ex991.htm

EXHIBIT 99.1

® Registered trademark, Ashland or its subsidiaries, registered in various countries

* Registered trademark owned by a third party.

Lender Presentation

$750 million Revolving Credit Facility
$1,200 million Term Loan A
$1,700 million Term Loan B

June 16, 2011

Forward-Looking Statements

This presentation 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 statements
include those that refer to Ashland’s current expectations about the acquisition of International Specialty
Products Inc. (ISP). Although Ashland believes its expectations are based on what management
believes to be reasonable assumptions, Ashland cannot assure that the expectations reflected in this
presentation or in any oral statements related to the acquisition of ISP will be achieved, as they are
subject to risks and uncertainties that are difficult to predict and may be outside of Ashland’s control.
These risks and uncertainties may cause actual results to differ materially from those stated, projected
or implied. Such risks and uncertainties include, among other things, the possibility that the benefits
anticipated from the acquisition of ISP will not be fully realized, the possibility that the transaction may
not close, and the possibility that financing may not be available on the terms committed. Other factors,
uncertainties and risks affecting Ashland are contained in its periodic filings made with the Securities
and Exchange Commission (SEC), including Ashland’s Form 10-K for the fiscal year ended Sept. 30,
2010, and Ashland’s quarterly Form 10-Q filings, which are available on Ashland’s Investor Relations
website at http://investor.ashland.com 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 presentation to
reflect events or circumstances after the date of this presentation.

Regulation G: Adjusted and Pro Forma Results

The information presented herein regarding certain unaudited adjusted and pro forma results does not
conform to generally accepted accounting principles (GAAP) and should not be construed as an
alternative to the reported results determined in accordance with GAAP. Management has included this
non-GAAP and pro forma information to assist in understanding the operating performance of the
company and its reporting segments. The non-GAAP and pro forma information provided may not be
consistent with the methodologies used by other companies. All non-GAAP information related to
previous Ashland filings with the SEC has been reconciled with reported GAAP results.

Introduction

David Jaffe
Managing Director, Citi

1 $1,199 million of ISP total debt and $244 million of ISP cash as of 3/31/2011.

2 Includes financing fees, transaction expenses, interest-rate-swap termination cost, and change-of-control payments.

Transaction Structure

4 On May 31, 2011, Ashland announced the all-cash acquisition of International Specialty
Products (“ISP”)

- Specialty chemical manufacturer of innovative functional ingredients

- Solutions provider to key growth markets such as personal care and pharmaceutical

4 Combined pro forma trailing 12-month financials for the period ended March 31, 2011

- Sales: $7.6 billion

- Adjusted EBITDA: $1.1 billion

4 $3.2 billion purchase price

- $1.2 billion to pay off ISP debt ($1.0 billion net of cash)(1)

- $2.2 billion to purchase ISP equity

- 8.9x TTM 3/31/2011 Adjusted EBITDA

4 Sources of funds

- $2.9 billion of funded credit facilities

- $300 million Ashland cash for purchase price

- ~$200 million Ashland cash for transaction costs and other upfront expenses(2)

4 Expected closing prior to end of September quarter

- Subject to regulatory approval and other customary closing conditions

(1)

Sources and Uses

(3)

(2)

Pro Forma Capitalization

Transaction Overview

Jim O'Brien
Chairman and CEO

Introductions

4 Jim O'Brien, Chairman and CEO

4 Lamar Chambers, Senior Vice President and CFO

4 John Panichella, Senior Vice President, Ashland, and President,
Ashland Aqualon Functional Ingredients

4 Jack Joy, Vice President, Corporate Development

4 Kevin Willis, Vice President and Treasurer

4 Stan Turner, Director, Enterprise Strategy

4 Lynn Freeman, Assistant Treasurer

4 Shea Blackburn, Manager, Debt

Ashland’s Strategy
Furthering our long-term strategic goals

4Global #1 or strong #2 market position

4Broad global footprint

4Robust cash-generating businesses

4Leverage competitive strengths

4Preferably water-based or sustainable
chemistries

ISP

Transaction Rationale

4 Strengthens positions in a number of important high-growth,
high-margin end markets

- Pharmaceutical: Excipients

- Personal Care: Hair Care, Skin Care, Oral Care

4 Broadens our intellectual property portfolio of water-soluble polymers

and global R&D and applications capability

- Strong pipeline of new products to drive growth of the combined
business

- New product development opportunities by leveraging new chemistries

4 Deepens relationships with existing customers and enhances
penetration of existing markets

- Complementary product offerings in a number of areas

4 Generates more consistent, predictable earnings and cash-flow
generation

- Stable, less-cyclical end markets

4 Diversified business portfolio serving a wide range of end markets

4 Strengthens Functional Ingredients business and R&D efforts

4 Leading market positions in all markets served

4 Broad geographical diversity

- ISP has ~60% of revenues outside North America

- Pro forma company will generate approximately $3.5 billion in
revenues outside North America

