1 March 2012

LUDOWICI BOARD CONTINUES TO RECOMMEND FLSMIDTH PROPOSAL IN THE ABSENCE OF A SUPERIOR PROPOSAL Takeovers Panel Review Proceedings

On 29 February 2012, an application was made to the Takeovers Panel by The Weir Group PLC
seeking a review of the orders that were made by the Takeovers Panel on 28 February 2012.

Weir proposal for $10.00 per share

Ludowici has today received a letter from The Weir Group PLC (Weir) renewing and extending its offer from 23 February 2012 until 6 hours after a decision of the Review Panel is made public (Revised Weir Proposal). The Revised Weir Proposal is an offer to acquire all Ludowici shares at a price of $10.00 cash per Ludowici share (less any dividends declared or paid by Ludowici before the transaction is completed) by way of scheme of arrangement. The Revised Weir Proposal is conditional on the 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 offer is $1.00 per share less than the proposal from FLSmidth & Co. A/S as set out in Ludowici's announcement dated 28 February 2012 (FLSmidth Proposal).

Ludowici Board continues to recommend FLSmidth Proposal

The Ludowici Board unanimously resolved to recommend the FLSmidth Proposal and continues to do so in the absence of a superior offer and subject to an independent expert concluding that the proposal is in the best interests of shareholders.
Ludowici is aware that Weir has subsequently claimed that it reserves the right to extend the deadline in its absolute discretion.
Phil Arnall Chairman Ludowici Limited