EXHIBIT 12
ASHLAND INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions)
	Years ended September 30
	2010			2011			2012			2013				2014
EARNINGS
Income from continuing operations	$	7		$	3		$	14		$	553			$	72
Income tax expense (benefit)	(41		)	(70		)	(57		)	196				(188		)
Interest expense	117			105			197			208				149
Interest portion of rental expense	26			25			28			25				29
Amortization of deferred debt expense	81			26			54			65				14
Distributions less than earnings
of unconsolidated affiliates	(1		)	(12		)	(32		)	(15		)		(11		)
	$	189		$	77		$	204		$	1,032			$	65
FIXED CHARGES
Interest expense	$	117		$	105		$	197		$	208			$	149
Interest portion of rental expense	26			25			28			25				29
Amortization of deferred debt expense	81			26			54			65				14
Capitalized interest	2			—			1			1				1
	$	226		$	156		$	280		$	299			$	193
RATIO OF EARNINGS TO FIXED CHARGES	(A)			(B)			(C)			3.45				(D)
(A) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $37 million would have been required for the year ended September 30, 2010.
(B) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $79 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 $76 million would have been required for the year ended September 30, 2012.
(D) Deficiency Ratio - The Ratio of Earnings to Fixed Charges was less than 1x. To achieve a ratio of 1x, additional total earnings of $128 million would have been required for the year ended September 30, 2014.