ltd.

Steel Authority of India Ltd.

Bharat Heavy Electrical Ltd.

National Thermal Power Corpn.

Indian Railway

Sat Joint Operation, Saudi Arabia& Kuwait (JV Company of Chevron, Texaco & KOC)Kuwait Oil Company (KOC), KuwaitMobile Producing Nigeria,

(JV Company of Mobile & NNPC)Ministry of Oil & Gas, OmanArabian Gulf Oil Company, LibyaMalaysian International Trading Corpn. (subsidiary of Petronas, Malaysia)Saudi Aramco, Saudi ArabiaOccidental of Oman (OXY), OmanEncanna, USAChevron, USAOxydental Petroleum, USA

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MAJOR GLOBAL SEAMLESS PLAYERS

Domestic International

Maharashtra Seamless Ltd.

Indian Seamless Metals Tubes

Jindal Saw Ltd.

Remi Metals

OCTL

Tenaris Group, Mexico(Siderca, Tamsa, Dalmine, Tavsa,NKK Tubes & Algoma Tubes)Vallourec & Mannesmann, France

Volski Tube Mill, Russia

Arcelor Mittal

Tianjin Pipe Corpn., China

Sumitomo, Japan

JFE Steel Corporation, Japan

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Description FY07 FY08 FY09 FY10 H1 FY11Audited Audited Audited Audited Unaudited

Sales 151961 164037 21835 16912 8595Operating Income 0 1453 253 108 189Other Income 3145 2918 468 421 453Total Income 155106 168408 22556 17441 9237PBIDT 37245 32304 4145 4528 2465Operating Profit(EBIDTA) 34100 29386 3677 4107 2012Intrest 350 375 116 34 12Depreciation 1626 1740 179 183 96Tax 11655 10584 1243 1458 640Deferred Tax 230 82 8 7 (88)Profit After Tax (PAT) 23384 19523 2599 2846 1805Cash Profit 25240 21345 2786 3036 1813Equity Share Capital 3497 3527 353 353 353Net Worth 92409 109340 13100 22876 24477RatiosEBIDTA as % of Sales 22.4 17.9 16.8 24.3 23.4PAT as % of Sales 15.4 11.9 11.9 16.8 21.0ROCE 21.8 15.8 18.1 11.8 7RONW 25.3 17.9 19.8 12.4 7.4Basic EPS (Annualised) 38.38 27.70 36.56 40.35 25.59Dividend Per Share 5.5 5 5.0 6.0 0.0Gross Block of FA (Rs. Mn.) 37416 44321 5144 13908 0Adj. Book Value Per share 132 155 186 324 347

(Rs. Million)PROFIT & LOSS ACCOUNT EXTRACT

FINANCIAL POSITION

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IPO 1991

FCCB Issue 2005

Stock Split 2006

Market Cap Approx USD 700 Million

Free Float 46%

BSE Code 500265

NSE Code MAHSEAMLES

NSDL/CDSL–ISIN INE271BO1025

Bloomberg Code MHS.IN

Reuters Code MHSM.BO

MARKET SUMMARY

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The Equity Share Capital of Rs. 353 Million

Shares listed in NSE, BSE,& MSE.

52 Weeks High/Low at NSEINR 398.10 / 388.05.

Book Value per equity share(FV Rs. 5) INR 347.

Highlights

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SHAREHOLDING & CAPITAL STRUCTURE

Share Holding Pattern as on 30/09/2010

PromotersPublic / OthersNRIs

MFs / Institutional Investors

19.26% 53.91%

25.52%

1.31%

MSL Awards…

We are proud and honoured to bring home various Awards. “Winning is acknowledgement of our sincere efforts and the best practices that

we follow”

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“Steel Pipe Manufacturer Of The Year”- Business Sphere Awards (2007-08)

“Asia’s Top 200 Small & Mid size Companies, Best Under a Billion” - Forbes Asia

“India’s Top 500 Companies, 2006 & 2007”- Dun & Bradstreet American Express Corporate Awards

Awards

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“Udyog Rattan Award”- Institute of Economic Studies

