Ashland Inc. and Consolidated Subsidiaries												Page 1
STATEMENTS OF CONSOLIDATED INCOME
(In millions except per share data - preliminary and unaudited)
		Three months ended						Six months ended
		March 31						March 31
		2006			2005			2006			2005
REVENUES
	Sales and operating revenues	$	2,275		$	2,062		$	4,687		$	4,239
	Equity income		2			69			4			215
	Other income		22			18			37			35
			2,299			2,149			4,728			4,489
COSTS AND EXPENSES
	Cost of sales and operating expenses		1,936			1,754			3,965			3,603
	Selling, general and administrative expenses		314			309			619			620
			2,250			2,063			4,584			4,223
OPERATING INCOME			49			86			144			266
	Gain (loss) on the MAP Transaction (a)		(3)			-			(2)			-
	Loss on early retirement of debt		-			-			-			(2)
	Net interest and other financing income (costs)		9			(29)			20			(59)
INCOME FROM CONTINUING OPERATIONS
	BEFORE INCOME TAXES		55			57			162			205
	Income taxes		(6)			(24)			(47)			(79)
INCOME FROM CONTINUING OPERATIONS			49			33			115			126
	Results from discontinued operations (net of income taxes)		-			-			(1)			-
NET INCOME		$	49		$	33		$	114		$	126
DILUTED EARNINGS  PER SHARE
	Income from continuing operations	$	.67		$	.44		$	1.59		$	1.72
	Results from discontinued operations		-			-			(.02)			-
	Net income	$	.67		$	.44		$	1.57		$	1.72
AVERAGE COMMON SHARES AND ASSUMED CONVERSIONS			72			74			73			73
SALES AND OPERATING REVENUES
	APAC	$	489		$	388		$	1,215		$	1,000
	Ashland Distribution		1,029			956			1,996			1,851
	Ashland Specialty Chemical		447			434			895			833
	Valvoline		353			323			663			633
	Intersegment sales		(43)			(39)			(82)			(78)
		$	2,275		$	2,062		$	4,687		$	4,239
OPERATING INCOME (b)
	APAC	$	(11)		$	(51)		$	28		$	(47)
	Ashland Distribution		30			29			65			49
	Ashland Specialty Chemical		26			31			53			47
	Valvoline		2			17			3			30
	Refining and Marketing (c)		-			61			-			197
	Unallocated and other		2			(1)			(5)			(10)
		$	49		$	86		$	144		$	266
(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.