Commentary & Deal Flow

Eramet SA (ERAFP), a pure player in the mining and metals sector, rated BB+ (stable) by Fitch and Ba2 (stable) by Moody’s, has mandated ABN AMRO and Crédit Agricole CIB as ESG Structuring Advisors, and ABN AMRO, Credit Agricole CIB, Citi, HSBC, Natixis and Société Générale as Global Coordinators and Joint Lead Managers, to arrange a series of fixed income investor calls on May 9th & 10th 2023, including a Group Investor Call to be held today at 11:00 UKT / 12:00 CEST and a breakfast in Paris (Ritz Hotel) on May 10th at 7:30 UKT/8:30 CEST. Société Générale is coordinating roadshow logistics.

A Reg S bearer, fixed rate, senior unsecured, 5-year inaugural Sustainability-Linked Bond expected to be rated BB+ by Fitch and Ba2 by Moody’s may follow, for a minimum EUR300m size, subject to market conditions (the "SLB").

Eramet has today separately announced the launch of a tender offer targeting its EUR500m 4.196% bonds due 28 February 2024 (ISIN: FR0013284643) ("2024 Bonds").

The net proceeds of the issuance will be used for Eramet's general corporate purposes, including to refinance part of the 2024 Bonds to be purchased in the context of the tender offer.

The SLB will be issued in accordance with Eramet''s Sustainability-Linked Financing Framework. A Second Party Opinion (SPO) has been delivered by Sustainalytics. Both documents are available on the issuer’s website (https://www.eramet.com/en/investors/publications-and-press-releases).

The SLB step-up depends on the achievement by Eramet of two Sustainability Performance Targets (SPTs) based on Eramet's KPIs:

- SPT 1: decrease carbon intensity on GHG emissions Scope 1&2 by 35% by 31 December 2025 (from a FY 2019 baseline)

- SPT 2: reach a share of suppliers and customers by emissions having decarbonization targets consistent with the well-below 2 degrees Celcius scenario of the Paris agreement, of 67% by 31 December 2025

Relevant stabilization regulation including FCA/ICMA/MAR may apply.

HQ: Paris, France.