Ashland Inc. and Consolidated Subsidiaries										Page 3
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In millions - preliminary and unaudited)
						Year ended
						September 30
						2005			2004
CASH FLOWS FROM OPERATIONS
	Income from continuing operations					$	1,987		$	398
	Adjustments to reconcile to cash flows from operations
		Depreciation, depletion and amortization					193			193
		Deferred income taxes					(515)			125
		Equity income from affiliates					(531)			(432)
		Distributions from equity affiliates					281			169
		Gain on the MAP Transaction					(1,287)			-
		Loss on early retirement of debt					145			-
		Change in operating assets and liabilities (a)					(228)			(246)
		Other items					(5)			2
							40			209
CASH FLOWS FROM FINANCING
	Proceeds from issuance of common stock						115			108
	Repayment of long-term debt						(1,552)			(100)
	Repurchase of common stock						(100)			-
	Increase (decrease) in short-term debt						(40)			40
	Cash dividends paid						(79)			(77)
							(1,656)			(29)
CASH FLOWS FROM INVESTMENT
	Additions to property, plant and equipment (b)						(380)			(210)
	Purchase of operations - net of cash acquired						(156)			(5)
	Cash proceeds from sale of operations (c)						3,306			48
	Purchases of available-for-sale securities						(402)			-
	Proceeds from sales and maturities of available-for-sale securities						1			-
	Other - net						19			26
							2,388			(141)
CASH PROVIDED BY CONTINUING OPERATIONS							772			39
	Cash used by discontinued operations						(28)			(19)
INCREASE IN CASH AND CASH EQUIVALENTS						$	744		$	20
DEPRECIATION, DEPLETION AND AMORTIZATION
	APAC					$	93		$	95
	Ashland Distribution						18			18
	Ashland Specialty Chemical						44			41
	Valvoline						27			27
	Corporate						11			12
						$	193		$	193
ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT
	APAC					$	200		$	73
	Ashland Distribution						26			10
	Ashland Specialty Chemical						64			62
	Valvoline						66			26
	Corporate						24			39
						$	380		$	210
__________
(a)	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.
(b)	Amount for 2005 includes $101 million for purchases of previously leased assets with proceeds from the MAP Transaction.
(c)	Amount for 2005 includes cash proceeds (net of expenses) of $3,290 million from the MAP Transaction.