Executive Officers

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James J. O'Brien, Chairman and Chief Executive Officer

Ashland Inc. Chairman and Chief Executive Officer James J. O'Brien, 54, knows Ashland and knows the chemical business. Since 2002, he has presided over the transformation of Ashland from a multi-industry petroleum refiner and marketer with holdings in chemicals and transportation construction into a global specialty chemicals company. O'Brien guides a company of 16,000 employees working to develop products, services and solutions that, through chemistry, meet customers' needs and contribute to improved quality of life.

As chairman and chief executive officer, O'Brien leads Ashland's Executive Committee, whose members set Ashland's global strategy, manage its capital, and uphold Ashland's operating principles.

O'Brien joined the former Ashland Chemical Company in 1976 as an accountant, a year after starting as an accounting intern. He quickly moved into operations, serving in product marketing and sales management positions in the chemicals and plastics businesses during the '80s.

By 1992, Ashland, then known as Ashland Oil Inc., was a large multi-industry corporation: the largest North American distributor of chemicals and plastics; a leading supplier of specialty chemicals worldwide; one of the U.S.'s largest highway contractors; a producer of natural gas, crude oil and coal; one of the largest independent refiners; a regional gasoline retailer and a top U.S. motor oil marketer. Also by 1992, O'Brien had gained the attention of then-Chairman and CEO John R. Hall. Hall tapped O'Brien to serve as his executive assistant to support him as the company grew its nonrefining businesses, strengthened its competitive position and focused on reducing its dependence on earnings from refining.

The year 1994 saw O'Brien, as vice president of Ashland Oil and general manager of branded marketing, take on the challenge of reinvigorating Ashland's branded gasoline marketing operations. Barely a year later, he was named president of the company's Valvoline division and became an executive officer of Ashland. At Valvoline, O'Brien and his team implemented a master brand strategy, while driving innovation and expanding the product line. In 2001, as group operating officer, O'Brien initiated the successful redesign of the Ashland Distribution business model and increased Ashland Specialty Chemical's focus on markets, new products and applications and geographic expansion.

This broad experience prepared O'Brien to lead the transformation that Ashland is undergoing today. With his proven teambuilding skills and a clear vision of the Ashland of the future, O'Brien was elected to his present role of chairman and chief executive officer in 2002.

A native of Circleville, Ohio, O'Brien is a graduate of The Ohio State University, from which he earned a bachelor's degree in accounting and finance and a master's degree in business administration. He is a 1994 graduate of Leadership Kentucky.

O'Brien serves as a director of Humana Inc. He is also chairman of the board of trustees of Midway College, a member of the Dean's Advisory Council for the Fisher Graduate College of Business at The Ohio State University, and serves on the board of directors of Big Brothers Big Sisters of America.

Lamar M. Chambers, Senior Vice President and Chief Financial Officer

Mr. Chambers, 54, possesses extensive experience managing financial, administrative and operational functions broadly within Ashland. Elected senior vice president and chief financial officer in 2008, he oversees Ashland's worldwide financial functions and processes, including financial accounting and reporting, treasury and finance, insurance, business development, planning and analysis, investor relations, tax and internal audit activities. A member of Ashland's Executive Committee, he shares overall responsibility for setting Ashland's global strategy, managing capital, and upholding Ashland's operating principles.

Chambers joined Ashland in 1976 as a staff auditor in internal auditing. During the following years, he moved through various analyst positions with then-subsidiaries Ashland Coal and Ashland Paving And Construction, Inc. (APAC). He was appointed controller for APAC in 1987.

He returned to the corporate sector of Ashland as assistant controller in 1991 and, in 1994, was selected to serve as executive assistant to the chairman and CEO.

In 1996, Chambers returned to Ashland's operations when he was named administrative vice president for Ashland Petroleum Company and, in 1998, vice president, finance, and controller for Marathon Ashland Petroleum LLC, which was divested in 2005. Later in 1998, Chambers was designated to the position of auditor for Ashland. In 2001, he returned to APAC where he served as senior vice president, finance and administration, until 2003, when he was named vice president of regional operations. Chambers was elected vice president and controller of Ashland in 2004 and to his present role in 2008.

A native of Marietta, Ga., Chambers earned a bachelor's degree in business administration from the University of West Georgia. He is also a graduate of the Executive Development Program at Indiana University's Kelly School of Business and is a member of the American Institute of Certified Public Accountants.

