Sale of Electronic Chemicals Group to Air Products to Proceed

COVINGTON, Ky., Aug. 22, 2003 -- Ashland Inc. today filed the following Form 8-K with the Securities and Exchange Commission:

(Logo: http://www.newscom.com/cgi-bin/prnh/2001019/CHTH004LOGO )

"On June 30, 2003, Ashland Inc. filed a Form 8-K disclosing that it had signed a definitive agreement to sell the net assets of its Electronic Chemicals business and certain related subsidiaries to Air Products and Chemicals, Inc. Ashland subsequently disclosed that Honeywell International Inc., a Delaware corporation, and GEM Microelectronic Materials L.L.C., a joint venture between Honeywell and Texas Ultrapure Inc., filed suit against Ashland and Air Products seeking, among other remedies, a preliminary and permanent injunction preventing the consummation of the transaction. Ashland also disclosed that Teamsters Local Union No. 773 in Allentown, Pennsylvania, filed suit seeking a preliminary and permanent injunction preventing the consummation of the transaction.

"The Union's injunction request was dismissed with prejudice on August 20, 2003. On August 21, 2003, the Delaware Chancery Court in New Castle County, Delaware, denied Honeywell's and GEM's request for a preliminary injunction preventing the consummation of the transaction. Ashland expects the transaction to close on August 29, 2003."

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 www.ashland.com.

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