Ashland Inc. and Consolidated Subsidiaries										Page 3
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions - unaudited)
						Nine months ended
						June 30
						2005			2004
CASH FLOWS FROM OPERATIONS
	Income from continuing operations					$	1,893		$	195
	Adjustments to reconcile to cash flows from operations
		Depreciation, depletion and amortization (a)					141			144
		Deferred income taxes					(515)			70
		Equity income from affiliates					(530)			(277)
		Distributions from equity affiliates					277			156
		Gain on the MAP Transaction					(1,295)			-
		Loss on early retirement of debt					145			-
		Change in operating assets and liabilities (b)					(128)			(213)
		Other items					(5)			2
							(17)			77
CASH FLOWS FROM FINANCING
	Proceeds from issuance of common stock						100			86
	Repayment of long-term debt						(1,477)			(75)
	Increase (decrease) in short-term debt						(40)			8
	Cash dividends paid						(60)			(57)
							(1,477)			(38)
CASH FLOWS FROM INVESTMENT
	Additions to property, plant and equipment (a) (c)						(285)			(121)
	Purchase of operations - net of cash acquired						(152)			(5)
	Cash proceeds from sale of operations (d)						2,397			48
	Other - net						9			13
							1,969			(65)
CASH PROVIDED (USED) BY CONTINUING OPERATIONS							475			(26)
	Cash used by discontinued operations						(26)			(14)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS						$	449		$	(40)
DEPRECIATION, DEPLETION AND AMORTIZATION
	APAC					$	67		$	71
	Ashland Distribution						13			13
	Ashland Specialty Chemical						33			31
	Valvoline						20			20
	Corporate						8			9
						$	141		$	144
ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT
	APAC					$	155		$	29
	Ashland Distribution						16			5
	Ashland Specialty Chemical						41			33
	Valvoline						52			13
	Corporate						21			41
						$	285		$	121
__________
(a)	Excludes amounts related to equity affiliates. Ashland's 38 percent share of MAP's DD&A was $119 million in 2005 and
	$113 million in 2004, and its share of MAP's capital expenditures was $247 million in 2005 and $209 million in 2004.
(b)	Excludes changes resulting from operations acquired or sold.  Amount for 2005 includes a $150 million reduction in
	accounts receivable sold under a sale of receivables financing program.
(c)	Amount for 2005 includes $101 million for purchases of previously leased assets with proceeds from the MAP Transaction.
(d)	Amount for 2005 includes cash proceeds (net of expenses) of $2,381 million from the MAP Transaction.