With good chemistry great things happen.™

InsideIndiaA quarterly newsletter for Ashland employees and commercial partners

HighlightsAshland Participates in the First Ever India Label Expo

New Care Specialties Technical Center Opens in Mumbai

Valvoline India JV Bags Two Prestigious Cummins India CMD Awards 2011

Winter 2013

Table of Contents

1 Message From The Chairman

2 Introduction To Stefan Osterwind, Commercial Director EMEA and India, Ashland Performance Materials

2 Ashland Performance Materials Enhanced its Visibility at The India Composite Show

3 Ashland Participates in the First Ever India Label Expo

4 New Care Specialties Technical Center Opens

in Mumbai

4 Mole Day Event

5 Valvoline Cummins Ltd at the Indian Premier League Season 5

6 Valvoline India JV Bags Two Prestigious Cummins India CMD Awards 2011

6 Maruti Suzuki Desert Storm

7 Ashland Water Technologies Hires A New President

7 John Panichella Visits Hyderabad

8 Get to Know Mr. Sachin Kukade, Regional Business Leader, India and Indonesia Operations, AWT

9 News Update - Help the elderly – A CSR

Initiative by Ashland India

- Shushrusha Care Centre

10 Industry Events - Susan Esler’s Visit to India

- Customer Engagement Program

- PET South America / India Team

11 Quiz

Message from the Chairman of the India Business Council

Vivek SinghManaging Director, Ashland India Private Ltd.Chairman, India Business Council

Dear Colleagues,

I wish you and your family all the very best for the New Year.

2012 has been both an exhilarating and challenging year for us. I would like to congratulate and thank all of you for your concentrated efforts to help Ashland India continue its growth momentum.

This year has been a remarkable year for Ashland India in terms of achieving the leadership position in most of the markets we operate and providing innovative solutions per our growing customer needs.

The focus was to strengthen our manufacturing and techno-logical capabilities which we could successfully deliver by set-ting up two ASI labs and a local manufacturing facility for ACM, nearing its completion.

Developing new markets, new businesses and providing the innovative market solutions are our priorities this year. Our labs and new manufacturing facilities will strengthen our position to achieve our goal of becoming the best specialty chemical company. We will continue to focus on growing our capabilities for serving the rapidly evolving needs of the Indian Market.

I am confident with the expertise and determination to be the best and with dedicated efforts of our stake holders, we will further strengthen our position and lead the market.

1 | Inside India Winter 2013

Ashland Performance Materials Enhanced its Visibility at The India Composite Show

Since 2002, Stefan Osterwind has been leading Ashland Performance Materials’ European Composites business. Over the years he has acquired responsibility for the whole Europe, Middle East, Africa (EMEA) and India markets and now serves as the commercial vice president of adhesives and composites in EMEA and India. As a member of the European Leadership team and the India business council, he actively helps shape the business approaches of Ashland in the EMEA and India markets.

“Ashland Performance Materials is the number one global leader in composite resins, gelcoats, adhesives, specialty coatings and elastomers”, said Osterwind. “My mission is to further grow APM in EMEA and India in key markets such as construction, transportation, infrastructure, boat building, and the packaging and converting market.”

“In the past few years, Ashland India has rapidly grown to become a business of sizeable value and a growth cornerstone for the company,” underlines Osterwind. “With eight sites in the country, we definitely want to keep the growth momentum

going by delivering comprehensive and innovative solutions to our customers in the region.”

Born in Antwerp, Belgium, Osterwind worked for BP previous to his Ashland career. For BP, he held positions in Belgium in

production, distribution and sales management before moving to the UK, where he served as product manager and European business manager.

He holds a degree in mechanical and electrical engineering and a master of business administration.

In his leisure time, Osterwind enjoys mountain hiking, tennis and football. He is an avid sailor since he was 12 years old and enjoys cruising the Mediterranean sea on his Beneteau boat with his wife and two sons.

Introduction to Stefan Osterwind, Commercial Vice President of Adhesives and Composites in EMEA, APM.

“We are thrilled to see the overwhelming response by the exhibitors and visitors to the India Composites Show at New Delhi”, said Vivek Singh, managing director, Ashland Performance Materials (APM), India while inaugurating the first India Composites show with other eminent composite experts. “The Indian composites market is a considerable growth market and Ashland is committed to continuously bringing its global technology to the table to ensure our customer’s success. Our expertise in new product development and technology helps customers to enhance their products.”

