Croda International Plc Analysts’ Presentation 31 October 2001

Agenda Trading update Business overview Health Care presentation

Nine months trading update * Sales up 2% Pre-tax profits down 8% Small business disposal Uncertain economic outlook * Continuing operations

Business refocusing  Disposal of six non-core and under-performing divisions in last five years for proceeds of over £100m  Acquisition and successful integration of very complementary businesses - Sederma (August 1997), the world’s leading developer of skin care actives - Westbrook (August 1998), the world’s leading producer of medical lanolin  Continual development of Personal and Health Care ingredients to enhance margins and profits  Capital investment to support organic growth

Product focus  Focus on low volume high value added products - active ingredients - speciality surfactants - speciality esters - speciality alkoxylates - lanolin derivatives - speciality lipids - fatty acid amides

Process focus  Croda is a purchaser of primary oleochemicals which are commodity products  We only produce a limited range of primary oleochemicals for in house consumption where there is no open market or for security/traceability of supply  Our capital is invested in the conversion of primary oleochemicals into high value derivatives

Oleochemicals production Phase 1 - Production of primary oleochemicals Vegetable Oils Fatty acids and Fatty alcohols FatsGlycerine Phase 2 - Production of specialities Alkoxylates Surfactants Primary oleochemicals Esters Amides Lipids

Key market trend Personal Care and Health Care markets are growing strongly and increasingly focused on recognisable, natural and proven products

Market focus Personal Care Health Care Home Care Plastics Additives Industrial Specialities

Features of these markets  Growth rate more than double world GDP  Demand for increasing product sophistication and creativity  Demand for natural solutions  Globalisation of customers requiring global support  High barriers to entry - application expertise - proof of efficacy - capital investment

Corporate overview  Leading producer of natural ingredients for high growth markets  EBITDA margins of 18%  Reputation for innovation, quality products and excellent customer service  Global reach with operations in over 25 countries  Technical and manufacturing centres in each major region of the world  A customer focused, service-driven culture  Unrivalled industry/market knowledge and experience

Geographical sales analysis Turnover by Origin Turnover by destination 2000

Americas Europe and Africa Asia Pacific UK Sweden Paris, France Lyon, France Chanac, France Germany Czech Republic Poland Hungary Italy Spain South Africa Zimbabwe Korea Shanghai, China Hong Kong, China Japan Singapore Mascot, Australia Sydney, Australia Canada Mill Hall, USA Parsippany, USA Chicago, USA Fullerton, USA Houston, USA Miami, USA Mexico Manaus, Brazil Sao Paulo, Brazil Argentina

Segmental analysis of sales * *8 months to 31 August

Sales by market 2001* 1998 *8 months to 31 August

Group EBITDA margin trend

Diverse customer base Top 10 customers represent only 14% of sales Total customer base of thousands Most customers purchase many different ingredients Our ingredients often go into several different end products

Significant customers include Alberto Culver Avon Bristol-Myers Squibb Clarins Estée Lauder Kimberly-Clark L’Oreal Procter & Gamble Revlon Unilever

Strategy for growth  Use core competencies to ensure leading position in chosen growth markets  Continue to develop intellectual property to be partner of choice for Personal Care and Health Care companies  Ongoing capital investment to support growth in high added value processes  Acquisitions of complementary businesses  Maintain reputation for innovation  Focus on customer service

Health care presentation