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JANA Partners reports 7.4% stake in Ashland, will continue talks

JANA acquired the shares because it believes they are undervalued and represents an attractive investment opportunity. JANA has had discussions with Ashland's management relating to, among other things, its business, corporate structure, capitalization, operations, strategy and future plans. JANA expects to continue to have such discussions with Ashland's management as well as with its board of directors, shareholders and other parties relating to such matters, and may take other steps seeking to bring about changes to increase shareholder value.