Note O – Separate Financial Information of Subsidiary Guarantors of Indebtedness

The $250 million Senior Notes are fully and unconditionally and jointly and severally guaranteed on a senior unsecured basis by all of OMNOVA Solutions Inc.'s existing and future wholly-owned domestic subsidiaries that from time to time guarantee obligations under the Company's Senior Notes, with certain exceptions (the "Guarantors"). Current guarantor subsidiaries include Decorative Products Thailand Inc. ("Ohio") and OMNOVA Wallcovering (U.S.A.) Inc. Presented below are the condensed financial statements of OMNOVA Solutions ("Parent") as borrower, its combined Guarantor subsidiaries and its combined Non-Guarantor subsidiaries. The income (loss) of the Company's subsidiary guarantors and non-guarantors in these Condensed Consolidating Statements of Operations are presented under the equity method for purposes of this disclosure only.

Condensed Consolidating Statements of Operations for the Three Months Ended February 29, 2012


(Dollars in millions)	OMNOVA Solutions (Parent)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total

Net Sales	$	178.6		$	—		$	103.9		$	(6.6	)	$	275.9
Cost of products sold		140.1			—			81.4			(6.5	)		215.0

Gross profit		38.5			—			22.5			(.1	)		60.9

Selling, general and administrative		19.3			.4			9.8			—			29.5
Depreciation and amortization		4.1			—			3.9			—			8.0
Restructuring and severance		.5			—			—			—			.5
Interest expense		8.1			(.5	)		2.0			(.1	)		9.5
(Income) loss from subsidiaries		(4.5	)		(5.2	)		—			9.7			—
Other (income) expense, net		(.7	)		(.2	)		.1			—			(.8	)

		26.8			(5.5	)		15.8			9.6			46.7


Income (loss) from continuing operations before income taxes		11.7			5.5			6.7			(9.7	)		14.2
Income tax expense		3.1			—			.4			—			3.5

Income (loss) from continuing operations		8.6			5.5			6.3			(9.7	)		10.7
Income (loss) from discontinued operations		4.9			(1.0	)		(1.1	)		—			2.8

Net Income (Loss)	$	13.5		$	4.5		$	5.2		$	(9.7	)	$	13.5

Condensed Consolidating Statements of Operations for the Three Months Ended February 28, 2011

		000			000			000			000			000
(Dollars in millions)	OMNOVA Solutions (Parent)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total

Net Sales	$	176.8		$	—		$	98.5		$	(3.4	)	$	271.9
Cost of products sold		144.3			—			79.1			(3.6	)		219.8

Gross profit		32.5			—			19.4			.2			52.1

Selling, general and administrative		17.7			.2			9.5			—			27.4
Depreciation and amortization		4.1			—			3.9			—			8.0
Restructuring and severance		.2			—			.6			—			.8
Interest expense		7.3			—			1.8			.2			9.3
Acquisition and integration costs		1.9			—			—			—			1.9
Deferred financing fees write-off		1.0			—			—			—			1.0
(Income) loss from subsidiaries		(2.1	)		(1.8	)		—			3.9			—
Other (income) expense, net		(.3	)		(.1	)		(.1	)		—			(.5	)

		29.8			(1.7	)		15.7			4.1			47.9


Income (loss) from continuing operations before income taxes		2.7			1.7			3.7			(3.9)			4.2
Income tax expense		1.1			—			1.6			—			2.7

Income (loss) from continuing operations		1.6			1.7			2.1			(3.9)			1.5
Income (loss) from discontinued operations		(.6	)		.4			(.3	)		—			(.5	)

Net Income (Loss)	$	1.0		$	2.1		$	1.8		$	(3.9	)	$	1.0

Condensed Consolidating Statements of Financial Position February 29, 2012


(Dollars in millions)	OMNOVA Solutions (Parent)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total

ASSETS:
Current Assets
Cash and cash equivalents	$	84.0		$	—		$	34.6		$	—		$	118.6
Restricted cash		5.5			—			—			—			5.5
Accounts receivable, net		82.6			(.1	)		86.5			—			169.0
Inventories		52.3			—			52.0			(.6	)		103.7
Prepaid expenses and other		4.5			—			3.5			.1			8.1
Deferred income taxes		5.2			—			2.9			(1.1	)		7.0
Assets held for sale - current		—			—			13.8			—			13.8

Total Current Assets		234.1			(.1	)		193.3			(1.6	)		425.7

Property, plant and equipment, net		103.8			—			115.3			—			219.1
Trademarks and other intangible assets, net		79.9			—			94.3			.1			174.3
Deferred income taxes		66.8			—			5.2			(2.8	)		69.2
Investments in subsidiaries and intercompany		93.0			138.1			2.8			(233.9	)		—
Other assets		204.5			—			6.2			(189.3	)		21.4
Assets held for sale - non-current		.1			40.9			.1			(41.0	)		.1

