ERAMET Investors and Analysts Presentation – May 2016 DISCLAIMER

This document and the materials appended to it (together, the “materials”) may include certain forward- looking statements, beliefs or opinions, including statements with respect to ERAMET’s business, financial condition and results of operations. These statements reflect ERAMET’s beliefs and expectations and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements speak only as at the date of the relevant materials and ERAMET and their advisers expressly disclaim any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in the materials. No statement in the materials is intended to be a profit forecast. As a result, you are cautioned not to place any undue reliance on such forward-looking statements. Nothing in these materials constitutes any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for sale, any securities in the United States or any other jurisdiction where it is or may be unlawful to do so. ERAMET has not and does not intend to register any securities under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or under the applicable laws of any other jurisdiction and no such securities may be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons, each as defined in Regulation S under the Securities Act, except in transactions exempt from such registration.

2 ERAMET - INVESTORS PRESENTATION CONTENT

ERAMET

ERAMET: a Global Leader in and 4 The Mining and Metallurgical Sector: Update 18 ERAMET Financial Position 54 Action Plan 61 Conclusion 66 Appendices 68

3 ERAMET - INVESTORS PRESENTATION ERAMET: A GLOBAL LEADER IN MINING AND METALLURGY

4 ERAMET - INVESTORS PRESENTATION ERAMET: A PRESENCE IN ALL THE RAW MATERIAL VALUE CHAIN

ERAMET is a mining and metallurgical group Transformation Metallurgy / Products

Elaboration Metallurgy

Extractive Metallurgy

Mine

Exploration Recycling

R&D and Engineering at each stage

5 ERAMET - INVESTORS PRESENTATION A GLOBAL LEADER IN EACH OF ITS BUSINESSES

French mining and metallurgical group operating in Sales breakdown by division (2015) 3 divisions and listed on .

ERAMET Alloys ERAMET 32% Manganese . ERAMET Nickel: 46% . ≠1 ferronickel producer worldwide €3 109 . ≠3 high grade nickel producer worldwide million

. ERAMET Manganese:

. ≠2 of high-grade manganese ore worldwide ERAMET Nickel . ≠1 refined manganese alloys producer worldwide 22%

. ERAMET Alloys: . ≠2 closed-die forging parts producer . ≠1 gas-atomized powders producer

6 ERAMET - INVESTORS PRESENTATION A HISTORY SPANNING OVER MORE THAN 100 YEARS, WITH CONTINUOUS DIVERSIFICATION INTO NEW MINING AND METALLURGICAL ACTIVITIES Inauguration of Moanda Metallurgical Complex. Launch of EcoTitanium, to establish the first European facility for recycling aviation grade titanium Establishment of MKAD closed-die forged parts for aircraft parts manufacturers

Agreement with the Gabonese Republic for a phased increase of its shareholding in COMILOG (up to 35%) Transfer of Incorporation of Le AREVA 26% stake Nickel (operations of The Duval family becomes to FSI shareholder of ERAMET, through the nickel mines in New Set-up of TiZir in €3.5bn contribution of Aubert & Duval Senegal (ilmenite Caledonia) Transfer of ERAP stake to Cogema, and zircon project) subsequently absorbed into AREVA

Acquisition of a 59% stake activities Le Nickel becomes SLN, with Elf €3.1bn in Tinfos (manganese alloys, Aquitaine (French State) titanium dioxyde) holding 50% of the company Listing of Acquisition of Weda Bay Nickel ERAMET (nickel project) in Indonesia Acquisition by ERAP (French State) of 70% of Diversification into closed-died forging SLN and special steels, following contribution

Shareholding structure Shareholding by the Duval family of Aubert & Duval Diversification of of Diversification Set up of (now ERAMET Alloys) to ERAMET ERAMET-SLN €1.2bn Diversification into manganese, with the acquisition of 61% of COMILOG in Gabon

€382m Acquisition of 51% of Eurotungstène (cobalt and tungstene powder producer)

Acquisition of Erasteel (high speed steel producer) 1880 1974 1983 1985 1989-91 1994 1995-97 1999 2006 2008 2010 2011 2012 2015

ERAMET Group sales 7 ERAMET - INVESTORS PRESENTATION HISTORICAL AND STABLE SHAREHOLDERS

ERAMET’s shareholders – December 31th, 2015

Others 19,12%

BRGM2 Duval Family : 1,34% SORAME + CEIR STCPI1 37,06% 4,03%

Carlo Tassara 12,79%

Bpifrance 25,66% ERAMET group is jointly controlled by the Duval family holdings and Bpifrance (which recovered the FSI participation historically recovered from AREVA).