At the event, APM presented its complete portfolio of Derakane™, Aropol™, Maxguard™, Enguard™ and Pliogrip™ product and service solutions for wind power, transportation, building and construction, marine, corrosion resistance,

adhesives and more. Ashland is a leader in supplying products, processes and technologies to the global marketplace for composites and gelcoats.

APM is a global leader in composite resins, gelcoats, adhesives, specialty coatings and elastomers. Performance Materials’ products are used in construction, transportation, boat building, and packaging and converting markets. Key customers include manufacturers of residential and commercial building products,

Ashland Performance Materials exhibit at the India Composite Show

Stefan Osterwind Ashland Performance Materials commercial operations, EMEA and India

Inside India Winter 2013 | 2

Ashland India team with other dignitaries

infrastructure engineers, wind blade manufacturers, pipe manufacturers, auto and truck makers, tire makers, commercial label printers, specialty film converters and boat builders. See ashland.com for more information.

In addition to exhibiting the latest innovations, a team of Ashland experts also provided updates on latest technologies and exchanged ideas on industry trends in a series of conferences during the trade show. It was the first show in the northern part of India. Where 73 exhibitors participated and about 4500 visitors visited the Ashland booth.

“Ashland is the undisputed leader in the corrosion segment with its Derakane brand and this composites show definitely proved to be great platform for brand enhancement, creating visibility and customer intimacy in India,” said Santosh K. Sharma, general manager, marketing, business development and product management at APM, India.

Derakane epoxy vinyl ester resins are proven to serve the world’s most challenging environments. Derakane has a legacy of excellence in corrosion resistant fiberglass reinforced plastics (FRP) applications from chemical processing, water

treatment and pollution control to mineral processing. This was impressively demonstrated by T. Ramakrishnan, AVP- Technology, who hosted a presentation on the use of FRP to control corrosion in industrial applications in the Indian Market. To round off Ashland’s profile, Vikram Patil, business leader adhesives, held a presentation on structural adhesives and sealing solutions for the Composites Industry in India.

APM along with our customer Ink stream, who is promoting our PureRad™ products, participated in the Label Expo India, which took place from October 29 to November 1, 2012. Label Expo India is an international exhibition and conference for the labeling and converting industry. The show aims to bring together the worldwide manufacturers and providers of machinery, materials and services for the label and labeling industry, the printers of labels in India and the label buyers from India and neighboring countries.

“Our Participation in Label Expo India for the first time is well received by the market. The Label Market in India is growing significantly and it is important for us to participate in this growth story. Our specifically engineered PureRad UV curable varnishes, adhesives and specialty coatings provide the

needed solutions for different types of labels in the narrow web segment. What’s important is that we have a wide range of products. This places us well to address the technical requirements of different types of labels”, said Mr. Vikram Subhash Patil, business leader, adhesives.

Ashland Participates in the First Ever India Label Expo

Label Expo

3 | Inside India Winter 2013

New Care Specialties Technical Center in MumbaiThe vision of the Care Specialties team is to become the preferred supplier of specialty ingredients. This should be achieved by carrying out full formulation development, sensory testing, consumer testing, formulation claim substantiation / method development and challenge testing. The care speciality Mumbai laboratory focuses on hair care, skin care, oral care, household care and microbiology.

The Care Specialties Technical Center Mumbai team consists of:

S. Ganesh: R&D Head

Hemant Deshmukh: Senior Scientist - Hair Care

Dhairyasheel Yadav: Scientist - Microbiology

Priyanka Vichare:Scientist - Consumer Science

The month of October AWIN global team has chosen to celebrate chemistry week (Oct. 22–Oct. 26). Celebrated annually on October 23 from 6:02 a.m. to 6:02 p.m., Mole Day commemorates Avogadro’s number (6.02 x 10^23), which is a basic measuring unit in chemistry. Mole Day was created as a way to foster interest in chemistry. Schools throughout the United States and around the world celebrate Mole Day with various activities related to chemistry and/or moles.

Ashland had invited students to join us on October 22, 2012 for a Mole Day celebration at various locations. At our Asia South Regional Technical Center and the Analytical Center located at

Mole Day EventSomajiguda, Raj Bhawan Road, Hyderabad, India. Our staff of trained scientists and chemists shared with children the exciting opportunities that chemistry has to offer. The activities included a lab tour, a demonstration on how to make tablets and several exciting experiments, as well as a fun chemistry quiz. School children from age group of 7-14 years from various schools visited the pharma and analytical labs.

Celebrating mole day with children

Inside India Winter 2013 | 4

It takes two to make a noise … and what better opportunity to do it than in the IPL matches, in full view of the entire nation, in fact, across all cricketing countries of the world.

