IN THE UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF DELAWARE

IN RE:                                                  )CHAPTER 11
                                                        )
W.R. GRACE & CO., ET AL., (1)                           )CASE NO. 01-1139 (JKF)
                                                        )(JOINTLY ADMINISTERED)
             DEBTORS.                                   )




                         DEBTORS' PLAN OF REORGANIZATION
                         -------------------------------

           THIS PLAN PROVIDES, AMONG OTHER THINGS, FOR THE ISSUANCE OF
     INJUNCTIONS UNDER BANKRUPTCY CODE SS.SS. 105 AND 524(g) THAT RESULT IN
       THE CHANNELING OF ALL ASBESTOS-RELATED LIABILITIES OF W. R. GRACE
       & CO. AND THE ASBESTOS PROTECTED PARTIES (AS DEFINED HEREIN) INTO
                    A TRUST AS MORE FULLY DESCRIBED HEREIN.

KIRKLAND & ELLIS LLP             PACHULSKI, STANG, ZIEHL, YOUNG, JONES
David M. Bernick, P.C.           & WEINTRAUB P.C.
Janet S. Baer                    Laura Davis Jones (Bar No. 2436)
Jonathan P. Friedland            David W. Carickhoff, Jr. (Bar No. 3715)
Samuel L. Blatnick               919 North Market Street, 16th Floor
200 East Randolph Drive          P.O. Box 8705
Chicago, Illinois 60601          Wilmington, Delaware 19899-8705 (Courier 19801)
Telephone:  (312) 861-2000       Telephone:  (302) 652-4100

and

Bennett L. Spiegel
Lori Sinanyan
777 South Figueroa Street
Los Angeles, California 90017
Telephone:  (213) 680-8400



            - Co-Counsel for the Debtors and Debtors in Possession -

                            Dated: November 13, 2004

----------
(1) Debtors are defined in the Glossary.





                               TABLE OF CONTENTS
                               -----------------


ARTICLE 1.       DEFINITIONS, CONSTRUCTION OF TERMS, EXHIBITS  AND
                 ANCILLARY DOCUMENTS..........................................1
         1.1     Defined Terms................................................1
         1.2     Other Terms/Interpretation...................................1
         1.3     The Plan Documents...........................................2
         1.4     Ancillary Documents..........................................3

ARTICLE 2.       PROVISIONS FOR PAYMENT OF ADMINISTRATIVE
                 EXPENSES AND PRIORITY TAX CLAIMS.............................3
         2.1     Unclassified Claims..........................................3
         2.2     Payment of Allowed Administrative Expense Claims.............3
         2.3     Priority Tax Claims..........................................3

ARTICLE 3.       CLASSIFICATION AND TREATMENT OF CLAIMS AND
                 EQUITY INTERESTS.............................................4
         3.1     Summary......................................................4
                 3.1.1      Class 1. Priority Claims..........................4
                 3.1.2      Class 2. Secured Claims...........................5
                 3.1.3      Class 3. Unsecured Pass-Through Employee
                                     Related Claims...........................5
                 3.1.4      Class 4. Workers' Compensation Claims.............6
                 3.1.5      Class 5. Intercompany Claims......................6
                 3.1.6      Class 6. Asbestos PI-SE Claims....................6
                 3.1.7      Class 7. Asbestos PI-AO Claims....................7
                 3.1.8      Class 8. Asbestos PD Claims.......................8
                 3.1.9      Class 9. General Unsecured Claims.................9
                 3.1.10     Class 10. Equity Interests in the Parent..........9
                 3.1.11     Class 11. Equity Interests in the Debtors other
                                      than the Parent........................10
         3.2     Effect of Asbestos PI Claimant Electing Various Options.....10
                 3.2.1      Cash-Out Option..................................10
                 3.2.2      Litigation Option................................10
                 3.2.3      Registry Option..................................11

ARTICLE 4.       MODIFICATION OR WITHDRAWAL OF THIS PLAN.....................11
         4.1     Modification of this Plan; Amendment of Plan Documents......11
                 4.1.1      Modification of this Plan........................11
                 4.1.2      Amendment of Plan Documents......................11
         4.2     Withdrawal of this Plan.....................................11
                 4.2.1      Right to Withdraw this Plan......................11
                 4.2.2      Effect of Withdrawal.............................11

ARTICLE 5.       PROVISIONS FOR TREATMENT OF DISPUTED CLAIMS  AND
                 ASBESTOS CLAIMS GENERALLY...................................12
         5.1     Objections to Claims (other than Asbestos Claims);
                 Prosecution of Disputed Claims..............................12
         5.2     Distribution on Account of Disputed Claims..................12


                                       i



         5.3     Resolution of Asbestos Claims...............................12
                 5.3.1      Making of an Election by Asbestos PI Claimants...13
                 5.3.2      Claims Materials for Asbestos PI Claimants.......13
                 5.3.3      Information Obtained by the Asbestos Trust
                            or Reorganized Debtors Regarding Asbestos
                            PI Claims13
                 5.3.4      Withdrawal of Claims.............................13

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