ASH

SEC source: 0001127602-17-023985 · form4.xml · derivative · entry 1

WILLIS J KEVIN · CIK 0001575329 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,095

Underlying: Common Stock · 12,232 shares

Expires not disclosed

F1 · derivative.exercise_price: Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock.

F2 · derivative.exercise_date: Grant of Restricted Stock Units, pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest on November 13, 2017, provided that the Reporting Person remains in continuous employment with the Issuer.

F2 · derivative.expiration_date: Grant of Restricted Stock Units, pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest on November 13, 2017, provided that the Reporting Person remains in continuous employment with the Issuer.

F3 · balance_after: Balance includes 31 additional restricted stock units acquired in lieu of cash dividends paid on June 15, 2017.

SEC source: 0001127602-17-023983 · form4.xml · derivative · entry 1

Silverman Keith C · CIK 0001600587 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,903

Underlying: Common Stock · 1,439 shares

Expires not disclosed

F1 · derivative.exercise_price: Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock.

F2 · derivative.exercise_date: Grant of Restricted Stock Units, pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest on November 13, 2017, provided that the Reporting Person remains in continuous employment with the Issuer.

F2 · derivative.expiration_date: Grant of Restricted Stock Units, pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest on November 13, 2017, provided that the Reporting Person remains in continuous employment with the Issuer.

F3 · balance_after: Balance includes 3 additional restricted stock units acquired in lieu of cash dividends paid on June 15, 2017.

SEC source: 0001127602-17-023981 · form4.xml · derivative · entry 1

Schumann Anne T. · CIK 0001438239 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,748

Underlying: Common Stock · 3,186 shares

Expires not disclosed

F1 · derivative.exercise_price: Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock.

F2 · derivative.exercise_date: Grant of Restricted Stock Units, pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest on November 13, 2017, provided that the Reporting Person remains in continuous employment with the Issuer.

F2 · derivative.expiration_date: Grant of Restricted Stock Units, pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest on November 13, 2017, provided that the Reporting Person remains in continuous employment with the Issuer.

F3 · balance_after: Balance includes 8 additional restricted stock units acquired in lieu of cash dividends paid on June 15, 2017.

SEC source: 0001127602-17-023979 · form4.xml · derivative · entry 1

HEITMAN WILLIAM J · CIK 0001187010 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,765

Underlying: Common Stock · 2,775 shares

Expires not disclosed

F1 · derivative.exercise_price: Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock.

F2 · derivative.exercise_date: Grant of Restricted Stock Units, pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest on November 13, 2017, provided that the Reporting Person remains in continuous employment with the Issuer.

F2 · derivative.expiration_date: Grant of Restricted Stock Units, pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest on November 13, 2017, provided that the Reporting Person remains in continuous employment with the Issuer.

F3 · balance_after: Balance includes 7 additional restricted stock units acquired in lieu of cash dividends paid on June 15, 2017.

SEC source: 0001127602-17-023978 · form4.xml · derivative · entry 1

Ganz Peter · CIK 0001337976 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,033

Underlying: Common Stock · 7,092 shares

Expires not disclosed

F1 · derivative.exercise_price: Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock.

F2 · derivative.exercise_date: Grant of Restricted Stock Units, pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest on November 13, 2017, provided that the Reporting Person remains in continuous employment with the Issuer.

F2 · derivative.expiration_date: Grant of Restricted Stock Units, pursuant to Ashland's incentive plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest on November 13, 2017, provided that the Reporting Person remains in continuous employment with the Issuer.

F3 · balance_after: Balance includes 19 additional restricted stock units acquired in lieu of cash dividends paid on June 15, 2017.

SEC source: 0001127602-17-023976 · form4.xml · derivative · entry 2

MAIN SUE · CIK 0001284967 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 823

Underlying: Common Stock · 823 shares

Expires not disclosed

F3 · derivative.exercise_price: Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock.

F4 · derivative.exercise_date: Grant of deferred Restricted Stock Units pursuant to Ashland's Deferred Compensation Plan for Non-Employee Directors, and exempt under Rule 16b-3. The Restricted Stock Units will vest one year after date of grant. (One (1) Restricted Stock Unit in the Deferred Compensation Plan for Non-Employee Directors is the equivalent of one (1) share of Ashland Common Stock.)

