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
Potts, Charles F.
Tower Place - Suite 600
3340 Peachtree Road
Atlanta, Georgia 30326
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, 1998
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)
Senior Vice President
7. Individual or Joint/Group Reporting (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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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)| |
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Common Stock | | | | | |4,736 (1) |I |By Trustee |
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Common Stock | | | | | |1,792 (2) |I |By Trustee |
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Common Stock | | | | | |1,345 |D | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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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)| |
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Common Stock Units (3) |1-for-1 |9-30-|J |57 |A | | |Common Stock|57 |(3) |10,190 |D | |
| |98 | | | | | | | | | | | |
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Option (4) |41.00 | | | | |9-21-|10-21|Common Stock|750 | |750 |D | |
| | | | | |90 |-99 | | | | | | |
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|41.00 | | | | |9-21-|10-21|Common Stock|375 | |375 |D | |
| | | | | |91 |-99 | | | | | | |
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|41.00 | | | | |9-21-|10-21|Common Stock|375 | |375 |D | |
| | | | | |92 |-99 | | | | | | |
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Option (4) |30.50 | | | | |9-19-|10-19|Common Stock|2,000 | |2,000 |D | |
| | | | | |92 |-01 | | | | | | |
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|30.50 | | | | |9-19-|10-19|Common Stock|1,000 | |1,000 |D | |
| | | | | |93 |-01 | | | | | | |
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|30.50 | | | | |9-19-|10-19|Common Stock|1,000 | |1,000 |D | |
| | | | | |94 |-01 | | | | | | |
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Option (4) |33.125 | | | | |9-16-|10-16|Common Stock|5,000 | |5,000 |D | |
| | | | | |94 |-03 | | | | | | |
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|33.125 | | | | |9-16-|10-16|Common Stock|2,500 | |2,500 |D | |
| | | | | |95 |-03 | | | | | | |
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|33.125 | | | | |9-16-|10-16|Common Stock|2,500 | |2,500 |D | |
| | | | | |96 |-03 | | | | | | |
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Option (5) |35.875 | | | | |9-15-|10-15|Common Stock|5,000 | |5,000 |D | |
| | | | | |95 |-04 | | | | | | |
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|35.875 | | | | |9-15-|10-15|Common Stock|2,500 | |2,500 |D | |
| | | | | |96 |-04 | | | | | | |
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|35.875 | | | | |9-15-|10-15|Common Stock|2,500 | |2,500 |D | |
| | | | | |97 |-04 | | | | | | |
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Option (5) |33.875 | | | | |9-21-|10-21|Common Stock|5,000 | |5,000 |D | |
| | | | | |96 |-05 | | | | | | |
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|33.875 | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | |97 |-05 | | | | | | |
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|33.875 | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | |98 |-05 | | | | | | |
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Option (5) |39.00 | | | | |9-19-|10-19|Common Stock|5,000 | |5,000 |D | |
| | | | | |97 |-06 | | | | | | |
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|39.00 | | | | |9-19-|10-19|Common Stock|2,500 | |2,500 |D | |
| | | | | |98 |-06 | | | | | | |
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|39.00 | | | | |9-19-|10-19|Common Stock|2,500 | |2,500 |D | |
| | | | | |99 |-06 | | | | | | |
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Option (6) |53.375 | | | | |9-18-|10-18|Common Stock|5,000 | |5,000 |D | |
| | | | | |98 |-07 | | | | | | |
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|53.375 | | | | |9-18-|10-18|Common Stock|2,500 | |2,500 |D | |
| | | | | |99 |-07 | | | | | | |
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|53.375 | | | | |9-18-|10-18|Common Stock|2,500 | |2,500 |D | |
| | | | | |00 |-07 | | | | | | |
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Option (7) |48.00 |9-17-|J |1 |A |9-17-|10-17|Common Stock|5,000 | |5,000 |D | |
| |98 | | | |99 |-08 | | | | | | |
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|48.00 |9-17-|J |1 |A |9-17-|10-17|Common Stock|2,500 | |2,500 |D | |
| |98 | | | |00 |-08 | | | | | | |
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|48.00 |9-17-|J |1 |A |9-17-|10-17|Common Stock|2,500 | |2,500 |D | |
| |98 | | | |01 |-08 | | | | | | |
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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 9-30-98, the latest date
for which such information is
reasonably available, and includes transactions occurring on or after
7-22-98.
3. Common Stock Units acquired pursuant to Ashland's 1995 Deferred Compensation
Plan, payable in cash or
stock upon termination of service and exempt under Rule 16b-3(d). The price of
the Common Stock Units on
applicable valuation dates has varied from $46.250 -
$48.750.
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 1993
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 1997
Stock Incentive Plan. The employee stock option includes a tax withholding
feature pursuant to the plan.
7. 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.
SIGNATURE OF REPORTING PERSON
Charles F. Potts
DATE
October 21, 1998
