Dhir India Investments : Posting of Offer Document

21 December 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, OR FROM, ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Cash Offer by Acorn Global Investments Limited for Dhir India Investments plc

Further to the announcement on 20 December 2011 of the cash offer by Cairn Financial Advisers LLP ("Cairn Financial Advisers") on behalf of Acorn Global Investments Limited ("Acorn") for the entire issued and to be issued share capital of Dhir India Investments plc ("DII") (the "Offer"), Acorn announces that the offer document dated 20 December 2011 in respect of the offer (the "Offer Document") and the Form of Acceptance were posted to DII shareholders yesterday.

The first closing date of the Offer is 1 p.m. (London time) on Wednesday, 11 January 2012.

Copies of the Offer Document are available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, for inspection on Acorn's website at www.acornglobalinvestments.net and for collection from Cairn Financial Advisers LLP, 61 Cheapside, London EC2V 6AX or Share Registrars Limited, Suite E, First Floor, 9 Lion & Lamb Yard, Farnham, Surrey GU9 7LL.

Certain terms used in this announcement are defined in the Offer Document.

Enquires:

Acorn Global Investments Limited [phone] Anup N Dalal Cairn Financial Advisers LLP - Financial Advisers to [phone] Acorn Tony Rawlinson / Jo Turner Dhir India Investments plc [phone] Charlie Hambro

Evolution Securities - Nominated Adviser to DII [phone] Jeremy Ellis /Patrick Castle

Cairn Financial Advisers, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Acorn and no-one else in connection with the Offer. Cairn Financial Advisers will not be responsible to anyone other than Acorn for providing the protections afforded to clients of Cairn Financial Advisers or for giving advice in relation to the Offer or the content of, or any matter or arrangement referred to in, this announcement.

Evolution Securities, which is authorised and regulated in the United Kingdom regulated by the Financial Services Authority, is acting exclusively for DII as independent financial adviser, and no one else in connection with the Offer and will not be responsible to any other person other than DII for providing the protection afforded to clients of Evolution Securities or for giving advice in relation to the Offer or the content of this announcement or any transaction or arrangement referred to herein.

Dealing Disclosure Requirements

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified.

If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on [phone].

Overseas shareholders

This announcement has been prepared for the purpose of complying with English law and the Code and the information disclosed is not the same as would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom. Unless otherwise determined by Acorn or required by the Code and permitted by applicable law and regulation, the Offer is not being made, directly or indirectly, in, into or from, or by use of the mails of, or by any means or instrumentality (including, without limitation, electronically or by facsimile transmission, internet, email, telex or telephone) of interstate or foreign commerce of, or any facility of a national, state or other securities exchange of, the United States, Canada, Australia, Japan or any other Restricted Jurisdiction and, subject to certain exceptions, the Offer cannot be accepted by any such use, means, instrumentality or facility or from within the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Accordingly, unless otherwise determined by Acorn or required by the Code and permitted by applicable law and regulation, copies of this document and any related document are not being, and must not be, directly or indirectly, mailed, distributed, transmitted, forwarded or otherwise sent, in whole or in part, in, into or from the United States, Canada, Australia,

Japan or any other Restricted Jurisdiction and persons receiving this document or any related document (including, without limitation, custodians, nominees and trustees) should not distribute, mail, transmit, forward or send them or any of them in, into or from the United States, Canada, Australia, Japan or any other Restricted Jurisdiction as doing so may render invalid any purported acceptance of the Offer by any such person in any jurisdiction in which such offer or solicitation is unlawful.

The availability of the Offer to persons not resident in the United Kingdom or who are subject to the laws of any jurisdiction other than the United Kingdom may be affected by the laws of the relevant jurisdiction. Such persons should inform themselves about, and observe, any applicable legal or regulatory requirements. Further details in relation to overseas shareholders are contained in the Offer Document.

XLON