Ashland Inc. and Consolidated Subsidiaries							Page 2
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions - unaudited)
			June 30
			2004			2003
ASSETS
	Current assets
		Cash and cash equivalents	$	183		$	112
		Accounts receivable		1,217			1,045
		Inventories		510			512
		Deferred income taxes		115			98
		Assets of discontinued operations held for sale		-			198
		Other current assets		204			186
				2,229			2,151
	Investments and other assets
		Investment in Marathon Ashland Petroleum LLC (MAP)		2,568			2,401
		Goodwill		513			519
		Asbestos insurance receivable (noncurrent portion)		400			398
		Other noncurrent assets		393			345
				3,874			3,663
	Property, plant and equipment
		Cost		2,955			2,949
		Accumulated depreciation, depletion and amortization		(1,791)			(1,725)
				1,164			1,224
			$	7,267		$	7,038
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities
		Debt due within one year	$	204		$	296
		Trade and other payables		1,384			1,235
		Liabilities of discontinued operations held for sale		-			28
		Income taxes		15			16
				1,603			1,575
	Noncurrent liabilities
		Long-term debt (less current portion)		1,338			1,564
		Employee benefit obligations		394			493
		Deferred income taxes		313			201
		Reserves of captive insurance companies		196			184
		Asbestos litigation reserve (noncurrent portion)		565			535
		Other long-term liabilities and deferred credits		358			346
				3,164			3,323
	Common stockholders' equity			2,500			2,140
			$	7,267		$	7,038