KEMET Enters Into Agreement for New Credit Facility

September 29, 2008

GREENVILLE, SC – September 29, 2008 – KEMET Corporation (NYSE:KEM) today announced that it has entered into a new medium-term credit facility in the principal amount of EUR 60.0 million (Facility A) and received a commitment for a EUR 35.0 million credit facility (Facility B) with UniCredit Corporate Banking S.p.A. (UniCredit), a financial institution headquartered in Italy and part of the Milan-based UniCredit Group. These two facilities replace a EUR 95.0 million credit facility with UniCredit that KEMET previously announced on July 30, 2008. Closing on Facility A is expected to occur in approximately two weeks. Closing on Facility B is expected to occur as soon as factoring mechanisms are put in place, but in any event no later than April 2009.

We are pleased to complete another step in our efforts to reposition and improve our balance sheet, said Per Loof, KEMET’s Chief Executive Officer. While we remain focused on the execution of our plans to return to profitability, we will continue to explore alternatives that will improve our long-term liquidity and reduce our overall debt structure, continued Loof.

Under the terms of Facility A, KEMET will repay the principal amount in nine equal, semi-annual installments during the four and one-half year term with the first payment due in April 2009. The credit facility will be priced at EURIBOR plus 1.7 percent, and will be secured with land and real estate in Italy, certain accounts receivable in Europe, and a pledge of the shares of Arcotronics Italia S.p.A. and Arcotronics Industries S.r.l., two of KEMET’s subsidiaries in Italy. Facility B will be a factoring arrangement priced at EURIBOR plus 1.7 percent with repayment at maturity in December 2013. The use of proceeds from the new credit facilities will be to refinance two existing short-term credit facilities with UniCredit totaling EUR 96.8 million and currently scheduled to mature in December 2008 and April 2009.

KEMET Corporation (KEM) applies world-class service and quality to deliver industry-leading, high-performance capacitance solutions to its customers around the world. KEMET offers the world’s most complete line of surface-mount and through-hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics. KEMET’s common stock is listed on The New York Stock Exchange under the symbol KEM. Additional information about KEMET can be found at .