Document:

Exhibit 4(e) 

IMPERIAL CHEMICAL
INDUSTRIES PLC 

PERFORMANCE GROWTH PLAN 

Rules applying to
awards made on or after 1 January 2004  

	Shareholders' Approval:	28 April 2000
	
Directors' Adoption (subject to shareholders' approval):	27 April 2000
	
Amended by the Committee:	5 February 2003
		24 September 2003
	
Expiry Date:	28 April 2010

IMPERIAL CHEMICALS
INDUSTRIES PLC PERFORMANCE GROWTH PLAN 

	1  	Definitions 

	1.1  	Meaning
of words used 

	 	
“ADS”
means an American depository share, or part thereof, currently representing 4 ordinary
shares in the Company: 

	 	
“Award
Date” means the date as referred to in Rule 9.1 on which a Participant becomes
entitled to the Shares comprised in his Conditional Award; 

	 	
“Business
Day” means any day, other than a Saturday or Sunday, on which banks are generally
open for business in London; 

	 	
“Committee”
means a committee of the board of directors of the Company consisting only or mainly of
non-executive directors of the board; 

	 	
“Conditional
Award”  means a conditional right to receive an award of Shares; 

	 	
“Conditional
Award Date” means the date on which the Committee resolves to make a Conditional
Award;  

	 	
“Company” means
Imperial Chemical Industries PLC; 

	 	
“Dealing
Regulations” means any statute, regulation or code adopted by the Company (being
or being based on the London Stock Exchange’s Model Code) for security transactions
by directors of listed companies or the equivalent in other countries; 

	 	
“Eligible
Employee” means any: 

	 	(i) 	employee
of any Participating Company; or 

	 	(ii) 	executive
director of any Participating Company who devotes substantially the                whole
of his working time to the business of a Participating Company; 

	 	
who
is not:  

	 	(i)	within
12 months of normal retirement date; or 

	 	(ii)	under
notice of termination of employment (given or received). 

	 	
“Financial
Year” means financial year for the purposes of Section 223 of the Companies Act
1985;  

	 	
“Member
of the Group” means any of:  

	 	(i) 	the
Company; and 

	 	(ii) 	its
subsidiaries (within the meaning of Section 736 of the Companies Act 1985)
               from time to time; and 

	 	(iii) 	any
company which is associated with the Company (within the meaning of section
               416 of the Income and Corporation Taxes Act 1988) and is designated by the
               Committee as a Member of the Group; 

	 	
“NYSE” means
the New York Stock Exchange Inc; 

	 	
“Participant”
means an individual who has been made a Conditional Award under Rule 2 or his personal
representatives; 

	 	
“Participating
Company” means the Company and any subsidiary (within the meaning of Section 736
of the Companies Act 1985) designated by the Committee as a Participating Company; 

	 	
“Performance
Condition” means, in relation to each operation of the Plan, the conditions set
by the Committee, to determine whether or not and the extent to which an award of Shares
will be made in respect of a Conditional Award at the end of the Performance Period or
otherwise in accordance with these Rules; 

	 	
“Performance
Period” means, in relation to each operation of the Plan, the period during which
the Performance Condition must be satisfied which is determined by the Committee under
Rule 2. This period will not be less than 3 financial years of the Company, and cannot be
extended in respect of any Conditional Award once notified to a Participant under Rule
2.4; 

	 	
“Rules” means
these Rules as amended from time to time;  

	 	
“Plan”
means the Imperial Chemical Industries PLC Performance Growth Plan as set out in these
Rules in its present form or as from time to time altered in accordance with these Rules; 

	 	
“Share”
means an ordinary share in the capital of the Company or securities representing ordinary
shares in the Company or, as the context may require, ADSs; and 

	 	
“Trust” means
the ICI Employee Share Ownership Trust or any other trust nominated by the Committee.  

	1.2  	Special
Schedules 

	 	
The
Rules of the Plan are subject, in the case of each Participant, to any special schedules
adopted by the Committee, which are appropriate to the jurisdiction in which he is
employed at the Conditional Award Date, or such other provisions as the Committee notify
him will apply. 

	2  	Operation
of the Plan 

	2.1  	Time
of operation 

	 	2.1.1	Conditional
Awards may only be made within 42 days starting on any of the following: 

	 	(i) 	the
day on which the Plan is approved by the Company in general meeting;  

	 	(ii) 	the
day after the announcement of the Company’s results to the London Stock
                    Exchange for any period;  

	 	(iii) 	the
beginning of a Financial Year in which the Plan is being operated;  

	 	(iv) 	any
day on which the Committee resolves that exceptional circumstances exist
                    which justify the making of Conditional Awards;  

	 	2.1.2 	If Conditional
Awards may not be made in any period referred to in Rule 2.1.1 due to restrictions
imposed by statute, order, regulation or government directive or by the Dealing
Regulations, Conditional Awards may be made within 42 days after lifting of such
restrictions.

		2.1.3 	
The Committee may only make Conditional Awards between the approval of the Plan by the
Company in general meeting and the tenth anniversary of that date. 

	2.2  	Eligibility 

	 	
Any
Eligible Employee may be selected by the Committee to receive a Conditional Award under
the Plan. A person who is not an Eligible Employee on the Conditional Award Date may not
receive a Conditional Award. 

	2.3  	Performance
Condition 

	 	
The
Committee will make a Conditional Award on the basis that no award of Shares will be made
until and to the extent that a Performance Condition has been satisfied during the
Performance Period. The Performance Condition must be objective. 

	 	
The
Committee may amend or waive the Performance Condition:  

	 	2.3.1 	in
accordance with the terms specified in the Performance Condition; or

	 	2.3.2 	if
events happen which cause the Committee to reasonably consider that:

	 	(i) 	the
Performance Condition should be amended for the purpose of ensuring the
                    objective criteria against which the Company will then be measured
will be a                     fairer measure of such performance; or  

	 	(ii) 	the
Performance Condition should be waived.  

	2.4  	Notice 

	 	
The
Committee will notify each Participant who has been made a Conditional Award. The
notification will include: 

	 	2.4.1 	details
of the maximum number of Shares in the Conditional Award or the value of the Conditional
Award;

	 	2.4.2 	the
Conditional Award Date; 

	 	2.4.3 	the
Performance Period; 

	 	2.4.4 	details
of the Performance Condition which must be satisfied before any award of Shares will be
made; 

	 	2.4.5 	the
consideration (if any) payable for any Shares awarded;

	 	2.4.6	unless
already set out as part of the Performance Condition, the date a Conditional Award will
lapse, which cannot be later than the tenth anniversary of the Conditional Award Date;
and 

	 	2.4.7 	any
other conditions and terms of the Conditional Award, at the discretion of the Committee.

	2.5  	Making
Conditional Awards 

	 	
The
Committee will make Conditional Awards by Committee resolution. Each Participant will
receive a deed or other document as evidence of the making of a Conditional Award. 

	2.6  	No
payment 

	 	
No
payment to the Company will be required on the making of a Conditional Award.  

	2.7  	Disclaimer
of Conditional Award 

	 	
Any
Participant may, by notice in writing to the Company Secretary, within 30 days after he is
notified in writing of an Conditional Award as described in Rule 2.4, disclaim his
Conditional Award, in whole or in part, and to the extent disclaimed the Conditional Award
will be deemed never to have been made. No payment will be due for any disclaimer. If no
disclaimer is received from a Participant, the Participant will be treated as having
accepted the Conditional Award, subject to the Rules. 

	2.8  	Disposal
restrictions 

	 	
Conditional
Awards may not be assigned, transferred or charged, provided that this does not apply to
the transmission of the Conditional Award on the death of a Participant to his personal
representatives. 

	2.9  	ADSs 

	 	
The
Committee may determine, in its absolute discretion to make Conditional Awards in respect
of ADSs and satisfy Conditional Awards in ADSs, and where they do so references in
these Rules to Shares shall be construed accordingly. 

	3  	Acquiring
Shares 

	 	
Any
Participating Company may provide money to the trustee of the Trust or any other person to
enable them or him to acquire Shares to be held for the purposes of the Plan, or enter
into any guarantee or indemnity for those purposes, to the extent permitted by Section 153
of the Companies Act 1985. The Company may also issue new Shares to satisfy awards of
Shares subject to the limits in Rule 4. 

	4  	Plan
dilution limits 

	4.1  	10
per cent. 10 year limit 

	 	
The
number of Shares which may be allocated under the Plan on any day will not exceed 10 per
cent. of the ordinary share capital of the Company in issue immediately before that day
when added to the total number of Shares which have been allocated in the previous 10
years under the Plan and any other employee share scheme operated by the Company. 

