“Shaping Shire’s Future”

Matthew EmmensChief Executive Officer

September 8, 2003

A Strategic Review

THE “SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Statements included herein that are not historical facts, are forward-looking statements. Such forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialise, Shire’s results could be materially affected. The risks and uncertainties include, but are not limited to, risks associated with the inherent uncertainty of pharmaceutical research, product development manufacturing and commercialisation, the impact of competitive products, including, but not limited to, the impact on Shire’s Attention Deficit Hyperactivity Disorder (ADHD) franchise, patents, including but not limited to, legal challenges relating to Shire’s ADHD franchise, government regulation and approval, including but not limited to the expected product approval date of lanthanum carbonate (FOSRENOL®) and METHYPATCH®, and other risks and uncertainties detailed from time to time in our filings, including the Annual Report filed on Form 10-K by Shire with the Securities and Exchange Commission.

Trade mark Information:The following are trade marks of Shire or companies within the Shire Group, which are the subject of trade mark registrations in certain territories.ADDERALL XR® (mixed amphetamine salts), ADDERALL® (mixed amphetamine salts), AGRYLIN® (anagrelide hydrochloride), AMATINE® (midodrine hydrochloride), CALCICHEW® (calcium carbonate), CARBATROL® (carbamazepine), COLAZIDE® (balsalazide), DEXTROSTAT® (dextroamphetamine salt), EMUTROL™, ENSOTROL®, FARESTON™ (toremifene)FLUVIRAL® S/F (split-virion influenza vaccine), FOSRENOL® (lanthanum carbonate), METHYPATCH® (methylphenidate), MICROTROL®, MICROTROL DR™, MICROTROL PR™, MICROTROL XR™, OPTISCREEN®, PROAMATINE® (midodrine hydrochloride), PROSCREEN™, RAPITROL™, SOLARAZE® (diclofenac sodium 3%), SOLUTROL™, TROXATYL® (troxacitabine), XAGRID® (anagrelide hydrochloride).The following are trade marks of third parties: 3TC (lamivudine) (trade mark of GlaxoSmithKline (GSK)), ADEPT (4% icodextrin solution) (trade mark of ML Laboratories plc), AZT (trade mark of GSK), BIO-HEP B (trade mark of Berna Biotech AG), COMBIVIR (trade mark of GSK), EPIVIR (trade mark of GSK), HEPAVAX GENE (trade mark of Berna Biotech AG), NEISVAC-C (trade mark of Baxter International Inc.), PENTASA (trade mark of Baxter International Inc.), REMINYL (galantamine hydrobromide) (trade mark of Johnson & Johnson), TRIZIVIR (trade mark of GSK), ZEFFIX (lamivudine) (trade mark of GSK), Concerta (trade mark of Johnson & Johnson), Metadate CD (trade mark of Celltech), Ritalin LA (trade mark of Novartis), Strattera (trade mark of Eli Lilly), Focalin (trade mark of Novartis), ASACOL (trade mark of Procter & Gamble).

Overview

A highly-focused, $BN+ specialty pharmaceutical company

Central Nervous SystemGastrointestinal disordersRenal Disease

Growth through acquisition and mergersSix major deals completed in eight years

Dynamic growth in sales and earnings (2000-2002)*Revenue Growth: +26%EPS Growth: +26%

*EPS and Revenue results include revenue from discontinued operations but exclude stock option compensation expense and exceptional charges in relation to BioChem merger in 2001

Strategic Review

OpportunitiesProven effective specialty physician modelAttractive late stage projects – CNS, GI, and renalStrong balance sheet – cashExperience and success in M&A

ChallengesLoss of marketing exclusivity and generic challengesR&D budget demands for the broad portfolioRelatively complex infrastructure

The Strategic Plan

Focus the business

Build the therapeutic franchises

Launch aggressive business development program

Increase efficiency / re-direct savings to support major growth opportunities

Focus R&D

Close early stage research (lead optimization)$15 million annual savings

Actions - July 31, 2003

Spin off vaccine business (H1 2004)Includes four Phase I projects and revenue stream (Fluviral)Maximize shareholder value

Exit oncology Out-license Troxatyl®

Seek partner for anti-infective Seek partner for SPD754 - HIV

Rationalize technology effortsMaintain focus on advanced drug delivery platforms

R&D Portfolio FocusP/C and Phase I Phase II / III / Reg In Market R&D Support

Troxatyl AMLTroxatyl Pancreatic

Xagrid Agrylin

SPD473SPD483SPD465

SPD503Methypatch

Carbatrol Bipolar

ReminylAdderall XR

Carbatrol

SPD476SPD480

Pentasa 500mg

PentasaColazide

Fosrenol ProAmatineAdept

SPD756 (HIV) SPD754 (HIV) 3TC

SPD707 (Flu T-) Fluviral SPD701 (Flu)

SPD703 (S.pneu)SPD704 (N.menin)SPD705 (P.aeru)

Haematology

CNS

GI

Other

Anti-viral

SPD451

Continue R&D

Out-license / Exit

Legend:

Haematology

CNS

GI

Other

Anti-viral

Oncology

Vaccines

RegistrationPhase 3Phase 2

R&D Key Project Progressions 2003/2004

XAGRID (EU)FOSRENOL

SPD503 (ADHD) 2005

METHYPATCH (ADHD)ADDERALL XR (adult)

