Croda International Plc Results for 6 months to 30 June 2006

Basis of preparation of presentation ● IFRS ● Continuing operations Baxenden discontinued Application Chemicals sold to Shell

Summary ● 6.5% growth in Group sales Consumer Care sales up 8.2% ● 11.2% rise in pre-tax profits ● 17.6% rise in earnings per share ● 4.65p interim dividend, up 6.9% ● £32.4m returned to shareholders £21.5m treasury stock buyback £10.9m final dividend paid ● Acquisition of Uniqema announced

Turnover by segment £m inc Consumer Care % Industrial Specialities % Total %   Consumer Care sales up 8.2% with Personal Care sales particularly strong   Industrial Specialities saw a more modest uplift   Both segments boosted by FX and depressed by reduction in bulk business and toll processing

Turnover by destination   Sales up in all regions   Europe has higher proportion of Industrial Specialities and bore the brunt of the reduction in bulk sales £m inc Europe % Americas % Asia % Rest of World % Total %

Turnover change on prior year Volume-2.9% Currency+2.5% Mix/price+6.9% Total+6.5%   Currency benefit of 2.5% (principally US$ exchange)   Continuing movement in volume versus mix/price, swapping lower margin volumes (especially toll processing and oil trading at Seatons) for growth in higher margin/value added products Trading/toll processing -28%, other +3.5%

Operating profit   Profit uplift and margins maintained despite continued rise in input costs and tough comparatives   Cost of Enterprise Technologies start up   Strong growth continues in Consumer Care   Progress in Industrial Specialities £m inc Consumer Care % Industrial Specialities % Total % ROS16.9%16.8%

Pre-tax profit   Interest line benefits from IAS19 deficit funding   Pre-tax profit up 11.2% up despite interest cost of buyback £m inc Operating profit % Interest0.1(0.8) Pre tax profit %

Share buy back   Bought back £21.5m shares in Q1   Total buyback £52.4m since start of programme in 2004 £m No. H1 to June m Year to December m Year to December m Total m

Earnings per share   When added to pre-tax profit uplift, share buyback and slightly lower tax charge boost earnings per share increase to 17.6% inc Pre tax profit (£m) % Tax Rate35.5%35.9% Average shares in issue (No. m) EPS14.7p12.5p+ 17.6%

Interim dividend   Interim dividend increased by 6.9% in line with recent dividend trend   Dividend cover steadily improving inc EPS14.7p12.5p % Interim Dividend4.65p4.35p+6.9%

Operating cash flow £m Operating profit Depreciation Working capital movement(7.9)(3.9) Other-(1.0) Discontinued operations Operating Cash Flow

Free cash flow £m Operating cash flow Net interest paid(1.3)(1.0) Tax paid(10.1)(9.1) Free cash flow

Net cash flow   Capex still lower than depreciation   Sold Application Chemicals   Last year’s interim dividend paid H1, final dividend this year £m Free cash flow Capex(6.0)(4.1) Business/asset sales Provisions -(5.0) Share buyback/issue(18.8)(8.9) Dividends paid(11.6)(5.4) Currency/other1.0(1.1) Total(14.9)(5.6)

Balance sheet   Borrowings increase by only £15m this year despite returning £32m to shareholders £m June June December Operating assets Net debt (39.1)(20.8)(24.2) Net assets

IAS19 pension deficit   Significant reduction in IAS19 deficit despite static equity market as corporate bond rates rise £m June December Market value of assets Value of liabilities(438.5)(463.2) Gross deficit(82.3)(107.1) Funding level81%77% Deficit net of deferred tax(57.8)(75.0)

Summary ● 6.5% growth in Group sales Consumer Care sales up 8.2% ● 11.2% rise in pre-tax profits ● 17.6% rise in earnings per share ● 4.65p interim dividend, up 6.9% ● £32.4m returned to shareholders £21.5m treasury stock buyback £10.9m final dividend paid ● Acquisition of Uniqema announced

Business Development ● Uniqema Acquisition ● Outlook

Timetable Circular-Early August Prospectus-End of August EGM-End of August Completion-Early September

Why? ●One of our top targets since 1999 ●Very strong brand franchise in markets we understand ●Products and technologies we understand ●Global leverage with a consolidating customer base ●Good geographic fit ●Strong synergies

Size £m Croda Uniqema New Croda Sales EBITDA Employees 1,600 2,500 4,100 Factories (Proforma 05)

Integration ●Transition process well advanced – on target for completion date ●Initial integration plan in place ●Assessment starts 1 September 2006 ●New Croda begins 1 January 2007

Synergies ●Routes to market ●Products – to “better” markets ●Technologies – market focus ●Operations – range rationalisation ●Facilities – plan developed ●Supply chain/raw materials ●Global sales operations ●£20m fully delivered through 2008

Financial Impact ●EPS neutral 2007 ●EPS significantly enhanced 2008 ●ROIC in excess of WACC from 2008 onwards ●Cash generation and debt reduction

Summary ●A new platform for growth ●A successful track record in this type of transformation ●Clear industrial logic ●Compelling financial case ●Great opportunity to create shareholder value

Outlook ●Good demand ●Raw material and energy costs manageable ●Excellent new product pipeline ●“Old” Croda remains strong and focused ●“New” Croda will be strong and focused