1. P R E L I M I N A R Y R E S U L T S 7 March 2007

2. £m20062005 Revenue153.5152.5 Operating profit before exceptional items19.321.3 Operating margin12.6%13.9% Exceptional items(1.0)6.3 Net interest(2.0)(1.8) Profit before tax16.325.8 Earnings per share7.2p11.5p Earnings per share before exceptional items7.6p8.7p Dividend per share4.45p4.4p Financial highlights 2006

3. Key features  Strong second half volume growth  Subdued UK and US markets  Excellent Cutisin performance  Impact of strong Czech Crown  Higher input costs  Capital expenditure

4. Sales analysis 2006 Sales change vs 2005 2006 Volume2.3% Price / Mix(1.5)% Operations0.8% Foreign Exchange(0.2)% Total0.6%

5. Regional sales by destination 2006 Sales change vs 2005  Strong performance in Continental Europe  Pressure in the UK market  Adverse impact of Czech Crown £m 2006VolumePrice / MixOperationsExchangeTotal Europe 90.32.8%(3.0)%(0.2)%1.8%1.6%

6. Regional sales by destination 2006 Sales change vs 2005  Lower volume in domestic US market  Growth in Latin America  Pricing stable  Impact of weaker US$ £m 2006VolumePrice / MixOperationsExchangeTotal Americas 31.61.4% 2.8%(2.2)%0.6%

7. Regional sales by destination 2006 Sales change vs 2005  Solid performance in Australia / New Zealand  Continued growth in Japan  Strong second half performance in South East Asia  Adverse exchange impact £m 2006VolumePrice / MixOperationsExchangeTotal Asia/Pacific 31.62.1%0.0%2.1%(3.8)%(1.7)%

8. Regional sales by destination 2006 Sales change vs 2005 Full year, £m 2006VolumePrice / MixOperationsExchangeTotal Europe 90.32.8%(3.0)%(0.2)%1.8%1.6% Americas 31.61.4% 2.8%(2.2)%0.6% Asia/Pacific 31.62.1%0.0%2.1%(3.8)%(1.7)% Total 153.52.3%(1.5)%0.8%(0.2)%0.6%

9. Income statement 2006 £m20062005 Revenue153.5152.5 Operating profit before exceptional items19.321.3 Operating margin12.6%13.9% Exceptional items(1.0)6.3 Net interest(2.0)(1.8) Profit before tax16.325.8 Tax(4.7)(7.1) Profit for the year11.618.7

10. Earnings and dividend 2006 20062005 Earnings per share  Basic7.2p11.5p  Diluted7.1p11.4p  Before exceptional items7.6p8.7p Dividend per ordinary share4.45p4.4p

11. Balance sheet £m20062005 Non-current assets118.9119.1 Net current assets22.327.9 Non-current liabilities(68.0)(85.6) 73.261.4 Share capital and reserves70.771.4 Retained earnings / (losses)2.5(10.0) 73.261.4 Net debt(27.0)(17.7) Gearing36.9%28.8%

12. Cash flow £m20062005 Net cash inflow from operating activities22.628.5 Net interest paid(2.0)(1.8) Taxation(5.1)(6.4) Capital expenditure(18.1)(15.3) Sale of land0.07.3 Equity dividend paid(7.2)(6.6) Net cash flow before financing(9.8)5.7 Issue of share capital0.70.3 Exchange(0.2)1.8 (Increase) / decrease in net debt(9.3)7.8 Interest cover9.511.7