I N T E R I M R E S U L T S September 2005

6 months to June 2005 £ million Half Half% inc. Group sales % Operating profit before exceptional items *7.6% Operating margin14.3%14.0% Exceptional items Net interest(0.9)(1.4) Profit before tax Earnings per share7.0p3.8p Earnings per share before exceptional items4.3p3.8p 13.2% Dividend per share1.375p1.25p10.0% Financial highlights *£10.1 reported in 2004 under UK GAAP

Key features  Strong volume growth  Adverse price / mix  Productivity improvements  Higher input costs  Cutisin expansion  Further reduction in net debt

Sales analysis 2005 Sales change vs Half Volume5.9% Price / Mix(2.3)% Operations3.6% Foreign Exchange1.6% Total5.2%

Regional sales by destination 2005 Change vs 2004  Strong performance in Continental Europe  Adverse impact of Czech Crown  Pressure in the UK market 1 st Half 2005 £mVolumePrice / MixOperationsExchangeTotal Europe %(3.9)%1.0%3.3%4.3%

Regional sales by destination 2005 Change vs 2004  Market share gain in domestic US market  Increasing volumes at larger customers  Volumes restricted in Latin America  Impact of weak US$ 1 st Half 2005 £mVolumePrice / MixOperationsExchangeTotal Americas %(0.8)%8.8%(2.8)%6.0%

Regional sales by destination 2005 Change vs 2004  Solid performance in Australia / New Zealand  Continued growth in Japan  Opportunities developing in China 1 st Half 2005 £mVolumePrice / MixOperationsExchangeTotal Asia / Pacific %0.9%5.7%1.1%6.8%

Regional sales by destination 2005 Change vs st Half 2005 £mVolumePrice / MixOperationsExchangeTotal Europe %(3.9)%1.0%3.3%4.3% Americas %(0.8)%8.8%(2.8)%6.0% Asia / Pacific %0.9%5.7%1.1%6.8% Total %(2.3)%3.6%1.6%5.2%

Profit and loss months to June 2005 £ million Half Half Group sales Operating profit before exceptional items * Operating margin14.3%14.0% Exceptional items Net interest(0.9)(1.4) Profit before tax Tax Profit for the period *£10.1 reported in 2004 under UK GAAP

Earnings and dividend months to June 2005 £ million Half Half Earnings per ordinary share  Basic7.0p3.8p  Diluted7.0p3.7p  Before exceptional items4.3p3.8p Dividend per share1.375p1.25p

Balance sheet £ million June 2005 December 2004 Non-current assets Net current assets Non-current liabilities(79.7)(76.7) Share capital and reserves Retained losses(8.0)(11.5) Net debt(20.6)(25.5) Gearing(34.3)%(45.9)%

Cash flow 6 months to June 2005 £ million Half Half Net cash inflow from operating activities Net interest paid(0.9)(1.5) Tax paid(3.0)(2.1) Capital expenditure(5.1)(4.0) Acquisitions and disposals0.0(1.7) Sale of land Equity dividend paid(4.4)(3.8) Net cash flow before financing4.3(2.9) Issue of share capital Exchange0.5(1.9) Decrease / (increase) in net debt4.9(4.8) Interest cover* *calculated on operating profits before exceptional items

Outlook