EXHIBIT 99.1

News Release    

Media Relations:	Investor Relations:
Jim Vitak	Eric Boni
(614) 790-3715	(859) 815-4454
jevitak@ashland.com	enboni@ashland.com
FOR IMMEDIATE RELEASE
April 27, 2010

Ashland Inc. reports preliminary fiscal second-quarter

EPS from continuing operations of 25 cents,

adjusted EPS of $1.02 excluding key items

COVINGTON, Ky. – Ashland Inc. (NYSE: ASH) today announced preliminary(1) results for the quarter ended March 31, 2010, the second quarter of its 2010 fiscal year.

Quarterly Highlights

(in millions except per-share amounts)	Quarter Ended March 31, 2010		Quarter Ended March 31, 2009
Operating income	$	151	$	112
Adjusted EBITDA*		224		221
Diluted earnings per share (EPS)
From continuing operations	$	0.25	$	0.65
Less: key items*		0.77		0.20
Adjusted*	$	1.02	$	0.85
Cash flows provided by operating activities    from continuing operations	$	183	$	220
Free cash flow*		138		173
* See Tables 5, 6 and 7 for definitions and U.S. GAAP reconciliations.

Fiscal Second-Quarter GAAP(2) Results

For its 2010 second quarter, Ashland reported sales of $2,248 million, operating income of $151 million and net income of $22 million (27 cents per share). Net income was favorably affected by $2 million aftertax (2 cents per share) from discontinued operations. Cash flows provided by operating activities from continuing operations amounted to $183 million.

Adjusted Results

Adjusting for the impact of key items in both the current and prior-year quarters, Ashland’s results for the March 2010 quarter versus the March 2009 quarter were as follows:

·   sales increased 13 percent from $1,990 million to $2,248 million;

·   adjusted operating income increased 13 percent from $134 million to $151 million;

·   adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 1 percent from $221 million to $224 million; and

·   adjusted EPS from continuing operations increased 20 percent from 85 cents to $1.02.

Key Items

Two key items affected results for the March 2010 quarter. First, accelerated amortization of debt issuance costs and prepayment penalties associated with Ashland’s debt refinancing resulted in both a $62 million noncash charge and a $4 million cash expense (54 cents negative EPS impact combined). Second, the enactment of the U.S. Patient Protection and Affordable Care Act resulted in a $19 million aftertax charge (23 cents negative EPS impact), composed of a $14 million income tax expense and a $5 million net loss on divestitures.

In total, key items had a net unfavorable EPS impact on continuing operations of 77 cents in the March 2010 quarter. In the year-ago quarter, three key items combined for a net unfavorable impact on earnings of 20 cents per share. Refer to Table 5 of the accompanying financial statements for details of key items in both periods.

Results also included noncash intangible amortization expense of $17 million pretax (14 cents negative EPS impact) in the March 2010 quarter and $21 million pretax (18 cents negative EPS impact) in the March 2009 quarter. Amounts in both periods primarily reflect the addition of intangible assets from the Hercules acquisition.

Performance Summary

Commenting on the March 2010 quarter, Chairman and Chief Executive Officer James J. O’Brien said, “Ashland’s results reflect significant volume increases across our businesses, as well as the progress we have made in resizing our cost structure during the past two years. These were important factors in our ability to maintain EBITDA and generate $138 million of free cash flow despite a rapid increase in raw material costs averaging 7 percent during the March quarter alone. All of our businesses have been implementing significant price increases to offset these escalating costs. Once raw materials stabilize, we expect our pricing to fully recover the cost increases.”

Commenting on the performance of Ashland’s commercial units, O’Brien said, “In particular, Ashland Aqualon Functional Ingredients improved its volume and profitability dramatically versus the March 2009 quarter on a comparable basis, while Ashland Consumer Markets (Valvoline) continued to deliver strong results, producing its fifth straight quarter with an EBITDA margin in excess of 18 percent.”

O’Brien concluded, “We completed the refinancing and restructuring of our debt on March 31. This reduces our interest expense going forward by approximately $50 million per year. In addition, the last major step in the integration of Hercules was completed earlier this month, as we successfully moved the acquired businesses onto Ashland’s ERP platform. Essentially all of Ashland’s businesses are now on a unified, global operating system.”

