STEPAN CO — Director's Dealing 2006

May 1, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: STEPAN CO (SCL)
CIK: 0000094049
Period of Report: 2006-04-28

Reporting Person: VENEGONI JOHN V (VP/GM Surfactants)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-04-28	Common Stock	M	1000	$19.75	Acquired	8780.2189	Direct
2006-04-28	Common Stock	S	4000	$31.35	Disposed	4780.2189	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-04-28	Employee Stock Option	$19.75	M	1000	Disposed	2006-05-06	Common Stock (1000)	Direct