----

**MACDERMID,          INCORPORATED**

|                                                |                                                                                                                 |           |
|-----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|----------------|
|                                                |                                                                                                                 |           |
| PART                    I: Financial Information    |                                                                                                                 |
|                                                |                                                                                                                 |           |
|  Item                    1:                    |  Financial                    Statements (Unaudited):                                                           |           |
|                                                |  Consolidated                    Statements of Earnings for the three and nine-month                    periods |      |
|                                                |  ended                    September 30, 2005 and 2004.                                                          |  3   |
|                                                |  Consolidated                    Balance Sheets as of September 30, 2005 and                                    |           |
|                                                |  December                    31, 2004.                                                                          |  4   |
|                                                |  Consolidated                    Statements of Cash Flows for the nine-months ended                             |           |
|                                                |  September                    30, 2005 and 2004.                                                                |  5        |
|                                                |  Notes                    to Consolidated Financial Statements                                                  |  6        |
|                                                |                                                                                                                 |           |
|  Item                    2:                    |  Management’s                    Discussion and Analysis of Financial Condition and Results of            |      |
|                                                |  Operations                                                                                                     |  22       |
|                                                |                                                                                                                 |           |
|  Item                    3:                    |  Quantitative                    and Qualitative Disclosures About Market Risk                                  |  31       |
|                                                |                                                                                                                 |           |
|  Item                    4:                    |  Controls                    and Procedures                                                                     |  32       |
|                                                |                                                                                                                 |           |
|  PART                    II: Other Information |                                                                                                            |
|                                                |                                                                                                                 |           |
|  Item                    1:                    |  Legal                    Proceedings                                                                           |  33       |
|  Item                    2:                    |  Unregistered                    Sales of Equity Securities and Use of Proceeds                                 |  33       |
|  Item                    3:                    |  Defaults                    Upon Senior Securities                                                             |  33       |
|  Item                    4:                    |  Submission                    of Matters to a Vote of Security Holders                                         |  33       |
|  Item                    5:                    |  Other                    Information                                                                           |  33       |
|  Item                    6:                    |  Exhibits                                                                                                       |  33       |
|                                                |                                                                                                                 |           |
|                                                |  Signatures                                                                                                     |  34  |

----

**PART          I - FINANCIAL INFORMATION**

**MACDERMID,          INCORPORATED**

**CONSOLIDATED          STATEMENTS OF EARNINGS**

|                                                     |   | **Three                    months ended****September                    30,** |       | **Nine                    months ended****September                    30,** |
|----------------------------------------------------------|--------|-------------------------------------------------------------------------------|------------|------------------------------------------------------------------------------|
|                                                     |   | **2005**                                                                      |       | **2004**                                                                     |   | **2005** |   | **2004** |
|                                                     |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
| Net                    sales                             |   | $                                                                             | 193,260    |                                                                         | $ | 161,585 |   | $ | 541,788 |   | $ | 488,650 |
| Cost                    of sales                         |   |                                                                          | 109,978    |                                                                         |   | 85,210 |   |   | 300,827 |   |   | 256,675 |
| Gross                    profit                          |   |                                                                          | 83,282     |                                                                         |   | 76,375 |   |   | 240,961 |   |   | 231,975 |
|                                                     |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
| Operating                    expenses:                   |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
| Selling,                    technical and administrative |   |                                                                          | 51,387     |                                                                         |   | 45,254 |   |   | 147,581 |   |   | 136,841 |
| Research                    and development              |   |                                                                          | 6,684      |                                                                         |   | 5,375 |   |   | 19,725 |   |   | 15,928 |
| Restructuring                    and acquisition         |   |                                                                          | 1,077      |                                                                         |   | - |   |   | 1,462 |   |   | - |
|                                                     |   |                                                                          | 59,148     |                                                                         |   | 50,629 |   |   | 168,768 |   |   | 152,769 |
| Operating                    profit                      |   |                                                                          | 24,134     |                                                                         |   | 25,746 |   |   | 72,193 |   |   | 79,206 |
|                                                     |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
| Other                    income (expense):               |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
| Interest                    income                       |   |                                                                          | 534        |                                                                         |   | 367 |   |   | 1,834 |   |   | 779 |
| Interest                    expense                      |   |                                                                          | (7,635)    |                                                                         |   | (7,654) |   |   | (23,004) |   |   | (23,321) |
| Miscellaneous                    income                  |   |                                                                          | 799        |                                                                         |   | 92 |   |   | 207 |   |   | 531 |
|                                                     |   |                                                                          | (6,302)    |                                                                         |   | (7,195) |   |   | (20,963) |   |   | (22,011) |
|                                                     |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
| Earnings                    before income taxes          |   |                                                                          | 17,832     |                                                                         |   | 18,551 |   |   | 51,230 |   |   | 57,195 |
| Income                    taxes                          |   |                                                                          | (4,915)    |                                                                         |   | (6,508) |   |   | (14,600) |   |   | (18,874) |
| Net                    earnings                          |   | $                                                                             | 12,917     |                                                                         | $ | 12,043 |   | $ | 36,630 |   | $ | 38,321 |
|                                                     |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
|                                                     |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
| Earnings                    per common share:            |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
| Basic                                                    |   | $                                                                             | 0.42       |                                                                         | $ | .40 |   | $ | 1.21 |   | $ | 1.27 |
| Diluted                                                  |   | $                                                                             | 0.42       |                                                                         | $ | .39 |   | $ | 1.19 |   | $ | 1.24 |
|                                                     |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
| Weighted                    average common shares        |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
| outstanding:                                             |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
| Basic                                                    |   |                                                                          | 30,504,127 |                                                                         |   | 30,280,014 |   |   | 30,383,152 |   |   | 30,275,800 |
| Diluted                                                  |   |                                                                          | 30,956,963 |                                                                         |   | 30,907,677 |   |   | 30,865,440 |   |   | 30,988,259 |
|                                                     |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
|                                                     |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |
| Dividends                    declared per common share   |   | $                                                                             | 0.06       |                                                                         | $ | 0.04 |   | $ | 0.18 |   | $ | 0.12 |
|                                                     |   |                                                                          |       |                                                                         |   |   |   |   |   |   |   |   |

----

**MACDERMID,          INCORPORATED**

**CONSOLIDATED          BALANCE SHEETS**

|                                                                                              |   |   |   | **September                    30,** |   |   | **December                    31,** |
|---------------------------------------------------------------------------------------------------|--------|--------|--------|--------------------------------------|--------|--------|-------------------------------------|
|                                                                                              |   |   |   | **2005**                             |   |   | **2004**                            |
|                                                                                              |   |   |   | (Unaudited)                          |   |   |                                |
| Assets                                                                                            |   |   |   |                                 |   |   |                                |
| Current                    assets:                                                                |   |   |   |                                 |   |   |                                |
| Cash                    and cash equivalents                                                      |   |   | $      | 60,307                               |   | $      | 137,829                             |
| Accounts                    receivable, net of allowance                                          |   |   |   |                                 |   |   |                                |
|     for                    doubtful receivables of $11,732                    |   |   |   |                                 |   |   |                                |
|     and                    $11,822 respectively                               |   |   |   | 156,817                              |   |   | 142,455                             |
| Inventories                                                                                       |   |   |   | 96,655                               |   |   | 80,445                              |
| Prepaid                    expenses                                                               |   |   |   | 14,441                               |   |   | 10,183                              |
| Deferred                    income taxes                                                          |   |   |   | 16,833                               |   |   | 18,303                              |
|     Total                    current assets                                   |   |   |   | 345,053                              |   |   | 389,215                             |
|                                                                                              |   |   |   |                                 |   |   |                                |
| Property,                    plant and equipment, net                                             |   |   |   |                                 |   |   |                                |
|     of                    accumulated depreciation of                         |   |   |   |                                 |   |   |                                |
|     $184,770                    and                    $189,167, respectively |   |   |   | 122,538                              |   |   | 110,463                             |
| Goodwill                                                                                          |   |   |   | 245,630                              |   |   | 194,287                             |
| Intangibles,                    net of accumulated amortization                                   |   |   |   |                                 |   |   |                                |
|     of                    $13,506 and $11,933, respectively                   |   |   |   | 32,299                               |   |   | 28,434                              |
| Deferred                    income taxes                                                          |   |   |   | 33,245                               |   |   | 34,675                              |
| Other                    assets, net                                                              |   |   |   | 14,504                               |   |   | 16,645                              |
| Total                    assets                                                                   |   |   | $      | 793,269                              |   | $      | 773,719                             |
|                                                                                              |   |   |   |                                 |   |   |                                |
| Liabilities                    and shareholders’ equity                                     |   |   |   |                                 |   |   |                                |
| Current                    liabilities:                                                           |   |   |   |                                 |   |   |                                |
| Accounts                    payable                                                               |   |   | $      | 59,025                               |   | $      | 55,944                              |
| Accrued                    compensation                                                           |   |   |   | 14,826                               |   |   | 12,370                              |
| Accrued                    interest                                                               |   |   |   | 5,621                                |   |   | 12,700                              |
| Accrued                    income taxes payable                                                   |   |   |   | 11,016                               |   |   | 7,293                               |
| Other                    current liabilities                                                      |   |   |   | 39,088                               |   |   | 40,805                              |
| Total                    current liabilities                                                      |   |   |   | 129,576                              |   |   | 129,112                        |
| Long-term                    debt and capital lease obligations                                   |   |   |   | 301,288                              |   |   | 301,077                             |
| Retirement                    benefits, less current portion                                      |   |   |   | 25,223                               |   |   | 26,588                              |
| Deferred                    income taxes                                                          |   |   |   | 7,962                                |   |   | 9,267                               |
| Other                    long-term liabilities                                                    |   |   |   | 4,184                                |   |   | 3,644                               |
| Total                    liabilities                                                              |   |   |   | 468,233                              |   |   | 469,688                             |
|                                                                                              |   |   |   |                                 |   |   |                                |
| Shareholders’                    equity                                                     |   |   |   |                                 |   |   |                                |
| Common                    stock, authorized 75,000,000                                            |   |   |   |                                 |   |   |                                |
|     shares,                    issued 47,107,700 at September 30,             |   |   |   |                                 |   |   |                                |
|     2005,                    and 46,838,700 shares at December                |   |   |   |                                 |   |   |                                |
|     31,                    2004, at stated value of $1.00 per share           |   |   |   | 47,108                               |   |   | 46,839                              |
| Additional                    paid-in capital                                                     |   |   |   | 40,727                               |   |   | 33,053                              |
| Retained                    earnings                                                              |   |   |   | 358,229                              |   |   | 327,080                             |
| Accumulated                    other comprehensive (loss) income                                  |   |   |   | (6,348)                              |   |   | 11,772                              |
| Less                    - cost of common shares held in                                           |   |   |   |                                 |   |   |                                |
|     treasury,                    16,529,973 at September 30, 2005,            |   |   |   |                                 |   |   |                                |
|     16,547,686                    at                    December 31, 2004     |   |   |   | (114,680)                            |   |   | (114,713)                           |
| Total                    shareholders’ equity                                               |   |   |   | 325,036                              |   |   | 304,031                             |
| Total                    liabilities and shareholders’ equity                               |   |   | $      | 793,269                              |   | $      | 773,719                             |

