X0306 4 2012-12-14 0001305014 ASHLAND INC. ASH 0001550092 CUMMINS BRENDAN 50 E. RIVERCENTER BOULEVARD COVINGTON KY 41011 1 Restricted Stock Units 2012-12-14 5 J 0 E 6 75.75 A Common Stock 6 2094 D Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock. Restricted Stock Units acquired pursuant to a dividend reinvestment feature of the 2011 Ashland Inc. Incentive Plan (the "Plan"). All Restricted Stock Units will vest on the earliest of (i) the Director's Retirement (as defined in the Plan), (ii) the Director's death or Disability (as defined in the Plan), or (iii) a 50% change in beneficial ownership of Ashland Inc. Includes 6 Restricted Stock Units acquired on 9/15/12 pursuant to a dividend reinvestment feature of the Plan. /s/ David A. Rines, Attorney-in-Fact 2012-12-17