David L. Hausrath, Senior Vice President and General Counsel

As senior vice president and general counsel, Mr. Hausrath, 57, is responsible for managing all legal and corporate governance matters pertaining to Ashland. In addition, he directs the company's government relations function and is chairman of Ashland's Ethics and Compliance Committee. Since 1999, he has also shared overall responsibility for setting global strategy, managing capital, and upholding Ashland's operating principles as a member of the company's Executive Committee.

Hausrath joined Ashland's Law Department in 1980 as an attorney. He assumed positions of steadily increasing responsibility, becoming associate general counsel in 1997. He was promoted to vice president in 1998 and general counsel in 1999. In 2004, he was elected senior vice president.

The Virginia native earned a B.S. in electrical engineering from Virginia Tech, and from 1974 to 1976, he was employed by DuPont in Richmond, Va., as a design engineer. He subsequently earned his J.D. degree from the University of Richmond Law School, where he was a member of the Law Review. Before joining Ashland, he served as a law clerk for the Virginia Supreme Court.

Hausrath is a member of the American Corporate Counsel Association, American Bar Association, Ethics Officer Association, Kentucky Bar Association and the Virginia State Bar. He also serves on the Board of Advisors of the Salmon P. Chase College of Law at Northern Kentucky University, Highland Heights, Ky.

Robert M. Craycraft, Vice President and President, Ashland Distribution

Mr. Craycraft, 39, heads one of North America's leading distributors of chemicals, plastics, composite materials and environmental services. Ashland Distribution is also a leading source of plastics in Europe and participates in the plastics distribution market in China, as well.

Craycraft joined Ashland's Valvoline division in 1992 as a distributor-group sales representative in branded sales. During the next 10 years, he held several sales, management and business development positions within the Valvoline organization.

In 2002, Craycraft was named vice president and general manager of Valvoline's Eagle One business unit, and a year later, he became vice president and general manager of the Valvoline distributor sales group. In 2004, Craycraft was promoted to vice president of business transformation, a position that gave him an expanded role in business development, as well as leadership responsibility for Valvoline's information technology, accounting and business effectiveness teams. In 2005, he was again promoted, becoming senior vice president and general manager of the Valvoline Do-It-Yourself (DIY) retail business group, and in early 2007, he was tapped to lead Valvoline's U.S. installer-channels group.

In late 2007, Craycraft was asked to join Ashland Distribution as vice president of its chemicals business. He was named president of Ashland Distribution in 2008.

A native of Ashland, Ky., Craycraft earned a bachelor's degree in economics from Vanderbilt University.

Susan B. Esler, Vice President, Human Resources and Communications

Ms. Esler, 48, assumed leadership of both the human resources and corporate communications functions of Ashland in 2006. She is responsible for the global management of all aspects of human resources, including talent management and development, compensation and benefits, and labor and employee relations. Her communications responsibilities include corporate and financial communications, public relations and business-to-business marketing communications.

She joined Ashland in 1999 as manager, executive compensation. She was promoted in 2001 to director, corporate human resources, and in 2002, to vice president, human resources programs and services. In 2004, she was promoted to vice president, human resources.

Immediately prior to joining Ashland, Esler served as senior director of compensation, benefits and HRIS for PepsiCo Food Systems. She held various HR leadership roles within the PepsiCo organization starting in1990. Esler has also been employed as a compensation consultant with Mercer and started her working career at Dow Chemical as an HR specialist.

A native of Pittsburgh, Pa., Esler is a graduate of Miami University, Oxford, Ohio, and earned her master's degree in business administration from the Weatherhead School of Management at Case Western Reserve University, Cleveland, Ohio. She currently serves on the board of trustees of the Cincinnati Museum Center and on the advisory board of the Cincinnati Children's Museum. She also serves on the steering committees of two women's leadership organizations: One Hundred Wise Women and SOAR.

Theodore L. "Ted" Harris, Vice President; President, Ashland Performance Materials; and President, Global Supply Chain and Environmental, Health and Safety (EH&S)

Mr. Harris, 44, was named president, Ashland Performance Materials, in July 2009. He heads a worldwide commercial unit that holds leading market positions in unsaturated polyester resins, vinyl esters, pressure-sensitive and structural adhesives, and foundry products, which are sold into the construction, transportation, packaging and converting, infrastructure and marine markets. In addition, as president, Global Supply Chain and Environmental, Health and Safety (EH&S), he holds Ashland-wide responsibility for the functions that encompass the manufacture and delivery of products to customers and assure global environmental compliance. Since August 2008, he has also led the development and execution of the global integration strategy related to the Hercules acquisition.

