X0306 4 2013-05-03 0001305014 ASHLAND INC. ASH 0001575329 WILLIS J KEVIN 50 E. RIVERCENTER BLVD. COVINGTON KY 41011 1 Chief Financial Officer Restricted Stock 2013-05-03 4 A 0 1707 87.86 A 12009 D Common Stock 13836 I 401(k) Common Stock 887 I LESOP Stock Appreciation Right 87.86 2013-05-03 4 A 0 2623 0 A 2014-05-03 2023-06-03 Common Stock 2623 2623 D Grant of Restricted Common Stock, pursuant to the 2011 Ashland Inc. Incentive Plan as approved by the shareholders and exempt pursuant to Rule 16b-3. All of the 1,707 shares included in this grant will vest on May 3, 2016. Based on Employee Savings Plan information as of May 1, 2013, the latest date for which such information is reasonably available. Shares accrued under Ashland's Leveraged Employee Stock Ownership Plan as of May 1, 2013. Stock Appreciation Right granted pursuant to the 2011 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 2013-05-06