Saffron Capital Advisors Pvt. Ltd ("Manager to the Delisting Offer") has submitted to BSE a copy of Letter of Offer for Voluntary Delisting of Equity Shares to the Public Shareholders of Jindal Photo Ltd ("Target Company").

Saffron Capital Advisors Private Limited 304, A Wing, 215 Atrium, M V Road, Chakala, Andheri East, Mumbai-400093 Tel.: +91-22-49730394 Email: info@saffronadvisor.com Website: www.saffronadvisor.com CIN No.: U67120MH2007PTC166711 October 23, 2026 Listing Department, The Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot No. C-1 Block — G, Dalal Street Mumbai- 400001 Bandra-Kurla Complex Bandra (East), Mumbai —400051 Dear Sir/Madam, Subject: Submission of Letter of Offer (“Letter of Offer”) under Regulation 16 of Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021, as amended (“SEBI Delisting Regulations”) for the delisting of the Equity Shares of Jindal Photo Limited (“Target Company”) Concatenate Power Advest Private Limited (“Acquirer 1”) and Concatenate Advest Advisory Private Limited (“Acquirer 2”), being part of promoter group of the Target Company and Jindal India Power Limited as person acting in concert (“PAC”) of Jindal Photo Limited (“Company”) have expressed their intention to (a) acquire all the equity shares of a face value of ₹ 10/- (Rupees Ten only) of the Company ("Equity Shares"), that are held by Public Shareholders; and (b) consequently voluntarily delist the Equity Shares of the Target Company from BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”), the stock exchanges where the equity shares of the Target Company are presently listed, by making a delisting offer in accordance with the SEBI Delisting Regulations, 2021 (“Delisting Proposal”). With regards to the Delisting Proposal, Saffron Capital Advisors Private Limited is acting as the “Manager to the Delisting Offer” pursuant to and in accordance with Regulation 9 of the Delisting Regulations. We are now enclosing herewith a copy of the Letter of Offer (including Bid Form). The same is being dispatched to the Public Shareholders. In terms of Regulation 16(3) of the SEBI Delisting Regulations, the Letter of Offer will also be made available on the Company website at www.jindalphoto.com and the Manager to the Offer website at www.saffronadvisor.com. We request you to kindly upload the Letter of Offer on your website at the earliest. Capitalized terms used in this letter unless defined herein shall have the same meanings as ascribed to them in the enclosed Letter of Offer. In case you require any information or clarification the under-signed may be contacted: Contact Person Telephone Email Pooja Jain / Yashi Srivastava +91 22 4973 0394 delistings@saffronadvisor.com Thanking you, Yours sincerely, For Saffron Capital Advisors Private Limited Yashi Srivastava Manager Equity Capital Markets Registered Office: 605, Sixth Floor, Centre Point, J B Nagar, Andheri East, Mumbai-400059/SEBI Registration No: INM000011211 THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION This Letter of Offer (“Letter of Offer” or “LOF”) is being sent to you as a Public Shareholder (defined below) of Jindal Photo Limited (“Target Company”) as on the Specified Date (defined below) in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021, as amended (“Delisting Regulations”). In case you have recently sold your Offer Shares (defined below) in the Target Company, please hand over this Letter of Offer and the accompanying documents to the member of the Stock Exchanges through whom the sale was effected. LETTER OF OFFER for Voluntary Delisting of Equity Shares to the Public Shareholders of JINDAL PHOTO LIMITED Corporate Identification Number (CIN): L33209UP2004PLC095076 Registered Office: 19th K.M. Hapur- Bulandshahr Road, P.O. Gulaothi, Distt. Bulandshahr, Uttar Pradesh, 203 408 Head Office: Plot No. 12, Sector B -1, Local Shopping Complex, Vasant Kunj, New Delhi – 110 070 Tel. No.: 011-40322100; Contact Person: Mr. Manish Kumar, Company Secretary and Compliance Officer; Email id: cs_jphoto@jindalgroup.com; Website: