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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

For Immediate Release

January 24, 2013

"S&B INDUSTRIAL MINERALS, MINING, QUARRYING, INDUSTRIAL, COMMERCIAL, TOURIST, SHIPPING, ENGINEERING, JOINT-STOCK COMPANY"

(the Company)

Announcement

In compliance with applicable provisions of law and responding to recent press articles and upon request of the Hellenic Capital Markets Commission and the Athens Exchange the Company announces the following:

The Board of the Company has been informed by Mr Ulysses Kyriacopoulos, that he and members of the Kyriacopoulos family (the Shareholders) have entered into exclusive discussions with an investor (the "Investor") in relation to a transaction whereby the Investor and the Shareholders are considering the possibility of making an offer for the Company at a price of €5.80 per share (the Offer), with an intent to de-list the Company thereafter.

Under the terms being considered, the Shareholders' shares (held directly or indirectly by them and representing in aggregate approximately 61% per cent of the Company's issued share capital) would not be part of the Offer and if the Offer is made and successfully completed, the Shareholders would remain, as majority shareholders, in partnership with the Investor.

We have also been informed that SCR-Sibelco NV entered into an undertaking with the Investor to accept the Offer, if it is made, subject to certain conditions, in respect of their entire holding of shares in the Company, amounting to 10,216,963 shares, representing approximately 20% per cent of the Company's issued share capital. In addition, and subject to the same conditions, Sibelco have given undertakings not to sell their shares, accept or vote in favour of any offer, merger or similar transaction which is in competition with the proposed offer or enter into discussions or negotiations with respect to any competing transaction. The same undertakings shall apply between the Shareholders and the Investor, as part of their exclusive discussions.

We are informed that these discussions are still on-going and subject to a number of matters and thus there is no certainty that the Offer or any offer at all will ultimately be made for the Company.

A further public announcement will be made in the event of any significant development regarding the above, promptly and as required by law.

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