Annual General Meetings of Shareholders · Réélection en qualité d’administrateur indépendant de Madame Françoise Chombar pour un terme de trois ans Vijfde besluit Herbenoeming

25 April 2019

Annual General Meetingsof Shareholders

Agenda

Annual General Meetings of Shareholders 2019

• Review of 2018 performance

• Outlook

• ASM

• Governance review

• Voting

2

Review of 2018 performance


Record results

Strategic choices and recent investments paying off

REVENUES

€3.3bn +17%*

REBIT

€514m +29%*

ROCE

15.4%

*Excluding discontinued operations

Capex

€478m

EPS

€1.36 +12%

R&D

€196m

Clear leadership in clean mobility materials and recycling

Doubled the size of the business interms of earnings

Turned sustainability into a greater competitive edge

Rebalanced portfolio & earnings contributions

Significant progress toward 2020 ambitions

4

A focused and balanced portfolio

Annual General Meetings of Shareholders 2019 5

Higher revenues driven by increased contribution of HDD segment and higher demand for gasoline car catalysts.

Higher revenues driven by higher processed volumes and a more supportive metal price environment.

Revenues substantially up with fast growth in EVs and strong volumes and prices in H1.

CATALYSIS

30% Catalysis

46% Energy & Surface Technologies

24% Recycling

RECURRINGEBIT

24%30%

46%

RECYCLING

ENERGY & SURFACE TECHNOLOGIES

* excl impact divestment European Technical Materials in Jan ‘18

Revenues +9%

REBIT +2%

REBITDA +6%

Revenues +44%

REBIT +82%

REBITDA +63%

Revenues +6%*

REBIT +12%*

REBITDA +7%*

5

Value chain and society


Gold & silver certified conflict-free by LBMA

Responsible custody/sourcing certified by RJC for platinum, palladium & rhodium

Closed the cobalt loop for a world leader in portable electronics

Rated Gold (top 5%) by EcoVadis

6% of cobalt used from recycled origin

67%72%

CLEAN MOBILITY AND RECYCLING

2016 2017

REVENUES FROM

2018

6

Eco-efficiency


42 energy efficiency projects at

28 sites accounting for

95% of our energy consumption

*vs 2015 benchmark

- 71%

Metal emissionsto water*

- 46%

Metal emissionsto air*

- 29%

Energy consumption*

42% Primary materials58% Secondary & end-of-life materials

RESOURCE EFFICIENCY

42%

58%

7

Great place to work

88

55% Europe28% Asia-Pacific15% North & South America2% Africa

WORKFORCE BY REGION

15%

55%

28%

2%Growing workforce mostly in China & Korea (+6%)

13% of new hires globally were women

Increase of women in management roles (23%) and in senior management positions (10%)

People Engagement survey results puts Umicore above the industry average and shows increased confidence among employees in the future of Umicore

84% of sites without LTAs

10,420 colleagues in 30 countries

71 nationalities

92.8% retention rateAnnual General Meetings of Shareholders 2019 8

9

Umicore expects recurring EBIT for the full year 2019to be in a range of € 475 million to € 525 million.

Developments in Catalysis and Recycling are positive, but the Energy & Surface Technologies business group is facing challenging market conditions, resulting in delays of 12 to 18 months in the development

of its cathode material sales.

Umicore expects significant growth in revenues and earnings in 2020 but this will be below previous upside indications1.

Outlook

Annual General Meetings of Shareholders 20191Umicore had previously indicated that it had identified a potential to exceed its original earnings ambition for the year 2020 by some 35% to 45%.

10

Slowdown in China following changes to subsidy mechanism for EVsSimilar trend in the e-bus market

New energy storage systems in Korea stopped following safety concerns

In 2019, recurring EBIT for the business group is expected to be well below the levels of 2018

Depressed cobalt price and artisanal mining impacting Cobalt & Specialty Materials products and high cobalt content cathodes such as LCO

Challenging market conditions in Energy & Surface Technologies

Postponed launch of a large xEV platform in China


11

In Recycling, maintenance shutdown completed successfullyGrowing complexity of waste streamsExpansion in Precious Metals RefiningImproved market conditions

Recycling and Catalysis both expected to grow recurring EBIT, ahead of market consensus.

In Catalysis, some impact from the slowdown in China and softer demand across other regionsBenefits to come from business awards for gasoline engines requiring particulate filters and from sales for pharmaceutical, chemical deposition and fuel cell applications

Outlook for Recycling and Catalysis


Cobalt is critical


2018 worldwide production around 130.000 t

50% of global production goes in batteries

of which <15% goes to EV batteries

and 1/3rd to batteries for smartphones,computers and other electronics.

65% mined in Democratic Republic of Congo (DRC)1/3 of cobalt production is from ASM = 20% of global production

Umicore is one of the largest cobalt buyers in the world

of which<15%

goes toEV batteries

and 1/3 to batteries for computers

smartphones and other electronics

12

This is artisanal mining (ASM)


Workers are not employed in any official structure

Hand-picked cobalt: manually-intensive methods, without any protective equipment

Issues with human rights, child labor, occupational health and environmental impact

Highly hazardous working conditions

Unacceptable conditions

CBS report

13

https://www.youtube.com/embed/RBf58FjxJmk?start=38&end=81

ASM is unacceptable to Umicore


How we operate

Since 2004,no cobalt from artisanal mining

Full alignment with the OECD Due Diligence Guidance for Responsible Supply of Minerals from Conflict-Affected and High-Risk areas

