Croda International Plc Results for 6 months to 30 June 2004

Summary 10% growth in continuing operations sales in constant currency 14% growth in Personal and Health Care sales in constant currency Oleochemical trading margins of 17.7% £8.6m reduction in net debt to £20.4m

Summary of continuing operations Sales Operating profit Interest(1.2)(1.7) Profit before tax £m

Statistics EPS normalised (p) DPS (p) Cash flow per share (p) Tax rate (%)

Sales by destination* £m%£m% United Kingdom Rest of Europe Americas Asia Rest of World _______________________________ _______________________________ * continuing operations only

Sales by market* Personal & Health Care Home Care & Plastics Additives Industrial Specialities Other _________ ______ _________ ______ __________ ______ _________ ______ * continuing operations only £m% £m %

Turnover change on prior year* % Volume Currency Mix/ Total price Oleo Other Total * continuing operations only

Oleo value/volume change* % ofValue Volume Sales % % 65Personal & Health Care Home Care and Plastics Additives Industrial Specialities ______ 100 ______ * continuing operations only

Exceptional Items Sale of Fire Fighting(3.8) Sale of surplus properties1.3 ______ (2.5) ______ Non-cash(3.6) Cash1.1 _______ ( 2.5) _______ £m

Oleochemicals trading margin* * continuing operations only

Cash flow £m Operating cash flow Interest(1.2)(1.7) Dividends(4.6)(4.5) Taxation(7.3)(7.0) _______ _______ Free cash flow Capex(8.9)(4.4) Own shares1.0(0.6) Disposals/Acquisitions/Closures 5.3(0.4) _______ _______ Net cash flow Other(0.1)1.3 _______ _______ Reduction in net debt _______ _______

Summary of trading Personal and Health Care driving growth Many new launches by customers in first half Positive price/mix effect Negative currency impact Very good growth in USA

Business development

New products Haloxyl Procapil Coltide

HALOXYL ™ Under eye circle reduction

What are dark circles? An accumulation of haemoglobin and its coloured degradation products in the dermis and epidermis including iron and bilirubin

How does Haloxyl work? Reinforcement and tone of the eye area Forms a complex with the iron to enable its elimination Stimulates the enzyme involved in the clearance of bilirubin

Clinical study: decrease of dark-circle colour 22 female volunteers with dark-circles (Average age 32.7 years) Twice daily application of a gel with 2% Haloxyl™ to the contour of one eye Application of a placebo on the other side 56 days Assessment of the under eye colour by image analysis Measurement of colour parameters by specific software ΔaΔbΔaΔb The natural colour of the skin is subtracted from the measured values

Significant decrease of dark-circle colour after a 2-month treatment with 2% HALOXYL™ Haloxyl TM 2%Placebo Haloxyl TM 2%

HALOXYL™ enables anti-pigment and restructuring treatment of the fragile connective tissues around the eyes. Its anti-inflammatory effect contributes to reducing the vasodilation and resulting capillary leakages. After 2 months, HALOXYL ™ provided a very significant decrease in the violet coloration of the infra-orbital rings.

PROCAPIL ™ ANTI-AGEING Cell dynamics promote hair anti-ageing and prevent hair loss

PROCAPIL ™ ANTI-AGEING Hair anti-ageing promoted by stimulation of the hair follicle cell metabolism: the synthesis of adhesion molecules, the keratinocyte multiplication Slowdown in hair loss by: increase of the proportion of anagen hair for 67% volunteers, reinforcement of the epithelium sheath and hair bulb.

anagen phasecatagen phasetelogen phase Normal hair ~ 4 years ~ 3 week ~ 4 months 85% 1% 14% Alopecic hair shorter longer 60-80% 20-40% Hair growth cycle

4 month in-vivo study 35 male volunteers with alopecia 18 volunteers applied 3% PROCAPIL ™ in a hair lotion 17 volunteers applied a placebo Videotrichogramme and morphological study Ratio A/T (phase A: anagen phase of growth, phase T: telogen phase of loss) Day 0: hair cutDay 2 :Telogen hairAnagen hair

Videotrichogramme Ratio A/T PROCAPIL ™ 3% Placebo T T 4 months With the PROCAPIL™ treatment, 67% volunteers present more numerous anagen hair. The A/T ratio varies significantly compared to T0 and the placebo up to 46%.

PROCAPIL ™ - T0 PROCAPIL ™ - T 4 months Morphological study of hair between T0 and T 4 months Bulb of a telogen hair Epithelium sheath of an anagen hair With the PROCAPIL™ treatment: The hair bulb cell layers are differentiated and thicker HAIR BULBS AND ANCHORING IS REINFORCED

Coltide “easy iron” Protein Silicone Copolymer Cross links to form polymeric film on surface of fabric Reduces surface friction to enable ‘easy iron’ Prevents thermal damage Protein structure aids moisture retention

Iron Test Device Cotton Fabric Measure force to pull iron across fabric Test procedure

Test results Coltide improves ease of ironing Wash only Wash and conditioner plus Coltide

Cost Base Raw materials higher Pensions and insurance flat Energy costs rising

Diverse customer base * continuing operations only % Sales

Outlook Strong growth in Personal Care Price increases holding Health Care continues to progress New products Innovation pays