4 Achievable synergies

- Expected annualized run-rate synergies of at least $50 million by
year 2

- We will pursue disciplined, bottom-up approach similar to that used
for Hercules

4 Commitment to deleveraging

- Proven track record in Hercules transaction

- Target leverage of 2.0x

4 Experienced management team

Investment Highlights

Ashland Overview

Jim O'Brien
Chairman and CEO

Ashland Overview

Ashland
Performance Materials
23%

Ashland
Consumer Markets
31%

By commercial unit

Ashland Hercules
Water Technologies

30%

Ashland
Aqualon
Functional
Ingredients

16%

1 For trailing 12 months ended March 31, 2011.

North America
58%

Asia Pacific
13%

Latin America/
Other - 5%

Europe

24%

Sales1: $6.0 billion

Adjusted EBITDA1: $735 million

Ashland
Performance
Materials - 13%

Ashland Consumer
Markets
37%

Ashland Hercules
Water Technologies

23%

Ashland Aqualon Functional

Ingredients

27%

NYSE Ticker Symbol:	ASH
Total Employees:	~12,500
Outside North America	~40%
Number of Countries in Which Ashland Has Sales:	More than 100

Klucel™

Latin America/

Other - 8%

North
America

35%

Asia
Pacific

20%

Europe

37%

Coatings
Additives
33%

Energy &
Specialties
Solutions
19%

Regulated
Industries
30%

Sales
by Geography

Sales
by Market

Trailing 12 Months Ended March 31, 2011

Sales: $1.0 billion

Adjusted EBITDA: $208 million

Adjusted EBITDA Margin: 21.8%

· Diversified, global customer base

Customers

· Regulated markets

- Personal care

- Pharmaceutical

- Food

· Water-based paints

· Oilfield (chemicals and drilling muds)

· Construction

Markets

· Broad product line based
on renewable resources

- Water-soluble polymers
(cellulose ethers and guar derivatives)

Products

Business Overview

Sales
by Product

CMC
20%

HEC
32%

MC
18%

Other
16%

™ Trademark, Ashland or its subsidiaries, registered in various countries

Trailing 12 Months Ended March 31, 2011

Sales: $1.8 billion

Adjusted EBITDA: $180 million

Adjusted EBITDA Margin: 9.9%

Process
25%

Utility
34%

Functional
41%

Growth
51%

Base
31%

· Growth

- Commercial and - Packaging

institutional - Tissue and towel

- Food and beverage - Pulp

- Mining

· Base

- Printing and writing

- Specialty chemicals

- General manufacturing

· Opportunistic

- Lubricants - Basic chemicals/

- Municipal other

Customers/
Markets

· Process chemicals: microbial and
contaminant control, pulping aids,
retention aids and defoamers

· Utility water treatments

· Functional chemicals: sizing/strength

Products/
Services

Business Overview

North
America

49%

Europe

33%

Latin
America/

Other - 7%

Pkg. &

Converting
23%

Ashland Performance Materials
A global leader in specialty chemicals

North
America

59%

Europe

25%

Latin
America/
Other -
6%

Industrial
Construction
29%

· Auto manufacturers; foundries; pipe
and tank fabricators; packaging and
converting; bathware, countertop and
window lineal manufacturers; pipe
relining contractors; boat builders;
wide and narrow web printers

