EXHIBIT 12
ASHLAND INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)
																Three months ended
	Years ended September 30															December 31
	2013			2012			2011			2010			2009			2013		2012
EARNINGS
Income (loss) from continuing operations	$	677		$	38		$	56		$	88		$	(240	)	$	111	$	102
Income tax (benefit) expense	274			(52		)	(53		)	(13		)	(83		)	31		30
Interest expense	208			197			105			117			163			38		38
Interest portion of rental expense	25			28			25			26			25			7		7
Amortization of deferred debt expense	65			54			26			81			52			3		5
Distributions (less than) in excess of earnings
of unconsolidated affiliates	(15		)	(32		)	(12		)	(2		)	1			—		—
	$	1,234		$	233		$	147		$	297		$	(82	)	$	190	$	182
FIXED CHARGES
Interest expense	$	208		$	197		$	105		$	117		$	163		$	38	$	38
Interest portion of rental expense	25			28			25			26			25			7		7
Amortization of deferred debt expense	65			54			26			81			52			3		5
Capitalized interest	1			1			—			2			3			—		—
	$	299		$	280		$	156		$	226		$	243		$	48	$	50
RATIO OF EARNINGS TO FIXED CHARGES	4.13			(C)			(B)			1.31			(A)			3.96		3.64
(A) 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.
(B) 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.
(C) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x.  To achieve a ratio of 1x, additional total earnings of $47 million would have been required for the year ended September 30, 2012.