Umicore seeks shareholder approval to cancel five million shares and maintains full year results expectations

Umicore has convened an Extraordinary General Meeting, the main objective of which is to obtain shareholder approval for the cancellation of five million shares, thereby reducing the total number of shares outstanding from 125,000,000 to 120,000,000. Cancellation of these shares will enable Umicore to complete the remaining ¤ 70 million of its ¤ 400 million share buy-back programme. Umicore currently holds 9.6% of its shares in treasury, close to the current legal threshold of 10%. At the meeting Umicore will also seek a renewal of its authorization to acquire its own shares, an authorization that would last until the Ordinary General Meeting of 2010. The company will also request that shareholders authorize an increase in the authorized limit for buying back its own shares from 10% to 15% of the outstanding shares should draft Belgian legislation be passed in this regard. Such a move would provide the company with greater scope and flexibility in any future share buy-back operation. Approval will also be sought to modify the company's bylaws to comply with the latest directives regarding transparency declarations. It is not expected that a voting quorum will be reached at the meeting, which is scheduled for Thursday 13 November. A second meeting is therefore likely to be required and is expected to take place on Tuesday 9 December. The convening notice and full agenda for the meeting can be found on Umicore's website: --- Umicore will publish its third quarter trading update on 23 October. Ahead of the announcement, CEO Thomas Leysen confirmed the company's earnings expectations for 2008: "There has been a noticeable slowdown in the automotive sector but this eventuality had to a large extent been anticipated and there is therefore no reason to adapt the earnings guidance range which we published in August. Despite the economic turbulence in recent months, 2008 will be a record year for Umicore." For more information Investor Relations: Mr. Tim WEEKES - +32 2 227 73 98 - Mr. Geoffroy RASKIN - +32 2 227 71 47 - Media: Mr. Bart CROLS - +32 2 227 71 29 - +32 476 98 01 21 - Umicore profile Umicore is a materials technology group. Its activities are centred on four business areas: Advanced Materials, Precious Metals Products and Catalysts, Precious Metals Services and Zinc Specialties. Each business area is divided into market-focused business units, be it in products that are essential to everyday life or those at the cutting edge of new technological developments. Umicore focuses on application areas where it knows its expertise in materials science, chemistry and metallurgy can make a real difference. Umicore generates approximately 50% of its revenues and spends approximately 80% of its R&D budget in the area of clean technology, such as emission control catalysts, materials for rechargeable batteries and photovoltaics, fuel cells, and recycling. The Umicore Group has industrial operations on all continents and serves a global customer base; it generated a turnover of ¤ 8.3 billion (¤ 1.9 billion excluding metal) in 2007 and currently employs some 15,800 people.