Customers

· Construction, packaging and con-
verting, marine and transportation

Markets

· Composites and Adhesives

- Unsaturated polyester resins

- Vinyl ester resins

- Gelcoats

- Pressure-sensitive adhesives

- Structural adhesives

- Specialty resins

· Casting Solutions/ASK Chemicals2

- Foundry binder resins

- Chemicals

- Sleeves and filters

- Design services

Products/
Services

Business Overview

Sales
by Geography1

Sales
by Market1

Trailing 12 Months Ended March 31, 2011

Sales: $1.4 billion

Adjusted EBITDA: $96 million

Adjusted EBITDA Margin: 7.1%

Marine
13%

Asia Pacific
10%

1 Excludes sales from Casting Solutions.

2 Joint venture launched in December 2010. Ashland retains 50% interest.

Ashland Consumer Markets: A leading worldwide
marketer of premium-branded automotive lubricants and chemicals

Lubricants

86%

Filters - 2%

Valvoline
Int'l
23%

Do-It-
Yourself

36%

· Retail auto parts stores and mass
merchandisers who sell to consumers

· Installers, such as car dealers and
quick lubes; distributors

· Fleet owners; manufacturers and users
of industrial and power generation
equipment

Customers

· Do-It-Yourself (DIY)

· Do-It-For-Me (DIFM)

· Valvoline International

Market
Channels

· Valvoline™ lubricants and automotive
chemicals

· MaxLife™ lubricants
for high-mileage vehicles

· SynPower™ synthetic motor oil

· Eagle One™ and Car Brite™
appearance products

· Zerex™ antifreeze

· Valvoline Instant Oil Change™ service

· NextGenTM recycled motor oils

Products/
Services

Business Overview

Sales
by Product Line

Sales
by Market Channel

Do-It-
For-Me
38%

DIFM:
Installer channel
27%

Specialty/
Other - 3%

DIFM:
Valvoline Instant Oil
Change - 11%

Antifreeze - 5%

Appearance
products - 2%

Chemicals - 5%

Trailing 12 Months Ended March 31, 2011

Sales: $1.9 billion

Adjusted EBITDA: $288 million

Adjusted EBITDA Margin: 15.5%

™ Trademark, Ashland or its subsidiaries, registered in various countries

ISP Overview

John Panichella
Senior Vice President, Ashland, and
President, Ashland Aqualon Functional Ingredients

ISP Overview
High-margin, global business

4Leading manufacturer of functional ingredients
to personal care and pharmaceutical markets

- EBITDA margins ~ 21% - 22%

- Robust top-line growth

4Unique technology portfolio that meets a variety
of demanding customer applications

- More than 400 active patents

- Approximately 275 scientists, positioned globally

4Strong global presence

- Nearly 60% of sales from outside North America

4Extensive relationships with leading consumer
brand and pharmaceutical providers

4Approximately 2,700 employees

	Personal Care	Pharma & Nutrition	Performance	Intermediates	Elastomers
Financial & Operating Information
2010 EBIT ($mm)	$124	$76	$35	$29
Key End Markets	Skin Care 4Skin lotions and anti- aging products 4Body washes 4Suncare products 4Body washes Hair Care 4Shampoo / Conditioner 4Mousses / Gels 4Hairsprays 4Body washes Oral Care 4Toothpastes 4Mouthwashes 4Denture adhesives	Pharmaceutical 4Tablets 4Dialysis membranes 4Wound care 4Capsules 4Body washes Other 4Food 4Beverages 4Fine chemicals	4Oilfield 4Detergents and household cleaners 4Inkjet paper coatings 4Adhesives 4Agriculture 4Paints 4Chemical processing 4Electronics	4Polyesters 4Urethanes 4Polybutylene terephthalate (PBT) plastics 4Value-added chemical products	4Tires 4Hoses 4Belting
Key Products	4Biofunctional ingredients 4UV absorbers 4Bioadhesives 4Polymers 4Emulsifiers / emollients	4Excipients 4Reaction solvents 4Bioavailability enhancers 4Clarification polymers 4Radiation-sensitive films	4Polymers 4Monomers 4Solvents 4Biocides	4Butanediol (BDO)	4Emulsion SBR (ESBR)
Key Customers	4Alberto Culver 4Avon 4Colgate 4L’Oreal 4Playtex 4P&G 4Unilever	4Fresenius 4GSK 4Merck 4Novartis 4Pfizer	4Bayer 4Dow 4Halliburton 4HP 4Reckitt Benckiser	4Bayer 4DSM 4DuPont 4Novamont	4 Bridgestone/ Firestone 4 Cooper Tires 4 Michelin 4 Toyo Tires

