UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
Hausrath, David L.
50 E. RiverCenter Boulevard
Covington, KY 41012-0391
2. Issuer Name and Ticker or Trading Symbol
Ashland Inc.
ASH
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
September 30, 1999
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Vice President:General Counsel
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
|Transaction| or Disposed of (D) | Securities |ect | Beneficial Ownership |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
___________________________________________________________________________________________________________________________________|
Common Stock | | | | | |3,106 (1) |I |By Trustee |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | |2,511 (2) |I |By Trustee |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | |300 (3) |I |By Wife |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice of | | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity | | | Amount | |ble | | | |Year |(I)| |
___________________________________________________________________________________________________________________________________|
Option (4) |23.875 | | | | |9-21-|10-21|Common Stock|750 | |750 |D | |
| | | | | |93 |-02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|23.875 | | | | |9-21-|10-21|Common Stock|375 | |375 |D | |
| | | | | |94 |-02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|23.875 | | | | |9-21-|10-21|Common Stock|375 | |375 |D | |
| | | | | |95 |-02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (5) |33.125 | | | | |9-16-|10-16|Common Stock|1,000 | |1,000 |D | |
| | | | | |94 |-03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.125 | | | | |9-16-|10-16|Common Stock|500 | |500 |D | |
| | | | | |95 |-03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.125 | | | | |9-16-|10-16|Common Stock|500 | |500 |D | |
| | | | | |96 |-03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6) |35.875 | | | | |9-15-|10-15|Common Stock|1,000 | |1,000 |D | |
| | | | | |95 |-04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|35.875 | | | | |9-15-|10-15|Common Stock|500 | |500 |D | |
| | | | | |96 |-04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|35.875 | | | | |9-15-|10-15|Common Stock|500 | |500 |D | |
| | | | | |97 |-04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6) |33.875 | | | | |9-21-|10-21|Common Stock|1,000 | |1,000 |D | |
| | | | | |96 |-05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.875 | | | | |9-21-|10-21|Common Stock|500 | |500 |D | |
| | | | | |97 |-05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.875 | | | | |9-21-|10-21|Common Stock|500 | |500 |D | |
| | | | | |98 |-05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6) |39.00 | | | | |9-19-|10-19|Common Stock|1,000 | |1,000 |D | |
| | | | | |97 |-06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|39.00 | | | | |9-19-|10-19|Common Stock|500 | |500 |D | |
| | | | | |98 |-06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|39.00 | | | | |9-19-|10-19|Common Stock|500 | |500 |D | |
| | | | | |99 |-06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (7) |53.375 | | | | |9-18-|10-18|Common Stock|2,000 | |2,000 |D | |
| | | | | |98 |-07 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|53.375 | | | | |9-18-|10-18|Common Stock|1,000 | |1,000 |D | |
| | | | | |99 |-07 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|53.375 | | | | |9-18-|10-18|Common Stock|1,000 | |1,000 |D | |
| | | | | |00 |-07 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (7) |48.00 | | | | |9-17-|10-17|Common Stock|4,000 | |4,000 |D | |
| | | | | |99 |-08 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|48.00 | | | | |9-17-|10-17|Common Stock|2,000 | |2,000 |D | |
| | | | | |00 |-08 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|48.00 | | | | |9-17-|10-17|Common Stock|2,000 | |2,000 |D | |
| | | | | |01 |-08 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (8) |36.625 |9-16-|J |10,000 |A |9-16-|10-16|Common Stock|10,000 | |10,000 |D | |
| |99 | | | |00 |-09 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|36.625 |9-16-|J |10,000 |A |9-16-|10-16|Common Stock|10,000 | |10,000 |D | |
| |99 | | | |01 |-09 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|36.625 |9-16-|J |10,000 |A |9-16-|10-16|Common Stock|10,000 | |10,000 |D | |
| |99 | | | |02 |-09 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|36.625 |9-16-|J |10,000 |A |9-16-|10-16|Common Stock|10,000 | |10,000 |D | |
| |99 | | | |03 |-09 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (9) |1-for-1 | |J |43 |A | | |Common Stock|43 | |2,148 |D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
1. Shares accrued under Ashland's Leveraged Employee Stock Ownership Plan as of
3-31-96, the date of the
final allocation to this
account.
2. Based on Employee Savings Plan information as of 9-30-99 and includes
transactions occurring on or after
8-17-99.
3. I hereby disclaim beneficial
ownership.
4. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's
Long-Term Incentive Plan. The employee stock option includes a tax withholding
feature pursuant to the plan.
5. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's
Amended Stock Incentive Plan. The employee stock option includes a tax
withholding feature pursuant to the plan.
6. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's 1993
Stock Incentive Plan. The employee stock option includes a tax withholding
feature pursuant to the plan.
7. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's 1997
Stock Incentive Plan. The employee stock option includes a tax withholding
feature pursuant to the plan.
8. Grant of employee stock option pursuant to Ashland's 1997 Stock Incentive
Plan. The employee stock option
includes a tax withholding feature pursuant to the
plan.
9. Common Stock Units acquired pursuant to Ashland's 1995 Deferred Compensation
Plan as of 9-30-99 and
includes transactions occurring on or after 7-30-99, payable in cash or stock
upon termination of service and
exempt under Rule 16b-3(d). The price of the Common Stock Units on the
applicable valuation dates ranged from
$34.688 -
$39.00.
SIGNATURE OF REPORTING PERSON
David L. Hausrath
DATE
October 19, 1999
