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IMERYS DEVELOPMENT STRATEGY INVESTOR DAY JANUARY 12, 2012

DISCLAIMER More comprehensive information about Imerys may be obtained on its website (www.imerys.com), under Regulated Information, including its Registration Document filed under No. D.11-0205 on March 31, 2011 with Autorité des marchés financiers. Imerys draws the attention of investors to the Risk factors set forth in section 4 of the 2010 Registration Document. This document contains projections and other forward-looking statements. Investors are cautioned that such projections and forward-looking statements are subject to various risks and uncertainties (many of which are difficult to predict and generally beyond the control of Imerys) that could cause actual results and developments to differ materially from those expressed or implied. Photo credits: Imerys photo library, RR, X 2

IMERYS DEVELOPMENT STRATEGY INVESTOR DAY JANUARY 12, 2012 INTRODUCTION Gilles MICHEL - Chairman & Chief Executive Officer

AGENDA OF THE DAY 10.00 am to 11.15 am Introduction Gilles Michel, Chairman & CEO Performance & Filtration Minerals Dan Moncino, Vice-President 11.15 am: Break 11.30 am to 12.30 pm Pigments for Paper & Packaging Olivier Hautin, Vice-President Materials & Monolithics Christian Schenck, Executive Vice-President 2.30 pm to 3.35 pm Ceramics, Refractories, Abrasives & Foundry Gilles Michel Innovation Thierry Salmona, Vice-President, Innovation, Research & Technology & Business Support 3.35 pm: Break 3.50 pm to 4.20 pm Finance Michel Delville, Chief Financial Officer Conclusion Gilles Michel 12.30 to 1.00 pm: Q&A 4.20 to 4.50 pm: Q&A 1.00 pm: Lunch 5.00 pm: End

TABLE OF CONTENTS Table of contents Today: a profitable and resilient business model Tomorrow: additional growth by enlarging our business footprint 5

IMERYS DEVELOPMENT STRATEGY INVESTOR DAY JANUARY 12, 2012 Today: a profitable and resilient business model The world leader of mineral-based specialty products Key strengths Much improved resilience

IMERYS IS THE WORLD LEADER OF MINERAL-BASED SPECIALTY PRODUCTS 1 A WIDE RANGE OF HIGH-PERFORMANCE SPECIALTY PRODUCTS Mineral component Functional additive Finished product Process enabler 4 ALL OVER THE GLOBE. 2 IN THOUSANDS OF APPLICATIONS 3 FOR DIVERSIFIED END-MARKETS 7

OUR PRODUCTS PROVIDE HIGH-PERFORMANCE AND KEY FUNCTIONALITIES FUNCTIONAL ADDITIVES 46% Ingredient added to our customers product composition so as to enhance its properties, e.g.: MINERAL COMPONENTS 24% Important constituent of a mineral formula of our customers products, e.g.: <2% each Wide range of applications 20% Kaolin, mica, talc, feldspar for paints Clay, kaolin, feldspar for sanitaryware & tableware OPACITY, MATING EFFECT WHITENESS, STRENGTH 3-5% each 5-10% each FINISHED PRODUCTS 11% Use as such and not further transformed by our customers, e.g.: Clay bricks and tiles for housing ENERGY EFFICIENCY, DURABILITY PROCESS ENABLERS 19% Product used in the processes of our customers but not present in the finished product, e.g.: Monolithic refractories for industrial equipments HIGH-TEMPERATURE, HIGH WEAR RESISTANCE Paper Tiles Iron & Steel Filtration Plastics and polymers Sanitaryware Performance minerals specialties Cement Tableware Other Mobile Energy Automotive Pharma, health & beauty Kiln Furniture Carbon additives Aggregates Other fine ceramics Slates Hot metal forming Insulation Energy Refractory Paints & coating Abrasives Thermal Floor and wall tiles Bricks Board and Packaging Films & Packaging Foundry Rubber Adhesives & Caulks & Sealants Electrical / electronics Technical ceramics Glass / fiber glass Chemical / petrochemicals Photovoltaic Agriculture / horticulture Building & construction Metal alloys Silanes & Silicones Oilfield 8

