EXHIBIT 12
ASHLAND INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)
	Years ended September 30
	2006			2007			2008			2009		2010
EARNINGS
Income from continuing operations	$	183		$	201		$	175		$	78	$	301
Income tax expense		29			58			86			80		91
Interest expense		8			9			9			163		117
Interest portion of rental expense		18			20			21			25		26
Amortization of deferred debt expense		-			1			-			52		81
Distributions (less than) in excess of earnings
of unconsolidated affiliates		(6	)		(5	)		(10	)		1		(2	)
	$	232		$	284		$	281		$	399	$	614
FIXED CHARGES
Interest expense	$	8		$	9		$	9		$	163	$	117
Interest portion of rental expense		18			20			21			25		26
Amortization of deferred debt expense		-			1			-			52		81
Capitalized interest		3			2			-			3		2
	$	29		$	32		$	30		$	243	$	226
RATIO OF EARNINGS TO FIXED CHARGES		8.00			8.88			9.37			1.64		2.72