----

**MACDERMID,          INCORPORATED**

**CONSOLIDATED          STATEMENTS OF CASH FLOWS**

|                                                                                             |   |   | **Nine                    months ended September 30,** |
|--------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------|
|                                                                                             |   |   | **2005**                                               |   | **2004** |
| Net                    cash flows from operating activities:                                     |   |   |                                                   |   |   |   |   |
| Net                    earnings                                                                  |   |   | $                                                      | 36,630 |   | $ | 38,321 |
| Adjustments                    to reconcile net income to                                        |   |   |                                                   |   |   |   |   |
| net                    cash provided by operating activities:                                    |   |   |                                                   |   |   |   |   |
| Depreciation                                                                                     |   |   |                                                   | 12,209 |   |   | 12,011 |
| Amortization                                                                                     |   |   |                                                   | 2,796 |   |   | 2,159 |
| Provision                    for bad debts                                                       |   |   |                                                   | 1,580 |   |   | 3,024 |
| Deferred                    income taxes                                                         |   |   |                                                   | (995) |   |   | (1,431) |
| Stock                    compensation expense                                                    |   |   |                                                   | 5,227 |   |   | 4,383 |
|     Restructuring                    and acquisition                         |   |   |                                                   | 1,463 |   |   | - |
|  Changes                    in assets and                    liabilities                    |   |   |                                                   |   |   |   |   |
|     Increase                    in                    receivables            |   |   |                                                   | (12,909) |   |   | (1,890) |
|     Increase                    in                    inventories            |   |   |                                                   | (5,423) |   |   | (2,861) |
|     Increase                    in                    prepaid expenses       |   |   |                                                   | (2,461) |   |   | (1,317) |
|     Decrease                    in                    accounts payable       |   |   |                                                   | (703) |   |   | (2,355) |
|     Decrease                    in                    accrued expenses       |   |   |                                                   | (10,319) |   |   | (6,127) |
|     Increase                    in                    income tax liabilities |   |   |                                                   | 3,620 |   |   | 7,952 |
|     Other                                                                    |   |   |                                                   |                          477 |   |   |                                           5,239 |
|     Net                    cash flows provided by operating                  |   |   |                                                   |   |   |   |   |
|     activities                                                               |   |   |                                                   | 31,192 |   |   | 57,108 |
|                                                                                             |   |   |                                                   |   |   |   |   |
| Cash                    flows from investing activities:                                         |   |   |                                                   |   |   |   |   |
|  Capital                    expenditures                                                    |   |   |                                                   | (10,810) |   |   | (5,933) |
|  Proceeds                    from                    disposition of fixed assets            |   |   |                                                   | 1,245 |   |   | 2,721 |
|   Acquisition                    of                    business, net of cash acquired  |   |   |                                                   | (93,153) |   |   | - |
|   Disposition                    of                    business                        |   |   |                                                   | 262 |   |   | - |
|   Net                    cash flows used                    in investing activities    |   |   |                                                   | (102,456) |   |   | (3,212) |
|                                                                                             |   |   |                                                   |   |   |   |   |
| Cash                    flows from financing activities:                                         |   |   |                                                   |   |   |   |   |
|   Net                    short-term                    borrowings (repayments)         |   |   |                                                   | 2,965 |   |   | (533) |
|   Proceeds                    from                    long-term borrowings             |   |   |                                                   | - |   |   | 25 |
|   Repayments                    of                    long-term borrowings             |   |   |                                                   | (185) |   |   | (493) |
|   Issuance                    from                    treasury shares                  |   |   |                                                   | 33 |   |   | 31 |
|   Proceeds                    from                    exercise of stock options        |   |   |                                                   | 2,717 |   |   | 285 |
|   Dividends                    paid                                                    |   |   |                                                   | (4,858) |   |   | (2,423) |
| Net                    cash flows provided by                                                    |   |   |                                                   |   |   |   |   |
| (used                    in) financing activities                                                |   |   |                                                   | 672 |   |   | (3,108) |
|                                                                                             |   |   |                                                   |   |   |   |   |
| Effect                    of exchange rate changes on cash                                       |   |   |                                                   |   |   |   |   |
| and                    cash equivalents                                                          |   |   |                                                   | (6,930) |   |   | (29) |
| Net                    (decrease) increase in                                                    |   |   |                                                   |   |   |   |   |
|    cash                    and cash                    equivalents                |   |   |                                                   | (77,522) |   |   | 50,759 |
| Cash                    and cash equivalents at beginning of                                     |   |   |                                                   |   |   |   |   |
| period                                                                                           |   |   |                                                   | 137,829 |   |   | 61,294 |
| Cash                    and cash equivalents at end of period                                    |   |   | $                                                      | 60,307 |   | $ | 112,053 |
| Cash                    paid for interest                                                        |   |   | $                                                      | 28,285 |   | $ | 29,047 |
| Cash                    paid for income taxes                                                    |   |   | $                                                      | 12,657 |   | $ | 12,353 |

----

**Note          1.**

**Note          2.**

----

|         Current                    assets, net of cash                                    |                                                           |
|-----------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------|
|                                acquired                                    | $                    30,915                                    |
|         Fixed                    assets and other                                         | 19,383                                                         |
|         Intangible                    assets                                              | 4,449                                                          |
|         Acquired                    in-process                                            |                                                           |
|                                research and development                    | 386                                                            |
|         Goodwill                                                                          |                           51,343 |
|                             Total assets acquired                                         |      106,476                          |
|         Current                    liabilities                                            | (12,333)                                                       |
|         Long-term                    debt                                                 | (376)                                                          |
|         Deferred                    tax liability                                         |        (1,335)              |
|                                   Total liabilities assumed |      (14,044)                         |
|         Net                    assets acquired                                            |                         $ 92,432           |

**Note          3.**

|                                                |  Three                    months ended September 30,                                                                   |  Nine                    months ended September 30,                                                        |
|-----------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------|
|                                                | 2005                                                                                                                        | 2004                                                                                                            | 2005 | 2004 |
| Basic                    common shares              | 30,504,127                                                                                                                  | 30,280,014                                                                                                      | 30,383,152 | 30,275,800 |
| Dilutive                    effect of stock options |                                     452,836 |                                   627,663 |                                482,288 |                                     712,459 |
| Diluted                    common shares            | 30,956,963                                                                                                                  | 30,907,677                                                                                                      | 30,865,440 | 30,988,259 |

**Note            4.**

----

|                                                            | Three                    months ended   September                    30, |         | Nine                    months ended September                    30,     |
|-----------------------------------------------------------------|------------------------------------------------------------------------------------|--------------|-----------------------------------------------------------------------------------------------|
|                                                                 |                                                                               | 2005         |                                                                                          |  2004 |   |   |  2005 |   |  2004 |
| Net                    earnings available for common            |                                                                               |         |                                                                                          |   |   |   |   |   |   |
| shareholders                    as reported                     | $                                                                                  | 12,917       | $                                                                                             | 12,043 |   | $ | 36,630 | $ | 38,321 |
| Add:                     stock based employee compensation |                                                                               |         |                                                                                          |   |   |   |   |   |   |
| expense                    included in reported net income,     |                                                                               |         |                                                                                          |   |   |   |   |   |   |
| net                    of related tax effects                   |                                                                               | 853          |                                                                                          | 875 |   |   | 3,641 |   | 2,937 |
| Deduct:                     total stock based employee     |                                                                               |         |                                                                                          |   |   |   |   |   |   |
| compensation                    expense determined under        |                                                                               |         |                                                                                          |   |   |   |   |   |   |
| fair                    value based method for all awards, net  |                                                                               |         |                                                                                          |   |   |   |   |   |   |
| of                    related tax effects                       |                                                                               | (853)        |                                                                                          | (875) |   |   | (3,641) |   | (3,014) |
| Pro                    forma net earnings                       |  $                                                                            |  12,917 |  $                                                                                       |  12,043 |   |  $ |  36,630 |  $ |  38,244 |
|                                                            |                                                                               |         |                                                                                          |   |   |   |   |   |   |
| Net                    earnings per common share:               |                                                                               |         |                                                                                          |   |   |   |   |   |   |
| Basic                                                           |                                                                               |         |                                                                                          |   |   |   |   |   |   |
|   As                    reported                      | $                                                                                  | .42          | $                                                                                             | .40 |   | $ | 1.21 | $ | 1.27 |
|   Pro                    forma                        | $                                                                                  | .42          | $                                                                                             | .40 |   | $ | 1.21 | $ | 1.26 |
|   Diluted                                             |                                                                               |         |                                                                                          |   |   |   |   |   |   |
|   As                    reported                      | $                                                                                  | .42          | $                                                                                             | .39 |   | $ | 1.19 | $ | 1.24 |
|   Pro                    forma                        | $                                                                                  | .42          | $                                                                                             | .39 |   | $ | 1.19 | $ | 1.23 |

**Note          5.**

|       | **As                    of**              |
|------------|-------------------------------------------|
|       | **September                    30, 2005** | **December                    31, 2004** |
|       | Gross                    Carrying         | Accumulated |   | Net | Gross                    Carrying | Accumulated |   | Net |
|       | Amount                                    | Amortization |   | Amount | Amount | Amortization |   | Amount |
| Patents    | $                                         | 17,566 | $ | (8,973) | $ | 8,593 | $ | 17,566 | $ | (8,087) | $ | 9,479 |
| Trademarks |                                      | 20,138 |   | (2,465) |   | 17,673 |   | 20,135 |   | (2,115) |   | 18,020 |
| Others     |                                      | 8,101 |   | (2,068) |   | 6,033 |   | 2,666 |   | (1,731) |   | 935 |
| Total      | $                                         | 45,805 | $ | (13,506) | $ | 32,299 | $ | 40,367 | $ | (11,933) | $ | 28,434 |

