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
Hausrath, David L.
50 E. RiverCenter Boulevard
Covington, KY 41012-0391
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
November 30, 2001
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:General Counsel
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 | | | | | | |3,288 (1) |I |By Trustee |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | | |3,925 (2) |I |By Trustee |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | | |2,377 |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 (3) |33.125 | | | | | |9-16-|10-16|Common Stock|1,000 | |1,000 |D | |
| | | | | | |94 |-03 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|33.125 | | | | | |9-16-|10-16|Common Stock|500 | |500 |D | |
| | | | | | |95 |-03 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|33.125 | | | | | |9-16-|10-16|Common Stock|500 | |500 |D | |
| | | | | | |96 |-03 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (4) |35.875 | | | | | |9-15-|10-15|Common Stock|1,000 | |1,000 |D | |
| | | | | | |95 |-04 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|35.875 | | | | | |9-15-|10-15|Common Stock|500 | |500 |D | |
| | | | | | |96 |-04 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|35.875 | | | | | |9-15-|10-15|Common Stock|500 | |500 |D | |
| | | | | | |97 |-04 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (4) |33.875 | | | | | |9-21-|10-21|Common Stock|1,000 | |1,000 |D | |
| | | | | | |96 |-05 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|33.875 | | | | | |9-21-|10-21|Common Stock|500 | |500 |D | |
| | | | | | |97 |-05 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|33.875 | | | | | |9-21-|10-21|Common Stock|500 | |500 |D | |
| | | | | | |98 |-05 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (4) |39.00 | | | | | |9-19-|10-19|Common Stock|1,000 | |1,000 |D | |
| | | | | | |97 |-06 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|39.00 | | | | | |9-19-|10-19|Common Stock|500 | |500 |D | |
| | | | | | |98 |-06 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|39.00 | | | | | |9-19-|10-19|Common Stock|500 | |500 |D | |
| | | | | | |99 |-06 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (5) |53.375 | | | | | |9-18-|10-18|Common Stock|2,000 | |2,000 |D | |
| | | | | | |98 |-07 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|53.375 | | | | | |9-18-|10-18|Common Stock|1,000 | |1,000 |D | |
| | | | | | |99 |-07 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|53.375 | | | | | |9-18-|10-18|Common Stock|1,000 | |1,000 |D | |
| | | | | | |00 |-07 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (5) |48.00 | | | | | |9-17-|10-17|Common Stock|4,000 | |4,000 |D | |
| | | | | | |99 |-08 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|48.00 | | | | | |9-17-|10-17|Common Stock|2,000 | |2,000 |D | |
| | | | | | |00 |-08 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|48.00 | | | | | |9-17-|10-17|Common Stock|2,000 | |2,000 |D | |
| | | | | | |01 |-08 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (5) |36.625 | | | | | |9-16-|10-16|Common Stock|10,000 | |10,000 |D | |
| | | | | | |00 |-09 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|36.625 | | | | | |9-16-|10-16|Common Stock|10,000 | |10,000 |D | |
| | | | | | |01 |-09 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|36.625 | | | | | |9-16-|10-16|Common Stock|10,000 | |10,000 |D | |
| | | | | | |02 |-09 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|36.625 | | | | | |9-16-|10-16|Common Stock|10,000 | |10,000 |D | |
| | | | | | |03 |-09 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Option (6) |36.38 | | | | | |9-20-|10-20|Common Stock|7,500 | |7,500 |D | |
| | | | | | |02 |-11 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|36.38 | | | | | |9-20-|10-20|Common Stock|3,750 | |3,750 |D | |
| | | | | | |03 |-11 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
|36.38 | | | | | |9-20-|10-20|Common Stock|3,750 | |3,750 |D | |
| | | | | | |04 |-11 | | | | | | |
-----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (7)|1-for-1 | |J | |6,677 |A | | |Common Stock|6,677 | |9,619 |D | |
-----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
1. Shares accrued under Ashland's Leveraged Employee Stock Ownership Plan as of
11-30-01.
2. Based on Employee Savings Plan information as of 12-3-01, the latest date
for which such information is reasonably available, and includes transactions
occurring on or after 10-1-01.
3. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's Amended Stock Incentive Plan. The employee stock
option includes a tax withholding
feature pursuant to the
plan.
4. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's 1993 Stock Incentive Plan. The employee stock
option includes a tax withholding feature
pursuant to the
plan.
5. 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.
6. 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.
7. Common Stock Units acquired pursuant to Ashland's 1995 Deferred Compensation
Plan as of 11-30-01 and includes transactions occurring on or after 10-1-01,
and exempt under Rule 16b-3(d).
The price of the Common Stock Units on the applicable valuation dates ranged
from $39.910 - $43.170. (One (1) Common Stock Unit in the 1995 Deferred
Compensation Plan is the equivalent of
one (1) share of Ashland Common
Stock)
SIGNATURE OF REPORTING PERSON
David L. Hausrath
DATE
December 6, 2001