Ashland Inc. plans to separate itself into two independent, publicly traded entities: Ashland Global, which will consist of its specialty ingredients and performance materials businesses, and Valvoline Inc., which will consist of its lubricants business. Although we believe Valvoline will remain a subsidiary of Ashland for at least the next nine months or so, Ashland intends for Ashland Global and Valvoline to have stand-alone capital structures following the occurrence of certain events, including the transfer of the lubricants business to Valvoline and the assumption by Valvoline of the below-referenced credit facilities and notes. In anticipation of the separation, Ashland has established Valvoline Finco One LLC, a finance subsidiary, to obtain senior secured credit facilities, and Valvoline Finco Two LLC, a
