1. Croda International Plc 2003 Preliminary Results

2. Summary Continuing pre-tax profit up 1.6% to £38.5m Pre-exceptional EPS up 8% to 19.2p Cash flow per share up 27% to 25.5p Net debt further reduced by £23m to £29m Growth in core markets

3. Summary of continuing operations 20032002 £m £m Sales 285.3286.4 ============ ============ Operating profit 41.441.9 Interest(2.9)(4.0) __________ __________ Profit before tax38.537.9 ========== ========= EBITDA55.956.1 ========== =========

4. Statistics 20032002 Pre-exceptional EPS (p)19.217.8 Dividend per share (p)11.8511.50 Cash flow per share (p)25.520.0 Dividend cover (x)1.61.5 Interest cover (x) 14 10 Tax rate35.4%35.6%

5. Turnover change on prior year* VolumeCurrencyMix/Total Price % % % % H1-11.0-2.0+11.5-1.5 H2-9.5+0.5+9.5+0.5 Year-10.5-0.5+10.5-0.5 * Continuing operations only

6. Sales by destination * United Kingdom43.715.349.117.1 Rest of Europe88.030.975.926.5 Americas89.331.397.334.0 Asia37.113.038.813.6 Rest of World27.29.525.38.8 ____________ ___________ ____________ ___________ 285.3100.0286.4 100.0 ____________ ___________ ___________ ___________ 2003 2002 £m % * Continuing operations only

7. Sales by market * Personal & Health Care164.557.7160.756.1 Home Care & Plastics Additives39.914.043.715.3 Industrial Specialities57.220.055.719.4 Other23.78.326.39.2 ___________ ___________ ___________ ___________ 285.3100.0286.4100.0 ___________ ___________ ___________ ___________ 2003 2002 £m % £m % * Continuing operations only

8. Value/volume change on prior year* % ofValueVolume Sales % % 58Personal and Health Care +2 +3 14Home Care and Plastics Additives - 9 - 21 20Industrial Specialities + 3 + 3 8Other - 10 - 31 ________ 100 _________ * Continuing operations only

9. Oleochemicals trading margin* * Continuing operations only

10. Specific operating costs £mExpectedActualActual 200420032002 UK Pension costs 5.35.43.6 Insurance5.95.64.3

11. Effect of 2004 US Dollar exchange rate on 2003 results * Turnover - £14m Profit- £3m Assuming average exchange rate of $1.85 * Continuing operations only

12. Exceptional items 2003 2004 ActualFire Fighting £m £m Non-cash (0.3)(3.6) Cash 4.6(0.2) ___________ ___________ Profit/(loss) before tax4.3(3.8) ___________ ___________

13. UK pension balance Asset/(liability) before tax33.1(91.8) Deferred tax(10.0)27.6 __________ __________ Net asset/(liability) December 200323.1(64.2) ========= ========= Net asset/(liability) December 200222.5(62.8) ========= ========= £m SSAP 24 FRS 17

14. Cash Working capital reduction of £3.6m Net debt reduction of £23.1m Net debt at 31 December 2003 was down to £29.0m

15. Operating cash flow 20032002 £m £m Operating profit41.640.5 Depreciation and amortisation15.116.1 Stock0.34.8 Debtors1.0(3.7) Creditors2.30.3 Other(1.4)(6.4) __________ _________ Operating cash flow58.951.6 __________ _________

16. Net cash flow 20032002 £m Operating cash flow58.951.6 Interest(2.8)(3.9) Dividends(13.9)(13.0) Taxation(12.2)(10.7) Net Capex(11.7)(13.4) Own shares(0.2)(0.8) Acquisitions/Disposals2.0(1.8) __________ _________ Net cash flow20.18.0 __________ _________

17. Summary of trading Good sales growth in Personal and Health Care Margins maintained USA weaker in second half Good growth in Europe

18. Business development

19. New products Crodarom - Pearl extract Oleochemicals - Crostyle Sederma - Rigin

20. Pearl extract PEARLS - the beauty and anti-ageing concept in traditional Chinese medicine In traditional Chinese medicine it is believed that pearl powder can nourish the skin and slow down ageing processes by improving the metabolism, supporting moisturisation and protecting against the effects of environmental damage

21. Pearl extract Aragonite Valuable Oligoelements Pearls mainly consist of Aragonite, a calcium salt and traces of other valuable salts Pearls in cosmetics are used for Rejuvenation Protection Hydration Remineralisation

22. Crostyle Croda’s new and novel cationic hydrolysed starch derivative, used as a hair fixative and styling aid

23. Crostyle Compared to commonly used hair fixatives Crostyle improves curl retention and acts as an excellent anti-frizz active for hair prone to frizz % Curl retention after two hours at high humidity WaterHair Spritz Formula Hair Spritz Formula + Crostyle

24. Crostyle It also significantly reduces static flyaway Other benefits include a much reduced tackiness, improved sensory feel and easy wash-out. % Reduction in static flyaway

25. A lipopeptide especially designed to tone up face and neck skin Rigin

26. THE SKIN MICRORELIEF PRINCIPLE YOUNG SKIN AGED SKIN High small furrows density Low small furrows density Rigin

27. CLAIM SUBSTANTIATION IN VIVO TESTS : MICRORELIEF Blind study against placebo during 14 days 15 volunteers Twice daily application of a cream containing 3% RIGIN  on the forearm Image analysis of SILFLO  prints SMALL FURROWS DENSITY (depth<50µm): + 17% SKIN SMOOTHNESS: + 14% Rigin

28. CLAIM SUBSTANTIATION IN VIVO TESTS : FIRMNESS / ELASTICITY Blind study against placebo during 28 days 17 volunteers Twice daily application of a cream containing 3% RIGIN  on cheek and neck Measurements by cutometry FIRMNESS + 19.7% ELASTICITY+ 17.6% FIRMNESS + 39.9% ELASTICITY + 27.5% Rigin

29. Health Care update Provensis Airozin IBS

30. Outlook Negative currency impact Rebound in USA Continued growth in Europe Development of speciality lipids business Many new products