Ashland Inc. and Consolidated Subsidiaries						Page 1
STATEMENTS OF CONSOLIDATED INCOME
(In millions except per share data - preliminary and unaudited)
		Three months ended
		December 31
		2005			2004
REVENUES
	Sales and operating revenues	$	2,412		$	2,177
	Equity income		2			146
	Other income		15			17
			2,429			2,340
COSTS AND EXPENSES
	Cost of sales and operating expenses		2,029			1,849
	Selling, general and administrative expenses		305			311
			2,334			2,160
OPERATING INCOME			95			180
	Gain on the MAP Transaction (a)		2			-
	Loss on early retirement of debt		-			(2)
	Net interest and other financial costs		10			(29)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES			107			149
	Income taxes		(40)			(55)
INCOME FROM CONTINUING OPERATIONS			67			94
	Results from discontinued operations (net of income taxes)		(1)			-
NET INCOME		$	66		$	94
DILUTED EARNINGS PER SHARE
	Income from continuing operations	$	.91		$	1.28
	Results from discontinued operations		-			-
	Net Income	$	.91		$	1.28
AVERAGE COMMON SHARES AND ASSUMED CONVERSIONS			73			73
SALES AND OPERATING REVENUES
	APAC	$	726		$	611
	Ashland Distribution		967			895
	Ashland Specialty Chemical		449			400
	Valvoline		310			309
	Intersegment sales		(40)			(38)
		$	2,412		$	2,177
OPERATING INCOME (b)
	APAC	$	39		$	4
	Ashland Distribution		34			20
	Ashland Specialty Chemical		27			16
	Valvoline		1			13
	Refining and Marketing (c)		-			136
	Unallocated and other		(6)			(9)
		$	95		$	180
(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)	In October 2005, Ashland refined its segment reporting to allocate substantially all corporate expenses to Ashland's
	four operating divisions, with the exception of certain legacy costs or items clearly not associated with the operating
	divisions.  Prior periods have been conformed to the current period presentation.
(c)	Includes Ashland's equity income from MAP, amortization related to Ashland's excess investment in MAP and other
	activities associated with refining and marketing through June 30, 2005.