Ashland Inc. and Consolidated Subsidiaries							Page 2
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions - unaudited)
			March 31
			2004			2003
ASSETS
	Current assets
		Cash and cash equivalents	$	180		$	106
		Accounts receivable		1,141			1,035
		Inventories		475			484
		Deferred income taxes		114			85
		Assets of discontinued operations held for sale		-			201
		Other current assets		137			145
				2,047			2,056
	Investments and other assets
		Investment in Marathon Ashland Petroleum LLC (MAP)		2,349			2,315
		Goodwill		524			514
		Asbestos insurance receivable (noncurrent portion)		396			394
		Other noncurrent assets		390			342
				3,659			3,565
	Property, plant and equipment
		Cost		2,988			2,931
		Accumulated depreciation, depletion and amortization		(1,792)			(1,683)
				1,196			1,248
			$	6,902		$	6,869
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities
		Debt due within one year	$	206		$	243
		Trade and other payables		1,262			1,236
		Liabilities of discontinued operations held for sale		-			34
		Income taxes		17			15
				1,485			1,528
	Noncurrent liabilities
		Long-term debt (less current portion)		1,353			1,568
		Employee benefit obligations		402			480
		Deferred income taxes		221			170
		Reserves of captive insurance companies		192			186
		Asbestos litigation reserve (noncurrent portion)		565			530
		Other long-term liabilities and deferred credits		354			351
				3,087			3,285
	Common stockholders' equity			2,330			2,056
			$	6,902		$	6,869