*Goodwill          and Other Intangible Assets *

----

*Goodwill          and Other Intangible Assets *

**Note          6.**

|                                                                                                            | **Three                    months ended September 30,** |     | **Nine                    months ended September 30,** |
|-----------------------------------------------------------------------------------------------------------------|---------------------------------------------------------|----------|--------------------------------------------------------|
|                                                                                                            |                                                    | **2005** |                                                   | **2004** |   |   | **2005** |   | **2004** |
| Net                    earnings                                                                                 | $                                                       | 12,917   | $                                                      | 12,043 |   | $ | 36,630 | $ | 38,321 |
|  Other                    comprehensive                    income:                                         |                                                    |     |                                                   |   |   |   |   |   |   |
|     Other                                                                                   |                                                    | 165      |                                                   | 50 |   |   | 871 |   | 50 |
|     Foreign                    currency     translation adjustment |                                                    | (1,926)  |                                                   | 2,118 |   |   | (18,991) |   | (279) |
| Comprehensive                    income                                                                         | $                                                       | 11,156   | $                                                      | 14,211 |   | $ | 18,510 | $ | 38,092 |

**Note          7.**

----

|                                                                         |  **Three                    months ended****September                    30,** |                                 |  **Nine                    months ended****September                    30,** |
|------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|--------------------------------------|------------------------------------------------------------------------------------|
|                                                                         |                                                                                |  **2005**                       |                                                                               |  **2004** |   |   |  **2005** |   |  **2004** |
| Results                    of operations by segment:                         |                                                                                |                                 |                                                                               |   |   |   |   |   |   |
| Net                    sales:                                                |                                                                                |                                 |                                                                               |   |   |   |   |   |   |
| Advanced                    Surface Finishing                                |                                                                                |                                 |                                                                               |   |   |   |   |   |   |
| Total                    segment net sales                                   | $                                                                                   | 113,179                              | $                                                                                  | 98,321 |   | $ | 320,231 | $ | 292,253 |
| Intersegment                    sales                                        |                                                                                | (2,176)                              |                                                                               | (2,185) |   |   | (6,755) |   | (6,253) |
| Net                    external sales for the segment                        |                                                                                | 111,003                              |                                                                               | 96,136 |   |   | 313,476 |   | 286,000 |
|                                                                         |                                                                                |                                 |                                                                               |   |   |   |   |   |   |
| Printing                    Solutions                                        |                                                                                | 82,257                               |                                                                               | 65,449 |   |   | 228,312 |   | 202,650 |
| Consolidated                    net sales                                    | $                                                                                   | 193,260                              | $                                                                                  | 161,585 |   | $ | 541,788 | $ | 488,650 |
|                                                                         |                                                                                |                                 |                                                                               |   |   |   |   |   |   |
| Operating                    profit (loss):                                  |                                                                                |                                 |                                                                               |   |   |   |   |   |   |
|   Advanced                    Surface                    Finishing | $                                                                                   | 16,925                               | $                                                                                  | 16,276 |   | $ | 47,764 | $ | 46,742 |
|   Printing                    Solutions                            |                                                                                | 7,209                                |                                                                               | 9,470 |   |   | 24,429 |   | 32,464 |
|   Consolidated                    operating profit                 | $                                                                                   | 24,134                               | $                                                                                  | 25,746 |   | $ | 72,193 | $ | 79,206 |
|                                                                         |                                                                                |                                 |                                                                               |   |   |   |   |   |   |
|                                                                         |                                                                                |                                 |
|                                                                         |                                                                                | **As                    of**         |
|                                                                         |                                                                                | **September                    30,** |                                                                               |   | **December                    31,** |
|                                                                         |                                                                                | **2005**                             |                                                                               |   | **2004** |
| Identifiable                    assets by segment:                           |                                                                                |                                 |                                                                               |   |   |
| Advanced                    Surface Finishing                                | $                                                                                   | 518,291                              |                                                                               | $ | 499,119 |
| Printing                    Solutions                                        |                                                                                | 323,031                              |                                                                               |   | 277,488 |
| Unallocated                    corporate assets                              |                                                                                | 91,522                               |                                                                               |   | 132,035 |
| Intercompany                    eliminations                                 |                                                                                | (139,575)                            |                                                                               |   | (134,923) |
| Consolidated                    assets                                       | $                                                                                   | 793,269                              |                                                                               | $ | 773,719 |

**Note          8**

|                                          |   | **September                    30,****2005** |   |   | **December                    31,****2004** |
|-----------------------------------------------|--------|----------------------------------------------|--------|--------|---------------------------------------------|
|                                          |   |                                         |   |   |                                        |
| Finished                    goods             | $      | 54,860                                       |   | $      | 43,802                                      |
| Raw                    materials and supplies |   | 36,231                                       |   |   | 29,563                                      |
| Equipment                                     |   | 5,564                                        |   |   | 7,080                                       |
| Inventories                                   | $      | 96,655                                       |   | $      | 80,445                                      |

**Note          9**

----

|                                                                                                                       |  **Three                    months ended September 30,**                                                                                                                                                          |
|----------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                       |                       **                             2005** |   |                         **                       2004** |
|                                                                                                                       |                                                                                                                                                                                                                   |  **Domestic** |   |  **Foreign** |   |   |           **Domestic** |   |  **Foreign** |
| Net                    periodic benefit cost:                                                                              |                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |
| Service                    Costs                                                                                           | $                                                                                                                                                                                                                      | 939 | $ | 144 |   | $ | 936 | $ | 130 |
| Interest                    Costs                                                                                          |                                                                                                                                                                                                                   | 895 |   | 815 |   |   | 898 |   | 694 |
| Expected                    return on    plan                    assets                                |                                                                                                                                                                                                                   | (798) |   | (807) |   |   | (876) |   | (805) |
| Amortization                    of prior                             service costs |                                                                                                                                                                                                                   | 6 |   | - |   |   | 6 |   | - |
| Recognized                    actuarial           (gain)/loss            |                                                                                                                                                                                                                   | 83 |   | 57 |   |   | 83 |   | 194 |
| Net                    periodic benefit cost                                                                               | $                                                                                                                                                                                                                      | 1,125 | $ | 209 |   | $ | 1,047 | $ | 213 |

|                                                                                                     |             **Nine                    months ended September 30,**                                                                                                           |
|----------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                     |                     **                              2005    ** |   |                         **                          2004** |
|                                                                                                     |                                                                                                                                                                                                                                     |     **Domestic** |   |         **Foreign** |   |   |             **Domestic** |   |  **Foreign** |
| Net                    periodic benefit cost:                                                            |                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Service                    Costs                                                                         | $                                                                                                                                                                                                                                        | 2,817 | $ | 432 |   | $ | 2,808 | $ | 260 |
| Interest                    Costs                                                                        |                                                                                                                                                                                                                                     | 2,685 |   | 2,445 |   |   | 2,694 |   | 1,388 |
| Expected                    return on plan                         assets       |                                                                                                                                                                                                                                     | (2,394) |   | (2,421) |   |   | (2,628) |   | (1,610) |
| Amortization                    of prior                          service costs |                                                                                                                                                                                                                                     | 18 |   | - |   |   | 18 |   | - |
| Recognized                    actuarial        (gain)/loss            |                                                                                                                                                                                                                                     | 249 |   | 184 |   |   | 249 |   | 388 |
| Net                    periodic benefit cost                                                             | $                                                                                                                                                                                                                                        | 3,375 | $ | 640 |   | $ | 3,141 | $ | 426 |

*Accounting          and Disclosure Requirements Related to the Medicare Prescription Drug,          Improvement, and Modernization Act of 2003,*

**Note          10.**

*Environmental          Issues:*

----

| **·  ** | We                    are named as a potentially responsible** **party                    (“PRP”) at two Superfund sites (Fike-Artel in Nitro, West Virginia,                    and                    Solvents Recovery in Southington, Connecticut), in which many                    other PRPs                    are also involved. With respect to both of these sites, we have                    entered                    into cost sharing agreements that result in costs of less than                    $10 per                    year for funding the Company’s share of the ongoing cleanup costs at each                    site. No reserve has been established, given the deminimus nature                    of the                    costs. Our cost sharing percentage at each site is 0.2%. |
|------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Some                    of the Company’s facilities have an extended history of chemical and                    industrial activity. The Company is directly involved in the                    remediation                    of sites that have environmental contamination arising from its                    operations. These sites include certain sites such as the Kearny,                    New                    Jersey and Waukegan, Illinois sites, which were acquired in the                    December                    1998 acquisition of W. Canning plc. With respect to these sites,                    our                    Canning subsidiary withheld, under the Acquisition Agreement                    (“the                    Acquisition Agreement”), a deferred purchase price payment of                    approximately $1,600. We estimate the range of clean-up costs                    at these                    sites to be between $2,000 and $5,000. Investigations into the                    extent of                    contamination at these sites are, however,                    ongoing. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We                    are in the process of characterizing contamination at our Huntingdon                    Avenue, Waterbury, Connecticut site, which was closed in the                    quarter ended                    September 30, 2003. The extent of required remediation activities                    at the                    Huntingdon Avenue site has not yet been determined; however,                    we do not                    anticipate that we will be materially affected by the environmental                    remediation costs. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*Legal          Proceedings:*

**Note          11**

----

*Recognition          of Liabilities in Connection with a Purchase Business          Combination*

|                                             | **Advanced**                                                                                                                                                                                         |                                                                                                                                                                                   |                                                                                                                                                                                   |
|--------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                             | **Surface**                                                                                                                                                                                          | **Printing**                                                                                                                                                                           |                                                                                                                                                                                   |
|                                             | **Finishing**                                                                                                                                                                                        | **Solutions**                                                                                                                                                                          | **Total**                                                                                                                                                                              |
| Employee                    termination benefits | $                    87                                                                                                                                                                              | $                    130                                                                                                                                                               | $                    217                                                                                                                                                               |
| Asset                    disposals               | 12                                                                                                                                                                                                   | 18                                                                                                                                                                                     | 30                                                                                                                                                                                     |
| Site                    clean-up costs           |                                                  30 |                               45 |                               75 |
|                                             | $                    129                                                                                                                                                                             | $                    193                                                                                                                                                               | $                    322                                                                                                                                                               |

|                                                            | **Advanced**             |                     |                       |
|-----------------------------------------------------------------|--------------------------|--------------------------|----------------------------|
|                                                            | **Surface**              | **Printing**             |                       |
|                                                            | **Finishing**            | **Solutions**            | **Total**                  |
| Employee                    termination and relocation benefits | $                    95  | $                    569 | $                    664   |
| Equipment                    relocation costs                   | 57                       | 332                      | 389                        |
| Other                    related costs                          | -                        | 24                       | 24                         |
|                                                            | $                    152 | $                    925 | $                    1,077 |

