Ashland Inc. Announces Pricing of Senior Notes Due 2017

COVINGTON, Ky., May 19 /PRNewswire-FirstCall/ -- Ashland Inc. (NYSE: ASH)
today announced that it has priced $650 million of 9.125% senior unsecured
notes (the "Notes"). The offering was increased from a previously announced
size of $600 million. The Notes, due June 1, 2017, will be issued at 96.577%
of the principal amount to yield 9.75%. The transaction is expected to close
May 27, 2009, subject to certain closing conditions.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040113/ASHLANDLOGO )

Ashland intends to use the net proceeds from the offering, together with
available liquidity, to repay in full its existing $750 million bridge loan
and to pay fees and expenses in connection with the offering and the repayment
of the indebtedness.

The Notes are being sold in the United States to qualified institutional
buyers in reliance on Rule 144A and outside the United States in compliance
with Regulation S, under the Securities Act of 1933. These Notes have not been
registered under the Securities Act or any state securities laws and may not
be offered or sold in the United States absent registration or an applicable
exemption from registration requirements.

This press release does not constitute an offer to sell, or the solicitation
of an offer to buy, the Notes, nor shall it constitute an offer, solicitation
or sale in any jurisdiction in which such offer, solicitation or sale is
unlawful.

Ashland Inc. (NYSE: ASH) provides specialty chemical products, services and
solutions for many of the world's most essential needs and industries. Serving
customers in more than 100 countries, it operates through five commercial
units: Ashland Aqualon Functional Ingredients, Ashland Hercules Water
Technologies, Ashland Performance Materials, Ashland Consumer Markets
(Valvoline) and Ashland Distribution. To learn more about Ashland, visit
www.ashland.com.

SOURCE Ashland Inc.

Media Relations, Jim Vitak, +1-614-790-3715, jevitak@ashland.com, and Investor
Relations, Eric Boni, +1-859-815-4454, enboni@ashland.com