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Ashland Analyst Day Call Transcript

Ashland Inc. (ASH)

Ashland Analyst Day Call

November 15, 2011 08:30 am ET

Executives

Dave Neuberger - Director, IR

Jim O'Brien - Chairman & CEO

John Panichella - SVP & President, Ashland Specialty Ingredients

Paul Raymond - SVP, Ashland Inc., and President, Ashland Water Technologies

Ted Harris - SVP, President, Ashland Performance Materials; and President, Global Supply Chain

Sam Mitchell - SVP and President, Ashland Consumer Markets

Lamar Chambers - SVP & CFO

Analysts

Dave Begleiter - Deutsche Bank

John Roberts - Buckingham Research

Mike Sison - KeyBanc

Jeff Zekauskas - JPMorgan

Dmitry Silversteyn - Longbow Research

Peter Goodson - Eminence Capital

Presentation

Dave Neuberger

Good morning and welcome to Ashland’s 2011 Analyst Day. I am Dave Neuberger, Director of Investor Relations. As a reminder today's event is being webcast live and will be available for replay for 12 months on Ashland’s website www.ashland.com. As shown on slide 2, forward-looking statements as defined in securities laws will be made during this presentation. We believe any such statements are based on reasonable assumptions, but cannot assure that such expectations will be achieved.

Please turn to slide 3. Please also note that during this presentation we will be discussing adjusted including pro forma and baseline results. Also we ask you to be aware that when we refer to EBITDA in the course of this presentation, we maybe referring to EBITDA, adjusted EBITDA or baseline EBITDA depending upon the period being referenced.

We believe these adjusted and baseline results enhance understanding of our current and future performance by reflecting certain key items and adjusting for the effects of certain acquisitions and divestitures.

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