Investor Presentation

January 2011

Disclaimer
Forward Looking Statements This presentation may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements about Tata Steels plans, objectives, expectations and intentions and other statements that are not historical facts. Forward-looking statements are based on estimates and assumptions made by Tata Steel that, although believed to be reasonable, are inherently uncertain. Factors that could cause actual results to differ materially from those contemplated by such forward-looking statements include, without limitation, the downturn in the global economy and the risk of a protracted recession; the risk of a potential fall in steel prices or of price volatility; the integration of Corus; the implementation of new projects, including future acquisitions and financings; Tata Steels ability to recover the mineral reserves to which it has access or develop new mineral reserves; changes in expenses, including the cost of transporting Tata Steels products and the cost of energy, such as coal and electricity; Tata Steels substantial indebtedness and ability to meet its debt service obligations; changes in government regulation; terrorist attacks, civil disturbances, regional conflicts, accidents and natural disasters; general economic and business conditions; increasing competition; changes in laws and regulations relating to the industries in which Tata Steel operates; Tata Steels ability to meet its capital expenditure requirements or increases in capital expenditure requirements; fluctuations in operating costs; Tata Steels ability to attract and retain qualified personnel; changes in technology; changes in political and social conditions in India or in other countries in which Tata Steel has operations, the monetary policies of India or of such other countries, inflation, deflation, unanticipated turbulence in interest rates, equity prices, exchange rates or other rates or prices; the performance of the financial markets in India and other countries where Tata Steel has operations, as well as the performance of financial markets globally; and any adverse outcome in legal proceedings in which Tata Steel is or may become involved including with respect to product liability claims. Tata Steel disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. Nothing in this presentation shall be regarded as a profit forecast. Tata Steel and its directors and officers accept no liability to third parties in respect of this presentation. Industry and Market Data Steel market and competitive position data in this presentation has generally been obtained from industry publications and surveys or studies conducted by thirdparty sources. There are limitations with respect to the availability, accuracy, completeness and comparability of such data. Tata Steel has not independently verified such data and can provide no assurance of its accuracy or completeness. Certain statements in this presentation regarding the steel market are based on the internal analyses of Tata Steel, which involve certain assumptions and estimates. These internal analyses have not been verified by any independent sources and there can be no assurance that the assumptions or estimates are accurate. This document does not constitute an offer or invitation to purchase or subscribe for any securities and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto. No securities of Tata Steel may be sold in the United States without registration with the United States Securities and Exchange Commission or an exemption from such registration. Any prospectus or offering circular of Tata Steel in connection with an offering of securities in the United States or elsewhere will contain detailed information about Tata Steel and its management as well as the financial statements of Tata Steel. Any decision to purchase securities in an offering of securities should be made solely on the basis of the information contained in the prospectus or offering circular to be published.

Agenda
Tata Group Overview Introduction to Tata Steel Global Steel Sector Update Investment Highlights Financial Overview Recent Developments

Agenda
Tata Group Overview Introduction to Tata Steel Global Steel Sector Update Investment Highlights Financial Overview Recent Developments

The Tata Group - Leadership with Trust

Leading Conglomerate with an Established Global Presence

ENGINEERING

MATERIALS

ENERGY

CHEMICALS

CONSUMER PRODUCTS

SERVICES

COMMUNICATION AND INFO SYSTEMS

One of the worlds largest steel companies globally with 27.2 mtpa of steel production capacity Engaged in generation, transmission and distribution of electrical energy and manufacture of electronic equipment

Principally engaged in providing information technology (IT) and IT enabled services Engaged in the business of operation of a group of hotels

Substantial presence in India and also owns Jaguar and Land Rover premium passenger vehicles brands Largest automobile manufacturer by revenue in India Second largest producer of soda ash in the world with manufacturing facilities in India, UK, Kenya and USA Indias leading crop nutrients player

Operates an integrated beverage business with a portfolio of strong brands

Leading global provider of telecommunications solutions serving the voice, data and next generation service needs of carriers, enterprises and consumers across the world