CARBATROL (bipolar) H1 2004

Pentasa 500mg (UC) H1 2004

SPD476 (UC) H2 2003 2005SPD480 (UC) 2006H1 2004

SPD473 (ADHD) H2 2003 2007

SPD754 (HIV) 2006

Total Revenue: $1.037 BillionTotal Revenue: $1.037 Billion

AdderallAdderall®®11%11%

ProAmatineProAmatine®®

5%5%

PentasaPentasa®®

8%8%

CarbatrolCarbatrol®®4%4%

AntiviralsAntivirals16%16%

OthersOthers13%13%

AgrylinAgrylin®®

12%12%

Adderall XRAdderall XR®®

31%31%

2002 Product Sales & Royalties2002 Product Sales & Royalties

Building the franchise: Adderall XR

Near-term

Successful conversion and defense of Adderall XR®

Highly effective marketing and sales program aimed at high-prescribing specialists

ExclusivityHatch-Waxman to October 2004Potential Pediatric extension: April 2005 Drug product patent to 2018Additional patent issued August 12 2003

Building the franchise: ADHD

Prevalence Diagnosed TreatedPrevalence Diagnosed Treated

US Pediatric Patients*

Million

US Adult Patients*

8.2

4.8

.37

1.5

.36

1.4

*National Institute for Mental Health, 1999

US ADHD

33%$ GrowthJuly 2002-July 2003

16%Growth in TRxJuly 2002-July 2003

$1.7 Billion$ MarketJune 2002-June 2003

*source IMS data

Building the franchise: ADHD

sNDA for adult indication filed - Action date: October 20033 year exclusivity plus possible pediatric extension

SPD503Novel formulation of a non-scheduled compoundPhase III trials (pediatric) initiated Q1 2003NDA registration target: H1 2005Patent protection through 2015

MethyPatch ®First transdermal drug delivery product for ADHD Non-approvable – discussing needs for resubmissionPartners currently addressing outstanding issues

SPD473Phase I proof of concept study ADHDDecision on further progression H2 2003

Building the franchise: Carbatrol®

Prevalence Diagnosed TreatedPrevalence Diagnosed Treated

Epilepsy*

Million

2.3 2.3

1.6

Bipolar Mood Disorder*

1.5

.75 .65

*Epilepsy Foundation of America

Bipolar Mood Disorder

Billion

June 2002-2003 2007 L.E.

$1.9

$2.4

$ Market*

* Decision Resources Report on Bipolar Mood Disorder: February 2003

Building the franchise: Carbatrol®

Phase III trials in bipolar patients well advanced

Benefits:Excellent mood stabilizerUnique formulation with smooth response

sNDA registration target: H1 2004

Eligible for 3 year exclusivity under Hatch-Waxman

Drug product patent valid until 2011

Paragraph IV letter received in July 2003

Meeting the Challenge: GIInflammatory Bowel Disease*

500,000

600,000

Ulcerative Colitis Crohn’s Disease

Prevalence Treated

500,000500,000

*Crohn’s and Colitis Foundation of America, 2001

Inflammatory Bowel Disease

13%$ GrowthJuly 2002-July 2003

$658 Million$ MarketJune 2002-June 2003

Building the franchise: GI

Pentasa® (ulcerative colitis) – Near-term

Phase II development under way: 500 mg / double-strengthGreater convenience and compliancesNDA filing H1 2004

SPD476: Ulcerative colitis – mesalamine

High strength to improve compliance in long-term therapyNDA filing 2005Patent protection through 2020

Establishing a franchise: Fosrenol®

Approvable letter received from FDA

Discussions ongoing with FDA and EU

No new issues raised by regulatorsGenerating data requested (submission H2 2003)

Continued confidence in safety

No CNS toxicity seen in animal and clinical studiesNot found to cross blood brain barrier

Patent protection through 2016

Global opportunity

sevelamersevelamer calcium calcium acetateacetate

Establishing a franchise: Fosrenol®

455,000410,000

End Stage Renal DiseaseUS Market Profile

Diagnosed Treated

US Renal Data System, 2002

$223 Million(June 2002-2003)

OTC calcium OTC calcium formulationsformulations

Enhanced Business Development

Primary ScreensProducts targeted at the specialist physicianPrefer those aligned with / complementary to current therapeutictargets but will consider attractive new areaPatent protectedProvide revenue growth

Both “incremental” and “transformational”

Opportunities most prevalent in US

Strong cash position plus debt capacity provide flexibility

Enhanced Business Development

Commitment to R&D / late-stage focus

Skilled registration/regulatory group

Expert commercialization

Reputation/access to high-Rx specialist MDs

Sales force productivity

“Big enough, but not too big”

Shire: A Partner of Choice

Increase efficiency

Restructure for growth

Ongoing review of operating sites

Ongoing review of organizational structure

Providing greater efficiency in global operations

Improve communications and team work

Financial Performance – Q2 2003

+10%38 centsADS

+10%$65.5 millionNet Income

+25%$94.2 millionOperating Income

+21%$299 millionRevenue

Growth overGrowth overQ2 2002Q2 2002

Balance Sheet - $ Millions

1,185Gross Cash*

807Net Cash

1,713Net Assets

As of 6/30/03

*Cash, cash equivalents and marketable securities

Financial Outlook – 2003 Guidance

Mid to high teensRevenue Growth

High single to low double digit*EPS Growth (per ADS)

30% rangeOperating Margin

*Excludes closure of Lead Optimization Business: Impact approx. $.03

Shaping Shire’s Future

Clear Strategy

Focus R&D on late-stage development / key franchisesProtect and grow major franchisesSupplement growth through licensing/M&A

Clear Strengths

Proven, highly successful business modelFranchise life cycle opportunitiesStrong pipeline – CNS, GI, RenalManagement commitment to sharpen focus/reduce costs

“Shaping Shire’s Future”

Matthew EmmensChief Executive Officer

September 8, 2003

A Strategic Review