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
		2005			2004			2005			2004
REVENUES
	Sales and operating revenues	$	2,062		$	1,825		$	4,239		$	3,761
	Equity income		69			18			215			56
	Other income		18			9			35			22
			2,149			1,852			4,489			3,839
COSTS AND EXPENSES
	Cost of sales and operating expenses		1,754			1,547			3,603			3,158
	Selling, general and administrative expenses		309			295			620			579
			2,063			1,842			4,223			3,737
OPERATING INCOME			86			10			266			102
	Net interest and other financial costs		(29)			(29)			(61)			(59)
INCOME (LOSS) FROM CONTINUING OPERATIONS
	BEFORE INCOME TAXES		57			(19)			205			43
	Income taxes		(24)			8			(79)			(16)
INCOME (LOSS) FROM CONTINUING OPERATIONS			33			(11)			126			27
	Results from discontinued operations (net of income taxes)		-			(5)			-			(10)
NET INCOME (LOSS)		$	33		$	(16)		$	126		$	17
DILUTED EARNINGS (LOSS) PER SHARE
	Income (loss) from continuing operations	$	.44		$	(.16)		$	1.72		$	.39
	Results from discontinued operations		-			(.07)			-			(.14)
	Net income (loss)	$	.44		$	(.23)		$	1.72		$	.25
AVERAGE COMMON SHARES AND ASSUMED CONVERSIONS			74			69			73			70
SALES AND OPERATING REVENUES
	APAC	$	388		$	408		$	1,000		$	1,058
	Ashland Distribution		956			788			1,851			1,485
	Ashland Specialty Chemical		434			329			833			652
	Valvoline		323			324			633			614
	Intersegment sales		(39)			(24)			(78)			(48)
		$	2,062		$	1,825		$	4,239		$	3,761
OPERATING INCOME
	APAC	$	(46)		$	(33)		$	(40)		$	(2)
	Ashland Distribution		34			19			59			32
	Ashland Specialty Chemical		39			19			61			42
	Valvoline		24			24			42			45
	Refining and Marketing (a)		61			2			197			27
	Corporate		(26)			(21)			(53)			(42)
		$	86		$	10		$	266		$	102
__________
(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.