GROUP STRUCTURE ACTIVITY PROMOTER COMPANIES ACTIVITY

Incorporated on November 8, 1917 66% owned by public philanthropic trusts endowed by members of the Tata family Two largest shareholder trusts are Dorabji Tata Trust and the Sir Ratan Tata Trust Engaged in the business of promotion of ventures in several sectors

Tata Sons

Shareholding in Major Operating Companies Owner of the Tata brand name and the Tata trademarks used by most of the Tata companies Engaged in the business of promotion of ventures in several sectors

Tata Industries

Agenda
Tata Group Overview Introduction to Tata Steel Global Steel Sector Update Investment Highlights Financial Overview Recent Developments

Tata Steel Group: A Global Steel Player

One of the flagship companies of the Tata Group and worlds 7th largest steel company in terms of crude steel production volume(1) One of the most geographically diversified steel producers with crude steel capacity of approximately 27.2 mn tonnes Commercial presence in over 50 countries and operations in 26 countries Presence across entire value chain of steel manufacturing Employee strength of approximately 81,000 Net Sales (H1FY11): Rs. 558,399 mn (US$12.4 bn) Total Assets (as of September 30, 2010): Rs. 1,213,678 mn (US$26.9 bn) PAT* (H1FY11): Rs. 37,978 mn (US$ 844 mn)

Global Facilities and Diverse Product Mix

India
One production facility Capacity: 6.8 mtpa Distribution centres

UK
Three production facilities Capacity: 10.7 mtpa Distribution centres

Netherlands
One production facility Capacity: 7.7 mtpa Distribution centres

Singapore and Asia Pacific

One production facility Capacity: 0.75mtpa 2 mtpa finishing capacity in 5 countries Distribution centres

Thailand
Three production facilities Capacity: 1.2 mtpa (finishing capacity 1.7mtpa) Distribution centres

EU (ex UK & Netherlands)

Distribution centres

US
Distribution centres

Leading Steel Producer With ~27 mt of Annual Capacity Across Global Steel Facilities
Profit after taxes, minority interests and share of profit of associates (1) In 2009, according to WSA

Conversion Rate USDINR 45

Agenda
Tata Group Overview Introduction to Tata Steel Global Steel Sector Update Investment Highlights Financial Overview Recent Developments

Industry Update
Easing monetary conditions globally are driving commodity prices higher The global steel market is recovering, however most developed markets face a long recovery. Emerging markets, particularly India and China are expected to continue to have robust growth China is a major influence on the global steel market, and this influence will grow further in the medium term. It is also a key driver of raw material prices Quarterly contracted prices of raw materials have added to earnings volatility of non integrated steel manufacturers This volatility has led to steel manufacturers seeking captive mining resources to safeguard business interests Lower cost of production and vast domestic market makes India an attractive location for steel manufacturers

Global Steel Consumption Outlook

Worldsteel Apparent Consumption Forecast 2010E & 2011E (% Change y-o-y)
40% 31% 30% 19% 14% 14% 11% 10% 6% 9% 9% 7% 4% 8% 5% 13% 27% 28% 25% 2009 2010 2011

20%

0% EU27 -10% CIS NAFTA Central & South America China India -7% Global

-20% -24% -30% -36% -28% -36%

Source: WSA Short Range Outlook for Apparent Steel Use October 2010 Tables

-40%

Continued real demand growth in emerging markets expected to contribute to demand going into 2011. The BRIC countries are expected to contribute 37.4% and 50.5% respectively of the incremental demand in 2010 and 2011.

10

Agenda
Tata Group Overview Introduction to Tata Steel Global Steel Sector Update Investment Highlights Financial Overview Recent Developments

11

Investment Highlights
1 Strong Position in the Indian Market

Control Over Logistics

Enhanced Competitiveness through Continuous Improvement

Presence In Developed And Developing Markets

Diversified Product Offering

Raw Material Security

12

1 Strong Position in the Indian Market

Capacity expansion is a key strategy for Tata Steel in India, where it derives much of its competitive advantage as a lowcost producer from its access to raw materials and a skilled workforce at a relatively low cost of labour Work is currently under way to increase steelmaking capacity at Jamshedpur to 9.7mtpa by 2012 Looking further into the future, the Company plans to continue to increase its capacity significantly through greenfield developments
Expansion Projects Currently Ongoing:

