CAPPELINE ELECTED SENIOR VP, GROUP OPERATING OFFICER AND ADDED TO ASHLAND'S EXECUTIVE COMMITTEE
16 July 2003 - Ashland Inc

In his new role, Cappeline continues as president of Ashland Specialty Chemical Company and adds oversight responsibilities for Ashland Distribution Company and several corporate functions. The latter includes accountability for the European Shared Business Service center; the overall implementation of Ashland's extensive business process redesign effort; and overseeing Mergers and Acquisitions. He reports to O'Brien.

'I am pleased to welcome Gary to the Executive Committee,' said O'Brien. 'With his detailed knowledge of Ashland and broad business background, Gary is a very strong addition to our team.'

Frank L. 'Hank' Waters continues as president of Ashland Distribution and will report to Cappeline. At Ashland Specialty Chemical, Michael J. Shannon and Leonard R. Gelosa will direct the day-to-day activities of the thermoset and water business groups, respectively. Both report to Cappeline.

Also reporting to Cappeline are Peter Rijneveldshoek, vice president of the European Shared Business Services center in Rotterdam, The Netherlands; and Robert C. Hughes, Ashland's director of Corporate Business Development. Hughes spearheads the company's merger and acquisition team.

Cappeline first joined Ashland in 1974 and moved through positions of increasing responsibility until he was named group vice president of specialty chemical operations in 1993. He joined Englehard Corporation in 1997 as group vice president of Pigments and Additives and subsequently served as president of Allied-Signal's specialty chemical company. He later became a chemical industry partner for Bear Stearns Merchant Bank. Cappeline returned to Ashland Inc. in December 2002 as president of Ashland Specialty Chemical Company.

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