F4 · derivative.expiration_date: Grant of deferred Restricted Stock Units pursuant to Ashland's Deferred Compensation Plan for Non-Employee Directors, and exempt under Rule 16b-3. The Restricted Stock Units will vest one year after date of grant. (One (1) Restricted Stock Unit in the Deferred Compensation Plan for Non-Employee Directors is the equivalent of one (1) share of Ashland Common Stock.)

SEC source: 0001127602-17-023976 · form4.xml · nonDerivative · entry 1

MAIN SUE · CIK 0001284967 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,883

F1 · kind: Grant of Restricted Common Stock, pursuant to Ashland's Incentive Plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest on the earlier of (i) the Outside Director's Retirement, as defined in the Plan; (ii) the Outside Director's death or Disability, as defined in the Plan; or (iii) a 50% change in the beneficial ownership of Ashland Global Holdings Inc. as defined in Rule 13d-3 under the Securities Exchange Act of 1934.

F2 · balance_after: Balance includes 1,883 shares of unvested Restricted Stock.

SEC source: 0001127602-17-023971 · form4.xml · derivative · entry 2

Wilson-Thompson Kathleen · CIK 0001331680 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 823

Underlying: Common Stock · 823 shares

Expires not disclosed

F3 · derivative.exercise_price: Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock.

F4 · derivative.exercise_date: Grant of deferred Restricted Stock Units pursuant to Ashland's Deferred Compensation Plan for Non-Employee Directors, and exempt under Rule 16b-3. The Restricted Stock Units will vest one year after date of grant. (One (1) Restricted Stock Unit in the Deferred Compensation Plan for Non-Employee Directors is the equivalent of one (1) share of Ashland Common Stock.)

F4 · derivative.expiration_date: Grant of deferred Restricted Stock Units pursuant to Ashland's Deferred Compensation Plan for Non-Employee Directors, and exempt under Rule 16b-3. The Restricted Stock Units will vest one year after date of grant. (One (1) Restricted Stock Unit in the Deferred Compensation Plan for Non-Employee Directors is the equivalent of one (1) share of Ashland Common Stock.)

SEC source: 0001127602-17-023971 · form4.xml · nonDerivative · entry 1

Wilson-Thompson Kathleen · CIK 0001331680 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,883

F1 · kind: Grant of Restricted Common Stock, pursuant to Ashland's Incentive Plan as approved by the shareholders and exempt pursuant to Rule 16b-3. The shares in this grant will vest on the earlier of (i) the Outside Director's Retirement, as defined in the Plan; (ii) the Outside Director's death or Disability, as defined in the Plan; or (iii) a 50% change in the beneficial ownership of Ashland Global Holdings Inc. as defined in Rule 13d-3 under the Securities Exchange Act of 1934.

F2 · balance_after: Balance includes 1,883 shares of unvested Restricted Stock.

SEC source: 0001127602-17-023035 · form4.xml · derivative · entry 1

WARD MICHAEL J · CIK 0001165185 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 73,213

Underlying: Common Stock · 379 shares

Expires not disclosed

F1 · derivative.exercise_price: 1-for-1

F2 · kind: 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.)

F3 · derivative.exercise_date: 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.

F3 · derivative.expiration_date: 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.

SEC source: 0001127602-17-020725 · form4.xml · nonDerivative · entry 1

WARD MICHAEL J · CIK 0001165185 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,883

F1 · price: Represents 883 shares of restricted stock granted pursuant to the adjustment described in this footnote. 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.

F2 · balance_after: Balance includes 1,883 shares of unvested Restricted Stock.

SEC source: 0001127602-17-020739 · form4.xml · nonDerivative · entry 1

WILLIS J KEVIN · CIK 0001575329 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,499

F1 · price: Represents the sum of 3,223 shares of restricted stock granted pursuant to the adjustment described in clause (a) of this footnote (1) and 12,745 shares of restricted stock granted pursuant to the plan described in clause (b) this footnote (1). (a) Ashland Global Holdings Inc. ("Ashland") distributed to its stockholders on May 12, 2017 (the "Distribution Date") 170,000,000 shares of Valvoline Inc. ("Valvoline") 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. (b) Pursuant to the terms of the Executive Performance Incentive and Retention Program (the "EPIRP"), upon the Distribution, one-third of the Reporting Person's performance-based restricted shares granted under the EPIRP were convertible at "target" level (i.e. 50%) into 12,745 time-vested restricted shares immediately following the 120th day following the consummation of the Distribution. Pursuant to the terms of the EPIRP, each such time-vested restricted share was further adjusted into the number of time-vested restricted shares equal to the Equity Award Adjustment Ratio for each such time-vested restricted share.