Valvoline Cummins Ltd (VCL) made its presence felt in the IPL by delivering a double whammy. This time VCL sponsored two teams – the Rajasthan Royals and the Kings XI Punjab. Rajasthan Royals flaunted the VCL medallion on their trousers while the King’s XI sported it on their shirt sleeves. VCL branding loomed conspicuously inside the stadiums at Jaipur and Chandigarh. Special stands with VCL emblazoned across them, in Jaipur and Chandigarh, sent the message loud and clear – VCL has arrived! Hospitality passes and tickets were given to OEM, VPP and C&I customers, along with channel partners, retailers and mechanics. The entire sales team of Northern Region witnessed one match at Mohali with a lot of excitement and camaraderie.

As a follow up to VCL presence in IPL 5, interactive meets were organized by the company at J Marriot,

Valvoline Cummins Ltd at The Indian Premier League Season 5

Valvoline

Jaipur and Chandigarh. Prominent players from the Rajasthan Royals and Kings XI Punjab thrilled VCL channel partners by coming face to face and talking to them. Questions thrown at the players were sportively answered, along with lively anecdotes.

Cricketer Rahul Dravid interacting with Ashland employees

Valvoline team partner banner

5 | Inside India Winter 2013

The Cummins India CMD Awards felicitates employees from across all Cummins India Group companies and recognizes superlative performance in six categories of integrity, innova-tion, delivering superior results, global involvement, customer support excellence and diversity.

Out of the three nominations sent by India JV and total of 83 nominations received by CMD Awards Nominations Committee, two nominations from Valvoline India JV emerged as winners.

The technical team worked very closely with various entities of Cummins – Tata Cummins Limited, Cummins - Automotive Business Unit, Fleet guard filtration and research, Technology and Engineering to resolve the oil thickening issue on Cummins 6BT Mechanical BSIII engines for TATA Motors. The Valvoline team worked not only to identify the cause of oil thickening problems but also to offer a suitable product and establish the same through extensive field tests across India and on various applications. Supports on sampling, sample testing, interpreta-tion and conclusion were extended to Cummins. Furthermore, the team worked with Cummins to established and increase drain interval.

The award nomination was submitted by Valvoline Cummins under the category of customer support excellence, however, the jury jointly made a decision to combine these nominations into one award in the category of global involvement, where all the entities worked together to give a complete solution to the customer. A Seshadri and Rajesh Chauhan won this award.

The second award nomination was submitted in the global involvement category where the Valvoline Cummins Joint Venture technical team worked closely with its customer Mahindra & Mahindra, India’s premier utility vehicle and farm equipment company to leverage their India relationships for global business. The team worked with Mahindra and offered suitable products and services and supported them globally

Valvoline India JV Bags Two Prestigious Cummins India CMD Awards 2011

Maruti Suzuki’s annual rendezvous with the Thar Desert is the Maruti Desert Storm. The six-day rally traverses over 3,000 kilometers through the interiors of Rajasthan and along the Gujarat Coastline.

The rally is a mix of adventure, thrill and excitement for the participants as they tread through uncharted territory and experience the formidable Thar Desert, the rocky and uncertain Aravalli, and the slippery and white sands of the Rann of Kutch. Maruti Suzuki Desert Storm thoroughly tests the skills of the drivers and ruggedness of their cars and bikes. Each year 250 rally enthusiasts from as far as Arunachal Pradesh in the east to Goa in the west enter to take on the challenges of the wilderness.

The Maruti Suzuki Desert Storm is one of the toughest and most popular rallies in the country.

Valvoline participated in Maruti Suzuki Desert Storm Rally and won first place and the Coupe de Dames trophy.

Maruti Suzuki Desert Storm

in conducting field tests to establish their vehicle performance and lubricants. Eventually, Valvoline graduated to become Mahindra’s global lubricant partner. The result is an outcome of excellent work by the teams in India, US, South Africa, Ecuador, Spain, Brazil and Australia – a truly global involvement. Rajesh Chauhan, Anil Ahuja, Rajesh Shetye and N N Krishnakumar from Valvoline India team won this award.

Valvoline India JV team

Inside India Winter 2013 | 6

John Panichella with the Hyderabad team

Ashland has hired Luis Fernandez-Moreno, a 30-year veteran of the global chemical industry with prior leadership roles at Dow Chemical and Rohm & Haas, to serve as the new president of Ashland Water Technologies (AWT). He is based in Wilmington, Del., and reports to John Panichella, Ashland senior vice presi-dent and group operating officer. In his role, Fernandez-Moreno will be a vice president of the company and a member of the Ashland Operating Committee.

