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Ashland Global Holdings Inc. (\"Ashland\") distributed to its stockholders on May 12, 2017 (the \"Distribution Date\") 170,000,000 shares of Valvoline Inc. (\"Valvoline\") common stock as a pro rata dividend (the \"Distribution\").  Pursuant to the terms of the applicable equity compensation plan, the Reporting Person was entitled to receive the number of restricted stock units equal to the quotient of (x) the closing price of Ashland common stock on the Distribution Date and (y) the simple arithmetic average of the volume-weighted average price of Ashland common stock for each of the ten consecutive trading days immediately following the Distribution Date (such quotient, the \"Equity Award Adjustment Ratio\") for each such restricted stock unit.  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