F2 · balance_after: Includes 19,616 shares of unvested restricted stock. Balance also includes 22 additional shares of restricted stock acquired in lieu of cash dividends, 11 which were paid on December 15, 2016, and 11 which were paid on March 15, 2017.

SEC source: 0001127602-17-020736 · form4.xml · nonDerivative · entry 1

Schumann Anne T. · CIK 0001438239 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 23,060

F1 · price: Represents the sum of 4,809 shares of restricted stock granted pursuant to the adjustment described in clause (a) of this footnote (1) and 7,978 shares of restricted stock granted pursuant to the plan described in clause (b) this footnote (1). (a) Ashland Global Holdings Inc. ("Ashland") distributed to its stockholders on May 12, 2017 (the "Distribution Date") 170,000,000 shares of Valvoline Inc. ("Valvoline") 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. (b) Pursuant to the terms of the Executive Performance Incentive and Retention Program (the "EPIRP"), upon the Distribution, one-third of the Reporting Person's performance-based restricted shares granted under the EPIRP were convertible at "target" level (i.e. 50%) into 7,978 time-vested restricted shares immediately following the 120th day following the consummation of the Distribution. Pursuant to the terms of the EPIRP, each such time-vested restricted share was further adjusted into the number of time-vested restricted shares equal to the Equity Award Adjustment Ratio for each such time-vested restricted share.

F2 · balance_after: Includes 18,230 shares of unvested restricted stock.

SEC source: 0001127602-17-020723 · form4.xml · nonDerivative · entry 1

TEAL JANICE · CIK 0001258631 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,883

F1 · price: Represents 883 shares of restricted stock granted pursuant to the adjustment described in this footnote. 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.

F2 · balance_after: Balance includes 1,883 shares of unvested Restricted Stock.

SEC source: 0001127602-17-020721 · form4.xml · nonDerivative · entry 1

SCHAEFER GEORGE A JR · CIK 0001195811 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,619

F1 · price: Represents 883 shares of restricted stock granted pursuant to the adjustment described in this footnote. 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.

F2 · balance_after: Balance includes 1,883 shares of unvested Restricted Stock.

SEC source: 0001127602-17-020720 · form4.xml · nonDerivative · entry 1

ROHR MARK C · CIK 0001235356 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,883

F1 · price: Represents 883 shares of restricted stock granted pursuant to the adjustment described in this footnote. 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.

F2 · balance_after: Balance includes 1,883 shares of unvested Restricted Stock.

SEC source: 0001127602-17-020719 · form4.xml · nonDerivative · entry 1

PERRY BARRY W · CIK 0001194502 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,883

F1 · price: Represents 883 shares of restricted stock granted pursuant to the adjustment described in this footnote. 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.

F2 · balance_after: Balance includes 1,883 shares of unvested Restricted Stock.

SEC source: 0001127602-17-020718 · form4.xml · nonDerivative · entry 1

IHLENFELD JAY V · CIK 0001205395 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,883

F1 · price: Represents 883 shares of restricted stock granted pursuant to the adjustment described in this footnote. 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.

F2 · balance_after: Balance includes 1,883 shares of unvested Restricted Stock.

SEC source: 0001127602-17-020717 · form4.xml · nonDerivative · entry 1

DEMPSEY WILLIAM G · CIK 0001239422 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,883

F1 · price: Represents 883 shares of restricted stock granted pursuant to the adjustment described in this footnote. 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.

F2 · balance_after: Balance includes 1,883 shares of unvested Restricted Stock.

SEC source: 0001127602-17-020787 · form4.xml · derivative · entry 7

WILLIS J KEVIN · CIK 0001575329 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 24,672

Underlying: Common Stock · 11,572 shares

Expires 2024-12-12

F7 · derivative.exercise_price: 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.

F7 · price: 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.

SEC source: 0001127602-17-020787 · form4.xml · derivative · entry 6

WILLIS J KEVIN · CIK 0001575329 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,229

Underlying: Common Stock · 14,179 shares

Expires 2025-12-18

F6 · derivative.exercise_price: 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.