Harris joined the company in 2004 as vice president and general manager of the Composite Polymers group within Ashland Performance Materials. In 2006, he was named a vice president of Ashland and president of Ashland Distribution. In November 2008, he was named president of Ashland's Global Supply Chain, Information Technology, and Environmental, Health and Safety (EH&S) groups, a role he held until July 2009.

Immediately prior to joining Ashland, Harris served as general manager of the Food Ingredients Division within FMC's Food, Pharmaceutical and Personal Care Group in his career with FMC Corp., which began in 1992.

A native of Philadelphia, Pa., Harris earned a bachelor's degree in chemical engineering from Lehigh University. He also holds an M.B.A. from the Harvard Graduate School of Business Administration.

J. William Heitman, Vice President and Controller

Mr. Heitman, 55, joined Ashland in 2008 with more than 30 years of financial experience in the automotive, chemical, plumbing, oil-supply and consumer-electronics industries. As vice president and controller, he is responsible for Ashland's global financial accounting and reporting processes, including oversight of accounting policies and practices, external and internal financial reporting, new accounting standards and developments, and managerial accounting.

Previously, Heitman served as controller for the $9 billion North American Tire operations of Goodyear Tire & Rubber Co. While there, he was responsible for all accounting and shared services covering eight subsidiaries, 21 manufacturing sites and 900 retail operations. He joined Goodyear in 2004 after three years of experience in the chemical industry at Ferro Corp., where he served as vice president of finance and interim chief financial officer. At Ferro, he successfully led the financial integration of a sizeable global acquisition, achieving targeted synergies, and was a key contributor to a $500 million debt-reduction effort. Heitman was also vice president and controller for Moen Inc., where he spent six years. Earlier in his career, he held numerous financial positions during a 16-year tenure with TRW.

Heitman earned a B.S.B.A. degree in accounting and an M.B.A. in finance from Pittsburg State University, Pittsburg, Kan. He is a certified public accountant and a member of the Financial Executives Institute, the American Institute of Certified Public Accountants and the Ohio Society of CPAs.

Samuel J. Mitchell Jr., Vice President and President, Ashland Consumer Markets

Mr. Mitchell, 47, heads Ashland Consumer Markets, a commercial unit of Ashland Inc. His responsibilities include leadership of the worldwide Valvoline business of automotive and commercial lubricants, chemicals, and appearance products, as well as growth of the company's quick-lube business and continued development of innovative premium products. Mitchell is credited with the marketing success of MaxLife®, a first-of-its-kind motor oil designed specifically for the lubricating needs of high-mileage vehicles, introduced in 2000.

He joined Ashland in 1997 as director of marketing for Valvoline's brand management group. In August 1999, he was named vice president of marketing, and in 2000, he was named vice president and general manager of the Valvoline DIY (Do-It-Yourself) retail business. He was named president of Valvoline and a vice president of Ashland in 2002. Prior to joining Ashland, he held brand and category management leadership positions at The Clorox Company for eight years.

A Birmingham, Mich., native, Mitchell earned a bachelor's degree from Miami University (Oxford, Ohio) in 1983 and a master's degree in business administration from the University of Chicago in 1988. He is a 2005 graduate of the Harvard Business School's Advanced Management Program.

He currently serves on the boards of the University of Kentucky Business Partnership Foundation, Transylvania University, Fifth Third Bank of Kentucky, the National Association of Manufacturers and the Automotive Aftermarket Suppliers Association. He is active in his church and with Habitat for Humanity.

John E. Panichella, Vice President and President, Ashland Aqualon Functional Ingredients

As president of Ashland Aqualon Functional Ingredients, Mr. Panichella, 50, leads a commercial unit with a primary market position in rheology modifiers – additives that alter the physical properties of water-based systems and are used to make everything from adhesives and paints to foods, pharmaceuticals and personal care products.

Panichella joined Ashland in November 2008 following Ashland's acquisition of Hercules, where he had held a similar position since 2006. Under his leadership, the business enhanced core technologies with new product investments, added adjacent technologies to support the core, developed infrastructure to support growth in emerging markets and reduced costs in manufacturing operations.

Prior to joining Hercules in 2006, Panichella enjoyed a 25-year career with General Electric and BetzDearborn, where he served in numerous management positions, including business development, operations management, sales and marketing, and strategic development. His last position at General Electric Water and Process Technologies was vice president and general manager of the Americas business. Before joining General Electric, he served as vice president of the Global Hydrocarbon Processing unit of BetzDearborn.

