1. 1 DAIRY CREST GROUP PLC INTERIM RESULTS For the period ended 30 September 2007

2. 2 Key Highlights Successful first half as reshaped business continues to grow: -good growth from key pillar brands including Cathedral City, Utterly Butterly, Country Life Spreadable, St Hubert Omega 3 and Petits Filous -new healthier variants of key brands performing well -encouraging early results from trials of our new internet based doorstep delivery service ‘milk&more’ Strong performance from St Hubert, as first step into Europe, with market share gains in France Clover performance improving following product recall in May Price increases being implemented to reflect rising raw milk costs Investment in new, highly automated, cheese packing facility at Nuneaton

3. 3 Financial Review Alastair Murray

4. 4 Financial Highlights Group Revenue up 29% to £761.4m (2006: £588.6m) Adjusted profit before tax* up 21% to £37.1m (2006: £30.6m) Adjusted earnings per share* up 22% to 22.2p (2006: 18.2p) Interim dividend up 6% to 7.1p (2006: 6.7p) Net debt £458.5m (2006: £329.0m) *Before exceptional items and amortisation of acquired intangibles

5. 5 Income Statement * Before exceptional items and amortisation of acquired intangibles Year Mar 07 £’mHalf year Sept 07 Half Year Sept 06 80.0Profit on operations*42.232.0 (19.2)Finance costs(13.0)(9.0) 9.5Other finance income: pensions4.84.7 7.1Share of JV net profit3.12.9 77.4Adjusted profit before tax*37.130.6 (10.1)Exceptional items(2.4)(0.2) (2.7)Amortisation of acquired intangibles(4.1)(0.6) 64.6Profit before tax30.629.8 (11.3)Taxation(3.7)(7.5) (4.1)Discontinued operations-(2.9) 49.2Group profit after tax26.919.4

6. 6 Exceptional Items £’mHalf Year Sep 07 CashNon CashTotal Express integration(5.0)- Totnes Closure(2.4)(1.7)(4.1) Westway property profit6.7- (0.7)(1.7)(2.4)

7. 7 Earnings and Dividends Year Mar 07 Pence per shareHalf Year Sept 07 Half Year Sept 06 Change 48.7Adjusted basic EPS22.218.2+22% 41.7Basic EPS20.317.8+14% 22.9Dividend declared7.16.7+6% 127.2Shares in issue: m132.2124.8

8. 8 Segmental Analysis Year Mar 07 £’mHalf Year Sept 07 Half Year Sept 06 Revenue 381.3Foods excl JV248.8165.9 68.5Share of JV34.934.0 449.8Foods283.7199.9 928.0Dairies512.6422.7 1,377.8Total796.3622.6 Profit on operations * 52.9Foods excl JV28.724.7 7.1Share of JV (post tax)3.12.9 60.0Foods31.827.6 27.1Dairies13.57.3 87.1Total45.334.9 * Before exceptional items and amortisation of acquired intangibles

9. 9 Operating Margin* Year Mar 07 %Half year Sept 07 Half Year Sept 06 13.9%Foods excl JV11.5%14.9% 13.3%Foods incl JV (post tax)11.2%13.8% 2.9%Dairies2.6%1.7% 6.3%Group5.7%5.6% * Before exceptional items and amortisation of acquired intangibles

10. 10 Balance Sheet Year Mar 07 £’mHalf Year Sept 07 Half Year Sept 06 879.2Net operating assets873.2605.8 (85.1)Tax(79.2)(23.4) 794.1794.0582.4 (451.0)Net debt(458.5)(329.0) 343.1Net assets employed335.5253.4 131%Gearing137%130%

11. 11 Operating Cash Flow * Before exceptional items and amortisation of acquired intangibles ** Net of grant amortisation *** Operating property profits and share based payments charges Year Mar 07 £’mHalf Year Sept 07 Half Year Sept 06 80.0Adjusted profit on operations*42.232.0 40.2Depreciation and amortisation**19.619.5 (3.1)Exceptional items(7.4)(0.2) (15.2)Pensions(4.9)(1.8) (4.9)Other ***(2.7)(4.0) (2.8)Working capital(10.0)(21.1) 94.2Operating cash flow36.824.4

12. 12 Cash Flow Year Mar 07 £’mHalf Year Sept 07 Half Year Sept 06 94.2Operating cash flow36.824.4 (36.3)Capital expenditure (net of grants)(14.2)(18.8) (49.1)Interest, tax and dividends(35.7)(26.1) 8.9Dividends received from JV2.42.8 (293.3)Acquisitions(0.6)(37.5) 58.3Disposal of business-- 9.7Disposals of assets11.35.9 36.8Equity placing, exchange & other(7.5)0.5 (170.8)Movement in net debt(7.5)(48.8) Net debt at 31 March 2007(451.0) Net debt at 30 September 2007(458.5)