F6 · price: 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.

SEC source: 0001127602-17-020787 · form4.xml · derivative · entry 5

WILLIS J KEVIN · CIK 0001575329 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,583

Underlying: Common Stock · 15,283 shares

Expires 2026-12-16

F5 · derivative.exercise_price: 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.

F5 · price: 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.

SEC source: 0001127602-17-020787 · form4.xml · derivative · entry 4

WILLIS J KEVIN · CIK 0001575329 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,426

Underlying: Common Stock · 11,926 shares

Expires 2023-12-13

F4 · derivative.exercise_price: 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.

F4 · price: 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.

SEC source: 0001127602-17-020787 · form4.xml · derivative · entry 3

WILLIS J KEVIN · CIK 0001575329 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,940

Underlying: Common Stock · 2,317 shares

Expires 2023-06-03

F3 · derivative.exercise_price: 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 $87.86 was converted to $46.65.

F3 · price: 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 $87.86 was converted to $46.65.

SEC source: 0001127602-17-020787 · form4.xml · derivative · entry 2

WILLIS J KEVIN · CIK 0001575329 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,462

Underlying: Common Stock · 2,562 shares

Expires 2022-12-14

F2 · derivative.exercise_price: 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.

F2 · price: 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.

SEC source: 0001127602-17-020787 · form4.xml · derivative · entry 1

WILLIS J KEVIN · CIK 0001575329 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,307

Underlying: Common Stock · 1,082 shares

Expires 2022-01-02

F1 · derivative.exercise_price: 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.

F1 · price: 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.

SEC source: 0001127602-17-020785 · form4.xml · derivative · entry 8

Ganz Peter · CIK 0001337976 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 13,937

Underlying: Common Stock · 6,537 shares

Expires 2023-12-13

F13 · derivative.exercise_price: 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.

F13 · price: 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.

SEC source: 0001127602-17-020785 · form4.xml · derivative · entry 7

Ganz Peter · CIK 0001337976 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 29,193

Underlying: Common Stock · 13,693 shares

Expires 2022-12-14

F12 · derivative.exercise_price: 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.

F12 · price: 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.

SEC source: 0001127602-17-020785 · form4.xml · derivative · entry 6

Ganz Peter · CIK 0001337976 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,216

Underlying: Common Stock · 2,916 shares

Expires 2022-01-02

F11 · derivative.exercise_price: 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.

F11 · price: 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.

SEC source: 0001127602-17-020785 · form4.xml · derivative · entry 5

Ganz Peter · CIK 0001337976 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 14,125

Underlying: Common Stock · 6,625 shares

Expires 2024-12-12

F10 · derivative.exercise_price: 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.

F10 · price: 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.

SEC source: 0001127602-17-020785 · form4.xml · derivative · entry 4

Ganz Peter · CIK 0001337976 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,363

Underlying: Common Stock · 8,613 shares

Expires 2025-12-18

F8 · derivative.exercise_price: 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.

F8 · price: 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.

F9 · derivative.exercise_date: Stock Appreciation Right granted pursuant to Ashland's incentive plan which vests in three annual installments: 50% after the first year, the next 25% the second year and the remaining 25% the third year.

F9 · derivative.expiration_date: Stock Appreciation Right granted pursuant to Ashland's incentive plan which vests in three annual installments: 50% after the first year, the next 25% the second year and the remaining 25% the third year.

SEC source: 0001127602-17-020785 · form4.xml · derivative · entry 3

Ganz Peter · CIK 0001337976 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,152

Underlying: Common Stock · 9,452 shares

Expires 2026-12-16

F7 · derivative.exercise_price: 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.

F7 · price: 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.

SEC source: 0001127602-17-020785 · form4.xml · derivative · entry 2

Ganz Peter · CIK 0001337976 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,922

Underlying: Common Stock · 4,950 shares

Expires not disclosed

F3 · derivative.exercise_price: Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock.

F4 · shares: Represents the sum of 2,627 restricted stock units granted pursuant to the adjustment described in clause (a) of this footnote (4) and 2,323 restricted stock units granted pursuant to the plan described in clause (b) of this footnote (4). (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 2,323 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.

F4 · price: Represents the sum of 2,627 restricted stock units granted pursuant to the adjustment described in clause (a) of this footnote (4) and 2,323 restricted stock units granted pursuant to the plan described in clause (b) of this footnote (4). (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 2,323 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.