**Note          12**

----

**CONSOLIDATING          STATEMENTS OF EARNINGS**

**THREE          MONTHS ENDED SEPTEMBER 30, 2005**

|                                                         |   |  **Issuer**                                                                                                 |   |   |  **Guarantor                    Subsidiaries**                                                          |   |   |  **Nonguarantor                    Subsidiaries**                                                                  |   |   |  **Eliminations**                                                                                                    |   |   |  **MacDermid                    Incorporated and Subsidiaries**                                                                |
|--------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|
| Net                    sales                                 | $      | 22,582                                                                                                           |   | $      | 52,586                                                                                                       |   | $      | 125,609                                                                                                                 |   | $      | (7,517)                                                                                                                   |   | **$**  | **193,260**                                                                                                                         |
| Cost                    of sales                             |   | 15,349                                                                                                           |   |   | 27,266                                                                                                       |   |   | 74,880                                                                                                                  |   |   | (7,517)                                                                                                                   |   |   | **109,978**                                                                                                                         |
| Gross                    profit                              |   | 7,233                                                                                                            |   |   | 25,320                                                                                                       |   |   | 50,729                                                                                                                  |   |   | -                                                                                                                         |   |   | **83,282**                                                                                                                          |
|                                                         |   |                                                                                                             |   |   |                                                                                                         |   |   |                                                                                                                    |   |   |                                                                                                                      |   |   |                                                                                                                                |
| Operating                    expenses:                       |   |                                                                                                             |   |   |                                                                                                         |   |   |                                                                                                                    |   |   |                                                                                                                      |   |   |                                                                                                                                |
| Selling,                    technical and                    |   |                                                                                                             |   |   |                                                                                                         |   |   |                                                                                                                    |   |   |                                                                                                                      |   |   |                                                                                                                                |
|                      administrative                     |   | 8,903                                                                                                            |   |   | 11,186                                                                                                       |   |   | 31,298                                                                                                                  |   |   | -                                                                                                                         |   |   | **51,387**                                                                                                                          |
|  Research                    and  development |   | 1,528                                                                                                            |   |   | 2,345                                                                                                        |   |   | 2,811                                                                                                                   |   |   | -                                                                                                                         |   |   | **6,684**                                                                                                                           |
| Restructuring                                                |   |                                                                                                             |   |   |                                                                                                         |   |   |                                                                                                                    |   |   |                                                                                                                      |   |   |                                                                                                                                |
|   and                    acquisition               |   |                                     - |   |   |                                    379 |   |   |                                     698 |   |   |                     - |   |   | **                                     1,077** |
|                                                         |   | 10,431                                                                                                           |   |   | 13,910                                                                                                       |   |   | 34,807                                                                                                                  |   |   | -                                                                                                                         |   |   | **59,148**                                                                                                                          |
| Operating                    (loss) profit                   |   | (3,198)                                                                                                          |   |   | 11,410                                                                                                       |   |   | 15,922                                                                                                                  |   |   | -                                                                                                                         |   |   | **24,134**                                                                                                                          |
|                                                         |   |                                                                                                             |   |   |                                                                                                         |   |   |                                                                                                                    |   |   |                                                                                                                      |   |   |                                                                                                                                |
| Equity                    in earnings of                     |   |                                                                                                             |   |   |                                                                                                         |   |   |                                                                                                                    |   |   |                                                                                                                      |   |   |                                                                                                                                |
| subsidiaries                                                 |   | 19,588                                                                                                           |   |   | 11,345                                                                                                       |   |   | -                                                                                                                       |   |   | (30,933)                                                                                                                  |   |   | **-**                                                                                                                               |
| Interest                    income                           |   | 141                                                                                                              |   |   | 35                                                                                                           |   |   | 358                                                                                                                     |   |   | -                                                                                                                         |   |   | **534**                                                                                                                             |
| Interest                    expense                          |   | (7,510)                                                                                                          |   |   | 6                                                                                                            |   |   | (131)                                                                                                                   |   |   | -                                                                                                                         |   |   | **(7,635)**                                                                                                                         |
| Miscellaneous                    income                      |   |                                                                                                             |   |   |                                                                                                         |   |   |                                                                                                                    |   |   |                                                                                                                      |   |   |                                                                                                                                |
| (expense),                    net                            |   | 598                                                                                                              |   |   | 158                                                                                                          |   |   | 43                                                                                                                      |   |   | -                                                                                                                         |   |   | **799**                                                                                                                             |
|                                                         |   | 12,817                                                                                                           |   |   | 11,544                                                                                                       |   |   | 270                                                                                                                     |   |   | (30,933)                                                                                                                  |   |   | **(6,302)**                                                                                                                         |
|                                                         |   |                                                                                                             |   |   |                                                                                                         |   |   |                                                                                                                    |   |   |                                                                                                                      |   |   |                                                                                                                                |
| Earnings                    (loss) before   taxes  |   | 9,619                                                                                                            |   |   | 22,954                                                                                                       |   |   | 16,192                                                                                                                  |   |   | (30,933)                                                                                                                  |   |   | **17,832**                                                                                                                          |
| Income                    tax benefit                        |   |                                                                                                             |   |   |                                                                                                         |   |   |                                                                                                                    |   |   |                                                                                                                      |   |   |                                                                                                                                |
| (expense)                                                    |   | 3,298                                                                                                            |   |   | (3,366)                                                                                                      |   |   | (4,847)                                                                                                                 |   |   | -                                                                                                                         |   |   | **(4,915)**                                                                                                                         |
| Net                    earnings (loss)                       | $      | 12,917                                                                                                           |   | $      | 19,588                                                                                                       |   | $      | 11,345                                                                                                                  |   | $      | (30,933)                                                                                                                  |   | $      | **12,917**                                                                                                                          |

----

**CONSOLIDATING          STATEMENTS OF EARNINGS**

**THREE          MONTHS ENDED SEPTEMBER 30, 2004**

|                                                              |   |  **Issuer**                                                          |   |   |  **Guarantor                    Subsidiaries**                                               |   |   |  **Nonguarantor                    Subsidiaries**                                    |   |   |  **Eliminations**                                                                                              |   |   |  **MacDermid                    Incorporated and Subsidiaries**                                                                |
|-------------------------------------------------------------------|--------|---------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|
| Net                    sales                                      | $      | 22,661                                                                    |   | $      | 39,454                                                                                            |   | $      | 103,880                                                                                   |   | $      | (4,410)                                                                                                             |   | **$**  | **161,585**                                                                                                                         |
| Cost                    of sales                                  |   | 14,225                                                                    |   |   | 16,938                                                                                            |   |   | 58,457                                                                                    |   |   | (4,410)                                                                                                             |   |   | **85,210**                                                                                                                          |
| Gross                    profit                                   |   | 8,436                                                                     |   |   | 22,516                                                                                            |   |   | 45,423                                                                                    |   |   | —                                                                                                             |   |   | **76,375**                                                                                                                          |
|                                                              |   |                                                                      |   |   |                                                                                              |   |   |                                                                                      |   |   |                                                                                                                |   |   |                                                                                                                                |
| Operating                    expenses:                            |   |                                                                      |   |   |                                                                                              |   |   |                                                                                      |   |   |                                                                                                                |   |   |                                                                                                                                |
| Selling,                    technical and                         |   |                                                                      |   |   |                                                                                              |   |   |                                                                                      |   |   |                                                                                                                |   |   |                                                                                                                                |
|                      administrative                          |   | 11,694                                                                    |   |   | 7,536                                                                                             |   |   | 26,024                                                                                    |   |   | —                                                                                                             |   |   | **45,254**                                                                                                                          |
| Research                    and   development           |   |                             1,583 |   |   |                                 1,897 |   |   |               1,895 |   |   |                   — |   |   | **                                     5,375** |
|                                                              |   | 13,277                                                                    |   |   | 9,433                                                                                             |   |   | 27,919                                                                                    |   |   | —                                                                                                             |   |   | **50,629**                                                                                                                          |
| Operating                    (loss) profit                        |   | (4,841)                                                                   |   |   | 13,083                                                                                            |   |   | 17,504                                                                                    |   |   | —                                                                                                             |   |   | **25,746**                                                                                                                          |
|                                                              |   |                                                                      |   |   |                                                                                              |   |   |                                                                                      |   |   |                                                                                                                |   |   |                                                                                                                                |
| Equity                    in earnings of                          |   |                                                                      |   |   |                                                                                              |   |   |                                                                                      |   |   |                                                                                                                |   |   |                                                                                                                                |
|                      subsidiaries                            |   | 20,638                                                                    |   |   | 13,098                                                                                            |   |   | —                                                                                   |   |   | (33,736)                                                                                                            |   |   | **—**                                                                                                                         |
| Interest                    income                                |   | 159                                                                       |   |   | 6                                                                                                 |   |   | 202                                                                                       |   |   | —                                                                                                             |   |   | **367**                                                                                                                             |
| Interest                    expense                               |   | (7,641)                                                                   |   |   | (6)                                                                                               |   |   | (7)                                                                                       |   |   | —                                                                                                             |   |   | **(7,654)**                                                                                                                         |
| Miscellaneous                    income                           |   |                                                                      |   |   |                                                                                              |   |   |                                                                                      |   |   |                                                                                                                |   |   |                                                                                                                                |
| (expense),                    net                                 |   | 102                                                                       |   |   | (45)                                                                                              |   |   | 35                                                                                        |   |   | —                                                                                                             |   |   | **92**                                                                                                                              |
|                                                              |   | 13,258                                                                    |   |   | 13,053                                                                                            |   |   | 230                                                                                       |   |   | (33,736)                                                                                                            |   |   | **(7,195)**                                                                                                                         |
|                                                              |   |                                                                      |   |   |                                                                                              |   |   |                                                                                      |   |   |                                                                                                                |   |   |                                                                                                                                |
| Earnings                    (loss) before    taxes |   | 8,417                                                                     |   |   | 26,136                                                                                            |   |   | 17,734                                                                                    |   |   | (33,736)                                                                                                            |   |   | **18,551**                                                                                                                          |
| Income                    tax benefit                             |   |                                                                      |   |   |                                                                                              |   |   |                                                                                      |   |   |                                                                                                                |   |   |                                                                                                                                |
|                      (expense)                               |   | 3,626                                                                     |   |   | (5,498)                                                                                           |   |   | (4,636)                                                                                   |   |   | —                                                                                                             |   |   | **(6,508)**                                                                                                                         |
| Net                    earnings (loss)                            | $      | 12,043                                                                    |   | $      | 20,638                                                                                            |   | $      | 13,098                                                                                    |   | $      | (33,736)                                                                                                            |   | **$**  | **12,043**                                                                                                                          |

