EXHIBIT 12
ASHLAND INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)
																Six months ended
	Years ended September 30															March 31
	2011			2010			2009			2008			2007			2012			2011
EARNINGS
Income (loss) from continuing operations	$	56		$	88		$	(240	)	$	87		$	257		$	150		$	254
Income tax expense (benefit)		(53	)		(13	)		(83	)		30			90			57			72
Interest expense		105			117			163			9			9			102			50
Interest portion of rental expense		25			26			25			20			20			11			13
Amortization of deferred debt expense		26			81			52			-			1			12			19
Distributions in excess of (less than) earnings
of unconsolidated affiliates		(12	)		(2	)		1			(10	)		(5	)		(13	)		(4	)
	$	147		$	297		$	(82	)	$	136		$	372		$	319		$	404
FIXED CHARGES
Interest expense	$	105		$	117		$	163		$	9		$	9		$	102		$	50
Interest portion of rental expense		25			26			25			20			20			11			13
Amortization of deferred debt expense		26			81			52			-			1			12			19
Capitalized interest		-			2			3			-			2			-			-
	$	156		$	226		$	243		$	29		$	32		$	125		$	82
RATIO OF EARNINGS TO FIXED CHARGES	(A)				1.31		(B)				4.69			11.63			2.55			4.93
(A) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $9 million would have been required for the year ended September 30, 2011.
(B) Deficiency Ratio - Due to the loss from continuing operations, the Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $325 million would have been required for the year ended September 30, 2009.