Nalco Chairman Announces Retirement

It was announced today that Dr. William H. Joyce, 71, will retire from his position as Chairman and Chief Executive Officer of Nalco effective 30th December, 2007 although he will continue to assist with the succession and transition process until the 31st March, 2008. A Board committee of independent directors has been formed to select his successor with this process expected to complete in a 'few' months.

Nalco also announced that an amended employment and consulting agreement had been reached with Dr. Joyce where he will receive $12 million of restricted Company shares to compensate him for his current and future services, non-compete and other post-retirement covenants and releases.

Dr Joyce has had an illustrious career, part of which was:

• Chairman of the Board and Chief Executive Officer of Nalco Company in October 2003, following the announcement by the investor group (included The Blackstone Group,
  Apollo Management, L.P., and Goldman Sachs Capital Partners) to acquire Nalco from Suez S.A. in a $4.2 billion transaction.
  
• Chairman and Chief Executive Officer of Hercules Incorporated, from May 2001.
  
• Chairman, President and Chief Executive Officer of Union Carbide Corporation from 1996 to May 2001.
  
• From 1995 to 1996, President and Chief Executive Officer at Union Carbide
• 1993 to 1995 he was President at Union Carbide
  
• COO Union Carbide 1992.
  

Since May 2001, Dr Joyce has provided strong leadership in the pulp and paper chemicals industry having both a strong knowledge and understanding of this business.