Jamshedpur Brownfield Expansions

Greenfield Expansions
15.7 12.7

9.7

Orissa Ph-2 Orissa Ph-1 2.9 mtpa 1.8 mtpa completed

2007 - 08

2008 - 09

2011 - 12

>2014

Expansion Projects in Pipeline: Chattisgarh (5 mtpa) and Karnataka (3 mtpa)

Conversion Rate USDINR 44.935

13

1 Expansion Projects To Enhance Capacity

Jamshedpur: Brownfield Expansion Project 2.9 mtpa expansion Expected to be completed by the end of FY 2012 Orissa : Greenfield Expansion Project 6 mtpa of flat products integrated steel plant in two phases of 3 mtpa each

Grinding stack at pellet plant

View of Soil test at Sinter plant Area

'I' blast furnace progress

Structural erection of JK bay in progress at LD 3-tscr site

View of Soil test at Sinter plant Area

View of inward material section

14

2 Enhance Competitiveness Through Continuous Improvement

The Company undertook a series of measures to counter recessionary pressures in FY09 and FY10 to reduce cost

Key Initiatives

One Company Operating Model

In the process of transforming its operations to directly align its marketing, sales and distribution teams with major industries and sectors Transforming its supply chain in Europe

Product Development And Marketing

Through research and development initiatives working to capture market share in a number of potential high growth areas Customer First strategy

Cost Saving Initiatives

Strong Retail Management

Implemented, and plans to continue to implement, strategic cost-saving measures to improve the long-term competitiveness of its business Fit for the Future initiatives for its European operations

Works closely with retail and wholesale customers to ensure value by scheduling deliveries on a just-in-time basis Been able to reduce customers inventory stock and increase their margins

15

3 Raw Material Security

Investments in Minerals Assets Improving Raw Material Security
Mozambique
Motambo substation , EDM power line

New Millennium Corporation

Community and people

Riversdale Benga Project : Core Yard & Construction Camp

Beira Port Field site Exploration

Iron Ore Coal

Current resources
India: Captive mines Significant amounts of raw material requirements for FY10 sourced from leased captive mines Iron Ore: 100% Coal: 49% Significant amount of ferro alloy requirements

Increasing Higher Raw Material Security

NML (Holdco) Canada TS Equity Stake: 27% NML JV (iron ore) TS Equity Stake: 80% Status: Initiated project development Offtake rights: 100% TSL has an exclusive right to negotiate and settle a proposed transaction in respect of NMLs LabMag Project TSCI Ivory Coast Partner: Sodemi TS Equity Stake: 85% Status: Pre-feasibility RML (Holdco) Australia TS Equity Stake: ~24% RivMoz Partner: RML TS Equity Stake: 35% Status: Project development commenced Coking coal Offtake rights: 40% of the coking coal CDJV Australia Partners: Vale, JFE, NSC, Posco TS Equity Stake: 5% Offtake rights: 5 to 20% Coking coal

16

4 Diversified Product Offering: Branding and Positioning

Tata Steel Europe: Diversified Product Offerings Brand Management India
Add value to its steel operations by increasing the sale of branded products, particularly from its Indian facilities

Rail

Aerospace

Packaging

Automotive

Shipbilding

Consumer Products

Energy and Power Operations

Engineering

17

4 Diversified Product Offering: Downstream Operations

Tata Steel Processing & Distribution Ltd (TSPDL)
100% subsidiary of Tata Steel since July 2009 Five processing units located across India with a processing capacity of ~2 million tonnes per annum Also engaged in the business of high-end plate fabrication for major equipment manufacturers including Caterpillar and JBP Group

Tata Bluescope

Tata Bluescope Steel Limited (TBSL) a 50:50 JV with Bluescope Steel Limited Engaged in the business of manufacturing building products & solutions from metal & color coated steel. Existing operations include three facilities with a total installed capacity of 136,000 TPA in Pune, Bhiwandi and Chennai, to manufacture products for the Indian construction industry Presently implementing a Greenfield project for setting up of a metal coating (capacity of 250,000 tpa) and color coating (150,000 tpa) facilities at Jamshedpur, to be operational by April 2011

