Ashland Inc. Board Declares Regular Quarterly Dividend

COVINGTON, Ky., July 16 -- 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.

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This action marks the 268th consecutive quarterly dividend paid on common shares, which began in December 1936.

This dividend will be payable on Sept. 15, 2003, to shareholders of record at the close of business on August 25, 2003. As of June 30, 2003, there were 68,251,631 shares outstanding.