X0306 4 2015-01-28 0001305014 ASHLAND INC. ASH 0001550092 CUMMINS BRENDAN 50 E. RIVERCENTER BOULEVARD COVINGTON KY 41011 1 Restricted Stock Units 2015-01-28 4 A 0 944 116.54 A Common Stock 944 5434 D Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock. 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/ Issa O. Yesufu, Attorney-in-Fact 2015-01-30