Filed under Rule 424(b)(2) Registration No. 33-51095 and Registration No. 33-42141 Pricing Supplement No. 22 Dated February 14, 1995 ------------------------------------------------ To Prospectus Dated December 2, 1993 Prospectus Supplement Dated December 2, 1993 $301,627,000 ASHLAND INC. MEDIUM-TERM NOTES, SERIES F Due from 9 Months or More from Date of Issue Principal Amount: $5,000,000 (Total Principal Amount Issued to Date: $204,000,000) Original Issue Date: February 22, 1995 ------------------- Maturity Date: February 21, 2025 ------------------- Interest Rate: 8.63% ------------------- Redemption: Check box opposite applicable paragraph. [ x ] The Notes cannot be redeemed prior to maturity. [ ] The Notes may be redeemed prior to maturity. Initial Redemption Date: The optional Redemption Price on and after the Initial Redemption Date shall initially be % of the principal amount of the Notes to be redeemed and shall decline at each anniversary of the Initial Redemption Date by % of the principal amount to be redeemed until the Optional Redemption Price is 100% of such principal amount. Commission to be paid to agent. $ 37,500.00 Wertheim Schroder & Co., Inc. --------------