Australian Vinyls Float

3rd June, 1998

Orica Limited (formerly ICI Australia Limited) and The Geon Company today announced that they have approved the sale of their entire interests in the joint venture company Australian Vinyls Corporation Limited ("Australian Vinyls") by way of a public flotation on the Australian Stock Exchange, subject to the completion of satisfactory underwriting arrangements, price and market conditions.

Australian Vinyls commenced operations on 1 August 1997, by combining the Australian PVC resin and compound operations of Orica and Geon. Orica Limited holds a 62.6% share in Australian Vinyls and Geon 37.4%. The potential public

float of Australian Vinyls is consistent with the information provided at the time of the initial announcement of the joint venture, and in the Offer Document for the sale by ICI PLC of its shares in ICI Australia (now Orica).

Orica and Geon have appointed Merrill Lynch and SBC Warburg Dillon Read as advisers to the float.