Ashland Delivers Notice of Redemption of Hercules 6.75% Senior Subordinated Notes Due 2029

COVINGTON, Ky. –Ashland Inc. (NYSE: ASH) has delivered a notice of redemption of all 6.75% Senior Subordinated Notes Due 2029, CUSIP 427056BA3 (the "Notes"), issued by Hercules Incorporated (NYSE: HPC). Pursuant to an Agreement and Plan of Merger, dated as of July 10, 2008, among Ashland, Ashland Sub One, Inc. and Hercules, Ashland acquired Hercules, effective Nov. 13, 2008. There is $250 million in aggregate principal amount of outstanding Notes, which mature by their terms on Oct. 15, 2029.

The redemption date for the Notes is Dec. 15, 2008. The Notes will be redeemed at a redemption price of 100% of the principal amount plus the applicable premium of 5.00942% as required by the indenture governing the Notes, plus accrued interest to Dec. 15, 2008. On Nov. 13, 2008, Ashland, on behalf of Hercules, deposited with the trustee as trust funds an amount sufficient to pay and discharge the entire indebtedness on all outstanding Notes, as well as the applicable premium and interest to the redemption date. As of Nov. 13, 2008, the Notes were no longer considered to be outstanding under the indenture.

The details concerning the terms and conditions of redemption are fully described in a Notice of Redemption mailed on Nov. 13, 2008 to record holders of Notes. This press release is not a notice of redemption. The redemption is made solely pursuant to the Notice of Redemption.

About Ashland

Ashland Inc. (NYSE: ASH) provides specialty chemical products, services and solutions for many of the world's most essential needs and industries. Serving customers in more than 100 countries, it operates through five commercial units: Ashland Hercules Water Technologies, Ashland Performance Materials, Ashland Aqualon Functional Ingredients, Ashland Consumer Markets (Valvoline) and Ashland Distribution. To learn more about Ashland, visit www.ashland.com.

Forward-Looking Statements
This news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The statements include those made with respect to Ashland's operating performance and Ashland's acquisition of Hercules Incorporated. These expectations are based upon a number of assumptions, including those mentioned within this news release. Performance estimates are also based upon internal forecasts and analyses of current and future market conditions and trends, management plans and strategies, weather, operating efficiencies and economic conditions, such as prices, supply and demand, cost of raw materials, and legal proceedings and claims (including environmental and asbestos matters). These risks and uncertainties may cause actual operating results to differ materially from those stated, projected or implied. Such risks and uncertainties with respect to Ashland's acquisition of Hercules include the possibility that the benefits anticipated from the Hercules transaction will not be fully realized; the substantial indebtedness Ashland has incurred to finance the acquisition may impair Ashland's financial condition; the restrictive covenants under the debt instruments may hinder the successful operation of Ashland's business; future cash flow may be insufficient to repay the debt; and other risks that are described in filings made by Ashland with the Securities and Exchange Commission (the "SEC"). Although Ashland believes its expectations are based on reasonable assumptions, it cannot assure the expectations reflected herein will be achieved. This forward-looking information may prove to be inaccurate and actual results may differ significantly from those anticipated if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealized or if other unexpected conditions or events occur. Other factors, uncertainties and risks affecting Ashland are contained in Ashland's periodic filings made with the SEC, including its Form 10-K for the fiscal year ended September 30, 2007, and Forms 10-Q for the quarters ended December 31, 2007, and March 31 and June 30, 2008, which are available on Ashland's Investor Relations website at www.ashland.com/investors or the SEC's website at www.sec.gov. Ashland undertakes no obligation to subsequently update or revise the forward-looking statements made in this news release to reflect events or circumstances after the date of this news release.