----

**CONSOLIDATING          STATEMENTS OF EARNINGS**

**NINE          MONTHS ENDED SEPTEMBER 30, 2005**

|                                                        |   |  **Issuer**                                                                                        |   |   |  **Guarantor                    Subsidiaries**                                                               |   |   |  **Nonguarantor                    Subsidiaries**                                                  |   |   |  **Eliminations**                                                                                                                  |   |   |  **MacDermid                    Incorporated and Subsidiaries**                                                                |
|-------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|
| Net                    sales                                | $      | 67,402                                                                                                  |   | $      | 146,046                                                                                                           |   | $      | 350,220                                                                                                 |   | $      | (21,880)                                                                                                                                |   | $      | **541,788**                                                                                                                         |
| Cost                    of sales                            |   | 45,543                                                                                                  |   |   | 73,458                                                                                                            |   |   | 203,706                                                                                                 |   |   | (21,880)                                                                                                                                |   |   | **300,827**                                                                                                                         |
| Gross                    profit                             |   | 21,859                                                                                                  |   |   | 72,588                                                                                                            |   |   | 146,514                                                                                                 |   |   | -                                                                                                                                       |   |   | **240,961**                                                                                                                         |
|                                                        |   |                                                                                                    |   |   |                                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                                    |   |   |                                                                                                                                |
| Operating                    expenses:                      |   |                                                                                                    |   |   |                                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                                    |   |   |                                                                                                                                |
| Selling,                    technical and                   |   |                                                                                                    |   |   |                                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                                    |   |   |                                                                                                                                |
| administrative                                              |   | 29,992                                                                                                  |   |   | 30,812                                                                                                            |   |   | 86,777                                                                                                  |   |   | -                                                                                                                                       |   |   | **147,581**                                                                                                                         |
| Research                    and  development      |   | 4,769                                                                                                   |   |   | 6,994                                                                                                             |   |   | 7,962                                                                                                   |   |   | -                                                                                                                                  |   |   | **19,725**                                                                                                                          |
| Restructuring                                               |   |                                                                                                    |   |   |                                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                                    |   |   |                                                                                                                                |
|   and                    acquisition              |   |                  - |   |   |                                    379 |   |   |                                  1,083 |   |   |                                        - |   |   | **                                     1,462** |
|                                                        |   | 34,761                                                                                                  |   |   | 38,185                                                                                                            |   |   | 95,822                                                                                                  |   |   | -                                                                                                                                       |   |   | **168,768**                                                                                                                         |
| Operating                    (loss) profit                  |   | (12,902)                                                                                                |   |   | 34,403                                                                                                            |   |   | 50,692                                                                                                  |   |   | -                                                                                                                                       |   |   | **72,193**                                                                                                                          |
|                                                        |   |                                                                                                    |   |   |                                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                                    |   |   |                                                                                                                                |
| Equity                    in earnings of                    |   |                                                                                                    |   |   |                                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                                    |   |   |                                                                                                                                |
| subsidiaries                                                |   | 56,128                                                                                                  |   |   | 34,271                                                                                                            |   |   | -                                                                                                       |   |   | (90,399)                                                                                                                                |   |   | **-**                                                                                                                               |
| Interest                    income                          |   | 843                                                                                                     |   |   | 44                                                                                                                |   |   | 947                                                                                                     |   |   | -                                                                                                                                       |   |   | **1,834**                                                                                                                           |
| Interest                    expense                         |   | (22,654)                                                                                                |   |   | (18)                                                                                                              |   |   | (332)                                                                                                   |   |   | -                                                                                                                                       |   |   | **(23,004)**                                                                                                                        |
| Miscellaneous                    income                     |   |                                                                                                    |   |   |                                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                                    |   |   |                                                                                                                                |
| (expense),                    net                           |   | 826                                                                                                     |   |   | 455                                                                                                               |   |   | (1,074)                                                                                                 |   |   | -                                                                                                                                       |   |   | **207**                                                                                                                             |
|                                                        |   | 35,143                                                                                                  |   |   | 34,752                                                                                                            |   |   | (459)                                                                                                   |   |   | (90,399)                                                                                                                                |   |   | **(20,963)**                                                                                                                        |
|                                                        |   |                                                                                                    |   |   |                                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                                    |   |   |                                                                                                                                |
| Earnings                    (loss) before   taxes |   | 22,241                                                                                                  |   |   | 69,155                                                                                                            |   |   | 50,233                                                                                                  |   |   | (90,399)                                                                                                                                |   |   | **51,230**                                                                                                                          |
| Income                    tax benefit                       |   |                                                                                                    |   |   |                                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                                    |   |   |                                                                                                                                |
| (expense)                                                   |   | 14,389                                                                                                  |   |   | (13,027)                                                                                                          |   |   | (15,962)                                                                                                |   |   | -                                                                                                                                       |   |   | **(14,600)**                                                                                                                        |
| Net                    earnings (loss)                      | $      | 36,630                                                                                                  |   | $      | 56,128                                                                                                            |   | $      | 34,271                                                                                                  |   | $      | (90,399)                                                                                                                                |   | $      | **36,630**                                                                                                                          |

----

**CONSOLIDATING          STATEMENTS OF EARNINGS**

**NINE          MONTHS ENDED SEPTEMBER 30, 2004**

|                                                                                              |   |  **Issuer**                                                          |   |   |  **Guarantor                    Subsidiaries**                                               |   |   |  **Nonguarantor                    Subsidiaries**                                                  |   |   |  **Eliminations**                                                                                                            |   |   |  **MacDermid                    Incorporated and Subsidiaries**                                                     |
|---------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------------------------|
| Net                    sales                                                                      | $      | 69,960                                                                    |   | $      | 120,589                                                                                           |   | $      | 311,403                                                                                                 |   | $      | (13,302)                                                                                                                          |   | **$**  | **488,650**                                                                                                              |
| Cost                    of sales                                                                  |   | 45,348                                                                    |   |   | 51,216                                                                                            |   |   | 173,413                                                                                                 |   |   | (13,302)                                                                                                                          |   |   | **256,675**                                                                                                              |
| Gross                    profit                                                                   |   | 24,612                                                                    |   |   | 69,373                                                                                            |   |   | 137,990                                                                                                 |   |   | —                                                                                                                           |   |   | **231,975**                                                                                                              |
|                                                                                              |   |                                                                      |   |   |                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                              |   |   |                                                                                                                     |
| Operating                    expenses:                                                            |   |                                                                      |   |   |                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                              |   |   |                                                                                                                     |
| Selling,                    technical and                                                         |   |                                                                      |   |   |                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                              |   |   |                                                                                                                     |
|                      administrative                                                          |   | 33,510                                                                    |   |   | 22,214                                                                                            |   |   | 81,117                                                                                                  |   |   | —                                                                                                                           |   |   | **136,841**                                                                                                              |
| Research                    and  development                                            |   |                             5,103 |   |   |                                 5,424 |   |   |                                  5,401 |   |   |                                      — |   |   | **                                   15,928** |
|                                                                                              |   | 38,613                                                                    |   |   | 27,638                                                                                            |   |   | 86,518                                                                                                  |   |   | —                                                                                                                           |   |   | **152,769**                                                                                                              |
| Operating                    (loss) profit                                                        |   | (14,001)                                                                  |   |   | 41,735                                                                                            |   |   | 51,472                                                                                                  |   |   | —                                                                                                                           |   |   | **79,206**                                                                                                               |
|                                                                                              |   |                                                                      |   |   |                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                              |   |   |                                                                                                                     |
| Equity                    in earnings of                                                          |   |                                                                      |   |   |                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                              |   |   |                                                                                                                     |
| subsidiaries                                                                                      |   | 62,886                                                                    |   |   | 37,724                                                                                            |   |   | —                                                                                                 |   |   | (107,118)                                                                                                                         |   |   | **—**                                                                                                              |
| Interest                    income                                                                |   | 283                                                                       |   |   | 16                                                                                                |   |   | 480                                                                                                     |   |   | —                                                                                                                           |   |   | **779**                                                                                                                  |
| Interest                    expense                                                               |   | (23,067)                                                                  |   |   | (18)                                                                                              |   |   | (236)                                                                                                   |   |   | —                                                                                                                           |   |   | **(23,321)**                                                                                                             |
| Miscellaneous                    income                                                           |   |                                                                      |   |   |                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                              |   |   |                                                                                                                     |
| (expense),                    net                                                                 |   | 769                                                                       |   |   | 129                                                                                               |   |   | (367)                                                                                                   |   |   | —                                                                                                                           |   |   | **531**                                                                                                                  |
|                                                                                              |   | 40,871                                                                    |   |   | 37,851                                                                                            |   |   | (123)                                                                                                   |   |   | (107,118)                                                                                                                         |   |   | **(22,011)**                                                                                                             |
|                                                                                              |   |                                                                      |   |   |                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                              |   |   |                                                                                                                     |
| Earnings                    (loss) before                          taxes |   | 26,870                                                                    |   |   | 79,586                                                                                            |   |   | 51,349                                                                                                  |   |   | (107,118)                                                                                                                         |   |   | **57,195**                                                                                                               |
| Income                    tax benefit                                                             |   |                                                                      |   |   |                                                                                              |   |   |                                                                                                    |   |   |                                                                                                                              |   |   |                                                                                                                     |
| (expense)                                                                                         |   | 11,451                                                                    |   |   | (16,700)                                                                                          |   |   | (13,625)                                                                                                |   |   | —                                                                                                                           |   |   | **(18,874)**                                                                                                             |
| Net                    earnings (loss)                                                            | $      | 38,321                                                                    |   | $      | 62,886                                                                                            |   | $      | 37,724                                                                                                  |   | $      | (107,118)                                                                                                                         |   | **$**  | **38,321**                                                                                                               |