A native of Pittsburgh, Pa., Panichella holds an M.B.A. from the University of Phoenix and a bachelor's degree in chemistry from the University of Pittsburgh. He is a volunteer and active supporter of Urban Promise, an organization serving children and youth living in the inner-city neighborhoods of Wilmington, Del.

Paul C. Raymond III, Vice President and President, Ashland Hercules Water Technologies

Paul C. Raymond III, Ph.D., 46, heads Ashland Hercules Water Technologies, a leading global supplier of process, water treatment and functional chemistries to the paper, pulp, chemical, commercial and institutional, food and beverage, marine and municipal industries. He was named to his current position in November 2008, following Ashland's purchase of Hercules, where he held a similar position.

Raymond began his career in 1989 with General Electric as a process engineer for GE Plastics. He became an advanced process engineer in 1991, regional product leader in 1992 and manager of GE's polycarbonate technology operation in Europe in 1994. In 1996, he moved to Japan as general manager of technology for GE Plastics Pacific. Shortly thereafter, he was promoted to technical director at GE's central research facility with responsibility for corporate research and development for GE's plastics and lighting businesses and environmental sciences.

In 2000, Raymond joined Honeywell Electronic Materials as vice president, global operations, and two years later was promoted to vice president and general manager. He joined Hercules in 2005 as a vice president and president of the company's Pulp and Paper Division. In 2006, he also assumed leadership of Hercules' business ventures as part of the newly created Paper Technologies and Ventures Group. A native of Midland, Texas, Raymond received his undergraduate degree in chemical engineering from Rice University and his doctorate in chemical engineering from the University of Texas at Austin.

Anne T. Schumann, Vice President and Chief Information and Administrative Services Officer

Ms. Schumann, 48, was named vice president and chief information and administrative services officer in August 2009. In this role, she holds responsibility for Ashland's global information technology functions; source management, purchasing and customer support activities within the Global Supply Chain; and security and facilities management.

Schumann joined the company in 2008 as vice president, acquisition integration, at the time Ashland acquired Hercules Incorporated. Previously, she served as Hercules' vice president of information technology from 2006, with responsibility for human resources added in 2008. She joined Hercules in 2000 as vice president of the Hercules Shared Services Center.

Before joining Hercules, Schumann served as director of finance and management operations for Bryn Mawr College near Philadelphia, Pa. She also spent 11 years with ARCO Chemical Company, holding various management positions in finance, human resources and global business operations. She began her career in 1984 with Continental Illinois National Bank, where she managed corporate banking portfolios.

A native of Chicago, Ill., Schumann earned a bachelor of science in environmental biology from the University of Illinois and an M.B.A. in finance from Indiana University.

Walter H. Solomon, Vice President and Chief Growth Officer

Ashland vice president and chief growth officer since August 2005, Walter H. Solomon, 48, is responsible for leading the company's corporate strategy and long-term innovation process. Solomon and his team are charged with mapping Ashland's transformation into a global specialty chemicals company and leader in sustainable chemistry, analyzing Ashland's businesses and anticipating changes in the marketplace to create sustainable, long-term success.

Solomon joined Ashland in 2002 as senior vice president and general manager of Ashland Consumer Markets' (Valvoline) Do-It-Yourself business unit. While in that role, he grew profitability and premium lubricant volume each year. He also had global responsibility for brand management for Valvoline.

Prior to joining Ashland, Solomon spent 20 years growing both large and small companies. His first 10 years were in a series of brand management roles with Procter & Gamble, ultimately directing marketing in P&G's hair care and juice drink businesses. Most notably, he grew Pantene* from a small, $4 million boutique brand into a $100+ million business en route to its becoming one of P&G's $1 billion global brands. He spent the next 10 years leading five privately funded startup companies in the healthcare and software industries, including an Inc. 500* company and an internet technology incubator.

A native of Charleston, S.C., Solomon has served as president of the board of trustees of three not-for-profit organizations and as a board member for five others. He received his bachelor's degree in commerce from the University of Virginia.

* Trademark owned by a third party

Corporate Officers

Kristy J. Folkwein, Vice President, Information Systems

Linda L. Foss, Assistant General Counsel and Corporate Secretary

Scott A. Gregg, Vice President, Tax

John F. Guldig, General Auditor

John W. "Jack" Joy, Vice President, Corporate Development

Karen T. Murphy, Vice President, Environmental, Health and Safety

J. Kevin Willis, Vice President and Treasurer

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