FOR  ADDITIONAL INFORMATION:
                                             Stan Lampe
                                             (606) 815-4061

                                             FOR IMMEDIATE RELEASE
                                             October 5, 1999

Ashland Inc. CEO discusses
Arch Coal investment options

Covington, Ky. - In an interview with a national reporter, Ashland Inc.
(NYSE:ASH) Chairman and Chief Executive Officer Paul W. Chellgren
indicated that the company was making progress on its study to explore
strategic alternatives for its investment in Arch Coal, Inc. (NYSE: ACI),
a St. Louis-based company.
          "At this point, a tax-free spin to our shareholders would seem to
be our preferred path," Chellgren said.  "However, we cannot take such
action unilaterally, and so we have begun discussions with a special
committee of the Arch Coal board. It will require a negotiated agreement
with that special committee, as well as approval by the Arch shareholders,
and a favorable ruling from the Internal Revenue Service.  It could take
several months to complete this process," he concluded.
          On June 22, Ashland announced that it had retained the investment
banking firm of Goldman Sachs to assist in the search for alternatives for
its investment in Arch Coal. Ashland owns 58-percent of Arch.
          Ashland Inc. (NYSE:ASH) is a diversified company with wholly owned
operations in distribution, specialty chemicals, motor oil and car care
products, and highway construction. Ashland Distribution Company is the
largest distributor of chemicals, plastics and fiber reinforcements in
North America, a leading distributor of fine ingredients in  North America,
and a leading Pan-European distributor of plastics. Ashland Specialty
Chemical Company is a leading, worldwide supplier of specialty chemicals.
Valvoline's major consumer brands include Valvoline-R- motor oils, Eagle
One-R-  appearance products, Zerex-R- antifreeze, Pyroil-R- Performance
Products and Valvoline SynPower-R- automotive chemicals.  APAC is the
nation's largest highway contractor with operations in 14 southern and
midwestern states.  Ashland also has a 38-percent equity interest in
Marathon Ashland Petroleum LLC and a 58-percent equity interest in Arch
Coal, Inc. (NYSE:ACI).  Ashland's Internet address is http://www.ashland.com.