	4.2  	5
per cent. 10 year limit 

	 	
The
number of Shares which may be allocated under the Plan on any day will not exceed 5 per
cent. of the ordinary share capital of the Company in issue immediately before that day
when added to the total number of Shares which have been allocated in the previous 10
years under the Plan and any other discretionary executive share scheme adopted by the
Company. 

	4.3  	Rationing
limits (5 per cent in 5 years, 3 per cent in 3 years)

		4.3.1 	
The number of shares which may be allocated under the Plan on any day will not exceed 5
per cent of ordinary share capital of the Company in issue immediately before that day
when added to the total number of shares which have been allocated in the previous 5 years
under the Plan and any other employee share scheme adopted by the Company; 

		4.3.2 	
The number of Shares which may be allocated under the Plan on any day will not exceed 3
per cent. of the ordinary share capital of the Company in issue immediately before that
day when added to the total number of Shares which have been allocated in the previous 3
years under the Plan and any other discretionary executive share scheme adopted by the
Company. 

	4.4  	Exclusions 

	 	
In
determining the above limits, no account will be taken of any Shares where the Conditional
Award relating to such Shares was released or lapsed without vesting in whole or in part. 

	4.5  	Meaning
of allocate 

	 	
“Allocate”
means, in relation to any share option scheme, placing unissued Shares under option and,
in relation to other types of employee share scheme, the issue and allotment of Shares. No
account will be taken of any Shares where the right to acquire them was released or lost. 

	5  	Individual
limits 

	5.1  	Limits 

	 	
An
Eligible Employee must not be made a Conditional Award if it would, at the proposed
Conditional Award Date, cause the total market value of the Shares comprised in: 

	 	5.1.1 	the
proposed Conditional Award; and 

	 	5.1.2 	any
Conditional Awards already made to him in the same Financial Year

	 	
to
exceed 100 per cent of his annual basic salary (excluding bonuses or benefits in kind) on
the Conditional Award Date or, if later, at the time the Eligible Employee’s
employment with a Participating Company begins. In the case of Participants whose primary
place of work is in the United States of America, the Committee may increase this limit to
200 per cent. 

	5.2  	Market
Value 

		5.2.1 	
in relation to an ordinary share in the Company, on any day, the market value will be the
average of the middle market quotation on the 3 immediately preceding Business Days. The
middle market quotation is taken from the Daily Official List of the London Stock
Exchange; and 

	 	5.2.2 	in relation
to an ADS, on any day the market value will be the average of the closing prices
as derived from the NYSE for the 3 immediately preceding Business Days;

	6  	Leaving
employment during the Performance Period before Award Date 

	6.1  	Lapse
of Conditional Award 

	 	
If
a Participant ceases to be employed by a Member of the Group before the end of the
Performance Period and neither of Rules 6.2 and 6.3 apply, all the Participant’s
Conditional Awards will lapse unless the Committee determines otherwise. 

	6.2  	Retaining
the Conditional Award 

	 	
If,
during the Performance Period, a Participant ceases to be employed by a Member of the
Group for any of the reasons listed below and at least 12 months have elapsed between the
start of the Performance Period and the date of cessation, an award of Shares will be made
in accordance with Rule 9 in respect of his Conditional Award. For the avoidance of doubt
the award will be made at the end of the Performance Period subject to the satisfaction of
the Performance Condition. The number of Shares shall be calculated pro rata by reference
to the period between the start of the Performance Period and the date of cessation as a
proportion of the Performance Period: 

	 	
The
reasons are: 

	 	6.2.1 	retirement
 (on or after  reaching the age at which he is bound or entitled to retire in  accordance
 with                  his contract of employment);

	 	6.2.2 	early
retirement with the consent of his employer;

	 	6.2.3 	injury,
disability, or ill-health (in each case, evidenced to the satisfaction of the Committee);
or

		6.2.4 	
redundancy (as defined in the Employment Rights Act 1996 or equivalent local legislation
relevant to the Participant). 

	6.3  	Death 

	 	
If
during the Performance Period, a Participant ceases to be employed by Member of the Group
by reason of death, and at least 12 months have elapsed between the start of the
Performance Period and the date of cessation, an award of Shares will be made to the
Participant’s personal representatives in accordance with Rule 9 in respect of
his Conditional Award. For the avoidance of doubt the award will be made at the end of the
Performance Period and will be subject to the satisfaction of the Performance Condition.
The number of Shares will be calculated pro rata by reference to the period between the
start of the Performance Period and the date of death as a proportion of the Performance
Period. 

	6.4  	Meaning
of ceasing to be employed

	 	
For
the purposes of this Rule 6: 

		6.4.1 	
a Participant will not be treated as ceasing to be employed if on that date he is or
becomes employed by or is an executive director of another Member of the Group ; and 

		6.4.2 	
a woman who leaves employment due to pregnancy will be regarded as having ceased to be
employed on the date on which she indicates that she does not intend to return to work. In
the absence of such indication she will be regarded as having ceased to be employed on the
last day on which she is entitled to return to work. In any other jurisdiction outside the
UK the relevant date will be determined at the Committee’s discretion; 

	6.5  	Leaving
employment before the Award Date 

	 	
A
Participant who ceases to be employed by a Member of the Group between the end of the
Performance Period and the Award Date will in accordance with Rule 9 be made an award of
Shares unless he left employment for misconduct (determined at the discretion of the
Committee). 

	7  	Takeovers
and corporate reorganisations 

	7.1  	Application 

	 	
Rules
7.2 and 7.3 apply if, before the end of the Performance Period, any of the following
occurs:  

	 	7.1.1 	an
offer to obtain control of the Company becomes or is declared wholly unconditional;

	 	7.1.2 	the
Court sanctions a scheme of arrangement under Section 425 of the Companies Act 1985;

	 	7.1.3 	any
person  becomes  bound or entitled to acquire  Shares under  Sections 428 and 429 of the
Companies Act 1985;

	 	7.1.4 	a
resolution is passed for the voluntary winding-up of the Company, or

		7.1.5 	
a Participant ceased to be employed by a Member of the Group due to the transfer of the
Participant’s employing company, or the undertaking in which he works, to a person
who is neither under the control of the Company nor a Member of the Group. 

	7.2  	Exchange
or immediate entitlement to Shares 

	 	
When
Rule 7.1 applies, Conditional Awards may (if the Committee so agrees and determines) be
replaced by conditional awards over the appropriate number of shares in another company or
companies. 

	 	
If
Rule 7.1 applies and replacement conditional awards are not so agreed and determined to be
made as set out above, the Performance Period will end on, and awards of Shares will be
made as soon as practicable after, the date specified in Rule 7.3 in accordance with Rule
9. The number of Shares which each Participant will be awarded will be determined by
applying the Performance Condition at the date specified in Rule 7.3. 

	7.3  	Dates 

	 	
The
dates referred to in Rule 7.2 are:  

	 	7.3.1 	in
the case of Rule 7.1.1, on the offer becoming or being declared unconditional;

	 	7.3.2 	in
the case of Rule 7.1.2, on the date of the Court order;

	 	7.3.3 	in
the case of Rule 7.1.3, on the date on which the person becomes bound or entitled; and

	 	7.3.4 	in
the case of Rule 7.1.4, on the date of the resolution.

	 	7.3.5	in
the case of Rule 7.1.5, the date of transfer of the employing company or the relevant
undertaking. 

	7.4  	The
Committee 

	 	
For
the purpose of dealing with Conditional Awards under this Rule 7, the Committee will
consist of the non-executive directors of the board of the Company in office immediately
before the change of control or other relevant event. 

	8  	Rights
attaching to Shares 

	8.1  	Rights 

	 	
Before
the Award Date, the Participant will have no rights in respect of the Shares comprised in
his Conditional Award. 

	8.2  	Dividends 

	 	
The
Participant will not be entitled to receive dividends in respect of his Shares comprised
in his Conditional Award. 

	8.3  	Reorganisations
of share capital 

	 	
In
the event of any variation in the equity share capital of the Company, including a
variation in consequence of a capitalisation or rights issue, sub-division, consolidation
or reduction of share capital, the number of Shares comprised in Conditional Awards may be
adjusted in such manner as the Committee considers appropriate (including retrospective
adjustments). The Committee will notify Participants of any changes made. 

	8.4  	Demergers
and corporate reorganisations 

	 	
Subject
to Rule 7.2, in the event of any demerger or corporate reorganisation involving the
Company, the number of Shares comprised in Conditional Awards may be adjusted in such
manner as the Committee considers appropriate (including retrospective adjustments). In
addition, the Committee may make such other arrangements (including the grant of new
conditional awards over shares in any relevant company), as it considers appropriate in
its discretion. The Committee will notify Participants of any changes made. 

