Letter of Offer September 13, 2008 For Equity Shareholders of the Company Only LEAD MANAGERS TO THE ISSUE REGISTRAR TO THE ISSUE ABN AMRO Securities (India) Private Limited 81 Sakhar Bhavan Nariman Point Mumbai 400 021 Tel: +91 22 6632 5535 Fax: +91 22 6632 5541 Email: [email protected] Investor Grievance Id: [email protected] Website: www.abnamro.co.in Contact person: Mr. Vivek Agarwal SEBI Registration: INM000010551 HINDALCO INDUSTRIES LIMITED (Originally incorporated on December 15, 1958 under the Companies Act, 1956 as Hindustan Aluminium Corporation Limited and the name was changed to Hindalco Industries Limited with effect from October 9, 1989) Registered Office: Century Bhavan, 3rd Floor, Dr. Annie Besant Road, Worli, Mumbai 400 030, India Tel: +91 22 6662 6666; Fax: +91 22 2422 7586/2436 2516 Corporate Office: Aditya Birla Centre, S.K. Ahire Marg, Worli, Mumbai 400 030, India Contact Person: Mr. Anil Malik, Company Secretary and Compliance Officer E-mail: [email protected]; Website: www.hindalco.com Citigroup Global Markets India Private Limited 12 th Floor, Bakhtawar Nariman Point Mumbai 400 021 Tel: +91 22 6631 9999 Fax: +91 22 6646 6670 E-mail: [email protected] Investor Grievance ID: [email protected] Website: www.citibank.co.in Contact Person: Mr. Rajiv Jumani SEBI Registration: INM000010718 Deutsche Equities India Private Limited DB House Hazarimal Somani Marg Fort, Mumbai 400 001 Tel: +91 22 6658 4600 Fax: +91 22 2200 6765 Email: [email protected] Investor Grievance Id: [email protected] website: www.db.com/India Contact person: Mr. Muffazal Arsiwalla SEBI Registration: INM000010833 DSP Merrill Lynch Limited Mafatlal Centre 10th Floor Nariman Point Mumbai 400 021 Tel: +91 22 6632 8000 Fax: +91 22 2204 8518 Email: [email protected] Investor Grievance ID: [email protected] Website: www.dspml.com Contact Person: Mr. Tanuj More SEBI Registration: INM000002236 SBI Capital Markets Limited 202, Maker Towers ‘E’ Cuffe Parade Mumbai 400 005 Tel: +91 22 2217 8300 Fax: +91 22 2218 8332 Email : [email protected] Investor Grievance ID: [email protected] Website : www.sbicaps.com Contact Person: Mr. Ajay Srivastava SEBI Registration: INM000003531 Karvy Computershare Private Limited “Cyber Ville” Plot no 17 - 24 Near Image Hospital Lane Vittal Rao Nagar Madhapur Hyderabad 500 081 Toll free no: 1-800-345-4001 Tel: +91 40 2342 0815 Fax: +91 40 2342 0814 Email: [email protected] Website: www.karvy.com Contact Person: Mr. M. Murali Krishna SEBI Registration: INR000000221 FOR PRIVATE CIRCULATION TO THE EQUITY SHAREHOLDERS OF THE COMPANY ONLY LETTER OF OFFER ISSUE OF 525,802,403 EQUITY SHARES WITH A FACE VALUE OF Re. 1 EACH AT A PREMIUM OF Rs. 95 PER EQUITY SHARE AGGREGATING Rs. 50,477.03 MILLION TO THE EXISTING EQUITY SHAREHOLDERS ON RIGHTS BASIS IN THE RATIO OF THREE EQUITY SHARES FOR EVERY SEVEN EXISTING EQUITY SHARES HELD BY THE EXISTING SHAREHOLDERS ON THE RECORD DATE, i.e., SEPTEMBER 5, 2008 (THE “ISSUE”). THE ISSUE PRICE IS 96 TIMES OF THE FACE VALUE OF THE EQUITY SHARES. THIS BEING A FAST TRACK ISSUE UNDER CLAUSE 2.1.2A OF THE SEBI (DISCLOSURE AND INVESTOR PROTECTION) GUIDELINES, 2000, AS AMENDED, THE COMPANY HAS FILED THIS LETTER OF OFFER WITH THE DESIGNATED STOCK EXCHANGE WITH A COPY TO SEBI. GENERAL RISKS Investments in equity and equity related securities involve a degree of risk and Investors should not invest any funds in this Issue unless they can afford to take the risk of losing their investment. Investors are advised to read the Risk Factors carefully before taking an investment decision in this Issue. For taking an investment decision, Investors must rely on their own examination of the Issuer and the Issue including the risks involved. The securities have not been recommended or approved by the Securities and Exchange Board of India (SEBI) nor does SEBI guarantee the accuracy or adequacy of this document. Investors are advised to refer to “Risk Factors” on page xiii of this Letter of Offer before making an investment in this Issue. ISSUER’S ABSOLUTE RESPONSIBILITY The Issuer, having made all reasonable inquiries, accepts responsibility for and confirms that this Letter of Offer contains all information with regard to the Issuer and the Issue, which is material in the context of this Issue, that the information contained in this Letter of Offer is true and correct in all material respects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Letter of Offer as a whole or any such information or the expression of any such opinions or intentions misleading in any material respect. LISTING The existing Equity Shares of the Company are listed on the Bombay Stock Exchange Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”). The Company has received “in-principle” approvals from BSE and the NSE for listing the Equity Shares arising from this Issue vide their letters dated August 25, 2008. For the purposes of the Issue, the Designated Stock Exchange shall be NSE. Global Depository Receipts, which represent the Equity Shares of the Company, are listed on the Luxemburg Stock Exchange. ISSUE PROGRAMME ISSUE OPENS ON LAST DATE FOR REQUEST FOR SPLIT APPLICATION FORMS ISSUE CLOSES ON SEPTEMBER 22, 2008 OCTOBER 01, 2008 OCTOBER 10, 2008 C M Y K C M Y K