PPG Sets Final Exchange Ratio of 3.2562 for Split-off of Commodity Chemicals Business

  PPG Sets Final Exchange Ratio of 3.2562 for Split-off of Commodity Chemicals
  Business

Business Wire

PITTSBURGH -- January 25, 2013

PPG Industries (NYSE:PPG) today announced that the final exchange ratio for
its exchange offer for PPG common stock is set at 3.2562 shares of Eagle
Spinco Inc. common stock for each share of PPG common stock validly tendered
and not withdrawn pursuant to the exchange offer. This exchange ratio permits
PPG shareholders to exchange their shares of PPG common stock for shares of
common stock of Eagle Spinco Inc., a wholly-owned subsidiary of PPG that will
own substantially all the assets and liabilities of PPG’s commodity chemicals
business. After PPG’s acceptance of shares in the exchange offer, Eagle Spinco
will merge with a subsidiary of Georgia Gulf Corporation (NYSE:GGC) and each
share of Eagle Spinco common stock will convert automatically into the right
to receive one share of Georgia Gulf common stock.

As previously announced, PPG entered into definitive agreements as of July 18,
2012, to separate its commodity chemicals business and merge it with Georgia
Gulf.

The exchange offer will expire at 8:00 a.m., New York City time, on January
28, 2013, unless terminated or extended, and the closing of the Eagle Spinco
merger is expected to occur after completion of the exchange offer. The
transactions are subject to customary closing conditions.

PPG is offering 35,249,104 shares of Eagle Spinco common stock in exchange for
shares of PPG common stock. Based on the final exchange ratio, PPG will accept
for exchange a maximum of 10,825,227 shares of PPG common stock. The upper
limit of 3.9745 shares of Eagle Spinco common stock for each share of PPG
common stock is not in effect.

The exchange offer will be subject to proration if it is oversubscribed, and
accordingly, the number of shares of PPG common stock accepted in the exchange
offer may be less than the number of shares of PPG common stock tendered. If
the exchange offer is consummated but not fully subscribed, PPG will
distribute all of the shares of Eagle Spinco common stock it continues to own
as a pro rata dividend to all PPG shareholders whose shares of PPG common
stock remain outstanding and have not been accepted for exchange in the
exchange offer.

About PPG and Its Commodity Chemicals Business

PPG Industries' vision is to continue to be the world’s leading coatings and
specialty products company. Through leadership in innovation, sustainability
and color, PPG helps customers in industrial, transportation, consumer
products, and construction markets and aftermarkets to enhance more surfaces
in more ways than does any other company. Founded in 1883, PPG has global
headquarters in Pittsburgh and operates in nearly 70 countries around the
world. Sales in 2012 were $15.2 billion. PPG shares are traded on the New York
Stock Exchange (symbol: PPG). For more information, visit www.ppg.com.

PPG’s commodity chemicals business is a global producer of chlorine, caustic
soda and related chemicals for use in applications such as chemical
manufacturing, pulp and paper production, water treatment, plastics production
and agricultural products, with manufacturing facilities in the U.S., Canada
and Taiwan.

