UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Healy, Bernadine P.
The Cleveland Clinic Foundation
9500 Euclid Ave.
Cleveland, OH 44194
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
January 31, 2002
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 Filing (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 |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
Common Stock | | | | | | |1,000 (1) |D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | | |3,145 |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 | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price 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 |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
Common Stock Units (2)|1-for-1 | | | | | | | |Common Stock| | |5,098 |D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (3) |46.76 |1-31-|J | |2,500 |A |7-31-|2-29-|Common Stock|2,500 | |2,500 |D | |
| |02 | | | | |02 |12 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
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. Common Stock Units acquired pursuant to Ashland Inc.'s Deferred
Compensation Plan for Non-Employee Directors as of January 31, 2002, payable in
cash or stock upon termination of service
and exempt under Rule 16b-3. (One (1) Common Stock Unit in Ashland's Deferred
Compensation Plan for Non-Employee Directors is the equivalent of one (1)
share of Ashland Common Stock)
3. Grant of options (represents a right to buy Ashland Common Stock) under
Ashland's Amended and Restated Incentive Plan. The stock option includes a tax
withholding feature pursuant to the
plan.
SIGNATURE OF REPORTING PERSON
Amelia A. McCarty - Attorney-in-fact
DATE
February 6, 2002
