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
		2005			2004			2005			2004
REVENUES
	Sales and operating revenues	$	2,492		$	2,206		$	6,731		$	5,967
	Equity income		315			221			530			277
	Other income		14			12			49			34
			2,821			2,439			7,310			6,278
COSTS AND EXPENSES
	Cost of sales and operating expenses		2,074			1,844			5,678			5,002
	Selling, general and administrative expenses		337			303			957			882
			2,411			2,147			6,635			5,884
OPERATING INCOME			410			292			675			394
	Gain on the MAP Transaction (a)		1,295			-			1,295			-
	Loss on early retirement of debt		(143)			-			(145)			-
	Net interest and other financial costs		(31)			(29)			(89)			(88)
INCOME FROM CONTINUING OPERATIONS
	BEFORE INCOME TAXES		1,531			263			1,736			306
	Income taxes		236			(96)			157			(111)
INCOME FROM CONTINUING OPERATIONS			1,767			167			1,893			195
	Results from discontinued operations (net of income taxes)		-			(6)			-			(16)
NET INCOME		$	1,767		$	161		$	1,893		$	179
DILUTED EARNINGS PER SHARE
	Income from continuing operations	$	23.65		$	2.35		$	25.48		$	2.75
	Results from discontinued operations		-			(.09)			-			(.22)
	Net income	$	23.65		$	2.26		$	25.48		$	2.53
AVERAGE COMMON SHARES AND ASSUMED CONVERSIONS			75			71			74			71
SALES AND OPERATING REVENUES
	APAC	$	713		$	698		$	1,713		$	1,755
	Ashland Distribution		987			840			2,837			2,326
	Ashland Specialty Chemical		484			366			1,318			1,017
	Valvoline		354			330			987			945
	Intersegment sales		(46)			(28)			(124)			(76)
		$	2,492		$	2,206		$	6,731		$	5,967
OPERATING INCOME
	APAC	$	46		$	43		$	6		$	41
	Ashland Distribution		36			23			95			56
	Ashland Specialty Chemical		43			22			104			63
	Valvoline		26			30			69			75
	Refining and Marketing (b)		290			205			486			232
	Corporate		(31)			(31)			(85)			(73)
		$	410		$	292		$	675		$	394
__________
(a)	"MAP Transaction" refers to the June 30, 2005 transfer of Ashland's 38% interest in Marathon Ashland Petroleum LLC (MAP),
	Ashland's maleic anhydride business and 60 Valvoline Instant Oil Change centers in Michigan and northwest Ohio to Marathon
	Oil Corporation in a transaction valued at approximately $3.7 billion.
(b)	Includes Ashland's equity income from MAP, amortization related to Ashland's excess investment in MAP, and other activities
	associated with refining and marketing.