PPG Issues Updated Statement

PITTSBURGH–(BUSINESS WIRE)–PPG (NYSE:PPG) today issued the following updated statement in
connection with its proposal to AkzoNobel (AKZA.AS:AKZOY) to form a
combined company:

Since PPG’s proposal to combine with AkzoNobel became public, PPG has
communicated with, on multiple occasions, more than 100 equity
investors, mostly AkzoNobel shareholders including representatives from
Elliott Advisors. Near unanimous feedback from those many meetings is
AkzoNobel’s equity shareholders are disappointed by AkzoNobel’s refusal
to engage with PPG and their lack of focus on shareholder concerns and
value. We certainly understand and appreciate shareholders’ growing
disappointment that AkzoNobel leadership has not yet met with us to
discuss our compelling offer to combine the two companies for the
benefit of all stakeholders.

There was no communication regarding PPG’s private proposal to AkzoNobel
with any shareholders prior to AkzoNobel publicly rejecting PPG’s
initial proposal on March 9, 2017. Additionally, there were no
communications regarding our revised proposal with any shareholders
prior to AkzoNobel’s second public rejection on March 22, 2017. There
has not been any, and there are currently no agreements or arrangements,
in whatever form, between PPG and Elliott Advisors. As a matter of
clarification, PPG does not own and has not traded in AkzoNobel stock.
PPG continues to act independently and will continue to do so.

PPG has always maintained its strict and long-standing policy of not
sharing any material, non-public information and has acted in compliance
with applicable laws and regulations, including those of the
Netherlands, with respect to communications with any shareholders.

It would be preferable from PPG’s perspective if AkzoNobel would speak
with us rather than about us. We continue to invite AkzoNobel to meet
with us and strongly believe it’s in the best interest of their

To view the previous announcements related to PPG’s proposal to combine
with AkzoNobel, click
. To learn more about PPG, visit www.ppg.com.

This announcement does not constitute an offer, or any solicitation
of any offer, to buy or subscribe for any securities. Any offer will be
made only by means of an offer memorandum. This announcement is not for
release, publication or distribution, in whole or in part, in, into or
from, directly or indirectly, any other jurisdiction in which such
release, publication or distribution would be unlawful.

PPG Overview and its History and Commitment in the Netherlands


PPG is a leading global supplier of paints, coatings and specialty
materials. PPG has annual revenues of approximately $15 billion and a
current market capitalization of approximately $27 billion. Over $4.1
billion of PPG’s annual revenues is in Europe, with approximately $360
million in annual revenues in the Netherlands, where PPG has a deep
commitment and a long history in the country, dating back nearly 300

Today, PPG employs more than 45,000 employees worldwide, with nearly
1,000 in the Netherlands and another 14,000 across the rest of the
Europe, Middle East and Africa region. PPG operates over 150 plants
globally, including 45 plants across 15 countries in Europe, with
facilities in Tiel, Delfzijl, Amsterdam, Uithoorn and Den Bosch in the

At PPG, employees work every day to develop and deliver the paints,
coatings and materials that customers trust to protect and beautify
their products. Through dedication and creativity, PPG employees solve
their customers’ biggest challenges, collaborating closely to find the
right path forward.

PPG serves the construction, consumer products, industrial and
transportation markets and aftermarkets. Ranked No. 182 in the FORTUNE
500, PPG was named Fortune’s most admired company in the chemicals
sector in 2017.

Every day, PPG collaborates with employees and community partners to
make its vision of bringing color and brightness to communities a
reality. PPG dedicates its financial resources, products and its
passionate employee volunteers to address the needs of communities and
to help transform and brighten lives.

In 2016, PPG supported hundreds of community organizations across 25
countries. PPG’s signature program is its COLORFUL COMMUNITIES™
initiative, which increases its commitment to invest in communities and
supports projects that transform community spaces, providing PPG
volunteers and donated PPG products. Since the program’s launch, PPG
employee volunteers completed nearly 60 Colorful Communities projects,
positively impacting 1.8 million people. This included 15 projects in
Europe, including the beautification of the Amsta Karaad residential
care facility in Amsterdam. PPG has approximately 80 Colorful
projects planned for 2017, with more than 15
identified within Europe.

PPG also has been a significant financial contributor to the NEMO
Science Center in Amsterdam, and the company matches employee charitable
contributions in the Netherlands and across Europe in addition to our
U.S. and Canada operations.

PPG will soon be reporting in its 2016 Sustainability Report that since
2012, the company has reduced its waste disposal intensity by 11 percent
and reduced its greenhouse gas intensity by 29 percent, to mention just
two of its accomplishments. PPG’s sustainability efforts and activities
have been recognized worldwide, including in 2015, when Fiat Chrysler
Automobiles Group named PPG its “Sustainability Supplier of the Year”
for the Europe, Middle East and Africa region.