Sustainable Procurement Framework for Cobalt

Third party assurance: annually audited by PWCCompliance report available online

Supplier screening, constant monitoring

14

Urban mining indispensable for global electrification of transportation

Proven industrial capabilities for all types of Li-ion batteries

High recovery rates for cobalt, lithium, nickel and copper

Highest environmental standards

Battery recycling


a critical additional source of supply

15

Umicore Battery Recycling pilot plant in Hoboken, Belgiumhas had a capacity of 7,000 t/yearor about 250 million mobile phone batteries/year since 2011

Governance


Board of directors

17

Key board meeting topics

in 2018

• Financial performance and budget for the Group• Equity placement (accelerated bookbuild)• M&A projects• Investment projects and strategic opportunities• Business reviews and market updates• HR, EHS (including sustainability)• Monitoring the execution of the Horizon 2020 strategy• Board and ExCom succession

Board field trip to Umicore Jiangmen, China 2018

5 full board meetings in 201888% attendance for full board meetings93% attendance for all committees

17


Executive committee

Compensation &benefits package

• Fixed remuneration reflecting the level of responsibility• Variable (cash remuneration) with 50% deferred over 3 years• Share-based incentives: share grant + stock options (both with 3-year

lock up)• Pension plan and other benefits

Changes as of 2019

• Unchanged fixed remuneration for the CEO. Increased fixed remuneration for the executive committee members (+ 5%).

• Increased annual variable cash remuneration potential for the CEO (+ €160,000) and the executive committee members (+ € 80,000). The members of the executive committee may also receive their variable cash remuneration partly or totally in the form of Umicore shares at their discretion.

• Decrease of the number of stock options for the CEO from 150,000 to 140,000, and for the executive committee members from 35,000 to 30,000.

18


CEO Executive committee(in Euros) 2017 2018 2017 2018Fixed 680,000 700,000 2,435,000 2,306,250Variable for the year 50% 220,000 220,000 790,000 662,500Deferred variable 25% 130,950 144,450 436,500 481,500Variable deferred from year prior to prior year 133,650 - 408,375 -Total gross cash remuneration 1,164,600 1,064,450 4,069,875 3,450,250Non-cash elements Pension 171,408 168,397 734,937 661,608Other 46,223 51,631 141,735 123,293Value of shares granted 425,360 354,432 1,815,960 1,381,284Options (value at grant) 583,500 1,033,500 816,900 1,266,038TOTAL 2,391,091 2,672,410 7,579,407 6,882,473

Executive remuneration 2018

2018

1,022,100 shares1,506,500 outstanding options

19


Proposed board member

Laurent Raets

20

Voting


Agenda

Ordinary shareholders’ meeting1. Annual report of the board of directors and report of the statutory

auditor on the statutory annual accounts 2018

2. Approval of the remuneration report

3. Approval of the statutory annual accounts 2018 including the proposed allocation of the result

4. Communication of the consolidated annual accounts 2018 as well as the annual report of the board of directors and the statutory auditor’s report on those consolidated annual accounts

22

5. Discharge to the directors

6. Discharge to the statutory auditor

7. Board composition and remuneration• Re-electing Mrs Françoise Chombar as independent director for a period of 3 years

• Electing Mr Laurent Raets as director for a period of 3 years

• Approving the board members’ remuneration proposed for the financial year 2019


Agenda

23


Agenda

24

Special shareholders’ meeting1. Approval of change of control clause

Ordinary general meetingAssemblée générale ordinaireGewone algemene vergadering

First resolution

Approval of the remuneration report

Première résolution

Approbation du rapport de rémunération

Eerste besluit

Goedkeuring van het remuneratieverslag


Second resolution

Approval of the statutory annual accounts of the company for the financial year ended on 31 December 2018 including the proposed allocation of the result

Deuxième résolution

Approbation des comptes statutaires de la société relatifs à l’exercice social clôturé le 31 décembre 2018 y compris la proposition d’affectation du résultat

Tweede besluit

Goedkeuring van de enkelvoudige jaarrekening van de vennootschap voor het boekjaar afgesloten op 31 december 2018 met inbegrip van de voorgestelde resultaatsbestemming



Third resolution

Discharge to the directors

Troisième résolution

Décharge aux administrateurs

Derde besluit

Kwijting aan de bestuurders



Fourth resolution

Discharge to the statutory auditor

Quatrième résolution

Décharge au commissaire

Vierde besluit

Kwijting aan de commissaris



Fifth resolution

Re-electing Mrs Françoise Chombar as independent director for a period of three years

Cinquième résolution

Réélection en qualité d’administrateur indépendant de Madame Françoise Chombar pour un terme de trois ans

Vijfde besluit

Herbenoeming van mevrouw Françoise Chombar tot onafhankelijk bestuurder voor een periode van drie jaar



Sixth resolution

Appointing Mr Laurent Raets as director for a period of three years

Sixième résolution

Election en qualité d’administrateur de Monsieur Laurent Raets pour un terme de trois ans

Zesde besluit

Benoeming van de heer Laurent Raets tot bestuurder voor een periodevan drie jaar



Seventh resolution

Approving the Board members’ remuneration

Septième résolution

Approbation des émoluments des membres du Conseil d’administration

Zevende besluit

Goedkeuring van de voorgestelde vergoeding van de leden van de Raad van Bestuur



Special general meetingAssemblée générale spécialeBijzondere algemene vergadering

Sole resolution

Approval of a change of control provision, as required under Article 556 of the Belgian Companies Code

Unique résolution

Approbation d’une clause de changement de contrôle, comme requis sous l’article 556 du Code des sociétés belge

Enig besluit

Goedkeuring van een clausule van controlewijziging, zoals vereist onder artikel 556 van het Wetboek van vennootschappen


Documents

Annual General Meetings of Shareholders · Réélection en qualité d’administrateur indépendant de Madame Françoise Chombar pour un terme de trois ans Vijfde besluit Herbenoeming