X0306 4 2016-03-31 0001305014 ASHLAND INC. ASH 0001165185 WARD MICHAEL J CSX TRANSPORTATION 500 WATER STREET, C-900 JACKSONVILLE FL 32202 1 Common Stock Units 0 2016-03-31 4 J 0 228 109.96 A Common Stock 228 37304 D 1-for-1 Common Stock Units acquired pursuant to Ashland's Deferred Compensation Plan for Non-Employee Directors (the "Plan") and exempt under Rule 16b-3. (One (1) Common Stock Unit in the Plan is the equivalent of one (1) share of Ashland Common Stock.) Subject to any deferral election on timing of distribution by the reporting person under the Plan, the Common Stock Units are payable in Common Stock upon the reporting person's separation from service as a director. Balance includes 141 additional Common Stock Units acquired in lieu of cash dividends on March 15, 2016 pursuant to Ashland's Deferred Compensation Plan for Non-Employee Directors (the "Plan") and exempt under Rule 16b-3. One (1) Common Stock Unit in the Plan is the equivalent of one (1) share of Ashland Common Stock). /s/ Issa O. Yesufu, Attorney-in-Fact 2016-04-04