www.jindalphoto.com FROM Concatenate Power Advest Private Limited (“Acquirer 1”) and Concatenate Advest Advisory Private Limited (“Acquirer 2”) (hereinafter Acquirer 1 and Acquirer 2 collectively referred to as “Acquirers”), being part of Promoter Group of the Target Company and Jindal India Power Limited as person acting in concert (“PAC”). The Acquirers along with PAC is making this delisting offer to the Public Shareholders (defined below) of the Target Company pursuant to the Delisting Regulations and are inviting you to tender your fully paid-up Equity Shares of face value of ₹ 10/- each of the Target Company (“Equity Shares”) through the reverse book-building process in accordance with the Delisting Regulations. Floor Price: ₹ 1,119.50/- (Rupees One Thousand One Hundred Nineteen and Fifty Paise only) Per Equity Share Indicative Price: ₹ 1,120/- (Rupees One Thousand One Hundred Twenty only) Per Equity Share Bid Opening Date- Monday, November 02, 2026 | Bid Closing Date- Friday, November 06, 2026 Notes • If you wish to tender your Equity Shares to the Acquirers and PAC, pursuant to this Letter of Offer, you should carefully read this Letter of Offer and the instructions herein; • Physical Shareholders, please complete and sign the accompanying Bid Form in accordance with the instructions therein and in this Letter of Offer, which is enclosed at the end of this booklet and submit the Bid Form to your Seller Member (defined below) for bidding under Acquisition Window Facility (defined below). For detailed procedure on the submission and settlement of Bids (defined below), please refer to paragraph 19 (Method of Settlement) of the Letter of Offer. • The Delisting Offer will be implemented by the Acquirers and PAC through the Stock Exchanges mechanism, as provided under the Delisting Regulations and SEBI circulars bearing reference numbers ‘CIR/CFD/POLICYCELL/1/2015 dated April 13, 2015’, ‘CFD/DCR2/CIR/P/2016/131 dated December 9, 2016’ and ‘SEBI/HO/CFD/DCR-III/CIR/P/2021/615 dated August 13, 2021’ issued by Securities and Exchange Board of India, as amended from time to time (“SEBI Circulars”). For details on methodology on Stock Exchanges mechanism, please refer Paragraph 18 (Process and Methodology for Bidding through Stock Exchanges) of this Letter of Offer. • For the purposes of this Delisting Offer, the Acquirers and PAC have appointed Emkay Global Financial Services Limited as the registered broker “Buying Broker” (defined below) through whom the Acquirers and PAC would make the purchases and settlements on account of the Offer. • Detailed “Process and Methodology for Bidding through Stock Exchanges” & “Method of Settlement”, for shares held in both demat and physical forms are set out in Paragraph 18 and 19 of this Letter of Offer. Manager to the Delisting Offer Registrar to the Delisting Offer SAFFRON CAPITAL ADVISORS PRIVATE MUFG INTIME INDIA PRIVATE LIMITED LIMITED (Formerly Link Intime India Private Limited) 605, 6th floor, Centre Point, Andheri Kurla Road, C-101, 1st Floor, Embassy 247, Lal Bahadur Shastri J.B. Nagar, Andheri (East) Mumbai - 400 059, Marg, Vikhroli (West), Mumbai - 400 083, Maharashtra, Maharashtra, India. India Tel. No.: +91 22 4973 0394; Tel No.: +91 810 811 4949 E-mail id: delistings@saffronadvisor.com Fax No.: + 91 22 49186060 Website: www.saffronadvisor.com Email: jindalphoto.delisting@in.mpms.mufg.com Investor grievance id: Website: www.in.mpms.mufg.com investorgrievance@saffronadvisor.com Investor Grievance Id: Contact Person: Pooja Jain/ Yashi Srivastava jindalphoto.delisting@in.mpms.mufg.com SEBI Registration Number: INM000011211 Contact Person: Shanti Gopalkrishnan Validity of Registration: Permanent SEBI Registration No.: INR000004058 Validity of Registration: Permanent SCHEDULE OF ACTIVITIES For the process of the Delisting Offer, the tentative schedule of activities will be as set out below: Activity Date Day Initial Public Announcement June 29, 2026 Monday R [Showing first 8,000 characters — download PDF for full document]