EXHIBIT 21
LIST OF SUBSIDIARIES
Subsidiaries of Ashland Inc. (“Ashland”) at September 30, 2014, included the companies listed below.
| Company | Jurisdiction of Incorporation | |
| 565 Corporation | Delaware, United States | |
| ACM Eurasia LLC | Russia | |
| Ash (Gibraltar) One Limited | Gibraltar | |
| Ash (Gibraltar) Two Limited | Gibraltar | |
| ASH GP LLC | Delaware, United States | |
| Ashland (Changzhou) Advanced Chemical Co., Ltd. | China | |
| Ashland (Changzhou) Specialty Chemical Co., Ltd | China | |
| Ashland (China) Holdings Co., Ltd. | China | |
| Ashland (Gibraltar) One Holding, Inc. | Delaware, United States | |
| Ashland (Tianjin) Chemical Co., Ltd. | China | |
| Ashland Branded Finance, Inc. | Delaware, United States | |
| Ashland Canada Corp. | Nova Scotia, Canada | |
| Ashland Canada Holdings B. V. | Netherlands | |
| Ashland Chemical De Mexico S.A. De C.V. | Mexico | |
| Ashland Chemical Hispania, S. L. | Spain | |
| Ashland Chemicals (Nanjing) Company Limited | China | |
| Ashland CZ s.r.o. | Czech Republic | |
| Ashland Danmark ApS | Denmark | |
| Ashland Eastern Markets LLC | Russia | |
| Ashland Elastomers LLC | Delaware, United States | |
| Ashland Ethanol, Inc. | Delaware, United States | |
| Ashland Finance Limited | Bermuda | |
| Ashland Finland Oy | Finland | |
| Ashland France SAS | France | |
| Ashland Hercules Water Technologies (Australia) Pty Ltd | Australia | |
| Ashland Holdings B. V. | Netherlands | |
| Ashland India Private Limited | India | |
| Ashland Industries Deutschland GmbH | Germany | |
| Ashland Industries Europe GmbH | Switzerland | |
| Ashland Industries France SAS | France | |
| Ashland Industries Ireland Limited | Ireland | |
| Ashland Industries Italia S.r.l. | Italy | |
| Ashland Industries Nederland B.V. | Netherlands | |
| Ashland Industries UK Limited | United Kingdom | |
| Ashland International Holdings, Inc. | Delaware, United States | |
| Ashland Italia S.r.l. | Italy | |
| Ashland Korea Co., Ltd. | Korea | |
| Ashland Licensing and Intellectual Property LLC | Delaware, United States | |
| Ashland ME Holdings, Inc. | Delaware, United States | |
| Ashland Nederland B.V. | Netherlands | |
| Ashland New Zealand Limited | New Zealand | |
| Ashland Nigeria Exploration Unlimited | Nigeria | |
| Ashland Norge AS | Norway | |
| Company | Jurisdiction of Incorporation | |
| Ashland Oil (Nigeria) Company Unlimited | Nigeria | |
| Ashland Oil, Inc. | Kentucky, United States | |
| Ashland Pacific Pty. Ltd. | Australia | |
| Ashland Participacoes Ltda. | Brazil | |
| Ashland Poland Sp. z o.o. | Poland | |
| Ashland Polímeros do Brasil S.A. | Brazil | |
| Ashland Polyester (Kunshan) Co. Ltd. | China | |
| Ashland Rhine Holdings B.V. | Netherlands | |
| Ashland Rhone Holdings B.V. | Netherlands | |
| Ashland Services B. V. | Netherlands | |
| Ashland Services Mexico, S.A. de C.V. | Mexico | |
| Ashland Singapore Pte. Ltd. | Singapore | |
| Ashland Specialties Austria GmbH | Austria | |
| Ashland Specialties Belgium BVBA | Belgium | |
| Ashland Specialties France S.a.r.l. | France | |
| Ashland Specialties Hispania S.L. | Spain | |
| Ashland Specialties South Africa Proprietary Limited | South Africa | |
| Ashland Specialties Sverige AB | Sweden | |
