CONTENTS Proxy Form 65

Essar Steel Limited(ii)Provision for Other MattersProvision for Other Matters represents, expected cost of shifting tails generated during the year at its beneficiation plant at Kirandulfrom its current location to another location. The Provision is recognised based on estimated quantity of tails lying as at balance sheetdate and the estimated cost of shifting tails. The Company expects that this cost will be incurred within two years from balance sheetdate.31 Previous year’s figures have been regrouped where necessary to conform to current year’s classification.As per our report of even dateFor and on behalf of the Board of Directors of Essar Steel LimitedFor S. R. Batliboi & Co. P. S. Ruia Robin BanerjeeChartered Accountants Director Director Financeper Hemal Shah V. G. Raghavan Vikram AminPartner Director Director MarketingMembership No. 42650Narottam B. VyasMumbai, July 7, 2008 Mumbai July 7, 2008 Company Sectretary36