Quaker Chemical

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
debt.
At the time of announcement, the aggregate transaction consideration was valued at $1.42 billion.