Notes 1 Distribution by shares 2 STCPI (Société Territoriale Calédonienne de Participation Industrielle) : New Caledonian provinces owned entity 3 BRGM (Bureau de Recherches Géologiques et Minières)

8 ERAMET - INVESTORS PRESENTATION A WORLDWIDE GEOGRAPHIC PRESENCE (21 COUNTRIES)

Sales breakdown by geography (2015)

Alloys powder and transformation plants

Manganese alloys and titanium dioxide

Manganese chemicals and High purity nickel and alloys melting and transformation plants recycling

Manganese alloys plant (China) TiZir – Grande Côte (Senegal) ilmenite and zircon mine Manganese mine Manganese alloys and metal Weda Bay nickel project plants (under construction) (Indonesia) – (under study) Maboumine project - niobium Lithium Project (under study) and rare earths (under study

Manganese mine project (under study) SLN-Nickel mines and ferronickel plant (New Caledonia)

9 ERAMET - INVESTORS PRESENTATION DIVERSIFIED MARKETS

ERAMET sales breakdown by end-market (2015)

Mineral sands/ Batteries Chemistry pigments 2% 3% Other Mn 5% 2% Other Alloys Carbon steel 3% 34% Energy 4% Tooling 6%

Steels: 50%

Aerospace 19%

Stainless steel Other Ni 16% 6%

10 ERAMET - INVESTORS PRESENTATION ERAMET NICKEL AT A GLANCE

Positioning Activity overview Main applications Integrated ferronickel ~ 65% worldwide nickel production #1 ferronickel producer used in stainless steel worldwide producer . Operation of nickel mines in ≠1 nickel chloride producer New Caledonia (SLN) Extensive use of stainless steel in worlwide . ~80% of nickel ore production a wide range of industries transformed into ferronickel in (household equipment, domestic ≠3 high grade nickel New Caledonia and sold appliances, food industry and producer worldwide directly to stainless steel pharmaceutical production tools, producers surgical equipment…) . ~20% of nickel ore production transformed into nickel matte in Other main applications of nickel: New Caledonia, and then into aerospace, nuclear and high purity nickel and nickel petrochemical industries salts at Sandouville in

Main competitors Main clients

11 ERAMET - INVESTORS PRESENTATION ERAMET ALLOYS AT A GLANCE: AUBERT & DUVAL AND ERASTEEL

Positioning Activity overview Main applications

 #2 closed-die forging parts  Producer of highly  Use of high advanced producer worldwide technological advanced products in a wide range of industries given technological steel products . Elaboration of high specificities  ≠1 gas-atomized powders performance steels, super-  High mechanical strength at high producer alloys, for high and markets temperatures for the aerospace . Conversion of high industry (engine parts and parts of performance steel, titanium, landing gears) aluminum  Airframes for aircrafts . Producer of special steels,  Power generation: gas turbines, tool steels, high-speed steels nuclear power

Main competitors Main clients

12 ERAMET - INVESTORS PRESENTATION ERAMET MANGANESE AT A GLANCE

Positioning Activity overview Main applications #2 high-grade manganese ore Integrated manganese producer > 90% worldwide manganese worldwide Operation of a manganese mine in production used in carbon steel Gabon (COMILOG) . Non substitutable element in #1 refined manganese alloys 90% of manganese ore production, carbon steel producer worldwide transformed into manganese alloys within the Group (plants in Norway, . Key component in a large range #1 manganese chemical China, USA and France) or by third of industries, mainly construction derivatives producer worldwide parties (> 50% worldwide consumption) 10% remaining ore production used in a and automotive

large range of chemical applications Main manganese chemical Integrated producer of titanium applications:

dioxyde (TiZir) . Disposable alkaline batteries

. Mining Operation in Senegal . Fertilizers and animal feed

. Conversion to titanium dioxide on . Pigments Norway Main competitors Main clients

13 ERAMET - INVESTORS PRESENTATION RESOURCES ACCESS: WORLD-CLASS MINERAL DEPOSITS

5 world-class deposits Manganese Gabon - COMILOG Manganese – 40+ years ressources Under operation since more than 50 years

Nickel New Caledonia – SLN Nickel – 50+ years ressources th Under operation since the end of the 19 century

Indonésie - Weda Bay Nickel Nickel – 50+ years ressources Project Ilmenite - Zircon Senegal – TiZir Zircon and Ilménite – 25+ years ressources Under operation (ramp-up)

Lithium Argentina

Lthium – 50+ years ressources Project

14 ERAMETA Mineral - INVESTORS Resource PRESENTATIONis a concentration or occurrence of commercially valuable material in or on the Earth’s crust in such grade and quantity as to give reasonable likelihood that mining will be economically viable (JORC) KEY PARTNERSHIPS WITH COUNTRIES AND TERRITORIES

ERAMET is associating the main countries and territories where it operates:

 New-Caledonia

. STCPI holds 34% of SLN’s share capital.

. STCPI holds around 4% of ERAMET’s share capital.

 Gabon

. Around 30% of COMILOG’s share capital is owned by the Gabonese Republic.

