ASHLAND INC.

changes in consumer preferences and a reduction in demand for Ashland’s products; risks inherent in operating a global business, including tariffs and other trade policies, geopolitical instability and armed conflict, and challenges associated with hiring and managing a diverse workforce across countries with differing laws, regulations, and cultural practices; economic downturns and disruptions in the financial markets; Ashland’s substantial indebtedness, including the possibility that such indebtedness and related restrictive covenants may adversely affect our future cash flows, limit our ability to repay debt and obtain future financing, place Ashland at a competitive disadvantage, and make us more vulnerable to interest rate increases; our ability to develop and market new products and remain competitive in the markets in which we operate; our ability to pass increases in the costs of energy and raw materials to customers and to fulfill our contractual requirements with customers and vendors; downward pressures on prices and margins; the ability to attract and retain key employees and to provide for effective succession planning; cybersecurity risks, including disruptions to or failures in Ashland’s information technology systems and networks, malicious cyberattacks, and the inadvertent or accidental disclosure or loss of proprietary or sensitive information; Ashland’s ability to effectively protect and enforce its intellectual property rights; exposure to products liability claims; risks related to compliance with environmental, health, and safety regulations, including the potential for costly litigation, remediation, and settlement actions; exposure to pending and threatened asbestos-related litigation; changes in the legal and regulatory landscapes in which we operate; and changes in taxation or adverse tax rulings. These risks and uncertainties also include, but are not limited to, the risk factors set forth in Item 1A. “Risk Factors” of Ashland’s most recent Form 10-K, and in our other periodic reports filed with the SEC. Ashland believes its expectations and assumptions are reasonable, but there can be no assurance that the expectations reflected herein will be achieved. Unless legally required, Ashland undertakes no obligation to update publicly any forward-looking statements made in this presentation whether as a result of new information, future events or otherwise. Information on Ashland’s website is not incorporated into or a part of this Proxy Statement.

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934, as amended. This proxy, when properly executed, will be voted in the manner the other side)

PLEASE DETACH ALONG PERFORATED LINE AND MAIL IN THE ENVELOPE PROVIDED. If you hold shares in any Employee Stock Purchase Plan, or 401(k) savings plan of the Company (the “Plans”), then this proxy card, when signed and returned, or your telephone or Internet proxy, will constitute voting instructions on matters properly coming before the Annual Meeting and at any adjournments or postponements thereof in accordance with the instructions given herein to the trustee for shares held in any of the Plans. Shares in each of the Plans for which voting instructions are not received by 5:00 p.m., Eastern Time, January 15, 2025, or if no choice is specified, will be voted by an independent fiduciary. You are encouraged to specify your choice by marking the appropriate box (SEE REVERSE SIDE), but you need not mark any box if you wish to vote in accordance with the Board of Directors’ recommendaproxy.com/ash/2025 for more details

Please mark your votes like this ☒The Board of Directors recommends a vote FOR each of the nominees for director described in Proposal One, and a vote FOR Proposals Two and Three. Proposal One: Election of Directors. NOMINEES: FOR AGAINST ABSTAIN (1) Steven D. Bishop (2) Sanat Chattopadhyay (3) Suzan F. Harrison (4) Ashish K. Kulkarni (5) Susan L. Main (6) Guillermo Novo (7) Sergio Pedreiro (8) Jerome A. Peribere (9) Scott A. Tozier Proposal Two: Ratification of the appointment of Ernst & Young LLP as Ashland's independent registered public accounting firm for the fiscal year 2025. FOR AGAINST ABSTAIN Proposal Three: Approval of the non-binding advisory resolution approving the compensation paid to Ashland's named executive officers. FOR AGAINST ABSTAIN Note: To consider any other business properly before the meeting.DO IN THIS AREA (Stockholder Name & Address Data) Authorized Signatures – Must be completed for your instructions to be executed. Please sign exactly as your name(s) appears on your account. If held in joint tenancy, all persons should sign. Trustees, administrators, etc., should include title and authority. Corporations should provide full name of corporation and title of authorized officer signing the Proxy/Vote Form. Address Change/Comments: (If you noted any Address Changes and/or Comments above, please mark box.) Date Signature (and Title, if applicable) Signature (if held jointly) CONTROL NUMBER PLEASE DETACH ALONG PERFORATED LINE AND MAIL IN THE ENVELOPE PROVIDED.  PROXY VOTING INSTRUCTIONS Please have your 11-digit control number ready when voting by Internet or Telephone You must register to attend the Annual Meeting online and/or participate at web.viewproxy.com/ash/2025 INTERNET Vote Your Proxy on the Internet: Before the Annual Meeting: Go to www.AALvote.com/ASH. Use the Internet to vote your proxy and for electronic delivery of information up until 11:59 p.m. Eastern Time on January 20, 2025 (or 5:00 p.m. Eastern Time on January 15, 2025 for Plan participants). During the Annual Meeting: Go to web.viewproxy.com/ash/2025. You may attend the Annual Meeting via the Internet and vote during the Annual Meeting. Have your proxy card available when you access the above websites. Follow the prompts to vote your shares. TELEPHONE Vote Your Proxy by Phone: Call 1-866-804-9616 Use any touch-tone telephone to vote your proxy up until 11:59 p.m. Eastern Time on January 20, 2025 (or 5:00 p.m. Eastern Time on January 15, 2025 for Plan participants). Have your proxy card available when you call. Follow the voting instructions to vote your shares MAIL Vote Your Proxy by Mail: Mark, sign, and date your proxy card, then detach it, and return it in the postage-paid envelope provided.