Ashland 8-K Ashland Inc. reports preliminary financial results for fourth quarter of fiscal 2012

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EXHIBIT 99.2

Fourth-Quarter Fiscal 2012 Earnings

October 30, 2012

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

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

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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. In addition, Ashland may from time to time make forward-looking
statements in its other filings with the Securities and Exchange Commission (SEC), news releases and other written and oral
communications. These forward-looking statements are based on Ashland’s expectations and assumptions, as of the date
such statements are made, regarding Ashland’s future operating performance and financial condition, the economy and other
future events or circumstances. Ashland’s expectations and assumptions include, without limitation, internal forecasts and
analyses of current and future market conditions and trends, management plans and strategies, operating efficiencies and
economic conditions (such as prices, supply and demand, cost of raw materials, and the ability to recover raw-material cost
increases through price increases), and risks and uncertainties associated with the following: Ashland’s substantial
indebtedness (including the possibility that such indebtedness and related restrictive covenants may adversely affect
Ashland’s future cash flows, results of operations, financial condition and its ability to repay debt), severe weather, natural
disasters, and legal proceedings and claims (including environmental and asbestos matters). Various risks and uncertainties
may cause actual results to differ materially from those stated, projected or implied by any forward-looking statements,
including, without limitation, risks and uncertainties affecting Ashland that are described in its most recent Form 10-K
(including Item 1A Risk Factors) filed with the SEC, which is available on Ashland’s website at http://investor.ashland.com or
on the SEC’s website at www.sec.gov. Ashland believes its expectations and assumptions are reasonable, but there can be
no assurance that the expectations reflected herein will be achieved. Ashland undertakes no obligation to subsequently
update any forward-looking statements made in this presentation or otherwise except as required by securities or other
applicable law.

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 in the United States (U.S. GAAP) and should not be construed as an alternative to the
reported results determined in accordance with U.S. 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 U.S. GAAP results.

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Fiscal Fourth Quarter 2012
Highlights1

·Reported EPS from continuing operations of $(3.47)

-Adjusted EPS of $1.87 versus $1.01 in Q4 2011

·Sales of $2.1 billion

-3% growth when normalized for currency and divestitures

·Adjusted EBITDA of $349 million

-32% increase from pro forma Q4 2011

·Successfully completed debt refinancing and accounts
receivable securitization program

-Saves roughly $40 million of annualized interest expense

·Generated free cash flow of $154 million

1Ashland's fourth-quarter earnings release dated Oct. 30, 2012, available on Ashland's website at

http://investor.ashland.com, reconciles adjusted amounts to amounts reported under GAAP.

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Fiscal Fourth Quarter - Continuing Operations
Key Items Affecting Income

·Intangible amortization expense in September 2012 quarter
of $29 million

-Excluding intangible amortization, adjusted EPS
would have been 25 cents higher, or $2.12

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Adjusted Pro Forma Results Summary1

1 Ashland's earnings releases dated Oct. 30 and July 26, 2012, available on Ashland's website at
http://investor.ashland.com, reconcile adjusted amounts to amounts reported under GAAP.

·Prior year includes ISP on a full-quarter, pro forma basis

·Adjusting for currency, divestitures and joint ventures, sales grew
3% over the prior-year quarter

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Normalized Volume Trends1

1 Excludes volumes associated with Casting Solutions and divested Pinova, Synlubes, and PVAc
businesses for all periods. Includes volumes associated with ISP and Ara Quimica for all periods.

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Q4 FY 2011 vs. Q4 FY 2012
Adjusted Pro Forma EBITDA Bridge

17

Q4 2011

Volume/Mix

Q4 2012

Currency
Translation

Margin

82

264

349

SG&A
Expenses

(3)

(16)

Other

5

($ millions)
Preliminary

·Improved gross margin in all four commercial units

·Stronger dollar had a $16 million negative effect on EBITDA

8

Liquidity and Net Debt

($ in millions)

Scheduled Debt Repayments
by Fiscal Year

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Ashland Specialty Ingredients
Adjusted Pro Forma Results Summary1

·Year-over-year volume declines driven by Energy and Coatings

·$6 million plant shutdown negatively affected quarter

1 Ashland's earnings releases dated Oct. 30 and July 26, 2012, available on Ashland's website at
http://investor.ashland.com, reconcile adjusted amounts to amounts reported under GAAP.

