ARCH CHEMICALS INC.
501 MERRITT 7
P O BOX 4500
NORWALK, CT 06856-4500
(203) 750 - 3729
www.archchemical.com

UPGRADE  &  DOWNGRADE  HISTORY

Date Grading From To Analyst
5-Dec-00 DOWNGRADE   Buy  Accumulate Janney Montgomery Scott
7-Oct-99 INITIATED   at Buy   Janney Montgomery Scott
4-May-99 INITIATED   at Market Outperform   Goldman Sachs
16-Feb-99 INITIATED   at NT Accum/LT Buy   Merrill Lynch