Ashland Inc. and Consolidated Subsidiaries								Page 2
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions - unaudited)
				March 31
				2005			2004
ASSETS
	Current assets
		Cash and cash equivalents		$	74		$	180
		Accounts receivable			1,310			1,141
		Inventories			546			475
		Deferred income taxes			95			114
		Refundable income taxes			125			6
		Other current assets			83			131
					2,233			2,047
	Investments and other assets
		Investment in Marathon Ashland Petroleum LLC (MAP)			2,926			2,349
		Goodwill			560			524
		Asbestos insurance receivable (noncurrent portion)			381			396
		Other noncurrent assets			413			333
					4,280			3,602
	Property, plant and equipment
		Cost			3,196			3,076
		Accumulated depreciation, depletion and amortization			(1,894)			(1,823)
					1,302			1,253
				$	7,815		$	6,902
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities
		Debt due within one year
			Revolving credit facility	$	228		$	-
			Commercial paper		73			17
			Short-term borrowing from MAP		177			-
			Current portion of long-term debt		248			189
		Trade and other payables			1,254			1,262
		Income taxes			30			17
					2,010			1,485
	Noncurrent liabilities
		Long-term debt (less current portion)			1,086			1,353
		Employee benefit obligations			436			402
		Deferred income taxes			264			221
		Reserves of captive insurance companies			201			192
		Asbestos litigation reserve (noncurrent portion)			545			565
		Other long-term liabilities and deferred credits			374			354
					2,906			3,087
	Common stockholders' equity				2,899			2,330
				$	7,815		$	6,902