Umicore has never used Thai nominees holding shares of PDI on their behalf. Umicore participation is therefore limited to the 47% directly owned shares.

Padaeng Industry did not issue any Preferred Shares.

According to Clauses 14 (1) and 34 of our Articles of Association, “each shareholder shall have one vote for each share”.

Padaeng does not own any of its own shares.

The Zinc price impacts the result through

• The production of the mine (free zinc)
• The treatment charges for imported concentrates
• All zinc bonuses on purchased raw materials

Since the zinc price is quoted in US dollars, changes in the zinc price also translate into a dollar/baht sensitivity.

As the company is exposed to metal price and currency fluctuations, the company aims to fix , where possible, a guaranteed level of cash flow that will be used for recurrent investments and projects. In order to smooth the cash flow fluctuations, the company has elected where possible to sell forward part of its exposure to the zinc price at a level that would guarantee a satisfactory return. In some instances it is possible that this might prevent PDI from reaping the full benefits of rising metals prices but it also reduces the risk of losses or cash shortages in the case of falling metals prices.

This hedging is done in a non-speculative way through forward sale of metal on the London Metal Exchange.

Since the metal is sold in USD, Padaeng hedges the underlying currency risk through forward sales of US dollars for the corresponding period.

The forward sales and buy-back operations are done directly via the London Metal Exchange (LME) through international brokers and the monthly settlement of the positions is invoiced directly to PDI

Whenever PDI sells zinc physically to any third party (shareholder or otherwise), it is always at market price with a standard quotation period for the zinc price as defined by the contract terms and without any possible reference to the structurally hedged price.