F5 · derivative.exercise_date: The restricted stock units described in clause (a) of footnote (4) 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 (4) 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.

F5 · derivative.expiration_date: The restricted stock units described in clause (a) of footnote (4) 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 (4) 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.

F6 · balance_after: Balance includes 19 additional restricted stock units acquired in lieu of cash dividends, 10 of which were paid on December 15, 2016, and 9 which were paid on March 15, 2017.

SEC source: 0001127602-17-020785 · form4.xml · nonDerivative · entry 1

Ganz Peter · CIK 0001337976 · Senior Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 37,614

F1 · price: Represents the sum of 2,814 shares of restricted stock granted pursuant to the adjustment described in clause (a) of this footnote (1) and 10,916 shares of restricted stock granted pursuant to the plan described in clause (b) of this footnote (1). (a) 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. (b) Pursuant to the terms of the Executive Performance Incentive and Retention Program (the "EPIRP"), upon the Distribution, one-third of the Reporting Person's performance-based restricted shares granted under the EPIRP were convertible at "target" level (i.e. 50%) into 10,916 time-vested restricted shares immediately following the 120th day following the consummation of the Distribution. Pursuant to the terms of the EPIRP, each such time-vested restricted share was further adjusted into the number of time-vested restricted shares equal to the Equity Award Adjustment Ratio.

F2 · balance_after: Includes 16,914 shares of unvested restricted stock. Balance also includes 19 additional shares of restricted stock acquired in lieu of cash dividends, 10 of which were paid on December 15, 2016 and 9 which were paid on March 15, 2017.

SEC source: 0001127602-17-020784 · form4.xml · derivative · entry 3

Schumann Anne T. · CIK 0001438239 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,215

Underlying: Common Stock · 2,915 shares

Expires 2024-12-12

F3 · derivative.exercise_price: 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.

F3 · price: 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.

SEC source: 0001127602-17-020784 · form4.xml · derivative · entry 2

Schumann Anne T. · CIK 0001438239 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,098

Underlying: Common Stock · 3,798 shares

Expires 2025-12-18

F2 · derivative.exercise_price: 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.

F2 · price: 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.

SEC source: 0001127602-17-020784 · form4.xml · derivative · entry 1

Schumann Anne T. · CIK 0001438239 · Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,757

Underlying: Common Stock · 4,107 shares

Expires 2026-12-16

F1 · derivative.exercise_price: 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.

F1 · price: 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.

SEC source: 0001127602-17-020783 · form4.xml · derivative · entry 5

WULFSOHN WILLIAM A · CIK 0001326402 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 107,826

Underlying: Common Stock · 50,576 shares

Expires 2025-12-18

F9 · derivative.exercise_price: 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.

F9 · price: 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.

SEC source: 0001127602-17-020783 · form4.xml · derivative · entry 4

WULFSOHN WILLIAM A · CIK 0001326402 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 86,637

Underlying: Common Stock · 40,637 shares

Expires 2025-02-28

F8 · derivative.exercise_price: 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 $117.38 was converted to $62.33.

F8 · price: 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 $117.38 was converted to $62.33.

SEC source: 0001127602-17-020783 · form4.xml · derivative · entry 3

WULFSOHN WILLIAM A · CIK 0001326402 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 118,373

Underlying: Common Stock · 55,523 shares

Expires 2026-12-16

F7 · derivative.exercise_price: 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.

F7 · price: 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.

SEC source: 0001127602-17-020783 · form4.xml · derivative · entry 2

WULFSOHN WILLIAM A · CIK 0001326402 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 45,897

Underlying: Common Stock · 28,728 shares

Expires not disclosed

F3 · derivative.exercise_price: Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock.

F4 · shares: Represents the sum of 15,167 restricted stock units granted pursuant to the adjustment described in clause (a) of this footnote (4) and 13,561 restricted stock units granted pursuant to the plan described in clause (b) this footnote (4). (a) Pursuant to the terms of the applicable equity compensation plan, the Reporting Person was entitled to receive the number of restricted stock units (rounded to the nearest whole restricted stock unit) 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 13,561 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.

