X0303 4 2011-03-15 0001305014 ASHLAND INC. ASH 0001165185 WARD MICHAEL J CSX TRANSPORTATION 500 WATER STREET, C-900 JACKSONVILLE FL 32202 1 Common Stock Units 0 2011-03-15 4 J 0 77 56.32 A Common Stock 77 29111 D Restricted Stock Units 2011-03-15 4 J 0 54 56.32 A Common Stock 54 20499 D 1-for-1 Common Stock Units acquired pursuant to Ashland's Deferred Compensation Plan for Non-Employee Directors (the "Plan") as of 3-15-2011 and exempt under Rule 16b-3. (One (1) Common Stock Unit in the Plan is the equivalent of one (1) share of Ashland Common Stock.) Subject to any deferral election on timing of distribution by the reporting person under the Plan, the Common Stock Units are payable in Common Stock upon the reporting person's separation from service as a director. Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock. Restricted Stock Units acquired pursuant to Ashland's Deferred Compensation Plan for Non-Employee Directors (the "Plan") as of 3-15-11 and exempt from Rule 16b-3. (One (1) Restricted Stock Unit in the Deferred Compensation Plan for Non-Employee Directors is the equivalent of one (1) share of Ashland Common Stock.) Subject to any deferral election on timing of distribution by the reporting person under the Plan, the reporting person may, prior to vesting, elect to receive the Restricted Stock Units in Common Stock or cash upon separation from service as a director. /s/ David A. Rines, Attorney-in-Fact 2011-03-17