Owens Corning Signs Contract With Ashland Finland OY For Enhanced Presence In European Market

Toledo, Ohio, September 2002 – In order to better serve the European market, Owens Corning announced that it has signed a distribution contract with Ashland Finland OY, a subsidiary of Ashland Inc. (NYSE: ASH), to distribute product through Ashland Specialty Chemical Company’s Composite Polymers business unit. Ashland’s Composite Polymers business unit is one of the world's largest producers of resins for reinforced plastics and is considered a leader in composite resin technology.

This contract ensures a structured cooperation between Ashland Finland OY and Owens Corning Composite Solutions. Ashland, with its net of distributors and sub-distributors, will now be able to offer Owens Corning’s renowned composite products.

This agreement will allow Ashland’s Composite Polymers business unit to distribute Owens Corning products in the geographical areas of Finland, Norway, Sweden, Denmark, Austria, Romania, Bulgaria, Estonia, Latvia, Lithuania, Byelorussia, Russia, Ukraine, Kazakhstan, Hungary, Poland, Slovenia and Croatia. In the Nordic countries (Sweden, Norway, Denmark and Finland), Ashland will remain a sub-distributor to Owens Corning Sweden AB.

The areas of Southeastern Europe and the Commonwealth of Independent States (CIS) (the former Soviet Union) are rapidly growing, and offer lucrative business opportunities.

“Historically Owens Corning has had a very low sales activity in these European territories and now, together with Ashland, will be able to reach a market which has great potential for the future,” said Dick Lantz, president, Owens Corning Composite Solutions Business. “Ashland is a highly successful company and we are pleased to be better associated with them with this business venture.”

“Ashland targets market segments where high product quality is essential. The leading position in low emission polyesters and gel coats is an example of this strategy. As Owens Corning is a world quality leader in glass fiber product this cooperation ensures availability of a complete, high quality portfolio to our customers,” said Olli Piiroinen, product manager, Ashland Composite Polymers.

The Composite Polymers business unit of Ashland Specialty Chemical Company, a division of Ashland Inc., is a leading, worldwide supplier of specialty chemicals serving industries including adhesives, automotive, composites, foundry, merchant marine, paint, paper, plastics, semiconductor, watercraft and water treatment. Visit the Internet web site at www.ashspec.com to learn more about these operations.

Ashland Inc. (NYSE:ASH) is a Fortune 250 company providing products, services, and customer solutions throughout the world. Our businesses include road construction, specialty chemicals, lubricants, car-care products, chemical and plastics distribution and transportation fuels. Through the dedication of our employees, we are “The Who In How Things Work™.” Find us at www.ashland.com.

Contact:

Stacie Noel

Ashland Specialty Chemical Company

+1-614-790-346

snoel@ashland.com