Ashland Inc. and Consolidated Subsidiaries								Page 2
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions - preliminary and unaudited)
				March 31
				2006			2005
ASSETS
	Current assets
		Cash and cash equivalents		$	476		$	74
		Available-for-sale securities			621			-
		Accounts receivable			1,566			1,310
		Inventories			595			546
		Deferred income taxes			88			95
		Refundable income taxes			50			125
		Other current assets			73			83
					3,469			2,233
	Investments and other assets
		Investment in Marathon Ashland Petroleum LLC (MAP)			-			2,926
		Goodwill and other intangibles			641			622
		Asbestos insurance receivable (noncurrent portion)			345			381
		Deferred income taxes			169			-
		Other noncurrent assets			491			351
					1,646			4,280
	Property, plant and equipment
		Cost			3,349			3,196
		Accumulated depreciation, depletion and amortization			(1,912)			(1,894)
					1,437			1,302
				$	6,552		$	7,815
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities
		Debt due within one year		$	12		$	726
		Trade and other payables			1,294			1,254
		Income taxes			6			30
					1,312			2,010
	Noncurrent liabilities
		Long-term debt (less current portion)			77			1,086
		Employee benefit obligations			404			436
		Deferred income taxes			-			264
		Reserves of captive insurance companies			179			201
		Asbestos litigation reserve (noncurrent portion)			500			545
		Other long-term liabilities and deferred credits			386			374
					1,546			2,906
	Stockholders’ equity				3,694			2,899
				$	6,552		$	7,815