1. Croda International Plc 2002 Preliminary Results

2. Summary Results above market expectations Ongoing pre-tax profit up 23% Net debt reduction of £11.5m Good growth in core markets Outlook positive for all sectors

3. Summary of continuing operations 20022001 £m £m Sales295.0285.6 ============= ============ Operating profit 42.336.5 Interest(4.0)(5.3) ___________ ___________ Profit before tax38.331.2 ========== ========== EBITDA56.949.9 ========== ==========

4. Statistics 20022001 EPS normalised (p)17.714.4 Dividend per share (p)11.511.3 Cash flow per share (p)20.021.8 Dividend cover (x)1.51.3 Interest cover (x) 10 7 Tax rate35.8%40.0%

5. Specific operating costs £mExpectedActualActual 200320022001 UK Pension costs *6.03.63.4 Insurance5.54.33.7 * 2003 cash cost will be close to that of 2002

6. UK pension costs Balance Sheet Asset/(liability) before tax32.2(89.7) Deferred tax(9.7)26.9 __________ __________ Net asset/(liability) December 200222.5(62.8) ========= ========= Net asset/(liability) December 200120.1(3.9) ========= ========= £m SSAP 24 FRS 17

7. UK pension costs Estimated Profit and Loss Within operating profit6.04.4 Financing -0.8 __________ __________ Net cost 20036.05.2 ========= ========= Net cost 20023.62.5 ========= ========= £m SSAP 24 FRS 17

8. Exceptional closure/disposal costs 2002 £m Non-cash24.7 Cash (net of proceeds)4.2 __________ 28.9 __________

9. Cash Working capital reduction of £1.4m Net debt reduction of £11.5m Net debt at 31 December 2002 was down to £52.1m

10. Operating cash flow 20022001 £m £m Operating profit40.337.0 Depreciation and amortisation16.315.7 Stock4.83.6 Debtors(3.7)6.2 Creditors0.30.7 Other(6.4)(5.2) __________ _________ Operating Cash Flow51.658.0 __________ _________ Working Capital (days sales) 76 87

11. Net cash flow Operating cash flow51.658.0 Interest(3.9)(5.4) Dividends(13.0)(13.4) Taxation(10.7)(3.7) Net Capex(13.4)(23.1) Own shares(0.8)(1.3) Acquisitions/Disposals(1.8)26.6 __________ _________ Net cash flow8.037.7 __________ _________ 20022001 £m £m

12. Turnover change on prior year* VolumeCurrencyMix/Total Price % % % % H1-2.0-0.5+5.0+2.5 H2+1.5-4.0+6.5+4.0 Year-0.5-2.5+6.0+3.0 * Continuing operations only

13. Sales by destination * United Kingdom50.217.048.617.0 Rest of Europe81.427.678.227.4 Americas97.533.191.632.1 Asia39.613.438.113.3 Rest of World26.38.929.110.2 ____________ ___________ ____________ ___________ 295.0100.0285.6 100.0 ____________ ___________ ___________ ___________ * Continuing operations only 2002 2001 £m %

14. Sales by market * Personal & Health Care160.754.5150.052.5 Home Care & Plastics Additives43.714.843.415.2 Industrial Specialities55.718.954.018.9 Other34.911.838.213.4 ___________ ___________ ___________ ___________ 295.0100.0285.6100.0 ___________ ___________ ___________ ___________ * Continuing operations only 2002 2001 £m % £m %

15. Raw materials $/mt Crude Vegetable Oil Prices

16. Raw materials Fatty Acid and Fatty Alcohol Prices Price

17. Oleochemicals 200120012001200220022002 FirstSecondYearFirst SecondYear halfhalfhalfhalf Turnover£m127.3120.1247.4133.3126.8260.1 Trading profit£m20.916.137.022.221.243.4 Margin%16.413.415.016.716.716.7

18. Summary of trading Good sales growth in Personal and Health Care Margins back over 16% Strong bounce back in the Americas Raw material prices rose slightly in second half

19. Strategic and operational progress

20. Restructuring Two oleochemical sites closed Three businesses sold/closed One business radically restructured

21. New products Crodarom - Plantago Sederma - Kombuchka Oleochemicals - Proteins for fabric care

22. Crodarom Botanicals business Combination of existing small Croda plant extract business and similar, but higher technology, botanicals business acquired as part of the Sederma transaction in 1997 Sales and profits have more than doubled from 1997 to 2002

23. Plantago Anti-inflammatory Reduces skin redness Anti bacterial Free radical scavenger Plantago Lanceolata

24. Plantago

25. Kombuchka Fermentation product of black tea rich in organic acids and vitamins Smoothes the skin (reduces roughness by 16% in 28 days) Improves complexion in three ways: - radiance (+15%) - clarity (+11%) - colour tone (+20%)

26. Kombuchka

27. Decrease of skin roughness

28. Coltide HQS- Quaternised Protein Enhances the conditioning properties of fabric conditioners Significantly improves the “handle/ feel” of cotton terry towelling Reduces fibre erosion in cotton and fibre erosion /degradation in wool Increases the lubricity of wool fibres Does not build-up on cotton or wool fibres Does not impair fabric wettability Proteins for fabric care

29. Coltide HQS study - Subjective Handle Results 20 Assessors - 10 Male, - 10 Female Proteins for fabric care

30. Coltide HQS study - Comparison of Cotton Fibres 20 Wash Cycles Control Fibres Test Fibres with HQS Marked fibrillation Much reduced fibrillation Proteins for fabric care

31. Health Care update Provensis Airozin IBS Ultra High Purity Lipids

32. Outlook Reorganisation to increase focus on core markets Some costs rising but manageable Development of speciality lipids business Constant enhancement of our intellectual property Industrial businesses beginning to recover