Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
JACKSON MANNIE L
  2. Issuer Name and Ticker or Trading Symbol
ASHLAND INC. [ASH]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
5016 MOUNT PLEASANT LANE
3. Date of Earliest Transaction (Month/Day/Year)
08/18/2005
(Street)

LAS VEGAS, NV 89113
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 08/18/2005   M   1,212 A $ 35.56 3,212 D  
Common Stock 08/18/2005   M   1,212 A $ 43.5 4,424 D  
Common Stock 08/18/2005   M   3,032 A $ 38.56 7,456 D  
Common Stock 08/18/2005   M   3,032 A $ 22.45 10,488 D  
Common Stock 08/18/2005   M   8,490 A $ 50.02 18,978 D  
Common Stock 08/18/2005   S   16,978 D $ 60.29 2,000 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options (Right to buy) $ 22.45 08/18/2005   M(1)     3,032 (2) 07/30/2003 02/28/2013 Common Stock 3,032 $ 0 0 D  
Stock Options (Right to buy) $ 35.56 08/18/2005   M(3)     1,212 (2) 07/31/1997 01/31/2007 Common Stock 1,212 $ 0 0 D  
Stock Options (Right to buy) $ 38.56 08/18/2005   M(1)     3,032 (2) 07/31/2002 02/29/2012 Common Stock 3,032 $ 0 0 D  
Stock Options (Right to buy) $ 43.5 08/18/2005   M(3)     1,212 (2) 07/30/1998 01/30/2008 Common Stock 1,212 $ 0 0 D  
Stock Options (Right to buy) $ 50.02 08/18/2005   M(1)     8,490 (2) 07/27/2005 02/27/2015 Common Stock 8,490 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
JACKSON MANNIE L
5016 MOUNT PLEASANT LANE
LAS VEGAS, NV 89113
  X      

Signatures

 Jami K. Suver, Attorney-in-Fact   08/19/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Stock options (represents a right to buy Ashland Common Stock) under Ashland's Amended and Restated Incentive Plan. The stock option includes a tax withholding feature pursuant to the plan.
(2) Reflects the automatic adjustment to both the number of stock options and the exercise price of the options to preserve the intrinsic value of the options pursuant to the terms of Ashland's Amended and Restated Incentive Plan.
(3) Stock options (represents a right to buy Ashland Common Stock) granted pursuant to Ashland's Deferred Compensation Plan for Non-Employee Directors. The stock option includes a tax withholding feature pursuant to the plan.

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