Huntsman Wins Again

Texas Appellate Court Unanimously Rejects Banks' Attempt to Overturn
Injunction

THE WOODLANDS, Texas, Oct. 23 /PRNewswire-FirstCall/ -- Huntsman
Corporation (NYSE: HUN) announced that the Court of Appeals for the Ninth
District of Texas has unanimously affirmed the decision of District Court
Judge Fred Edwards to award a temporary injunction in favor of Huntsman.
The injunction, entered by the District Court on October 13, enjoins
affiliates of Credit Suisse and Deutsche Bank (the "Banks") from filing any
lawsuit "that directly or indirectly alleges that the combination of Hexion
and Huntsman would be insolvent or would be in any way incapable of performing
its obligations to pay off the notes" to the Banks.
In writing for the three judge panel that affirmed the injunction, Chief
Justice Steve McKeithen noted that the Banks' commitment letter "does not
grant the Banks a right to obtain prospective judicial determination of the
future solvency of the merged corporation and there is no present controversy
between Hexion and the Banks over whether a yet-to-be issued solvency
certificate would satisfy that condition of the parties' agreement."
Noting the decision of the Delaware court in the earlier litigation
between Huntsman and Hexion, the Texas appellate court also found that "the
facts before the Delaware court are substantially the same as those presented
to the trial court in this case," and that "the Banks did not show the trial
court that any event had occurred in the interim" to justify overturning Judge
Edwards' injunction against the Banks.
Huntsman's President and CEO, Peter R. Huntsman, stated, "This is the
third court to rule in Huntsman's favor. It is time for Apollo and the banks
that contracted to close on this transaction to fulfill their
responsibilities. We are grateful to the courts that have protected our
contractual rights."
A jury trial on Huntsman's claims against the Banks, and against Apollo
Management, L.P., Leon Black and Joshua Harris, is set to begin February 9,
2009. Huntsman seeks more than $3 billion in actual damages, plus exemplary
damages, attorneys' fees and interest, for claims including fraud, tortious
interference and conspiracy.
About Huntsman:
Huntsman is a global manufacturer and marketer of differentiated
chemicals. Its operating companies manufacture products for a variety of
global industries, including chemicals, plastics, automotive, aviation,
textiles, footwear, paints and coatings, construction, technology,
agriculture, health care, detergent, personal care, furniture, appliances and
packaging. Originally known for pioneering innovations in packaging and,
later, for rapid and integrated growth in petrochemicals, Huntsman today has
13,000 employees and operates from multiple locations worldwide. The Company
had 2007 revenues of approximately $10 billion. For more information about
Huntsman, please visit the company's website at http://www.huntsman.com.
Forward-Looking Statements:
Statements in this release that are not historical are forward-looking
statements. These statements are based on management's current beliefs and
expectations. The forward-looking statements in this release are subject to
uncertainty and changes in circumstances and involve risks and uncertainties
that may affect the company's operations, markets, products, services, prices
and other factors as discussed in the Huntsman companies' filings with the
U.S. Securities and Exchange Commission. Significant risks and uncertainties
may relate to, but are not limited to, financial, economic, competitive,
environmental, political, legal, regulatory and technological factors. In
addition, the completion of any transactions described in this release is
subject to a number of uncertainties and closing will be subject to approvals
and other customary conditions. Accordingly, there can be no assurance that
such transactions will be completed or that the company's expectations will be
realized. The company assumes no obligation to provide revisions to any
forward-looking statements should circumstances change, except as otherwise
required by applicable laws.
SOURCE Huntsman Corporation

Media, Russ Stolle, +1-281-719-6624, or Investor Relations, Kurt Ogden,
+1-801-584-5959, both of Huntsman Corporation