 Senegal

. 10% of Grande Côte’s share capital is owned by the Republic of Senegal.

Long-term relationship reinforced by the significant contribution to the local economies

 Main private employer in Gabon and in New Caledonia.

 Primary challenge of social and environmental related matters.

15 ERAMET - INVESTORS PRESENTATION A PROACTIVE SUSTAINABLE DEVELOPMENT POLICY

ERAMET has put sustainable development at the centre of its strategy

. To protect as a priority the health and safety of its employees.

. To develop industrial processes in compliance with environmental regulation.

. To reduce the environmental impacts of its activities, especially regarding biodiversity

. To develop product stewardship ("license to market").

. To intensify sustainable use of resources and to promote recycling.

. To sustain a trusting relationship with its stakeholders

ERAMET's sustainable development policy covers all its activities and is implemented through:

. An Environnemental Charter.

. A Biodiversity Policy formalized in 2015.

. An Ethical Charter updated in 2015.

. A Responsible Purchasing Charter.

. An Energy Policy.

16 ERAMET - INVESTORS PRESENTATION CONCLUSION

ERAMET is a French mining and metallurgical diversified group

 The Group owns leadership positions on each of its businesses. Plans for competitiveness and restructuring have been established to cover the economic climate Critical advantages to ensure the future and sustainable growth

 World-class deposits.

 Developed partnerships with local authorities (specific governance for SLN and COMILOG for example).

 High performance R&D all over the raw material value chain.

 New innovating projects towards new high-valued metals and new extension of the Group’s geographical positions.

17 ERAMET - INVESTORS PRESENTATION THE MINING AND METALLURGICAL SECTOR: UPDATE

18 ERAMET - INVESTORS PRESENTATION A DEEPENING CRISIS IN THE GLOBAL METALS MARKET IN 2015...

A PARTICULARLY DEPRESSED RAW MATERIAL SECTOR

Iron Manganese Gold Aluminium Copper Platinium Zinc Silver Palladium (ore) Molybdenium Nickel (ore) 0%

-10% -11% -15% -20%

-24% -30% -26% -27% -30% -30%

-40% -40% -42% -42% -50% -49%

-60% Evolution of metal prices: end of 2015 spot prices compared to end of 2014 spot prices

19 ERAMET - INVESTORS PRESENTATION …WITH NOT YET HIGH PRICES REBOUND IN 2016…

Lead Gold Aluminium Copper Platinium Zinc Silver Palladium Iron (ore)Molybdenium Nickel Manganese ore 30% 25,1% 25%

20% 15,2% 14,5% 15% 9,7% 9,5% 10% 7,9% 5,1% 5% 1,8% 0,0% 0,0% 0% -1,4% -5% -2,3%

-10%

-15%

-20%

Evolution of metal prices: 2016 spot prices (20 March 2016) compared to end of 2015 spot prices

20 ERAMET - INVESTORS PRESENTATION ... WHICH HAS IMPACTED ALL ACTORS IN THIS SECTOR IN 2015...

EVOLUTION OF SHARE PRICES FOR MAIN MINING COMPANIES IN 2015 African Rainbow Anglo BHP Biliton Vale ERAMET Glencore Minerals First Quantum American Sherritt 0%

-10%

-20%

-30%

-40% -38% -44% -50%

-60%

-65% -65% -70% -71% -73% -74% -80% -76% -80% -90%

21 ERAMET - INVESTORS PRESENTATION ... AND CURRENTLY IN 2016...

EVOLUTION OF SHARE PRICES FOR MAIN MINING COMPANIES IN 2016 African Rainbow Anglo First Minerals Rio Tinto Vale BHP Biliton Glencore American Quantum ERAMET Sherritt 0%

-10%

-20%

-30% -26%

-40% -36% -39% -43% -50% -52% -60% -56% -61% -70% -71% -80% -75%

-90% Update: 6 April 2016 (from 1 January 2015)

22 ERAMET - INVESTORS PRESENTATION ... ERAMET GROUP METALS ARE PARTICULARLY IMPACTED

Evolution of LME nickel and manganese ore prices 25

20

15

USD/dmtu

or or

10 Current

prices USD/lb 5

0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 LME Ni price (USD/lb) Mn ore 44% (CRU CIF China, USD/dmtu)

23 ERAMET - INVESTORS PRESENTATION

ERAMET NICKEL

. World number 1 producer of ferronickel. . Leading global producer of nickel chloride. . One of only three producers of high purity nickel worldwide

24 ERAMET - INVESTORS PRESENTATION NICKEL PRICES

The nickel price has been steadily decreasing throughout 2015 and has contracted by 42% between late 2014 and late 2015. A variation of 1 USD/lb on the LME nickel price implies a variation of 110 €million on ERAMET Current operating income. (with an exchange rate of 1.10 USD/€) At the beginning of 2016, nickel prices remain under pressure of very important stocks level.

