Credit Suisse

European Leveraged Finance

ConferenceBarcelona, October 2007

Investor Relations:

James Palmer

james.palmer@eu.rhodia.com

Tel: +33 (0)1 53 56 64 89

Mob:+33 (0)6 07 46 84 66

2

This presentation contains elements that are not historical facts, including, without limitation, certain statements on future expectations and other forward-looking statements.

Such statements are based on management’s current views and assumptions and involve known and unknown risks and uncertainties

that could cause actual results, performance or events

to differ materially from those anticipated.

Copies of all recent filings, and additional information about Rhodia, are available

through our web site:

http://www.rhodia.com

Forward looking statements

and Regulation G

The presentation today may include the display of some company data

that do not directly conform to generally acceptable accounting principles, or GAAP.

Management believes that the presentation of some non-GAAP data provides investors with additional insight into the ongoing

operations of the business.

These measures should not be viewed as an alternative to GAAP measures of performance.

Furthermore, these measures may not be consistent with similar measures provided

by other companies.

3

Rhodia at a glance

� A solid Group with a sound financial structure

� A strong, focused portfolio and limited cyclicality

� Worldwide leadership positions in high growth markets

4

Rhodia beats ambitious 2006 targets

2006Delivered

2006 Targets

Net Income (Loss)

Group Share

Net debt/

Recurring EBITDA

Recurring EBITDA

margin

Positive

< 2.9x

> 13 %

€62m

2.8x

14.2 %Profitability gap vs

peers closed

2008Targets

< 2x

> 15 %For the chemical

business

5

Rhodia, a leader in its core businesses

Performance Materials Organics & ServicesFunctional Chemicals

Novecare19% of Group Net Sales12.9% Recurring EBITDA margin

Polyamide39% of Group Net Sales14.3% Recurring EBITDA margin

Eco Services4% of Group Net Sales33.3% Recurring EBITDA margin

Acetow9% of Group Net Sales19.5% Recurring EBITDA margin

Silcea9% of Group Net Sales20.4% Recurring EBITDA margin

Organics17% of Group Net Sales10.3% Recurring EBITDA margin

• Strengthen global leadership

• Expand in Asia

• Grow through innovation

• Take advantage of consolidation opportunities

• Generate free cashflow

H1 2007 Net Sales & Recurring EBITDA margins data

Energy Services3% of Group Net Sales

6

The strength of Polyamide

Engineering Plastics:The growth engine

Intermediates:Sustainable leadership

• Best in class competitive position in key intermediates

• Tight supply/demand situation for key intermediates (ADN) expected to last until at least 2011/2012

• Established growth roadmap with strong focus in Asia

• 2008 Polymerisation in South Korea,

• 2009 HMD in China

• 2008 Phenol in Brazil

• Feasibility study of new ADN capacity under way

• Strong leadership built on:

• Innovation

• Customer intimacy

• A highly competitive industrial base and global network

• Market growth driven by substitution from metals

• Leadership position in high growth Asian countries and key markets

7

Innovation: the success behind

Novecare & Silcea

Silica Systems

Rare Earths

• Successful business model based on:

• Innovation

• Low capital needs

• Strong market positions in:

• Home & Personal Care

• Agrochemicals

• Industrials

• Promising opportunities currently being tackled:

• Green solvents

• Enhanced oil recovery

Novecare

Innovation and partnerships with customers

• Inventor, leader & only true worldwide player inHigh Dispersible Silica for fuel efficient tyres

• Strategic partnerships with leading customers

• Double digit market growth expected

Silcea

• Global leader in:

• Key materials for automotive emission control systems (Alumina acquisition)

• High performance phosphors (Red, Blue, Green) for LCD & plasma screens, low consumption lamps

• Innovation driven with more than 40% of new products less than 5 yrs old

8

Acetow & Eco Services: Non cyclical

cash providers

Eco Services:Cash generation

Acetow:Cost competitiveness

• Strong n° 3 position in a consolidated industry

• Tight market with few players

• Growth from increase in filtered cigarettes in Asia and Russia

• Strengthen cost competitiveness due to USD denominated market

• Market leader in sulphuric acid regeneration in USA

• Sustainable strong margins

• Prices indexed to natural gas prices

Excellent in service to customers

9

Delivering on the Organics upside

• Diphenol Chain

• Grow profitably: Ramp up of new Chinese plant ongoing

• Remaining Fine organics businesses including analgesics

• Restructure

• Assess position in portfolio

• Isocyanates (TDI, HDI)

