Tasnee Enters Strategic Investment Agreement with Dyesol

  Tasnee Enters Strategic Investment Agreement with Dyesol

Business Wire

QUEANBEYAN, Australia -- February 28, 2013

Saudi Arabian industrial giant, The National Industrialization Company of
Saudi Arabia, better known as Tasnee, has invested AUD $4 million in
Australian clean energy company, Dyesol Limited (ASX: DYE), by way of a 15
month redeemable loan note, convertible into Dyesol shares at 16.6 cents per
share, with a 0% coupon (as is required by Saudi Arabian law).

During an initial 6 month exclusivity period, Tasnee and Dyesol will discuss a
number of partnership and investment possibilities, focussing on R&D
collaboration, large-scale production share, potential demonstration projects
in the Middle East and, importantly, further investment up to a total of A$20
million.

Tasnee is a $5 billion diversified industrials company listed on the Saudi
Arabian Stock Exchange and the world's second largest producer of titanium
dioxide. It is strongly vertically integrated and owns several titanium mines
in Australia, principally through its acquisition of Bemax Resources. Its
subsidiary, Cristal has been working with Dyesol UK since 2009 to develop
nano-titania for use in Dyesol’s major steel project with Tata Steel Europe in
the UK. Nano-titania is a semi-conductor and a key material in manufacture of
DSC photovoltaic solar cells.

Dyesol is a global leader in the field of Dye Solar Cell (DSC) technology. DSC
is a third generation photovoltaic technology often referred to as “artificial
photosynthesis” due to the way the thin layers of key materials – including
the semi-conductor titanium dioxide layer – generate renewable energy from
sunlight, shady light, dappled light or even indoor lighting.

Under the Subscription Agreement, Tasnee will have the right to invest up to a
total of A$20 million in Dyesol during the exclusivity period at 18 cents per
share. To the extent that investment is beyond 20% ownership in Dyesol and/or
exceeds capacity under ASX Listing Rule 7.1, the strategic investment will
require shareholder approval as required by the Corporations Act and the ASX
Listing Rules, respectively.

As promised to existing Dyesol shareholders at the 2012 AGM, the Company will
conduct a Share Purchase Plan (SPP) at 16.6 cents per share to raise a further
A$2 million to participate in investment alongside Tasnee. In addition, Dyesol
has investigated other non-dilutionary funding options in recent months,
including Government clean energy funding programs, which will mean it is
confident of fulfilling all its funding obligations in major projects during
2013 and beyond.

Dr. Talal Bin Ali Al-Shair, Cristal’s Chairman and CEO, commented:

“We are so passionate about titanium – from mining to pigments to specialty
chemicals and beyond. Titanium is at the heart of all we do, and this
strategic investment in Dyesol marks our commitment to pioneering innovation,
constant product and process improvement, and our leading role in contributing
to creating a brighter and cleaner world.”

Mr Richard Caldwell, Dyesol Executive Chairman welcomed the investment by
Tasnee:

“Tasnee has demonstrated great commitment to the successful commercialisation
of our Dye Solar Cell technology, both through participation in long-term R&D
programmes and now through its expression of intent by investment in a
convertible note. Tasnee has a very strong balance sheet and interest to
diversify its activities into renewable energy. Dyesol looks forward to
exploring mutually beneficial opportunities.”

View press release and further details on Dyesol's website, click here >>

About Tasnee

Tasnee (also known as The National Industrialization Company of Saudi Arabia)
is the second largest industrial company in Saudi Arabia and the second
largest producer of titanium dioxide in the world. It was established in 1985
as Saudi Arabia’s first joint-stock industrial company fully owned by the
private sector. Tasnee erects, manages, operates and owns petrochemical,
chemical, plastic, engineering and metal projects and provides industrial
services and markets its products through five major sectors. In the chemicals
sector, Tasnee operations include the subsidiary, Cristal, also known as the
National Titanium Dioxide Company. www.tasnee.com

About Cristal

Cristal is the world's second-largest producer of titanium dioxide and a
leading producer of titanium chemicals. Cristal is the world’s leading
supplier of ultrafine titanium dioxide products and titanium chemicals and is
a fast-growing producer of mineral sands and titanium metal powder. By
increasing our global presence, staying in the forefront of new titanium
technologies, protecting the environment, and giving back to the communities
where we work, Cristal strives to be a model corporate citizen and a name
synonymous with the benefits of titanium products. www.cristal.com

About Dyesol Limited

Dyesol is a global supplier of Dye Solar Cell (DSC) materials, technology and
know-how. DSC is a photovoltaic technology enabling metal, glass and polymeric
based products in the building, transport and electronics sectors to generate
energy and improve energy efficiency. Dyesol partners with leading
multinational companies who possess significant market share and established
routes-to-market. The company is listed on the Australian Stock Exchange
(DYE), the German Open Market (D5I.F), and is trading on the OTCQX (DYSOY)
through its depositary BNY Mellon. www.dyesol.com

Contact:

Media & Investor Relations Contacts:
Dyesol Headquarters Angela Geary, Dyesol Brand Manager Tel: +61 (0)2 6299
1592, ageary@dyesol.com
Australia Viv Hardy, Callidus PR Tel: +61(0)2 9283 4113 or +61 (0)411 208 951
Germany & Europe Eva Reuter, DR Reuter Investor Relations Tel: +49 177 605
8804, e.reuter@dr-reuter.eu