We are ar rom ha ing exhausted this model

How is it possible to conduct a policy o proacti e growth when it is also dependent on that you seem to be what is happening in the world o raw and processed industrial products

We ind our contents irst in our mining stocks. We irst are minors, any part o it. We then trans orm deeply this gross product into a product de eloped, a ter a complex industrial process "re ined". We are there ore mainly o "minerals re iners" selling our products to a di erse clientele paper manu acturers, paint, re ractories or abrasi e products... Their ery segmented needs change constantly and the creati ity o our marketing teams and o research and de elopment, we ha e more than 270 people in research and technology , help us to anticipate and to ensure our organic growth as long as we know to stay close to their concerns, or e en to anticipate.

What ha ing clients in di erent sectors can allow you to ha e a growth rate higher than that o your competitors or your partners

We ser e a large number o channels or "applications", with many minerals, which actually ha e no connection between them. That's common in e ect between the research o brightness or opacity o industrial paint and the iltration o liquid ood such as beer or wine But the same mineral, the diatomite, can pro ide solutions in both cases. The pro ision o a new mineral by a new acquisition, such as the diatomite we ha e since the acquisition in 2005 o World Minerals Inc., allows us to enrich our o er in a ield, the painting, where we were already present with other minerals, creating commercial synergies and accelerated growth. This wide ariety o sectors co ered and mineral is more than a reduction o our risk pro ile, it is a ector o growth, I will call it growth by adjacency!

But then, what are you doing the concept o critical mass The ragmentation o your markets won't put you in a position o weakness to your competitors

Our markets are segmented, rather that crumbled. It belongs to us there ore to ha e the critical mass segment by segment, what we are looking or, and o erall I think that we ha e succeeded so ar. We ha e sharp competitors in each o these segments, but ha ing a palette more minerals more than 20 amilies , allows us to better le erage our business costs and, o erall, our cost structure. I would add that we sell products to our customers or the manu acture o their own products and that their cost is only a minimal part o their own production cost, which allows us, i we are the technical leader in a market segment, to a commercial approach to "selling alue" winner, winner or both parties.

In the de elopment o your business, what is the growing internal and external growth

Most o our customers operate in low cyclic trades on which the a erage rate o olume growth is o the order o 2 to 3 per year. With the scheduled launch o new applications o our technologies, new products and capacity in estments whene er possible, we support internal growth o the Group o the order o 4 to 6. But we cannot simply this single engine or growth, since our economic model is creator o important a ailable risk-taking. or a long time, but especially since 1999 date o redemption o English China Clays by Imerys, structuring e ent that allowed us to ocus our group exclusi ely on the trans ormation o minerals , buy-outs o companies held an important place in our de elopment model. External growth is not changing at the same pace rom one year to another, it is made o opportunities, but in the course o recent years, she weighed hea ier in our global growth that internal growth: 60, compared to 40. This is due to the geographical extension o our acti ities and entry into new applications, such as the iltration o liquids, with the arri al o World Minerals Inc., or the abrasi e Treibacher Schlei mittel purchase. We realize today 80 o our sales rom rance. or example, we employ 1,000 employees in China and are present in 43 countries. Redemption in a country with strong growth o a company rooted in one o our applications allows us to sa e aluable time. And there ore, we can deploy our model o growth by Adjacency: new minerals that can come and broaden the range using this application to then rebound soon new applications... We are ar rom ha ing exhausted this model. And o course, it belongs to us to keep inancial discipline or strong generation o risk-taking that osters this growth.