Ashland
Industry: Construction Services

Ashland is approximately 25,000 customer-focused people working to bring superior product and service solutions to industries and consumers around the world. With annual sales and operating revenues of $8 billion, we are market leaders in highway construction, chemical and thermoplastic distribution, specialty chemicals, motor oil and car-care products. We also have an equity interest in petroleum refining and marketing.

Business Summary
Ashland Inc. is a diversified business company that operates in five industry segments: The Ashland Paving And Construction, Inc. group of companies (APAC), Ashland Distribution, Ashland Specialty Chemical, Valvoline and Refining and Marketing. APAC performs asphalt and concrete contract construction work, including highway paving and repair, excavation and grading and bridge construction, and produces asphaltic and ready-mix concrete, crushed stone and other aggregate in the southern and mid-continent United States. Ashland Distribution distributes industrial chemicals and solvents, plastics, composite materials and fine ingredients in North America and plastics in Europe. On March 19, 2004, it signed an agreement to transfer its 38% interest in Marathon Ashland Petroleum LLC (MAP) and two wholly owned businesses to Marathon Oil Company. In December 2004, Ashland Composite Polymers, purchased the DERAKANE epoxy vinyl ester resin business from The Dow Chemical Company.

Financial Summary
Ashland Inc. distributes industrial chemicals and solvents, markets Valvoline motor oil and automotive chemicals, performs contract construction work, and operates crude oil refineries. For the 9 months ended 6/30/05, revenues rose 16% to $7.31B. Net income from continuing ops. rose from $195M to $1.89B. Revenues reflect higher sales volumes and sales price increases at Ashland Distribution. Net income also reflects increased equity income from MAP.