Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. Ashland has identified some of these forward-looking
statements with words such as “anticipates,” “believes,” “expects,” “estimates,” “is likely,” “predicts,” “projects,” ”forecasts,” “may,”
“will,” “should” and “intends” and the negatives of these words or other comparable terminology. In addition, Ashland may from time
to time make forward-looking statements in its 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), the sale transactions involving Ashland Water Technologies and the ASK
joint venture and the potential sale transaction involving the elastomers division (including the possibility that the transactions may
not occur or that, if a transaction does occur, Ashland may not realize the anticipated benefits from such transaction), the global
restructuring program (including the possibility that Ashland may not realize the anticipated revenue and earnings growth, cost
reductions and other expected benefits from the program), Ashland's ability to generate sufficient cash to finance its stock
repurchase plans, 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. Unless legally required, Ashland
undertakes no obligation to update any forward-looking statements made in this presentation whether as a result of new information,
future events or otherwise.
Regulation G: Adjusted Results
The information presented herein regarding certain unaudited adjusted 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. Ashland has included this non-GAAP information to assist in understanding the operating performance
of the company and its reportable 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 with the SEC has been reconciled with
reported U.S. GAAP results.