Specialty Chemicals

Industrial Chemicals

ISP Portfolio Overview
Broad Portfolio in Stable Markets

Global/Regional HQ

Technical Center

Manufacturing

Cologne, Germany

Memmingen, Germany

Bradford, UK

Paris, France

Sophia Antipolis, France

Hyderabad, India

Shanghai, China

Singapore

Texas City, TX

Mexico City, Mexico

Sao Paulo, Brazil

Wayne, NJ

N.A. Manufacturing

• Calvert City, KY

• Chatham, NJ

• Columbia, MD

• Columbus, OH

• Freetown, MA

• Huntsville, AL

• Leaside, Canada

• Lima, OH

• Port Neches, TX

• Texas City, TX

L.A. Manufacturing

• Cabreuva, Brazil

European. Manufacturing

• Horhausen, Germany

• Marl, Germany

• Memmingen, Germany

• Newton Aycliffe, UK

• Poole, UK

• Sophia Antipolis, France

ISP Locations
Strong global positions

	2010 Sales
North America	41%
Europe	35%
Asia Pacific	14%
Latin America	10%

~60% of sales
outside of North
America

Personal
Care
47%

Pharma &
Nutrition
29%

Performance
13%

EBIT: $264 million

ISP 2010 EBIT by Segment
Greater than 75% of earnings from personal care & pharmaceutical

ISP Historical Performance1
Fast-growing, high-margin segments

Historical Growth
5-yr sales CAGR

Operating
Margin

Pharma & Nutrition

Personal
Care

Elastomers

Performance

Intermediates

Size of bubble denotes
relative 2010 Operating
Income

1 Based on calendar-year 2010 ISP financials and historical data provided by ISP management.

Business Overview

2010 Sales by Product

Key Customers

Skin Care
42%

Hair Care
32%

Oral Care
26%

Solid Reputation For Quality

4 Alberto Culver

4 Avon

4 Colgate

4 L’Oreal

4 Playtex

4 P&G

4 Unilever

Personal Care - Overview

4 Manufactures critical ingredients in well-known
cosmetic and skin-, hair- and oral-care products

4 Market is relatively noncyclical, with sustainable
growth and exceptional margins

4 Leading position as a strategic supplier by 8
of the top 10 global beauty care companies

4 Strong programs in upstream research (new
molecules), materials science, formulation
science, hair and skin biology and regional
technical support

Business Overview

Pharma
59%

Pharma
Solvents
14%

Beverage
14%

Key Customers

2010 Sales by Product

4 Fresenius

4 GSK

4 Merck

4 Novartis

4 Pfizer

Operating Income
($ in millions)

Pharma and Nutrition - Overview

4 Products are key ingredients for prescription and
over-the-counter tablets, injectable prescription
drugs, antiseptics and dialysis membranes

4 Strong specialty-excipients business and global
network of tablet formulation laboratories

4 Manufactures specialty solvents for pharma API
manufacture; radiation-sensitive films for medical
imaging; clarification and stabilization aids for beer
and wine; and fine chemicals and food ingredients

Business Overview

Specialty
Solvents
45%

Performance
33%

Biocides
14%

Key Customers

2010 Sales by Product

4 Bayer

4 Dow

4 Halliburton

4 HP

4 Reckitt Benckiser

Operating Income
($ in millions)

Performance Chemicals - Overview

4 ISP segment with the broadest product portfolio
and range of applications

4 Manufactures vinyl pyrrolidone, vinyl caprolactam
and acrylate polymers, solvents and
alkylpyrrolidones, vinyl monomers and ethers,
specialty styrene-butadiene rubber, and industrial
biocides

4 End markets include adhesives and sealants,
agrochemicals, coatings and inks, electronics,
HI&I cleaning, mining and mineral slurries, oilfield,
membranes, plastics, pulp and paper, and water
conditioning

Business Overview

Elastomers
68%

Intermediates
32%

Key Customers

2010 Sales by Product

Intermediates:

4 Bayer

4 DSM

4 DuPont

4 Novamont

Elastomers:

4 Bridgestone /
Firestone

4 Cooper Tires

4 Michelin

4 Toyo Tires

Operating Income
($ in millions)

Industrial Chemicals - Overview

4 Engaged in the manufacture and sale of:

- Intermediates, principally butanediol, sold in the
merchant market for use in performance plastics
and synthetic fibers

- Elastomers, principally cold emulsion styrene-
butadiene rubber, which is used in tires and
industrial rubber products

