X0303 4 2011-06-08 0001305014 ASHLAND INC. ASH 0001278459 ESLER SUSAN B 50 E. RIVERCENTER BOULEVARD COVINGTON KY 41012-0391 1 Vice President Common Stock 2011-06-08 4 M 0 2672 38.47 A 2920 D Common Stock 2011-06-08 4 M 0 8812 49.79 A 11732 D Common Stock 2011-06-08 4 M 0 4000 10.72 A 15732 D Common Stock 2011-06-08 4 D 0 11163 62.74 D 4569 D Common Stock 959 I 401(k) Common Stock 54 I By Spouse's Trust Stock Appreciation Right 38.47 2011-06-08 4 M 0 2672 0 D 2005-09-16 2014-10-16 Common Stock 2672 0 D Stock Appreciation Right 49.79 2011-06-08 4 M 0 8812 0 D 2006-09-15 2015-10-15 Common Stock 8812 0 D Stock Appreciation Right 10.72 2011-06-08 4 M 0 4000 0 D 2009-11-20 2018-12-20 Common Stock 4000 10800 D The disposition of the 11,163 shares reflects the cost of exercising the 15,484 Stock Appreciation Rights at the exercise price and includes taxes withheld for the transaction. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $62.735 to $62.76, inclusive. The reporting person undertakes to provide to Ashland Inc., any security holder of Ashland Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. Based on Employee Savings Plan information as of 6-8-11, the latest date for which such information is reasonably available. Stock Appreciation Right granted pursuant to Ashland's Amended and Restated Stock Incentive Plan which vests in three annual installments: 50% after the 1st year, the next 25% the 2nd year and the remaining 25% the 3rd year. Stock Appreciation Right granted pursuant to the 2006 Ashland Inc. Incentive Plan which vests in three annual installments: 50% after the 1st year, the next 25% the 2nd year and the remaining 25% the 3rd year. /s/ David A. Rines, Attorney-in-Fact 2011-06-09