Business Performance

In order to aid understanding of Ashland’s ongoing business performance, the results of Ashland’s business segments are presented on an adjusted basis and EBITDA is reconciled to GAAP in Table 7 of this news release.

Ashland Aqualon Functional Ingredients recorded sales of $240 million in the March 2010 quarter, 8 percent above the year-ago quarter. Volume increased 36 percent excluding the amounts associated with the Pinova business divested in January 2010 and with a renegotiated supply contract in the oilfield sector in the prior-year period. Volumes increased significantly in every market, with the regulated, energy and coatings-additives markets all increasing about 40 percent on a comparable basis. On the same basis, volumes increased dramatically in all regions. Gross profit as a percent of sales of 34.9 percent was a 530-basis-point improvement over the March 2009 quarter. Selling, general and administrative and research and development (SG&A) expenses declined 2 percent versus the prior-year quarter. In total, Functional Ingredients’ EBITDA in the March 2010 quarter increased 23 percent versus the prior March quarter, to $58 million, and represented 24.2 percent of sales, a 310-basis-point improvement.

Ashland Hercules Water Technologies’ sales grew to $449 million in the March 2010 quarter, a 4-percent increase over the same year-ago quarter. Excluding the marine business sold in August 2009, sales grew 13 percent. On the same basis, growth was strongest in Latin America, at 24 percent, while Europe and Asia Pacific grew by 17 percent and 16 percent, respectively. Sales in North America increased by 9 percent. Gross profit as a percent of sales was 34.5 percent, a 190-basis-point improvement over the March 2009 quarter. SG&A expenses declined 3 percent. EBITDA of $52 million was 37 percent above the prior-year quarter and represented 11.6 percent of sales, a 280-basis-point improvement.

Ashland Performance Materials’ sales of $304 million increased 17 percent versus the same prior-year quarter, while volume per day was up 19 percent. Sequentially, volume improved 10 percent. Volume growth was broad-based across regions and markets. Gross profit as a percent of sales decreased 430 basis points from the prior-year quarter to 16.5 percent, due primarily to rapidly rising raw material costs. To offset these cost increases, Performance Materials has announced and is implementing significant price increases. However, the lag between cost increases and realization of selling price increases led to the margin compression during the quarter. SG&A expenses rose only 4 percent in spite of the 19-percent volume increase, providing early evidence of the operating leverage within the business. EBITDA was $18 million in the March 2010 quarter, down 22 percent versus the prior-year March quarter, and EBITDA as a percent of sales declined 300 basis points to 5.9 percent.

Ashland Consumer Markets’ sales increased 6 percent over the year-ago March quarter, to $430 million, and total lubricant volume increased by 16 percent. Same-store sales at Valvoline Instant Oil Change increased 4 percent over the prior year. Gross profit was 33.0 percent of sales in the March 2010 quarter versus 32.2 percent in the year-ago quarter and 33.9 percent in the December 2009 quarter. SG&A expenses rose 16 percent over the year-ago March quarter, largely the result of higher pension, benefit and incentive costs, along with higher advertising expenses. Sequentially, SG&A increased 4 percent. Overall, Consumer Markets’ quarterly EBITDA was $78 million, as compared with $75 million in the year-ago March quarter and $76 million in the December 2009 quarter. The EBITDA margin was 18.1 percent in the March 2010 quarter, the fifth consecutive quarter in excess of 18 percent.

Ashland Distribution’s sales for the March 2010 quarter increased 23 percent to $857 million, and volume per day increased 8 percent versus the March 2009 quarter. Gross profit as a percent of sales was 9.3 percent versus 12.8 percent in the prior March quarter. The March 2009 quarter included an $11 million benefit from a quantity LIFO adjustment that was not repeated in the 2010 quarter. SG&A expenses rose 8 percent versus the prior-year quarter as previously implemented cost reductions were more than offset by increased pension, benefit and incentive costs. As a result, EBITDA declined 37 percent versus the prior-year March quarter, to $24 million, and was 2.8 percent of sales. Sequentially, EBITDA was up 85 percent on an 8-percent increase in volume, while SG&A expense rose only 3 percent. As a result of this operating leverage, the EBITDA margin increased by 100 basis points.

