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):  May 21, 2008

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))

Item 7.01.  Regulation FD Disclosure

At 4:20 p.m. (EDT)  today, Ashland Inc.’s Chairman and Chief Executive Officer, James J. O’Brien, is scheduled to speak at the Goldman Sachs Basic Materials Conference 2008 in New York City.  A copy of the supporting materials for this presentation is attached hereto as Exhibit 99.1, and incorporated herein by reference.  The supporting materials provide summary information and are to be considered in the context of Ashland’s filings with the Securities and Exchange Commission and other public announcements.

Ashland is furnishing this information pursuant to the SEC’s Regulation FD.  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 May 21, 2008.

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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)

May 21, 2008	/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 May 21, 2008.

4

EX-99.1

Goldman Sachs Basic Materials
Conference

James J. O'Brien

Chairman and Chief Executive Officer

May 21, 2008

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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, 2007. 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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Ashland

Distribution

Ashland

Performance
Materials

Ashland

Water
Technologies

Valvoline

* For the six months ended March 31, 2008.

Ashland Today

•Fiscal 2008 YTD* Financial Results

–Sales & Operating Revenue = $4.0 billion

–Operating Income = $98 million

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Ashland
Distribution
51%

Ashland
Distribution
51%

Performance
Materials
19%

Performance
Materials
19%

Valvoline
19%

Sales & Operating Revenue

Water
Technologies

Water
Technologies

Operating Income

Ashland
Distribution
20%

Ashland
Distribution
20%

Performance
Materials
32%

Performance
Materials
32%

Valvoline
45%

Water
Technologies

Water
Technologies

11%

11%

3%

3%

* For the six months ended March 31, 2008. Sales & Operating Revenue includes intersegment sales.
Operating income excludes Unallocated and Other.

Fiscal 2008 YTD*
Revenue and Operating Income

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North
America
79%

North
America
79%

Europe
16%

Europe
16%

Other

Other

3%

3%

3%

3%

* For the six months ended March 31, 2008.

Revenue by Region

Fiscal 2008 YTD*

Fiscal 2006

Asia/Pacific

Asia/Pacific

North
America
70%

North
America
70%

Europe
22%

Europe
22%

5%

5%

2%

2%

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Residential Housing

Transportation

Industrial Construction

Packaging & Converting

Infrastructure

Marine

* For the six months ended March 31, 2008.

Performance Materials

Business Description

•Composite Polymers - Global
manufacturer of unsaturated
polyester resins, vinyl ester
resins and gelcoats for use
in composites

•Casting Solutions - A leading
worldwide 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

Fiscal 2008 YTD* Revenue
by Market (percent)

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Fiscal 2008 YTD* Revenue
by Region

North
America
50%

Europe
34%

* For the six months ended March 31, 2008.

Performance Materials

Fiscal 2008 YTD*

•Sales & Operating
Revenue:$769 million

•Operating Income:$31 million

•Operating Income
Percent:4.0%

Strategy

•Cost structure efficiency

•Premium product emphasis

•Growth through expanding
new technology into
existing markets

•Growth through increasing
global reach of existing
technology

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Fiscal 2008 YTD* Revenue
by Market (percent)

* For the six months ended March 31, 2008.

Building & Construction

Chemical Mfg

Personal Care

Transportation

Other

Paint & Coatings

Retail Consumer

Marine

Medical

Distribution

Business Description

•Leading North American
distributor of packaged and
bulk chemicals, plastics and
composite materials;
provider of comprehensive
waste-management solutions

•Major plastics distributor
in Europe

•Approximately 85 percent
of revenue generated
in North America

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* For the six months ended March 31, 2008.

Environmental
Services/
Other - - 2%

Composites
11%

Plastics
42%

Chemicals
45%

Fiscal 2008 YTD* Revenue
by Product Line

Distribution

Fiscal 2008 YTD*

•Sales & Operating
Revenue:$2.1 billion

•Operating Income:$19 million

•Operating Income
Percent:0.9%

Strategy

•Operational excellence
through systems and process
improvements

•Customer focus

•Responsible growth
in targeted markets,
products and geographies

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* For the six months ended March 31, 2008.® Registered trademark, Ashland.

Do-It-Yourself
34%

Do-It-For-Me
30%

Valvoline
Instant Oil
Change

International
22%

11%

Fiscal 2008 YTD* Revenue
by Channel

Specialty/
Other - - 3%

Valvoline

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

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* For the six months ended March 31, 2008.

Fiscal 2008 YTD* Revenue
by Product Line

Appearance

Filters

Antifreeze

Lubricants
82%

3%

3%

6%

Valvoline

Fiscal 2008 YTD*

•Sales & Operating
Revenue:$781 million

•Operating Income:$44 million

•Operating Income
Percent:5.6%

Strategy

•Premium business focus

•Optimize business models

•Growth through new
technology development

•Increase global reach

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* For the six months ended March 31, 2008.

Fiscal 2008 YTD* Revenue
by Segment

Industrial
42%

Marine
16%

E&PS
42%

Water Technologies

Business Description

•Major supplier of chemicals
and services for utility water
treatment, including boiler
water, cooling water, fuel and
waste water

•Major supplier and global
producer of process water
treatments for municipal,
mining and pulp/paper
processing

•A leading worldwide provider
of technical products and
shipboard services for the
merchant marine and cruise
ship industry

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* For the six months ended March 31, 2008.

Fiscal 2008 YTD* Revenue
by Region

Europe
48%

North
America
31%

Water Technologies

Fiscal 2008 YTD*

•Sales & Operating
Revenue:$423 million

•Operating Income:$3 million

•Operating Income
Percent:0.7%

Strategy

•Fix operating issues

•Improve pricing process

•Reduce cost structure

•Improve supply chain

•Align rewards and metrics

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* For the six months ended March 31, 2008.** Operating-segment trade working capital includes accounts
receivable, inventory excluding LIFO reserve, and trade and other payables, net.

Financial Priorities/Strategic Initiatives

•Focus on price management

•Working capital/cash flow

–Generated $141 million operating cash flow YTD*

•Net of capital expenditures

–Cash inflow from operating-segment trade working
capital** of $11 million YTD*

•Cash outflow of $229 million during same period of fiscal 2007

•Target working capital reduction of approximately
1 percent of sales versus 2007

•Capital redeployment

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Investment Highlights

•Net cash position provides options

•Cost structure efficiency

–Performance Materials

–Water Technologies

•Focus on cash generation

Questions?