NewMarket (NEU)

Cash Flows – Operating Activities

Cash flows provided from operating activities for the three months 2009 were $96.7 million and included a decrease of $50.9 million in working capital, including lower inventories and higher accounts payable. The decrease in inventories reflects the results of our efforts to lower inventories in response to the decreased demand for our products. The increase in accounts payable reflects a normal increase from an unusually low level of accounts payable at December 31, 2008.

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Including the change in cash, we had working capital of $280.7 million at March 31, 2009 and $310.3 million at December 31, 2008. The current ratio was 2.81 to 1 at March 31, 2009 and 3.28 to 1 at December 31, 2008.

Cash Flows – Operating Activities

Cash flows provided from operating activities for the nine months 2008 were $11.6 million and included an increase of $71.6 million in certain working capital requirements, including higher accounts receivable and inventories partially offset by an increase in accounts payable. The increase in accounts receivable, inventories, and accounts payable reflects the growth of petroleum additives operations, as well as higher product costs.

Including the change in cash, we had working capital of $325.6 million at September 30, 2008 and $317.4 million at December 31, 2007. The current ratio was 2.60 to 1 at September 30, 2008 and 2.79 to 1 at December 31, 2007.

Cash Flows – Operating Activities

Cash flows used in operating activities for the six months 2008 were $2.9 million. The primary use of cash included an increase of $56.5 million in certain working capital requirements, including higher accounts receivable and inventories, as well as lower accrued expenses, partially offset by an increase in accounts payable. The increase in accounts receivable, inventories, and accounts payable reflects the growth of petroleum additives operations, as well as higher product costs. The reduction in accrued expenses results primarily from the normal first quarter payment of certain expenses, including product-related costs and personnel-related costs.

Including the change in cash, we had working capital of $338.4 million at June 30, 2008 and $317.4 million at December 31, 2007. The current ratio was 2.78 to 1 at June 30, 2008 and 2.79 to 1 at December 31, 2007.

We expect that cash from operations, together with borrowing available under our revolving credit facility, will continue to be sufficient to cover our operating expenses for the foreseeable future.

Cash Flows – Operating Activities

Cash flows used in operating activities for the three months 2008 were $9.2 million. The primary use of cash included an increase of $39.1 million in certain working capital requirements, including higher accounts receivable and inventories, as well as lower accrued expenses, partially offset by an increase in accounts payable. The increase in accounts receivable, inventories, and accounts payable reflects the growth of petroleum additives operations, as well as higher product costs. The reduction in accrued expenses results primarily from the normal first quarter payment of certain expenses, including product-related costs and personnel-related costs.

Including the change in cash, we had working capital of $328.3 million at March 31, 2008 and $317.4 million at December 31, 2007. The current ratio for both periods was 2.79 to 1.

We expect that cash from operations, together with borrowing available under our revolving credit facility, will continue to be sufficient to cover our operating expenses for the foreseeable future.