Ashland Inc. and Consolidated Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions - unaudited)
			June 30
			2003			2002
ASSETS
	Current assets
		Cash and cash equivalents	$	112		$	101
		Accounts receivable		1,045			1,053
		Inventories		512			469
		Deferred income taxes		98			130
		Current assets of discontinued operations held for sale		198			60
		Other current assets		186			128
				2,151			1,941
	Investments and other assets
		Investment in Marathon Ashland Petroleum LLC (MAP)		2,401			2,406
		Goodwill		519			507
		Asbestos insurance receivable (noncurrent portion)		398			168
		Noncurrent assets of discontinued operations held for sale		-			146
		Other noncurrent assets		345			380
				3,663			3,607
	Property, plant and equipment
		Cost		2,949			2,912
		Accumulated depreciation, depletion and amortization		(1,725)			(1,603)
				1,224			1,309
			$	7,038		$	6,857
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities
		Debt due within one year	$	296		$	302
		Trade and other payables		1,235			1,225
		Current liabilities of discontinued operations held for sale		28			23
		Income taxes		16			53
				1,575			1,603
	Noncurrent liabilities
		Long-term debt (less current portion)		1,564			1,600
		Employee benefit obligations		493			400
		Deferred income taxes		201			271
		Reserves of captive insurance companies		184			182
		Asbestos litigation reserve (noncurrent portion)		535			148
		Noncurrent liabilities of discontinued operations held for sale		-			13
		Other long-term liabilities and deferred credits		346			378
				3,323			2,992
	Common stockholders' equity			2,140			2,262
			$	7,038		$	6,857