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Denial by Tata Steel

April 15, 2008

This has reference to news items appeared in Indian & foreign media titled "Tata makes hostile bid to acquire AVG."

Tata Steel reiterates its denial on the issue of any hostile bid to
takeover AVG.

"Tata Steel did not contemplate any hostile takeover of the AVG and does
not have any plans to undertake the same. The report is incorrect and
untrue"

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