media release Akzo Nobel Announces Further Details of Proposed ICI Acquisition and OBS Divestment October 01, 2007 PRESS RELEASE: Akzo Nobel N.V. (Akzo Nobel) has today published the agenda and accompanying Shareholders’ Circular for next month’s Extraordinary General Meeting of Shareholders. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN, INTO OR FROM AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. Amsterdam, the Netherlands, October 1, 2007 – Akzo Nobel N.V. (Akzo Nobel) has today published the agenda and accompanying Shareholders’ Circular for next month’s Extraordinary General Meeting of Shareholders. The Circular relating to the EGM—which is due to be held on November 5, 2007—explains that, subject to the approval of the shareholders of Akzo Nobel and ICI, and certain other conditions precedent, completion of the ICI deal is currently expected to take place on January 2, 2008. are also provided regarding the following: Cost synergies and additional benefits of ICI acquisition Management estimates that the operating cost savings and other synergies relating to the ICI paints business will result in a total post-tax net present value benefit of approximately EUR 2.5 billion after implementation costs. In addition to the pre-tax operating cost savings of EUR 280 million per annum announced on August 13, this figure includes preliminary assessments of further synergies amounting to a post-tax net present value benefit of approximately EUR 375 million. Update on strategic review of Specialty Starches and Specialty Polymers Akzo Nobel intends to find a new owner for ICI’s Specialty Starches activities and plans to retain ICI’s Specialty Polymers business. Update on Organon BioSciences transaction with Schering-Plough On March 12, 2007, Akzo Nobel announced that it had received an offer for Organon BioSciences from Schering-Plough for approximately EUR 11 billion in cash. The consultation procedures with the relevant employee representative bodies have been completed and the related sale and purchase agreement has been signed. It is expected that the transaction with Schering-Plough will be completed no later than the end of 2007. Rationale The Acquisition provides the opportunity to create a global leader in coatings and one of the largest specialty chemicals companies in the world with complementary brands, assets and skills, and leading positions in attractive specialty chemicals markets. The enlarged Akzo Nobel group will benefit from a diversified and broad geographic presence, a significantly strengthened Decorative Coatings business and highly attractive platforms for growth in emerging markets. ’ Circular The Circular contains important information about the Acquisition and all Akzo Nobel shareholders are advised to read it carefully before making any decision on this important matter. Capitalized terms used but not defined in this announcement have the same meanings as set out in the Shareholders’ Circular dated October 1, 2007. Note: Copies of the Shareholders’ Circular, EGM Agenda, and Note to the Agenda are included with this press release. --------------------------------------------------------------------------------------------------- Download the Shareholders' Circular can download the circular and find more information relating to the EGM here.