	9  	The
end of the Performance Period 

	9.1  	Determination
of Performance Condition 

	 	
The
Committee will, as soon as practicable following the end of the Performance Period (or at
any other time where the Rules state that the Performance Condition should be applied),
determine: 

	 	9.1.1 	whether
and to what extent the Performance Condition has been satisfied;

	 	9.1.2 	how
many  Shares  (if any)  comprised  in the  Conditional  Award are to be issued or
 transferred  to the                  Participant; and

	 	9.1.3 	subject
to any Dealing Regulations, the Award Date.

	 	
Notwithstanding
any other provision, if the Committee reasonably believes that the underlying financial
performance of all of the Members of the Group together during the Performance Period was
not satisfactory, it may determine that no award of Shares will be made to any Participant
in respect of Conditional Awards relating to such Performance Period. 

	9.2  	Transfer
of Shares 

	 	
As
soon as practicable following the Award Date, and subject to Rules 9.3, 10, 11.3 and 11.4,
the Company will issue, or procure the transfer of, the appropriate number of Shares, to
each Participant (or as he may direct). The Company will use its reasonable endeavours to
register the related transfer within 10 Business Days of the transfer or as soon as
practicable and will provide evidence of such registration or issue by the issue of a
share certificate or as otherwise appropriate. 

	 	
A
participant who ceases to be employed by a member of the Group between the Award Date and
the transfer or issue of shares pursuant to this Rule 9.2 will still receive a transfer or
issue of shares in accordance with this Rule 9. 

	9.3  	Cash
alternative 

	 	
The
Committee at its discretion may satisfy awards of Shares in cash.  

	10  	Withholding 

	 	
The
Company, any Member of the Group and/or the trustee of the Trust may, at any time,
withhold any amounts and make such arrangements (including sale of any Shares on behalf of
a Participant) as are necessary or desirable to meet any liability to taxation, social
security contributions or other appropriate levies in respect of Conditional Awards or
awards of Shares. 

	11  	General 

	11.1  	Conditional
Awards non-pensionable 

	 	
Conditional
Awards will not form part of a Participant’s remuneration for the purpose of
determining entitlement to any benefit of employment including any pension or retirement
benefit, life assurance, permanent health insurance or other similar benefit, whether
existing or subsequently introduced. 

	11.2  	Reimbursement 

	 	
Each
Participating Company will at the request of the Company reimburse the Company for any
costs incurred in connection with the Conditional Awards made to Participants employed by
that Participating Company. 

	11.3  	Rights 

	 	
Subject
to Rule 9, Participants will be entitled to all rights attaching to the Shares by
reference to a record date on or after the date of allotment or transfer (as appropriate).
They will not be entitled to rights before that date. 

	11.4  	Consents 

	 	
All
allotments and transfers of Shares will be subject to any necessary consents under any
relevant enactments or regulations for the time being in force in the United Kingdom or
elsewhere, and it will be the individual’s responsibility to comply with any
requirements to be fulfilled in order to obtain or obviate the necessity for any such
consent. 

	11.5  	Articles
of Association 

	 	
Any
Shares acquired or to be acquired under this Plan will be subject to the Articles of
Association of the Company from time to time in force. Any ADSs acquired under the
Plan will, in addition, be subject to the terms of the deposit agreement between the
Company and the depository. 

	11.6  	Notices 

	 	
Any
notice or other document required to be given to a Participant under or in connection with
the Plan may be delivered or sent by post to him at his home address according to the
records of his employing company or such other address as may appear to the Company to be
appropriate. 

	 	
Any
notice or other document required to be given to the Company under or in connection with
the Plan may be delivered or sent by post to it at its registered office (or such other
place or places as the Committee may from time to time determine and notify to
Participants). 

	 	
Notices
sent by post will be deemed to have been given on the second Business Day following the
date of posting (or seventh Business Day if sent overseas). 

	11.7  	Committee’s
decision final and binding 

	 	
The
decision of the Committee in connection with any interpretation of the Rules or in any
dispute relating to any matter relating to the Plan will be final and conclusive. 

	11.8  	Costs 

	 	
The
costs of introducing and administering the Plan will be borne by the Company.  

	11.9  	Limitation
of liability 

	 	
The
rights and obligations of a Participant under the terms and conditions of his office or
employment will not be affected by his participation in the Plan or any right he may have
to participate in the Plan. An individual who participates in the Plan waives all and any
rights to compensation or damages in consequence of the termination of his office or
employment with any company for any reason whatsoever (insofar as those rights arise, or
may arise, from his ceasing to have rights under the Plan as a result of such termination
or from the loss or diminution in value of such rights or entitlements). If necessary the
Participant’s terms of employment will be deemed to be varied accordingly. 

	11.10  	Administration
of the Plan 

	 	
The
Committee may, from time to time, make or vary regulations for the administration and
operation of the Plan, provided that these are consistent with the Rules. 

	12  	Amendments
and termination 

	12.1  	Committee’s
powers of amendment 

	 	
Except
as described in Rule 12.2, the Committee may at any time alter, vary or add to the
provisions of the Plan in any respect in relation to the operation of the Plan generally
or in respect of any Participant. 

	12.2  	Shareholders’ approval 

		12.2.1 	
Except as described in Rule 12.2.2, the Company in general meeting must approve in advance
by ordinary resolution any proposed change to the advantage of present or future
Participants, which relates to the following: 

	 	(i) 	the
persons to or for whom Shares may be provided under the Plan;  

	 	(ii) 	the
limitations on the number of Shares which may be issued under the Plan;  

	 	(iii) 	the
individual limit for each Participant under the Plan;  

	 	(iv) 	the
basis for determining a Participant’s entitlement to Shares other than
                    provided for in accordance with the Rules;  

	 	(v) 	any
rights attaching to the Shares to be issued;  

	 	(vi) 	the
rights of Participants in the event of a capitalisation issue, rights issue,
                    sub-division or consolidation of shares or reduction or any other
variation of                     capital of the Company; or  

	 	(vii) 	the
terms of this Rule 12.2.1.  

	 	12.2.2	The
Committee need not obtain the approval of the Company in general meeting for: 

	 	(i) 	any
minor changes: to benefit the administration of the Plan to comply with or
                    take account of the provisions of any proposed or existing
legislation to take                     account of any changes to the legislation, or to
obtain or maintain favourable                     tax, exchange control or regulatory
treatment of any Group Company or any                     present or future Participant;
or  

	 	(ii) 	any
amendments or additions to the rules of the Plan as it considers necessary
                    or desirable to take account of, or to mitigate or comply with
overseas                     taxation, security laws, exchange control laws or other laws
or regulations.  

	12.3  	Notice 

	 	
As
soon as reasonably practicable after making any alteration or addition, the Committee will
give written notice to any Participant affected by the alteration or addition. 

	12.4  	Termination
of the Plan 

	 	
The
Committee may terminate the Plan at any time, and it will terminate on 28 April 2010. The
termination of the Plan will not affect existing rights of Participants or Conditional
Awards, which have already been made. 

	13  	Governing
law 

	 	
English
law governs the Plan and its construction and administration (except as required for any
overseas Participants). Any Member of the Group and all Participants will submit to the
jurisdiction of the English Courts in relation to any matter arising in connection with
the Plan. 

Imperial Chemical
Industries PLC 

Performance Growth Plan 

Shareholders’Approval:
28.04.00 
Directors’ Adoption (subject to shareholders approval): 27.04.00  
Expiry
Date: 28.04.10  

n 

One Silk Street
London
EC2Y 8HQ  
Tel: (+44) 171 458 2000

Ref: ME/EJ  

Imperial Chemicals
Industries PLC Performance Growth Plan 

	1.1  	Meaning
of words used 

	 	
“ADS”
means an American depository share, or part thereof, currently representing 4 ordinary
shares in the Company; 

	 	
“Award
Date” means the date as referred to in Rule 9.1;  

	 	
“Business
Day” means any day, other than a Saturday or Sunday, on which banks are generally
open for business in London; 

	 	
“Committee”
means a committee of the board of directors of the Company consisting only or mainly of
non-executive directors of the board; 

	 	
“Conditional
Award” means a conditional right to receive an award of Shares;  

	 	
“Conditional
Award Date” means the date on which the Committee resolves to make a Conditional
Award;  

	 	
“Company” means
Imperial Chemical Industries PLC; 

	 	
“Dealing
Regulations” means any statute, regulation or code adopted by the Company (being
or being based on the London Stock Exchange’s Model Code) for security transactions
by directors of listed companies or the equivalent in other countries; 

	 	
“Eligible
Employee” means any: 

	 	(i) 	employee
of any Participating Company; or  

	 	(ii) 	executive
director of any Participating Company who devotes substantially the
                    whole of his working time to the business of a Participating Company;  

	 	
who
is not:  

	 	(i)	within
12 months of normal retirement date; or  

	 	(ii)	under
notice of termination of employment (given or received).  

