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 Carlucci, Frank C. Carlye Group 1001 Pennsylvania Avenue Washington, D.C. 20004-2505 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) (X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other (specify below) 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 | | | | | |2,000 (1) |D | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock | | | | | |200 |I |By Spouse | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock | | | | | |502 (2) |D | | - -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________| ___________________________________________________________________________________________________________________________________ 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 (3) |37.50 | | | | |7-28-|1-28-|Common Stock|1,000 | |1,000 |D | | | | | | | |94 |04 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (3) |33.00 | | | | |7-27-|1-27-|Common Stock|1,000 | |1,000 |D | | | | | | | |95 |05 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (3) |43.125 | | | | |7-30-|1-30-|Common Stock|1,000 | |1,000 |D | | | | | | | |97 |07 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (3) |52.75 | | | | |7-29-|1-29-|Common Stock|1,000 | |1,000 |D | | | | | | | |98 |08 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock Units (4) |1-for-1 | |J |2,244 |A | | |Common Stock|2,244 | |23,805 |D | | - -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________| Explanation of Responses: 1. Represents shares of restricted common stock acquired pursuant to Ashland's stock incentive plans as approved by the shareholders and exempt pursuant to Rule 16b-3. 2. Shares allocated pursuant to Ashland's Dividend Reinvestment Plan. 3. Stock options (represents a right to buy Ashland Common Stock) granted pursuant to Ashland's Deferred Compensation and Stock Incentive Plan for Non-Employee Directors. 4. Common Stock Units acquired pursuant to Ashland's Deferred Compensation and Stock Incentive Plan for Non-Employee Directors as of 9-30-99 and includes transactions occurring on or after 10-1-98, payable in cash or stock upon termination in service, and exempt under Rule 16b-3. The price of the Common Stock Units on applicable acquisition dates has varied from $33.625 - $49.00. SIGNATURE OF REPORTING PERSON Frank C. Carlucci DATE October 11, 1999