EXHIBIT 4.11


                              AMENDMENT NO. 4
                                   TO THE
                                ASHLAND INC.
                           EMPLOYEE SAVINGS PLAN
                   As Restated Effective January 1, 2003
==============================================================================
         WHEREAS,  Ashland  Inc.  established  the  Ashland  Inc.  Employee
Savings Plan (known as the Ashland Inc. Employee Thrift Plan before October
1, 1995)  originally  effective  June 1, 1964 for the benefit of  employees
eligible to participate therein;
         WHEREAS,  the aforesaid Plan was amended from time to time and, as
so amended,  was completely  amended and restated effective October 1, 1976
to comply with the provisions of the Employee  Retirement  Income  Security
Act of 1974;
         WHEREAS,  the  aforesaid  amended  and  restated  Plan was further
amended from time to time and was completely amended and restated effective
on October 1, 1980,  on October 1, 1983,  on October 1, 1985, on October 1,
1989, on October 1, 1995 on January 1, 1997 and on January 1, 2003;
         WHEREAS,  Article 20 of the aforesaid  amended and restated  Plan,
reserves to Ashland Inc. the right to further amend the Plan; and
         WHEREAS, Ashland Inc. desires to make further amendments to the Plan;
         NOW, THEREFORE, Ashland Inc. does hereby further amend the Ashland
Inc.  Employee Savings Plan,  effective at the dates  identified  below, in
accordance with the following terms and conditions:

1.  Effective  January 1, 2005, the following is added to the definition of
"Beneficiary" at the end of Section 2.1(f) of the Plan as follows:

Effective  January 1, 2005 and for  relevant  events that occur on or after
that date,  "spouse"  shall mean an  individual to whom a Member is legally
married  under  the law of the state in which the  marriage  occurred.  The
Sponsoring  Company  reserves the right to  investigate a claim of marriage
and may institute  procedures under which an individual may demonstrate the
marital status of a Member.

         2. Effective for  distributions of Plan benefits on or after March
28, 2005,  "$1,000" shall be substituted  for "$5,000" in Sections  13.2(b)
and 13.6(b)(2) of the Plan.


         IN  WITNESS  WHEREOF,  the  Sponsoring  Company  has  caused  this
Amendment  No.  4 to  the  Plan  to  be  executed  this  21st day  of
March, 2005.


ATTEST:                                 ASHLAND INC.



  /s/ David L. Hausrath                 By:    /s/ Susan B. Esler
------------------------------                 --------------------------------
          Secretary                     Title: Vice President,
                                               Human Resources