	 	
“Financial
Year” means financial year for the purposes of Section 223 of the Companies Act
1985;  

	 	
“Member
of the Group” means any of:  

	 	(i) 	the
Company: and  

	 	(ii) 	its
subsidiaries (within the meaning of Section 736 of the Companies Act 1985)
                    from time to time; and  

	 	(iii) 	any
company which is associated with the Company (within the meaning of section
                    416 of the Income and Corporation Taxes Act 1988) and is designated
by the                     Committee as a Member of the Group;  

	 	
“NYSE” means
the New York Stock Exchange Inc; 

	 	
“Participant”
means an individual who has been made a Conditional Award under Rule 2 or his personal
representatives; 

	 	
“Participating
Company” means the Company and any subsidiary (within the meaning of Section 736
of the Companies Act 1985) designated by the Committee as a Participating Company; 

	 	
“Performance
Condition” means. in relation to each operation of the Plan, the conditions set
by the Committee, to determine whether or not and the extent to which an award of Shares
will be made with respect of a Conditional Award at the end of the Performance Period or
otherwise in accordance with these Rules; 

	 	
“Performance
Period” means, in relation to each operation of the Plan, the period during which
the Performance Condition must be satisfied which is determined by the Committee under
Rule 2. This period will not be less than 3 financial years of the Company and cannot be
extended in respect of any Conditional Award once notified to a Participant under Rule
2.4; 

	 	
“Rules” means
these Rules as amended from time to time;  

	 	
“Plan”
means the Imperial Chemical Industries PLC Performance Growth Plan as set out in these
Rules in its present form or as from time to time altered in accordance with these Rules; 

	 	
“Share”
means an ordinary share in the capital of the Company or securities representing ordinary
shares in the Company or, as the context may require, ADSs; and 

	 	
“Trust”means
the ICI Employee Share Ownership Trust or any other trust nominated by the Committee.  

	1.2  	Special
Schedules 

	 	
The
Rules of the Plan are subject, in the case of each Participant, to any special schedules
adopted by the Committee, which are appropriate to the jurisdiction in which he is
employed at the Conditional Award Date, or such other provisions as the Committee notify
him will apply. 

	2  	Operation
of the Plan 

	2.1  	Time
of operation 

	 	2.1.1 	Conditional
Awards may only be made within 42 days starting on any of the following: 

	 	(i) 	the
day on which the Plan is approved by the Company in general meeting;  

	 	(ii) 	the
day after the announcement of the Company’s results to the London Stock
                    Exchange for any period;  

	 	(iii) 	the
beginning of a Financial Year in which the Plan is being operated;  

	 	(iv) 	any
day on which the Committee resolves that exceptional circumstances exist
                    which justify the making of Conditional Awards;  

	 	2.1.2	
If Conditional Awards may not be made in any period referred to in Rule 2.1.1 due to
restrictions imposed by statute, order; regulation or government directive or by the
Dealing Regulations, Conditional Awards may be made within 42 days after lifting of such
restrictions.

	 	2.1.3	
The Committee may only make Conditional Awards between the approval of the Plan by the
Company in general meeting and the tenth anniversary of that date.

	2.2  	Eligibility 

	 	
Any
Eligible Employee may be selected by the Committee to receive a Conditional Award under
the Plan. A person who is not an Eligible Employee on the Conditional Award Date may not
receive a Conditional Award. 

	2.3  	Performance
Condition 

	 	
The
Committee will make a Conditional Award on the basis that no award of Shares will be made
until and to the extent that a Performance Condition has been satisfied during the
Performance Period. The Performance Condition must be objective. 

	 	
The
Committee may amend or waive the Performance Condition:  

	 	         2.3.1 	in
accordance with the terms specified in the Performance Condition; or

	 	         2.3.2 	if
events happen which cause the Committee to reasonably consider that:

	 	(i) 	the
Performance Condition should be amended for the purpose of ensuring the
                    objective criteria against which the Company will then be measured
will be a                     fairer measure of such performance: or  

	 	(ii) 	the
Performance Condition should be waived.  

	2.4  	Notice 

	 	
The
Committee will notify each Participant who has been made a Conditional Award. The
notification will include: 

	 	2.4.1	
details of the maximum number of Shares in the Conditional Award or the value of the
Conditional Award;

	 	2.4.2 	the
Conditional Award Date;

	 	2.4.3 	the
Performance Period;

	 	         2.4.4 	details
 of the  Performance  Condition  which must be  satisfied  before any award of Shares
                  will be made;

	 	         2.4.5 	the
consideration (if any) payable for any Shares awarded;

	 	2.4.6	
unless already set out as part of the Performance Condition, the date a Conditional Award
will lapse, which cannot be later than the tenth anniversary of the Conditional Award
Date; and

	 	2.4.7 	any
other conditions and terms of the Conditional Award, at the discretion of the Committee. 

	2.5  	Making
Conditional Awards 

	 	
The
Committee will make Conditional Awards by Committee resolution. Each Participant will
receive a deed or other document as evidence of the making of a Conditional Award. 

	2.6  	No
payment 

	 	
No
payment to the Company will be required on the making of a Conditional Award.  

	 	2.7 	Disclaimer
of Conditional Award 

	 	
Any
Participant may, by notice in writing to the Company Secretary, within 30 days after he is
notified in writing of an Conditional Award as described In Rule 2.4, disclaim his
Conditional Award. in whole or in part, and to the extent disclaimed the Conditional Award
will be deemed never to have been made. No payment will be due for any disclaimer. If no
disclaimer is received from a Participant, the Participant will be treated as having
accepted the Conditional Award, subject to the Rules. 

	2.8  	Disposal
restrictions 

	 	
Conditional
Awards may not be assigned, transferred or charged, provided that this does not apply to
the transmission of the Conditional Award on the death of a Participant to his personal
representatives. 

	2.9  	ADSs 

	 	
The
Committee may determine, in its absolute discretion to make Conditional Awards in respect
of ADSs and satisfy Conditional Awards in ADSs, and where they do so references in these
Rules to Shares shall be construed accordingly. 

	3  	Acquiring
Shares 

	 	
Any
Participating Company may provide money to the trustee of the Trust or any other person to
enable them or him to acquire Shares to be held for the purposes of the Plan, or enter
into any guarantee or indemnity for those purposes, to the extent permitted by Section 153
of the Companies Act 1985. The Company may also issue new Shares to satisfy awards of
Shares subject to the limits in Rule 4. 

	4  	Plan
dilution limits 

	4.1  	10
per cent. 10 year limit 

	 	
The
number of Shares which may be allocated under the Plan on any day will not exceed 10 per
cent. of the ordinary share capital of the Company in issue immediately before that day
when added to the total number of Shares which have been allocated in the previous 10
years under the Plan and any other employee share scheme operated by the Company. 

	4.2  	5
per cent. 10 year limit 

	 	
The
number of Shares which may be allocated under the Plan on any day will not exceed 5 per
cent. of the ordinary share capital of the Company in issue immediately before that day
when added to the total number of Shares which have been allocated In the previous 10
years under the Plan and any other discretionary executive share scheme adopted by the
Company. 

	4.3  	Rationing
limits (5 per cent in 5 years, 3 per cent in 3 years)

	 	4.3.1	
The number of shares which may be allocated under the Plan on any day will not exceed 5
per cent of ordinary share capital of the Company in issue immediately before that day
when added to the total number of shares which have been allocated in the previous 5 years
under the Plan and any other employee share scheme adopted by the Company;

	 	4.3.2	
The number of Shares which may be allocated under the Plan on any day will not exceed 3
per cent. of the ordinary share capital of the Company in issue immediately before that
day when added to the total number of Shares which have been allocated In the previous 3
years under the Plan and any other discretionary executive share scheme adopted by the
Company.

	4.4  	Exclusions 

	 	
In
determining the above limits, no account will be taken of any Shares where the Conditional
Award relating to such Shares was released or lapsed without vesting in whole or in part. 

	4.5  	Meaning
of allocate 

	 	
Allocate
means, in relation to any share option scheme, placing unissued Shares under option and,
in relation to other types of employee share scheme, the issue and allotment of Shares. No
account will be taken of any Shares where the right to acquire them was released or lost 

	5  	Individual
limits 

	5.1  	Limits 

	 	
An
Eligible Employee must not be made a Conditional Award if it would, at the proposed
Conditional Award Date, cause the total market value of the Shares comprised in: 

	 	5.1.1 	the
proposed Conditional Award; and

	 	         5.1.2 	any
Conditional Awards already made to him in the same Financial Year

	 	
to
exceed 100 per cent of his annual basic salary (excluding bonuses or benefits in kind) on
the Conditional Award Date or, if later, at the time the Eligible Employee’s
employment with a Participating Company begins. In the case of Participants whose primary
place of work is in the United States of America, the Committee may increase this limit to
200 per cent. 

