13th May 2010

The Mezzanine Steering Committee for the Almatis mezzanine lenders today announces the full results of voting on the prepackaged Plan of Reorganisation (the “Plan”). The plan was rejected by nearly 23% of the First Lien lenders by value and nearly 42% by number, in addition to being rejected by the overwhelming majority of the remaining classes of lender. Full voting details are disclosed below.

First Lien
94.27% of the class voted. Of the lenders that voted, 77.36% in amount accepted and 22.64% in amount rejected. In number of lenders, only 58.06% accepted and 41.94% rejected.

Second Lien
97.96% of the class voted. Of the lenders that voted, 1.95% in amount accepted and 98.05% in amount rejected. In number of lenders, 3.7% accepted and 96.30% rejected.

Mezzanine
92.11% of the class voted. Of the lenders that voted, 0.99% in amount accepted and 99.01% in amount rejected. In number of lenders, 3.03% accepted and 96.97% rejected.

The Junior creditors reaffirm their commitment to vigorously contest the proposed Plan in the US courts. The court rejected the combined hearing date of 10 June proposed by Oaktree and Almatis management to approve the disclosure statement and confirm the Plan. Instead, the court set a date of 19 July in order to provide additional time for the Junior creditors to prepare their case.

The Junior creditors to Almatis believe a full and correct valuation of the Company, breaks outside the Senior debt. This is significantly above the value attributed to the Company by management and Oaktree, reflecting the Company’s strong cash generation and the continuing improvement in trading from September 2009 to April 2010.

The Mezzanine creditors continue to work with the Second Lien and Dubai International Capital to deliver an alternative plan which is in the interests of all stakeholders to repay the Senior lenders in full, and to provide value to the junior lenders.