Ashland Inc. and Consolidated Subsidiaries							Page 2
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions - unaudited)
			December 31
			2004			2003
ASSETS
	Current assets
		Cash and cash equivalents	$	146		$	201
		Accounts receivable		1,212			1,045
		Inventories		538			483
		Deferred income taxes		95			110
		Other current assets		106			103
				2,097			1,942
	Investments and other assets
		Investment in Marathon Ashland Petroleum LLC (MAP)		2,862			2,335
		Goodwill		567			527
		Asbestos insurance receivable (noncurrent portion)		396			403
		Other noncurrent assets		370			296
				4,195			3,561
	Property, plant and equipment
		Cost		3,166			3,087
		Accumulated depreciation, depletion and amortization		(1,889)			(1,809)
				1,277			1,278
			$	7,569		$	6,781
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities
		Debt due within one year	$	575		$	145
		Trade and other payables		1,197			1,123
		Income taxes		69			56
				1,841			1,324
	Noncurrent liabilities
		Long-term debt (less current portion)		1,087			1,429
		Employee benefit obligations		438			399
		Deferred income taxes		253			221
		Reserves of captive insurance companies		177			173
		Asbestos litigation reserve (noncurrent portion)		553			562
		Other long-term liabilities and deferred credits		368			355
				2,876			3,139
	Common stockholders' equity			2,852			2,318
			$	7,569		$	6,781