LME nickel price LME stocks SHFE stocks LME Nickel spot price (USD/t) Stocks nickel USD/lb USD/tonne (in tonnes)

30 000 540 000 510 000 27 000 480 000 450 000 24 000 420 000 21 000 390 000 360 000 18 000 330 000 300 000 15 000 270 000 240 000 12 000 210 000 180 000 9 000 150 000 6 000 120 000 90 000 60 000 3 000 2011 2012 2013 2014 2015 2016 30 000

0 0

Jul-11 Jul-12 Jul-13 Jul-15

Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Apr-15 Oct-15 Apr-16

Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 July-14

25 ERAMET - INVESTORS PRESENTATION NICKEL ORE AVAILABILITY

Following the implementation by Indonesian government of the ore export ban, total imports (including Indonesia) reduced by 27% in 2015vs. 2014 and around 50% vs. 2013

Imports of nickel ore in China in million wet metric tonnes

Indonesian ore - Mt Filipino ore - Mt 8,0 7,0 6,0 Nickel content in Filipino ore 5,0 is much lower than 4,0 Indonesian ore 3,0 2,0 1,0

0,0

3 7 3 7 3 7 3 7 3 7 3 7 1 2 4 5 6 8 9 1 2 4 5 6 8 9 1 2 4 5 6 8 9 1 2 4 5 6 8 9 1 2 4 5 6 8 9 1 2 4 5 6 8 9

11 11 11 11 11 11 12 10 12 10 12 10 12 10 12 10 12 2010 10 2011 2012 2013 2014 2015 25 M wmt 48 M wmt 64 M wmt 71 M wmt 47 M wmt 34 M wmt

2015 -27% y-o-y

26 ERAMET - INVESTORS PRESENTATION SUMMARY OF PRODUCTION SHUTDOWNS IMPACT ON 2016 OUTPUT (FROM AUGUST 2015)

kt 130

137 Total cuts:  110 kt in 2015

110  137 kt in 2016

2015 2016 potential

 Reminder: . World mining production 2014: 2.19 Mt . World refined nickel production 2014: 1.98 Mt Update: March 2016

27 ERAMET - INVESTORS PRESENTATION CHINESE NPI PRODUCTION UNDER PRESSURE

 Monthly NPI production in China slowing down significantly over the last few months

28 ERAMET - INVESTORS PRESENTATION GLOBAL STAINLESS STEEL PRODUCTION

The stainless steel production slightly decreases year-on-year in 2015 (-0.4%) Stainless steel production is expected to remain stable in 2016 Forecast -0,4% kt 45 000 41 372 41 209 41 800 40 000 37 786 35 336 35 000 33 207 50% China 30 000 52% 52% 50% 46% 41% 25 000

20 000

15 000

10 000 59% 54% 50% 48% 48% 50% Rest of the world

5 000

0 2011 2012 2013 2014 2015 2016

29 ERAMET - INVESTORS PRESENTATION Source : ERAMET Nickel estimates NICKEL SUPPLY / DEMAND BALANCE

We expect the market to enter into a limited deficit in 2016. kt 200 Potential supply curtailment or better than expected demand could generate a wider deficit. 169

150

100 90 91

48 50 30 Forecast

0

-50 -46 -69 -100 2010 2011 2012 2013 2014 2015 2016

Source : ERAMET Nickel estimates

30 ERAMET - INVESTORS PRESENTATION CASH COST - 2015 - FOCUS ON NEW-CALEDONIA Positioning of Caledonia assets (cash cost C1 Wood MacKenzie)

KNS

Vale NC SLN

Current price

More than 70% of nickel producers are in cash losses

31 ERAMET - INVESTORS PRESENTATION CASH COST OBJECTIVE: 4.5 USD/LB

CASH COST REDUCTION IS A TOP PRIORITY FOR SLN

SLN cash cost (USD/lb) (Source: Wood Mackenzie - cash cost C1)

-30% 8.3 7.4

5.8 Target 4.5*

2013 2014 2015 End of 2017 * Based on economic conditions at the start of 2016

32 ERAMET - INVESTORS PRESENTATION SLN PERFORMANCE AND PRODUCTIVITY PROJECT CASH COST OBJECTIVE: USD 4.5/lb END-2017*

From USD 6/lb… • Grade optimisation Mining • Lean in mining projects operations

• End of Bessemer process • Technical productivity Plant • Maintenance / reliability projects • Slag valorisation

• Productivity in support functions Lean • Purchasing gains Supports

… to USD 4.5/lb*

* Based on economic conditions of 2016 33 ERAMET - INVESTORS PRESENTATION SLN PROJECT FINANCING

ERAMET has temporarily ensured the financing of SLN alone for a total amount of €190 million between end-2015 and June 2016

