Ashland Inc. and Consolidated Subsidiaries							Page 2
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions - unaudited)
			September 30
			2003			2002
ASSETS
	Current assets
		Cash and cash equivalents	$	223		$	90
		Accounts receivable		1,135			1,056
		Inventories		441			456
		Deferred income taxes		142			119
		Current assets of discontinued operations held for sale		-			211
		Other current assets		144			139
				2,085			2,071
	Investments and other assets
		Investment in Marathon Ashland Petroleum LLC (MAP)		2,448			2,350
		Goodwill		523			510
		Asbestos insurance receivable (noncurrent portion)		399			171
		Other noncurrent assets		340			329
				3,710			3,360
	Property, plant and equipment
		Cost		2,959			2,920
		Accumulated depreciation, depletion and amortization		(1,748)			(1,629)
				1,211			1,291
			$	7,006		$	6,722
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities
		Debt due within one year	$	102		$	201
		Trade and other payables		1,371			1,256
		Current liabilities of discontinued operations held for sale		-			39
		Income taxes		11			24
				1,484			1,520
	Noncurrent liabilities
		Long-term debt (less current portion)		1,512			1,606
		Employee benefit obligations		385			509
		Deferred income taxes		291			246
		Reserves of captive insurance companies		168			166
		Asbestos litigation reserve (noncurrent portion)		560			152
		Other long-term liabilities and deferred credits		353			350
				3,269			3,029
	Common stockholders' equity			2,253			2,173
			$	7,006		$	6,722