Ashland Inc. and Consolidated Subsidiaries										Page 3
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions - unaudited)
						Six months ended
						March 31
						2005			2004
CASH FLOWS FROM OPERATIONS
	Income from continuing operations					$	126		$	27
	Expense (income) not affecting cash
		Depreciation, depletion and amortization (a)					93			97
		Deferred income taxes					(11)			(1)
		Equity income from affiliates					(215)			(56)
		Distributions from equity affiliates					4			153
		Other items					1			1
	Change in operating assets and liabilities (b)						(236)			(163)
							(238)			58
CASH FLOWS FROM FINANCING
	Proceeds from issuance of common stock						51			54
	Repayment of long-term debt						(174)			(70)
	Increase in short-term debt						438			17
	Dividends paid						(40)			(38)
							275			(37)
CASH FLOWS FROM INVESTMENT
	Additions to property, plant and equipment (a)						(127)			(86)
	Purchase of operations - net of cash acquired						(101)			(4)
	Proceeds from sale of operations						16			10
	Other - net						6			21
							(206)			(59)
CASH PROVIDED (USED) BY CONTINUING OPERATIONS							(169)			(38)
	Cash provided (used) by discontinued operations						-			(5)
DECREASE IN CASH AND CASH EQUIVALENTS						$	(169)		$	(43)
DEPRECIATION, DEPLETION AND AMORTIZATION
	APAC					$	44		$	49
	Ashland Distribution						9			9
	Ashland Specialty Chemical						22			20
	Valvoline						13			13
	Corporate						5			6
						$	93		$	97
ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT
	APAC					$	62		$	19
	Ashland Distribution						8			3
	Ashland Specialty Chemical						31			21
	Valvoline						14			8
	Corporate						12			35
						$	127		$	86
__________
(a)	Excludes amounts related to equity affiliates. Ashland's 38 percent share of MAP's DD&A was $80 million in 2005 and
	$74 million in 2004, and its share of MAP's capital expenditures was $187 million in 2005 and $158 million in 2004.
(b)	Excludes changes resulting from operations acquired or sold.