Fernandez-Moreno, 50, brings nearly 30 years of chemical indus-try leadership experience to this role. He most recently served as executive vice president of Arch Chemicals, Inc., where he was

Ashland Water Technologies Hires a New Presidentresponsible for the wood protection and HTH water products businesses, with combined annual sales of approximately $900 million. Arch was acquired by Lonza Group Ltd., a leading supplier to the life sciences industry, in October 2011.

Prior to that, Fernandez-Moreno served as business group vice president, Dow Coating Materials, a $3 billion unit that was formed after Dow Chemical acquired Rohm & Haas in 2009. He previously spent more than 25 years with Rohm & Haas in a series of leadership roles spanning across Europe, Latin America and the United States. The businesses he directed ranged from paint and coating materials to plastic additives and printing technologies.

In October 2012 Ashland Specialty Ingredients (ASI) president John Panichella and Nandu Dhekne, vice president, Asia Pacific, ASI, visited the Corporate Support Center and the Asia South Regional Technical Center at Hyderabad, India. Following John’s town hall meeting there, the Hyderabad team presented a pair of origami swans to him as a memento.

Each origami swan was made from about 520 triangles. The bunch of 10 flowers inside each swan was made from an en-semble of color papers.

John Panichella Visits Hyderabad

7 | Inside India Winter 2013

Get to Know Mr. Sachin Kukade, Regional Business Leader, India and Indonesia Operations, AWT

With Ashland since: 10th October 2012

Birthplace: Ahemadnagar

Favorite childhood memory:Summer holidays during school days!

My family consists of ...My parents, wife and my lovely three kids

Education: Chemical Engineer with post grad degree in Marketing Management

My first job: Trainee Engineer at Thermax

My pets are: None so far, though my kids plan to have a puppy soon!

My hobbies and/or leisure activities:Music and spending time with family and friends

What I’m reading now, and why: The Winning Way by Anita Bhogle & Harsha Bhogle. This book beautifully connects the winning principals in sports and businesses.

My all-time favorite book, and why: The Monk who Sold his Ferrari by Robin Sharma. It’s a great commentary on work and life balance.

My favorite musicians/types of music:Kishor Kumar / Rafi & R.D.Burman / Old Hindi Music.

My all-time favorite movies:English - My Cousin Vinny, Forrest Gump, Life of Pi. Hindi - Many but all Hrishikesh Mukharjees / Raju Hiranis Movies.

Something I can’t live without: My specs!

My favorite sport to watch, and why:Like most Indians, cricket!

My most prized possession: My karaoke machine!

Something always found in my refrigerator: Ice cream

My dream vacation: Spain

If I could have dinner with any three people, living or dead, they would be:Bill Gates, Kalpana Chawla and one of my teachers

If I was stranded on an island for a month, I’d want the following three people with me: Obviously my wife and our kids!

The best part of my job is: It has some unique but difficult challenges which I would love to meet!

The most fun I’ve had at work: Interacting with high quality professionals across the Ashland organization.

What excites you most about Ashland’s future?Ashland is truly a global organization with high value systems and an amazing growth culture. The sky is the limit for everyone here to grow personally as well as grow the business!

A memorable learning experience was:Negotiating and successfully closing large project deals in China when you don’t understand a word they speak and vice versa!

If I weren’t doing this, I would be a: Musician

Inside India Winter 2013 | 8

Help the Elderly – A CSR Initiative by Ashland India Ashland India employees showcased a high level of commit-ment towards corporate social responsibility (CSR). The theme for this CSR session was ‘Help the elderly’. Employees from Ashland Mumbai and Hyderabad participated in the activity exhibiting care and concern for the elderly.

The CSR Volunteers from the Hyderabad office visited local old age home “Om Sai Sevashram” providing shelter and support to seniors citizens since 1982. The employees turned volunteers effectively planned the half-day activity and started the day with a session on personal hygiene and food habits. This was followed by exciting fun – games for senior citizens who had no limits to enjoy and momentarily allowed them to put aside their day to day worries and ailments. The beautifully wrapped gifts encouraged everyone to come forward to participate and cherish these happy moments. The aged members were offered woolens and a personal usage kit to combat the approaching winters. Towards the end of the day, an emotional cake cutting ceremony saw the end of this social event.

