DAIRY CREST GROUP PLC PRELIMINARY RESULTS TO 31 March 2002 Delivering added value growth and attractive returns for shareholders

Financial Highlights Further significant increase in financial results –benefits of the Unigate acquisition –strong progress by brands and added value Adjusted operating profit up 26% to £93.0m Adjusted profit before tax up 29% to £73.7m Adjusted earnings per share up 28% to 45.2 pence Final dividend 10.4 pence; total up 8% to 15.2 pence

Profit and Loss

Earnings and Dividends

Operating Results * operating profit before exceptional items and goodwill amortisation

Operating Margin* * operating profit before exceptional items and goodwill amortisation

Operating Cash Flow

Cash Flow

Balance Sheet

Pensions FRS 17

DAIRY CREST GROUP PLC PRELIMINARY RESULTS TO 31 March 2002 Delivering added value growth and attractive returns for shareholders

Headlines Another strong commercial and financial performance Strong branded and added value progress Synergy benefits being delivered in full and on time Super dairies nearing completion Investment for efficiency and added value Strong position of competitive advantage Opportunity for Dairy Crest value enhancement

Brand Performance Group’s brands all produced strong volume growth Clover + 15% Cathedral City + 18% Frijj + 24% Yoplait brands + 18% Strengthened their position as market leading brands

Spreads

Clover continued excellent performance Country Life spreadable Launch of Argento olive oil spread Significant, reliable contribution to group financial returns

Liquid Products

Business transformed to provide real competitive advantage £54m super dairies investment programme nearing completion Strong Frijj growth Confident our business can be successfully managed –to deliver long term growth –satisfactory financial returns

Fresh Dairy Products

Strong branded growth Petits Filous Weight Watchers from Heinz Yoplait Best There Is Positive impact of management action Basildon closure Growing confidence in restructured business prospects

Household

Business managed to deliver profit and cash –to invest in added value developments Continuing doorstep decline c 12% Substantial contribution to group synergy benefits Acquisition infill opportunities 2002/03 benefit from raw milk cost reduction

Ingredients

Volatile raw milk supply relative scarcity in first half abundant supply in second half European prices at ten year low Ingredients business loss making second half Raw milk cost reductions will relieve margin pressure

Cheese

Cathedral City continued strong growth Major £41m net investment at Davidstow Upgraded facilities Maelor pre-pack / Hartington Stilton and speciality cheese Strong cheese business profits 2001/02 driven by continued brand and added value growth first half margin benefit from favourable market dynamics

Cheese Final quarter commodity margin pressure mild cheddar realisations at ten year low being progressively eased by raw milk cost reductions benefit realised in second half 2002/03 Continuing opportunity to drive profitable growth, with investment for added value and branded strategy

Outlook Continuing strategy to drive added value growth brands have made a good start synergies being delivered strong cash generative position Commodity pricing pressures being progressively resolved Results 2002/03 weighted towards second half Current performance in line with expectations Full year expected to continue to deliver attractive performance

Headlines Another strong commercial and financial performance Strong branded and added value progress Synergy benefits being delivered in full and on time Super dairies nearing completion Investment for efficiency and added value Strong position of competitive advantage Opportunity for Dairy Crest value enhancement

DAIRY CREST GROUP PLC PRELIMINARY RESULTS TO 31 March 2002 Delivering added value growth and attractive returns for shareholders