Outlook

Commenting on Ashland’s outlook, O’Brien said, “We are continuing to demonstrate our ability to generate the consistent earnings, gross margins and cash flows characteristic of specialty chemicals companies. By eliminating more than $400 million from our cost structure during the past two years, we have positioned the company to take advantage of improving demand. Over the last few quarters, we have begun to benefit from economic growth. In the short term, the full benefit of operating leverage has been tempered by significant raw material cost escalation. Once raw materials stabilize and our increased pricing recaptures these costs, the favorable impact of improving volumes on operating leverage should become much more evident.”

Conference Call Webcast

Today at 9 a.m. EDT, Ashland will provide a live webcast of its second-quarter conference call with securities analysts. The webcast will be accessible through Ashland’s website, www.ashland.com. Following the live event, an archived version of the webcast will be available for 12 months at http://investor.ashland.com.

Use of Non-GAAP Measures

This news release includes certain non-GAAP measures. Such measurements are not prepared in accordance with generally accepted accounting principles (GAAP) and should not be construed as an alternative to reported results determined in accordance with GAAP. Management believes the use of such non-GAAP measures assists investors in understanding the ongoing operating performance of the company and its segments.The non-GAAP information provided may not be consistent with the methodologies used by other companies. All non-GAAP information is reconciled with reported GAAP results in Tables 5, 6 and 7 of the financial statements provided below.

About Ashland

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

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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. These forward-looking statements 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; operating efficiencies and economic conditions; and legal proceedings and claims (including environmental and asbestos matters). Other risks and uncertainties include those that are described in filings made by Ashland with the Securities and Exchange Commission, including its most recent Forms 10-K and 10-Q, which are available on Ashland’s website at http://investor.ashland.com or at www.sec.gov. Ashland believes its expectations are reasonable, but cannot assure they will be achieved. Forward-looking information may prove to be inaccurate, and actual results may differ significantly from those anticipated. Ashland is not obligated to subsequently update or revise the forward-looking statements made in this news release.

(1) Preliminary Results

Financial results are preliminary until Ashland’s quarterly report on Form 10-Q is filed with the U.S. Securities and Exchange Commission.

(2) Generally accepted accounting principles (U.S.)

Ashland Inc. and Consolidated Subsidiaries										Table 1
STATEMENTS OF CONSOLIDATED INCOME
(In millions except per share data - preliminary and unaudited)
	Three months ended						Six months ended
	March 31						March 31
	2010			2009			2010			2009			(e)
SALES	$	2,248		$	1,990		$	4,268		$	3,956
COSTS AND EXPENSES
Cost of sales (a)		1,738			1,531			3,272			3,172
Selling, general and administrative expenses (a)		354			329			688			646
Research and development expenses (b)		20			23			40			50
		2,112			1,883			4,000			3,868
EQUITY AND OTHER INCOME		15			5			29			17
OPERATING INCOME		151			112			297			105
Net interest and other financing expense (c)		(103	)		(54	)		(145	)		(82	)
Net loss on divestitures		(5	)		(1	)		(5	)		-
Other income and expenses (d)		-			-			1			(86	)
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES		43			57			148			(63	)
Income tax expense		23			9			53			8
INCOME (LOSS) FROM CONTINUING OPERATIONS		20			48			95			(71	)
Income from discontinued operations (net of income taxes)		2			-			13			-
NET INCOME (LOSS)	$	22		$	48		$	108		$	(71	)
DILUTED EARNINGS PER SHARE
Income (loss) from continuing operations	$	.25		$	.65		$	1.21		$	(1.00	)
Income from discontinued operations		.02			-			.16			-
Net income (loss)	$	.27		$	.65		$	1.37		$	(1.00	)
AVERAGE COMMON SHARES AND ASSUMED CONVERSIONS		80			74			79			71
SALES
Functional Ingredients	$	240		$	223		$	450		$	342
Water Technologies		449			433			892			751
Performance Materials		304			259			576			583
Consumer Markets		430			407			830			795
Distribution		857			698			1,586			1,551
Intersegment sales		(32	)		(30	)		(66	)		(66	)
	$	2,248		$	1,990		$	4,268		$	3,956
OPERATING INCOME (LOSS)
Functional Ingredients	$	34		$	(3	)	$	61		$	(10	)
Water Technologies		31			13			70			7
Performance Materials		6			5			14			11
Consumer Markets		69			66			136			85
Distribution		17			31			22			40
Unallocated and other		(6	)		-			(6	)		(28	)
	$	151		$	112		$	297		$	105

