Eramet has completed the first phase of the acquisition of the Norwegian company Tinfos, relating to approximately 56% of its share capital. The acquisition of Tinfos will result in an increase of approximately 20% in the production of manganese alloy by Eramet Manganese and reinforce its position as one of the world’s leading producers of manganese alloy. Tinfos is also involved in the production of titanium dioxide slag and high purity pig iron, the trading of metallurgical products for the steel and foundry industries, as well as holding certain electric power production assets in Norway. Tinfos recorded turnover of €931 million in 2007 (including €550 million of trading relating to products from third party producers) and employs over 500 people. In accordance with the agreements signed in April 2008, the enterprise value of the business of Tinfos being acquired by Eramet in the first phase of the acquisition completed and in the second phase of the acquisition, which is set to close in late 2008 (consisting of the acquisition of the remainder of the share capital of Tinfos after disposal of a majority stake in the group comprised of the Notodden power station and smaller hydraulic power station projects, of which Eramet will retain 40%) amounts to approximately €593 million. The aggregate consideration for both phases of the acquisition shall consist of a combination of approximately 50% cash and 50% Eramet shares.Application will be made to list the new Eramet shares on Euronext Paris SA, and such listing shall be exempt from the requirement to establish a prospectus, as permitted by the provisions of Article 212-5-1° of the general rules of the AMF. Consideration for the second phase of the acquisition, which should be completed by the end of 2008, will principally be in the form of new Eramet shares.