----

**CONSOLIDATING          BALANCE SHEETS**

**SEPTEMBER          30, 2005**

|                                                               |   | **Issuer** |   | **Guarantor                    Subsidiaries** |    | **Nonguarantor                    Subsidiaries** |   | **Eliminations** |   | **MacDermid****Incorporated****and                    Subsidiaries** |
|--------------------------------------------------------------------|--------|------------|--------|-----------------------------------------------|---------|--------------------------------------------------|--------|------------------|--------|----------------------------------------------------------------------|
| Assets                                                             |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Current                    assets:                                 |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Cash                    and cash   equivalents           | $      | 28,949     |   | $                                             | 3,498   |                                             | $      | 27,860           |   | $                                                                    | - |   | $ | **60,307** |
| Accounts                    receivables, net                       |   | 11,111     |   |                                          | 21,507  |                                             |   | 124,199          |   |                                                                 | - |   |   | **156,817** |
| Due                    (to) from affiliates                        |   | 35,087     |   |                                          | 93,964  |                                             |   | (129,051)        |   |                                                                 | - |   |   | **-** |
| Inventories,                    net                                |   | 6,241      |   |                                          | 31,321  |                                             |   | 59,093           |   |                                                                 | - |   |   | **96,655** |
| Prepaid                    expenses                                |   | 2,421      |   |                                          | 2,233   |                                             |   | 9,787            |   |                                                                 | - |   |   | **14,441** |
| Deferred                    income taxes                           |   | 12,063     |   |                                          | -       |                                             |   | 4,770            |   |                                                                 | - |   |   | **16,833** |
| Total                    current assets                            |   | 95,872     |   |                                          | 152,523 |                                             |   | 96,658           |   |                                                                 | - |   |   | **345,053** |
|                                                               |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Property,                    plant and                             |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
|   equipment,                    net                      |   | 16,423     |   |                                          | 30,108  |                                             |   | 76,007           |   |                                                                 | - |   |   | **122,538** |
| Goodwill                                                           |   | 21,680     |   |                                          | 89,363  |                                             |   | 134,587          |   |                                                                 | - |   |   | **245,630** |
| Intangibles,                    net                                |   | -          |   |                                          | 5,460   |                                             |   | 26,839           |   |                                                                 | - |   |   | **32,299** |
| Investments                    in   subsidiaries         |   | 497,934    |   |                                          | 243,012 |                                             |   | -                |   |                                                                 | (740,946) |   |   | **-** |
| Deferred                    income taxes                           |   | 19,827     |   |                                          | -       |                                             |   | 13,418           |   |                                                                 | - |   |   | **33,245** |
| Other                    assets, net                               |   | 5,831      |   |                                          | 3,445   |                                             |   | 5,228            |   |                                                                 | - |   |   | **14,504** |
| Total                    assets                                    | $      | 657,567    |   | $                                             | 523,911 |                                             | $      | 352,737          |   | $                                                                    | (740,946) |   | $ | **793,269** |
|                                                               |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Liabilities                    and   shareholders’ |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
|   equity                                                 |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Current                    liabilities:                            |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Accounts                    and dividends                          |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
|   payable                                                | $      | 7,529      |   | $                                             | 10,312  |                                             | $      | 41,184           |   | $                                                                    | - |   | $ | **59,025** |
| Accrued                    compensation                            |   | 1,580      |   |                                          | 2,253   |                                             |   | 10,993           |   |                                                                 | - |   |   | **14,826** |
| Accrued                    interest                                |   | 5,509      |   |                                          | 24      |                                             |   | 88               |   |                                                                 | - |   |   | **5,621** |
| Accrued                    income taxes                            |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| payable                                                            |   | (3,390)    |   |                                          | 5,992   |                                             |   | 8,414            |   |                                                                 | - |   |   | **11,016** |
| Other                    current liabilities                       |   | 12,198     |   |                                          | 6,820   |                                             |   | 20,070           |   |                                                                 | - |   |   | **39,088** |
| Total                    current liabilities                       |   | 23,426     |   |                                          | 25,401  |                                             |   | 80,749           |   |                                                                 | - |   |   | **129,576** |
|                                                               |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Long-term                    obligations                           |   | 300,482    |   |                                          | 318     |                                             |   | 488              |   |                                                                 | - |   |   | **301,288** |
| Retirement                    benefits, less                       |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| current                    portion                                 |   | 5,342      |   |                                          | -       |                                             |   | 19,881           |   |                                                                 | - |   |   | **25,223** |
| Deferred                    income taxes                           |   | -          |   |                                          | -       |                                             |   | 7,962            |   |                                                                 | - |   |   | **7,962** |
| Other                    long-term liabilities                     |   | 3,280      |   |                                          | 258     |                                             |   | 646              |   |                                                                 | - |   |   | **4,184** |
| Total                    liabilities                               |   | 332,530    |   |                                          | 25,977  |                                             |   | 109,726          |   |                                                                 | - |   |   | **468,233** |
|                                                               |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Shareholders’                    equity                      |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Total                    shareholders' equity                      |   | 325,037    |   |                                          | 497,934 |                                             |   | 243,011          |   |                                                                 | (740,946) |   |   | **325,036** |
| Total                    liabilities and                           |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| shareholders'                    equity                            | $      | 657,567    |   | $                                             | 523,911 |                                             | $      | 352,737          |   | $                                                                    | (740,946) |   | $ | **793,269** |

----

**CONSOLIDATING          BALANCE SHEETS**

**DECEMBER          31, 2004**

|                                                                                            |   | **Issuer** |   | **Guarantor                    Subsidiaries** |    | **Nonguarantor                    Subsidiaries** |   | **Eliminations** |   | **MacDermid****Incorporated****and                    Subsidiaries** |
|-------------------------------------------------------------------------------------------------|--------|------------|--------|-----------------------------------------------|---------|--------------------------------------------------|--------|------------------|--------|----------------------------------------------------------------------|
| Assets                                                                                          |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Current                    assets:                                                              |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Cash                    and cash   equivalents                                        | $      | 69,512     |   | $                                             | 688     |                                             | $      | 67,629           |   | $                                                                    | — |   | **$** | **137,829** |
| Accounts                    receivables, net                                                    |   | 9,127      |   |                                          | 18,103  |                                             |   | 115,225          |   |                                                                 | — |   |   | **142,455** |
| Due                    (to) from affiliates                                                     |   | 47,106     |   |                                          | 78,199  |                                             |   | (125,305)        |   |                                                                 | — |   |   | — |
| Inventories,                    net                                                             |   | 5,002      |   |                                          | 22,996  |                                             |   | 52,447           |   |                                                                 | — |   |   | **80,445** |
| Prepaid                    expenses                                                             |   | 1,125      |   |                                          | 2,240   |                                             |   | 6,818            |   |                                                                 | — |   |   | **10,183** |
| Deferred                    income taxes                                                        |   | 12,908     |   |                                          | — |                                             |   | 5,395            |   |                                                                 | — |   |   | **18,303** |
| Total                    current assets                                                         |   | 144,780    |   |                                          | 122,226 |                                             |   | 122,209          |   |                                                                 | — |   |   | **389,215** |
|                                                                                            |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Property,                    plant and                                                          |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
|   equipment,                    net                                                   |   | 16,886     |   |                                          | 33,224  |                                             |   | 60,353           |   |                                                                 | — |   |   | **110,463** |
| Goodwill                                                                                        |   | 21,680     |   |                                          | 68,574  |                                             |   | 104,033          |   |                                                                 | — |   |   | **194,287** |
| Intangibles,                    net                                                             |   | —    |   |                                          | 5,004   |                                             |   | 23,430           |   |                                                                 | — |   |   | **28,434** |
| Investments                    in  subsidiaries                                       |   | 449,641    |   |                                          | 238,254 |                                             |   | —          |   |                                                                 | (687,895) |   |   | — |
| Deferred                    income taxes                                                        |   | 21,579     |   |                                          | — |                                             |   | 13,096           |   |                                                                 | — |   |   | **34,675** |
| Other                    assets, net                                                            |   | 8,006      |   |                                          | 3,385   |                                             |   | 5,254            |   |                                                                 | — |   |   | **16,645** |
| Total                    assets                                                                 | $      | 662,572    |   | $                                             | 470,667 |                                             | $      | 328,375          |   | $                                                                    | (687,895) |   | **$** | **773,719** |
|                                                                                            |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Liabilities                    and       shareholders’ |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
|   equity                                                                              |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Current                    liabilities:                                                         |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Accounts                    and dividends                                                       |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
|   payable                                                                             | $      | 7,538      |   | $                                             | 7,363   |                                             | $      | 41,043           |   | $                                                                    | — |   | **$** | **55,944** |
| Accrued                    compensation                                                         |   | 3,645      |   |                                          | 1,884   |                                             |   | 6,841            |   |                                                                 | — |   |   | **12,370** |
| Accrued                    interest                                                             |   | 12,692     |   |                                          | — |                                             |   | 8                |   |                                                                 | — |   |   | **12,700** |
| Accrued                    income taxes                                                         |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| payable                                                                                         |   | (3,467)    |   |                                          | 5,556   |                                             |   | 5,204            |   |                                                                 | — |   |   | **7,293** |
| Other                    current liabilities                                                    |   | 14,621     |   |                                          | 5,911   |                                             |   | 20,273           |   |                                                                 | — |   |   | **40,805** |
| Total                    current liabilities                                                    |   | 35,029     |   |                                          | 20,714  |                                             |   | 73,369           |   |                                                                 | — |   |   | **129,112** |
|                                                                                            |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Long-term                    obligations                                                        |   | 300,385    |   |                                          | 274     |                                             |   | 418              |   |                                                                 | — |   |   | **301,077** |
| Retirement                    benefits, less                                                    |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| current                    portion                                                              |   | 20,395     |   |                                          | — |                                             |   | 6,193            |   |                                                                 | — |   |   | **26,588** |
| Deferred                    income taxes                                                        |   | —    |   |                                          | — |                                             |   | 9,267            |   |                                                                 | — |   |   | **9,267** |
| Other                    long-term liabilities                                                  |   | 2,732      |   |                                          | 38      |                                             |   | 874              |   |                                                                 | — |   |   | **3,644** |
| Total                    liabilities                                                            |   | 358,541    |   |                                          | 21,026  |                                             |   | 90,121           |   |                                                                 | — |   |   | **469,688** |
|                                                                                            |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Shareholders’                    equity                                                   |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| Total                    shareholders' equity                                                   |   | 304,031    |   |                                          | 449,641 |                                             |   | 238,254          |   |                                                                 | (687,895) |   |   | **304,031** |
| Total                    liabilities and                                                        |   |       |   |                                          |    |                                             |   |             |   |                                                                 |   |   |   |   |
| shareholders'                    equity                                                         | $      | 662,572    |   | $                                             | 470,667 |                                             | $      | 328,375          |   | $                                                                    | (687,895) |   | **$** | **773,719** |