Tinplate Company
TCIL is commissioning Cold Roll Mill in 2011 The project involves capacity expansion to 390,000 tpa Tata Steel holds ~45% equity

Wires Division
Steelworks facility in Tarapur, Maharashtra Wire drawing plants at Indore and Bengaluru Caters to the Indian construction and automotive segments for products such as springs, pre-stressed concrete and conductors

18

5 Control Over Logistics

Tata NYK Shipping A 50:50 JV between Tata Steel and Nippon Yusen Kabushiki Kaisha (NYK Line), Japan, currently operating 12 chartered and 2 owned vessels Focused on shipping dry bulk and break bulk cargo

Ship anchored at the port

Dhamra Port

Dhamra Port Company Ltd (DPCL) a 50:50 JV with L&T Deep sea port at Dhamra, Orissa Trial operations commenced in September 2010 Expected to be capable of handling 13 mtpa of coking coal and 6 mtpa of iron ore

TM Intl Logistics Partnership between Tata Steel, NYK and Martrade Engaged in the business of port operations, cargo handling and other related services

19

Agenda
Tata Group Overview Introduction to Tata Steel Global Steel Sector Update Investment Highlights Financial Overview Recent Developments

20

Key Financials India Standalone (US$)

Net Sales (US$ mn)
$5,560 $1,781 $3,035 40.7% 37.6% 35.8% $1,232 40.6%
$1,042

EBITDA (US$ mn) and EBITDA Margin (%) (1)

$1,989

PAT (US$ mn) and PAT Margin (%)(5)

$5,404 $4,376

$2,030

23.8% 21.4% $1,156 20.2% $1,122

26.7%

$810

FY2008

FY2009

FY2010 Revenue

H1 FY2011

FY2008

FY2009 EBITDA

FY2010 % Margin

H1 FY2011

FY2008

FY2009 PAT

FY2010 % Margin

H1 FY2011

Net Debt (US$ mn) (2)

$5,635 $4,890 $3,901 $5,369

Net Debt / EBITDA (3)

2.8x 2.5x 2.2x 2.2x

Capex (US$ mn) (4)

$619 $546 $467 $473

FY2008

FY2009

FY2010 Net Debt

H1 FY2011

FY2008

FY2009

FY2010

H1 FY2011

FY2008

FY2009

FY2010 Capex

H1 FY2011

Net Debt / EBITDA Conversion Rate USDINR 45 (1) EBITDA = Net Sales - Total expenditure + Depreciation + Net Finance Charges (2) Net Debt = Secured Loan + Non Secured Loans Cash and bank balances (3) Net Debt / EBITDA for H1FY2011 is using a annualized figure of EBITDA (4) Capex = Purchase of fixed assets (5) PAT = Net Profit after Tax post Prior Period Adjustments (Adjusted for Tax)

21

Key Financials Consolidated (US$)

Net Income from Operations (US$ mn)
$32,740 $29,230 $22,754 13.5% 12.3% $12,409 7.9% -2.0% ($448) FY2008 FY2009 FY2010 Revenue H1 FY2011 FY2008 FY2009 EBITDA FY2010 % Margin H1 FY2011 FY2008 FY2009 FY2010 H1 FY2011 $1,787 $1,801 $3,952 $4,028 14.5% 5.7% $779 2.4% $844 $1,663 PAT % Margin 6.8%

EBITDA (US$ mn) and EBITDA Margin (%) (1)

PAT (US$ mn) and PAT Margin (%)(5)

Net Debt (US$ mn) (2)

Net Debt / EBITDA (3)

Capex (US$ mn) (4)

$1,871 $1,874 $1,589 $1,106

$11,945

5.8x

$10,976 $10,286

$10,842

2.8x

3.0x

3.0x

FY2008

FY2009

FY2010 Net Debt

(1) (2) (3) (4) (5)

H1 FY2011

FY2008

FY2009

FY2010

H1 FY2011

FY2008

FY2009

FY2010 Capex

H1 FY2011

Net Debt / EBITDA Conversion Rate USDINR 45 EBITDA = Net Income from Operations - Total expenditure + Depreciation + Net Finance Charges Net Debt = Secured Loan + Non Secured Loans Cash and bank balances Net Debt / EBITDA for H1FY2011 is using a annualized figure of EBITDA Capex = Purchase of fixed assets PAT = Profit / (Loss) as Restated after Minority Interest and Share of Profits of Associates

