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News

Ashland responds to letter from investment management firm

Ashland Inc : 10 March, 2005  (Company News)
On March 9, 2005, Ashland Inc. received a letter from Atticus Capital, L.L.C., an investment management firm, which states that Atticus holds Ashland common stock and expresses Atticus' concern regarding Ashland's previously announced proposed transaction with Marathon Oil Corporation for the transfer of Ashland's 38-percent interest in Marathon Ashland Petroleum LLC (MAP) and certain other assets.
As previously disclosed, Ashland and Marathon are discussing with the Internal Revenue Service possible modifications of the proposed transaction that would allow a tax efficient transfer of Ashland's interest in MAP to Marathon. These modifications would require Ashland and Marathon to negotiate amendments to the Master Agreement executed by Ashland and Marathon on March 18, 2004. There can be no assurance that an agreement on a modified transaction will be reached.

If an agreement on a modified transaction is reached, the modified transaction will be subject to the approval of Ashland's shareholders. In such event, the modified transaction will be fully disclosed in an Ashland proxy statement, which will ensure that Ashland's shareholders are in a position to make an informed decision whether to approve the modified transaction.

If an agreement is reached on a modified transaction, it is likely that the transaction would not close until late in the second calendar quarter of 2005.
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