23 February 2012
Ludowici Limited (ìLudowiciî) announces that it has today received a revised Competing Proposal from The Weir Group PLC (ìWeirî) at a price of $10.00 cash per Ludowici share, the same price as the FLSmidth proposal announced on 16 February 2012.
Under the proposal, Weir (or a nominee) will acquire all of Ludowiciís shares for $10.00 cash per share (less any dividends declared or paid by Ludowici before the transaction is completed) by way of Scheme of Arrangement (ìWeir Proposalî). The Weir Proposal is conditional on the Takeovers Panel making a decision to the effect that FLSmidth cannot offer, or propose to pay, Ludowici shareholders more than $7.20 per share whether for a specified period or otherwise.
The Board of Ludowici acknowledges receipt of the Weir Proposal and notes that it is on similar terms and conditions and at the same price as the recommended offer by FLSmidth & Co A/S (ìFLSmidthî) but expires at 5.00pm Friday 24 February 2012.
The Ludowici Board is considering the impact of the new Weir Proposal in the context of the ongoing
Takeovers Panel proceedings and will update the market in due course.

Phil Arnall Chairman Ludowici Limited