| Ashland Specialties UK Limited | United Kingdom | |
| Ashland Specialty Ingredients G.P. | Delaware, United States | |
| Ashland Switzerland Holdings GmbH | Switzerland | |
| Ashland Valvoline Chemical (Shanghai) Co., Ltd | China | |
| Ashland-Alaskan, Limited | Alaska, United States | |
| Ashland-Plasticos De Portugal, Lda. | Portugal | |
| Ashmont Insurance Company, Inc. | Vermont, United States | |
| AshOne C. V. | Netherlands | |
| Ashprop Two LLC | Delaware, United States | |
| AshTwo C. V. | Netherlands | |
| Belleville Realty Corp. | Delaware, United States | |
| Bluegrass Insurance Company Limited | Bermuda | |
| Bluehall Incorporated | Delaware, United States | |
| CLTA LLC | Delaware, United States | |
| Corporacion ISP Andina, C.A. | Venezuela | |
| Curtis Bay Insurance Co. Ltd | Bermuda | |
| CVG Capital III LLC | Delaware, United States | |
| Delta Technologies LLC | Delaware, United States | |
| East Bay Realty Services, Inc. | Delaware, United States | |
| Ever Success Overseas Limited | British Virgin Islands | |
| FRJ, Inc. | Georgia, United States | |
| Funding Corp. I | Delaware, United States | |
| Hercofina | Delaware, United States | |
| Hercules Chemicals South Africa (Proprietary) Limited | South Africa | |
| Hercules China Limited | Hong Kong | |
| Hercules Holding BV BVBA | Belgium | |
| Hercules Holding II Limited | United Kingdom | |
| Hercules Holding Specialty Materials B. V. | Netherlands | |
| Hercules Hydrocarbon Holdings, Inc. | Delaware, United States | |
| Hercules Incorporated | Delaware, United States | |
| Hercules Industrial Chemicals Private Limited | India | |
| Company | Jurisdiction of Incorporation | |
| Hercules International Limited, LLC | Delaware, United States | |
| Hercules Investment ApS | Denmark | |
| Hercules Investments Netherlands B.V. | Netherlands | |
| Hercules Islands Corporation | American Virgin Islands | |
| Hercules Paper Holdings, Inc. | Delaware, United States | |
| Hercules Tianpu Chemicals Company Limited | China | |
| Hercules Trading (Shanghai) Company Limited | China | |
| International Specialty Holdings LLC | Delaware, United States | |
| International Specialty Products (India) Private Limited | India | |
| International Specialty Products Funding Corporation | Delaware, United States | |
| International Specialty Products Inc. | Delaware, United States | |
| ISP (Australasia) Pty. Limited | Australia | |
| ISP (Belgium) International N. V. | Belgium | |
| ISP (Great Britain) Co. Ltd. | United Kingdom | |
| ISP (Japan) Ltd | Japan | |
| ISP (Korea) Limited | Korea | |
| ISP (Polska) Sp.z o.o. | Poland | |
| ISP (Puerto Rico) Inc. | Delaware, United States | |
| ISP (SHANGHAI) COMPANY LIMITED | China | |
| ISP (SINGAPORE) PTE LTD | Singapore | |
| ISP (Thailand) Co., Ltd | Thailand | |
| ISP Alginates Inc. | Delaware, United States | |
| ISP Argentina S.R.L. | Argentina | |
| ISP Asia Pacific Pte. Ltd | Singapore | |
| ISP Bermuda Limited | Bermuda | |
| ISP Biochema Schwaben GmbH | Germany | |
| ISP Canada Corp. | Nova Scotia, Canada | |
| ISP Capital LLC | Delaware, United States | |
| ISP Ceska Republica Spol, S.R.O. | Czech Republic | |
| ISP Chemco LLC | Delaware, United States | |
