For SEC Filing Purposes: Filed under Rule 424(b)(2) Registration No. 333-36888 Pricing Supplement No. 1 Dated August 10, 2000 To Prospectus Dated May 19, 2000 and Prospectus Supplement Dated May 23, 2000 $300,000,000 ASHLAND INC. MEDIUM-TERM NOTES, SERIES J Due 9 Months or More from Date of Issue Principal Amount: $250,000,000 (Total Principal Amount Issued to Date: $250,000,000) Original Issue Date: August 15, 2000 Maturity Date: August 15, 2005 Interest Rate: 7.83% Record Date: February 1 and August 1 Interest Payment Date: February 15 and August 15 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: $1,250,000 Agent's Commitments: Name Principal Amount ---- ---------------- Salomon Smith Barney Inc. $185,000,000 Credit Suisse First Boston Corporation $ 50,000,000 Bear Stearns 15,000,000 ---------------- $250,000,000