Ashland Inc. and Consolidated Subsidiaries										Page 3
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions - unaudited)
						Six months ended
						March 31
						2004			2003
CASH FLOWS FROM OPERATIONS
	Income (loss) from continuing operations					$	27		$	(38)
	Expense (income) not affecting cash
		Depreciation, depletion and amortization (a)					97			103
		Deferred income taxes					(1)			22
		Equity income from affiliates					(56)			(64)
		Distributions from equity affiliates					153			98
		Other items					1			(1)
	Change in operating assets and liabilities (b)						(163)			(22)
							58			98
CASH FLOWS FROM FINANCING
	Proceeds from issuance of common stock						54			1
	Repayment of long-term debt						(70)			(161)
	Increase in short-term debt						17			165
	Dividends paid						(38)			(37)
							(37)			(32)
CASH FLOWS FROM INVESTMENT
	Additions to property, plant and equipment (a)						(86)			(52)
	Purchase of operations - net of cash acquired						(4)			(5)
	Proceeds from sale of operations						10			6
	Other - net						21			(7)
							(59)			(58)
CASH PROVIDED (USED) BY CONTINUING OPERATIONS							(38)			8
	Cash provided (used) by discontinued operations						(5)			8
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS						$	(43)		$	16
DEPRECIATION, DEPLETION AND AMORTIZATION
	APAC					$	49		$	55
	Ashland Distribution						9			10
	Ashland Specialty Chemical						20			20
	Valvoline						13			13
	Corporate						6			5
						$	97		$	103
ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT
	APAC					$	19		$	22
	Ashland Distribution						3			3
	Ashland Specialty Chemical						21			14
	Valvoline						8			7
	Corporate						35			6
						$	86		$	52
__________
(a)	Excludes amounts related to equity affiliates. Ashland's 38 percent share of MAP's DD&A was $74 million in 2004 and
	$69 million in 2003, and its share of MAP's capital expenditures was $158 million in 2004 and $166 million in 2003.
(b)	Excludes changes resulting from operations acquired or sold.