F4 · price: Represents the sum of 15,167 restricted stock units granted pursuant to the adjustment described in clause (a) of this footnote (4) and 13,561 restricted stock units granted pursuant to the plan described in clause (b) this footnote (4). (a) Pursuant to the terms of the applicable equity compensation plan, the Reporting Person was entitled to receive the number of restricted stock units (rounded to the nearest whole restricted stock unit) 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 13,561 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.

F5 · derivative.exercise_date: The restricted stock units described in clause (a) of footnote (4) 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 (4) 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.

F5 · derivative.expiration_date: The restricted stock units described in clause (a) of footnote (4) 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 (4) 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.

F6 · balance_after: Balance includes 113 additional restricted stock units acquired in lieu of cash dividends, 59 of which were paid on December 15, 2016, and 54 of which were paid on March 15, 2017.

SEC source: 0001127602-17-020783 · form4.xml · nonDerivative · entry 1

WULFSOHN WILLIAM A · CIK 0001326402 · Director · Chief Executive Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 72,926

F1 · price: Represents the sum of 3,224 shares of restricted stock granted pursuant to the adjustment described in clause (a) of this footnote (1) and 30,322 shares of restricted stock granted pursuant to the plan described in clause (b) of this footnote (1). (a) 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. (b) Pursuant to the terms of the Executive Performance Incentive and Retention Program (the "EPIRP"), upon the Distribution, one-third of the Reporting Person's performance-based restricted shares granted under the EPIRP were convertible at "target" level (i.e. 50%) into 30,322 time-vested restricted shares immediately following the 120th day following the consummation of the Distribution. Pursuant to the terms of the EPIRP, each such time-vested restricted share was further adjusted into the number of time-vested restricted shares equal to the Equity Award Adjustment Ratio.

F2 · balance_after: Includes 37,195 shares of unvested restricted stock. Balance also includes 11 additional shares of restricted stock acquired in lieu of cash dividends paid on March 15, 2017.

SEC source: 0001127602-17-020780 · form4.xml · derivative · entry 9

HEITMAN WILLIAM J · CIK 0001187010 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,614

Underlying: Common Stock · 2,164 shares

Expires 2022-01-02

F13 · derivative.exercise_price: 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.

F13 · price: 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.

SEC source: 0001127602-17-020780 · form4.xml · derivative · entry 8

HEITMAN WILLIAM J · CIK 0001187010 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,461

Underlying: Common Stock · 2,561 shares

Expires 2024-12-12

F12 · derivative.exercise_price: 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.

F12 · price: 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.

SEC source: 0001127602-17-020780 · form4.xml · derivative · entry 7

HEITMAN WILLIAM J · CIK 0001187010 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,780

Underlying: Common Stock · 3,180 shares

Expires 2025-12-18

F11 · derivative.exercise_price: 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.

F11 · price: 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.

SEC source: 0001127602-17-020780 · form4.xml · derivative · entry 6

HEITMAN WILLIAM J · CIK 0001187010 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 7,627

Underlying: Common Stock · 3,577 shares

Expires 2026-12-16

F10 · derivative.exercise_price: 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.

F10 · price: 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.

SEC source: 0001127602-17-020780 · form4.xml · derivative · entry 5

HEITMAN WILLIAM J · CIK 0001187010 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,273

Underlying: Common Stock · 2,473 shares

Expires 2023-12-13

F9 · derivative.exercise_price: 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.

F9 · price: 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.

SEC source: 0001127602-17-020780 · form4.xml · derivative · entry 4

HEITMAN WILLIAM J · CIK 0001187010 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,462

Underlying: Common Stock · 2,562 shares

Expires 2022-12-14

F8 · derivative.exercise_price: 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.

F8 · price: 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.

SEC source: 0001127602-17-020780 · form4.xml · derivative · entry 3

HEITMAN WILLIAM J · CIK 0001187010 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,983

Underlying: Common Stock · 1,850 shares

Expires not disclosed

F4 · derivative.exercise_price: Each Restricted Stock Unit represents a right to receive one (1) share of Ashland Common Stock.

F5 · shares: 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.

F5 · price: 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.

F6 · derivative.exercise_date: 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.

F6 · derivative.expiration_date: 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.

F7 · balance_after: 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.

SEC source: 0001127602-17-020780 · form4.xml · nonDerivative · entry 1

HEITMAN WILLIAM J · CIK 0001187010 · Controller

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,316

F1 · price: 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.

F2 · balance_after: Includes 458 shares of unvested restricted stock.