Ashland Inc. · NYSE:ASH
Ashland — Proxy Contest (June 2026)
15 slides from Ashland's proxy contest presentation, Jun 9, 2026
Slide 1: A Specialty Catalyst
A Specialty Catalyst Wolfe Research Activist Conference June 9, 2026
Slide 2: Disclaimer
Disclaimer Hypothetical Performance Disclosure Unlike the results shown in an actual performance record, these results do not represent actual trading. Because these trades have not actually been executed, these results may have under- or over-compensated for the impact, if any, of certain market fa
Slide 3: About Ancora Alternatives
About Ancora Alternatives • Ancora Alternatives LLC is the alternative asset management division of Ancora Holdings Group, LLC, a diversified investment and wealth management platform overseeing approximately $10.9 billion in client assets.(1) • Based in Cleveland, Ohio, Ancora manages assets for a
Slide 4: Ancora Alternatives LLC
Ancora Alternatives LLC 4
Slide 5: Ashland Inc. (NYSE: ASH) – A Global Specialty Chemicals Platform
Ashland Inc. (NYSE: ASH) – A Global Specialty Chemicals Platform ASH is a global specialty additives and materials company serving durable end markets and whose products and key chemistries benefit from customer-specific, long qualification cycles, high switching costs and limited global supply alte
Slide 6: Investment Case
Investment Case ASH represents a unique opportunity to invest in a high-quality specialty chemicals platform with entrenched market positions, durable margins and a clear, near-term catalyst path to a value-maximizing transaction. Fundamental Strengths Multiple Paths to Value Creation Leading global
Slide 7: Mismatch Between Business Quality and Public Market Valuation
Mismatch Between Business Quality and Public Market Valuation The margin profile between Life Sciences and Personal Care is high and has remained notably stable, underscoring the durability of these franchises. The Specialty Additives business continues to demonstrate solid underlying quality despit
Slide 8: The Activist Set-Up at ASH
The Activist Set-Up at ASH 1. Significant Mismatch Between Quality of the Business and Current Valuation • In the most recent example, shares fell ~15% after 2Q26 miss and 4.5% mid-point cut to FY26 EBITDA guidance. • ASH has experienced a sustained valuation dislocation. Current ~9.6x forward EBITD
Slide 9: ASH Annotated Share Price History (2018-Present)
ASH Annotated Share Price History (2018-Present) Ancora’s Previous Ownership Period $120 2023-2025 Execution Deterioration: Multi-year 2022 Dec. 2022 Peak: $114.36 volume disappointment; missed Strategic Pivot: Novo abandons asset-light sale- consensus four of last five quarters. $110 ready strategy
Slide 10: Snapshot of the Novo Tenure
Snapshot of the Novo Tenure • Novo made some strides to transform the business into a pure-play specialty chemicals platform by selling lower-margin businesses, reducing costs, reducing debt and buying back stock. • Despite these improvements, ASH has materially underperformed the market and its bro
Slide 11: The Public Markets Have Not Been Rewarding
The Public Markets Have Not Been Rewarding Despite Novo undertaking a business optimization, portfolio simplification and reducing ~25% of the float, the public markets are still valuing ASH with a conglomerate discount and as if it were a commodity chemical company. Shareholders have had to bear th
Slide 12: A Broad Universe of Credible Buyers, With One Already on the Register
A Broad Universe of Credible Buyers, With One Already on the Register ASH is an attractive asset to a deep pool of strategics and financial sponsors alike. Standard Industries’ 9.9% stake is one visible data point, which sets a floor under buyer interest and provides cover for a competitive process.
Slide 13: Cheap by Every Measure: Where ASH Trades vs. Where It Should
Cheap by Every Measure: Where ASH Trades vs. Where It Should ASH’s forward EBITDA valuation multiple sits below its proxy peers, its own history and a decade of sector M&A. It is our belief that a clear path to re-rating or a premium take-out exists. EV/EBITDA: Current Valuation vs. Key Benchmarks •
Slide 14: Valuation: Take-Out Cases and Sum-of-the-Parts
Valuation: Take-Out Cases and Sum-of-the-Parts We frame value in two complementary ways: (1) take-out multiple scenarios anchored to historical and precedent transaction comps; and (2) a sum- of-the-parts valuation reflecting the differentiated economics of each segment. Take-Out Multiple Scenarios
Slide 15: Ancora Alternatives LLC
Ancora Alternatives LL( ANCORA 15