Nisshin Steel 10%

STCPI 34% ERAMET 56%

SLN shareholding distribution

34 ERAMET - INVESTORS PRESENTATION CHANGE IN WEDA BAY NICKEL PROJECT SHARE STRUCTURE

Put option exercised by Mitsubishi following its decision to review its mining assets portfolio No impact on ERAMET’s income statement Increase in Group’s net debt of nearly €100 million

 The Weda Bay deposit is one of the largest nickel deposit in the world.  The measured, indicated, and inferred resources are valued at more than 9.3 million tonnes of nickel

35 ERAMET - INVESTORS PRESENTATION NICKEL PRICE CONSENSUS

Per lb nickel price forecast (US$/lb)

Price forecast LT 2016 2017 Last update (USD/lb) nominal Expert 1 4.54 5.67 7.70 07/03/2016

Expert 2 4.08 4.99 15/01/2016

Expert 3 4.54 5.44 8.72 18/03/2016

Expert 4 3.86 4.20 6.93 08/02/2016

Expert 5 4.20 6.00 10.75 10/02/2016

Expert 6 4.24 5.03 10.86 11/02/2016

Average 4.24 5.22 9.51

36 ERAMET - INVESTORS PRESENTATION

ERAMET ALLOYS

. World number 2 producer of high-power closed-die forged parts . World number 1 player in gas atomized powder metallurgy . A leading producer of high-performance special steels

37 ERAMET - INVESTORS PRESENTATION ERAMET ALLOYS: SALES PER MARKET

ERAMET Alloys is well positionned on the hight growth aircraft industry sector

In M€ +6% 997 991 938 910 904

49% 43% 59% Aircraft industry 55% 57%

13% 16%

13% 11% 14% Energy 28% 23% 19% 19% 17% High-speed steel + Equipment

15% 13% 13% 13% 9% Other

2011 2012 2013 2014 2015

38 ERAMET - INVESTORS PRESENTATION STRENGTHENED OPERATIONAL PERFORMANCES

Trend of current operating income - Aubert & Duval and Erasteel 2012-2015 (in million of €). Significant improvement for Aubert & Duval

50

31

20 Aubert & Duval Erasteel

3

-8 -8 -16 -23 2012 2013 2014 2015

39 ERAMET - INVESTORS PRESENTATION CONTINUOUS GROWTH IN THE AEROSPACE MARKET

 Further rise in Boeing and Airbus deliveries

Number of Actual aircraft Forecast

1600

1400

Deliveries 1200

1000

800

600

400 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

40 ERAMET - INVESTORS PRESENTATION NEW STEP IN STRUCTURING OF THE AEROSPACE- GRADE TITANIUM SUPPLY CHAIN Forging of billets, wires bars, and sheets from ingots

Ingot production:

Plasma welding Transformation – PAM CHR Furnace compacting press Production of semi-finished parts

Titanium Treatment of scrap and Parts sent to the manufacturer sponges chips Machining

Recovery of scrap and chips

Ore

41 ERAMET - INVESTORS PRESENTATION

ERAMET MANGANESE

. World number 2 producer of high-grade manganese ore . World number 2 producer of manganese alloys . Leading global producer of refined manganese alloys . Leading global producer of manganese chemical derivatives

42 ERAMET - INVESTORS PRESENTATION MANGANESE ORE PRICES

Manganese ore prices have fallen to their lowest level for 20 years at the begining. Rebound observed from March 2016.

CIF CHINA MANGANESE ORE 44% PRICES

6,0 5,5 5,0 4,5

4,0

3,5 dmtu

3,0 USD/ 2,5 2,0 1,5 1,0

0,5 2011 2012 2013 2014 2015 2016 0,0 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Chart source: CRU A change of 1 USD/dmtu in price results in a change of 90 M€ in ERAMET's annual current operating income (with an exchange rate of 1.10 USD/€).

43 ERAMET - INVESTORS PRESENTATION GLOBAL CARBON STEEL PRODUCTION

World steel production is contracting compared to the historical trend

Mt -3% Forecast 1 800 1 645 1 672 1 626 1 591 1 531 1 558 1 500

49% 50% 49% 1 200 45% 47% 49% China

900

600

55% 53% 50% 51% 51% 51% Rest of the world 300

0 2011 2012 2013 2014 2015 2016

Source: World Steel Association, ERAMET estimates

44 ERAMET - INVESTORS PRESENTATION WORLD STEEL PRODUCTION

World steel production is contracting compared to the historical trend

kt 1 800 China 1 661 1 600 Rest of World 1950-2014 1 400 World CAGR +3.3% 1 308 1 200 1 000 747 800 704 600 400 189 200

0

1962 1998 1950 1952 1954 1956 1958 1960 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 2000 2002 2004 2006 2008 2010 2012 2014 2016