• Improve reliability & competitive position

EBITDA Margin

Excellent progress to date3 priorities

2004 2005

3.7%

2006

8.5%

2.5%

Recurring EBITDA margin

10.3%

H1 2007

Target:Group Level

10

Optimising CER cash generation

Maximise value of CERs

Ongoing review of hedging/monetization options

11-13mt p.a. starting 2007

• 2007: all CER sales secured for 2007 at average price of €14/t

• 2008: 5mt sold forward at €15/t

• 2009-2012: 1.5mt sold forward

Key events to come:

• Activation of International Transaction Log (ITL)

• Clarification regarding post Kyoto (2013…)

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2006 & 2007 Refinancing initiatives

*Includes an equity portion of €124m related to the IFRS treatment

Bond maturity profiles as at 30.06.07

1 076

2006 FRN

EURO595*

Convertible

EURO

2007

2008

2009

2010

2011

2012

2013

2014

€mMaturity profile of HY debt as at 30.09.06

467

2003 SUB

USD & EURO

2003 Senior

USD & EURO

2004 Senior

EURO

€969m

2004 Senior USD

€319m

1 288

2007

2008

2009

2010

2011

2012

2013

2014

3 steps to refinance

Rhodia’s HY debt1

2 3

Cash tender offer: $421m 10 ¼ % Senior Notes

due 2010

Cash tender offer: €118m 10.50% Senior Notes due 2010, €700m 8.000% Senior Notes due 2010, and $200m 7.625% Senior Notes due 2010

Redemption: €235m 9.25% senior subordinatednotes due 2011 and $302m 8.875% senior

subordinated notes due 2011

Financed by disposal proceeds

Financed by € 1.1bn Senior Floating Rate

Notes due 2013 coupon Euribor + 275 bps

(swapped 6.5% until 2009)

Financed by €595m OCEANE due 2014 at a

0.5% cash coupon rate and a 2.35% yield to

maturity

2

1

3

Oct 2006

Feb 2007

May 2007

12

Financial structure strengthened &

flexibility increased

� Financial headroom increased and reduced cost of debt

� Net debt / recurring EBITDA LTM ratio at June 30th 2.2 x

� Refinancing initiatives

� Average cost of financial resources down to 5.1 % from 8.4%

� €595m convertible bond issued matures 2014

� €1100m FRN swapped for 3 years matures 2013

� Long term maturity profile improved

�Greater flexibility

� Syndicated credit facility of €600 million maturing on June 30, 2012 replaces €300 million multicurrency

credit and guaranty facility maturing on June 30, 2008.

� more flexible contractual conditions

� reduced cost

� undrawn as at June 30, 2007

13

2007: Continued momentum

� Achievements in H1 2007

� Profitability recovery continues

� Recurring EBITDA up 24% to €408m

� Margins up to 16% (14% for the chemical business excluding CERs)

� Net profit up 51% to €62m

� Positive free cash flow in Q2 of €83m

� Major H1 improvement: €(12)m compared to €(114)m in H1 2006

� Refinancing successfully completed to reduce interest costs and extend

maturity

� Investment initiatives launched to drive sustainable profitable growth

� Capacity additions

� Bolt on acquisitions

14

2007: Looking forward

• Solid volumes expected

• Pricing power remains strong

• Raw material & energy costs to remain high and volatile

• Unfavorable Forex environment

Currentmarketconditions

• Strong growth in Recurring EBITDA

• Return to positive Free Cash Flow

2007 outlookconfirmed

• Recurring EBITDA margin > 15% for the Chemical business

• Establishing and maintaining a sound financial structure

with a Net Debt / Recurring EBITDA ratio below 2

2008 targets

Credit Suisse

European Leveraged Finance

ConferenceBarcelona, October 2007

Investor Relations:

James Palmer

james.palmer@eu.rhodia.com

Tel: +33 (0)1 53 56 64 89

Mob:+33 (0)6 07 46 84 66