Ashland 8K Regulation FD Disclosure | SEC 30 Nov 10

EXHIBIT 99.1

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

* Trademark owned by third party

2010 Citi Basic Materials Symposium

Lamar M. Chambers

Senior Vice President and Chief Financial Officer

November 30, 2010

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 forward-
looking statements are based upon a number of assumptions, including those mentioned within
this presentation. Performance estimates are also based upon internal forecasts and analyses of
current and future market conditions and trends (including the ability to recover raw-material cost
increases through price increases); management plans and strategies; operating efficiencies and
economic conditions; legal proceedings and claims (including environmental and asbestos
matters); and expectations concerning the sale of the Ashland Distribution business. 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 presentation.

Regulation G: Adjusted Results

The information presented herein regarding certain unaudited adjusted or 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 information to assist in understanding the 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 related to previous Ashland
filings has been reconciled with reported GAAP results.

Ashland
Consumer
Markets

(Valvoline)

Ashland

Hercules
Water
Technologies

Ashland

Distribution

Ashland

Aqualon
Functional
Ingredients

#1 global leader
in unsaturated
polyester resins
and vinyl ester
resins

#3 passenger-car
motor oil and
#2 franchised
quick-lube chain
in the United
States

#2 North
American and
#3 global
chemicals
distributor

#1 global
producer
of specialty
papermaking
chemicals

#1 global
producer
of cellulose
ethers

Ashland

Strong Leadership Positions
in Markets We Serve

Ashland Distribution Divestiture

· Signed definitive agreement to sell assets
of Ashland Distribution to TPG Capital

- Gross proceeds of $930 million

- All-cash transaction

- Net aftertax proceeds of approximately $825 million

· Expect transaction to close during March quarter

- Contingent upon customary closing conditions
and receipt of regulatory approvals

- No financing condition

• Reverse termination fee of $120 million

Ashland Distribution Divestiture (cont.)

· Treated as discontinued operations
starting in December 2010 quarter

· Stranded costs of approximately $50 million
on annual basis

- Transition Services Agreement
should cover more than half

- Roughly $7 million to $8 million negative effect
on quarterly results starting in December quarter

Ashland
Distribution
37%

Ashland
Consumer
Markets
19%

FY 20101 = $9.2 billion

Pro Forma2 = $5.7 billion

Ashland
Aqualon
Functional
Ingredients

10%

Ashland
Performance
Materials
22%

Ashland
Consumer
Markets
31%

Ashland Hercules
Water Technologies

31%

Ashland
Aqualon
Functional

Ingredients
16%

1 For fiscal year ended Sept. 30, 2010, including intersegment sales.

2 Pro forma for fiscal year ended Sept. 30, 2010, including intersegment sales, but excluding Ashland Distribution.

Specialty Chemical Sales Increase to ~70% Pro Forma

Corporate Profile – Sales

North
America
67%

Latin America/
Other - 4%

Europe

21%

Sales from Outside North America Increase to 45% Pro Forma

FY 20101 = $9.2 billion

Pro Forma2 = $5.7 billion

1 For fiscal year ended Sept. 30, 2010, including intersegment sales.

2 Pro forma for fiscal year ended Sept. 30, 2010, including intersegment sales, but excluding Ashland Distribution.

North
America
55%

Latin America/
Other - 7%

Europe

26%

Corporate Profile – Regional Sales

FY20101 = $887 million

Pro Forma2 ~ $800 million

Ashland Hercules
Water Technologies

25%

Ashland Aqualon
Functional

Ingredients

27%

Divestiture Has Relatively Small Effect on EBITDA

Ashland
Consumer
Markets
33%

Ashland Hercules
Water Technologies
23%

Ashland Aqualon
Functional
Ingredients

24%

1 For the fiscal year ended Sept. 30, 2010. See Slide 21 for reconciliation to amounts reported under GAAP

2 Pro forma for fiscal year ended Sept. 30, 2010, excluding Ashland Distribution.

Corporate Profile – EBITDA

North
America

34%

Asia
Pacific

20%

Europe

38%

Coatings
Additives
31%

Energy &
Specialties
Solutions
20%

Regulated
Industries
32%

Sales
by Geography

Sales
by Market

Fiscal Year Ended Sept. 30, 2010

Sales: $0.9 billion

Adjusted EBITDA: $214 million1

Adjusted EBITDA Margin: 23.4%1

Business Overview
Customers	· Diversified, global customer base
Products	· Broad product line based on renewable resources - Water-soluble polymers (cellulose ethers and guar derivatives)
Markets	· Regulated markets - Personal care - Pharmaceutical - Food · Water-based paints · Oilfield (chemicals and drilling muds) · Construction

Sales
by Product

CMC
20%

HEC
32%

MC
18%

Other
17%

Klucel™

1 See Slide 21 for reconciliation to amounts reported under GAAP.

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

North
America

49%

Europe

34%

Latin
America/

Other
7%

Growth
50%

Base
31%

Sales
by Geography

Sales
by Market

Fiscal Year Ended Sept. 30, 2010

Sales: $1.8 billion

Adjusted EBITDA: $202 million1

Adjusted EBITDA Margin: 11.3%1

Sales
by Product

Process
26%

Utility
34%

Functional
40%

Business Overview
Customers/ Markets	· 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
Products/ Services	· Process chemicals: microbial and contaminant control, pulping aids, retention aids and defoamers · Utility water treatments · Functional chemicals: sizing/strength

