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
Schaefer, George A.
Fifth Third Bancorp.
38 Fountain Square Plaza
Cincinnati, OH 45263
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 30, 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
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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 |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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Common Stock |1-30-0|J | |1,000 |A |$1.00 |1,000 (1) |D | |
|3 | | | | | | | | |
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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 | | | 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)| |
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Option (2) |27.22 |1-30-|J | |2,500 |A |7-30-|2-29-|Common Stock|2,500 | |2,500 |D | |
| |03 | | | | |03 |13 | | | | | | |
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Explanation of Responses:
1. Grant of restricted common stock under Ashland's Amended and Restated
Incentive Plan as approved by shareholders and exempt pursuant to Rule 16b-3.
2. Grant of 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.
SIGNATURE OF REPORTING PERSON
M. Craig Hall - Attorney-in-Fact
DATE
January 31, 2003