Total Assets	$	782.2		$	178.9		$	417.2		$	(468.5	)	$	909.8


LIABILITIES AND SHARE HOLDERS' EQUITY:
Current Liabilities
Amounts due to banks	$	2.0		$	—		$	9.5		$	—		$	11.5
Accounts payable		66.0			.1			60.5			(.6	)		126.0
Accrued payroll and personal property taxes		9.1			.1			3.3			—			12.5
Employee benefit obligations		2.2			—			—			—			2.2
Deferred income taxes - current		—			—			1.2			(1.0	)		.2
Other current liabilities		17.6			.6			6.8			(.6	)		24.4
Liabilities held for sale - current		—			.5			5.7			—			6.2

Total Current Liabilities		96.9			1.3			87.0			(2.2	)		183.0
Long-term debt		443.9			—			—			—			443.9
Postretirement benefits other than pensions		7.7			—			—			—			7.7
Pension liabilities		82.6			—			9.1			—			91.7
Deferred income taxes		—			—			31.5			(2.8	)		28.7
Other liabilities		11.8			68.4			241.8			(306.5	)		15.5

Total Liabilities		642.9			69.7			369.4			(311.5	)		770.5

Shareholders' Equity
Common stock		4.6			—			57.1			(57.1	)		4.6
Additional contributed capital		326.1			140.6			8.9			(149.5	)		326.1
Retained earnings (deficit)		(101.3	)		(33.0	)		(20.8	)		53.8			(101.3	)
Treasury stock		(2.9	)		—			—			—			(2.9	)
Accumulated other comprehensive income (loss)		(87.2	)		1.6			2.6			(4.2	)		(87.2	)

Total Shareholders' Equity		139.3			109.2			47.8			(157.0	)		139.3

Total Liabilities and Shareholders' Equity	$	782.2		$	178.9		$	417.2		$	(468.5	)	$	909.8

Condensed Consolidating Statements of Financial Position November 30, 2011


(Dollars in millions)	OMNOVA Solutions (Parent)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
ASSETS:
Current Assets
Cash and cash equivalents	$	55.1		$	—		$	43.8		$	—		$	98.9
Restricted cash		4.2			—			—			—			4.2
Accounts receivable, net		87.7			—			75.5			—			163.2
Inventories		35.9			—			49.0			(.4	)		84.5
Deferred income taxes		4.5			—			3.0			(1.0	)		6.5
Prepaid expenses and other		2.6			—			1.3			—			3.9
Assets held for sale - current		—			—			16.6			—			16.6

Total Current Assets		190.0			—			189.2			(1.4	)		377.8

Property, plant and equipment, net		105.5			—			115.3			—			220.8

Trademarks and other intangible assets, net		80.5			—			95.1			(.1	)		175.5
Deferred income taxes		67.1			—			5.1			(3.1	)		69.1
Investments in subsidiaries and intercompany		84.4			138.1			2.7			(225.2	)		—
Other assets		214.1			(.1	)		6.1			(198.2	)		21.9
Assets held for sale - non-current		.1			40.9			(.1	)		(40.9	)		—

Total Assets	$	741.7		$	178.9		$	413.4		$	(468.9	)	$	865.1


LIABILITIES AND SHARE HOLDERS' EQUITY:
Current Liabilities
Amounts due to banks	$	2.0		$	—		$	9.3		$	—		$	11.3
Accounts payable		51.9			—			56.6			—			108.5
Accrued payroll and personal property taxes		13.2			.1			3.5			—			16.8
Employee benefit obligations		2.2			—			—			—			2.2
Deferred income taxes		—			—			1.1			(1.0	)		.1
Other current liabilities		4.6			.6			4.6			(.7	)		9.1
Liabilities held for sale - current		—			—			8.5			—			8.5

Total Current Liabilities		73.9			.7			83.6			(1.7	)		156.5

Long-term debt		444.3			—			—			—			444.3
Postretirement benefits other than pensions		7.8			—			—			—			7.8
Pension liabilities		82.6			—			8.9			—			91.5
Deferred income taxes		—			—			31.4			(3.1	)		28.3
Other liabilities		11.4			68.4			249.0			(313.8	)		15.0

Total Liabilities		620.0			69.1			372.9			(318.6	)		743.4

Shareholders' Equity
Common stock		4.6			—			57.1			(57.1	)		4.6
Additional contributed capital		324.9			140.6			8.9			(149.5	)		324.9
Retained earnings (deficit)		(114.8	)		(32.3	)		(27.1	)		59.4			(114.8	)
Treasury stock		(2.7	)		—			—			—			(2.7	)
Accumulated other comprehensive income (loss)		(90.3	)		1.5			1.6			(3.1	)		(90.3	)

Total Shareholders' Equity		121.7			109.8			40.5			(150.3	)		121.7

Total Liabilities and Shareholders' Equity	$	741.7		$	178.9		$	413.4		$	(468.9	)	$	865.1

