Ashland Inc. and Consolidated Subsidiaries								Page 2
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions - preliminary and unaudited)
				September 30
				2005			2004
ASSETS
	Current assets
		Cash and cash equivalents		$	987		$	243
		Available-for-sale securities			403			-
		Accounts receivable			1,603			1,290
		Inventories			527			458
		Deferred income taxes			127			103
		Other current assets			148			208
					3,795			2,302
	Investments and other assets
		Investment in Marathon Ashland Petroleum LLC (MAP)			-			2,713
		Goodwill			577			513
		Asbestos insurance receivable (noncurrent portion)			370			399
		Deferred income taxes			154			-
		Other noncurrent assets			480			319
					1,581			3,944
	Property, plant and equipment
		Cost			3,274			3,104
		Accumulated depreciation, depletion and amortization			(1,852)			(1,848)
					1,422			1,256
				$	6,798		$	7,502
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities
		Debt due within one year		$	12		$	439
		Trade and other payables			1,523			1,362
		Income taxes			9			14
					1,544			1,815
	Noncurrent liabilities
		Long-term debt (less current portion)			82			1,109
		Employee benefit obligations			358			428
		Deferred income taxes			-			367
		Reserves of captive insurance companies			182			179
		Asbestos litigation reserve (noncurrent portion)			521			568
		Other long-term liabilities and deferred credits			390			330
					1,533			2,981
	Stockholders' equity				3,721			2,706
				$	6,798		$	7,502