I N T E R I M R E S U L T S 3 September 2003

Financial Highlights 6 months to June 2003 £ million Half Half% inc. Sales – continuing operations % Operating profit – continuing operations % Operating margin – continuing operations14.5%13.5% Net interest(1.5)(1.2) Profit before tax % Earnings per share3.7p2.7p37.0% Dividend per share1.1p1.0p

Key Features  Improved trading pattern  Good volume growth  Stable first half pricing  Margin improvement from productivity and plant yields  Porcine casing becoming established  Little impact from currency

Sales Analysis 2003 S ales change vs Half Volume6.0% Price / Mix(2.4)% Operations3.6% Foreign Exchange0.3% Total3.9%

Regional sales 2003 Sales change vs 2002  Steady performance in UK / Ireland  Recovery in Germany  Strong performance in Eastern Europe and Russia  Pricing and transactional exchange 2003 £mOperationsExchangeTotal Europe %4.5%6.3%

Regional sales 2003 Sales change vs 2002  Market share gain in domestic US market  Strong growth in Latin America  Adverse price / mix impact  Impact of weak US$ 2003 £mOperationsExchangeTotal Americas %(10.8)%(3.7)%

Regional sales 2003 Sales change vs 2002  Solid sales performance in Australia / New Zealand  Reduction of volumes in South East Asia  Strong recovery of volumes in Japan 2003 £mOperationsExchangeTotal Asia / Pacific %1.3%5.6%

Regional sales 2003 Sales change vs Half 2003 £mOperationsExchangeTotal Europe %4.5%6.3% Americas %(10.8)%(3.7)% Asia / Pacific %1.3%5.6% Total %0.3%3.9%

Profit and Loss 6 months to June 2003 £ million Half Half Sales – continuing operations Operating profit – continuing operations Operating margin – continuing operations14.5%13.5% Net interest(1.5)(1.2) Profit before tax Tax Minority interest0.1 Profit for the period5.95.4

Earnings and Dividend 6 months to June Half Half Earnings per ordinary share Basic3.7p2.7p Diluted3.7p2.7p Dividend per ordinary share1.1p1.0p

Balance Sheet £ million June 2003 December 2002 Fixed assets Net current assets Long term creditors and provisions(51.8)(55.7) Share capital, share premium and reserves Retained earnings7.2(0.6) Minority interest Net debt(34.3)(35.2) Gearing(53.7)%(62.9)%

Cash Flow 6 months to June 2003 £ million Half Half Net cash inflow from operating activities Net interest paid(1.6)(1.1) Tax paid(1.4)(0.3) Capital expenditure(2.4)(1.5) Acquisitions and disposals(0.2)(1.2) Preference dividend paid-(2.2) Equity dividend paid(3.2)(1.6) Net cash flow before financing Exchange(0.7)(0.6) Operating cash flow Redemption of preference shares-(27.5) Decrease / (increase) in net debt1.0(23.5) Interest cover7.0x8.0x