Investment Group Buying 7 Million Armstrong Shares

Fort Worth, TX, Aug 11, 2009-TPG Capital said it has agreed to purchase 7 million shares of Armstrong World Industries, Inc. through an affiliate.

TPG has agreed to purchase the shares, as well as economic interests in an additional 1,039,777 shares of Armstrong, from the Armstrong World Industries Asbestos Personal Injury Settlement Trust.

TPG's purchase price per share for all of its interests in Armstrong is the 20-day trailing volume-weighted average purchase price through Friday, August 7, of $22.31, for a total value of approximately $180 million.

It is anticipated that the transaction will be completed during the next several weeks.

TPG said it will begin a tender offer following the closing for 4,435,935 shares (or approximately eight percent) of the company's outstanding shares from investors unaffiliated with the trust at the same price per share.

The trust currently owns approximately 64 percent of Armstrong World Industries' stock. Following the close of the transaction with the trust, TPG will own approximately 12 percent of Armstrong World Industries' stock.

Upon closing, the trust and TPG will enter into a shareholder agreement which, among other things, contemplates that TPG and the Trust will each appoint two representatives and an observer to the Armstrong board of directors.