1. The Board of Directors have recommended payment of dividend @ Rs 5 per equity share of Rs 10 each for the year ended December 31, 2008.

2. The Company has outstanding foreign currency related derivative contracts in the form of Swap / Options etc for hedging its business related exposure which are not speculative in nature. The Contracts have long dated tenor with multiple contingent / uncertain events. As such ascertainment of fair value of these contracts is not feasible. However the banks estimate the make to market (MTM) of all outstanding contracts at approx USD 109 million. The Company intends to adopt AS30 in due course. Pending adoption of AS 30 the MTM is neither charged to profit and loss Account nor considered in the Balance Sheet. However the gain /loss is being accounted for on settlement.

3. Tax Expenses includes Deferred Tax and Fringe Benefit Tax.

4. Basic & Diluted EPS has been calculated after considering the dividend of preference shares on accrual basis.

5. The company has only one business segment namely "Iron and Steel Products" as primary segment. Jindal Saw group has only one reportable business segment namely "Iron & Steel Products" as primary segment.

6. Consolidation has been made by applying AS 21 "Consolidation of Accounts".

7. Other income of previous year ended December 31, 2007 shown in consolidated financial results includes Rs 43843.99 Lacs towards Net Proceeds of sale of entire investment by one offshore investment Company.

8. Previous period figures which are of 15 months, have been re-grouped/re-arranged wherever necessary.

9. These results were reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on March 30, 2009.

Sminu Jindal
Managing Director