Ashland Inc. and Consolidated Subsidiaries
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions - unaudited)
						Nine months ended
						June 30
						2003			2002
CASH FLOWS FROM OPERATIONS
	Income from continuing operations					$	33		$	75
	Expense (income) not affecting cash
		Depreciation, depletion and amortization (a)					153			153
		Deferred income taxes					43			(104)
		Equity income from affiliates					(169)			(141)
		Distributions from equity affiliates					114			120
		Other items					(1)			-
	Change in operating assets and liabilities (b)						(62)			(96)
							111			7
CASH FLOWS FROM FINANCING
	Proceeds from issuance of common stock						1			11
	Repayment of long-term debt						(191)			(58)
	Repurchase of common stock						-			(11)
	Increase in short-term debt						243			85
	Dividends paid						(56)			(57)
							(3)			(30)
CASH FLOWS FROM INVESTMENT
	Additions to property, plant and equipment (a)						(84)			(130)
	Purchase of operations - net of cash acquired						(5)			(12)
	Proceeds from sale of operations						5			-
	Other - net						(6)			1
							(90)			(141)
CASH PROVIDED (USED) BY CONTINUING OPERATIONS							18			(164)
	Cash provided by discontinued operations						4			29
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS						$	22		$	(135)
DEPRECIATION, DEPLETION AND AMORTIZATION
	APAC					$	82		$	83
	Ashland Distribution						15			16
	Ashland Specialty Chemical						30			28
	Valvoline						19			18
	Corporate						7			8
						$	153		$	153
ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT
	APAC					$	39		$	86
	Ashland Distribution						3			9
	Ashland Specialty Chemical						22			16
	Valvoline						12			13
	Corporate						8			6
						$	84		$	130
__________
(a)	Excludes amounts related to equity affiliates. Ashland's 38 percent share of MAP's DD&A was $104 million in 2003 and
	$103 million in 2002, and its share of MAP's capital expenditures was $224 million in 2003 and $154 million in 2002.
(b)	Excludes changes resulting from operations acquired or sold.