1 See Slide 21 for reconciliation to amounts reported under GAAP.

Pkg. &

Converting
19%

North
America

58%

Europe

25%

Latin
America/
Other - 7%

Trans-
portation

19%

Industrial
Construction
33%

Business Overview
Customers	· Auto manufacturers; foundries; pipe and tank fabricators; packaging and converting; bathware, countertop and window lineal manufacturers; pipe relining contractors; boatbuilders; wide and narrow web printers
Products/ Services	· Composites and Adhesives - Unsaturated polyester resins - Vinyl ester resins - Gelcoats - Pressure-sensitive adhesives - Structural adhesives - Specialty resins · Casting Solutions - Foundry binder resins - Chemicals - Sleeves and filters - Design services
Markets	· Construction, packaging and con- verting, transportation and marine

Sales
by Geography

Sales
by Market

Fiscal Year Ended Sept. 30, 2010

Sales: $1.3 billion

Adjusted EBITDA: $87 million1

Adjusted EBITDA Margin: 6.8%1

Asia Pacific
10%

1 See Slide 21 for reconciliation to amounts reported under GAAP.

Ashland Performance Materials
A global leader in specialty chemicals

Lubricants

86%

Filters - 2%

Valvoline
Int'l
23%

Do-It-
Yourself

36%

Business Overview
Customers	· 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
Products/ Services	· 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
Market Channels	· Do-It-Yourself (DIY) · Do-It-For-Me (DIFM) · Valvoline International

Sales
by Product Line

Sales
by Market Channel

Do-It-
For-Me
39%

DIFM:
Installer channel
28%

Specialty/
Other - 2%

DIFM:
Valvoline Instant Oil
Change - 11%

Antifreeze - 5%

Appearance
products - 2%

Chemicals - 5%

Fiscal Year Ended Sept. 30, 2010

Sales: $1.8 billion

Adjusted EBITDA: $298 million1

Adjusted EBITDA Margin: 17.0%1

1 See Slide 21 for reconciliation to amounts reported under GAAP.

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

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

Ashland Distribution
A leading North American chemicals and plastics distributor

Chemicals

46%

Plastics

42%

Environmental
Services/Other - 3%

Construction

26%

Other

11%

Sales
by Product
Line

Sales
by Market

Medical - 5%

Marine - 2%

Com-
posites

Chemical
Mfg.
24%

Retail

Consumer - 7%

Personal
Care - 5%

Fiscal Year Ended Sept. 30, 2010

Sales: $3.4 billion

Adjusted EBITDA: $89 million1

Adjusted EBITDA Margin: 2.6%1

1 See Slide 21 for reconciliation to amounts reported under GAAP.

Business Overview
Customers	· Diversified customer base in North America and Europe
Products/ Services	· More than 28,000 packaged and bulk chemicals, solvents, plastics and additives · Comprehensive, hazardous and nonhazardous waste- management solutions in North America
Markets	· Construction · Chemical manufacturing · Paint and coatings · Transportation · Retail consumer · Medical · Personal care · Marine

Trans-
portation

1 Ashland's earnings releases, dated Oct. 26 and July 23, 2010, available on Ashland's website at
http://investor.ashland.com, reconcile adjusted amounts to amounts reported under GAAP.

· Strong sales growth versus September 2009 quarter

· Margin compression in three of five commercial units
primarily due to raw material inflation

As Reported
Adjusted Results Summary1

1 Free cash flow is defined as Cash Flows Provided by Operating Activities from Continuing Operations less Additions to
Property, Plant and Equipment less Cash Dividends Paid. Ashland's earnings release, dated Oct. 26, 2010, available on
Ashland's website at http://investor.ashland.com, reconciles adjusted amounts to amounts reported under GAAP.

Fiscal 2010 Accomplishments

· Accomplished last major milestone of Hercules integration

· Completed cost-reduction initiatives,
resulting in more than $425 million of annual savings

· Record results from Consumer Markets

· Signed agreement with Süd-Chemie
to form global castings joint venture

· Strong cash generation

- Produced free cash flow1 of $276 million

- Increased liquidity to $1.2 billion

· Doubled dividend to 60 cents per share annually

December Quarter Update

· Demand environment showing typical seasonality

· Functional Ingredients and Water Technologies
continue to implement pricing actions
to offset inflationary raw material costs

· Performance Materials again facing inflation
in number of key raw materials

- Pricing actions already implemented

· Previous pricing actions enabled
Consumer Markets to recover
raw material inflation to date

Midcycle EBITDA Margin Targets of 17% to 18%

Midcycle Targets

1 Brazil, Russia, India and China.

Ashland Strategy

· Focus on specialty chemicals

- Sustainable technologies

- Water-intensive industries

· Reduce volatility of earnings and cash flow
and retain conservative financial position

· Leverage formulation and application expertise into
adjacent markets that value customized-service model

· Expand in high-growth BRIC1 region

· Long history of returning value to shareholders
through mix of options

Investment Thesis

· Defined long-term strategic vision
with discipline to make it reality

· Significant growth potential
across commercial units

· Fiscal conservatism to fully realize
benefits of operating leverage

· Strong cash generation

1 Excludes intersegment sales of $148 million. Calculation of adjusted EBITDA for each quarter has been reconciled
within each quarterly earnings release filed with the SEC and posted on Ashland's website. Quarterly totals may not
add to annual amounts due to rounding.

Ashland Inc. and Consolidated Subsidiaries
Reconciliation of Non-GAAP Data
for the 12 Months Ended Sept. 30, 20101

Ashland 8-KRegulation FD Disclosure