Sherritt Announces Receipt of Minimum Tenders and Requisite Consents for Tender Offer and Solicitation of Consent for Senior Unsecured Debentures Due 2018 and 2020 - Seite 2

Although the early consideration period has expired, holders may still validly tender their Debentures and separately deliver their consents prior to 5:00 p.m. (eastern time) on October 8, 2014 (the "Expiry Time"), unless otherwise extended by Sherritt. These holders will receive the regular consideration of $1,010 and the regular consent fee of $1.00 per $1,000 of Debentures, for a total regular consideration of $1,011 per $1,000 principal amount of each of the 2018 Debentures and 2020 Debentures, plus accrued and unpaid interest to, but not including, the payment date.

The principal amount of 2018 Debentures tendered currently exceeds the maximum purchase amount of $150 million, therefore Sherritt will purchase $150 million of the 2018 Debentures tendered to the offer prior to the Expiry Time on a pro rata basis among all such 2018 Debentures. In addition, the principal amount of 2020 Debentures tendered currently exceeds the maximum purchase amount of $250 million, therefore Sherritt will purchase $250 million of the 2020 Debentures tendered to the offer prior to the Expiry Time on a pro rata basis among all such 2020 Debentures.

Holders of the 2018 Debentures or 2020 Debentures who have not yet tendered their debentures or delivered consents but who wish to do so prior to the Expiry Time should consult the offers to purchase and solicitations of consent dated September 11, 2014, together with the addendum dated September 16, 2014, (the "Offers to Purchase and Solicitation of Consent") which are available at www.sherritt.com under the Investor Relations section and at www.sedar.com. Holders should also contact their financial advisor or other intermediary as soon as possible.

Payment of the offer consideration and the consent fees will be made on the payment date which is expected to be October 10, 2014.

Conditions

The tender offers and solicitations of consent are subject to certain terms and conditions, as set forth more fully in the Offers to Purchase and Solicitations of Consent. These conditions include, among others, the execution of the Supplemental Indenture setting forth the 2018 amendments and the 2020 amendments and the successful completion of the offering of 2022 Notes.