As amended effective January 30, 2013

The shareholders of Ashland Inc. ("Company") elect directors to oversee the management of the business and the affairs of the Company. The Board of Directors of the Company ("Board") has adopted the following guidelines in furtherance of its continuing efforts to enhance its corporate governance. The Board will review and amend these guidelines as it deems necessary and appropriate. These guidelines, and the Board Committee charters, provide the framework for the governance of the Company.

I. Purpose
II. Director Responsibilities
III. Lead Independent Director
IV. Director Qualifications
V. Related Person Transaction Policy
VI. Retirement and Resignation
VII. Committees of the Board
VIII. Director Access to Management and Independent Advisors
IX. Director Orientation
X. Annual Chief Executive Officer Performance Evaluation
XI. Annual Board Performance Evaluation
XII. Director Compensation
XIII. Board Interaction with Outside Interested Parties

Addendum 1 - Related Person Transaction Policy

1. Definitions. For purposes of this Policy:
2. Policy Statement.
3. Process.

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