Ashland Inc. · NYSE:ASH

Ashland — Randall & Dewey A&D Summit (April 2004)

8 slides from Ashland's conference presentation, Apr 30, 2004

  1. Slide 1: Randall & Dewey A&D Summit

    Randall & Dewey A&D Summit Clarence P. Cazalot, Jr. President and CEO April 29, 2004

  2. Slide 2: Forward Looking Statement

    Forward Looking Statement Except for historical information, the enclosed presentation materials contain forward-looking information. This forward looking information is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied from such

  3. Slide 3: Major Conditions to Closing

    Major Conditions to Closing Favorable IRS ruling Opinions of outside tax counsel Consents from Ashland public debt holders Ashland shareholder approval Hart-Scott-Rodino clearance Updated Ashland solvency opinions Expect closing in fourth quarter 2004

  4. Slide 4: Acquisition of MAP Minority Interest Strategic Rationale

    Acquisition of MAP Minority Interest Strategic Rationale Secures 100% of top quartile R&M business Increased strategic flexibility Accretive to earnings and cash flow Strong R&M fundamentals

  5. Slide 5: Strong R&M Fundamentals

    Strong R&M Fundamentals No new U.S. refinery built since 1976 Midwest market ~ 1 million BPD supply short Impact of clean fuels regulations Strong light product demand growth Positive crack spread trends

  6. Slide 6: Crack Spreads Keep Improving

    Crack Spreads Keep Improving '95-'99 '96-'00 '97-'01 '98-'02 '99-'03 USGC 2.74 3.1 3.4 3.4 3.8 Chicago 3.74 4.29 5.07 5.24 5.84 WTI 3-2-1 Rolling 5-Year Average* (per barrel) *87 Octane Unleaded and Low Sulfur Diesel $3.74 $4.29 $5.07 $5.24 $5.84 $3.80 $3.40 $3.40 $3.10 $2.74 2004 Forward Curve Exce

  7. Slide 7: Acquisition of MAP Minority Interest Strategic Rationale

    Acquisition of MAP Minority Interest Strategic Rationale Secures 100% of top quartile R&M business Increased strategic flexibility Accretive to earnings and cash flow Strong R&M fundamentals Increased source of OECD non-depleting cash flows

  8. Slide 8: MAP Cash Distributions and CAPEX

    MAP Cash Distributions and CAPEX (Millions) 1998 1999 2000 2001 2002 2003 Pre-tax Distributions 826 782 1104 1498 420 688 Capital Expenditures 427 602 647 602 727 795 Averages ~ $1.5 B Annually

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