	5.2  	Market
Value 

	 	5.2.1	
in relation to an ordinary share In the Company on any day, the market value will be its
middle market quotation (as derived from the Daily Official List of the London Stock
Exchange); and

	 	5.2.2	
in relation to an ADS, on any day the market value who be the average of the closing
prices for an ADS as derived from the NYSE;

	 	
in
each case the average middle market quotation (for an ordinary share ) or closing price
(for ADSs) of a Share over the calendar month immediately preceding the start of the
relevant Performance Period or, if the Committee so determines, on the Business Day
immediately before the start of the Performance Period relating to the Conditional Award
to be made. Provided that in exceptional circumstances, the Committee may specify a
different period for the determination of market value. 

	6  	Leaving
employment during the Performance Period before Award Date 

	6.1  	Lapse
of Conditional Award 

	 	
If
a Participant ceases to be employed by a Member of the Group before the end of the
Performance Period and neither of Rules 62 and 6.3 apply, all the Participant’s
Conditional Awards will lapse unless the Committee determines otherwise. 

	6.2  	Retaining
the Conditional Award 

	 	
If,
during the Performance Period, a Participant ceases to be employed by a Member of the
Group for any of the reasons listed below and at least 12 months have elapsed between the
start of the Performance Period and the date of cessation, an award of Shares will be made
in accordance with Rule 9 in respect of his Conditional Award. For the avoidance of doubt
the award will be made at the end of the Performance Period subject to the satisfaction of
the Performance Condition: 

	 	
The
reasons are:  

	 	         6.2.1 	retirement
 (on or after  reaching  the age at which he is bound or  entitled  to  retire  in
                  accordance with his contract of employment);

	 	         6.2.2 	early
retirement with the consent of his employer;

	 	         6.2.3 	injury,
 disability;  or  ill-health  (in each case,  evidenced  to the  satisfaction  of the
 Committee); or

	 	6.2.4	
redundancy (as defined in the Employment Rights Act 1996 or equivalent local legislation
relevant to the Participant).

	6.3  	Death 

	 	
If
during the Performance Period, a Participant ceases to be employed by Member of the Group
by reason of death, and at least 12 months have elapsed between the start of the
Performance Period and the date of cessation, an award of Shares will be made to the
Participant’s personal representatives as soon as practicable after death In respect
of each Conditional Award. The number of Shares awarded will be on the basis that median
performance had been achieved under the Performance Condition. 

	6.4  	Meaning
of ceasing to be employed 

	 	
For
the purposes of this Rule 6:  

	 	6.4.1	
a Participant will not be treated as ceasing to be employed if on that date he is or
becomes employed by or is an executive director of another Member of the Group; and

	 	6.4.2	
a woman who leaves employment due to pregnancy will be regarded as having ceased to be
employed on the date on which she indicates that she does not intend to return to work. In
the absence of such indication she will be regarded as having ceased to be employed on the
last day on which she is entitled to return to work. In any other jurisdiction outside the
UK the relevant date will be determined at the Committee’s discretion;

	6.6  	Leaving
employment before the Award Date 

	 	
A
Participant who ceases to be employed by a Member of the Group between the end of the
Performance Period and the Award Date will in accordance with Rule 9 be made an award of
Shares unless he left employment for misconduct (determined at the discretion of the
Committee). 

	7  	Takeovers
and corporate reorganisatlons 

	7.1  	Application 

	 	
Rules
7.2 and 7.3 apply if, before the end of the Performance Period, any of the following
Occurs  

	 	         7.1.1 	an
offer to obtain control of the Company becomes or is declared wholly unconditional;

	 	         7.1.2 	the
Court sanctions a scheme of arrangement under Section 425 of the Companies Act 1985;

	 	         7.1.3 	any
person  becomes  bound or entitled to acquire  Shares  under  Sections 428 and 429 of the
Companies Act 1985; 

	 	         7.1.4 	a
resolution is passed for the voluntary winding-up of the Company, or

	 	7.1.5	
a Participant ceased to be employed by a Member of the Group due to the transfer of the
Participant’s employing company, or the undertaking in which he works, to a person
who is neither under the control of the Company nor a Member of the Group.

	7.2  	Exchange
or immediate entitlement to Shares 

	 	
When
Rule 7.1 applies, Conditional Awards may (if the Committee so agrees and determines) be
replaced by conditional awards over the appropriate number of shares in another company or
companies. 

	 	
If
Rule 7.1 applies and replacement conditional awards are not so agreed and determined to be
made as set out above, the Performance Period will end on, and awards of Shares will be
made as soon as practicable after, the date specified in Rule 7.3 in accordance with Rule
9. The number of Shares which each Participant will be awarded will be determined by
applying the Performance Condition at the date specified in Rule 7.3. 

	7.3  	Dates 

	 	
The
dates referred to in Rule 7.2 are:  

	 	         7.3.1 	in
the case of Rule 7.1.1, on the offer becoming or being declared unconditional;

	 	         7.3.2 	In
the case of Rule 7.1.2, on the date of the Court order;

	 	         7.3.3 	in
the case of Rule 7.1.3, on the date on which the person becomes bound or entitled; and

	 	         7.3.4 	in
the case of Rule 7.1.4, on the date of the resolution.

	 	7.3.5	
in the case of Rule 7.1.5, the date of transfer of the employing company or the relevant
undertaking.

	7.4  	The
Committee 

	 	
For
the purpose of dealing with Conditional Awards under this Rule 7, the Committee will
consist of the non-executive directors of the board of the Company in office immediately
before the change of control or other relevant event. 

	8  	Rights
attaching to Shares 

	8.1  	Rights 

	 	
Before
the Award Date, the Participant will have no rights in respect of the Shares comprised in
his Conditional Award. 

	8.2  	Dividends 

	 	
The
Participant will not be entitled to receive dividends in respect of his Shares comprised
in his Conditional Award. 

	8.3  	Reorganisation
of share capital 

	 	
In
the event of any variation in the equity share capital of the Company, including a
variation in consequence of a capitalisation or rights issue, sub-division, consolidation
or reduction of share capital, the number of Shares comprised in Conditional Awards may be
adjusted in such manner as the Committee considers appropriate (including retrospective
adjustments). The Committee will notify Participants of any changes made. 

	8.4  	Demergers
and corporate reorganisations 

	 	
Subject
to Rule 7.2, in the event of any demerger or corporate reorganisation involving the
Company, the number of Shares comprised in Conditional Awards may be adjusted in such
manner as the Committee considers appropriate (including retrospective adjustments). In
addition, the Committee may make such other arrangements (including the grant of new
conditional awards over shares in any relevant company), as it considers appropriate in
its discretion. The Committee will notify Participants of any changes made. 

	9  	The
end of the Performance Period 

	9.1  	Determination
of Performance Condition 

	 	
The
Committee will, as soon as practicable following the end of the Performance Period (or at
any other time where the Rules state that the Performance Condition should be applied),
determine: 

	 	         9.1.1 	whether
and to what extent the Performance Condition has been satisfied; and

	 	9.1.2	subject
to any Dealing Regulations, how many Shares (if any) comprised in the Conditional Award
are to be issued or transferred to the Participant.

	 	
Notwithstanding
any other provision, if the Committee reasonably believes that the underlying financial
performance of all of the Members of the Group together during the Performance Period was
not satisfactory, it may determine that no award of Shares will be made to any Participant
in respect of Conditional Awards relating to such Performance Period. 

	 	
The
date of the Committee’s determination is the Award Date. As soon as practicable after
the Committee has made Its determination under Rule 9.1 and so far as possible under the
Dealing Regulations it will award Shares to the Participant in accordance with Rule 9.2. 

	9.2  	Transfer
of Shares 

	 	
As
soon as practicable following the Award Date, and subject to Rules 10, 11.3 and 11.4, the
Company will issue, or procure the transfer of, the appropriate number of Shares, to each
Participant (or as he may direct). The Company will use its reasonable endeavours to
register the related transfer within 10 Business Days of the transfer or as soon as
practicable and will provide evidence of such registration or issue by the issue of a
share certificate or as otherwise appropriate. 

	 	
A
participant who ceases to be employed by a member of the Group between the Award Date and
the transfer or issue of shares pursuant to this Rule 9.2 will still receive a transfer or
issue of shares in accordance with this Rule 9. 

	9.3  	Cash
alternative 

	 	
The
Committee at its discretion may satisfy awards of Shares in cash.  

	10  	Withholding 

	 	
The
Company, any Member of the Group and/or the trustee of the Trust may, at any time,
withhold any amounts and make such arrangements (including sale of any Shares on behalf of
a Participant) as are necessary or desirable to meet any liability to taxation, social
security contributions or other appropriate levies in respect of Conditional Awards or
awards of Shares. 

