Ashland Inc. and Consolidated Subsidiaries
STATEMENTS OF CONSOLIDATED INCOME
(In millions except per share data - unaudited)
		Three months ended						Nine months ended
		June 30						June 30
		2003			2002			2003			2002
REVENUES
	Sales and operating revenues	$	2,006		$	1,997		$	5,388		$	5,315
	Equity income		104			80			169			141
	Other income		15			7			43			35
			2,125			2,084			5,600			5,491
COSTS AND EXPENSES
	Cost of sales and operating expenses		1,648			1,602			4,430			4,285
	Selling, general and administrative expenses		290			298			870			828
	Depreciation, depletion and amortization		49			52			153			153
			1,987			1,952			5,453			5,266
OPERATING INCOME			138			132			147			225
	Net interest and other financial costs		(31)			(33)			(97)			(103)
INCOME FROM CONTINUING OPERATIONS
	BEFORE INCOME TAXES		107			99			50			122
	Income taxes		(36)			(38)			(17)			(47)
INCOME FROM CONTINUING OPERATIONS			71			61			33			75
	Results from discontinued operations (net of income taxes)		(1)			4			(94)			7
INCOME (LOSS) BEFORE CUMULATIVE EFFECT
	OF ACCOUNTING CHANGE		70			65			(61)			82
	Cumulative effect of accounting change (net of income taxes)		-			-			-			(12)
NET INCOME (LOSS)		$	70		$	65		$	(61)		$	70
DILUTED EARNINGS (LOSS) PER SHARE
	Income from continuing operations	$	1.03		$	.87		$	.48		$	1.06
	Results from discontinued operations		(.02)			.06			(1.37)			.10
	Cumulative effect of accounting change		-			-			-			(.16)
	Net income (loss)	$	1.01		$	.93		$	(.89)		$	1.00
AVERAGE COMMON SHARES AND ASSUMED CONVERSIONS			69			70			69			70
SALES AND OPERATING REVENUES
	APAC	$	683		$	756		$	1,615		$	1,861
	Ashland Distribution		733			670			2,081			1,875
	Ashland Specialty Chemical		308			290			870			809
	Valvoline		307			305			889			833
	Intersegment sales		(25)			(24)			(67)			(63)
		$	2,006		$	1,997		$	5,388		$	5,315
OPERATING INCOME
	APAC	$	17		$	42		$	(39)		$	64
	Ashland Distribution		11			3			27			8
	Ashland Specialty Chemical		3			20			21			50
	Valvoline		24			25			56			53
	Refining and Marketing (a)		100			66			145			111
	Corporate		(17)			(24)			(63)			(61)
		$	138		$	132		$	147		$	225
__________
(a)	Includes Ashland's equity income from Marathon Ashland Petroluem LLC (MAP), amortization related to Ashland's excess
	investment in MAP, and other activities associated with refining and marketing.