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Ashland Specialty Ingredients
Adjusted Pro Forma EBITDA Bridge

Q4 2011

Volume/
Mix

Q4 2012

Currency
Translation

Margin

SG&A
Expenses

Q4 FY 2011 versus Q4 FY 2012

22

(16)

38

193

·Improved business mix, more than offset volume declines

·Pricing efforts continue to cover raw material cost increases

($ millions)
Preliminary

155

Other

(11)

5

11

·Guar destocking has continued

-Will likely remain soft until January

·Dynamics differ by end-product

-Higher technology “derivatized guars” doing well

-Large price/volume declines in more commoditized “straight guar”

·Price remains highly volatile in straight guar

-Potential $15 to $25 million loss if current conditions persist

Ashland Specialty Ingredients
Guar

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·Expect strong performance in other parts of the
business

-Pharmaceutical, Personal Care and Coatings

·New products and technologies continue to gain
share

-New products represented 21% of sales for fiscal 2012

·Significant capital investment expected over next
several years

-High overall returns on investment

Ashland Specialty Ingredients
Business Outlook

13

Ashland Water Technologies
Adjusted Results Summary1

·Normalized for currency and adjusted for divestitures,
sales were down 4% from the year-ago quarter

1 Ashland's earnings releases dated Oct. 30 and July 26, 2012, available on Ashland's website at
http://investor.ashland.com, reconcile adjusted amounts to amounts reported under GAAP.

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Q4 2011

Volume/
Mix

Q4 2012

Currency
Translation

Margin

SG&A
Expenses

Q4 FY 2011 versus Q4 FY 2012

50

(7)

1

(4)

1

Other

(8)

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·Volumes down approximately 4%, excluding divestitures

·Currency translation had materially negative effect

($ millions)
Preliminary

Ashland Water Technologies
Adjusted EBITDA Bridge

15

·Business has underperformed versus our
expectations

-Sales and GP% have stabilized last three quarters

·Results should improve and we are focused
on sales growth and improving market penetration

·John Panichella, as Group Operating Officer,
will be responsible for Specialty Ingredients and
Water Technologies

-Search for Water Technologies President has begun

Ashland Water Technologies
Business Update

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·Improve execution and overall accountability

·Implement more disciplined approach to SG&A

-Tightly control our costs

-Improve sales efficiency

·Tighter control over pricing and contract management

Ashland Water Technologies
Strategic Actions

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Ashland Performance Materials
Adjusted Pro Forma Results Summary1

·Excluding Casting Solutions and divested PVAc business, volumes
up 4% versus Q4 2011

·Sequential decline in GP% primarily due to butadiene

1 Ashland's earnings releases dated Oct. 30 and July 26, 2012, available on Ashland's website at
http://investor.ashland.com, reconcile adjusted amounts to amounts reported under GAAP.

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Ashland Performance Materials
Adjusted Pro Forma EBITDA Bridge

Q4 2011

Volume/
Mix

Q42012

Currency
Translation

Margin

SG&A
Expenses

Q4 FY 2011 versus Q4 FY 2012

0

9

(2)

Other

(7)

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·Negative mix offset normalized volume gains

·Increased margins in Adhesives and Composites

·Effects of ASK Chemicals joint venture and divested PVAc
business captured in Other

31

($ millions)
Preliminary

0

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Ashland Consumer Markets
Adjusted Results Summary1

·Stable volumes sequentially despite normal seasonal downturn

·Recent raw material cost declines have led to more normalized
margins

1 Ashland's earnings releases dated Oct. 30 and July 26, 2012, available on Ashland's website at
http://investor.ashland.com, reconcile adjusted amounts to amounts reported under GAAP.

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Ashland Consumer Markets
Adjusted EBITDA Bridge

·Stronger business mix offset small volume declines

·Margin expansion driven by lower raw material costs

Q4 2011

Volume/
Mix

Q4 2012

Currency
Translation

Margin

SG&A
Expenses

Q4 FY 2011 versus Q4 FY 2012

Other

($ millions)
Preliminary

34

(1)

2

7

83

39

2

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Pension and OPEB

·Ashland recognizes actuarial gains and losses in
the year they occur

·Asset returns exceeded expectations, but discount
rates fell over 100 basis points

-Led to $493 million corporate charge

·2013 expectations

-Pension/OPEB income of $30 million versus
expense of $7 million in 2012

-Pension cash funding of $110 million, $60 million
below fiscal 2012

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Fiscal Fourth Quarter 2012
Corporate Items

·Capital expenditures of $134 million

·Net interest expense of $54 million after adjusting for
refinancing related costs

-Unusually low interest income during the quarter

·Effective tax rate of 21%

-Excludes key items

-Brings fiscal 2012 to 26%,

•2013 expectations of 26% - 28%

·Free cash flow1 generation of $154 million

1See Table 6 of the Q4 2012 earnings release for U.S. GAAP reconciliations.

