Ashland Inc. Holds 79th Annual Shareholders Meeting

    COVINGTON, Ky., Jan. 30 -- Shareholders of Ashland
Inc. met today in Covington, Ky., to take action on two items of
business at its 79th annual shareholders meeting.
    The election of four directors was approved by the shareholders. Re-
elected to the Ashland Inc. board are: Roger W. Hale, Patrick F. Noonan, and
Jane C. Pfeiffer.  George A. Schaefer, Jr. joins the board as a new member.
All four were elected to serve a three-year term until the 2006 annual
meeting.
    The shareholders also ratified Ernst & Young as independent auditors for
the company fiscal year 2003.  Ernst & Young has served as the outside
independent auditor since Ashland became a public company in 1936.
    In brief comments to shareholders in attendance, James J. O'Brien, Ashland
Inc. chairman and chief executive officer, discussed the future of the
company.  "We have developed a new vision that centers around producing more
consistent, more predictable earnings for our shareholders, providing unique
total market solutions for our customers, and creating a challenging and
dynamic work environment for our employees.
    "Along with this vision, we are making progress under an eight-point
profitability improvement plan designed to improve our performance and fulfill
our vision," O'Brien said.
    "One of the major changes we are putting in place is a greater emphasis on
accountability.  One example is the creation of a Leadership Team, consisting
of about 60 operating executives and resource group heads across the company.
We had our first meeting in December to identify obstacles and opportunities.
We set five key priorities, and smaller teams within the Leadership Group are
working on action plans to implement improvements in each identified area," he
commented.
    Before concluding the shareholders meeting, O'Brien paid tribute to
Ashland Inc. board members Frank C. Carlucci, James B. Farley, and Samuel C.
Butler, who retire from the Ashland Inc. board, effective today.
"Collectively, these gentlemen have a combined total of 66 years of service on
our board.  In that time, they have served on virtually every committee of the
board, and provided sage advice, tireless service and a unique insight to the
world stage.  We are grateful for their wise counsel," O'Brien concluded.

    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 .