Croda International Plc Results for 6 months to 30 June 2002

Summary Recovery in core business Further business and site rationalisation Improved working capital management New product pipeline remains strong

Summary of continuing operations* Sales Operating profit Interest(2.3)(3.1) Profit before tax EBITDA * pre-exceptionals £m £m

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

Impact of FRS 19 Reduction in net assets£10m Effect on gearing+ 2% Increase in pre exceptional tax charge£0.6m Effect on tax rate+ 3%

Exceptional items £m Cash cost of site closures3.9 Asset write down 9.8 Goodwill written back5.2 _________ Total charge18.9 __________

Turnover change on prior year* Volume Currency Mix/ Total price Group- 3.0%- 1.0%+ 6.5%+ 2.5% * continuing operations only

Volume change on prior year* Oleochemicals Other Total + 3.5%- 14.5%- 3.0% * continuing operations only

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 %

Oleochemicals trading margin* * continuing operations only

Summary of trading Personal and Health Care driving growth Strong growth in the Americas and Far East UK and Mainland Europe slightly lower Raw material prices remain stable

Cash flow £m Operating cash flow Interest(2.3)(3.1) Dividends(4.2)(4.0) Taxation(6.9)(2.5) _______ _______ Free cash flow Net Capex(8.4)(9.7) Own shares(0.3)(1.5) Disposals/Acquisitions/Closures _______ _______ Net cash flow(1.2)30.8 Other1.5(2.3) _______ _______ Reduction in net debt _______ _______

Working capital Stock reduction/rationalisation in process Increased focus on working capital Sales recovery has increased debtors Improvements in working capital incorporated into employee incentive schemes

Strategic & operational progress

Business/site closures Textile Auxiliaries Varnish Media Solvent Recovery Westbrook Site Market Harborough

New Personal Care products Keravis Eyeliss Ryzasol

Keravis Protein based Strengthens hair from within Protects the surface of the hair Triples the strength of damaged hair

Effect of Keravis on Hair Strength Increasing Hair Strength

Eyeliss Combination of peptides and vitamins Strengthens capillaries Reduces puffy eyes

Eyeliss D0D56

Ryzasol Protein based Tightens skin Smooths skin

Ryzasol Comparison of prints Blank and positive control Skin treated with Ryzasol shows formulations show no visual significant decrease in skin improvement in skin roughness roughness Untreated SkinBlank formulationRyzasol 1% active

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

Outlook Organic growth continues in line with expectations Health Care growth to come Strong product pipeline Cost reductions Continued focus on working capital