Edgar Filing: Craycraft Robert M

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF 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 ^*

Â Craycraft Robert M

2. Date of Event Requiring Statement (Month/Day/Year)
11/13/2008

3. Issuer Name and Ticker or Trading Symbol
ASHLAND INC. [ASH]

(Last)

(First)

(Middle)

5200 BLAZER PARKWAY

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Vice President

5. If Amendment, Date Original Filed(Month/Day/Year)

(Street)

DUBLIN,Â OHÂ 43017

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 Beneficially Owned

1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Restricted Stock	7,500 ⁽¹⁾	D	Â
Common Stock	490	I	401(K) ⁽²⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock Units	Â ⁽⁴⁾	Â ⁽⁴⁾	Common Stock	393 ⁽⁴⁾	$ 0 ⁽³⁾	D	Â
Stock Appreciation Right	09/16/2005	10/16/2014	Common Stock	356	$ 38.47 ⁽⁵⁾	D	Â
Stock Appreciation Right	09/15/2006	10/15/2015	Common Stock	1,469	$ 49.79 ⁽⁵⁾	D	Â
Stock Appreciation Right	11/14/2008	12/14/2017	Common Stock	2,400	$ 53.33 ⁽⁶⁾	D	Â
Stock Appreciation Right	11/15/2007	12/15/2016	Common Stock	2,900	$ 65.78 ⁽⁶⁾	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Craycraft Robert M 5200 BLAZER PARKWAY DUBLIN,Â OHÂ 43017	Â	Â	Â Vice President	Â

Signatures

David B. Mattingly, Attorney-in-Fact		11/20/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(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).
(4)	Common Stock Units acquired pursuant to Ashland's Deferred Compensation Plan as of 11-13-08, and exempt under Rule 16b-3(d). (One (1) Common Stock Unit in the Deferred Compensation Plan is the equivalent of one (1) share of Ashland Common Stock.)
(6)	Stock Appreciation Right granted pursuant to Ashland's 2006 Stock Incentive Plan which vests in three annual installments: 50% after the 1st year, the next 25% the 2nd year and the remaining 25% the 3rd year.
(3)	Converts to common stock on a one-for-one basis.
(2)	Based on Employee Savings Plan information as of 11-13-08, the latest date for which such information is reasonably available.
(1)	Represents shares of Restricted Common Stock acquired pursuant to Ashland's stock incentive plans as approved by the shareholders and exempt pursuant to Rule 16b-3.
(5)	Stock Appreciation Right granted pursuant to Ashland's Amended Stock Incentive Plan which vests in three annual installments: 50% after the 1st year, the next 25% the 2nd year and the remaining 25% the 3rd year.

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