EXHIBIT 12
ASHLAND INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)
	Years ended September 30														Six months ended March 31
	2002		2003			2004			2005			2006			2006			2007
EARNINGS
Income from continuing operations	$	27	$	103		$	311		$	1,958		$	183		$	84		$	84
Income taxes		14		52			100			(230	)		29			29			36
Interest expense		133		121			112			87			8			4			4
Interest portion of rental expense		19		20			20			20			18			9			10
Amortization of deferred debt expense		2		2			2			3			-			1			-
Distributions in excess of (less than) earnings
of unconsolidated affiliates		20		(89	)		(260	)		(246	)		(6	)		(2	)		(3	)
	$	215	$	209		$	285		$	1,592		$	232		$	125		$	131
FIXED CHARGES
Interest expense	$	133	$	121		$	112		$	87		$	8		$	4		$	4
Interest portion of rental expense		19		20			20			20			18			9			10
Amortization of deferred debt expense		2		2			2			3			-			1			-
Capitalized interest		-		-			-			1			3			1			1
	$	154	$	143		$	134		$	111		$	29		$	15		$	15
RATIO OF EARNINGS TO FIXED CHARGES		1.40		1.46			2.13			14.34			8.00			8.33			8.73