Statement from PricewaterhouseCoopers

To,
The Board of Directors,
Tata Steel Limited
Bombay House, 24 Homi Mody Street,
Mumbai – 400 001
India.

Objective of Review

PricewaterhouseCoopers Private Limited (“PwC”) was engaged by Tata Steel Limited (“Tata Steel”) to review its Corporate Sustainability Report 2005-06 (“Report”).

The review was carried out in line with current and emerging expectations for sustainability reporting as outlined in GRI 2002 Guidelines (GRI) and embodied in the eleven Reporting Principles of Part B of GRI (“Reporting Principles”).

Responsibilities during Review

The Management of Tata Steel is responsible for defining stakeholders and for the collection and presentation of the financial and non-financial information in the Report. Our responsibility, as agreed with the Management, is to express conclusions with limited assurance on select data and information contained in the Report in accordance with the International Standard on Assurance Engagements 3000 (“ISAE 3000”).

The Report of Tata Steel has been produced both electronically and in print. The Corporate Sustainability Report 2005-06 and its contents are the responsibility of the management of Tata Steel, while the observations made under Independent Review Report is the outcome of the professional work undertaken by PricewaterhouseCoopers Private Limited.

Limitation of our review

Our review comprised limited assurance on data and information provided reported against the indicators delineated under Scope of Review, below. The data and graphs on financial performance, as specified in the Report under Economic indicators, are derived from the audited 2005 financial statements of Tata Steel Limited and were not within the scope of our review. A review of Tata Steel’s performance against the UN Global Compact Principles was also not included in our scope of work.

Scope of Review

Our assessment involved providing limited assurance on select data, graphs and statements of Tata Steel contained in the Report for the period 1st April 2005 to 31st March 2006. Scope of the review covered:

1. Review of certain statements and data relating to the Tata Steel’s operations and to provision of limited assurance in respect of these statements and data;

2. Review of on-site data collection process, data management and collation process and the assimilation of this data into the tables, graphs and statements presented in this Report;

   Checking of the internal control system, including monitoring and reporting procedures and whether it supports reliable disclosure in the Report;

3. Visit to 2 sites namely, Main Works, Jamshedpur (Jharkhand) and West Bokaro Colliery (Jharkhand)

4. Checking of the data stated provided against the indicators

   • Suppliers breakdown (EC11)

   • Direct and Indirect Energy use (EN 3 & 4)

   • Total amount of waste by type and destination ( EN 11)

   • Incidents and fines for non-compliance associated with environmental issues (EN 16)

   • Breakdown of workforce (LA 1)

   • Equal opportunity policies, programs and monitoring systems (LA 10)

   • Employee benefits beyond those legally mandated (LA 12)

   • Human rights training for security personnel (HR 11)