Ashland Inc. and Consolidated Subsidiaries								Page 2
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions - preliminary and unaudited)
				June 30
				2006			2005
ASSETS
	Current assets
		Cash and cash equivalents		$	363		$	692
		Available-for-sale securities			621			-
		Accounts receivable proceeds from the MAP Transaction			-			913
		Accounts receivable			1,759			1,520
		Inventories			625			567
		Deferred income taxes			96			113
		Other current assets			153			125
					3,617			3,930
	Investments and other assets
		Goodwill and other intangibles			710			649
		Asbestos insurance receivable (noncurrent portion)			446			374
		Deferred income taxes			182			160
		Other noncurrent assets			464			428
					1,802			1,611
	Property, plant and equipment
		Cost			3,463			3,219
		Accumulated depreciation, depletion and amortization			(1,949)			(1,839)
					1,514			1,380
				$	6,933		$	6,921
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Current liabilities
		Debt due within one year		$	18		$	78
		Trade and other payables			1,420			1,358
		Income taxes			48			71
					1,486			1,507
	Noncurrent liabilities
		Long-term debt (less current portion)			70			90
		Employee benefit obligations			417			444
		Reserves of captive insurance companies			182			190
		Asbestos litigation reserve (noncurrent portion)			592			534
		Other long-term liabilities and deferred credits			385			409
					1,646			1,667
	Stockholders’ equity				3,801			3,747
				$	6,933		$	6,921