Ashland Inc. and Consolidated Subsidiaries												Page 1
STATEMENTS OF CONSOLIDATED INCOME
(In millions except per share data - unaudited)
		Three months ended						Six months ended
		March 31						March 31
		2004			2003			2004			2003
REVENUES
	Sales and operating revenues	$	1,812		$	1,644		$	3,735		$	3,382
	Equity income		18			29			56			64
	Other income		9			10			22			28
			1,839			1,683			3,813			3,474
COSTS AND EXPENSES
	Cost of sales and operating expenses		1,453			1,322			2,971			2,695
	Selling, general and administrative expenses		328			334			643			668
	Depreciation, depletion and amortization		48			51			97			103
			1,829			1,707			3,711			3,466
OPERATING INCOME (LOSS)			10			(24)			102			8
	Net interest and other financial costs		(29)			(32)			(59)			(65)
INCOME (LOSS) FROM CONTINUING OPERATIONS
	BEFORE INCOME TAXES		(19)			(56)			43			(57)
	Income taxes		8			19			(16)			19
INCOME (LOSS) FROM CONTINUING OPERATIONS			(11)			(37)			27			(38)
	Results from discontinued operations (net of income taxes)		(5)			(2)			(10)			(93)
NET INCOME (LOSS)		$	(16)		$	(39)		$	17		$	(131)
DILUTED EARNINGS (LOSS) PER SHARE
	Income (loss) from continuing operations	$	(.16)		$	(.54)		$	.39		$	(.56)
	Results from discontinued operations		(.07)			(.03)			(.14)			(1.35)
	Net income (loss)	$	(.23)		$	(.57)		$	.25		$	(1.91)
AVERAGE COMMON SHARES AND ASSUMED CONVERSIONS			69			68			70			68
SALES AND OPERATING REVENUES
	APAC	$	408		$	374		$	1,058		$	932
	Ashland Distribution		785			712			1,482			1,348
	Ashland Specialty Chemical		318			278			629			562
	Valvoline		324			301			614			582
	Intersegment sales		(23)			(21)			(48)			(42)
		$	1,812		$	1,644		$	3,735		$	3,382
OPERATING INCOME (LOSS)
	APAC	$	(33)		$	(57)		$	(2)		$	(56)
	Ashland Distribution		19			7			32			15
	Ashland Specialty Chemical		19			5			42			18
	Valvoline		24			18			45			32
	Refining and Marketing (a)		2			21			27			45
	Corporate		(21)			(18)			(42)			(46)
		$	10		$	(24)		$	102		$	8
__________
(a)	Includes Ashland's equity income from Marathon Ashland Petroleum LLC (MAP), amortization related to Ashland's excess
	investment in MAP, and other activities associated with refining and marketing.