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

December 13, 2006 at 12:00 AM EST

COLUMBUS, Ohio – (December 13, 2006) – 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 Safe Harbor Language

Statements contained in this press release may include "forward-looking statements" about the Company's financial results under the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Forward-looking statements are based on our currently available financial, economic and competitive data and on business plans. Actual results could vary materially depending on risks and uncertainties that may affect the company's operations, markets, services, prices and other factors as discussed in our filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological factors. There is no assurance that the company's expectations will be realized. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as otherwise required by law.