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03-29-2018

AkzoNobel Finds Buyer for Specialty Chemicals Business

Future Focus on Paints and Coatings Company

Akzo Nobel N.V., Amsterdam, The Netherlands announces the sale of 100% of its Specialty Chemicals business to The Carlyle Group and GIC for an enterprise value of €10.1 billion. This transaction creates two focused and high performing businesses – Paints and Coatings, and Specialty Chemicals – as part of its strategy announced in April 2017. The transaction is expected to be completed before the end of 2018.

According to AkzoNobel, The Carlyle Group has a global presence and the financial capacity to enable the Specialty Chemicals business achieve its full potential. Carlyle has extensive experience investing in chemicals, unlocking long-term potential and creating value in its portfolio companies. Thierry Vanlancker, CEO AkzoNobel, said: “Today is a key milestone in creating two focused, high performing businesses, to generate value for all stakeholders. We delivered on our commitment to separate the Specialty Chemicals business and did so ahead of schedule."

The transaction is subject to customary closing conditions including the relevant regulatory approvals and consultation with the relevant employee representative bodies. AkzoNobel obtained shareholder approval for the separation at an Extraordinary General Meeting held on November 30, 2017. This transaction values Specialty Chemicals at EUR10.1 billion (Enterprise Value). On the basis of the year-end balance sheet, AkzoNobel expects to receive a cash payment of EUR 8.9 billion. Following deduction of deal and separation related costs, as well as other previously announced liabilities, the net proceeds are expected to be around EUR 7.5 billion. The vast majority of net proceeds will be distributed to shareholders.

The Carlyle Group is a global alternative asset manager with USD 195 billion of assets under management across 317 investment vehicles as of December 31, 2017. The Carlyle Group which was founded in 1987 in Washington, DC employs more than 1,600 people in 31 offices across six continents.

GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. It has investments in over 40 countries. Headquartered in Singapore, GIC employs over 1,400 people across 10 offices in key financial cities worldwide.

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Company profile

Akzo Nobel N.V. Headquarters

Christian Neefestraat1 2
NL 1077 WW AMSTERDAM

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