Auditor

According to its Articles of Association, Talvivaara has one auditor elected by the Annual General Meeting of Shareholders. The term of an auditor terminates at the close of the Annual General Meeting of Shareholders following the election. The auditor shall be a company of auditors authorized by the Central Chamber of Commerce of Finland.

The auditor of the Company has been the Authorized Public Accountants PricewaterhouseCoopers. Ms. Ylva Eriksson, APA, has principal responsibility for the conduct of the audit. The auditors are paid based on approved invoices. In 2010, the compensation for auditing servicesamounted to EUR 76,000 in audit fees and to EUR 23,115 in non-audit fees.

The auditor is responsible for auditing the Company's and the Group's accounting records for the financial period, the financial statements and the report of the Board of Directors. In addition, Finnish law requires that the auditor also monitors the legality of the Company's administration.