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Tue, 10 Nov 2009 07:25:00 +1000 1 hour, 6 minutes ago

10 November 2009 ASX/MEDIA ANNOUNCEMENT Jindal matches Meijin’s Offer to acquire RCI at A$0.52 per share On 22 September 2009, the Directors of Rocklands Richfield Limited (RCI or Company) announced that RCI had entered into a Term Sheet with Jindal Steel & Power Limited (Jindal) setting out the principal terms on which Jindal proposed to acquire 100% of the shares in RCI at $0.42 cash per share (Jindal Proposal), valuing RCI at A$146 million. On 5 November 2009, the Directors of RCI announced that RCI had received an unsolicited conditional offer from Meijin Energy Group (Meijin) to acquire RCI (Meijin Proposal) at an offer price of A$0.52 per share, valuing RCI at A$200 million. On 6 November 2009, following discussions between RCI and Jindal, RCI received a revised proposal from Jindal (Revised Jindal Proposal) at an indicative offer price of A$0.50 per share on a fully diluted basis, valuing RCI at A$194.98 million.

As set out in RCI’s announcement on 9 November 2009, the RCI Board had carefully considered the Revised Jindal Proposal, and had formed the view that the Meijin Proposal remained the superior proposal, and invited Jindal to further revise its proposal by no later than 11:00am (New Delhi time) on 9 November 2009. On 9 November 2009, Jindal submitted a further revised offer to RCI (Further Revised Jindal Proposal) to match the Meijin Offer in all respects, including the offer price of $0.52 per share as well as all other conditions of the Meijin Offer, as set out in RCI’s announcement of 5 November 2009. RCI will keep shareholders informed of the results of its further discussions with Jindal, and of all material developments with respect to the Further Revised Jindal Proposal and the Meijin Proposal.

Shareholders should note that, at this stage, neither the Further Revised Jindal Proposal nor the Meijin Proposal are formal offers capable of being submitted to shareholders for their consideration. Both offers are preliminary proposals only that are subject to (among other conditions) due diligence and formal terms and conditions being agreed and documented in an Implementation Agreement. Accordingly, this announcement is being made only in the interests of updating shareholders on developments in relation to competing preliminary proposals, either or both of which may or may not develop into formal proposals.

About Jindal Jindal Steel and Power Ltd is one of the leaders in steel manufacturing and power generation in India,