Ashland Inc. Board Declares Regular Quarterly Dividend

    COVINGTON, Ky., Jan. 29 -- The board of directors
of Ashland Inc. today declared the regular quarterly dividend of
27.5 cents per common share on the company's stock, equivalent to an annual
dividend of $1.10 per share.
    This action marks the 266th consecutive quarterly dividend paid on common
shares, which began in Dec. 1936.
    This dividend will be payable on March 15, 2003, to shareholders of record
at the close of business on Feb. 24, 2003.  As of Dec. 31, 2002, there were
68,243,727 shares outstanding.

    Ashland Inc. is a Fortune 500 company providing products,
services, and customer solutions throughout the world.  Our businesses include
road construction, specialty chemicals, lubricants, car-care products,
chemical and plastics distribution and transportation fuels.  Through the
dedication of our employees, we are "The Who In How Things Work (TM)."  Find
us at http://www.ashland.com.