X0306 4 2015-11-18 0001305014 ASHLAND INC. ASH 0001434786 FERNANDEZ-MORENO LUIS M 8145 BLAZER DRIVE WILMINGTON DE 19808 1 Senior Vice President Common Stock 2015-11-18 4 A 0 3423 111.89 A 48827 D Stock Appreciation Right 111.89 2015-11-18 4 A 0 10000 111.89 A 2016-11-18 2025-12-18 Common Stock 10000 10000 D Restricted Stock Units 2015-11-18 4 A 0 1900 0 A Common Stock 1900 1900 D Ashland Common Stock acquired upon settlement of LTIP award pursuant to Ashland's Amended and Restated 2011 Incentive Plan and exempt under Rule 16b-3(d). Includes 40,123 shares of unvested Restricted Stock. Stock Appreciation Right granted pursuant to the Amended and Restated 2015 Ashland Inc. Incentive Plan which vests in three annual installments: 50% after the first year, the next 25% the second year and the remaining 25% the third year. Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock. Grant of Restricted Stock Units, pursuant to the Amended and Restated 2015 Ashland Inc. Incentive Plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest in three equal annual installments beginning one year from the date of grant, provided that the Reported Person remains in the continuous employment with the Issuer. /s/ Issa O. Yesufu, Attorney-in-Fact 2015-11-20