(a)	The three and six months ended March 31, 2009 includes a $5 million and $31 million severance charge within the selling, general and administrative expenses caption for the ongoing integration and reorganization from the Hercules acquisition and other cost reduction programs and a $16 million and $37 million charge recorded within the cost of sales caption for a one-time fair value assessment of Hercules inventory as of the date of the transaction.
(b)	The six months ended March 31, 2009 includes a $10 million charge related to the valuation of the ongoing research and development projects at Hercules as of the acquisition date.  In accordance with applicable GAAP and SEC accounting regulations, these purchased in-process research and development costs should be expensed upon acquisition.
(c)	The three and six months ended March 31, 2010 includes a $66 million charge related to the refinancing and significant extinguishment of debt completed during this period.
(d)	The six months ended March 31, 2009 includes a $54 million loss on currency swaps related to the Hercules acquisition and a $32 million loss on auction rate securities.
(e)	Results from November 14, 2008 forward include operations acquired from Hercules Incorporated.

Ashland Inc. and Consolidated Subsidiaries				Table 2
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions - preliminary and unaudited)
	March 31
	2010			2009
ASSETS
Current assets
Cash and cash equivalents	$	499		$	203
Accounts receivable		1,494			1,357
Inventories		581			579
Deferred income taxes		98			93
Other current assets		61			75
Current assets held for sale		2			93
		2,735			2,400
Noncurrent assets
Auction rate securities		86			214
Goodwill		2,167			2,074
Intangibles		1,150			1,293
Asbestos insurance receivable		478			440
Deferred income taxes		91			-
Other noncurrent assets		545			584
Noncurrent assets held for sale		23			86
		4,540			4,691
Property, plant and equipment
Cost		3,386			3,410
Accumulated depreciation and amortization		(1,422	)		(1,264	)
		1,964			2,146
Total assets	$	9,239		$	9,237
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Short-term debt	$	339		$	84
Current portion of long-term debt		23			94
Trade and other payables		1,056			738
Accrued expenses and other liabilities		440			457
Current liabilities held for sale		-			16
		1,858			1,389
Noncurrent liabilities
Long-term debt		1,101			2,084
Employee benefit obligations		1,126			667
Asbestos litigation reserve		899			796
Deferred income taxes		-			218
Other noncurrent liabilities		573			540
		3,699			4,305
Stockholders’ equity		3,682			3,543
Total liabilities and stockholders' equity	$	9,239		$	9,237

