Ashland completes previously announced sale of Valvoline's car-care products assets to Highlander Partners, L.P.

July 1, 2015

COVINGTON, Ky. - Ashland Inc. (NYSE: ASH) today announced that it has completed the previously announced sale of Valvoline's car-care products assets to Niteo Products, LLC, a newly formed affiliate of Highlander Partners, L.P. Financial terms were not disclosed.

Car-care products, which represented less than four percent of Valvoline's $2.0 billion in sales for the 12 months ended December 31, 2014, includes the following brands:

• Car Brite - Professional automotive detailing products such as cleaners and degreasers sold through the Do-It-For-Me (DIFM) channel;
• Eagle One - Consumer detailing products such as cleaners and degreasers sold through the Do-It-Yourself (DIY) channel; and
• Pyroil - A full line of automotive maintenance chemicals.

Also included in the sale are Valvoline-branded and private-label maintenance chemicals sold into the DIY channel. Approximately 140 employees work in car-care products, including approximately 120 based at the Valvoline manufacturing and distribution facilities in Hernando, Mississippi.

About Highlander Partners

Highlander Partners, L.P. is a Dallas-based private investment firm with over $1 billion of assets under management. The firm focuses on making investments in businesses in targeted industries in which the principals of the firm have significant operating and investing experience, including basic manufacturing, food, chemicals, building materials, consumer products, and others. Highlander Partners uses a "buy and build" investment approach, creating value by helping companies grow organically and through acquisitions. For more information, visit www.highlander-partners.com.

About Ashland

Ashland Inc. (NYSE: ASH) is a global leader in providing specialty chemical solutions to customers in a wide range of consumer and industrial markets, including architectural coatings, automotive, construction, energy, food and beverage, personal care and pharmaceutical. Through our three commercial units - Ashland Specialty Ingredients, Ashland Performance Materials and Valvoline - we use good chemistry to make great things happen for customers in more than 100 countries. Visit ashland.com to learn more.

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FOR FURTHER INFORMATION:

Ashland Media Relations:

Gary Rhodes                                                              

+1 (859) 815-3047                                                     

glrhodes@ashland.com

Ashland Investor Relations:

Jason Thompson         

+1 (859) 815-4454

jlthompson@ashland.com

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