Conditional formatting except if another cell contains specific text

[Clubber2013]

This is probably a really simple formula but i cant for the life of me get it working fully.

I'm looking to conditional format some cells if they are less than 0.3; (highlight them red) however if the cell beside it says EG 1 or EG 2 then i dont want it to highlight unless it is greater than 0.

I have attached an example of what i'm meaning. I'd be very grateful if anyone could help. Many Thanks

 

[Joe4]

Select the whole range to apply this to (let's say it is C5:C15)
Then try this Conditional Formatting formula:
=AND(C5<0.3,B5<>"EG 1",B5<>'EG 2")
and then choose your red fill color.