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Update to acquisition of portfolio of coal assets

Update to acquisition of portfolio of coal assets Further to the announcement on 12 August, 2011, Strategic Pooled Development Limited (SPD), announces that it has agreed in principle with the vendors of the portfolio of coal assets to vary the share and option exchange agreement to provide for the following 1. The consideration for the acquisition has been reduced from $95.5 million as announced on 5 July 2011 to $55 million, with a performance portion of a further $20 million if SPD attains a JORC compliant inferred resource of at least 650 million tonnes of coal in respect of one or more of the exploration areas identified in SPDs announcement of 5 July 2011. The securities proposed to be issued by SPD for the acquisition in total are (a) 64,166,667 SPD shares (b) 23,333,333 SPD performance shares (that are convertible to SPD shares if the performance hurdle is achieved) (c) 27,500,000 SPD employee options exercisable for nil exercise price (with no performance hurdle) and (d) 10,000,000 SPD employee options exercisable for nil exercise price (that are only exercisable for SPD shares if the performance hurdle is achieved). 2.

The amount that SPD proposes to raise under its capital raising has been reduced to an amount between $15 million and $20 million. The proposed issue price remains at $0.60 per share. As indicated above, the parties have only agreed to the above in principle, and such agreement is subject to documentation and regulatory approval. SPD expects a further announcement outlining additional details of the revised transaction and timetable will be made in due course..