Filed by Ashland Inc.  pursuant to Rules 165 and 425 promulgated  under the
     Securities  Act of 1933,  as  amended,  and deemed  filed  pursuant to Rule
       14a-12 promulgated under the Securities Exchange Act of 1934, as amended.

                                                   Subject Company: Ashland Inc.
                                                  Commission File No.: 001-02918

       (Excerpt from press release of Ashland Inc.'s October 25, 2004
   press release announcing its fourth quarter and fiscal 2004 earnings)


                                      ***


     ...Fiscal year operating income from refining and marketing  increased
46 percent to $383 million. Cash distributions from MAP have been suspended
pending the  transfer  of the  company's  interest in the joint  venture to
Marathon Oil Corporation. If the proposed transaction closes, Ashland would
receive  proceeds  equal to 38 percent of MAP's  distributable  cash at the
time of closing.  If the transaction does not close,  Ashland would receive
its share of these  funds as part of its  normal  distributions.  Ashland's
share on September 30 was $203 million.
     The  company  continues  to  work  on  the  previously  disclosed  MAP
transaction,  through which Ashland would transfer its 38-percent  interest
in MAP to Marathon Oil. The  transaction  is subject to several  previously
disclosed conditions, including approval by Ashland's shareholders, consent
from public debt holders and receipt of a favorable  private  letter ruling
from the Internal Revenue Service (IRS) with respect to the tax treatment.
     Ashland has filed registration statements and proxy materials with the
Securities and Exchange Commission (SEC) and is responding to comments. In
addition,  Ashland  submitted  a request  to the IRS for a  private  letter
ruling on the  tax-free  status of the  proposed  transaction.  The company
continues  to discuss the complex  tax issues  related to this  transaction
with the IRS.  Ashland  has not  resolved  all  issues  with the IRS and is
exploring alternatives for the resolution of these issues.
     While there is still meaningful risk,  Ashland continues to believe it
is more likely than not that the  transaction  will close.  With respect to
the timing of closing,  it is possible that the  transaction  will close by
calendar year-end, but it is more likely that the transaction will close in
the first calendar quarter of 2005.

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking  statements,  within the meaning
of  Section  27A of the  Securities  Act of  1933  and  Section  21E of the
Securities  Exchange Act of 1934. These statements include those that refer
to Ashland's operating performance, earnings and expectations about the MAP
transaction.  Although  Ashland  believes  its  expectations  are  based on
reasonable assumptions,  it cannot assure the expectations reflected herein
will be achieved. These forward-looking  statements are based upon internal
forecasts and analyses of current and future market  conditions and trends,
management  plans  and  strategies,  weather,  operating  efficiencies  and
economic  conditions,  such  as  prices,  supply  and  demand,  cost of raw
materials,  and legal proceedings and claims  (including  environmental and
asbestos matters) and are subject to a number of risks, uncertainties,  and
assumptions that could cause actual results to differ materially from those
we describe in the forward-looking  statements.  The risks,  uncertainties,
and  assumptions  include the  possibility  that  Ashland will be unable to
fully  realize  the  benefits  anticipated  from the MAP  transaction;  the
possibility  of failing to receive a  favorable  ruling  from the  Internal
Revenue Service;  the possibility that Ashland fails to obtain the approval
of its shareholders;  the possibility that the transaction may not close or
that  Ashland may be required to modify some aspect of the  transaction  to
obtain regulatory  approvals;  and other risks that are described from time
to time in the Securities and Exchange Commission (SEC) reports of Ashland.
Other factors and risks  affecting  Ashland are contained in Ashland's Form
10-K for the fiscal year ended Sept.  30, 2003, as amended,  filed with the
SEC  and   available   on   Ashland's   Investor   Relations   website   at
www.ashland.com/investors  or the SEC's  website  at  www.sec.gov.  Ashland
undertakes   no   obligation   to   subsequently   update  or  revise   the
forward-looking  statements  made in this news release to reflect events or
circumstances after the date of this news release.

ADDITIONAL INFORMATION ABOUT THE MAP TRANSACTION
In connection  with the proposed  transaction,  Ashland filed a preliminary
proxy  statement  on Schedule  14A with the SEC on June 21,  2004.  Ashland
filed an amended,  preliminary proxy statement on Schedule 14A with the SEC
on August 31, 2004. ATB Holdings Inc. and New EXM Inc. filed a registration
statement on Form S-4, which includes a further amended  preliminary  proxy
statement/prospectus,  with the SEC on  October  12,  2004.  Investors  and
security  holders are urged to read these  documents and any other relevant
documents  filed  or  that  will be  filed  with  the  SEC,  including  the
definitive proxy statement/prospectus regarding the proposed transaction as
they become  available,  because they contain,  or will contain,  important
information.  The definitive proxy  statement/prospectus will be filed with
the SEC by ATB  Holdings  Inc. and New EXM Inc.,  and security  holders may
obtain a free copy of the  definitive  proxy  statement/prospectus  when it
becomes  available,  and other documents filed with the SEC,  including the
preliminary  proxy  statement  at the SEC's  website  at  www.sec.gov.  The
definitive proxy  statement/prospectus,  and other documents filed with the
SEC by  Ashland,  ATB  Holdings  Inc.  and  New  EXM  Inc.,  including  the
preliminary  proxy  statement,  may  also be  obtained  for free in the SEC
filings   section   on   Ashland's    Investor    Relations    website   at
www.ashland.com/investors,  or by  directing  a request to Ashland at 50 E.
RiverCenter  Blvd.,  Covington,  KY 41012.  The  respective  directors  and
executive  officers  of  Ashland  and  other  persons  may be  deemed to be
participants  in  solicitation  of  proxies  in  respect  of  the  proposed
transaction.   Information  regarding  Ashland's  directors  and  executive
officers is available in its proxy  statement filed with the SEC by Ashland
on  December  8, 2003.  Investors  may  obtain  information  regarding  the
interests of participants in the solicitation of proxies in connection with
the  transaction  referenced  in the foregoing  information  by reading the
definitive proxy statement/prospectus when it becomes available.