UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Mitchell, Samuel J.
3475 Dabney Drive
Lexington, KY 40509
2. Issuer Name and Ticker or Trading Symbol
Ashland Inc.
ASH
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
January 31, 2002
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Vice President
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
Common Stock | | | | | | |39 (1) |I | |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | | |216 |D | |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
Option (2) |53.375 | | | | | |9-18-|10-18|Common Stock|500 | |500 |D | |
| | | | | | |98 |-07 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|53.375 | | | | | |9-18-|10-18|Common Stock|250 | |250 |D | |
| | | | | | |99 |-07 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|53.375 | | | | | |9-18-|10-18|Common Stock|250 | |250 |D | |
| | | | | | |00 |-07 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (2) |48.00 | | | | | |9-17-|10-17|Common Stock|500 | |500 |D | |
| | | | | | |99 |-08 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|48.00 | | | | | |9-17-|10-17|Common Stock|250 | |250 |D | |
| | | | | | |00 |-08 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|48.00 | | | | | |9-17-|10-17|Common Stock|250 | |250 |D | |
| | | | | | |01 |-08 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (2) |36.625 | | | | | |9-16-|10-16|Common Stock|750 | |750 |D | |
| | | | | | |00 |-09 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|36.625 | | | | | |9-16-|10-16|Common Stock|375 | |375 |D | |
| | | | | | |01 |-09 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|36.625 | | | | | |9-16-|10-16|Common Stock|375 | |375 |D | |
| | | | | | |02 |-09 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (2) |33.0625 | | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | | |01 |-10 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|33.0625 | | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | | |02 |-10 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|33.0625 | | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | | |03 |-10 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|33.0625 | | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | | |04 |-10 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (3) |36.380 | | | | | |9-20-|10-20|Common Stock|1,500 | |1,500 |D | |
| | | | | | |02 |-11 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|36.380 | | | | | |9-20-|10-20|Common Stock|750 | |750 |D | |
| | | | | | |03 |-11 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|36.380 | | | | | |9-20-|10-20|Common Stock|750 | |750 |D | |
| | | | | | |04 |-11 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (4) |45.99 |1-30-|J | |6,000 |A |1-30-|2-29-|Common Stock|6,000 | |6,000 |D | |
| |02 | | | | |03 |12 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|45.99 |1-30-|J | |3,000 |A |1-30-|2-29-|Common Stock|3,000 | |3,000 |D | |
| |02 | | | | |04 |12 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|45.99 |1-30-|J | |3,000 |A |1-30-|2-29-|Common Stock|3,000 | |3,000 |D | |
| |02 | | | | |05 |12 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (5)|1-for-1 | | | |1 |A | | |Common Stock|1 | |681 |D | |
-----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
1. Based on Employee Savings Plan information as of 2-4-02, the latest date
for which such information is reasonably available.
2. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's 1997 Stock Incentive Plan. The employee stock
option includes a tax withholding
feature pursuant to the
plan.
3 . Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's Amended and Restated Incentive Plan. The
employee stock option includes a tax
withholding feature pursuant to the
plan.
4 . Grant of stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's Amended and Restated Incentive Plan. The
employee stock option includes a tax
withholding feature pursuant to the
plan.
5. Common Stock Units acquired pursuant to Ashland's 1995 Deferred Compensation
Plan as of 1-31-02 and includes transactions on or after 12-31-02, and exempt
under Rule 16b-3(d). The
price of the Common Stock Units on the applicable valuation dates ranged from
$45.960 - $46.410. (One (1) Common Stock Unit in the 1995 Deferred
Compensation Plan is the equivalent of one
(1) share of Ashland Common Stock)feature pursuant to the
plan.
SIGNATURE OF REPORTING PERSON
Samuel J. Mitchell
DATE
February 8, 2002