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 * Craycraft Robert M   2. Issuer Name and Ticker or Trading Symbol ASHLAND INC. [ASH] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Vice President (Last) (First) (Middle) 5200 BLAZER PARKWAY 3. Date of Earliest Transaction (Month/Day/Year) 11/22/2010 (Street) DUBLIN, OH 43017 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 11/22/2010   M   356 A $ 38.47 356 D   Common Stock 11/22/2010   M   1,469 A $ 49.79 1,825 D   Common Stock 11/22/2010   M   3,675 A $ 10.72 5,500 D   Common Stock 11/22/2010   M   3,050 A $ 37.69 8,550 D   Common Stock 11/22/2010   D(1)   291 D $ 52.68 8,259 D   Common Stock 11/22/2010   D(2)   5,557 D $ 52.69 2,702 D   Common Stock               1,419 (3) I 401(k)

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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 Appreciation Right

$ 38.47

11/22/2010

M(4)

356

09/16/2005

10/16/2014

Common Stock

356

$ 0

0

D

Stock Appreciation Right

$ 49.79

11/22/2010

M(4)

1,469

09/15/2006

10/15/2015

Common Stock

1,469

$ 0

0

D

Stock Appreciation Right

$ 10.72

11/22/2010

M(5)

3,675

11/20/2009

12/20/2018

Common Stock

3,675

$ 0

3,675

D

Stock Appreciation Right

$ 37.69

11/22/2010

M(5)

3,050

11/18/2010

12/18/2019

Common Stock

3,050

$ 0

3,050

D

Reporting Owners

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

Signatures

/s/ David A. Rines, Attorney-in-Fact		11/24/2010
**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)	The disposition of the 291 shares reflects the cost of exercising the 356 Stock Appreciation Rights at the exercise price and includes taxes withheld for the transaction.
(2)	The disposition of the 5,557 shares reflects the cost of exercising the 8,194 Stock Appreciation Rights at the exercise price and includes taxes withheld for the transaction.
(3)	Based on Employee Savings Plan information as of 11-22-10, the latest date for which such information is reasonably available.
(4)	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.
(5)	Stock Appreciation Right granted pursuant to the 2006 Ashland Inc. 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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