Croda International Plc Results for 6 months to 30 June 2001

Summary Restructuring now complete Strong cash generation of £31m Challenging macroeconomic conditions Strong new product pipeline Confident in medium term prospects

Summary of continuing operations Sales Operating profit Interest(3.1)(4.3) Profit before tax EBITDA £m £m

Statistics EPS normalised (p) DPS (p) Interest cover (x) Tax rate (%)

Exceptional items £m Profit on sale of businesses5.7 Goodwill written back (4.3) Profit on site disposal3.1 _________ Net profit on disposals4.5 __________

Turnover change on prior year* Volume Currency Mix/ Total price -0.5% +2.5% +1.5% +3.5% * continuing operations only

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

Summary of trading Strong growth in the Far East Americas steady UK and Europe slower Vegetable raw material prices stable Energy costs/climate change levy

Oleochemicals trends* SalesTrading profit *continuing operations only

Cash flow £m Operating cash flow Interest(3.1)(4.3) Dividends(4.0)(4.0) Taxation(2.5)(6.8) __________ _______ Free cash flow Net Capex(9.7)(11.4) Own shares(1.5)(1.8) Disposals/Acquisitions 25.2(2.8) __________ ________ Net cash flow30.8(11.3) __________ ________

Working capital Stock reduction/rationalisation in process Increased focus on the issue Improved terms with customers and suppliers

ERP initial benefits Better management information Improved stock/order visibility Reduction in local stockholding Implementation costs

Strategic & operational progress

Health Care progress Provensis project update Natural asthma treatment to be launched 2002 Crohn’s disease - product launch Plant based anticholesteremic

New products Venuceane from Sederma Sustainable plant products from the Amazon Developments in non-mammalian gelatin

Venuceane A multi-enzyme developed from micro-organisms Derived from hydrothermal vents 2000m below sea level Neutralises toxic oxidants which damage the skin Thermally stable 0-75 degrees C Effectiveness of the active increases with temperature For use in day care, sun care and make up

Crodamazon Seeds & nuts collected by locals, not farmed Initial processing in zone of collection Sustainable natural ingredients Source of both active & functional ingredients for skin and hair care

Gelatin Move away from mammalian products Fish gelatin acceptance rising rapidly Vegetable gelatins in advanced stage of development High levels of product development

Outlook Europe uncertain Strong growth in Far East Singapore operating profits rising Continued efforts on working capital Strong new product pipeline