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P R E L I M I N A R Y R E S U L T S 1 March 2006

P R E L I M I N A R Y R E S U L T S 1 March 2006. Financial highlights 2005. * Including the share of the loss of the joint venture. Key features. Growth in each major trading region Excellent Cutisin performance UK pricing pressure Adverse foreign exchange Higher input costs

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P R E L I M I N A R Y R E S U L T S 1 March 2006

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  1. P R E L I M I N A R Y R E S U L T S1 March 2006

  2. Financial highlights 2005 * Including the share of the loss of the joint venture

  3. Key features • Growth in each major trading region • Excellent Cutisin performance • UK pricing pressure • Adverse foreign exchange • Higher input costs • Cutisin investment progressing well • Substantial reduction in net debt

  4. Sales analysis 2005Sales change vs 2004

  5. Regional sales by destination 2005Sales change vs 2004 • Strong performance in Continental Europe • Adverse impact of Czech Crown • Subdued UK market

  6. Regional sales by destination 2005Sales change vs 2004 • Slower second half in US • Supply restricted to other markets • Pricing stable

  7. Regional sales by destination 2005Sales change vs 2004 • Solid performance in Australia / New Zealand • Continued growth in Japan • Volume gains in South East Asia • Opportunities developing in China

  8. Regional sales by destination 2005Sales change vs 2004

  9. Income statement 2005 * Including the share of the loss of the joint venture

  10. Earnings and dividend 2005

  11. Balance sheet

  12. Cash flow

  13. Outlook • New products • Solid start to 2006 • Cost reduction • Further investment in Cutisin

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