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
Pfeiffer, Jane C.
1050 Beach Road
Vero Beach, FL 32963
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
March 17, 2003
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 | | | | | | |2,202 |D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | | |2,000 (1) |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)| |
___________________________________________________________________________________________________________________________________|
Option (2) |37.50 | | | | | |7-28-|1-28-|Common Stock|1,000 | |1,000 |D | |
| | | | | | |94 |04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (2) |33.00 | | | | | |7-27-|1-27-|Common Stock|1,000 | |1,000 |D | |
| | | | | | |95 |05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (2) |43.125 | | | | | |7-31-|1-31-|Common Stock|1,000 | |1,000 |D | |
| | | | | | |97 |07 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (2) |52.75 | | | | | |7-30-|1-30-|Common Stock|1,000 | |1,000 |D | |
| | | | | | |98 |08 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (3) |46.76 | | | | | |7-31-|2-29-|Common Stock|2,500 | |2,500 |D | |
| | | | | | |02 |12 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (3) |27.22 | | | | | |7-30-|2-29-|Common Stock|2,500 | |2,500 |D | |
| | | | | | |03 |13 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (4)|1-for-1 |3-17-|J | |63 |A | | |Common Stock|63 |$27.920|15,135 |D | |
| |03 | | | | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
1. Represents shares of restricted common stock acquired pursuant to Ashland's
stock incentive plans as approved by shareholders and exempt pursuant to Rule
16b-3.
2. 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. The stock option
includes a tax withholding feature pursuant to the
plan.
3. Stock 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.
4. Common Stock Units acquired pursuant to Ashland's Deferred Compensation Plan
for Non-Employee Directors as of 3-17-03, payable in cash or stock upon
termination of service and exempt
under Rule 16b-3. (One (1) Common Stock Unit in the Deferred Compensation
Plan for Non-Employee Directors is the equivalent of one (1) share of Ashland
Common Stock)
SIGNATURE OF REPORTING PERSON
M. Craig Hall - Attorney-in-fact
DATE
March 18, 2003