13. 13 Pensions Summary Full actuarial valuation as at 31 March 2007 progressing to plan -actuarial assumptions agreed and reflected in Sept 2007 valuation -future funding discussions ongoing IAS19 gross deficit at 30 September 2007 of £11.1m -£10.7m increase since March 2007 -based on more prudent life expectancy assumptions Additional cash contributions of £12.0m committed in 2007/08

14. 14 Business Review Mark Allen

15. 15 Milk Price Increases Unprecedented upward movement in milk prices in 2007/08 -worldwide demand for dairy products increasing -shortages in UK milk production Significant impact on cost base -other input costs are also rising (e.g. vegetable oil and HDPE) ContractLiquidCheese 2007Per litreCum Change Per litreCum Change November25.0+ 6.5p25.3p+6.6p October25.0+6.5p24.6p+5.9p September21.5+3.0p21.7p+3.0p August19.5p+1.0p19.7p+1.0p July18.9p+0.4p19.1p+0.4p April18.5p18.7p 35% Source: Milkprices.com, cheese prices are based on Davidstow contract

16. 16 Price Increases Higher ingredients realisations -SMP, cream, butter and whey Dairy Crest has achieved or is implementing significant price increases across most categories to reflect uplift in input costs -Fresh milk: retail milk, middle ground and doorstep -Potted cream -Cheese: Cathedral City and retailer branded cheddar -Packet Butter: Country Life and retailer brand butter -Spreads

17. 17 UK Spreads Strong growth from Utterly Butterly with sales up 18% by value -Omega 3 launched in August 2007 -increased overall market share in dairy spreads with volumes up 9% Clover impacted by product recall in May with sales down 17% by value -factory improvements have constrained promotional activity -materially impacted performance of UK spreads Country Life Spreadable performing well with sales up 25% by value -early performance of Lighter variant has been encouraging -offset by Country Life packet butter with sales down 10% by value Price increases on packet butter and spreads to offset higher cream and vegetable oil costs Focus on delivering improved performance for 2008/09

18. 18 St Hubert Overall performance in line with our expectations  sales up 4% over six months to September 2006  increased market share of French spreads to 35% Continued strong growth from Omega 3 up 16% by value  number one brand variant in French spreads Stabilised position of St Hubert 41 -increase in marketing and promotional activity Vallé performing well in Italy with sales up 3% by value

19. 19 St Hubert Omega 3: No.1 brand France – spreads market share evolution Source: IRI (by value)

20. 20 Cheese Strong growth from Cathedral City with sales up 23% by value  £148m brand at retail sales price Cathedral City Lighter (launched February 2007) performing well -Mild and Lighter - over 10% of Cathedral City sales in H1 Strong Davidstow growth with sales up 22% by value Whey market has declined since summer H2 performance expected to benefit from price increases -tighter industry stock levels Investment in Nuneaton cheese packing site -project cost c. £25 million -initial packing capacity c. 33,000 tonnes -first commercial production early 2009

21. 21 Maintains leading position in children's sector with market share back over 50% Overall Yoplait brand sales up 7% by value Petits Filous and Frubes returned to strong growth -Petits Filous up 24% by value -Frubes up 16% by value -increased promotional and marketing activity with emphasis on Vitamin D and Calcium Yop up 14% by value Weight Watchers and Wildlife down slightly against strong comparators last year Yoplait Dairy Crest

22. 22 Liquid Products and Ingredients Retail milk volumes up 6% by value and 2% by volume -retained as key supplier to Morrisons Continued focus on operational cost base -Totnes closed in September 2007 Frijj margins enhanced through price increases and lower promotional activity -sales down 1% by value Flavoured milk sales up 43% by value and potted cream sales up 18% by value Strong realisations in dairy ingredients -lower than expected milk volumes processed through ingredients

23. 23 Household Overall household volumes up 38% year on year -benefit of inclusion of Express Dairies in H1 Non-milk product sales up by 20% Underlying doorstep net decline improved to below 7% On track with Express Dairies integration  Leicester head office now effectively closed Significant price increases achieved in the middle ground Doorstep price increase of 4 pence per pint successfully implemented in September

24. 24 milk&more Trials now running in five depots: -Surbiton, Epsom, Richmond, Hanworth and Wimbledon Modernised service based on internet ordering -order online by 10pm for delivery the following morning -online payment by debit and credit cards Focus on non milk products including locally sourced and organic -organic fruit and vegetable boxes -free range eggs -organic orange juice -smoothies

25. 25 milk&more Early indications are encouraging with significant uplift in average spend per week per customer on both milk and non milk products Customers’ feedback has been generally very positive -like online ordering environment and product range Online payment working well The visibility of customer orders and trading history is of significant benefit Considering options for rolling out service next year

26. 26 Summary and Outlook Good first half performance Most key pillar brands are continuing to make good progress -healthier variants performing well Clover performance improving following product recall in May Continuing trials of milk&more Price increases being implemented to reflect rising raw milk costs The Group’s expectations for the full year remain unchanged

27. 27 DAIRY CREST GROUP PLC INTERIM RESULTS For the period ended 30 September 2007