DIVERSITY OF OUR APPLICATIONS REDUCES EXPOSURE TO A SINGLE DRIVER No end-market > 15% of sales* Good balance between different economic cycles <2% of sales each 12-15% of sales each 2-5% of sales each More cyclical Investment 22% Consumption 40% Durable goods 38% Less cyclical 5-8% of sales each * Imerys estimates: 2010 sales proforma for Talc acquisition 9

A GLOBAL FOOTPRINT SUPPORTING GLOBAL SALES More than 240 industrial facilities in 47 countries Group sales* by geography Japan / Australia 5% Emerging Countries 27% Western Europe 48% North America 20% Minerals for Ceramics, Refractories, Abrasives & Foundry Minerals for Ceramics Minerals for Refractories Fused Minerals Graphite & Carbon Performance Minerals & Filtration Performance Minerals Minerals for Filtration Pigments for Paper & Packaging Pigments for Paper & Packaging Materials & Monolithics Building Materials Refractory Solutions * 9M 2011 sales by destination 10

IMERYS DEVELOPMENT STRATEGY INVESTOR DAY JANUARY 12, 2012 Today: a profitable and resilient business model The world leader of mineral-based specialty products Key strengths Much improved resilience

IMERYS POSITIONED FOR HIGH VALUE Specialty products and services (not commodities) Products specified or engineered to the application Important service dimension (logistics and supply chain, integration into customer manufacturing process, reclaim of used products, etc.) Prices subject to external markets evolutions, but negotiated bilaterally Low substitution risk Performance, functionalities essential to customer application Cost to switch typically significant (qualification, process adjustments, etc.) Share of total customer cost typically low (< 4% in paper, < 1% in beer, < 2% in alkaline batteries) Strong commercial positions #1 or #2 on most markets Very diverse competitive environment across businesses but no overall competitor 12

OUR UNIQUE RANGE OF MINERAL ASSETS IS LEVERAGED AS A SOURCE OF COMPETITIVE ADVANTAGE Over 20 years of high-quality mineral reserves 30 minerals totalling 600 Mt of reserves 117 mining sites Strong in-house geological and mining expertise 140 geologists Upward integration to the mine when identified as necessary to sustain cost / quality / availability 2/3 of Imerys sales from mine to market 13

KNOW-HOW, TECHNOLOGY, INDUSTRIAL EFFICIENCY ARE THE CORE OF OUR COMPETITIVE POSITION Unique process know-how Mechanical treatment (sorting, shaping, sieving, cycloning, elutriation, etc.) Thermal treatment (fusion, calcination, sintering, etc.) Formulation of proprietary recipes High-volume production (tiles) Operational excellence Group-wide Key Performance Indicators Energy efficiency program (2.3% improvement in 2010) Action-oriented sustainable development program safety fossil CO 2 emissions (down by 2.5% in 2010) long-term relationship with communities ethics 7,96 5,69 4,65 SAFETY -77% decrease in frequency rate (1) since 2006 2,88 2,13 1,80 ENERGY CONSUMPTION INDEX 7.2% 2006 2007 2008 2009 2010 2011E (1) Number of lost-time accidents x 1,000,000 / number of work hours 2006 2007 2008 2009 2010 2011 14

THE ORGANIZATION IS REACTIVE AND RESULTS-DRIVEN Decentralized organisation & empowered management Short command chain Business unit managers fully responsible for their P&L Lean structure SG&A: 12% of sales Limited, focused corporate functions: 130 FTE Management incentives driven by profitability at all levels 70% of bonuses related to economic targets (operating income, free cash flow, ROCE) Management of 2009 crisis demonstrates reactivity and flexibility Volume drop: - 20% Group inventories: - 27% Fixed costs and overheads (cash): - 15% Current free operating cash flow: 450 million Return to a double digit COI margin from Q1 2010 COI: Current Operating Income 15

