X0306 4 2013-12-13 0001305014 ASHLAND INC. ASH 0001550092 CUMMINS BRENDAN 50 E. RIVERCENTER BOULEVARD COVINGTON KY 41011 1 Restricted Stock Units 2013-12-13 4 J 0 12 93.84 A Common Stock 12 3412 D Each Restricted Stock Unit represents a right to receive cash compensation in an amount equal to the closing stock price of one (1) share of Ashland Inc. Common Stock as reported on the NYSE on the Vesting Date. Restricted Stock Units acquired pursuant to a dividend reinvestment feature of the Amended and Restated 2011 Ashland Inc. Incentive 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. /s/ Jennifer I. Henkel, Attorney-in-Fact 2013-12-17