1950-1974 1974-2001 2001-2014 CAGR +5.6% CAGR +0.7% CAGR +4.9%

Source: World Steel Association

45 ERAMET - INVESTORS PRESENTATION CHINA REAL ESTATE

Construction is the main carbon steel market in China Housing inventory is getting worked-off during the last months for Tier-1 and Tier-2 cities

Source: Exane BNP Paribas Research

46 ERAMET - INVESTORS PRESENTATION SUMMARY OF PRODUCTION SHUTDOWNS (FROM END 2015) Production is adapting with present impact on prices Ore (seaborne) Mt 35000

30000 ~ 12% 25000

20000 Production cut 15000 Production

10000

5000

0 Ore Total cuts expected in 2016:  Mn ore: ~ 3.6 Mt (out of 30 Mt /year seaborne)  Mn alloys: ~ 150 kt

Sources: press, analyst memos, ERAMET data Information updated April,2016

47 ERAMET - INVESTORS PRESENTATION Mn ORE: SOUTH AFRICA FOCUS

Beginning of the adjustment in Q4’15, with production and/or curtailment in South Africa In Q4’15 the smaller South African player disappeared from the market and South32 closed its mines during 2 months.

South African manganese ore exports in million wet metric tonnes 12,1 11,1 Forecast (Q1 2016 annualized)

8,3

2014 2015 2016 Source: ERAMET estimates

48 ERAMET - INVESTORS PRESENTATION ERAMET AND ITS COMPETITORS POSITIONS ON PRODUCTION COST

ERAMET is strongly positioned on the cash cost curve

• 4th • 1st quartile quartile Vale

South 32

ERAMET

Assmang

P Privat P UMK

• 3rd • 2nd quartile quartile

49 ERAMET - INVESTORS PRESENTATION PRODUCTION OF ERAMET MANGANESE IN 2015 IN LINE WITH THE ANNUAL TARGET OF 4 MILLION TONS

Historical record of manganese ore production in 2015 (3.9 million tons transported) In light of current market conditions, the manganese ore production has been cut in Q1 2016.

MANGANESE ORE AND SINTER PRODUCTION +11% kt 4 000 3 500

3 000

2 500

2 000 3 703 3 434 3 481 3 868 3 201 3 037 1 500

1 000

500

0 2010 2011 2012 2013 2014 2015

50 ERAMET - INVESTORS PRESENTATION MANGANESE ORE PRICES FORECAST

 Manganese prices forecast (US$/dmtu), CIF China

Price forecast (USD/dmtu) 2016 2017 Last update CIF China Expert 1 2.6 2.9 22/02/2016

Expert 2 3.69 4.0 30/03/2016

Expert 3 2.73 3.0 16/01/2016

Expert 4 2.90 3.0 15/12/2015

Average 2.83 3.20

51 ERAMET - INVESTORS PRESENTATION TIZIR: AN INTEGRATED PLAYER IN TITANIUM DIOXIDE AND ZIRCON MARKETS

TiZir Titanium and Iron (TTI) TiZir: Tyssedal, Norway

. JV with Mineral Deposits Limited (Australia) Grande Côte Operations (GCO) Diogo,Senegal . 2 sites: GCO in Senegal and TTI in Norway

Upstream: GCO Grande Côte Operations to become a new major player in the mineral sands production: . Ilmenite primarily used as a feedstock for TTI upgrading facility . Zircon for the ceramic industries

Downstream: TTI TiZir Titanium and Iron is producing upgraded titanium dioxide feedstock for the pigment industry and high purity pig iron.

52 ERAMET - INVESTORS PRESENTATION MINERAL SANDS: PRODUCTION AT “GRANDE CÔTE” IN SENEGAL

Production rate at the end of the year is in line with the expected targets.

PRODUCTION OF HEAVY MINERALS SANDS (KT) kt 200 189 176

150 131 137

100 90

58 50

0 Q3-2014 Q4-2014 Q1-2015 Q2-2015 Q3-2015 Q4-2015

53 ERAMET - INVESTORS PRESENTATION

ERAMET FINANCIAL POSITION

54 ERAMET - INVESTORS PRESENTATION KEY FIGURES

Million of € 2015 2014 2013 Sales 3,109 3,144 3,162

EBITDA 92 363 231

% Sales 3% 12% 7%

Current operating income (207) 75 (45)

% Sales (7%) 2% (1%)

Total impairment of assets and tax receivables (668) (27) (423)

Net income – Group share (714) (159) (370)

Net financial debt (878) (547) (218)

Net debt-to-equity ratio 36% 20% 7% before impairment in 2015 Net debt-to-equity ratio 49% - - After impairment in 2015

The reported data and notes are adjusted data based on the Group's reporting, in which joint ventures are accounted for using proportionate consolidation. Reconciliation with the published financial statements is presented in the Appendix on page 69.

