Ashland Inc. and Consolidated Subsidiaries						Page 1
STATEMENTS OF CONSOLIDATED INCOME
(In millions except per share data - unaudited)
		Three months ended
		December 31
		2004			2003
REVENUES
	Sales and operating revenues	$	2,177		$	1,936
	Equity income		146			38
	Other income		17			13
			2,340			1,987
COSTS AND EXPENSES
	Cost of sales and operating expenses		1,849			1,611
	Selling, general and administrative expenses		311			284
			2,160			1,895
OPERATING INCOME			180			92
	Net interest and other financial costs		(31)			(30)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			149			62
	Income taxes		(55)			(23)
INCOME FROM CONTINUING OPERATIONS			94			39
	Results from discontinued operations (net of income taxes)		-			(5)
NET INCOME		$	94		$	34
DILUTED EARNINGS PER SHARE
	Income from continuing operations	$	1.28		$	.56
	Results from discontinued operations		-			(.07)
	Net income	$	1.28		$	.49
AVERAGE COMMON SHARES AND ASSUMED CONVERSIONS			73			69
SALES AND OPERATING REVENUES
	APAC	$	611		$	650
	Ashland Distribution		895			698
	Ashland Specialty Chemical		400			322
	Valvoline		309			290
	Intersegment sales		(38)			(24)
		$	2,177		$	1,936
OPERATING INCOME
	APAC	$	7		$	30
	Ashland Distribution		24			13
	Ashland Specialty Chemical		22			23
	Valvoline		18			20
	Refining and Marketing (a)		136			26
	Corporate		(27)			(20)
		$	180		$	92
__________
(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.