P R E L I M I N A R Y R E S U L T S 1 March 2006

£m % inc. Revenue % Operating profit before exceptional items *2.8% Operating margin13.9% Exceptional items6.3- Net interest(1.8)(2.7) Profit before tax % Earnings per share11.5p8.0p44.1% Earnings per share before exceptional items8.7p8.0p8.5% Dividend per share4.4p4.0p10.0% Financial highlights 2005 *Including the share of the loss of the joint venture

Key features  Growth in each major trading region  Excellent Cutisin performance  UK pricing pressure  Adverse foreign exchange  Higher input costs  Cutisin investment progressing well  Substantial reduction in net debt

Sales analysis 2005 Sales change vs Volume1.7% Price / Mix(1.6)% Operations0.1% Foreign Exchange2.3% Total2.4%

Regional sales by destination 2005 Sales change vs 2004  Strong performance in Continental Europe  Adverse impact of Czech Crown  Subdued UK market £m 2005VolumePrice / MixOperationsExchangeTotal Europe %(2.9)%(1.6)%2.4%0.8%

Regional sales by destination 2005 Sales change vs 2004  Slower second half in US  Supply restricted to other markets  Pricing stable £m2005VolumePrice / MixOperationsExchangeTotal Americas %0.6%1.5%1.3%2.8%

Regional sales by destination 2005 Sales change vs 2004  Solid performance in Australia / New Zealand  Continued growth in Japan  Volume gains in South East Asia  Opportunities developing in China £m2005VolumePrice / MixOperationsExchangeTotal Asia/Pacific %(0.1)%3.5%3.2%6.7%

Regional sales by destination 2005 Sales change vs 2004 Full Year 2005 £mVolumePrice / MixOperationsExchangeTotal Europe %(2.9)%(1.6)%2.4%0.8% Americas %0.6%1.5%1.3%2.8% Asia/Pacific %(0.1)%3.5%3.2%6.7% Total %(1.6)%0.1%2.3%2.4%

Income statement 2005 £m Revenue Operating profit before exceptional items * Operating margin13.9% Exceptional items6.3- Net interest(1.8)(2.7) Profit before tax Tax Profit for the year *Including the share of the loss of the joint venture

Earnings and dividend Earnings per share  Basic11.5p8.0p  Diluted11.4p7.9p  Before exceptional items8.7p8.0p Dividend per share4.4p4.0p

Balance sheet £m Non-current assets Net current assets Non-current liabilities(83.8)(80.2) Share capital and reserves Retained losses(10.0)(14.4) Net debt(17.7)(25.5) Gearing28.8%47.8%

Cash flow £m Net cash inflow from operating activities Net interest paid(1.8)(3.2) Taxation(6.4)(5.0) Capital expenditure(15.3)(11.5) Acquisitions and disposals0.0(1.6) Sale of land Equity dividend paid(6.6)(5.8) Net cash flow before financing Issue of share capital Exchange1.8(0.4) Decrease in net debt Interest cover

Outlook  New products  Solid start to 2006  Cost reduction  Further investment in Cutisin