Ashland Inc.Jefferies Industrials ConferenceNew York, August 2016Luis Fernandez-Moreno, President – Chemicals GroupKevin Willis, Chief Financial OfficerSeth A. Mrozek, Director Investor Relations  ® Registered trademark, Ashland or its subsidiaries, registered in various countries™ Trademark, Ashland or its subsidiaries, registered in various countries 
 

 *  Forward-Looking StatementsThis presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Ashland has identified some of these forward-looking statements with words such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” “forecasts,” “objectives,” “may,” “will,” “should,” “plans” and “intends” and the negative of these words or other comparable terminology. These forward-looking statements include statements relating to status of the separation process, the plan to pursue an IPO of up to 20 percent of the common stock of Valvoline and the expected completion of the separation through the subsequent distribution of Valvoline common stock, the anticipated timing of completion of the planned IPO and subsequent distribution of the remaining Valvoline common stock, the plan to reorganize under a new public holding company to be called Ashland Global Holdings Inc., and Ashland’s and Valvoline’s ability to pursue their long-term strategies. In addition, Ashland may from time to time make forward-looking statements in its annual report, quarterly reports and other filings with the Securities and Exchange Commission (SEC), news releases and other written and oral communications. These forward-looking statements are based on Ashland’s expectations and assumptions, as of the date such statements are made, regarding Ashland’s future operating performance and financial condition, including the proposed separation of its specialty chemicals and Valvoline businesses, the proposed IPO of its Valvoline business, the expected timetable for completing the IPO and the separation, the proposal to reorganize under a new public holding company, the future financial and operating performance of each company, strategic and competitive advantages of each company, the leadership of each company, and future opportunities for each company, as well as the economy and other future events or circumstances. Ashland’s expectations and assumptions include, without limitation, internal forecasts and analyses of current and future market conditions and trends, management plans and strategies, operating efficiencies and economic conditions (such as prices, supply and demand, cost of raw materials, and the ability to recover raw-material cost increases through price increases), and risks and uncertainties associated with the following: the possibility that the proposed IPO, new holding company reorganization or separation will not be consummated within the anticipated time period or at all, including as the result of regulatory, market or other factors or the failure to obtain shareholder approval of the new holding company reorganization; the potential for disruption to Ashland’s business in connection with the proposed IPO, new holding company reorganization or separation; the potential that the new Ashland and Valvoline do not realize all of the expected benefits of the proposed IPO, new holding company reorganization or separation or obtain the expected credit ratings following the proposed IPO, new holding company reorganization or separation; Ashland’s substantial indebtedness (including the possibility that such indebtedness and related restrictive covenants may adversely affect Ashland’s future cash flows, results of operations, financial condition and its ability to repay debt); the impact of acquisitions and/or divestitures Ashland has made or may make (including the possibility that Ashland may not realize the anticipated benefits from such transactions); severe weather, natural disasters, and legal proceedings and claims (including environmental and asbestos matters). Various risks and uncertainties may cause actual results to differ materially from those stated, projected or implied by any forward-looking statements, including, without limitation, risks and uncertainties affecting Ashland that are described in its most recent Form 10-K and its Form 10-Q for the quarterly period ended March 31, 2016 (including Item 1A Risk Factors) filed with the SEC, which is available on Ashland’s website at http://investor.ashland.com or on the SEC’s website at http://www.sec.gov. Ashland believes its expectations and assumptions are reasonable, but there can be no assurance that the expectations reflected herein will be achieved. Unless legally required, Ashland undertakes no obligation to update any forward-looking statements made in this presentation whether as a result of new information, future events or otherwise. This presentation does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.Regulation G: Adjusted ResultsThe information presented herein regarding certain unaudited adjusted results does not conform to generally accepted accounting principles in the United States (U.S. GAAP) and should not be construed as an alternative to the reported results determined in accordance with U.S. GAAP. Ashland has included this non-GAAP information to assist in understanding the operating performance of the company and its reportable segments. The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information related to previous Ashland filings with the SEC has been reconciled with reported U.S. GAAP results.  * 
 

 *  Additional Information and Where to Find ItIn connection with the reorganization of Ashland under a new holding company, Ashland filed with the SEC, and the SEC declared effective on August 5, 2016, the Ashland Global Holdings Inc. registration statement (the “Ashland Global Registration Statement”) that includes a proxy statement of Ashland Inc. that also constitutes a prospectus of Ashland Global Holdings Inc. with respect to the securities of Ashland Global Holdings Inc. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT ASHLAND INC., ASHLAND GLOBAL HOLDINGS INC. AND THE REORGANIZATION. The proxy statement/prospectus and other documents relating to the reorganization can be obtained free of charge from the SEC website at www.sec.gov. Non-solicitationThis presentation shall not constitute an offer to sell or a solicitation of an offer to buy such securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.   * 
 

 *  Ashland Chemicals GroupInvestor Day Recap  Note: FY 2015 figures. 
 

 *  Ashland Chemicals GroupInvestor Day Recap 
 

 *  Ashland Chemicals GroupInvestor Day Recap 
 

 *  Ashland Chemicals GroupInvestor Day Recap 
 

 *  Ashland Chemicals GroupImportant Actions Taken  Investments for constrained product linesHEC to support Coatings, Pharma and PC growth Nanjing expansion on stream in 2015 ad 2016Further capacity increases: productivity and de-bottleneckKlucel expansion for Pharma and Nutrition growthTwo year expansion to come on stream in 2017PVP expansions for Pharma and Personal CareAdhesives expansion in Europe for geographic growthInvestment in developing technologyHybrid research leveraging leadership in Core technologiesAcquisition of Zeta Fraction technology to expand Biofunctional footprintImproved supply chainOn time delivery and efficiency  $89MM cellulosicsexpansion in Hopewell, Va.  Zeta Fraction™ acquisition strengthened biofunctional skincare solutions 
 

 *  Ashland Chemicals GroupUnderlying Business Performance  Strong results in numerous key end marketsPharma, Coatings, Hair Care; return to growth in Nutrition and AdhesivesContinued mix improvements leading to improved marginsDisciplined cost controlEffectively managing SG&A expensesWorld class operationsAccelerating the innovation pipelineRecent introductions in hair & skin care, coatings, adhesives and constructionInvestments in new global centers of excellenceMitigated by the impact of the strong US dollar and energy marketPlus continued emerging market weaknessPrimarily Brazil and ChinaImpacting both consumer and industrial marketsShort term impact of consumer trading down 
 

 *  Ashland Chemicals GroupActions to Return to Profitable Growth  Organizational changes within the Chemicals GroupNew commercial leaders plus internal promotionsLeading to even more focus on our three core marketsAdditional cost reductions identified~$25 million over 18-24 monthsManufacturing cost-outs including regional productivity investmentsLaunch of a new commercial excellence initiativeDrive growth and customer valueAccelerate introduction of new productsLeverage enhanced new product pipeline 
 

 *  Ashland Chemicals GroupDriving Towards our Stated Objectives  Organic growthGreater mix from core growth end marketsNormalized global growth ratesExpanded capacity in key technology platformsCommercial excellenceLeveraging the strategy of customer intimacy and world-class operationsInnovation pipelineAccelerating new product introductionsCost reductionsIT, GBS, supply chain, manufacturing  ASI targets: Growth in core end markets of 1.5-2x global GDP; Adjusted EBITDA margins of 25-27% 
 

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