To learn more about PPG, visit www.ppg.com.

Forward-Looking Statements

This press release contains certain statements about PPG Industries,
Inc. (“PPG”) that are “forward-looking statements” within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. These matters
involve risks and uncertainties as discussed in PPG’s periodic reports
on Form 10-K and Form 10-Q, and its current reports on Form 8-K, filed
from time to time with the Securities and Exchange Commission. The
forward-looking statements contained in this press release include
statements about the proposed acquisition of Akzo Nobel N.V.
(“AkzoNobel”) by PPG (such proposed acquisition, the “Transaction”), the
terms of the proposed Transaction and the expected benefits of the
Transaction for PPG, AkzoNobel and their respective shareholders.
Without limitation, any statements preceded or followed by or that
include the words “targets,” “plans,” “believes,” “expects,” “intends,”
“will,” “likely,” “may,” “anticipates,” “estimates,” “projects,”
“should,” “would,” “could,” “positioned,” “strategy,” “future,” or
words, phrases or terms of similar substance or the negative thereof,
are forward-looking statements. These statements are based on the
current expectations of the management of PPG and are subject to
uncertainty and to changes in circumstances and involve risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied in such forward-looking statements. In
addition, these statements are based on a number of assumptions that are
subject to change. Such risks, uncertainties and assumptions include:
whether an agreement in respect of the Transaction will be negotiated
and executed; uncertainties as to whether AkzoNobel will cooperate with
PPG regarding the Transaction and whether AkzoNobel’s management or
supervisory boards will endorse the Transaction; the effect of the
announcement of the Transaction on the ability of PPG and AkzoNobel to
retain customers, to retain and hire key personnel and to maintain
favorable relationships with suppliers; the terms of the proposed
Transaction; the timing of the proposed Transaction; the satisfaction of
any conditions to the completion of the Transaction and other risks
related to the completion of the Transaction and actions related
thereto; risks relating to any unforeseen liabilities, future capital
expenditures, revenues, expenses, earnings, economic performance,
indebtedness, financial condition, future credit ratings, future
prospects; business and management strategies; the expansion and growth
of PPG’s and AkzoNobel’s operations; PPG’s ability to integrate
AkzoNobel’s business successfully after the closing of the Transaction
and to achieve anticipated synergies and benefits; and the risk that
disruptions from the Transaction will harm the combined companies’
business. However, it is not possible to predict or identify all such
factors. 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. Forward-looking statements included
herein are made as of the date hereof, and PPG undertakes no obligation
to update publicly such statements to reflect subsequent events or

Additional Information About the Proposed Transaction and Where to
Find It

An agreement in respect of the Transaction described in this press
release has not yet been executed, and this press release is neither an
offer to sell securities, a solicitation of a proxy, nor a substitute
for a registration statement or proxy statement or other filings that
may be made with the SEC. Any proxy solicitation of PPG’s shareholders
will be made through materials filed with the Securities and Exchange
Commission (“SEC”) and no offer of securities to U.S. security holders
or holders of ADRs representing AkzoNobel shares shall be made except by
means of a prospectus meeting the requirements of the Securities Act of
1933, as amended. Should an agreement with respect to the Transaction be
reached, PPG expects to file relevant materials with the SEC, including
a registration statement on Form S-4 and a proxy statement. Investors
and security holders are urged to read all relevant documents filed with
the SEC (if and when they become available), including the prospectus
and proxy statement, because they will contain important information
about the Transaction. Investors and security holders will be able to
obtain these documents (if and when available) free of charge at the
SEC’s website http://www.sec.gov,
or from PPG’s Investor Center website http://investor.ppg.com.

Participants in the Solicitation

This press release is neither a solicitation of a proxy nor a substitute
for any proxy statement or other filings that may be made with the SEC.
Nonetheless, PPG and its affiliates and their directors and executive
officers and certain employees may be deemed to be participants in the
solicitation of proxies from the holders of PPG common stock with
respect to the Transaction. Information about such parties and a
description of their interests are set forth in PPG’s 2016 Annual
Report. Additional information regarding the interests of such
participants will also be included in the materials that PPG would file
with the SEC in connection with a Transaction. These documents (if and
when available) may be obtained free of charge from the SEC’s website http://www.sec.gov or
PPG’s Investor Center website http://investor.ppg.com.

We protect and beautify the worldColorful Communities and
the PPG Logo are trademarks and registered trademarks of PPG
Industries Ohio, Inc.


PPG Media Contact:
Bryan Iams, +1-412-434-2181
Investor Contact:

Scott Minder, +1-412-434-3466