West Coast Affiliate of Largest Valvoline Instant Oil Change Franchisee Henley Enterprises Purchases 72 EZ Lube Service Centers in Southern California

Acquisition Marks Boston-based Company's Entry into West Coast Quick Lube Market

COSTA MESA, CA--March 9, 2012: The West Coast operating affiliate of Henley Enterprises, the largest franchisee of Valvoline Instant Oil Change, today announced that it has completed the purchase of 72 EZ Lube oil change service centers in Southern California. The stores, located predominantly in Los Angeles, Orange County and San Diego, will be re-branded under the Valvoline Instant Oil Change banner over the next six months. Financial terms of the deal were not disclosed.

The acquisition marks Henley's entry into the California market, which has more registered vehicles than any other state.

"We are delighted to enter this fast-paced market and we look forward to introducing the Valvoline Instant Oil Change industry-leading combination of service, selection and value to Southern California drivers," said Don Smith, Henley co-founder and chief executive officer. "We intend to work hard every day to earn our customers' trust through outstanding service. The EZ Lube team members have been extremely welcoming to us, and we're committed to supporting the teams who work in our stores every day with continued training and development opportunities."

Henley, based in the Boston area, is regarded as a premier national quick lube operator and consistently ranks among the top performers in the Valvoline Instant Oil Change franchise system. In 2004, National Oil & Lube News recognized Don Smith as its "Operator of the Year." Consistent growth has been a staple for the Henley companies, which formed to operate one of the first franchised Valvoline Instant Oil Change facilities in Somerville, MA in 1989. Now a coast-to-coast operation, Henley employs more than 1,800 associates in 12 states.

"We are excited to build strong relationships with our new employees, partners, and the drivers of Southern California," Smith said. "It is with great anticipation that we look forward to a promising future in this new market."

Valvoline Instant Oil Change facilities provide a stay-in-your-car solution for preventative maintenance needs including: full-service oil change, transmission, radiator, gearbox and air conditioning services, tire rotation, wiper blade, air filter, light bulb and serpentine belt replacement. Select locations also offer fuel system and battery services.

About Valvoline Instant Oil Change

Valvoline, a brand of Ashland Inc., has been serving American motorists longer than any other motor oil. In addition to commercial and industrial lubricants, the Valvoline family of products includes Eagle One appearance products, Car Brite car restoration products, Zerex antifreeze, SynPower performance products, MaxLife products created for higher-mileage engines, and NextGen motor oil created with 50 percent recycled oil. With 882 locations throughout the United States, Valvoline Instant Oil Change is a leader in serving the quick-lube market.

About Henley Enterprises, Inc.

Don Smith co-founded Henley Enterprises, Inc. in 1987 specifically to develop and operate Valvoline Instant Oil Change facilities under franchise agreements with Valvoline Instant Oil Change Franchising, Inc., a subsidiary of Kentucky-based Ashland Inc.

1989 - Opened first franchised Valvoline Instant Oil Change facility in Somerville, MA.

2000 - Formed Mid-Atlantic regional operating affiliate. Henley operated 20 VIOC franchise locations by the end of 2000.

2006 - Formed Southeast regional operating affiliate. Henley operated 59 VIOC franchise locations by the end of 2006.

2009 - Formed Midwest regional operating affiliate. Henley operated 125 VIOC franchise locations by the end of 2009.

2011 - Formed West Coast regional operating affiliate. As of March 2012, the Henley Companies operate 196 VIOC franchise locations.

Henley Enterprises, Inc.
54 Jaconnet Street
Newton Highlands, MA 02461
VIOC