	11  	General 

	11.1  	Conditional
Awards non-pensionable 

	 	
Conditional
Awards will not form part of a Participant’s remuneration for the purpose of
determining entitlement to any benefit of employment including any pension or retirement
benefit, life assurance, permanent health insurance or other similar benefit, whether
existing or subsequently introduced. 

	11.2  	Reimbursement 

	 	
Each
Participating Company will at the request of the Company reimburse the Company for any
costs incurred in connection with the Conditional Awards made to Participants employed by
that Participating Company. 

	11.3  	Rights 

	 	
Subject
to 9.3, Participants will be entitled to all rights attaching to the Shares by reference
to a record date on or after the date of allotment or transfer (as appropriate). They will
not be entitled to rights before that date. 

	11.4  	Consents 

	 	
All
allotments and transfers of Shares will be subject to any necessary consents under any
relevant enactments or regulations for the time being in force in the United Kingdom or
elsewhere, and it will be the individual’s responsibility to comply with any
requirements to be fulfilled in order to obtain or obviate the necessity for any such
consent. 

	11.5  	Articles
of Association 

	 	
Any
Shares acquired or to be acquired under this Plan will be subject to the Articles of
Association of the Company from time to time in force. Any ADSs acquired under the Plan
will, in addition, be subject to the terms of the deposit agreement between the Company
and the depository. 

	11.6  	Notices 

	 	
Any
notice or other document requited to be given to a Participant under or in connection with
the Plan may be delivered or sent by post to him at his home address according to the
records of his employing company or such other address as may appear to the Company to be
appropriate. 

	 	
Any
notice or other document required to be given to the Company under or in connection with
the Plan may be delivered or sent by post to it at its registered office (or such other
place or places as the Committee may from time to time determine and notify to
Participants). 

	 	
Notices
sent by post will be deemed to have been given on the second Business Day following the
date of posting (or seventh Business Day if sent overseas). 

	11.7  	Committee’s
decision final and binding 

	 	
The
decision of the Committee in connection with any Interpretation of the Rules or in any
dispute relating to any matter relating to the Plan will be final and conclusive. 

	11.8  	Costs 

	 	
The
costs of introducing and administering the Plan will be borne by the Company.  

	11.9  	Limitation
of IiabiIity 

	 	
The
rights and obligations of a Participant under the terms and conditions of his office or
employment will not be affected by his participation in the Plan or any right he may have
to participate in the Plan. An individual who participates in the Plan waives all and any
rights to compensation or damages in consequence of the termination of his office or
employment with any company for any reason whatsoever (insofar as those rights arise, or
may arise, from his ceasing to have rights under the Plan as a result of such termination
or from the loss or diminution in value of such rights or entitlements). If necessary the
Participant’s terms of employment will be deemed to be varied accordingly. 

	11.10  	Administration
of the Plan 

	 	
The
Committee may, from time to time, make or vary regulations for the administration and
operation of the Plan, provided that these are consistent with the Rules. 

	12  	Amendments
and termination 

	12.1  	Committee’s
powers of amendment 

	 	
Except
as described in Rule 12.2, the Committee may at any time alter, vary or add to the
provisions of the Plan in any respect In relation to the operation of the Plan generally
or in respect of any Participant. 

	12.2  	Shareholders’ approval 

	 	12.2.1	
Except as described an Rule 12.2.2, the Company In general meeting must approve in advance
by ordinary resolution any proposed change to the advantage of present or future
Participants, which relates to the following:

	 	(i) 	the
persons to or for whom Shares may be provided under the Plan;  

	 	(ii) 	the
limitations on the number of Shares which may be issued under the Plan:  

	 	(iii) 	the
individual limit for each Participant under the Plan;  

	 	(iv) 	the
basis for determining a Participant’s entitlement to Shares other than
                    provided for an accordance with the Rules;  

	 	(v) 	any
rights attaching to the Shares to be issued;  

	 	(vi) 	the
rights of Participants in the event of a capitalisation issue, rights issue,
                    sub-division or consolidation of shares or reduction or any other
variation of                     capital of the Company or  

	 	(vii) 	the
terms of this Rule 12.2.1.  

	 	12.2.2 	The
Committee need not obtain the approval of the Company in general meeting for: 

	 	(i) 	any
minor changes: to benefit the administration of the Plan to comply with or
                    take account of the provisions of any proposed or existing
legislation to take                     account of any changes to the legislation, or to
obtain or maintain favourable                     tax, exchange control or regulatory
treatment of any Group Company or any                     present or future Participant;
or  

	 	(ii) 	any
amendments or additions to the rules of the Plan as it considers necessary
                    or desirable to take account of, or to mitigate or comply with
overseas                     taxation, security laws, exchange control laws or other laws
or regulations.  

	12.3  	Notice 

	 	
As
soon as reasonably practicable after making any alteration or addition, the Committee will
give written notice to any Participant affected by the alteration or addition. 

	12.4  	Termination
of the Plan 

	 	
The
Committee may terminate the Plan at any time, and it will terminate on 28 April 2010. The
termination of the Plan will not affect existing rights of Participants or Conditional
Awards, which have already been made. 

	13  	Governing
law 

	 	
English
law governs the Plan and its construction and administration (except as required for any
overseas Participants). Any Member of the Group and all Participants will submit to the
jurisdiction of the English Courts in relation to any matter arising in connection with
the Plan.Exhibit 4(f) 

Imperial Chemical
Industries PLC 

Restricted Share Plan 

Rules 

Adopted: 31 October
2001 

RULES OF THE IMPERIAL
CHEMICAL INDUSTRIES PLC RESTRICTED SHARE PLAN  

	1  	Definitions 

	1.1  	Meaning
of Words Used 

	 	
In
these Rules:

	 	
“ADSs”
means an American depository share, or part thereof, currently representing 4 ordinary
shares in the Principal Company. 

	 	
“Award”
means the award of either an Option, a Restricted Share Award or a Forfeitable Share
Award, as appropriate. 

	 	
“Award
Date” means the date the Committee sets for the making of an Award under Rule
2.5.  

	 	
“Award
Period” means such period as the Committee may determine, starting from the Award
Date but, in the case of Forfeitable Share Awards to Employees in the UK, not more than 5
years. 

	 	
“Business
Day” means any day, other than a Saturday or Sunday, on which banks are generally
open for business in London. 

	 	
“Committee”
means the Remuneration Committee or a committee duly authorised by the Remuneration
Committee. 

	 	
“Dealing
Regulations” means any statute, regulation or code adopted by the Principal
Company (being or being based on the UK Listing Authority Model Code) for transactions in
securities by directors, certain employees and persons connected with them or the
equivalent in other countries. 

	 	
“Employee”
means any employee or executive director of any Group Company but not an executive
director of the Principal Company. 

	 	
“Exercise
Period” means in relation to the exercise of an Option, such period
as the Committee may determine, starting on the Vesting Date and being not more than two
years. 

	 	
“Forfeitable
Share Award” means an award of forfeitable Shares made to a Participant under
Rule 2.  

	 	
“Group
Company” means any of:

	 	(i) 	the
Principal Company; and 

	 	(ii) 	its
Subsidiaries from time to time; and 

	 	(iii) 	any
company which is associated with the Principal Company (within the meaning
                    of Section 416 of the Income and Corporation Taxes Act 1988) and is
designated                     by the Committee as a Group Company. 

	 	
“Option”means
a right to acquire Shares on the terms set out in these Rules.  

	 	
“Participant”
means an Employee who has received an Award, and includes his personal representatives
where appropriate. 

	 	
“Performance
Condition” means, in relation to each operation of the Plan, the conditions (if
any) set by the Committee under Rule 2.4 to which an Award is subject. 

	 	
“Performance
Period” means the period in respect of which a Performance Condition is to be
satisfied.  

	 	
“Plan”
means the Imperial Chemical Industries PLC Restricted Share Plan constituted by this
document as amended from time to time. 

	 	
“Principal
Company” means Imperial Chemical Industries PLC.  

	 	
“Restricted
Share Award” means an award of restricted shares made to a Participant under
Rule 2.  

	 	
“Rules” means
these rules of the Plan as amended from time to time.  

	 	
“Shares”
means ordinary shares in the Principal Company or securities representing such ordinary
shares or, as the context may require, ADSs. 

	 	
“Subsidiary”
means a company which is a subsidiary of the Principal Company within the meaning of
Section 736 of the Companies Act 1985. 

	 	
“Trust”
means the Imperial Chemical Industries PLC Employee Benefit Trust or any other trust
nominated by the Committee. 

	 	
“Vesting
Date” in relation to an Option, means the date on which an Option becomes
exercisable; in relation to a Restricted Share Award or a Forfeitable Share Award, means
the date on which a Participant becomes entitled to have the Shares transferred to him
subject to these Rules; and “Vest” and “Vested” shall be construed
accordingly. 

