For SEC Filing Purposes: Filed under Rule 424(b)(2) Registration No. 333-70651 Pricing Supplement No. 1 Dated May 4, 1999 To Prospectus Dated March 10, 1999 and Prospectus Supplement Dated March 12, 1999 $220,000,000 ASHLAND INC. MEDIUM-TERM NOTES, SERIES H Due 9 Months or More from Date of Issue Principal Amount: $150,000,000 (Total Principal Amount Issued to Date: $150,000,000) Original Issue Date: May 7, 1999 Maturity Date: May 1, 2009 Interest Rate: 6.86% Record Date: April 15 and October 15 Interest Payment Date: May 1 and November 1 Redemption: Check box opposite applicable paragraph. [ x ] The Notes cannot be redeemed prior to maturity. The Notes may be redeemed prior to maturity. Commission to be paid to agent: $975,000 Agent's Commitments: Name Principal Amount ---- ---------------- Credit Suisse First Boston Corporation $105,000,000 Salomon Smith Barney Inc. 22,500,000 Chase Securities Inc. 22,500,000 ---------------- $150,000,000