“IMM Award for Excellence, 2007”- Asian Economic Community, IMM

Globally competitive due to lower manufacturing cost and ability to meet stringentInternational Quality Standards.Strong Presence in Oil and Gas Sector for Seamless Pipes.50-50 JV with Tenaris for Upstream Premium Threading Connections.Major Domestic Customers includes Cash Rich Public Sector Undertakings of Oil & GasSector.Only Indian manufacturer of Seamless Pipes for Tubing & Casing beyond 9-5/8” to 14”OD.Only Indian manufacturer of ERW Pipes beyond 16” to 21” OD Pipe, a competitiveproduct over SAW Pipes in that range (for Cross Country Line Pipe Application).Cash Rich & Debt Free Company.MSL casings are well accepted in USA market as “MAHA” Brand and is also having aGlobal presence in various countries of the world ranging across Middle East and FarEast.Limited number of Manufacturers Internationally for higher OD Seamless Pipes.Presently enjoying “AA+” Rating from CRISIL & ICRA.

SWOTStrength

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SWOT CONTD….

WeaknessLimited capacity to cater for Bearing / Auto industries.

Opportunities

International Tie-up for enhancement and penetration of new export avenues.

Boiler / Bearing /Auto industry.

Higher dia Seamless, Welded & Coated Pipes.

ThreatDelay in backward integration project.

Imports & Dumping of pipes & tubes from China.

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MARKET BACKGROUND & CURRENT OUTLOOK

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The demand outlook in Export Market has improved significantly, more particularlyin USA.

In view of increased Rig Counts and increased E&P activities, the demand outlook inGlobal Market continues to be robust.

Global Market Demand for Seamless Pipes from Oil & Gas Industry is likely toremain up in the forthcoming quarters. Domestic Oil companies are moving on withtheir ongoing projects including Exploration & Production activities. Two new OilRefineries are under construction and most of the old refineries are under capacityexpansion. Power sector is going strong

Anti dumping on Seamless Pipe has been effected in USA & Europe against Chinawhich is having positive impact on other Seamless Tubes suppliers including MSL.

The company is now putting up intensive and aggressive marketing approach bypenetrating the domestic as well as international market to increase the marketpresence.

Focusing on Niche products within Pipe business viz. Higher Dia ERW,Seamless, Coated Line Pipes & 13 Chrome Pipe.

To fully exploit the export potential of SEAMLESS & ERW Pipes.

To double the existing Capacity for Seamless Pipe in next 4-5 years.

To set up Captive Power Plant for securing Energy requirements.

To set up / to acquire a Backward Integrated Plant for making Steel RoundBillets.

FUTURE PLANS OF MSL

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1. Innovation

4. Right move at an early stage of cycle

3. Cost competitive manufacturer

6. Valued Customer Base / Relationships

7. Ability to contain both Capital and Operating Cost

5. Constant Creation/Addition of Value

2. Strong Financial Discipline

Sustaining Success: Key Points

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Questions

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CONTACTSAnil JainGroup CFO, D.P. Jindal GroupTel. No.: 91-124-2574724 (Dir.)E-Mail : aj@mahaseam.com

Sanjiv GuptaSenior ManagerTel. No.: 91-124-4624321 (Dir.)E-Mail : sanjiv@mahaseam.com

Corporate Office : Jindal Corporate CentrePlot No.30, Institutional Sector-44, Gurgaon – 122002 (Haryana)Tele. No.91-124-2574325, 4624000Fax No.91-124-2574327

Regd. Office & Works : Pipe Nagar, Village Sukeli, N.H. 17, B.K.G. Road, Taluka RohaDist. Raigad - 402126 (Maharashtra)

Website : www.jindal.com/msl.htm

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Abhishek BhargavaExecutiveTel. No.: 91-124-4624519 (Dir.)E-Mail : abhishek@mahaseam.com

Thanks!

We are striving hard to capture the respectable position in the global market. We are happy of having satisfied associates across the globe by maintaining our stringent systems. Let’s grow together and take our relationship further…