The Valence Group issues fairness opinion to Quaker in combination with Houghton

April 6th, 2017

The Valence Group has provided a fairness opinion to the Board of Directors of Quaker Chemical

Corporation (NYSE: KWR) in connection with its recently announced combination with Houghton
International Inc.
Under the terms of the agreement, Houghton International shareholders will receive a mix of cash and
Quaker Chemical stock, and Quaker Chemical will assume Houghton International’s outstanding net
At the time of announcement, the aggregate transaction consideration was valued at $1.42 billion.

About Quaker Chemical

Quaker Chemical is a leading global provider of process fluids, chemical specialties and technical
expertise to a wide range of industries, including steel, aluminum, automotive, mining, aerospace, tube
and pipe, cans and others. For nearly 100 years, Quaker Chemical has helped customers around the
world achieve production efficiency, improve product quality and lower costs through a combination of
innovative technology, process knowledge and customized services. Headquartered in Conshohocken,
Pennsylvania, Quaker Chemical serves businesses worldwide with a network of dedicated and
experienced professionals whose mission is to make a difference.

About Houghton International

Houghton International is a global leader in delivering advanced metalworking fluids and services for the
automotive, aerospace, metals, mining, machinery, offshore and beverage industries. Headquartered in
Valley Forge, Pennsylvania, Houghton International operates research, manufacturing and office
locations in 33 countries around the world. Houghton International is a Hinduja Group Company, which
has owned more than 95% of Houghton International since 2012.

About The Valence Group

The Valence Group is a specialist investment bank offering M&A advisory services exclusively to
companies and investors in the chemicals, materials and related sectors. The Valence Group team
includes a unique combination of professionals with backgrounds in investment banking and strategy
consulting within the chemicals and materials industries, all focused exclusively on providing M&A
advisory services to the chemicals and materials sector. The firm’s offices are located in New York and