A DEMONSTRATED TRACK-RECORD OF CONTINUOUS ACQUISITIONS A total of 1.8 Bn of investments and 71 acquisitions over 10 years 396 M 463 M 230 M 232 M 5 9 138 M 94 M 13 1 44 M 49 M 47 M 59 M 35 M 8 M 4 3 13 9 4 6 1 3 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Treibacher Schleifmittel: diversification into abrasives market Lafarge Refractories: diversification into monolithic refractories business ACE: investment into monolithic refractories in India World Minerals: diversification into filtration market Astron China: diversification into fused zirconia business Talc: major complement to white pigment portfolio Note: Exchange rates as at date of transaction. Acquisitions made in several steps assumed to have taken place in full when we acquired control. 16

IMERYS DEVELOPMENT STRATEGY INVESTOR DAY JANUARY 12, 2012 Today: a profitable and resilient business model The world leader of mineral-based specialty products Key strengths Much improved resilience

ESTABLISHED ABILITY TO COVER COSTS WITH PRICE / MIX OVER TIME M +4.5% +4.0% 160 159 +3.8% +3.0% 109 123 129 +4.8% 116 +3.5% 71 47 +1.9% 45 +1.0% 27 24 +2.6% 64 37 94 84 +1.8% 61 34 15 +1.9% 27 64 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 9M 2011 (20) (22) Price / mix impact on COI Variable costs increase / (decrease) +x.x% Price / mix impact on Sales 18

SOLID RETURN ON CAPITAL EMPLOYED Return on capital employed & COI margin WACC comprised in a range of 8.0% to 8.5% ROCE before tax COI margin ROCE before tax: Current operating income divided by average capital employed (including goodwill) WACC: Weighted Average Cost of Capital after notional tax source: Imerys annual reports between 2004 and 2010 19

SUSTAINED CASH FLOW GENERATION M Current free operating cash flow* 450 255 278 261 246 258 303 225 219 177 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011F Current Free Operating Cash Flow: EBITDA - notional tax change in WCR Capex paid 20

IMPROVED RESILIENCE Lower break-even point 2011 COI margin back to pre-crisis level with lower volumes than 2008 Stronger balance sheet (as of Sep. 30, 2011) Net debt to EBITDA ratio at 1.6x vs. 2.8x in 2008 Gearing down to 52% from 101% in 2008 Higher exposure to emerging markets Business portfolio expanded with 200 M of additional sales from innovative products not in the portfolio 5 years ago IMERYS IS WELL POSITIONED TO CAPTURE FUTURE GROWTH 21

TABLE OF CONTENTS Table of contents Today: a profitable and resilient business model Tomorrow: additional growth by enlarging our business footprint 22

THREE DIRECTIONS TO ENHANCE OUR POTENTIAL FOR MORE PROFITABLE GROWTH Imerys sales < Worldwide GDP Worldwide GDP Emerging markets 27% 2 Grow presence 1 Innovate and manage for cash Mature end-markets 55% Growth end-markets 25% 3 Enlarge business portfolio: innovate and invest Sources: Various economic databases and market studies Brokers reports 2010 / 2011 23

IMERYS DEVELOPMENT STRATEGY INVESTOR DAY JANUARY 12, 2012 Tomorrow: additional growth by enlarging our business footprint Innovate and manage for cash in mature end-markets Keep growing our footprint in emerging markets Increase our presence in growth end-markets

MATURE END-MARKETS TO PROVIDE RETURNS IF MANAGED FOR CASH Assets optimization and operational excellence are the basis of competitive advantage Ex: 15 years of industrial efficiency programs created strong position in clay tiles business Consolidation, whenever possible, in order to capture synergies Ex: Kaolin platform rationalization in Brazil provides Imerys with world-class asset Pricing power is preferred to volume gains EXTENSIVE COST OPTIMIZATION PROGRAMS LIMITED AND FOCUSED NEW RESOURCE ALLOCATION PRICE LEADERSHIP 25

INNOVATION TO PROVIDE GROWTH IN MATURE END-MARKETS Develop new businesses to meet new customer needs Ex: Stabilizing filter aid Cynergy allowing for beer filtration and chill proofing at reduced time and cost Leverage better cost competitiveness to generate new demand Ex: Clay tiles Neoplate speeding up the roofing process launched late 2011 Modify market conditions to create entire new segment Ex: Innovative product for Packaging industry allowing minerals loading in board formulation SELECTIVELY ORIENTATE INNOVATION PROGRAMS 26

