Teaneck, NJ, March 31, 2013 - Nippon Paint Co., Ltd. (NPC), parent company of Nippon Paint (USA) Inc. (NP-USA®), reported that Wuthelam Holdings has withdrawn its January tender offer of 72 billion Yen ($751 million). Wuthelam is currently NPC’s top shareholder.

The two companies will continue discussions to establish new possible joint ventures in Asia under the highly successful Nipsea Management Company, a joint venture between NPC and Wuthelam.

Hidefumi Morita, President of NP-USA® and CEO of U.S. subsidiaries NB Coatings, Inc. and NPA Coatings Inc. said “We are pleased that the two companies have determined to continuing their long-term relationship by working side by side through Nipsea to develop new strategic opportunites.”

About NP-USA®:

Nippon Paint (USA) Inc. (NP-USA®) was established in 1990 as a wholly owned subsidiary of Nippon Paint Co., Ltd. of Osaka, Japan to function as both a holding company for U.S. operations and a distributor for its affiliates. NP-USA®’s mission is to enhance Nippon Paint’s position in the U.S. market by facilitating the successful achievement of the goals of the NP-USA® Group.

About Nippon Paint Co., Ltd.

Nippon Paint Co., Ltd., headquartered in Osaka, Japan was established in 1881 and today is a leader in the global paint and coatings industry. Its managing principle is to contribute to the welfare of society as a whole through its business activities, working together for the mutual harmony and benefit of everyone. It is Nippon Paint's vision to expand globally as a specialty chemical company, offering high value-added coatings. Additionally, it is their fundamental commitment to become a trusted, eco-friendly company

that helps protect the environment.

About Wuthelam Holdings Pte. Ltd.

Headquartered in Singapore, Wuthelam Holdings Pte Ltd is a corporate group whose main business is to manufacture and sell paints and coatings. Since the 1960s, Wuthelam Holdings Pte Ltd has been a joint venture partner with Nippon Paint for coatings business in Asian countries.

About Nipsea Management Company

Nippon Paint South East Asia (NIPSEA) Management Company was formed in 1962 in Singapore as a joint venture between Nippon Paint Co., Ltd. and Wuthelam Holdings Pte Ltd. Since then, it has grown into a major Asian player with over 15,000 employees and 30 manufacturing facilities in 12 countries. The company produces close to 1 billion litres of paints and coatings annually.