X0306 4 2013-11-13 0001305014 ASHLAND INC. ASH 0001532855 POST STEVEN E. 1005 U.S. 202/206 BRIDGEWATER NJ 08807 1 Vice President Restricted Stock 2013-11-13 4 A 0 1500 89.69 A 1500 D Stock Appreciation Right 89.69 2013-11-13 4 A 0 5500 89.69 A 2014-11-13 2023-12-13 Common Stock 5500 5500 D Grant of Restricted Common Stock, pursuant to the Amended and Restated 2011 Ashland Inc. Incentive Plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest 1/3 after the first year, the next 1/3 after the second year and the remaining 1/3 the third year. Stock Appreciation Right granted pursuant to the Amended and Restated 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/ Jennifer I. Henkel, Attorney-in-Fact 2013-11-15