Halliburton: Asbestos Settlement is Final, Non-Appealable

January 3, 2005

Halliburton announced on Monday that the District Court’s affirmation order and the Bankruptcy Court’s order confirming the plan of reorganization filed by DII Industries, Kellogg Brown & Root (KBR) and other affected Halliburton subsidiaries are now final and non-appealable.

“This is exceptional news for Halliburton’s employees, customers and
shareholders. I am pleased that we have taken our final step and permanently resolved our asbestos liability,” said Dave Lesar, chairman, president and CEO of Halliburton. “The asbestos chapter in
Halliburton’s history is closed.”

The Debtors are out of the chapter 11 proceedings and can operate their businesses without Bankruptcy Court supervision.

Halliburton anticipates funding the trusts for current and future asbestos and silica claimants by the end of January 2005.

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