8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

______________

FORM 8-K

______________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):  September 6,  2007

ASHLAND INC.

(Exact name of registrant as specified in its charter)

Kentucky

(State or other jurisdiction of incorporation)

1-32532	20-0865835
(Commission File Number)	(I.R.S. Employer Identification No.)

50 E. RiverCenter Boulevard, Covington, Kentucky  41011

(Address of principal executive offices)   (Zip Code)

P.O. Box 391, Covington, Kentucky  41012-0391

(Mailing Address)   (Zip Code)

Registrant’s telephone number, including area code (859) 815-3333

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 7.01.  Regulation FD

Today, Ashland Inc. will present at the Oppenheimer Funds Luncheon. A copy of the presentation is attached hereto as Exhibit 99.1, and incorporated herein by reference.

Ashland is furnishing the presentation pursuant to the Securities Exchange Commission’s (“SEC”) Regulation FD.  The information contained in Exhibit 99.1 is summary information and is to be considered in the context of Ashland’s SEC filings and other public announcements.

By filing this report on Form 8-K, Ashland makes no admission as to the materiality of any information in this report.

Item 9.01.  Financial Statements and Exhibits

(d) Exhibits

99.1 Presentation slides dated September 6, 2007.

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 SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ASHLAND INC.

(Registrant)

September 6, 2007	/s/ J. Marvin Quin
	J. Marvin Quin
	Senior Vice President
	and Chief Financial Officer

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 EXHIBIT INDEX

99.1 Presentation slides dated September 6, 2007.

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EX-99.1

Oppenheimer Funds Luncheon

September 6, 2007

James J. O'Brien, Chairman and Chief Executive Officer

Eric N. Boni, Director, Investor Relations

Exhibit 99.1

Forward-Looking Statements

This presentation contains forward-looking statements, within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, with respect to
Ashland’s operating performance. These estimates are based upon a number of assumptions,
including those mentioned within this presentation. Such estimates are also based upon internal
forecasts and analyses of current and future market conditions and trends, management plans and
strategies, weather, operating efficiencies and economic conditions, such as prices, supply and
demand, cost of raw materials, and legal proceedings and claims (including environmental and
asbestos matters).

Although Ashland believes its expectations are based on reasonable assumptions, it cannot assure
the expectations reflected herein will be achieved. This forward-looking information may prove to be
inaccurate and actual results may differ significantly from those anticipated if one or more of the
underlying assumptions or expectations proves to be inaccurate or is unrealized or if other
unexpected conditions or events occur.

Other factors and risks affecting Ashland are contained in Ashland’s Form 10-K for the fiscal year
ended Sept. 30, 2006. Ashland undertakes no obligation to subsequently update or revise the
forward-looking statements made in this presentation to reflect events or circumstances after the date
of this presentation.

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* On an accumulated-benefit-obligation basis.

Value Creation on the Path
to Diversified Chemical Company ...

·2005 MAP Transaction

−Tax-free to Ashland shareholders

−Eliminated debt, left Ashland with cash position

−Fully funded pension*

−$12.62 in Marathon stock per Ashland share to shareholders

·2006 APAC Transaction

−Proceeds of $1.23 billion from sale returned to shareholders via:

·    Special dividend of $10.20 per share, paid October 25, 2006,
totaling $674 million

·    Stock repurchases totaling $556 million

·From July 2005 through December 31, 2006:

−Total shares repurchased: 13.2 million

−Total cost: $793 million

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Ashland is a global, diversified chemical
company operating in four business
segments:

·Performance Materials

·Distribution

·Valvoline

·Water Technologies

Distribution

Valvoline

Water

Technologies

Performance

Materials

37%

32%

22%

9%

Y-T-D Fiscal 2007* EBITDA by Business

Y-T-D Fiscal 2007* Financial Results

·Sales & Operating Revenue = $5.7 billion

·Operating Income = $190 million

·Operating Income Margin = 3.3%

·Return on Investment** = 10.1%

Y-T-D Fiscal 2007* Revenue
by Geography

 *   For the nine months ended June 30, 2007.
** After-tax operating income adjusted for voluntary-severance-offer
   charge. Ratio excludes cash and available-for-sale securities.

