Ashland Inc. and Consolidated Subsidiaries																		Page 5
COMPONENTS OF OPERATING INCOME
(In millions - preliminary and unaudited)
		Three Months Ended June 30, 2007
		Performance									Water			Unallocated
		Materials			Distribution			Valvoline			Technologies			& Other				Total
OPERATING INCOME
	Environmental reserve adjustment	$	(0.4)		$	(2.3)		$	(0.3)		$	(0.1)		$	10.1		$	7.0
	Employee benefit adjustment		2.1			2.3			1.4			0.7			4.3			10.8
	All other operating income		31.6			11.6			26.8			5.4			(2.5)			72.9
		$	33.3		$	11.6		$	27.9		$	6.0		$	11.9		$	90.7
		Three Months Ended June 30, 2006
		Performance									Water			Unallocated
		Materials			Distribution			Valvoline			Technologies			& Other				Total
OPERATING INCOME
	Environmental reserve adjustment	$	(1.2)		$	(1.5)		$	-		$	(0.3)		$	(4.1)		$	(7.1)
	Employee benefit adjustment		0.2			0.2			0.1			-			0.1			0.6
	Acquisition hedge		-			-			-			7.6			-			7.6
	Corporate costs previously charged to APAC		-			-			-			-			(12.1)			(12.1)
	All other operating income		41.9			31.4			(9.8)			1.6			(7.2)			57.9
		$	40.9		$	30.1		$	(9.7)		$	8.9		$	(23.3)		$	46.9