EXHIBIT 99.1
Updated Notice to Directors and Executive Officers
July 15, 2005
Important Notice to Directors and Executive Officers
Regarding the Prohibition of Your Ability To
Purchase or Sell Ashland Inc. Securities Under the Sarbanes-Oxley Act of 2002
Update
Dear Director or Executive Officer of Ashland Inc.:
This letter is an update of the notice you received dated
July 6, 2005, containing information about the blackout period in the
Ashland Inc. Employee Savings Plan (the "Savings Plan"). The blackout is
related to the June 30, 2005, transfer by Ashland Inc. ("Ashland") of its
38-percent interest in Marathon Ashland Petroleum LLC and two other
businesses to Marathon Oil Corporation ("Marathon") through a series of
steps involving the reorganization of Ashland. The blackout period, which
was expected to end during the week that started July 10, 2005, was
necessary because Ashland was in discussions with the Securities and
Exchange Commission ("SEC") regarding the appropriate application of
certain Federal securities laws to the Savings Plan following the closing
of the transaction with Marathon.
The matter being discussed with the SEC has not yet been
clarified, and discussions with the SEC are continuing. Consequently, in
order to ensure compliance with applicable securities laws, the blackout
period will be extended further. During the extended blackout period,
participants are unable to make investment exchanges or direct new
investments into the Ashland Stock Fund of the Savings Plan. Participants
are, however, able to make investment exchanges out of the Ashland Stock
Fund (as well as out of the new Marathon Stock Fund).
The extended blackout period for the Savings Plan is now
expected to end during the week that starts July 24, 2005. During the week
that starts July 24, participants can determine whether the extended
blackout period has ended by accessing Fidelity's web site (www.401k.com;
log in and choose "NetBenefits") or contacting Fidelity on the automated
telephone response system (1-800-827-4526).
You may contact Ron Griffith, c/o Ashland Inc., 3499
Blazer Parkway, Lexington, KY 40509 (Tel: (859) 357-7314;
rrgriffith@ashland.com) if you have any questions about the blackout
period.
We wish to remind you that, generally, pursuant to
Section 306(a) of the Sarbanes-Oxley Act of 2002, during the blackout
period, it is unlawful for you, directly or indirectly, to purchase, sell
or otherwise acquire or transfer any shares of Ashland common stock or
other equity securities of Ashland (including any derivative securities) if
you acquire or previously acquired such securities in connection with your
service or employment as a director or executive officer.
Sincerely yours,
/s/ Susan B. Esler
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Susan B. Esler
Vice President, Human Resources