George A. Schaefer, Jr. Elected to Ashland Inc. Board

    COVINGTON, Ky., Jan. 30 -- George A. Schaefer, Jr.,
57, has been elected to the board of directors of Ashland Inc. ,
according to James J. O'Brien, Ashland Inc. chairman and chief executive
officer.  Schaefer is president and chief executive officer of Fifth Third
Bank, headquartered in Cincinnati, Ohio.
    "George Schaefer is an exceptional, seasoned business leader.  With George
at the helm, Fifth Third Bank has increased its asset base by a factor of ten,
while at the same time, George played important roles in the community in the
areas of education, and corporate philanthropy.  We warmly welcome him to the
Ashland Inc. board," O'Brien said.
    Ashland Inc. directors Frank C. Carlucci, James B. Farley, and Samuel C.
Butler will retire from the board, effective today.  Upon their retirement,
there will be eleven directors.  Ten members are outside directors.  O'Brien
is the sole inside director.
    Schaefer, a native of Cincinnati, Ohio, earned his bachelor of science
degree, in engineering, at the U.S. Military Academy at West Point in 1967.
He earned an MBA, with a focus on finance, from Xavier University in 1974.
    Schaefer was named president and chief executive officer of Fifth Third
Bank in January 1990, but his rise to the top began 19 years earlier, when he
joined Fifth Third Bank as a management trainee in 1971.  Under his
leadership, Fifth Third has grown from $7 billion to $81 billion in assets,
and now offers 933 full-service locations throughout Ohio, Kentucky, Indiana,
Illinois, Michigan, West Virginia and Florida.
    From 1967 to 1970, Schaefer served in the U.S. Army, both in Europe and
Vietnam.  He earned the Bronze Star for valor while serving in Vietnam.
    He currently serves as a director for Fifth Third Bancorp, Fifth Third
Bank, and Anthem, Inc.  In addition to this service, he is the chairman of the
board of trustees at the University of Cincinnati, and a member of the boards
of Children's Hospital Medical Center, Greater Cincinnati Chamber of Commerce,
the Health Alliance of Greater Cincinnati, the Greater Cincinnati/Northern
Kentucky International Airport, and the Cincinnati Business Committee.
    In 1999, Schaefer led the United Way Campaign in Greater Cincinnati, which
generated $58 million for local charities.  In 2002, under his guidance, the
Fifth Third Foundation, and charitable foundations in which the bank serves as
a trustee, awarded over $20.5 million to various community organizations in
the areas of education, art, culture, social services and community
development.
    Fifth Third Bancorp is a diversified financial services company.  The
financial strength of Fifth Third's affiliate banks continues to be recognized
by rating agencies with deposit ratings of AA- and Aa2 from Standard & Poor's
and Moody's, respectively.  Fifth Third operates four main businesses: retail,
commercial, investment advisors and Midwest Payment Systems, the bank's data
processing subsidiary.
    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