Review of interim results for 24 weeks ended1 March 2008

22 April 2008

Business Highlights

• Strong growth from Grocery, Ingredients and Agriculture

• Primark excellent – both like-for-like and selling space growth

• Impact of EU reform on Sugar profit

- but process of reform now essentially complete

• Benefit from recent major investment

• Further investment in capital and acquisitions

Financial Highlights

• Group revenue up 15% to £3,706m

• Adjusted operating profit up 9% to £296m *

• Adjusted profit before tax up 5% to £282m **

• Adjusted earnings per share up 8% to 25.2p **

• Interim dividend per share up 4% to 6.75p

• Net investment in capital and acquisitions of £363m

• Net debt of £848m

• Operating profit up 17% to £281m, profit before tax up 35% to £267m and basic earnings per share up 33% to 25.6p

* & ** - see notes at end

Income Statement

-17Exceptional item

-17Exceptional item

121Profits less losses on sale of property, plant & equipment

121Profits less losses on sale of property, plant & equipment

2008

(43)(33)Amortisation of non-operating intangibles

+9%272296Adjusted operating profit

241281Operating profit

37Share of joint ventures and associates

(2,994)(3,450)Operating costs

+15%3,2203,706Revenue

Change2007£m

Income Statement

+5%268282Adjusted profit before tax*

155208Profit after tax

(43)(59)Tax

+35%198267Profit before tax

1110Other financial income

(15)(24)Net interest expense

(39)-Loss on sale of businesses

+17%241281Operating profit

Change20072008£m

* before amortisation of non-operating intangibles, profits less losses on the sale of PP&E and businesses andexceptional items

Tax

-(3)Credit on exceptional items

(16)-Credit for net loss on sale of businesses and PP&E

43

(13)

72

£m

2007

£m

59

(10)

72

2008

21.7%22.1%Reported charge

Credit on intangible amortisation

26.9%25.5%Underlying charge

Earnings and Dividend Per Share

+4%6.50p6.75pDividend per share

+33%19.2p25.6pEarnings per share

+8%23.3p25.2pAdjusted earnings per share *

Change2007 2008

* Before amortisation of non-operating intangibles, profits less losses on the sale of PP&E and businesses and exceptional items

Balance Sheet

(9)23Other financial assets / (liabilities)

5255Biological assets - current

349Net assets classified as held for sale

(320)(371)Deferred tax

152304Net pension asset

4,184

208

3,976

4,184

(68)

(350)

(71)

685

2,656

1,454

2007

4,709

234Minority interests

4,475Equity shareholders’ funds

4,709

(68)Provisions

(848)Net debt

(107)Current tax

984Working capital

3,059PP&E and other non-current assets

1,629Intangible assets (including goodwill)

2008£m

Cash Flow

-(48)Sugar quota purchase

(18)8Provisions

(14)(17)Pension cost less contributions

(120)(140)- Food

(42)(477)

59(125)Acquisitions less disposals

(108)(111)Dividends paid (including minorities)

7(193)Free cash flow

2518Other

(17)(26)Net interest and other income

(48)(29)Tax

(114)(65)Capital expenditure - Primark

(65)(345)Working capital

109114Depreciation and amortisation of operating intangibles

269289Adjusted operating profit (before joint ventures and associates)

20072008£m

Segmental Analysis

17.8

-

17.4

20.6

21.5

15.8

%

2007

17.0

-

19.8

18.8

14.4

19.3

%

2008

ROCE(annualised)

8.4

N/A

8.4

-

12.6

9.6

10.4

5.2

%

2007

8.0

N/A

8.0

-

12.3

8.6

8.0

6.1

%

2008

Margin

272

3

269

(13)

91

33

94

64

£m

2007

296

-

296

(15)

111

35

77

88

£m

2008

Profit

3,220

27

3,193

-

721

345

901

1,226

£m

2007

3,706

-

3,706

-

899

406

963

1,438

£m

2008

Revenue

Central costs

Retail

Sugar & agriculture

Grocery

Ingredients

Businesses disposed

Continuing businesses

By business

Segmental Analysis

8.4

N/A

8.4

6.6

10.7

10.1

7.6

%

2007

8.0

N/A

8.0

6.0

7.6

8.5

8.7

%

2008

Margin

2722963,2203,706

3-27-Businesses disposed

2692963,1933,706Continuing businesses

3540532672Asia Pacific

5844544581The Americas

6260614708Europe, Middle East & Africa

1141521,5031,745United Kingdom

£m£m£m£m

2007200820072008

ProfitRevenue

By geography

Business Overview

-33%

-2%

Change

8758Operating Profit £m

579567Revenue £m

2008 2007Sugar

EU regime reform – the end game

• successful outcome for enhanced restructuring scheme

5.65Now announced

6.0Target

Renunciationm tonnes

• British Sugar net renunciation of 112,000 tonnes

• …

16.116.2EU domestic consumption

13.317.6EU sugar production quota

Post reformPre reformm tonnes

• scene set for return to market equilibrium

• renunciation effective October 2008 – LDC imports tariff free from October 2009

Business Overview

-33%

-2%

Change

8758Operating Profit £m

579567Revenue £m

2008 2007Sugar

EU Sugar• £15m impact from higher restructuring levy, reduced quotas

UK• impact of smaller crop at 1.05m tonnes, higher energy costs• benefit of strong euro• Wissington bioethanol fully operational

