March 13, 2002

PRESS RELEASE

AMERICAN ELEMENTS ANNOUNCES LAUNCH OF NEW YTTRIFINE™ YTTRIUM OXIDE PRODUCT

[March 13, 2002, Los Angeles , CA] American Elements announced today the development of a new high purity yttrium oxide to be marketed under the trade name Yttrifine™. The material was developed for use in certain advanced ceramic applications. Applications include as a doping agent in zirconia to produce a superior yttria stabilized zirconia (YSZ) for use as an electrolyte in oxygen sensors, oxygen generation systems and in solid oxide fuel cell stacks.

The product is available in lot sizes up to 2,000 kg. Small orders are also available for university and corporate R&D applications.

American Elements is a Los Angeles based global manufacturer and developer of engineered and advanced materials with the world’s largest industrial catalogue of rare earth materials accessible electronically at www.americanelements.com. For further information on the new Chinese rare earth tax rates, please contact your local American Elements distributor or American Elements U.S. corporate headquarters at (1)310-208-0551, FAX (1)310-208-0351 or customerservice@americanelements.com.