Ashland Inc. and Consolidated Subsidiaries												Page 1
STATEMENTS OF CONSOLIDATED INCOME
(In millions except per share data - preliminary and unaudited)
		Three months ended						Year ended
		September 30						September 30
		2005			2004			2005			2004
REVENUES
	Sales and operating revenues	$	2,538		$	2,334		$	9,270		$	8,301
	Equity income		1			155			531			432
	Other income		10			14			59			48
			2,549			2,503			9,860			8,781
COSTS AND EXPENSES
	Cost of sales and operating expenses		2,145			1,946			7,823			6,948
	Selling, general and administrative expenses		338			289			1,296			1,171
			2,483			2,235			9,119			8,119
OPERATING INCOME			66			268			741			662
	Gain on the MAP Transaction (a)		(8)			-			1,287			-
	Loss on early retirement of debt		-			-			(145)			-
	Net interest and other financial costs		7			(26)			(82)			(114)
INCOME FROM CONTINUING OPERATIONS
	BEFORE INCOME TAXES		65			242			1,801			548
	Income taxes		29			(39)			186			(150)
INCOME FROM CONTINUING OPERATIONS			94			203			1,987			398
	Results from discontinued operations (net of income taxes)		(1)			(3)			(1)			(20)
NET INCOME		$	93		$	200		$	1,986		$	378
DILUTED EARNINGS PER SHARE
	Income from continuing operations	$	1.25		$	2.81		$	26.62		$	5.59
	Results from discontinued operations		(.01)			(.05)			(.01)			(.28)
	Net income	$	1.24		$	2.76		$	26.61		$	5.31
AVERAGE COMMON SHARES AND ASSUMED CONVERSIONS			75			72			75			71
SALES AND OPERATING REVENUES
	APAC	$	826		$	770		$	2,539		$	2,525
	Ashland Distribution		972			873			3,810			3,199
	Ashland Specialty Chemical		446			369			1,763			1,386
	Valvoline		339			352			1,326			1,297
	Intersegment sales		(45)			(30)			(168)			(106)
		$	2,538		$	2,334		$	9,270		$	8,301
OPERATING INCOME
	APAC	$	43		$	70		$	48		$	111
	Ashland Distribution		28			23			123			78
	Ashland Specialty Chemical		29			24			134			87
	Valvoline		21			30			90			105
	Refining and Marketing (b)		(2)			151			484			383
	Corporate		(53)			(30)			(138)			(102)
		$	66		$	268		$	741		$	662
__________
(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.