| ISP Chemical Products LLC | Delaware, United States | |
| ISP CHEMICALS (MALAYSIA) SDN.BHD | Malaysia | |
| ISP Chemicals LLC | Delaware, United States | |
| ISP Chile S. A. | Chile | |
| ISP Colombia Ltda. | Colombia | |
| ISP do Brasil Ltda. | Brazil | |
| ISP Environmental Services Inc. | Delaware, United States | |
| ISP France Customer Service SARL | France | |
| ISP France Holding SARL | France | |
| ISP France Marketing SARL | France | |
| ISP Freetown Fine Chemicals Inc. | Delaware, United States | |
| ISP Freight Services N. V. | Belgium | |
| ISP Global Operations (Barbados) Inc. | Barbados | |
| ISP Global Technologies Deutschland Unterstutzungskasse GmbH | Germany | |
| ISP Global Technologies Inc. | Delaware, United States | |
| ISP Global Technologies LLC | Delaware, United States | |
| ISP HC Limited | Cyprus | |
| ISP Holdings (U.K.) Ltd. | United Kingdom | |
| ISP Horhausen GmbH | Germany | |
| Company | Jurisdiction of Incorporation | |
| ISP Hungary Holdings Limited Liability Company | Hungary | |
| ISP Indústria e Comércio de Ingredientes e Especialidades para Alimentos Ltda. | Brazil | |
| ISP International Corp. | Delaware, United States | |
| ISP Investments Inc. | Delaware, United States | |
| ISP Lima LLC | Delaware, United States | |
| ISP Luxembourg Canada S.a.r.l. | Luxembourg | |
| ISP Management Company, Inc. | Delaware, United States | |
| ISP Marl GmbH | Germany | |
| ISP Marl Holdings GmbH | Germany | |
| ISP Microcaps (U.K.) Limited | United Kingdom | |
| ISP Pharma Systems LLC | Delaware, United States | |
| ISP Real Estate Company, Inc. | Delaware, United States | |
| ISP Sales (U.K.) Limited | Ireland | |
| ISP Singapore Holding LLC | Delaware, United States | |
| ISP Technologies Inc. | Delaware, United States | |
| ISP Technologies LLC | Delaware, United States | |
| Jiangmen Ashland Chemicals Company Limited | China | |
| Lubricantes Andinos "Lubrian S. A." | Ecuador | |
| Lubricantes del Peru S.A. | Peru | |
| Lubrival S. A. | Ecuador | |
| Oil Casualty Insurance, Ltd. | Bermuda | |
| Pakistan Gum Industries (Private) Limited | Pakistan | |
| Progiven S.A.S. | France | |
| PT Ashland Asia | Indonesia | |
| PT ISP Chemicals Indonesia | Indonesia | |
| PT. Hercules Chemicals Indonesia | Indonesia | |
| Relocation Properties Management LLC | Delaware, United States | |
| Saudi Industrial Resins Co. Ltd. (Polyester) | Saudi Arabia | |
| Shanghai VC Lubricating Oil Co., Ltd. | China | |
| St Croix Petrochemical Corp | American Virgin Islands | |
| Techwax Limited | United Kingdom | |
| V C Lubricating Oil Co. Ltd. | Hong Kong | |
| Valvoline (Australia) Pty. Limited | Australia | |
| Valvoline (Deutschland) B.V. & Co. KG | Germany | |
| Valvoline (Thailand) Ltd. | Thailand | |
| Valvoline Cummins Argentina S.A. | Argentina | |
| Valvoline Cummins Limited | India | |
| Valvoline de Colombia S.A.S. | Colombia | |
| Valvoline De Venezuela S.A. | Venezuela | |
| Valvoline Do Brasil Lubrificantes Ltda. | Brazil | |
| Valvoline Instant Oil Change Franchising, Inc. | Delaware, United States | |
| Valvoline International, Inc. | Delaware, United States | |
| VIOC Funding, Inc. | Delaware, United States | |
| WSP LLC | Delaware, United States | |