Condensed Consolidating Statements of Cash Flows Three Months Ended February 29, 2012


(Dollars in millions)	OMNOVA Solutions (Parent)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Operating Activities
Net income (loss)	$	13.5		$	4.5		$	5.2		$	(9.7	)	$	13.5
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		4.0			—			4.0			—			8.0
Gain on sale of business		(6.0	)		—			—			—			(6.0	)
Non-cash stock compensation expense		1.3			—			—			—			1.3
Deferred income taxes		.4			—			(.5	)		(.1	)		(.2	)
Provision for obsolete inventories		.1			—			.1			.1			.3
Provision for doubtful accounts		.1			—			—			—			.1
Other		.8			—			—			—			.8
Changes in operating assets and liabilities:
Current assets		(13.7	)		—			.8			.4			(12.5	)
Current liabilities		19.7			.1			(9.6	)		(.5	)		9.7
Other non-current assets		(4.1	)		(5.2	)		15.3			(6.3	)		(.3	)
Other non-current liabilities		7.8			.1			(24.2	)		16.9			.6
Discontinued operations		(2.1	)		.5			—			—			(1.6	)

Net Cash Provided By (Used In) Operating Activities		21.8			—			(8.9	)		.8			13.7

Investing Activities
Capital expenditures		(2.0	)		—			(1.6	)		—			(3.6	)
Proceeds from sale of business		10.0			—			—			—			10.0

Net Cash Provided By (Used In) Investing Activities		8.0			—			(1.6	)		—			6.4

Financing Activities
Proceeds from borrowings		—			—			—			—			—
Repayment of debt obligations		(.5	)		—			—			—			(.5	)
Short-term debt (payments), net		—			—			(.1	)		—			(.1	)
Restricted cash		(1.3	)		—			—			—			(1.3	)

Net Cash Provided by (Used In) Financing Activities		(1.8	)		—			(.1	)		—			(1.9	)
Effect of exchange rate changes on cash		.9			—			1.4			(.8	)		1.5

Net Increase (Decrease) In Cash And Cash Equivalents		28.9			—			(9.2	)		—			19.7
Cash and cash equivalents at beginning of period		55.1			—			43.8			—			98.9

Cash And Cash Equivalents At End Of Period	$	84.0		$	—		$	34.6		$	—		$	118.6

Condensed Consolidating Statements of Cash Flows Three Months Ended February 28, 2011


(Dollars in millions)	OMNOVA Solutions (Parent)			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Total
Operating Activities
Net income (loss)	$	1.0		$	2.1		$	1.8		$	(3.9	)	$	1.0
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		4.0			—			4.0			—			8.0
Non-cash stock compensation expense		1.1			—			—			—			1.1
Deferred income taxes		.3			—			1.4			(1.0	)		.7
Provision for obsolete inventories		.4			—			1.8			(1.0	)		1.2
Provision for doubtful accounts		—			—			.6			—			.6
Other		.9			(.1	)		—			—			.8
Changes in operating assets and liabilities:
Current assets		(24.2	)		—			(17.2	)		3.0			(38.4	)
Current liabilities		(1.1	)		—			11.4			(2.7	)		7.6
Other non-current assets		(229.6	)		(1.8	)		(48.1	)		278.9			(.6	)
Other non-current liabilities		(47.6	)		—			161.0			(126.6	)		(13.2	)
Discontinued operations		(1.2	)		—			1.0			—			(.2	)

Net Cash Provided By (Used In) Operating Activities		(296.0	)		.2			117.7			146.7			(31.4	)

Investing Activities
Capital expenditures		(2.1	)		—			(2.7	)		—			(4.8	)
Acquisitions of businesses, less cash acquired		(21.5	)		(144.0	)		(104.2	)		—			(269.7	)
Restricted cash		253.2			—			—			—			253.2

Net Cash Provided By (Used In) Investing Activities		229.6			(144.0	)		(106.9	)		—			(21.3	)

Financing Activities
Proceeds from borrowings		198.4			—			—			—			198.4
Repayment of debt obligations		(141.8	)		—			—			—			(141.8	)
Short-term debt (payments), net		—			—			(1.3	)		—			(1.3	)
Payments for deferred financing fees		(10.2	)		—			—			—			(10.2	)
Other		4.4			143.6			(3.2	)		(143.5	)		1.3

Net Cash Provided by (Used In) Financing Activities		50.8			143.6			(4.5	)		(143.5	)		46.4
Effect of exchange rate changes on cash		—			.2			8.5			(3.2	)		5.5

Net Increase (Decrease) In Cash And Cash Equivalents		(15.6	)		—			14.8			—			(.8	)
Cash and cash equivalents at beginning of period		49.6			—			21.6			—			71.2

Cash And Cash Equivalents At End Of Period	$	34.0		$	—		$	36.4		$	—		$	70.4