----

**CONSOLIDATING          CONDENSED STATEMENTS OF CASH FLOWS**

**NINE          MONTHS ENDED SEPTEMBER 30, 2005**

|                                              |   | **Issuer**                                                                     |   |   | **Guarantor                    Subsidiaries**                                                                             |   |   | **Nonguarantor                    Subsidiaries**                                                                      |   |   | **MacDermid****Incorporated****and                    Subsidiaries**                                                                            |
|---------------------------------------------------|--------|--------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| Net                    cash flows (used in)       |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| provided                    by operating          |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| activities                                        | $      | 36,730                                                                         |   | $      | (42,775)                                                                                                                  |   | $      | 37,237                                                                                                                |   | **$**  | **31,192**                                                                                                                                      |
|                                              |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| Investing                    activities:          |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| Capital                    expenditures           |   | (2,201)                                                                        |   |   | (1,301)                                                                                                                   |   |   | (7,308)                                                                                                               |   |   | **(10,810)**                                                                                                                                    |
| Acquisition                    of business        |   | -                                                                              |   |   | (27,070)                                                                                                                  |   |   | (66,083)                                                                                                              |   |   | **(93,153)**                                                                                                                                    |
| Proceeds                    from disposition of   |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| fixed                    assets and business      |   |                               895 |   |   |                     - |   |   |                    612 |   |   | **                                       1,507** |
| Net                    cash flows used in         |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| Investing                    activities           |   | (1,306)                                                                        |   |   | (28,371)                                                                                                                  |   |   | (72,779)                                                                                                              |   |   | **(102,456)**                                                                                                                                   |
|                                              |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| Financing                    activities:          |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| Net                    proceeds from              |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| short-term                    borrowings          |   | -                                                                              |   |   | -                                                                                                                         |   |   | 2,965                                                                                                                 |   |   | **2,965**                                                                                                                                       |
| Repayments                    of long-term        |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| borrowings                                        |   | 34                                                                             |   |   | 44                                                                                                                        |   |   | (263)                                                                                                                 |   |   | **(185)**                                                                                                                                       |
| Issuance                    of treasury shares    |   | 33                                                                             |   |   | -                                                                                                                         |   |   | -                                                                                                                     |   |   | **33**                                                                                                                                          |
| Proceeds                    from exercise of      |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| stock                    options                  |   | (71,195)                                                                       |   |   | 73,912                                                                                                                    |   |   | -                                                                                                                     |   |   | **2,717**                                                                                                                                       |
| Dividends                    paid                 |   | (4,858)                                                                        |   |   | -                                                                                                                         |   |   | -                                                                                                                     |   |   | **(4,858)**                                                                                                                                     |
| Net                    cash flows provided by     |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| (used                    in) financing activities |   | (75,986)                                                                       |   |   | 73,956                                                                                                                    |   |   | 2,702                                                                                                                 |   |   | **672**                                                                                                                                         |
|                                              |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| Effect                    of exchange rate        |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| changes                    on cash and cash       |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| equivalents                                       |   | -                                                                              |   |   | -                                                                                                                         |   |   | (6,930)                                                                                                               |   |   | **(6,930)**                                                                                                                                     |
|                                              |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| Net                    increase (decrease) in     |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| cash                    and cash equivalents      |   | (40,562)                                                                       |   |   | 2,810                                                                                                                     |   |   | (39,770)                                                                                                              |   |   | **(77,522)**                                                                                                                                    |
|                                              |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| Cash                    and cash equivalents at   |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| beginning                    of period            |   | 69,512                                                                         |   |   | 688                                                                                                                       |   |   | 67,629                                                                                                                |   |   | **137,829**                                                                                                                                     |
|                                              |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| Cash                    and cash equivalents at   |   |                                                                           |   |   |                                                                                                                      |   |   |                                                                                                                  |   |   |                                                                                                                                            |
| end                    of period                  | $      | 28,950                                                                         |   | $      | 3,498                                                                                                                     |   | $      | 27,859                                                                                                                |   | **$**  | **60,307**                                                                                                                                      |

----

**CONSOLIDATING          CONDENSED STATEMENTS OF CASH FLOWS**

**NINE          MONTHS ENDED SEPTEMBER 30, 2004**

|                                                |   | **Issuer**                                                                                  |   |   | **Guarantor                    Subsidiaries**                                                     |   |   | **Nonguarantor                    Subsidiaries**                                                                                    |   |   | **MacDermid****Incorporated****and                    Subsidiaries**                                                                                  |
|-----------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
| Net                    cash flows (used in)         |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| provided                    by operating            |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| activities                                          | $      | (17,419)                                                                                    |   | $      | 31,137                                                                                            |   | $      | 43,390                                                                                                                              |   | **$**  | **57,108**                                                                                                                                            |
|                                                |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| Investing                    activities:            |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| Capital                    expenditures             |   | (2,267)                                                                                     |   |   | (945)                                                                                             |   |   | (2,721)                                                                                                                             |   |   | **(5,933)**                                                                                                                                           |
| Proceeds                    from disposition of     |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| fixed                    assets                     |   |                1 |   |   |                                 2,211 |   |   |                                       509 |   |   | **                                        2,721** |
| Net                    cash flows (used in)         |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| provided                    by investing            |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| activities                                          |   | (2,266)                                                                                     |   |   | 1,266                                                                                             |   |   | (2,212)                                                                                                                             |   |   | **(3,212)**                                                                                                                                           |
|                                                |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| Financing                    activities:            |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| Net                    proceeds from                |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| (repayments                    of) short-term       |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| borrowings                                          |   | —                                                                                     |   |   | —                                                                                           |   |   | (533)                                                                                                                               |   |   | **(533)**                                                                                                                                             |
| Proceeds                    from long-term          |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
|                       borrowings          |   | 25                                                                                          |   |   | —                                                                                           |   |   | —                                                                                                                             |   |   | **25**                                                                                                                                                |
| Repayments                    of long-term          |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| borrowings                                          |   | 43,836                                                                                      |   |   | (27,040)                                                                                          |   |   | (17,289)                                                                                                                            |   |   | **(493)**                                                                                                                                             |
| Purchase                    of treasury shares      |   | 31                                                                                          |   |   | —                                                                                           |   |   | —                                                                                                                             |   |   | **31**                                                                                                                                                |
| Proceeds                    from exercise of        |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
|                        stock options |   | 285                                                                                         |   |   | —                                                                                           |   |   | —                                                                                                                             |   |   | **285**                                                                                                                                               |
| Dividends                    paid                   |   | 20,423                                                                                      |   |   | (5,288)                                                                                           |   |   | (17,558)                                                                                                                            |   |   | **(2,423)**                                                                                                                                           |
| Net                    cash flows provided by       |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| (used                    in) financing activities   |   | 64,600                                                                                      |   |   | (32,328)                                                                                          |   |   | (35,380)                                                                                                                            |   |   | **(3,108)**                                                                                                                                           |
|                                                |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| Effect                    of exchange rate          |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| changes                    on cash and cash         |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| equivalents                                         |   | —                                                                                     |   |   | —                                                                                           |   |   | (29)                                                                                                                                |   |   | **(29)**                                                                                                                                              |
|                                                |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| Net                    increase (decrease) in       |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| cash                    and cash equivalents        |   | 44,915                                                                                      |   |   | 75                                                                                                |   |   | 5,769                                                                                                                               |   |   | **50,759**                                                                                                                                            |
|                                                |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| Cash                    and cash equivalents at     |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| beginning                    of period              |   | 18,295                                                                                      |   |   | 1,286                                                                                             |   |   | 41,713                                                                                                                              |   |   | **61,294**                                                                                                                                            |
|                                                |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| Cash                    and cash equivalents at     |   |                                                                                        |   |   |                                                                                              |   |   |                                                                                                                                |   |   |                                                                                                                                                  |
| end                    of period                    | $      | 63,210                                                                                      |   | $      | 1,361                                                                                             |   | $      | 47,482                                                                                                                              |   | **$**  | **112,053**                                                                                                                                           |

----

**Management’s          Discussion and Analysis of **

**Financial          Condition and Results of Operations**

***(in          thousand of dollars, except shares and per share          amounts)***

**CONSOLIDATED          OVERVIEW**

***Executive          Overview***

** **

| ·   | utilizing                    our technical service and outstanding products to penetrate global                    markets                    for all products, |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | supporting                    working capital initiatives focused on maximizing cash flows                    during a                    period of continued economic uncertainty in our primary                    markets, |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | emphasizing                    efficiency improvements throughout the                    organization, |
|--------------------|--------------------------------------------------------------------------------------------------------|

| ·   | adding                    new products through internal research and development, relying                    heavily on                    our internal knowledge base, |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | strengthening                    the common identity of our products through a new branding initiative                    called "Yes We Can!", and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | acquiring                    strategically sound companies or                    products. |
|--------------------|--------------------------------------------------------------------------------------------|

----

*Goodwill          and Other Intangible Assets *

**RESULTS          OF OPERATIONS**

----

***Summary          of the consolidated results for the quarter and nine-months ended September          30,          2005:***

|                                                                                               |   | **Three                    months ended** |   |   |     | **Currency** |                                           |               | **Nine                    months ended** |   |   |     | **Currency** |
|----------------------------------------------------------------------------------------------------|--------|-------------------------------------------|--------|--------|----------|--------------|------------------------------------------------|--------------------|------------------------------------------|--------|--------|----------|--------------|
|                                                                                               |   | **September                    30,**      |   |   |     | **Adjusted** |                                 |     | **September                    30,**     |   |   |     | **Adjusted** |
|                                                                                               |   | **2005**                                  |   |   | **2004** |         | **%Change**                                    |               | **%Change***                             |   |   | **2005** |         |   | **2004** |   | **%Change** |   | **%Change*** |
|                                                                                               |   |                                      |   |   |     |         | **Favorable                    (Unfavorable)** |               |                                     |   |   |     |         |   | **Favorable                    (Unfavorable)** |
| Net                    sales                                                                       | $      | 193,260                                   |   | $      | 161,585  |         | 19.6%                                          |               | 17.4%                                    |   | $      | 541,788  |         | $ | 488,650 |   | 10.9% |   | 8.4% |
| Cost                    of sales                                                                   |   | 109,978                                   |   |   | 85,210   |         | (29.1%)                                        |               | (26.5%)                                  |   |   | 300,827  |         |   | 256,675 |   | (17.2%) |   | (14.4%) |
|                        Gross profit                                                 |   | 83,282                                    |   |   | 76,375   |         | 9.0%                                           |               | 7.2%                                     |   |   | 240,961  |         |   | 231,975 |   | 3.9% |   | 1.8% |
|                                                                                               |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| Gross                    profit                           percentage |   | 43.1%                                     |   |   | 47.3%    |         | **                                             |               | **                                       |   |   | 44.5%    |         |   | 47.5% |   | ** |   | ** |
|                                                                                               |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| Operating                    expenses                                                              |   | 59,148                                    |   |   | 50,629   |         | (16.8%)                                        |               | (13.7%)                                  |   |   | 168,768  |         |   | 152,769 |   | (10.5%) |   | (7.5%) |
|                                                                                               |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   | — |   |   |   |   |
|                         Operating profit                                       |   | 24,134                                    |   |   | 25,746   |         | (6.3%)                                         |               | (9.5%)                                   |   |   | 72,193   |         |   | 79,206 |   | (8.9%) |   | (11.1%) |
|                                                                                               |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
|                                                                                               |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| Interest                    income                                                                 |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
|                         (expense), net                                         |   | (7,101)                                   |   |   | (7,287)  |         | 2.6%                                           |               | 2.5%                                     |   |   | (21,170) |         |   | (22,542) |   | 6.1% |   | 6.1% |
| Other                    income                                                                    |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
|                         (expense), net                                         |   | 799                                       |   |   | 92       |         | **                                             |               | **                                       |   |   | 207      |         |   | 531 |   | ** |   | ** |
|                                                                                               |   | (6,302)                                   |   |   | (7,195)  |         |                                           |               |                                     |   |   | (20,963) |         |   | (22,011) |   |   |   |   |
|                                                                                               |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| Earnings                    before                                                                 |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| income                    taxes                                                                    |   | 17,832                                    |   |   | 18,551   |         | (3.9%)                                         |               | (8.5%)                                   |   |   | 51,230   |         |   | 57,195 |   | (10.4%) |   | (13.5%) |
| Income                    taxes                                                                    |   | (4,915)                                   |   |   | (6,508)  |         | 24.5%                                          |               | 27.7%                                    |   |   | (14,600) |         |   | (18,874) |   | 22.6% |   | 24.9% |
| Net                    earnings                                                                    | $      | 12,917                                    |   | $      | 12,043   |         | 7.3%                                           |               | 1.7%                                     |   | $      | 36,630   |         | $ | 38,321 |   | (4.4%) |   | (8.0%) |
|                                                                                               |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| Diluted                    earnings                                                                |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| per                    share                                                                       | $      | .42                                       |   | $      | .39      |         | 7.7%                                           |               | 2.6%                                     |   | $      | 1.19     |         | $ | 1.24 |   | (4.0%) |   | (3.2%) |