Forward-Looking Statements

Statements in this news release relating to matters that are not historical
facts are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 reflecting PPG Industries’ current
view with respect to future events or objectives and financial or operational
performance or results. These matters involve risks and uncertainties as
discussed in PPG Industries’ periodic reports on Form 10-K and Form 10-Q, and
its current reports on Form 8-K, filed with the Securities and Exchange
Commission (the “SEC”). Accordingly, many factors could cause actual results
to differ materially from the company’s forward-looking statements. This news
release also contains statements about PPG Industries’ agreement to separate
its commodity chemicals business and merge it with Georgia Gulf Corporation or
a subsidiary of Georgia Gulf (the “Transaction”) and its offer to exchange
shares of PPG common stock for shares of Eagle Spinco Inc. common stock (and
ultimately shares of Georgia Gulf common stock) (the “Exchange Offer”). Many
factors could cause actual results to differ materially from the company’s
forward-looking statements with respect to the Transaction and the Exchange
Offer, including the number of shares of PPG common stock tendered and
accepted; the number of shares of Eagle Spinco (and ultimately Georgia Gulf)
common stock issued in the Exchange Offer; the ultimate pricing, discount and
other parameters of the Exchange Offer; the parties’ ability to satisfy the
conditions of the Transaction; the parties’ ability to complete the
Transaction on anticipated terms and schedule, including the ability of PPG to
successfully complete the Exchange Offer and the ability of the parties to
obtain regulatory approvals; risks relating to any unforeseen liabilities,
future capital expenditures, revenues, expenses, earnings, synergies, economic
performance, indebtedness, financial condition, losses and future prospects;
business and management strategies for the management, expansion and growth of
Georgia Gulf’s operations; Georgia Gulf’s ability to integrate PPG’s commodity
chemicals business successfully after the closing of the Transaction and to
achieve anticipated synergies; and the risk that disruptions from the
Transaction will harm PPG’s or Georgia Gulf’s business. Consequently, while
the list of factors presented here is considered representative, no such list
should be considered to be a complete statement of all potential risks and
uncertainties. Unlisted factors may present significant additional obstacles
to the realization of forward-looking statements. Consequences of material
differences in results as compared with those anticipated in the
forward-looking statements could include, among other things, business
disruption, operational problems, financial loss, legal liability to third
parties and similar risks, any of which could have a material adverse effect
on PPG’s consolidated financial condition, results of operations or liquidity.
Forward-looking statements speak only as of the date of their initial
issuance, and PPG does not undertake any obligation to update or revise
publicly any forward-looking statement, whether as a result of new
information, future events or otherwise, except as otherwise required by
applicable law.

Additional Information and Where to Find It

This communication does not constitute an offer to buy, or solicitation of an
offer to sell, any securities of Georgia Gulf, PPG's commodity chemicals
business or PPG. In connection with the Transaction, Georgia Gulf has filed
with the SEC a registration statement on Form S-4 that includes a prospectus
of Georgia Gulf relating to the Transaction. In addition, Eagle Spinco Inc., a
subsidiary of PPG Industries, has filed with the SEC a registration statement
on Form S-4 and S-1 that includes a prospectus of the PPG commodity chemicals
business relating to the Transaction. INVESTORS AND SECURITY HOLDERS ARE URGED
TO READ THE REGISTRATION STATEMENTS AND PROSPECTUS, AND ANY OTHER RELEVANT
DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT GEORGIA GULF,
PPG’S COMMODITY CHEMICALS BUSINESS AND THE TRANSACTION. Investors and security
holders may obtain these materials and other documents filed with the SEC free
of charge at the SEC’s website, www.sec.gov. In addition, copies of the
registration statements and prospectus may be obtained free of charge by
accessing Georgia Gulf's website at www.ggc.com and clicking on the
“Investors” link and then on the “SEC Filings” link, or upon written request
to Georgia Gulf, Georgia Gulf Corporation, 115 Perimeter Center Place, Suite
460, Atlanta, GA 30346, Attention: Investor Relations, or from PPG upon
written request to PPG, PPG Industries, Inc., One PPG Place, Pittsburgh, PA
15272, Attention: Investor Relations. Shareholders also may read and copy any
reports, statements and other information filed by Georgia Gulf, PPG or Eagle
Spinco with the SEC at the SEC public reference room at 100 F Street, N.E.,
Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC's
website for further information on its public reference room.

Post-Commencement Written Communications

In connection with the exchange offer for the split-off of the shares of
common stock of Eagle Spinco, PPG filed on December 27, 2012, a tender offer
statement with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE
TENDER OFFER STATEMENT, BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors
and security holders may obtain a free copy of the tender offer statement and
other documents filed by PPG with the SEC from the SEC’s web site at
www.sec.gov.

Contact:

PPG Industries, Inc.
Jeremy Neuhart, PPG Corporate Communications, 412-434-3046
neuhart@ppg.com
or
Investors:
Vince Morales, PPG Investor Relations, 412-434-3740
vmorales@ppg.com