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.

                                               SubjectCompany: Ashland Inc.
                                             Commission File No.: 001-02918

        (Excerpt from press release of Ashland Inc.'s April 25, 2005
           press release announcing its second quarter earnings)

         On March 19, 2004,  Ashland  announced the signing of an agreement
under which it would transfer its 38-percent  interest in Marathon  Ashland
Petroleum LLC and two  wholly-owned  businesses to Marathon Oil Corporation
in a  transaction  structured  to be  generally  tax  free  and  valued  at
approximately $3 billion. The two businesses are Ashland's maleic anhydride
business and 61 Valvoline  Instant Oil Change  centers.  The transaction is
subject to several previously disclosed conditions,  including receipt of a
private letter ruling from the IRS with respect to the tax treatment of the
transaction. The IRS has indicated that it will not provide all the rulings
requested by Ashland and Marathon,  and discussions are continuing with the
IRS on modifications to the proposed transaction. In addition, as disclosed
on  April  13,  2005,   Ashland  and  Marathon  are   discussing   possible
alternatives  with  respect to the  proposed  transaction.  There can be no
assurance that an agreement on an alternative transaction will be reached.
         Cash  distributions  from  MAP have  been  suspended  pending  the
transfer of the company's interest in the joint venture to Marathon. 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 March 31, 2005, was
$560 million.

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 the transaction may not close including as a
result of failure to receive a favorable  ruling from the Internal  Revenue
Service or failure of Ashland to obtain the  approval of its  shareholders;
the  possibility  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,  as amended,  for the fiscal year ended Sept.  30,
2004,  filed with the SEC and  available  on Ashland's  Investor  Relations
website at  or the SEC's website at
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.

In connection  with the proposed  transaction,  Ashland filed a preliminary
proxy  statement  on  Schedule  14A with  the SEC on June  21,  2004 and an
amended preliminary proxy statement on Schedule 14A 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 those 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 Ashland,  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 by
Ashland,  including the preliminary proxy statement at the SEC's website at The definitive proxy statement/prospectus, and other documents
filed with the SEC by Ashland,  including the preliminary  proxy statement,
may also be  obtained  for free in the SEC  filings  section  on  Ashland's
Investor Relations website at,  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 14, 2004. 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.