
<PAGE>

                               ASHLAND INC.
            COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
                AND EARNINGS TO COMBINED FIXED CHARGES AND
                         PREFERRED STOCK DIVIDENDS
                               (In millions)

<TABLE>
<CAPTION>
                                                                                                              Three Months Ended
                                                               Years Ended September 30                           December 31
                                             ------------------------------------------------------------    ---------------------
                                               1990         1991        1992         1993         1994         1993        1994
                                             ---------    ---------   ---------    ---------    ---------    ---------   ---------
<S>                                          <C>          <C>         <C>          <C>          <C>          <C>         <C>
EARNINGS

Net income (loss)                            $    182     $    145    $   (336)    $    142     $    197     $     58    $     35
Cumulative effect of accounting changes             -            -         268            -            -            -           -
Income taxes                                       81           48         (90)          58           75           27          15
Interest expense                                  120          125         132          124          119           29          33
Interest portion of rental expense                 28           28          34           35           38            9           9
Amortization of deferred debt expense               1            1           1            2            1            -           -
Undistributed earnings of unconsolidated
  affiliates                                      (41)          (3)        (22)         (12)         (14)           8          (7)
Amounts related to significant affiliates*
  Earnings                                         57            6          30           (2)          27           (7)         10
  Dividends                                        (4)          (5)         (4)          (4)           -            -          (1)
                                             ---------    ---------   ---------    ---------    ---------    ---------   ---------
                                             $    424     $    345    $     13     $    343     $    443     $    124    $     94
                                             =========    =========   =========    =========    =========    =========   =========
FIXED CHARGES

Interest expense                             $    120     $    125    $    132     $    124     $    119     $     29    $     33
Interest portion of rental expense                 28           28          34           35           38            9           9
Amortization of deferred debt expense               1            1           1            2            1            -           -
Capitalized interest                                1            2           3            9            -            1           -
Fixed charges of significant affiliates*           18           20          17           16           18            4           5
                                             ---------    ---------   ---------    ---------    ---------    ---------   ---------
                                             $    168     $    176    $    187     $    186     $    176     $     43    $     47
                                             =========    =========   =========    =========    =========    =========   =========

COMBINED FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS

Preferred dividend requirements              $      -     $      -    $      -     $      6     $     19     $      5    $      5
Ratio of pretax to net income**                     -            -           -         1.41         1.38         1.45        1.43
                                             ---------    ---------   ---------    ---------    ---------    ---------   ---------
Preferred dividends on a pretax basis               -            -           -            9           26            7           6
Fixed charges                                     168          176         187          186          176           43          47
                                             ---------    ---------   ---------    ---------    ---------    ---------   ---------
                                             $    168     $    176    $    187     $    195     $    202     $     50    $     53
                                             =========    =========   =========    =========    =========    =========   =========

RATIO OF EARNINGS TO FIXED CHARGES               2.53         1.96         ***         1.84         2.51         2.90        2.01

RATIO OF EARNINGS TO COMBINED FIXED
CHARGES AND PREFERRED STOCK DIVIDENDS            2.53         1.96         ***         1.76         2.19         2.50        1.76

<FN>

*  Significant  affiliates  are  companies  accounted  for on the equity
   method that are 50% owned or whose  indebtedness has been directly or
   indirectly guaranteed by Ashland or its consolidated subsidiaries.

** Computed as income before income taxes divided by net income,  which
   adjusts dividends on preferred stock to a pretax basis.

*** Fixed charges  exceeded  earnings (as defined) by $174 million as a
    result of special  charges and the current year impact of  accounting
    changes.
</TABLE>