EXPANDING OUR PRESENCE IN EMERGING MARKETS Group sales by geography 27% 20% 1,000 M 675 M 6% 174 M 2001 2007 9M 2011 annualized Sales in emerging markets Share of emerging markets in Group sales Minerals for Ceramics, Refractories, Abrasives & Foundry (CRAF) Minerals for Ceramics Minerals for Refractories Fused Minerals Graphite & Carbon Performance Minerals & Filtration (PFM) Performance Minerals Minerals for Filtration Pigments for Paper & Packaging (PPP) Pigments for Paper & Packaging Materials & Monolithics (M&M) Building Materials Refractory Solutions 28

GROUP-WIDE INITIATIVES IN PLACE TO GROW IN INDIA, CHINA AND BRAZIL Imerys presence has been reinforced: it can now be leveraged Significant total sales > 400 M Profitable Above Group average for Brazilian and Indian operations Most of our business groups operate in each country (3 or 4 business group in each) Experienced local teams and senior managers 3 country development programs underway Newly appointed country leaders Mutualization of key resources Managers, geologists, support functions, relations to stakeholders, etc. Coordination of all development efforts Close monitoring at Executive Committee level ACCELERATE DEVELOPMENT INITIATIVES: SALES GROWTH, INVESTMENTS, ACQUISITIONS, PARTNERSHIPS 29

CAPITALIZING ON WELL-ESTABLISHED PRESENCE IN CERTAIN REGIONS Focus resources on building a critical size in 6-7 countries, then launch Group-wide initiatives to accelerate regional development of all divisions Selection of the most attractive countries where some Imerys divisions already have a mining, industrial and/or commercial presence High-quality minerals / regional demand Reliable business partners Countries considered include Indonesia, Thailand, Malaysia and Turkey EXPAND IMERYS PRESENCE IN KEY EMERGING COUNTRIES 30

INVESTMENTS AND ACQUISITIONS TO DRIVE HIGHER SALES INTO GROWTH MARKETS 14% 400 M 25% 900 M Main end-markets with above worldwide GDP growth* potential for our applications Automotive Packaging Energy Electronics / semi conductor Environment Health & beauty Agriculture Air & space Sales to growth end-markets % of Group sales (*)Sources: Various economic databases and market studies Brokers reports 2010 / 2011 32

ACQUISITIONS HAVE BEEN THE PRIME SOURCE OF ENLARGEMENT OF OUR BUSINESS PORTFOLIO Successful track-record Treibacher: entry into Abrasives applications, new competence in fusion Thereafter leveraged in emerging countries, e.g. acquisition of Astron China 2005-11F organic growth: + 3.7% p.a. World Minerals: entry into non-cyclical filtration business, new application competencies 2005-11F organic growth: + 3.2% p.a. Lafarge Refractories: build-up from existing monolithic refractories business Plibrico Thereafter expansion to India with the acquisition of ACE 2005-11F organic growth: + 6.0% p.a. Business portfolio enlargement will continue to be achieved mainly through acquisitions Under stringent return criteria: target ROCE of 15% GROWTH POTENTIAL OF TARGET A KEY DECISION FACTOR 33

INNOVATION AND INTERNAL GROWTH TO PLAY MAJOR ROLES IN EXPANSION PLAN Several major initiatives to tap growth markets expected to contribute in the short-term New proppants facility in Georgia, USA High-purity quartz joint-venture for semiconductor and photovoltaic markets Talc sales in polypropylene for cars Fused zirconia for automotive oxygen sensors etc. Imerys will increase its resources and management focus on growth markets R&D spend: 30% increase y-o-y in 2012 Prioritization of capital expenditure: growth markets with target IRR > 15% DEVELOPMENT RESOURCES GEARED TOWARDS GROWTH MARKETS 34

OUR AMBITION Boost innovation Grow our presence in emerging markets Direct resources to further address growth end-markets 35