Ashland Inc. and Consolidated Subsidiaries												Page 1
STATEMENTS OF CONSOLIDATED INCOME
(In millions except per share data - unaudited)
		Three months ended						Nine months ended
		June 30						June 30
		2004			2003			2004			2003
REVENUES
	Sales and operating revenues	$	2,192		$	2,006		$	5,928		$	5,388
	Equity income		221			104			277			169
	Other income		12			15			34			43
			2,425			2,125			6,239			5,600
COSTS AND EXPENSES
	Cost of sales and operating expenses		1,756			1,602			4,727			4,296
	Selling, general and administrative expenses		330			336			974			1,004
	Depreciation, depletion and amortization		47			49			144			153
			2,133			1,987			5,845			5,453
OPERATING INCOME			292			138			394			147
	Net interest and other financial costs		(29)			(31)			(88)			(97)
INCOME FROM CONTINUING OPERATIONS
	BEFORE INCOME TAXES		263			107			306			50
	Income taxes		(96)			(36)			(111)			(17)
INCOME FROM CONTINUING OPERATIONS			167			71			195			33
	Results from discontinued operations (net of income taxes)		(6)			(1)			(16)			(94)
NET INCOME (LOSS)		$	161		$	70		$	179		$	(61)
DILUTED EARNINGS (LOSS) PER SHARE
	Income from continuing operations	$	2.35		$	1.03		$	2.75		$	.48
	Results from discontinued operations		(.09)			(.02)			(.22)			(1.37)
	Net income (loss)	$	2.26		$	1.01		$	2.53		$	(.89)
AVERAGE COMMON SHARES AND ASSUMED CONVERSIONS			71			69			71			69
SALES AND OPERATING REVENUES
	APAC	$	698		$	683		$	1,755		$	1,615
	Ashland Distribution		838			733			2,320			2,081
	Ashland Specialty Chemical		354			308			983			870
	Valvoline		330			307			945			889
	Intersegment sales		(28)			(25)			(75)			(67)
		$	2,192		$	2,006		$	5,928		$	5,388
OPERATING INCOME
	APAC	$	43		$	17		$	41		$	(39)
	Ashland Distribution		23			11			56			27
	Ashland Specialty Chemical		22			3			63			21
	Valvoline		30			24			75			56
	Refining and Marketing (a)		205			100			232			145
	Corporate		(31)			(17)			(73)			(63)
		$	292		$	138		$	394		$	147
__________
(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.