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CURRENT ISSUE

ARM MERCHANT SHIPS?
Should merchant ships transiting high risk areas carry small arms for defense against pirates?

Selected crew should be trained and have guns available
Professional armed security teams should be hired
No guns on merchant ships, ever

June 23, 2009

J.F. Lehman buys Drew Marine

Ashland Inc. (NYSE:ASH) has signed a definitive agreement to sell its Drew Marine operation to J. F. Lehman & Co. in a deal valued at approximately $120 million before tax. Ashland's after-tax proceeds will be used to reduce debt.

Drew Marine is a long established provider of chemicals and testing equipment; water treatment, tank cleaners and corrosion inhibitors; sealing and welding products; refrigerants and refrigeration services; engineered systems and products; fuel management programs; and fire safety and rescue products and services.

With revenues of approximately $140 million a year, the business has approximately 325 employees, 28 offices and 98 stocking locations in 47 countries.

"We are extremely excited with the prospect of owning the Drew Marine business and anticipate welcoming their employees to the J.F. Lehman & Co. family. We are confident this transaction will prove beneficial for all constituents involved," said John F. Lehman, chairman, J.F. Lehman & Co.

Louis N. Mintz, partner, added, "As the leading supplier of specialty chemicals and services to the maritime industry, Drew Marine represents an outstanding fit with our established investment criteria. We are looking forward to teaming with Drew Marine's management and employees to continue their long history of technical excellence and dedication to customer service."

The transaction is expected to close within 60 days, subject to a number of standard closing conditions. Both Ashland and J.F. Lehman & Co. expect a seamless transition with no disruption in customer service or supply.


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