Ashland Inc. and Consolidated Subsidiaries							Page 2
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions - preliminary and unaudited)
			December 31
			2005			2004
ASSETS
	Current assets
		Cash and cash equivalents	$	601		$	146
		Available-for-sale securities		479			-
		Accounts receivable		1,514			1,212
		Inventories		584			538
		Deferred income taxes		78			95
		Other current assets		132			106
				3,388			2,097
	Investments and other assets
		Investment in Marathon Ashland Petroleum LLC (MAP)		-			2,856
		Goodwill and other intangibles		645			624
		Asbestos insurance receivable (noncurrent portion)		363			396
		Deferred income taxes		164			-
		Other noncurrent assets		499			313
				1,671			4,189
	Property, plant and equipment
		Cost		3,310			3,166
		Accumulated depreciation, depletion and amortization		(1,887)			(1,889)
				1,423			1,277
			$	6,482		$	7,563
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities
		Debt due within one year	$	12		$	575
		Trade and other payables		1,228			1,197
		Income taxes		2			69
				1,242			1,841
	Noncurrent liabilities
		Long-term debt (less current portion)		77			1,087
		Employee benefit obligations		394			438
		Deferred income taxes		-			248
		Reserves of captive insurance companies		183			177
		Asbestos litigation reserve (noncurrent portion)		512			553
		Other long-term liabilities and deferred credits		388			375
				1,554			2,878
	Stockholders’ equity			3,686			2,844
			$	6,482		$	7,563