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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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

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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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