CHAIRMAN’S LETTER 3 MINERALS TECHNOLOGIES INC. THE COMBINATION  will give MTI worldwide leadership positions in both  precipitated calcium carbonate (PCC), a position we have held  for many years, and bentonite.  This is a transformational acquisition for  MTI. We will be able to significantly advance  our position as a U.S.-based global leader in  industrial minerals by doubling our sales to  $2 billion; we will also be able to accelerate  our growth and create significant additional  shareholder value. Within a few years, you’ll  see an MTI with an even more diverse set  of value-added and innovative products  and solutions across an even wider number  of growing markets throughout the world.  We are all very much looking forward to  starting this next phase of our growth and  development and on keeping you updated  on our progress. bentonite. More importantly, we will create  a robust, highly competitive platform from  which to extend our already successful  core strategies of geographic expansion  and new product innovation. A closer  look at AMCOL’s capabilities, products,  and market presence demonstrates that  potential. AMCOL provides technologically  differentiated products to the energy,  environmental and consumer markets. This enables us to diversify our product  portfolio while maintaining our differentiated  minerals base, and allowing us entry into  new growth markets.  to create exciting, new industry-defining  products driven by customer needs. By combining with AMCOL, we’ll be able  to create a new generation of value-added  products for our customers, helping them  become even more competitive in the global marketplace. We expect the acquisition to be immediately  highly accretive, excluding transaction costs. Importantly, we have identified a significant  set of synergies, short, medium, and longer- term, that will allow us to grow profitably at  even higher rates than experienced over the  last four years, while we continue to generate  strong cash flows.  I’m particularly enthusiastic about the  potential value we can create by combining  our respective core competencies in  mineralogy, fine particle technology, surface  treatments and innovative approaches to  solving customer problems. You already  know the story of how MTI has deployed our  own research and development capabilities  As you know, I joined MTI just over seven  years ago with a clear mission: transform the  organization into a strong, high-performing  operating company and generate increasing  levels of shareholder value. I’m pleased that  we have hit several milestones in achieving  AMCOL is the world’s leading producer of  bentonite, an exceptionally versatile mineral  with multiple applications in worldwide  markets. The combination will give MTI  worldwide leadership positions in both  precipitated calcium carbonate (PCC), a  position we have held for many years, and  Market Capitalization (in millions) $1,395 2012 +48% $2,063 2013 Earnings Per Share 2.5 2.0 1.5 1.0 Diluted EPS $ 2010 2011 2012 2013 1.82 1.93 2.42 2.16