22

Key Financials India Standalone (Rupees)

Net Sales (Rs mn) EBITDA (Rs mn) and EBITDA Margin (%) (1)
Rs 91,334 Rs 89,521
23.8% Rs 46,870 26.7% Rs 52,017 21.4% Rs 50,468 20.2% Rs 36,445

PAT (Rs mn) and PAT Margin (%)(5)

Rs 243,158 Rs 196,910

Rs 250,220

Rs 80,138

Rs 55,455

Rs 136,582
40.7% 37.6% 35.8% 40.6%

FY2008

FY2009

FY2010 Revenue

H1 FY2011

FY2008

FY2009 EBITDA

FY2010 % Margin

H1 FY2011

FY2008

FY2009 PAT

FY2010 % Margin

H1 FY2011

Net Debt (Rs mn) (2)

Rs 253,556 Rs 220,051 Rs 175,567

Net Debt / EBITDA (3)

2.8x 2.5x 2.2x 2.2x

Capex (Rs mn) (4)

Rs 27,863 Rs 24,590 Rs 21,020 Rs 21,265

Rs 241,615

FY2008

FY2009

FY2010 Net Debt

(1) (2) (3) (4) (5)

H1 FY2011

FY2008

FY2009

FY2010

H1 FY2011

FY2008

FY2009

FY2010 Capex

H1 FY2011

Net Debt / EBITDA

EBITDA = Net Sales - Total expenditure + Depreciation + Net Finance Charges Net Debt = Secured Loan + Non Secured Loans Cash and bank balances Net Debt / EBITDA for H1FY2011 is using a annualized figure of EBITDA Capex = Purchase of fixed assets PAT = Net Profit after Tax post Prior Period Adjustments (Adjusted for Tax)

23

Key Financials Consolidated (Rupees)

Net Income from Operations (Rs mn) EBITDA (Rs mn) and EBITDA Margin (%) (1)
Rs 177,824
Rs 1,473,293 Rs 1,315,336

PAT (Rs mn) and PAT Margin (%)(5)

Rs 181,277 Rs 74,845 14.5% PAT % Margin 6.8% Rs 37,978

Rs 1,023,931

13.5% 12.3%
Rs 558,399

Rs 80,427 Rs 81,049

5.7%

Rs 35,042 2.4%

7.9% -2.0% (Rs 20,147)

FY2008

FY2009

FY2010 Revenue

H1 FY2011

FY2008

FY2009 EBITDA

FY2010 % Margin

H1 FY2011 FY2008 FY2009 FY2010 H1 FY2011

Net Debt (Rs mn) (2)

Net Debt / EBITDA (3)

Capex (Rs mn) (4)

Rs 84,197 Rs 84,337 Rs 71,495 Rs 49,751

Rs 537,521

5.8x

Rs 493,929

Rs 487,906

2.8x
Rs 462,852

3.0x

3.0x

FY2008

FY2009

FY2010 Net Debt

(1) (2) (3) (4) (5)

H1 FY2011

FY2008

FY2009

FY2010

H1 FY2011

FY2008

FY2009

FY2010 Capex

H1 FY2011

Net Debt / EBITDA

EBITDA = Net Income from Operations - Total expenditure + Depreciation + Net Finance Charges Net Debt = Secured Loan + Non Secured Loans Cash and bank balances Net Debt / EBITDA for H1FY2011 is using a annualized figure of EBITDA Capex = Purchase of fixed assets PAT = Profit / (Loss) as Restated after Minority Interest and Share of Profits of Associates

24

Agenda
Tata Group Overview Introduction to Tata Steel Global Steel Sector Update Investment Highlights Financial Overview Recent Developments

25

Recent Developments
Indian Operations Third-quarter deliveries at 1.637 million tonnes were nearly 3% higher compared to the corresponding period of last year and about 1% lower than the second (September) quarter of FY11 The pricing environment in India in the third quarter was mixed, with prices for flat products being marginally lower compared to the second quarter, while prices for some long products increased