Ashland Inc. and Consolidated Subsidiaries					Table 3
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions - preliminary and unaudited)
		Six months ended
		March 31
		2010			2009
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS
	Net income (loss)	$	108		$	(71	)
	Income from discontinued operations (net of income taxes)		(13	)		-
	Adjustments to reconcile income (loss) from continuing operations to
	cash flows from operating activities
	Depreciation and amortization		153			156
	Debt issuance cost amortization		74			16
	Purchased in-process research and development amortization		-			10
	Deferred income taxes		55			2
	Equity income from affiliates		(12	)		(7	)
	Distributions from equity affiliates		6			4
	Gain from sale of property and equipment		(4	)		-
	Stock based compensation expense		7			3
	Stock contributions to qualified savings plans		13			4
	Net loss on divestitures		5			-
	Loss on early retirement of debt		4			-
	Inventory fair value adjustment related to Hercules acquisition		-			37
	Loss on currency swaps related to Hercules acquisition		-			54
	(Gain) loss on auction rate securities		(1	)		32
	Change in operating assets and liabilities(a)		(177	)		54
			218			294
CASH FLOWS PROVIDED (USED) BY INVESTING ACTIVITIES FROM CONTINUING OPERATIONS
	Additions to property, plant and equipment		(60	)		(80	)
	Proceeds from disposal of property, plant and equipment		9			4
	Purchase of operations - net of cash acquired		-			(2,078	)
	Proceeds from sale of operations		60			7
	Settlement of currency swaps related to Hercules acquisition		-			(95	)
	Proceeds from sales and maturities of available-for-sale securities		85			29
			94			(2,213	)
CASH FLOWS (USED) PROVIDED BY FINANCING ACTIVITIES FROM CONTINUING OPERATIONS
	Proceeds from issuance of long-term debt		300			2,000
	Repayment of long-term debt		(773	)		(645	)
	Proceeds from/repayments of issuance of short-term debt		317			43
	Debt issuance costs		(12	)		(137	)
	Cash dividends paid		(12	)		(11	)
	Proceeds from exercise of stock options		4			-
	Excess tax benefits related to share-based payments		1			-
			(175	)		1,250
CASH PROVIDED (USED) BY CONTINUING OPERATIONS			137			(669	)
	Cash provided by discontinued operations
	Operating cash flows		12			3
	Effect of currency exchange rate changes on cash and cash equivalents		(2	)		(17	)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			147			(683	)
Cash and cash equivalents - beginning of year			352			886
CASH AND CASH EQUIVALENTS - END OF PERIOD		$	499		$	203
DEPRECIATION AND AMORTIZATION
	Functional Ingredients	$	51		$	49
	Water Technologies		46			41
	Performance Materials		24			27
	Consumer Markets		18			18
	Distribution		14			15
	Unallocated and other		-			6
		$	153		$	156
ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT
	Functional Ingredients	$	25		$	27
	Water Technologies		11			9
	Performance Materials		7			18
	Consumer Markets		9			15
	Distribution		1			1
	Unallocated and other		7			10
		$	60		$	80
(a)	Excludes changes resulting from operations acquired or sold.

Ashland Inc. and Consolidated Subsidiaries											Table 4
INFORMATION BY INDUSTRY SEGMENT
(In millions - preliminary and unaudited)
		Three months ended						Six months ended
		March 31						March 31
		2010			2009			2010			2009
FUNCTIONAL INGREDIENTS (a) (b)
	Sales per shipping day	$	3.8		$	3.5		$	3.6		$	3.7
	Metric tons sold (thousands)		41.9			46.4			79.3			70.8
	Gross profit as a percent of sales		34.9	%		22.4	%		34.3	%		20.0	%
WATER TECHNOLOGIES (a) (b)
	Sales per shipping day	$	7.1		$	6.9		$	7.1		$	6.0
	Gross profit as a percent of sales		34.5	%		32.6	%		35.5	%		31.6	%
PERFORMANCE MATERIALS (a)
	Sales per shipping day	$	4.8		$	4.1		$	4.6		$	4.7
	Pounds sold per shipping day		4.4			3.7			4.2			4.0
	Gross profit as a percent of sales		16.5	%		19.5	%		17.4	%		17.5	%
CONSUMER MARKETS (a)
	Lubricant sales (gallons)		43.7			37.7			83.9			70.7
	Premium lubricants (percent of U.S. branded volumes)		29.6	%		29.1	%		29.0	%		28.2	%
	Gross profit as a percent of sales		33.0	%		32.2	%		33.4	%		27.1	%
DISTRIBUTION (a)
	Sales per shipping day	$	13.6		$	11.1		$	12.7		$	12.4
	Pounds sold per shipping day		15.4			14.3			14.9			14.9
	Gross profit as a percent of sales (c)		9.3	%		12.8	%		9.3	%		10.5	%
(a)	Sales are defined as net sales. Gross profit as a percent of sales is defined as sales, less cost of sales divided by sales.
(b)	Industry segment results from November 14, 2008 forward include operations acquired from Hercules Incorporated.
(c)	Distribution's gross profit as a percentage of sales for the three and six months ended March 31, 2009 includes a LIFO quantity credit of $11 million.

