Ashland Inc. and Consolidated Subsidiaries										Page 3
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions - unaudited)
						Nine months ended
						June 30
						2004			2003
CASH FLOWS FROM OPERATIONS
	Income from continuing operations					$	195		$	33
	Expense (income) not affecting cash
		Depreciation, depletion and amortization (a)					144			153
		Deferred income taxes					70			43
		Equity income from affiliates					(277)			(169)
		Distributions from equity affiliates					156			114
		Other items					2			(1)
	Change in operating assets and liabilities (b)						(213)			(62)
							77			111
CASH FLOWS FROM FINANCING
	Proceeds from issuance of common stock						86			1
	Repayment of long-term debt						(75)			(191)
	Increase in short-term debt						8			243
	Dividends paid						(57)			(56)
							(38)			(3)
CASH FLOWS FROM INVESTMENT
	Additions to property, plant and equipment (a)						(121)			(84)
	Purchase of operations - net of cash acquired						(5)			(5)
	Proceeds from sale of operations						48			5
	Other - net						13			(6)
							(65)			(90)
CASH PROVIDED (USED) BY CONTINUING OPERATIONS							(26)			18
	Cash provided (used) by discontinued operations						(14)			4
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS						$	(40)		$	22
DEPRECIATION, DEPLETION AND AMORTIZATION
	APAC					$	71		$	82
	Ashland Distribution						13			15
	Ashland Specialty Chemical						31			30
	Valvoline						20			19
	Corporate						9			7
						$	144		$	153
ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT
	APAC					$	29		$	39
	Ashland Distribution						5			3
	Ashland Specialty Chemical						33			22
	Valvoline						13			12
	Corporate						41			8
						$	121		$	84
__________
(a)	Excludes amounts related to equity affiliates. Ashland's 38 percent share of MAP's DD&A was $113 million in 2004 and
	$104 million in 2003, and its share of MAP's capital expenditures was $209 million in 2004 and $224 million in 2003.
(b)	Excludes changes resulting from operations acquired or sold.