Q3 FY2011 Quarterly Performance

European Operations Production and deliveries in the third quarter of FY11 were in line with the first half of FY11 Higher raw material prices and reduced apparent demand due to seasonal slowdown, amongst other factors, adversely affected margins Group-wide performance Volume of steel products sold declined marginally, and net sales expected to be flat compared to the second quarter Operating results expected to decline somewhat in comparison to the second quarter due to increased raw material prices

Continuous Annealing and Processing Line (CAPL)

Tata Steel and Nippon Steel Corporation have signed a JV agreement (51:49) to set up Indias first CAPL for production of 600,000 tpa of automotive cold rolled steel at Jamshedpur The JV will address the localization needs of Indian Automotive customers for high grade cold rolled steel sheet Expected to come on stream in 2013

Update on Teesside Cast Products

Received a partial final award in TSUKs favour in an ongoing arbitration proceeding between TSUK and certain off-takers of its Teesside Cast Products Plant on January 05, 2011 The arbitral tribunal amongst other things found that the off-takers did not validly terminate their off-take agreements The arbitration proceedings are being held under the auspices of the ICC International Court of Arbitration The arbitration proceedings will now move to the next phase of determining the amount of damages

Fire at Ijmuiden, Netherlands

Fire occurred in one of Tata Steels pickling lines at Ijmuiden plant in the Netherlands Although Tata Steel expects customer deliveries to be met by diverting scheduled production to alternative facilities, it has declared force majeure on deliveries of certain strip products from the Ijmuiden site

26

Offering Summary
Issuer
Tata Steel Limited (Tata Steel or the Company)

Further Public Issue of 57,000,000 Equity Shares comprising of:

Issue

A Net Issue to the public of 55,500,000 Equity Shares An Employee Reservation Portion of 1,500,000 Equity Shares for purchase by Eligible Employees Price band: Rs. 594 to Rs. 610 / equity share of face value Rs. 10 each

Price Band

The floor price is 59.4 times the face value and the cap price is 61 times the face value Bids can be made for minimum of 10 equity shares and in multiples of 10 equity shares thereafter

100% Book Building Process under Schedule XI of the SEBI Regulations Price Band to be announced at least 1 working day prior to the Offer Opening Date, all categories of investors to bid within the Price Band Allotment to be made to Non-Institutional Bidders and QIBs proportionately at the Offer Price Retail Individual Bidders and Eligible Employees have the option of applying at the Cut-Off Price

Issue Procedure

Issue %

The Issue shall constitute approximately 5.94% of the post-Offer paid up equity share capital of the Company

Book Running Lead Managers

27

Offering Summary (Contd)

Issue Period
January 19, 2011 to January 21, 2011 Anchor book opens and closes on January 18

QIB Portion : Not more than 50% of the Net Issue or 27,750,000 Equity Shares will be allocated on a proportionate basis to Qualified Institutional Buyers (QIB Portion) provided that the Company may allocate up to 15% of the QIB Portion to Anchor Investors on a discretionary basis (Anchor Investor Portion), out of which at least 5% would be available for allocation

Issue Structure

to domestic Mutual Funds only FII participation allowed in the Net Offer Non-Institutional Portion : Not less than 15% of the Net Issue or 8,325,000 Equity Shares Retail Portion : Not less than 35% of the Net Issue or 19,425,000 Equity Shares Employee Reservation Portion: 1,500,000 Equity Shares (2.6% of the Issue)

Part finance the capital expenditure for expansion of the Companys existing works at Jamshedpur; (Rs. 18,750 mn)

Object of the Issue

Payment of redemption amounts on maturity of certain redeemable non-convertible debentures issued by the Company on a private placement basis (Rs. 10,900 mn); and General corporate purposes

There is no requirement for minimum Promoters contribution under Regulation 34 (b) of the SEBI Regulations

LockLock-in Requirements

Further, except for the 15,000,000 Equity Shares held by the Promoter which are locked-in till July 22, 2013 and 258,422,225 Equity Shares held by Promoter which are locked in till January 27, 2011 pursuant to Regulation 78 of the SEBI Regulations, the Equity Shares held by the Promoter shall not be subject to any lock-in

28

Thank You

29