X0306 4 2017-06-05 0001674862 ASHLAND GLOBAL HOLDINGS INC ASH 0001187010 HEITMAN WILLIAM J 50 E. RIVERCENTER BOULEVARD COVINGTON KY 41012-0391 1 Controller Common Stock 2017-06-05 4 A 0 215 0 A 8316 D Common Stock 324 I 401(k) Restricted Stock Units 2017-06-05 4 A 0 1850 0 A Common Stock 1850 2983 D Stock Appreciation Right 37.37 2017-06-05 4 A 0 2562 0 A 2013-11-14 2022-12-14 Common Stock 2562 5462 D Stock Appreciation Right 47.63 2017-06-05 4 A 0 2473 0 A 2014-11-13 2023-12-13 Common Stock 2473 5273 D Stock Appreciation Right 57.96 2017-06-05 4 A 0 3577 0 A 2017-11-16 2026-12-16 Common Stock 3577 7627 D Stock Appreciation Right 59.41 2017-06-05 4 A 0 3180 0 A 2016-11-18 2025-12-18 Common Stock 3180 6780 D Stock Appreciation Right 59.95 2017-06-05 4 A 0 2561 0 A 2015-11-12 2024-12-12 Common Stock 2561 5461 D Stock Appreciation Right 29.50 2017-06-05 4 A 0 2164 0 A 2012-12-02 2022-01-02 Common Stock 2164 4614 D Represents the sum of 215 shares of restricted stock granted pursuant to the adjustment described in this footnote (1). Ashland Global Holdings Inc. ("Ashland") distributed to its stockholders on May 12, 2017 (the "Distribution Date") 170,000,000 shares of Valvoline Inc. common stock as a pro rata dividend (the "Distribution"). Pursuant to the terms of the applicable equity compensation plan, the Reporting Person was entitled to receive the number of shares of restricted stock equal to the quotient of (x) the closing price of Ashland common stock on the Distribution Date and (y) the simple arithmetic average of the volume-weighted average price of Ashland common stock for each of the ten consecutive trading days immediately following the Distribution Date (such quotient, the "Equity Award Adjustment Ratio") for each such share of restricted stock. Includes 458 shares of unvested restricted stock. Based on Employee Savings Plan information as of June 5, 2017, the latest date for which such information is reasonably available. Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock. Represents the sum of 1,002 restricted stock units granted pursuant to the adjustment described in clause (a) of this footnote (5) and 848 restricted stock units granted pursuant to the plan described in clause (b) of this footnote (5). (a) Pursuant to the terms of the applicable equity compensation plan, the Reporting Person was entitled to receive the number of restricted stock units equal to the Equity Award Adjustment Ratio for each such restricted stock unit. (b) Pursuant to the terms of the FY 2016- 2018 Long Term Incentive Plan (the "LTIP Plan"), upon the Distribution, one-third of the Reporting Person's performance units under the LTIP Plan became convertible into 848 time-based, stock-settled restricted stock units immediately following the 120th day following the consummation of the Distribution. Pursuant to the terms of the LTIP Plan, each such time-based, stock settled restricted stock unit was further adjusted into the number of time-based, stock settled restricted stock units equal to the Equity Award Adjustment Ratio. The restricted stock units described in clause (a) of footnote (5) vest upon the same terms and conditions as were applicable to the Reporting Person's awards of restricted stock units immediately prior to the Distribution. The restricted stock units described in clause (b) of footnote (5) vest upon the third anniversary of the grant date (i.e. November 18, 2018) so long as the Reporting Person remains employed through such vesting date. Balance includes 6 additional restricted stock units acquired in lieu of cash dividends, 3 which were paid on December 15, 2016, and 3 were paid on March 15, 2017. Pursuant to the terms of the applicable equity compensation plan, the Reporting Person was entitled to receive the number of stock appreciation rights equal to the Equity Award Adjustment Ratio for each such stock appreciation right, and the original strike price of $70.37 was converted to $37.37. Pursuant to the terms of the applicable equity compensation plan, the Reporting Person was entitled to receive the number of stock appreciation rights equal to the Equity Award Adjustment Ratio for each such stock appreciation right, and the original strike price of $89.69 was converted to $47.63. Pursuant to the terms of the applicable equity compensation plan, the Reporting Person was entitled to receive the number of stock appreciation rights equal to the Equity Award Adjustment Ratio for each such stock appreciation right, and the original strike price of $109.15 was converted to $57.96. Pursuant to the terms of the applicable equity compensation plan, the Reporting Person was entitled to receive the number of stock appreciation rights equal to the Equity Award Adjustment Ratio for each such stock appreciation right, and the original strike price of $111.89 was converted to $59.41. Pursuant to the terms of the applicable equity compensation plan, the Reporting Person was entitled to receive the number of stock appreciation rights equal to the Equity Award Adjustment Ratio for each such stock appreciation right, and the original strike price of $112.91 was converted to $59.95. Pursuant to the terms of the applicable equity compensation plan, the Reporting Person was entitled to receive the number of stock appreciation rights equal to the Equity Award Adjustment Ratio for each such stock appreciation right, and the original strike price of $55.56 was converted to $29.50. /s/ Jennifer I. Henkel, Attorney-in-Fact 2017-06-07