Standard Investments LLC Increases Stake in Ashland Inc. to 7.87%

On May 11, 2026, Standard Investments LLC and associated reporting persons, including David S. Winter and David J. Millstone, filed Amendment No. 2 to their Schedule 13D regarding Ashland Inc. (ASH). The filing reflects an increase in beneficial ownership to 3,605,001 shares of Common Stock, representing 7.873% of the class, up from 6.803% reported in the previous amendment. The additional 490,000 shares were acquired through open-market purchases by Standard Latitude Master Fund Ltd. between May 6 and May 11, 2026, for a total consideration of approximately $185.4 million, including commissions. Concurrently, Standard Latitude Master terminated early a portion of its Total Return Swaps covering 490,000 shares. While this swap termination did not change the number of shares beneficially owned, the reporting persons' total economic exposure to the issuer—combining physical shares and remaining swaps—is approximately 9.89%. The reporting persons acquired the additional shares based on their belief that the investment represents an attractive opportunity.