	1.2  	Special
schedule 

	 	
These
Rules are subject, in the case of each Participant, to any special schedules adopted by
the Committee, which are appropriate to the jurisdiction in which he is employed at the
Award Date, or such other provisions as the Committee notify him will apply. 

	2  	Operation
of the Plan 

	2.1  	Responsibility
for operation 

	 	
The
Committee is responsible for the operation and administration of the Plan, and has
discretion to decide whether and on what basis the Plan shall be operated. The Committee
may delegate the operation and administration of the Plan, or some aspects of it, to any
person nominated by it. 

	2.2  	Time
of operation 

	 	
The
Committee may make Awards at any time except where prevented due to restrictions imposed
by statute, order, regulation or government directive, or by the Dealing Regulations. 

	2.3  	Eligibility 

	 	
Any
Employee may be selected by the Committee to receive an Award under the Plan. A person who
is not an Employee on the Award Date may not receive an Award. 

	2.4  	Performance
Condition 

	 	
The
Committee may make Awards on the basis they will not Vest until and to the extent that a
Performance Condition has been satisfied. 

	 	
The
Committee may amend or waive the Performance Condition:  

	 	2.4.1 	in
accordance with the terms specified in the Performance Condition; or

	 	2.4.2 	if
events happen which cause the Committee to reasonably consider that:

	 	(i) 	the
Performance Condition should be amended for the purpose of ensuring the
                    objective criteria against which the Principal Company or Group
Company as the                     case may be will then be measured will be a fairer
measure of such performance;                     or  

	 	(ii) 	the
Performance Condition should be waived.  

	2.5  	Making
Awards 

	 	
The
Committee will make Awards. Each Participant will receive a deed or other document as
evidence of the making of the Award. 

	2.6  	Notice 

	 	
The
Committee will notify each Participant who has been made an Award. The notification will
include:  

	 	2.6.1 	details
of the maximum number of Shares comprised in the Award or the value of the Award;

	 	2.6.2 	the
Award Date; 

	 	2.6.3 	the
length of the Award Period, unless already set out in the Performance Condition (if any);

	 	2.6.4 	the
Performance Period (if any); 

	 	2.6.5 	details
of the Performance Condition (if any) which must be satisfied;

	 	2.6.6 	in
relation to an Option, the amount (if any) payable for the Shares on the Vesting of an
Option;

	 	2.6.7 	in
relation to an Option, the Exercise Period;

	 	2.6.8 	any
determination under Rule 5.2 (termination of employment); and

	 	2.6.9 	any
other conditions and terms of the Award at the discretion of the Committee.

	2.7  	No
payment 

	 	
No
payment to the Principal Company will be required on the making of an Award.  

	2.8  	Disclaimer
of Award 

	 	
Any
Participant may, by notice in writing to the Company Secretary of the Principal Company,
within 30 days after he is notified in writing of an Award as described in Rule 2.6
disclaim his Award in whole or in part, and to the extent disclaimed the Award will be
deemed never to have been made. No payment will be due for any disclaimer. If no
disclaimer is received from a Participant, the Participant will be treated as having
accepted the Award, subject to the Rules. 

	2.9  	Disposal
restrictions 

	 	
Awards
may not be assigned, transferred or charged, provided that this does not apply to the
transmission of the Award on the death of a Participant to his personal representatives. 

	2.10  	ADSs 

	 	
The
Committee may determine, in its absolute discretion, to make Awards in respect of ADSs and
satisfy Awards in ADSs, and where they do so references in these Rules to Shares shall be
construed accordingly. 

	3  	Acquiring
Shares 

	3.1  	Employee
trust 

	 	
The
Principal Company and any Subsidiary may provide money to the trustee of the Trust or any
other person to enable them or him to acquire Shares to be held for the purposes of the
Plan, or to enter into any guarantee or indemnity for those purposes, to the extent
permitted by Section 153 of the Companies Act 1985. 

	3.2  	Restrictions
on the issue of Shares 

	 	
No
Shares shall be issued or issuable under the Plan unless such issue is approved by the
shareholders of the Principal Company in general meeting if such approval is required. 

	4  	Rights
of Participants 

	4.1  	Forfeitable
Share Awards 

		4.1.1 	
Subject to Rule 2.9, during the Award Period the Participant has all rights attaching to
the Shares (including rights to dividends and how to vote the Shares) comprised in a
Forfeitable Share Award except rights attaching to Shares by reference to a record date
preceding the Award Date or, where a Forfeitable Share Award lapses from the date of
lapse. 

		4.1.2 	
Shares or other securities issued in respect of Shares comprised in a Forfeitable Share
Award awarded under the Plan shall be retained as if they were the Shares comprised in the
Forfeitable Share Award from which they derive. 

		4.1.3 	
In the event of a rights issue, the Principal Company shall, if the Participant requests,
procure the transfer to the Participant of any shares or other securities acquired with
funds provided by the Participant. 

	4.2  	Restricted
Share Awards 

	 	
Before
the Vesting Date, the Participant will have no rights in respect of the Shares comprised
in his Restricted Share Award. 

	4.3  	Options 

	 	
Before
the date on which an Option is exercised, the Participant will have no rights in respect
of the Shares comprised in his Option. 

	5  	Termination
of employment before the Vesting Date 

	5.1  	General
rule 

	 	
Subject
to Rule 5.2 and 5.3, where a Participant ceases to be employed by a Group Company before
the Vesting Date all his Awards will lapse on the date of cessation. 

	5.2  	Specific
cases 

	 	
If
a Participant ceases to be employed by any Group Company before the Vesting Date due to
any of the reasons listed below and at least 12 months have elapsed between the Award Date
and the date of cessation then unless otherwise determined at the Award Date any Awards
will not lapse but will continue and Vest in accordance with Rule 8. 

	 	
The
reasons are: 

	 	5.2.1 	retirement
(on or after reaching the age at which he is bound to retire);

	 	5.2.2 	early
retirement with the consent of his employer;

	 	5.2.3 	injury,
disability or ill-health (in each case, evidenced to the satisfaction of the Committee);

	 	5.2.4 	redundancy
(as defined in the Employment Rights Act 1996 or equivalent local  legislation  relevant
to the                  Participant); or

	 	5.2.5 	any
other circumstances which the Committee may decide.

	 	
On
the making of an Award the Committee may at its discretion vary the terms of this rule in
relation to a particular Award. 

	5.3  	Death 

	 	
If,
before the Vesting Date, a Participant ceases to be employed by a Group Company by reason
of death, and at least 12 months have elapsed between the Award Date and the date of
death, then unless otherwise determined at the Award Date his Awards will Vest in favour
of his personal representatives on the date of death. Where a Performance Condition
applies to the Award, the number of Shares which Vest will be calculated as soon as
practicable and on the basis that target performance has been achieved. Where the Award is
not subject to a Performance Condition, the Award will Vest in full. The provisions of
Rules 8.2, 8.3 and 8.4 apply accordingly. 

	5.4  	Meaning
of ceasing to be employed 

	 	
For
the purposes of this Rule 5, a Participant will not be treated as ceasing to be employed
if on that date he is or becomes employed by another Group Company. 

	6  	Takeovers
and corporate reorganisations 

	6.1  	Application 

	 	
Rules
6.2 and 6.3 apply if, before the Vesting Date, any of the following occurs:  

	 	6.1.1 	an
offer to obtain control of the Principal Company becomes or is declared wholly
unconditional;

	 	6.1.2 	the
Court sanctions a scheme of arrangement under Section 425 of the Companies Act 1985;

	 	6.1.3 	any
person  becomes  bound or entitled to acquire  Shares under  Sections 428 and 429 of the
Companies Act  1985; 

	 	6.1.4 	a
resolution is passed for the voluntary winding-up of the Principal Company; or

	 	6.1.5	a
Participant ceased to be employed by a Group Company due to the transfer of the
Participant’s employing company, or the undertaking in which he works, to a person
who is neither under the control of the Principal Company or a Group Company. 

	6.2  	Exchange
or immediate entitlement to Shares 

	 	
When
Rule 6.1 applies, Awards may (if the Committee so agrees and determines) be replaced by
equivalent awards over the appropriate number of shares in another company or companies. 

	 	
If
Rule 6.1 applies and replacement awards are not so agreed and determined to be made as set
out above, Awards will Vest on the dates specified in Rule 6.3. In the case of Awards
which are subject to a Performance Condition, the number of Shares which will Vest in
respect of each Participant will be determined by applying the Performance Condition at
the date specified in Rule 6.3 or if it is not possible to determine the extent to which
the Performance Condition has been satisfied, on the basis of target performance. The
provisions of Rules 8.2, 8.3 and 8.4 apply accordingly. 

