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Momentive Reports 34% Decrease in 2nd Qtr Sales (posted 8/13/09)

August 13, 2009
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Operating income for the 2009 second quarter was $3.6 million, down from $36.9 million in the second quarter of 2008.

Momentive Performance Materials Inc. recently reported its consolidated results for the second quarter of 2009. The company achieved net sales of $490.0 million, compared to $737.5 million in the fiscal three-month period ended June 29, 2008, a decrease of 33.6%. Adjusted EBITDA was $63.6 million, compared to adjusted EBITDA of $112.7 million in the fiscal three-month period ended June 29, 2008, a decrease of 43.6%.

Operating income for the 2009 second quarter was $3.6 million, vs. operating income of $36.9 million in the fiscal three-month period ended June 29, 2008. Net income attributable to Momentive Performance Materials Inc. was $102.8 million, compared to a net loss of $46.1 million in the fiscal three-month period ended June 29, 2008. Net income attributable to Momentive Performance Materials Inc. in the fiscal three-month period ended June 28, 2009, included a gain on exchange of debt of $178.7 million in connection with the company’s debt exchange consummated on June 15, 2009.

“Second quarter 2009 results benefited from modest improvements in demand compared to the first quarter and from cost reduction efforts, but the recession continued to significantly impact year-over-year comparisons,” said Jonathan Rich, president and CEO. “As we look forward to the second half of the year, sales and EBITDA visibility remains limited.”

Net sales for the Silicones segment in the second quarter of 2009 were $454.4 million, compared to $669.2 million for the same period in 2008, a decrease of 32.1%. The decrease was primarily due to the impact of the global recession on sales volume, which declined by 30.7%, and unfavorable exchange rate fluctuations of 5.0%, partially offset by an increase in selling prices.

Net sales for the Quartz segment in the 2009 second quarter were $35.6 million, compared to $68.3 million for the same period in 2008, a decrease of 47.9%. The decrease was primarily a result of weak overall demand for semiconductor-related products.

Additional information is available at www.momentive.com.

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