55 ERAMET - INVESTORS PRESENTATION CURRENT OPERATING INCOME (COI)

Million of € 1000

800 Million of € 2015 2014 600 Nickel (261) (52) 400 Alloys 27 23 200 Manganese 58 137 0 Holding (31) (33) -200 Group (207) 75 -400

Nickel Manganese Alloys Group

56 ERAMET - INVESTORS PRESENTATION CHANGE IN CURRENT OPERATING INCOME

In million of € 75 9

-10 -47 -407 76

-77 102 -207

72

Current Volume/Mix Prices Currencies Costs Productivity/ Depr. Prov. Provisions Exceptional Current Operating of factors Savings and others Ni inventories items Operating income income 2014 2015

57 ERAMET - INVESTORS PRESENTATION IMPAIRMENT IN 2015

EXCEPTIONAL IMPAIRMENT OF 668 M€ DUE TO METAL MARKET CRISIS

Total impairment in 2015 include: • 474 million of euros in assets; • 194 million of euros in tax receivables for SLN.

In million of €

Assets Tax receivables

58 ERAMET - INVESTORS PRESENTATION 1.6 BILLION EUROS IN FINANCIAL LIQUIDITY ON 31 DECEMBER 2015

Strong financial liquidity. Draw-down on the revolving credit facility (RCF) at start of January 2016. Million of € Financial liquidity of ERAMET group 1,800 1,611 1,611 1,600

1,400 630 1,200

1,000 Cash and cash equivalents Revolving credit line 800 1 611

600 981 400

200

0 0

31/12/2015 Proforma 31/12/2015

59 ERAMET - INVESTORS PRESENTATION DEBT MATURITY SCHEDULE

Proforma gross debt on 31/12/2015 including RCF draw-down at the start of 2016. No major debt maturities in 2016 Does not include potential refinancing RCF draw down in January 2016 Manganese 987 Nickel Holding - Group Alloys

624

410 895 85

156 127 82 58 19 13 12

2016 2017 2018 2019 2020 2021 2022 2023 2024 >2025

60 ERAMET - INVESTORS PRESENTATION

ACTION PLAN

61 ERAMET - INVESTORS PRESENTATION STRENGTHENING OF CASH PRESERVATION MEASURES

Major strengthening of operational action plan in view of increased cash-flow

CAPEX Projects Asset disposal Operational plan for 2014-2017 Restriction of Suspension of 360 M€* in cost reduction and capital 2016 programme major projects productivity improvement expenditure

*in annual impact on current operating income compared to 2013 ERAMET Nickel - SLN ERAMET Manganese

Project to strengthen SLN Decrease in and performance plan during the ore production first half of 2016

62 ERAMET - INVESTORS PRESENTATION REDUCTION IN INDUSTRIAL CAPITAL EXPENDITURE

In million of € 650 641 587 ERAMET Nickel 600 ERAMET Manganese 550 ERAMET Alloys 500 492 450 419 -23% 400 346 350 326 300 286 267 250 200 150 100 50 0 2008 2009 2010 2011 2012 2013 2014 2015 2016

63 ERAMET - INVESTORS PRESENTATION CONTINUATION OF 2014-2017 PROGRAM FOR COST REDUCTION AND PRODUCTIVITY IMPROVEMENT Target is reached at midpoint with savings of around €180 million at the end of 2015, on the total savings of €360 million at the end of the plan.

2014

2016 Total of:

€360 million - 2017 2014 -2017

2015

Outside of the strengthening during the first half of 2016 of the SLN specific economic action plan.

64 ERAMET - INVESTORS PRESENTATION STRATEGY FOCUS ON CASH FLOW GENERATION

Over the short term:  Focus our efforts on our core businesses.  Increase competitiveness to strengthen our market positions.

And in the long term:  Selectively develop target projects with strong value-creating, resulting in particular from our R&D.

65 ERAMET - INVESTORS PRESENTATION

CONCLUSION

66 ERAMET - INVESTORS PRESENTATION CONCLUSION: A GROUP MOBILISED TO ADDRESS THE RAW MATERIAL CRISIS Dynamic actions taken: • Industrial investments specifically restricted to safety and maintenance. • Suspension of major projects. • Asset transfers planned for 2016. • Resolute pursuit of cost reduction and productivity improvement with an objective of 360 M€* by the end of 2017 (half of the target was reached by the end of 2015). • Strengthening of the SLN productivity improvement and cost reduction plan launched in the first half of 2016. • In light of current market conditions, cuts of manganese ore production in Q1 2016. High financial liquidity of the Group: • 1.6 billion of € on 31 December 2015. Long term potential: • Looking beyond today’s metal crisis, stemming largely from the trend in the Chinese economy, the Group’s markets continue to show fundamental potential in the long term.

