DOTZ NANO LIMITED — Capital/Financing Update 2012

Jul 23, 2012

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NORTHERN IRON LIMITED (ASX: “NFE”)

Northern Iron Update on Strategic Review

24 July 2012

On 30-Nov-2011, NFE announced that its Board of Directors had decided to undertake a strategic review of the company’s options and that the review would consider corporate and operational strategies, including a review of the ownership options available to the company.

On 15-May-2012, NFE confirmed that it had received an indicative, highly conditional, non-binding stage one proposal from a subsidiary of Aditya Birla Group (“Aditya Birla Group”). After careful consideration of the indicative, non-binding and conditional proposal from Aditya Birla Group, the NFE Board concluded that the proposal did not properly reflect the value of NFE and its prospects in the context of a change of control transaction. Nevertheless, as announced on 15-May-2012, the NFE Board allowed access to certain limited due diligence information so that Aditya Birla Group could consider making a higher indicative, non-binding proposal.

After close of market on 23 July 2012, Aditya Birla Group submitted a revised indicative, non-binding stage one proposal. The proposal supersedes Aditya Birla Group’s earlier proposal dated 1 May 2012 in respect of the following information:

• The revised non-binding, indicative offer per share is A$1.40 (implied equity value of A$518m) for all NFE shares outstanding; and

• Net debt is assumed at US$90m and the proposal assumes that no dividend has been declared since 1 May 2012.

The proposal is subject to a number of conditions including satisfactory due diligence, management meetings and site visits and is valid for a period of 30 days, subject to extension at the election of Aditya Birla Group.

The Board of Directors will consider the revised proposal and whether to facilitate detailed stage two due diligence as requested by Aditya Birla and expects to announce its decision within a week.

For and on behalf of the Board.

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John Sanderson Managing Director

For enquiries please contact:

John Sanderson

John Sanderson Tony Beckmand Managing Director / CEO Chief Financial Officer Ph: +47 9240 1251 Ph: +61 447 453 000 John.Sanderson@northerniron.com.au Antony.Beckmand@northerniron.com.au

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