Exhibit 99.1
Notice to Directors and Executive Officers
July 6, 2005
Important Notice to Directors and Executive Officers
Regarding the Immediate Prohibition of Your Ability
To Purchase or Sell Ashland Inc. Securities Under the Sarbanes-Oxley Act of 2002
Dear Director or Executive Officer of Ashland Inc.:
As you may be aware, as of June 30, 2005, Ashland Inc.
("Ashland") completed the transfer of its 38-percent interest in Marathon
Ashland Petroleum LLC ("MAP") and two other businesses to Marathon Oil
Corporation ("Marathon") through a series of steps involving the
reorganization of Ashland.
To facilitate the completion of the transfer of Ashland
Inc.'s interest in MAP and the other businesses to Marathon, there was a
previously announced blackout period - that was expected to last not longer
than two business days or in any event not beyond the week after the
closing of the transaction with Marathon - during which participants have
been unable to make investment exchanges into or out of the Ashland Stock
Fund in the Ashland Inc. Employee Savings Plan (the "Savings Plan"). During
that period, participants have also not been able to make any exchanges out
of the new Marathon Stock Fund that was created as of the closing of the
transaction with Marathon. That initial blackout period will extend through
July 6.
Ashland is currently in discussions with the Securities
and Exchange Commission ("SEC") regarding the appropriate application of
certain Federal securities laws to the Savings Plan following the closing
of the transaction with Marathon. Until the matter has been clarified, and
in order to ensure compliance with applicable securities laws, the blackout
period described above will be extended. During the extended blackout
period, participants will be unable to make investment exchanges or direct
new investments into the Ashland Stock Fund, which invests primarily in
Ashland common stock. Participants will, however, be able to make
investment exchanges out of the Ashland Stock Fund during the extended
blackout period.
THE EXTENDED BLACKOUT PERIOD FOR THE SAVINGS PLAN WILL
BEGIN JULY 7, 2005, AND IS EXPECTED TO END DURING THE WEEK THAT STARTS JULY
10, 2005. During the week that starts July 10, participants can determine
whether the extended blackout period has ended by accessing Fidelity's web
site (www.401k.com; log in and choose "NetBenefits") or contacting Fidelity
on the automated telephone response system (1-800-827-4526).
You may contact Ron Griffith, c/o Ashland Inc., 3499
Blazer Parkway, Lexington, KY 40509 (Tel: (859) 357-7314;
rrgriffith@ashland.com) if you have any questions about the extended
blackout period.
We wish to remind you that, generally, pursuant to
Section 306(a) of the Sarbanes-Oxley Act of 2002, during the extended
blackout period, it is unlawful for you, directly or indirectly, to
purchase, sell or otherwise acquire or transfer any shares of Ashland
common stock or other equity securities of Ashland (including any
derivative securities) if you acquire or previously acquired such
securities in connection with your service or employment as a director or
executive officer.
Sincerely yours,
/s/ Susan Esler
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Susan Esler
Vice President, Human Resources