4 Competes as a low-cost manufacturer
with its extensive manufacturing experience
and field sales organization

Strategic Fit with Ashland

Stan Turner
Director, Enterprise Strategy

Ashland EBITDA Transformation
ISP continues to build world-class specialty chemical company

Pre-Transformation:

2004

Pro Forma1

Divested
Segments
69%

Ashland
Specialty
Chemicals
15%

Ashland
Consumer
Markets
16%

Specialty Chemical
Commercial Units
74%

1 Pro forma Adjusted EBITDA for trailing 12 months ended March 31, 2011.

Ashland
Consumer
Markets
26%

EBITDA Margin Expansion1
Strategic decisions have dramatically expanded margins over time

1 2006 through 2010 EBITDA margin as reported in the fiscal year noted and not adjusted for future transactions.
TTM - Adjusted represents adjusted results for the trailing 12 months ended March 31, 2011.

Acquired Hercules
November 2008

Divested Distribution
March 2011

ISP Acquisition

Ashland EBITDA Transformation
Enhanced margin performance

1 For trailing 12 months ended March 31, 2011.

Ashland
Performance
Materials
13%

Ashland
Consumer
Markets
37%

Ashland
Hercules Water
Technologies

23%

Ashland Aqualon
Functional

Ingredients

27%

Ashland
Performance
Materials - 8%

Ashland
Consumer
Markets
26%

Ashland
Hercules Water
Technologies

16%

Ashland Aqualon
Functional

Ingredients

18%

Pro Forma1

Today1

ISP

32%

Functional Ingredients Strategy
ISP aligns with our previously stated core and adjacency goals

· ISP strengthens our position in 5 of our 8 targeted, adjacent markets

- Surfactants, Tablet Coatings, Controlled Release, Hair Care and Skin Care

Slide extracted from
June 2010 Ashland
Analyst Day

1 Approximated from management estimates, 2010 ISP sales data, and Ashland’s sales data.

· Hair Care

- Fixatives for hair gels and hairsprays

- Shampoo thickeners and conditioners

· Oral Care

- Tartar and gingivitis control

- Toothpaste thickeners, stabilizers

· Skin Care

- Actives: UV, anti-wrinkle, etc.

- Rheology modifiers

· Pharmaceutical

- Immediate release disintegrants

- Controlled release

· Energy

- Fluid loss additives, hydrate inhibitors

- Drilling aids, cement additives

· Food & Beverage

- Beverage clarifiers

- Texture modifiers and thickeners

Significant Synergy Opportunity

4 Approximately $50 million annual synergies

- Phased in over two years

4 Main areas of synergy savings

- Back office & administrative

- Commercial & technical

- Other G&A

4 Implementation costs are approximately 1.0x to 1.5x annual
synergy savings

4 Disciplined, bottom-up approach similar to that used for the
Hercules acquisition

Clear, Focused Integration Plan

4 We will retain key managers to ensure ongoing success

4 Ashland has a proven track record in successfully
integrating acquisitions

4 ISP will be integrated with the Ashland Aqualon
Functional Ingredients segment

- John Panichella, president of Ashland Aqualon Functional
Ingredients, will lead the integration

4 Create best practices

Financial Overview

Lamar Chambers
Senior Vice President and CFO

1 Board authorization remains in place and shares may still be repurchased over time.

2 Approximately $90 million of letters of credit outstanding at close.

Financial Policy

4 Use majority of available global cash to repay debt

- We have terminated our automatic 10b5-1 stock repurchase plan1

4 Continue to target leverage of 2.0x, achieving this target
through discretionary debt paydown from free cash flow

4 Maintain adequate liquidity ($750 million undrawn revolver2 in place
at closing and $300 million to $400 million of cash)

4 Expect to execute swaps to effectively fix 70% - 80% of total
outstanding debt

Note: Net Debt and Net Debt / EBITDA are as defined in Ashland’s current credit agreement.

Proven Ability to Delever Quickly

(3)

Strong Pro Forma Financials

Functional Ingredients

Water Technologies

($ in millions)

Note: Functional Ingredients and Water Technologies include 2008 data as reported by Hercules.

Ashland Historical Financial Summary

Sales

($ in millions)

ISP Historical Financial Summary

Appendix

Note: TTM 3/31/2011 financials are unaudited.

ISP Summary Financials

™ Trademark, Ashland or its subsidiaries, registered in various countries