PPG Industries Begins Split-Off Exchange Offer for Commodity Chemicals Unit

PPG Industries (NYSE: PPG) today announced that it has commenced its exchangeoffer related to the split-off transaction of its commodity chemicalsbusiness. The split-off transaction is in connection with the separation andmerger of Eagle Spinco Inc., a wholly-owned subsidiary of PPG that will ownsubstantially all of the assets and liabilities of PPG's commodity chemicalsbusiness, with a subsidiary of Georgia Gulf Corporation (NYSE: GGC). Aspreviously announced, PPG entered into definitive agreements as of July 18,2012, to separate and merge its commodity chemicals business with GeorgiaGulf.Key elements of the exchange offer: * PPG shareholders have the option to exchange all, some or none of their shares of PPG common stock for shares of Eagle Spinco common stock, subject to proration as described below. Shares of Eagle Spinco common stock will convert automatically into the right to receive shares of Georgia Gulf common stock at the closing of the merger of a Georgia Gulf subsidiary with and into Eagle Spinco, which is expected to occur promptly after completion of the exchange offer. * Tendering PPG shareholders are expected to receive approximately $1.11 of Georgia Gulf common stock for every $1.00 of PPG common stock tendered, subject to the upper limit described below. * PPG will determine the prices at which shares of PPG common stock and shares of Eagle Spinco common stock (and ultimately Georgia Gulf common stock) will be exchanged by reference to the simple arithmetic average of the daily volume-weighted average prices of PPG common stock and Georgia Gulf common stock, respectively, on the New York Stock Exchange on each of the last three trading days of the exchange offer. * PPG currently expects to issue approximately 35,236,010 shares of Eagle Spinco common stock in the exchange offer. The exact number of shares of Eagle Spinco common stock to be issued will be equal to the greater of 35,200,000 or 1.02020202 times the number of shares of Georgia Gulf common stock outstanding immediately prior to the merger. The number of shares of PPG common stock that will be accepted in the exchange offer will depend on the final exchange ratio, the number of shares of Eagle Spinco common stock offered and the number of shares of PPG common stock tendered. Based on recent trading prices of the PPG common stock and the Georgia Gulf common stock, and assuming the issuance of 35,236,010 shares of Eagle Spinco common stock, if the exchange offer were fully subscribed, approximately 9,973,679 shares of PPG common stock would be accepted for exchange in the exchange offer. * The exchange offer and withdrawal rights are scheduled to expire at 8:00 a.m., New York City time, on January 28, 2013, unless the exchange offer is extended or terminated.The exchange offer is designed to permit PPG shareholders to exchange theirshares of PPG common stock for shares of Eagle Spinco common stock at adiscount of 10 percent to the per-share value of Georgia Gulf common stock,subject to a limit of 3.9745 shares of Eagle Spinco common stock per share ofPPG common stock. Each share of Eagle Spinco common stock will then convertautomatically into the right to receive one share of Georgia Gulf common stockfollowing the merger of the Georgia Gulf subsidiary with and into EagleSpinco. The shares of Georgia Gulf common stock issued in the merger areexpected to represent approximately 50.5 percent of the Georgia Gulf commonstock that will be outstanding after the merger.If the exchange ratio limit of 3.9745 shares of Eagle Spinco common stock pershare of PPG common stock is reached as of the initial expiration of theexchange offer, then the exchange offer will be subject to a mandatoryextension of two trading days, as described in the exchange offer materialsbeing sent to PPG shareholders.