Ashland Inc. and Consolidated Subsidiaries																	Table 5
RECONCILIATION OF NON-GAAP DATA - INCOME (LOSS) FROM CONTINUING OPERATIONS
(In millions - preliminary and unaudited)
	Three Months Ended March 31, 2010
		Functional			Water		Performance			Consumer				Unallocated
		Ingredients			Technologies		Materials			Markets		Distribution		& Other			Total
OPERATING INCOME (LOSS)
All other operating income (loss)		$	34		$	31	$	6		$	69	$	17	$	(6	)	$	151
NET INTEREST AND OTHER FINANCING EXPENSE
Accelerated amortization of debt issuance costs															(62	)		(62	)
Loss on early debt retirement															(4	)		(4	)
All other net interest and other financing expense															(37	)		(37	)
															(103	)		(103	)
NET LOSS ON DIVESTITURES
Medicare Part D accrual for MAP retirees															(5	)		(5	)
INCOME TAX EXPENSE
Medicare Part D deferred tax accrual															(14	)		(14	)
All other income tax expense															(9	)		(9	)
															(23	)		(23	)
INCOME (LOSS) FROM CONTINUING OPERATIONS		$	34		$	31	$	6		$	69	$	17	$	(137	)	$	20
	Three Months Ended March 31, 2009
		Functional			Water		Performance			Consumer				Unallocated
		Ingredients			Technologies		Materials			Markets		Distribution		& Other			Total
OPERATING INCOME (LOSS)
Severance		$	(1	)	$	-	$	(3	)	$	-	$	-	$	(1	)	$	(5	)
Inventory fair value adjustment			(16	)		-		-			-		-		-			(16	)
Asset impairments and accelerated depreciation			-			-		(2	)		-		-		(4	)		(6	)
Currency gain on intracompany loan			-			-		-			-		-		5			5
All other operating income			14			13		10			66		31		-			134
Operating income (loss)			(3	)		13		5			66		31		-			112
NET INTEREST AND OTHER FINANCING EXPENSE															(54	)		(54	)
NET LOSS ON DIVESTITURES															(1	)		(1	)
INCOME TAX EXPENSE															(9	)		(9	)
INCOME (LOSS) FROM CONTINUING OPERATIONS		$	(3	)	$	13	$	5		$	66	$	31	$	(64	)	$	48

Ashland Inc. and Consolidated Subsidiaries										Table 6
RECONCILIATION OF NON-GAAP DATA - FREE CASH FLOW
(In millions - preliminary and unaudited)
	Three months ended						Six months ended
	March 31						March 31
Free cash flow	2010			2009			2010			2009
Total cash flows provided by operating activities
from continuing operations	$	183		$	220		$	218		$	294
Less:
Additions to property, plant and equipment		(39	)		(42	)		(60	)		(80	)
Cash dividends paid		(6	)		(5	)		(12	)		(11	)
Free cash flows	$	138		$	173		$	146		$	203

Ashland Inc. and Consolidated Subsidiaries			Table 7
RECONCILIATION OF NON-GAAP DATA - ADJUSTED EBITDA
(In millions - preliminary and unaudited)
	Three months ended
	March 31
Adjusted EBITDA - Ashland Inc.	2010		2009
Operating Income	$	151	$	112
Add:
Depreciation and amortization		73		93
Key items (see Table 5)		-		16
Adjusted EBITDA	$	224	$	221
Adjusted EBITDA - Ashland Aqualon Functional Ingredients
Operating Income	$	34	$	(3	)
Add:
Depreciation and amortization		24		33
Key items (see Table 5)		-		17
Adjusted EBITDA	$	58	$	47
Adjusted EBITDA - Water Technologies
Operating Income	$	31	$	13
Add:
Depreciation and amortization		21		25
Key items (see Table 5)		-		-
Adjusted EBITDA	$	52	$	38
Adjusted EBITDA - Performance Materials
Operating Income	$	6	$	5
Add:
Depreciation and amortization		12		13
Key items (see Table 5)		-		5
Adjusted EBITDA	$	18	$	23
Adjusted EBITDA - Consumer Markets
Operating Income	$	69	$	66
Add:
Depreciation and amortization		9		9
Key items (see Table 5)		-		-
Adjusted EBITDA	$	78	$	75
Adjusted EBITDA - Distribution
Operating Income	$	17	$	31
Add:
Depreciation and amortization		7		7
Key items (see Table 5)		-		-
Adjusted EBITDA	$	24	$	38