Asia/Pacific - 3%

4%

Ashland Overview

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Y-T-D Fiscal 2007*

Sales & Operating Revenue = $1.1 billion

Operating Income = $81 million

Strategy

·Premium business focus

·Organic growth

·Growth through expanding new technology

into existing markets

·Growth through increasing global reach

   of existing technology

Business Description

·  Composite Polymers - Global manufacturer of

   unsaturated polyester resins, vinyl ester resins and
   gelcoats for use in composites

·  Casting Solutions - The world’s leading provider of
   foundry binder resins, chemicals, sleeves, filters

   and design solutions

·   Specialty Polymers and Adhesives - A producer of

high-performance, pressure-sensitive and structural

   adhesives and specialty resins

Y-T-D Fiscal 2007* Revenue by Region

Fiscal 2006 Revenue by Market (percent)

Residential Housing

Transportation

Industrial Construction

Marine

Packaging & Converting

Infrastructure

Other

North
America
55%

Europe
32%

Other
13%

* For the nine months ended June 30, 2007.

Performance Materials

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Distribution

Business Description

·Leading distributor of packaged and bulk
chemicals, solvents, plastics,
and composite materials

·Provider of comprehensive
waste-management solutions
in North America

Environmental

Services/

Other - 2%

Composites

Plastics
43%

Chemicals
44%

11%

Y-T-D 2007* Revenue
by Product Line

Y-T-D Fiscal 2007*

Sales & Operating Revenue = $3.0 billion

Operating Income= $46 million

Strategy

·Responsible growth in targeted markets,
   products and geographies

·Customer focus (The Perfect Order)

·Operational excellence through systems and
   process improvements

Fiscal 2006 Revenue by Market (percent)

Paint & Coatings

Building & Construction

Chemical Mfg

Medical

Personal Care

Transportation

Retail Consumer

Marine

Other

* For the nine months ended June 30, 2007.

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Y-T-D Fiscal 2007*

  Sales & Operating Revenue = $1.1 billion

  Operating Income = $68 million

Strategy

·Premium business focus

·Optimize business models

·Growth through new technology development

·Increase global reach

Business Description

·Do-It-For-Me - Branded and non-branded
      lubricant and car care products
      for the automotive service industry

·Valvoline Instant Oil Change® - Company-owned and
      franchised oil-change and related-service stores

·Do-It-Yourself - Branded lubricants and appearance
      products for the retail market

·International - Valvoline products sold outside
      North America

Do-It-Yourself

Do-It-For-Me

Valvoline
Instant Oil
Change

International

36%

29%

10%

23%

Chemicals

Appearance

Filters - 3%

Antifreeze

Lubricants
83%

5%

4%

5%

Y-T-D Fiscal 2007* Revenue by Channel

Y-T-D Fiscal 2007* Revenue by Product Line

Specialty/
Other - 2%

* For the nine months ended June 30, 2007.

Valvoline

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Y-T-D Fiscal 2007*

  Sales & Operating Revenue = $569 million

  Operating Income = $18 million

Strategy

·Expand geographic reach
   to emerging markets

·Focus on service and technology
   excellence

Business Description

·A major supplier of specialty products and services

for industrial and institutional
    water treatment

·A leading worldwide provider of shipboard services
    and supplies for the merchant marine and cruise

    ship industry

·A leading provider of specialty chemicals that

    facilitate environmentally friendly, high-performance

    processes in many areas of operation

Industrial
40%

Marine
16%

E&PS
44%

Y-T-D Fiscal 2007*
Revenue
by Segment

Y-T-D Fiscal 2007*
Revenue
by Geography

Europe
44%

North
America
36%

Other
20%

* For the nine months ended June 30, 2007.

Water Technologies

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$ Millions

Operating Income by Business

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Primary goal: All businesses performing at their highest potential!

Ashland Strategy

·Addressing current business opportunities

−Business model changes in Valvoline and Water Technologies

−Supplier realignment in Distribution

−Global expansion for Performance Materials

·Create a unified, cross-divisional operating environment

−GlobalOne - Enabling systems technology for growth

−Supply chain integration

·Make acquisitions that fit strategically
    in spaces where we can win!

−Patience

−Reasonable multiples

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Questions?

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