Standard Investments LLC Increases Stake in Ashland Inc. to 8.94%

Standard Investments LLC and its affiliates, including David S. Winter and David J. Millstone, filed Amendment No. 3 to their Schedule 13D for Ashland Inc. (ASH) on May 18, 2026. The reporting persons increased their beneficial ownership to 4,095,001 shares of common stock, representing 8.943% of the class, up from 7.873% reported in the previous amendment. This increase involved the open-market purchase of 490,000 shares between May 12 and May 15, 2026, at a total purchase price of approximately $212.9 million (including commissions). Concurrently, Standard Latitude Master Fund Ltd. executed early terminations of total return swaps covering an additional 490,000 shares. These swap terminations did not affect the number of shares beneficially owned but adjusted the group's total economic exposure. When combining beneficially owned shares with remaining total return swaps, the reporting persons' total economic exposure to Ashland Inc. stands at approximately 9.88%. The acquisitions were made based on the belief that the shares represent an attractive investment opportunity.