	6.3  	Dates 

	 	
The
dates referred to in Rule 6.2 are:  

	 	6.3.1 	in
the case of Rule 6.1.1, on the offer becoming or being declared unconditional;

	 	6.3.2 	in
the case of Rule 6.1.2, on the date of the Court order;

	 	6.3.3 	in
the case of Rule 6.1.3, on the date on which the person becomes bound or entitled;

	 	6.3.4 	in
the case of Rule 6.1.4, on the date of the resolution; and

	 	6.3.5 	in
the case of Rule 6.1.5, the date of transfer of the employing company or the relevant
undertaking. 

	6.4  	Reorganisations
of share capital 

	 	
In
the event of any variation in the equity share capital of the Principal Company, including
a variation in consequence of a capitalisation or rights issue, sub-division,
consolidation or reduction of share capital, the number of Shares comprised in Awards may
be adjusted in such manner as the Committee considers appropriate (including retrospective
adjustments). The Committee will notify Participants of any changes made. 

	6.5  	Demergers
and corporate reorganisations 

	 	
Subject
to Rule 6.2, in the event of any demerger or corporate reorganisation involving the
Principal Company, the number of Shares comprised in Awards may be adjusted in such manner
as the Committee considers appropriate (including retrospective adjustments). In addition,
the Committee may make such other arrangements (including new awards over shares in any
relevant company), as it considers appropriate in its discretion. The Committee will
notify Participants of any changes made. 

	6.6  	The
Committee 

	 	
For
the purpose of dealing with Awards under this Rule 6, the Committee will consist of the
non-executive directors of the board of the Principal Company in office immediately before
the change of control or other relevant event. 

	7  	Determination
of the Performance Condition 

	 	
The
Committee will, as soon as practicable following the end of the Performance Period (or at
any other time where the Rules state that the Performance Condition should be applied),
determine: 

	 	7.1.1 	whether
and to what extent the Performance Condition has been satisfied; and

	 	7.1.2 	subject
to any Dealing Regulations, how many Shares (if any) comprised in the Award are to Vest. 

	8  	Vesting
of Awards 

	8.1  	Time
of Vesting 

	 	
Awards
which are subject to a Performance Condition will Vest in accordance with Rule 7, and the
date of the Committee’s determination under Rule 7 is the Vesting Date. 

	 	
Awards
which are not subject to a Performance Condition will Vest in full immediately following
expiry of the Award Period and the expiry of the Award Period is the Vesting Date. 

	8.2  	Exercise
of Options 

		8.2.1 	
On the Vesting of an Option, the Option may be exercised to the extent of the number of
Vested Shares, and immediately lapse to the extent of the balance. 

		8.2.2 	
In order to exercise an Option, the Participant must deliver to the Principal Company a
notice of exercise in the prescribed form together with payment for the Shares if required
under the terms of the Award. The date on which these are received is the option exercise
date. 

	 	8.2.3 	The
Option lapses at the end of the Exercise Period.

	8.3  	Transfer
of Shares 

		8.3.1 	
As soon as practicable following, in the case of Restricted Share Awards or Forfeitable
Share Awards, the Vesting Date, or in the case of Options, the date the Option is
exercised in accordance with Rule 8.2, and subject to Rules 8.3.4, 9 and 10.3, the
Principal Company will procure the transfer of the appropriate number of Shares to each
Participant (or as he may direct). 

		8.3.2 	
The Principal Company will use its reasonable endeavours to register the related transfer
within 10 Business Days of the Vesting Date or as soon as practicable and will provide
appropriate evidence of such registration. 

		8.3.3 	
A Participant who ceases to be employed by a Group Company between the Vesting Date and
the date Shares are transferred to him under this Rule 8.3 will still receive a transfer
of Shares. 

		8.3.4 	
Subject to Rule 8.4, Participants will be entitled to all rights attaching to the Shares
by reference to a record date on or after the date of transfer. Except as set out in the
Rules, they will not be entitled to rights before that date. 

	8.4  	Cash
alternative 

	 	
The
Committee at its absolute discretion may decide to satisfy Awards in cash. The
circumstances in which the Committee may wish to use its discretion include where the
transfer of Shares is not practical or would result in a contravention of legislation. 

	9  	Withholding 

	 	
The
Principal Company, any Group Company and/or the trustee of the Trust may, at any time,
withhold any amounts and make such arrangements (including sale of any Shares on behalf of
a Participant) as are necessary or desirable to meet any liability to taxation, social
security contributions or other appropriate levies in respect of the Awards. 

	10  	General 

	10.1  	Awards
non-pensionable 

	 	
Awards
will not form part of a Participant’s remuneration for the purpose of determining
entitlement to any benefit of employment including any pension or retirement benefit, life
assurance, permanent health insurance or other similar benefit, whether existing or
subsequently introduced. 

	10.2  	Costs 

	 	
The
costs of introducing and administering the Plan will be borne by the Principal Company.
Each relevant Group Company will at the request of the Principal Company reimburse the
Principal Company for any costs incurred in connection with the Awards made to
Participants employed by that Group Company. 

	10.3  	Consents 

	 	
All
transfers of Shares will be subject to any necessary consents under any relevant
enactments or regulations for the time being in force in the United Kingdom or elsewhere,
and it will be the individual’s responsibility to comply with any requirements to be
fulfilled in order to obtain or obviate the necessity for any such consent. 

	10.4  	Dealing
restrictions 

	 	
If
the acquisition or disposal of Shares would be in contravention of the Dealing Regulations
or prohibited by insider dealing legislation or other regulations, the exercise of any
Option or the transfer of Shares will be delayed until there would be no such
contravention. 

	10.5  	Articles
of Association 

	 	
Any
Shares acquired or to be acquired under this Plan will be subject to the Articles of
Association of the Principal Company from time to time in force. Any ADSs acquired under
the Plan will, in addition, be subject to the terms of the deposit agreement between the
Principal Company and the depository. 

	10.6  	Notices 

	 	
Any
notice or other document required to be given to a Participant under or in connection with
the Plan may be: 

	 	10.6.1 	delivered
or sent by post to him at his home address  according to the records of his  employing
 company;  or 

	 	10.6.2 	sent
by  e-mail  or fax to any  e-mail  address  or fax  number  which  according  to the
 records  of his                  employing company is used by him;

	 	
or
in either case such other address which the Principal Company considers appropriate.  

	 	
Any
notice or other document which has to be given to the Principal Company or other duly
appointed agent under or in connection with the Plan may be delivered or sent by post to
it at its respective registered office (or such other place as the Committee or duly
appointed agent may from time to time decide and notify to Participants) or sent by e-mail
or fax to an e-mail address or fax number notified to the sender. 

	 	
Notices
sent by post will be deemed to have been given on the second Business Day following the
date of posting (or seventh Business Day if sent overseas). Notices sent by e-mail or fax,
in the absence of evidence to the contrary, will be deemed to have been received on the
day after sending. 

	10.7  	Committee’s
decision final and binding 

	 	
The
decision of the Committee in connection with any interpretation of the Rules or in any
dispute relating to any matter relating to the Plan will be final and conclusive. 

	10.8  	Limitation
of liability 

	 	
The
rights and obligations of a Participant under the terms and conditions of his office or
employment will not be affected by his participation in the Plan or any right he may have
to participate in the Plan. An individual who participates in the Plan waives all and any
rights to compensation or damages in consequence of the termination of his office or
employment with any company for any reason whatsoever (insofar as those rights arise, or
may arise, from his ceasing to have rights under the Plan as a result of such termination
or from the loss or diminution in value of such rights or entitlements). If necessary the
Participant’s terms of employment will be deemed to be varied accordingly. 

	10.9  	Administration
of the Plan 

	 	
The
Committee may, from time to time, make or vary regulations for the administration and
operation of the Plan, provided that these are consistent with the Rules. 

	10.10  	Administrative
Errors 

	 	
The
Committee may correct administrative errors in relation to Awards, provided that the
Awards remain consistent with the Rules. 

	11  	Amendments
and termination 

	11.1  	Committee’s
powers of amendment 

	 	
The
Committee may at any time alter, vary or add to the provisions of the Plan in any respect
in relation to the operation of the Plan generally or in respect of any Participant. 

	11.2  	Notice 

	 	
As
soon as reasonably practicable after making any alteration or addition, written notice
will be given to any Participant affected by the alteration or addition. 

	11.3  	Termination
of the Plan 

	 	
The
Committee may terminate the Plan at any time. The termination of the Plan will not affect
existing rights of Participants or Awards which have already been made. 

	12  	Governing
law 

	 	
English
law governs the Plan and its construction and administration (except as required for any
overseas Participants). Any Group Company and all Participants will submit to the
jurisdiction of the English Courts in relation to any matter arising in connection with
the Plan.

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