Amendment No. 1 To Ashland Inc. Supplemental Early Retirement Plan For Certain Employees

AMENDMENT NO. 1 TO

ASHLAND INC. SUPPLEMENTAL

EARLY RETIREMENT PLAN FOR CERTAIN EMPLOYEES

Generally Effective as of January 1, 2005




WHEREAS , Ashland Inc. and its authorized delegates reserved the right to amend the Ashland Inc. Supplemental Early Retirement Plan for Certain Employees (Plan);

WHEREAS , Ashland Inc. and its authorized delegates desire to make an amendment conforming certain actuarial assumptions contained herein with those in a related plan;

NOW, THEREFORE , the Plan is hereby amended, effective as of October 1, 2008, as follows:

1. Effective as ...