EXHIBIT 12
ASHLAND INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)
Years ended September 30
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1999 2000 2001 2002 2003
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EARNINGS
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Income from continuing operations $ 283 $ 272 $ 390 $ 115 $ 94
Income taxes 188 179 266 68 44
Interest expense 141 189 160 133 121
Interest portion of rental expense 34 39 40 35 33
Amortization of deferred debt expense 1 2 2 2 2
Distributions in excess of (less than) earnings
of unconsolidated affiliates (11) (113) (91) 20 (98)
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$ 636 $ 568 $ 767 $ 373 $ 196
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FIXED CHARGES
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Interest expense $ 141 $ 189 $ 160 $ 133 $ 121
Interest portion of rental expense 34 39 40 35 33
Amortization of deferred debt expense 1 2 2 2 2
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$ 176 $ 230 $ 202 $ 170 $ 156
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RATIO OF EARNINGS TO FIXED CHARGES 3.61 2.47 3.80 2.19 1.26