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Présentation Powerpoint 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 Mining and Metallurgy 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 Euronext Paris. 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 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 France 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 steel products industries given technological . 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 industry (engine parts and parts of . Conversion of high 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 Under operation since the end of the 19th 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
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