Commentary & Deal Flow

Eramet SA (ERAFP) EUR500m (up from EUR400m minimum and EUR300m minimum) Reg S bearer sustainability-linked sr notes due 05/22/28 (5y). NCL (MWC B+50bp, 3mo par call, 75% clean-up call). Expect Ba2/NR/BB+ (stable/--/stable). Via ABN/Citi/CA/HSBC (B&D)/Natixis/SocGen jt glocos and jt books. SocGen coordinated roadshow logistics. ABN/CA as ESG Structuring Advisors. List Paris. French law. Annual pay (Act/Act). Settles 05/22 (T+6). ISIN: FR001400HZE3. IPT: 7.25% area. Guidance: 7.125% area. Final terms: EUR500m at 7.125% yield (expect 7% coupon).

Priced: 7.00% at 99.489, yield 7.125%. +496bp vs OBL 2.20% 04/13/28.

Did investor calls 05/09-10, including a group investor call 11:00am UKT 05/09 and a breakfast in Paris (Ritz Hotel) on 05/10 at 7:30am UKT. Books closed at 1:30pm UKT today. Book size approx EUR825m. UOP: GCP, including funding the tender offer for its EUR429.7m outstanding bonds due 02/28/24 (ISIN: FR0013284643). Biz: a pure player in the mining and metals sector. HQ: Paris, France.

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

Step-up mechanism: +25bp from coupon date on 05/22/2027 up to the maturity date per SPT not met by the Target Observation date of 12/31/25 for both SPTs.

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).