**          Currency adjusted percent change is calculated based on a constant foreign          exchange rate period-over-period. Management believes this more accurately          reflects true fluctuation in the business without the effect of changing          exchange rates.*

***          Not a meaningful statistic.*

----

***Summary          of key segmented results for the quarter and nine-months ended September          30,          2005:***

|                                      |   | **Three                    months ended** |   |   |     | **Currency** |                                 |     | **Nine                    months ended** |   |   |     | **Currency** |
|-------------------------------------------|--------|-------------------------------------------|--------|--------|----------|--------------|------------------------------------------------|--------------------|------------------------------------------|--------|--------|----------|--------------|
|                                      |   | **September                    30,**      |   |   |     | **Adjusted** |                                           |               | **September                    30,**     |   |   |     | **Adjusted** |
|                                      |   | **2005**                                  |   |   | **2004** |         | **%Change**                                    |               | **%Change***                             |   |   | **2005** |         |   | **2004** |   | **%Change** |   | **%Change*** |
|                                      |   |                                      |   |   |     |         | **Favorable                    (Unfavorable)** |               |                                     |   |   |     |         |   | **Favorable                    (Unfavorable)** |
| **Advanced                    Surface**   |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| **Finishing**                             |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| Total                    net sales        | $      | 111,003                                   |   | $      | 96,136   |         | 15.5%                                          |               | 13.1%                                    |   | $      | 313,476  |         | $ | 286,000 |   | 9.6% |   | 6.8% |
| Operating                    profit       | $      | 16,925                                    |   | $      | 16,276   |         | 4.0%                                           |               | (0.6%)                                   |   | $      | 47,764   |         | $ | 46,742 |   | 2.2% |   | (1.2%) |
| Operating                    profit       |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| percentage                                |   | 15.2%                                     |   |   | 16.9%    |         | **                                             |               | **                                       |   |   | 15.2%    |         |   | 16.3% |   | ** |   | ** |
|                                      |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| **Printing                    Solutions** |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| Total                    net sales        | $      | 82,257                                    |   | $      | 65,449   |         | 25.7%                                          |               | 23.8%                                    |   | $      | 228,312  |         | $ | 202,650 |   | 12.7% |   | 10.7% |
| Operating                    profit       | $      | 7,209                                     |   | $      | 9,470    |         | (23.9%)                                        |               | (24.9%)                                  |   | $      | 24,429   |         | $ | 32,464 |   | (24.7%) |   | (25.6%) |
| Operating                    profit       |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| percentage                                |   | 8.8%                                      |   |   | 14.5%    |         | **                                             |               | **                                       |   |   | 10.7%    |         |   | 16.0% |   | ** |   | ** |
|                                      |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| **Consolidated                    Total** |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| Total                    net sales        | $      | 193,260                                   |   | $      | 161,585  |         | 19.6%                                          |               | 17.4%                                    |   | $      | 541,788  |         | $ | 488,650 |   | 10.9% |   | 8.4% |
| Operating                    profit       | $      | 24,134                                    |   | $      | 25,746   |         | (6.3%)                                         |               | (9.5%)                                   |   | $      | 72,193   |         | $ | 79,206 |   | (8.9%) |   | (11.1%) |
| Operating                    profit       |   |                                      |   |   |     |         |                                           |               |                                     |   |   |     |         |   |   |   |   |   |   |
| percentage                                |   | 12.5%                                     |   |   | 15.9%    |         | **                                             |               | **                                       |   |   | 13.3%    |         |   | 16.2% |   | ** |   | ** |

**          Currency adjusted percent change is calculated based on a constant foreign          exchange rate period-over-period. Management believes this more accurately          reflects true fluctuation in the business without the effect of changing          exchange rates.*

***          Not a meaningful statistic.*

***Net          sales***

***Cost          of sales and gross profit***

----

***Operating          expenses***

***Operating          profit***

***Interest          income (expense)***

***Other          income (expense)***

----

***Income          tax expense***

***Net          earnings***

***Diluted          earnings per share***

***Other          comprehensive income***

**LIQUIDITY          AND CAPITAL RESOURCES**

|                                                                    |   | **2005**  |   |   | **2004** |   |   | **Variance** |
|-------------------------------------------------------------------------|--------|-----------|--------|--------|----------|--------|--------|--------------|
| Cash                    provided by (used in):                          |   |      |   |   |     |   |   |         |
|                       Operating activities                    | $      | 31,192    |   | $      | 57,108   |   | $      | (25,916)     |
|                       Investing activities                    |   | (102,456) |   |   | (3,212)  |   |   | (99,244)     |
|                       Financing activities                    |   | 672       |   |   | (3,108)  |   |   | 3,780        |
|                       Effect of exchange rate changes on cash |   | (6,930)   |   |   | (29)     |   |   | (6,901)      |
| Net                    change in cash                                   | $      | (77,522)  |   | $      | 50,759   |   | $      | (128,281)    |

----

|                                              |   |      |   |   | **Less                    than** |   |   | **2-3**   |   |   | **4-5**   |   |   | **After                    5** |
|---------------------------------------------------|--------|-----------|--------|--------|----------------------------------|--------|--------|-----------|--------|--------|-----------|--------|--------|--------------------------------|
|                                              |   | **Total** |   |   | **1                    Year**    |   |   | **Years** |   |   | **Years** |   |   | **Years**                      |
| Long-term                    debt                 | $      | 301,787   |   | $      | —                          |   | $      | 287       |   | $      | —   |   | $      | 301,500                        |
| Semi-annual                    bond interest      |   | 178,828   |   |   | 27,512                           |   |   | 55,024    |   |   | 55,024    |   |   | 41,268                         |
| Capital                    leases                 |   | 767       |   |   | 81                               |   |   | 412       |   |   | 196       |   |   | 78                             |
| Operating                    leases               |   | 92,434    |   |   | 9,460                            |   |   | 14,963    |   |   | 11,041    |   |   | 56,970                         |
| Pension                    funding requirements   |   | 29,432    |   |   | 5,992                            |   |   | 11,720    |   |   | 11,720    |   |   | —                        |
| Purchase                    obligations and other |   | 3,697     |   |   | 3,658                            |   |   | 26        |   |   | 13        |   |   | —                        |
| Total                    contractual cash         |   |      |   |   |                             |   |   |      |   |   |      |   |   |                           |
| commitments                                       | $      | 606,945   |   |   | 46,703                           |   |   | 82,432    |   |   | 77,994    |   |   | 399,816                        |

----

|                                                                                                             |    |    |
|------------------------------------------------------------------------------------------------------------------|---------|---------|
|  Cash                    and cash equivalents as of September 30, 2005                                      |  $ | 60,307  |
| Other                    net current monetary assets and liabilities as of September 30,                    2005 |    | 27,241  |
|                                                                                                                  |    | 87,548  |
|                                                                                                             |    |    |
| Available                    borrowings under revolving loan facility                                            |    | 50,000  |
| Availability                    under other uncommitted credit facilities                                        |    | 46,500  |
|     Total                    cash available and potentially available                        |    | 184,048 |
|                                                                                                             |    |    |
| Contractual                    cash commitments due in next year                                                 |    | 46,703  |
| Expected                    capital expenditures for the year                                                    |    | 4,190   |
| Expected                    dividend payments in the next year                                                   |    | 7,264   |
|     Excess                    of cash available and potentially available over               |    |    |
| requirements                                                                                                     | $       | 125,891 |

**CRITICAL          ACCOUNTING ESTIMATES**

*New          Accounting Standards*

*Application          of FASB Statement No. 109, Accounting for Income Taxes, to the Tax Deduction          on          Qualified Production Activities Provided by the American Jobs Creation          Act of          2004 *
*Accounting          and Disclosure for the Foreign Earnings Provision within the American Jobs          Creation Act of 2004 *

*Inventory          Costs - an amendment of ARB No. 43, Chapter 4*

*Accounting          for Stock-Based Compensation*
*Accounting          for Stock Issued to Employees*

----

*Accounting          for Conditional Asset Retirement Obligations*

**FORWARD-LOOKING          STATEMENTS**

----

**Quantitative          and Qualitative Disclosures **

**About          Market Risk**

| ·   | Option                    to purchase 300 British pounds for 1,660 Denmark krona which                    expires in                    December 2005 |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Option                    to purchase 300 British pounds for 1,669 Denmark krona which                    expires in                    March 2006 |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Controls          and Procedures**

*Disclosure          Controls and Procedures*

*Changes          in Internal Controls *

----

**PART          II. OTHER INFORMATION**

|  31.1 |  Certification                    of Chief Executive Officer pursuant to Rule13a-14(a) and Rule15d-14(a)                    of                    the Securities Exchange Act, as amended                                                         |
|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  31.2 |  Certification                    of Chief Financial Officer pursuant to Rule13a-14(a) and Rule15d-14(a)                    of                    the Securities Exchange Act, as amended                                                         |
|  32   |  Certification                    of Chief Executive Officer and Chief Financial Officer Pursuant                    to                    18U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley                    Act of 2002 |

----

**SIGNATURES**

----

**EXHIBIT          31.1**

**CERTIFICATIONS**

----

**EXHIBIT          31.2**

**CERTIFICATIONS**

----

**EXHIBIT          32**

**CERTIFICATION          PURSUANT TO**

**18          U.S.C. SECTION 1350,**

**AS          ADOPTED PURSUANT TO**

**SECTION          906 OF THE SARBANES-OXLEY ACT OF 2002**

----