Hexion Receives Regulatory Approval To Proceed With Acquisition of Resin & Adhesives Business of Orica Limited

COLUMBUS, Ohio--Hexion Specialty Chemicals announced today it has been notified that the Australian Competition and Consumer Commission (ACCC) has completed its review of Hexion’s previously announced intent to acquire the resin and adhesives business of Orica Limited. The ACCC does not propose to intervene in the transaction and has not attached any conditions to its decision.

Based upon the successful completion of this regulatory review, Hexion anticipates closing of the transaction will occur in mid-January 2007. Hexion announced in August that it had reached an agreement with Orica Limited to buy its adhesives and resins business, which manufactures formaldehyde and formaldehyde-based binding resins in Australia and New Zealand used primarily in the forest products industry.

About Hexion Specialty Chemicals, Inc.

Based in Columbus, Ohio, Hexion Specialty Chemicals is the global leader in thermoset resins. Hexion serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Additional information is available at www.hexion.com.

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