MORGAN STANLΕY, shareholder of S&B Industrial Minerals S.A., with its letter on 27/10/2006, announced to the company that on 25/10/2006 MORGAN STANLEY & CO INTERNATIONAL Ltd controlled by MORGAN STANLΕY acquired shares of S&B. Hence total participation of MORGAN STANLΕY over the total voting rights, based on articles 7 and 8 of the presidential decree 51/1992, reached 6.925% from 4,955%. The aforementioned percent includes the participation of MORGAN STANLEY & CO INTERNATIONAL Ltd, i.e. 6.925% while the participation of MORGAN STANLΕY over the total voting rights of S&B Industrial Minerals S.A. shares remained zero. According to MORGAN STANLEYs statement, the above shares were purchased on behalf of LANSDOWNE PARTNERS LIMITED PARTNERSHIP, the participation of which seems to be in excess of 5%.