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The following disclaimer applies to the Draft Red Herring Prospectus of JAIPRAKASH POWER VENTURES LIMITED (the "Company") filed with Securities and Exchange Board of India (SEBI), situated at Mumbai on January 9, 2008 and hosted on this website in connection with the Initial Public Issue by the Company. You are advised to read this disclaimer carefully before reading, accessing or making any other use of the attached Draft Red Herring Prospectus. By accessing the Draft Red Herring Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them from time to time. The contents of the Draft Red Herring Prospectus are for your information only. No part of the contents herein shall be copied or duplicated in any form by any means or redistributed. Axis Bank Limited is not soliciting any action based on it and it should not be construed as an offer to sell or the solicitation of an offer to buy or subscribe for any security. This being a Draft Red Herring Prospectus, Axis Bank Limited does not represent that the content of the Draft Red Herring Prospectus is complete or comprehensive beyond the date of its filing with SEBI and does not guarantee the accuracy, timeliness or completeness of the information being made available to you in the Draft Red Herring Prospectus beyond that date.

Please note that owing to restrictions imposed by law on soliciting securities business in various jurisdictions, subscription in the Issue may not be permitted to residents of certain jurisdictions. Accordingly, the Draft Red Herring Prospectus on this site is not available to all jurisdictions; any person into whose possession this Draft Red Herring Prospectus comes is required to inform himself or herself about and to observe any such restrictions. The Draft Red Herring Prospectus is directed at, and is, intended for distribution to, and use by, residents of India only. The Draft Red Herring Prospectus is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where (a) distribution or use of such information would be contrary to law or regulation; or (b) Axis Bank Limited would by virtue of such distribution become subject to new or additional registration requirements.

The Equity Shares have not been and will not be registered under the U.S. Securities Act 1933, as amended or any state securities laws in the United States and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S of the U.S. Securities Act, 1933), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly, the Equity Shares will be offered and sold only

• in the United States to "qualified institutional buyers", as defined in Rule 144A of the Securities Act, and
• outside the United States in compliance with Regulation S and the applicable laws of the jurisdiction where those offers and sales occur.

The Draft Red Herring Prospectus has been hosted on this website as prescribed under Clause 5.6.2(ii) of the SEBI (Disclosures and Investor Protection) Guidelines, 2000 ("SEBI DIP Guidelines"). Axis Bank Limited, the Co-Book Running Lead Manager has taken all necessary steps to ensure that the contents of the Draft Red Herring Prospectus as appearing on this site are identical to the Draft Red Herring Prospectus filed with SEBI in accordance with SEBI (DIP) Guidelines. You are reminded that documents transmitted in electronic form may be altered or changed during the process of transmission and consequently Axis Bank Limited nor any of its affiliates accept any liability or responsibility whatsoever in respect of alterations or changes which have taken place during the course of transmission of electronic data. Axis Bank Limited will not be responsible for any loss or damage that could result from interception and interpretation by any third parties of any information being made available to you through this site.

Neither Axis Bank Limited, nor any of its affiliates nor their directors, officers and employees will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or disruption of this site, or resulting from the act or omission of any other party involved in making this site or the data contained therein available to you, or from any other cause relating to your access to, inability to access, or use of the site or these materials.

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