Today, we are excited to share with you how Ashland Specialty Ingredients is evolving, with our customers in mind. Guided and supported by the entire team at Ashland, we are taking bold steps toward providing you (our customers) with customized solutions and cost efficiencies – strengthening our relationships through collaboration and results. 1

Ashland Specialty Ingredients A global leader of cellulose and vinyl pyrrolidones Sales by Market2 Sales by Product Sales by Geography PVP 17% Asia Pacific 18% Adhesives 12% Europe 32% Actives - 6% Vinyl Ethers 5% Guar - 5% Latin America/ Other - 10% Cellulosics 37% Biocides – 4% North America 40% For 12 Months Ended June 30, 2014 Sales: $2.4 billion Adjusted EBITDA: $500 million1 Adjusted EBITDA Margin: 20.4%1 1For a reconciliation of these amounts see Ashland’s third quarter earnings release dated July 31, 2014. 2Within the Sales by Market chart above, Industrial Specialties are presented in orange and Consumer Specialties are presented in blue.

Our Strategy Two Commercial Businesses With Seven Key Segments Consumer Specialties Industrial Specialties Pharmaceutical Personal Care Nutrition Coatings Construction Adhesives Energy Built on six platform technologies: Biofunctionals Vinyl Pyrrolidones Derivatives Cellulose Ethers Hybrids Vinyl Ethers Urethanes Ashland Specialty Ingredients is aligned as two business units comprising streamlined operations for customers with similar customer-service and technical-support needs. This make for a simplified organization, and accelerates our decision making and ability to unlock new growth opportunities. It has also paved the way for reducing costs and operating more efficiently. Acrylics With a business model driven by: Customer Intimacy Market-driven Innovation Formulation/Application Expertise Operational Efficiency and Effectiveness

Our Markets and Applications Consumer Specialties Industrial Specialties Pharmaceutical Personal Care Nutrition Coatings Construction Adhesives Energy Oral solid & oral liquid dosage forms Film coatings Solubilization enhancement Pharmaceutical services Oral, hair & skin care ingredients Biofunctionals Preservatives Advanced materials for medical care Home care (cleaning & household cleaning, fabric care, detergents, dishwashing) Food & beverage ingredients Beer & wine stabilizers Agriculture Paint and coatings Waterborne architectural & industrial coatings Emulsion polymerization Dry mortar Gypsum plasters Joint compounds Renders Tile adhesives Exterior insulation finishing systems Structural assembly Flexible packaging and converting Pressure- sensitive adhesives Labels Drilling fluids Cement slurries Completion/work over fluids Production & fracturing fluids Kinetic inhibitors Fluidized polymer suspensions Gel pigs Walk through the Markets and Applications, focusing on what matters most to your audience.

Coatings unmet needs map – by region “One of the most important unmet needs of my customers is…” (1= Strongly Disagree ; 9 = Strongly Agree)

Open meeting for additional discussion and questions/answers.