Ashland Inc. and Consolidated Subsidiaries								Page 2
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions - unaudited)
				June 30
				2005			2004
ASSETS
	Current assets
		Cash and cash equivalents		$	692		$	183
		Accounts receivable proceeds from the MAP Transaction			913			-
		Accounts receivable			1,520			1,217
		Inventories			567			510
		Deferred income taxes			113			115
		Other current assets			125			204
					3,930			2,229
	Investments and other assets
		Investment in MAP			-			2,568
		Goodwill			576			513
		Asbestos insurance receivable (noncurrent portion)			374			400
		Deferred income taxes			160			-
		Other noncurrent assets			501			339
					1,611			3,820
	Property, plant and equipment
		Cost			3,219			3,043
		Accumulated depreciation, depletion and amortization			(1,839)			(1,825)
					1,380			1,218
				$	6,921		$	7,267
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities
		Debt due within one year		$	78		$	204
		Trade and other payables			1,358			1,384
		Income taxes			71			15
					1,507			1,603
	Noncurrent liabilities
		Long-term debt (less current portion)			90			1,338
		Employee benefit obligations			444			394
		Deferred income taxes			-			313
		Reserves of captive insurance companies			190			196
		Asbestos litigation reserve (noncurrent portion)			534			565
		Other long-term liabilities and deferred credits			409			358
					1,667			3,164
	Common stockholders' equity				3,747			2,500
				$	6,921		$	7,267