Timet is vertically integrated, capable of making its own titanium sponge. In 2011, more than 75 percent of Timet's sales were to aerospace and defense end markets, with PCC representing more than 15 percent of total sales. Timet operates seven primary melting or mill facilities in Henderson, Nevada; Toronto, Ohio; Morgantown, Pennsylvania; Vallejo, California; Witton, England; Waunarlwydd, Wales; and Ugine, France, and employs approximately 2,750 people. Notice to Investors The tender offer for the outstanding shares of common stock of Timet has not yet commenced, and this release is neither an offer to purchase nor a solicitation of an offer to sell securities. If and when the tender offer is commenced, (i) PCC will cause to be filed with the Securities and Exchange Commission (the "SEC") a tender offer statement and (ii) Timet will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9.