Ashland 10-Q 2009 Q2 Quarterly report

																	EXHIBIT 12
ASHLAND INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)
																	Six months ended
	Years ended September 30																March 31
		2008			2007			2006			2005			2004			2009			2008
EARNINGS
Income (loss) from continuing operations		$	175		$	201		$	183		$	1,958		$	311		$	(71	)	$	110
Income tax expense (benefit)			86			58			29			(230	)		100			8			31
Interest expense			9			9			8			87			112			74			4
Interest portion of rental expense			21			20			18			20			20			11			11
Amortization of deferred debt expense			-			1			-			3			2			16			-
Distributions less than earnings
of unconsolidated affiliates			(10	)		(5	)		(6	)		(246	)		(260	)		(3	)		(6	)
		$	281		$	284		$	232		$	1,592		$	285		$	35		$	150
FIXED CHARGES
Interest expense		$	9		$	9		$	8		$	87		$	112		$	74		$	4
Interest portion of rental expense			21			20			18			20			20			11			11
Amortization of deferred debt expense			-			1			-			3			2			16			-
Capitalized interest			-			2			3			1			-			2			-
		$	30		$	32		$	29		$	111		$	134		$	103		$	15
RATIO OF EARNINGS TO FIXED CHARGES			9.37			8.88			8.00			14.34			2.13		(A)				10.00

(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 $68 million would have been required for the six months ended December 31, 2008.