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Fiscal Fourth Quarter 2012
Performance Summary

·Solid performance versus the prior year but did have
areas of softness sequentially

·As compared with pro forma September 2011 quarter

-Normalized volumes down 1%

-Sales of $2.1 billion

-EBITDA of $349 million, up 32%

·EBITDA margin of approximately 17%

·Free cash flow generation of $154 million

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Fiscal 2012 Accomplishments

·Adjusted EPS of $6.62

-70% increase from fiscal 2011

·Grew pro forma EBITDA 17% versus fiscal 2011

-Good growth in Specialty Ingredients, Performance
Materials and Consumer Markets

·Attained $75 million in savings through corporate
cost reduction program

·Completed commercial integration of ISP

·Significantly improved capital structure

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Near-Term Outlook

·Demand trends generally holding

-Guar trends still developing

·Regional performance still mixed

-Continued growth in North America

-Europe and Asia remain soft

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Fiscal 2013 Objectives

·Expand sales and contain costs

-Improve performance in Water Technologies

-Focus growth capital in Specialty Ingredients

-Achieve sales gains in Consumer Markets and
Performance Materials

·Complete remaining $15 million in ISP cost synergies

·Achieve significant increases in free cash flow

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Appendix A:
Business Profiles

12 Months Ended Sept. 30, 2012

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Corporate Profile

By commercial unit

By geography

1For 12 months ended Sept. 30, 2012

2Ashland includes only U.S. and Canada in its North America designation

North
America2

53%

Asia Pacific
13%

Latin
America/
Other - 7%

Europe
27%

Ashland
Specialty
Ingredients
35%

Ashland
Water
Technologies
21%

Ashland
Performance
Materials
19%

Ashland
Consumer
Markets
25%

Sales1 - $8.2 Billion

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Corporate Profile

1For fiscal year ended Sept. 30, 2012. See Appendix B for reconciliation to amounts reported under GAAP.

NYSE Ticker Symbol:	ASH
Total Employees:	~15,000
Outside North America:	~40%
Number of Countries in Which Ashland Has Sales:	More than 100

Ashland
Specialty
Ingredients
57%

Ashland
Water
Technologies
11%

Ashland
Performance
Materials - 12%

Ashland
Consumer
Markets
20%

Adjusted EBITDA1 - $1.4 Billion

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AshlandSpecialtyIngredients
A global leader in water-soluble and film-forming polymers

1See Appendix B for reconciliation to amounts reported under GAAP.

Fiscal Year Ended Sept. 30, 2012

Sales: $2.9 billion

Adjusted EBITDA: $763 million1

Adjusted EBITDA Margin: 26.5%1

Sales
by Product

Cellulosics
31%

PVP
15%

Solvents/
Intermediates
18%

Pharma/
Nutrition
18%

Personal
Care
21%

Specialty
Performance
25%

North America
37%

Asia
Pacific
17%

Europe
37%

Coatings
13%

Industrial
23%

Guar - 12%

Other
10%

Sales
by Geography

Sales
by Market

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Ashland Water Technologies
Providing specialty chemicals and services to water-intensive industries

Sales
by Geography

Fiscal Year Ended Sept. 30, 2012

Sales: $1.7 billion

Adjusted EBITDA: $149 million1

Adjusted EBITDA Margin: 8.6%1

Sales
by Product

Process
27%

Utility
29%

Functional
44%

Municipal - 9%

Paper
58%

Industrial2
33%

Sales
by Market

North America
45%

Europe
34%

Latin America/
Other - 9%

1See Appendix B for reconciliation to amounts reported under GAAP.

2Includes Pulp markets.

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Ashland Performance Materials
Global leader in composite resins, specialty adhesives and elastomers

Sales
by Geography2

Fiscal Year Ended Sept. 30, 2012

Sales: $1.6 billion

Adjusted EBITDA1: $159 million

Adjusted EBITDA Margin1: 10.2%

Sales
by Product2

Composites
54%

Adhesives

21%

Elastomers
25%

Construction:
Residential
14%

Marine
9%

Pkg. &
Converting
15%

Construction:Industrial
28%

Sales
by Market2

North America
70%

Asia Pacific - 8%

Europe
18%

Latin
America/
Other
4%

Transportation
28%

1See Appendix B for reconciliation to amounts reported under GAAP.

2Excludes sales from Casting Solutions.

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

International Sales
by Region2

Fiscal Year Ended Sept. 30, 2012

Sales: $2.0 billion
EBITDA: $272 million1

EBITDA Margin: 13.4%1

Sales
by Product

Lubricants
85%

Chemicals - 8%

Do-It-
Yourself
32%

DIFM:
Valvoline
Instant Oil
Change
15%

DIFM: Installer
Channel
21%

Valvoline
International
32%

Sales
by Market

Asia Pacific

ex Australia
32%

Europe
27%

Latin America/
Other - 16%

Antifreeze
5%

Filters
2%

Australia
25%

1See Appendix B for reconciliation to amounts reported under GAAP.

2Includes nonconsolidated joint ventures.

Appendix B: Reclassifications
and Regulation G Reconciliations

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Ashland Inc. and Consolidated Subsidiaries
Reconciliation of Non-GAAP Data
for Fiscal Year Ended Sept. 30, 2012

($ millions, except percentages)

1Calculation of adjusted EBITDA for each quarter has been reconciled within each quarterly earnings release filed with the
SEC and posted on Ashland's website. Total Adjusted EBITDA may not sum to actual results due to quarterly rounding
conventions.

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