X0305 4 2012-03-30 0001305014 ASHLAND INC. ASH 0001429435 Manager Vada O 8203 WATERSIDE COURT FORT WASHINGTON MD 20744 1 Common Stock 2012-03-30 4 J 0 40 61.06 A 1240 D Common Stock Units 0 2012-03-30 4 J 0 18 61.06 A Common Stock 18 248 D Shares of stock issued in lieu of fees. 1-for-1 Common Stock Units acquired pursuant to Ashland's Deferred Compensation Plan (the "Plan") as of 3-30-12, and exempt under Rule 16b-3(d). (One (1) Common Stock Unit in the Deferred Compensation 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. /s/ David A. Rines, Attorney-in-Fact 2012-04-03