Shushrusha Care CentreAshland Mumbai employees also joined hands enthusiastically for the CSR drive and volunteered to participate in an event at “Shushrusha Care Centre”, an old age home and care centre. The volunteers planned and organized this event with the inten-sions to help bring smiles to some faces that are ignored and forgotten by their families. The elderly were offered clothing and basic necessity kits to meet their day-to-day needs. Many of the residents were so excited and happy to receive gifts that they immediately unwrapped them. A water heater was also donated to the old age home to combat approaching winter. The day ended with lots of emotions when the residents of the home showed their gratitude toward our volunteers for visiting them and spending time with them.

News Update

9 | Inside India Winter 2013

Customer Engagement ProgramAs a customer engagement initiative, the APM India team organized several programs at Sriganganagar, Bikaner and Bangalore. These events covered technical trainings, product demos and EHS training as a part of Ashland Responsible Care drive. These programs were designed and conducted with the objective to bring awareness about Ashland products and to connect in a better way with its customers and channel partners.

Susan Esler’s Visit to IndiaSusan Esler, Chief HR and Communications Officer, visited India in late November. She started her trip at the Valvoline office in Gurgaon and then visited the ASI Office in Hyderabad, wrap-ping it up with the Ashland India Head Office and ASI labs in Mumbai. She addressed employees in India through her live Town Hall on November 29th, 2012. She also attended the Indian Business Council Meeting.

In Mumbai, Esler met with the AWIN members and shared her expectations as to how the network could help drive diversity within the organization.

PET South America / India TeamTumuluru Ramakrishnan and his team in India bagged the award for embracing team excellence. His team includes Nitesh Ghag, Suresh Pillai and Uday Sawant.

Addressing AWIN membersSusan Esler’s Town Hall

Industry Events

Inside India Winter 2013 | 10

Quiz

With good chemistry great things happen.™

Global HeadquartersAshland Inc.50 East RiverCenter Blvd.Covington, KY 41012 USATel: 1 859 815 3333

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® Registered trademark, Ashland or its subsidiaries, registered in various countries™ Trademark, Ashland or its subsidiaries, registered in various countries* Trademark owned by a third party© 2013, AshlandIN-10926.3

1. The first Indian to receive Noble Prize in literature was ...

A. Mother Teresa C. Rabindranath Tagore B. C. V. Raman D. Sarojini Naidu

2. The Nobel Prize was first awarded in ...

A. 1976 C. 1901 B. 1958 D. 1972 3. What is common between Kutty,

Shankar, Laxman and Sudhir Dar?

A. Film Direction C. Instrumental Music B. Drawing Cartoons D. Classical Dance

4. Which of the following is NOT written by Munshi Premchand?

A. Gaban C. Guide B. Godan D. Manasorovar

5. The lead character in the film ‘The Bandit Queen’ has been played by ...

A. Rupa Ganguly C. Pratiba Sinha B. Seema Biswas D. Shabama Azmi

6. The famous Dilwara Temples are situated in ...

A. Uttar Pradesh C. Maharashtra B. Rajasthan D. Madhya Pradesh

7. Which city is called ‘White City’ of Rajasthan?

A. Bihar C. Udaipur B. Jaipur D. Jodhpur

8. ‘Tin Bhiga’ lease by India to Bangladesh, was a part of ...

A. West Bengal C. Meghalaya B. Assam D. Tripura

9. Ricky Ponting, the Brand Ambassador of Valvoline is associated with which game?

A. Golf C. Cricket B. Foot Ball D. Tennis

10. The Indian to beat the computers in mathematical wizardry is ...

A. Ramanujam C. Raja Ramanna B. Rina Panigrahi D. Shakunthala Devi

• Weareaccountableforworkingsafely.

• Wewillmaintainsafetyalertnessinallourdaily activities.

• Wewilltaketheinitiativetotalkwithothers about possible unsafe behavior and situations, and offer to help them find a safer way to do things.

• Wewillbeactivelyinvolvedin,andcontribute to, our group’s safety program.

• Wewillreportallworkrelatedinjuries,illnesses, safety events and exposures as soon as they are known.

• Weareencouragedtoapplythesameworkplace principles for safety, health and environment, when outside of work.

• Wewillreporttoworkcapableofmaintaining the focus and attention to work safely.

• Wewillunderstandthehazardsandrisksassociated with our work and workplace,

Ashland’s 10 Safety Expectations and follow all applicable procedures and rules.

• Wewillpracticeappropriatelevelsofhousekeeping as a priority.

• Wewillbepreparedtoeffectivelyrespond to EH&S incidents and emergency situations.

Take time to review Ashland’s 10 Safety Expectations and reflect on your role in the company’s quest for continuous improvement toward safety excellence.

Remember that safety is a personal issue … it takes personal

commitment to make a difference!