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

2. 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

3. Profit and Loss

5. Earnings and Dividends

6. Operating Results * operating profit before exceptional items and goodwill amortisation

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

8. Operating Cash Flow

9. Cash Flow

10. Balance Sheet

11. Pensions FRS 17

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

13. 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

14. 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

15. Spreads

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

17. Liquid Products

18. 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

19. Fresh Dairy Products

20. 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

21. Household

22. 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

23. Ingredients

24. 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

25. Cheese

26. 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

27. 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

28. 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

29. 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

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