Poland• excellent campaign• operating records at Glinojeck• impact of strong zloty

Business Overview

-33%

-2%

Change

8758Operating Profit £m

579567Revenue £m

2008 2007Sugar

Illovo

• African sugar markets still strong

• Zambia expansion well underway

• sugar crop of 1.8m tonnes for 2007/8 year

• high rainfall in South Africa, Zambiaheld back volumes

Business Overview

-33%

-2%

Change

8758Operating Profit £m

579567Revenue £m

2008 2007Sugar

ChinaNorth• major presence established• now 11 beet sugar factories• improved first campaign – 245,000 tonnes• first factory expansion announced – Yi’an• substantial growth potential

South• late frost reduced crop – but still 500,000 tonnes• construction of new cane mill underway

Beet

Cane

Beet

Cane

Beet sugar in north east China

Business Overview

+171%+23%

Change

719Operating Profit £m

322396Revenue £m

2008 2007Agriculture

AB Agri

Frontier• excellent result

– cereals trading– agricultural inputs

• unique position, high customer confidence– strong financial resources– national coverage– investment in systems

UK animal feeds• high demand for co-product feeds

Business Overview

+38%

+17%

Change

6488Operating Profit £m

1,2261,438Revenue £m

2008 2007Grocery

Ovaltine• new product launches in Thailand• improved distribution in Brazil, Nigeria

Twinings• strong sales and profit growth• UK driven by Everyday, infusions, speciality, green• US benefit from new distribution, packaging

Business Overview

Allied Bakeries

• strong improvement

• continued improvement in operational performance

• autumn price increase

• higher volumes following Kingsmill relaunch

– products with improved recipes: Great Everyday white, 50/50

• further development

– relaunched Gold with batch, new products

– relaunched Allinson

+38%

+17%

Change

6488Operating Profit £m

1,2261,438Revenue £m

2008 2007Grocery

Business Overview

+38%

+17%

Change

6488Operating Profit £m

1,2261,438Revenue £m

2008 2007Grocery

AB World Foods

• integration of Patak’s and Blue Dragon on schedule

• selling and distribution merged

• trading strong for both brands

• new Blue Dragon factory commissioned in Poland

• costs taken for factories closed

Westmill• price increases recovered commodity inflation• strengthened by addition of Patak’s foodservice• rice supply

Business Overview

+38%

+17%

Change

6488Operating Profit £m

1,2261,438Revenue £m

2008 2007Grocery

Ryvita• premium varieties and snack packs growing in UK

Silver Spoon• continued margin pressure• speciality performed well – Billington’s and Fairtrade• homegrown emphasis for granulated offer

Business Overview

+38%

+17%

Change

6488Operating Profit £m

1,2261,438Revenue £m

2008 2007Grocery

ACH

• decline in profit

• sharp increase in cost of corn, soy, canola oils

• lag in pricing recovery in consumer oils

• no trans fatty acids change also impacted foodservice margin

• new product benefit for spices

Business Overview

+38%

+17%

Change

6488Operating Profit £m

1,2261,438Revenue £m

2008 2007Grocery

Australia

• successful recovery of higher wheat costs

• further improvements at bakery in Sydney

• strengthened meat business

– better trading

– acquisition of KR Castlemaine

Business Overview

+6%

+18%

Change

3335Operating Profit £m

345406Revenue £m

2008 2007Ingredients

AB Mauri

• very good progress

– recovery in North America

– improvement in Brazil

– growth in China and Pacific

• further investment for expansion

• newly acquired plant in Italy – our largest

ABF Ingredients

• enzyme and yeast extract expansions

• exited small UK emulsifier business

• protein business impacted by lower lactose prices

Business Overview

+22%

+25%

Change

91111Operating Profit £m

721899Revenue £m

2008 2007Retail

Primark

• excellent result

• like-for-like sales up 4%

• good pipeline for new stores

• Spain trading strongly

Primark - selling space expansion

+13%+100%+12%+12%

1735,0004100389301313,970February 2008

1614,430250368301233,550February 2007

storessq ft ‘000

storessq ft ‘000

storessq ft ‘000

storessq ft‘000

TotalSpainRepublic of

IrelandUK

• further 8 stores to open in second half – including 4 in Spain

Summary

Strong growth from Grocery, Ingredients and Agriculture

Primark excellent – both like-for-like and selling space growth

Impact of EU reform on Sugar profit

– but process of reform now essentially complete

Benefit from recent major investment

Further investment in capital and acquisitions

Group remains on track

This presentation pack is directed only at investment professionals falling within article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 and to other persons to

whom the presentation pack may lawfully be promoted.

Notes* before amortisation of non-operating intangibles, profits less losses on the sale of PP&E and exceptional items** before amortisation of non-operating intangibles, profits less losses on the sale of PP&E, profits less losses on the sale and closure of businesses and exceptional items

All figures stated after amortisation of intangibles, profits or losses on the sale of PP&E, profits less losses on the sale and closure of businesses and exceptional items are shown on the face of the consolidated income statement.

Review of interim results for 24 weeks ended1 March 2008

22 April 2008