* annual impact on Group's current operating income compared to 2013

67 ERAMET - INVESTORS PRESENTATION

APPENDICES

68 ERAMET - INVESTORS PRESENTATION RECONCILIATION OF GROUP REPORTING AND PUBLISHED ACCOUNTS

(€ million) Full year Joint-venture Full year Full year Joint-venture Full year 2015 contribution 2015 2014 contribution 2014 Published (1) Reporting (2) Published (1) Reporting (2)

Sales 3 015 94 3 109 3 075 69 3 144 EBITDA 92 - 92 363 - 363 Current operating profit (loss) (191) (16) (207) 86 (11) 75 Operating profit (loss) (744) (69) (813) (15) (39) (54) Profit (loss) for the period - Group share (714) - (714) (159) - (159) Net cash generated by operating activities (13) 6 (7) 50 (7) 43 Industrial capital expenditure 242 25 267 305 41 346 Net financial debt position (716) (162) (878) (411) (136) (547) Shareholders' equity 1 788 (9) 1 779 2 756 (2) 2 754 Shareholders' equity - Group share 1 466 - 1 466 2 322 - 2 322

(1) Financial statements prepared under applicable IFRS, with joint ventures are accounted for using equity method See 2015 consolidated financial statements. (1) Group reporting, in which joint ventures are accounted for using proportionate consolidation.

69 ERAMET - INVESTORS PRESENTATION PROFIT AND LOSS ACCOUNT ON 31 DECEMBER 2015

M€ 2015 2014 2013 Sales 3,109 3,144 3,162 EBITDA 92 363 231 % of sales 3% 12% 7% Current operating income (207) 75 (45) % of sales (7%) 2% (1%) Other products and operational costs (606) (129) (503) Operating Income (813) (54) (548) Financial income (90) (68) (32) Pre-tax income (903) (122) (580) Share of income of equity affiliates (1) 0 (1) Income tax (8) (49) 72 Net income (912) 171 (507) Minority interest (198) 12 137 Net income - Group share (714) (159) (370)

70 ERAMET - INVESTORS PRESENTATION ERAMET NICKEL: KEY FIGURES

Million of € 2015 2014 2013 2012 Sales 686 781 704 898

EBITDA (156) 42 (130) 53

Current operating income (261) (52) (222) (38)

Industrial CAPEX 56 97 172 147

71 ERAMET - INVESTORS PRESENTATION ERAMET ALLOYS: KEY FIGURES

Million of € 2015 2014 2013 2012 Sales 991 938 904 997

EBITDA 78 81 49 40

Current operating income 27 23 4 (5)

Industrial CAPEX 44 48 64 84

72 ERAMET - INVESTORS PRESENTATION ERAMET MANGANESE: KEY FIGURES

Million of € 2015 2014 2013 2012 Sales 1,430 1,429 1,562 1,560

EBITDA 196 266 350 357

Current operating income 58 137 218 240

Industrial CAPEX 164 199 346 399

73 ERAMET - INVESTORS PRESENTATION BALANCE SHEET AS AT 31 DECEMBER 2015 ASSETS LIABILITIES 31/12/2014 31/12/2015 31/12/2015 31/12/2014 In million of € 4 255 4 255 3 704 3 704

1 466 2 322

3 407 3 003 313 432 935 862

878 547 848 701 112 92 Equity – Group share Net debt Fixed assets Minority interests Financial instruments Working Capital Requirement Provisions and deferred taxes

74 ERAMET - INVESTORS PRESENTATION EXAMPLE OF TARGET PROJECT IN DEVELOPMENT: LITHIUM ERAMET IS CONTINUING TO ASSESS THE ECONOMIC VIABILITY OF A LITHIUM PROJECT IN ARGENTINA

 Lithium: an extremely dynamic market ERAMET Deposit . Projected deficit at the end of 2016 due to a strong upward trend in demand, supported by the Lithium-ion battery market Antofagasta . Increase in prices

 Quality deposits

 An innovative process developed using internal Group skills . 10 registered patents

 ERAMET aims to enter this market alongside a partner

75 ERAMET - INVESTORS PRESENTATION ERAMET 2015 ANNUAL REPORT

BEING ERAMET: discover what it means every day for us through our annual report 2015 edition

www.eramet.com/en/publications/eramet-2015-annual-report

76 ERAMET - INVESTORS PRESENTATION ERAMET FINANCE MOBILE APP

With ERAMET Finance app, always take ERAMET’s main information in your pocket  Available for tablets and smartphones  From today on Apple store and coming soon on Google Play

77 ERAMET - INVESTORS PRESENTATION CONTACT Vice President Strategy and Financial Communication Philippe Gundermann Tel: +33 (0)1 45 38 42 78

Investor Relations and Strategic Analyst Hughes-Marie Aulanier Tel: +33 (0)1 45 38 38 04

Strategy and Financial Communication Analyst Ludovic Donati Tel: +33 (0)1 45 38 42 88