1. Interim Results 6 September 2007

2. John Neilson Finance Director

3. Sales analysis 2007 Sales change vs 2006 1 st half Volume3.8% Price / Mix(3.0)% Operations0.8% Exchange(3.4)% Total(2.6)%

4. Regional sales by destination 2007 Change vs 2006 1 st Half2007 (£m)VolumePrice / MixOperationsExchangeTotal Europe43.2(0.2)%(2.1)%(2.3)%(1.0)%(3.3)% Americas14.2(1.4)%2.0%0.6%(9.2)%(8.6)% Asia/Pacific15.922.4%(12.2)%10.2%(4.4)%5.8% Total73.33.8%(3.0)%0.8%(3.4)%(2.6)%

5. Income statement 6 months to June 2007 £m 2007 1 st half 2006 1 st half Group sales73.375.2 Operating profit before exceptional items8.19.0 Operating margin11.0%12.0% Exceptional items(0.3)(1.0) Net interest(1.3)(0.9) Profit before tax6.47.1 Tax1.92.0 Profit for the year4.55.1

6. Earnings and Dividend 6 months to June 2007 2007 1 st half 2006 1 st half Earnings per share Basic2.8p3.1p Diluted2.8p3.1p Before exceptional items3.0p3.6p Dividend per ordinary share1.425p

7. Balance sheet £m June 2007 December 2006 Non-current assets109.6118.9 Net current assets30.722.3 Non-current liabilities(55.7)(68.0) 84.673.2 Share capital and reserves68.270.7 Retained earnings16.42.5 84.673.2 Net debt(36.7)(27.0) Gearing43.4%36.9%

8. Cash flow 6 months to June 2007 £m 2007 1 st half 2006 1 st half Net cash inflow from operating activities4.86.5 Net interest paid(1.2)(0.9) Tax paid(2.5)(3.1) Capital expenditure(5.3)(9.6) Equity dividend paid(4.9) Exchange(0.6)0.3 Increase in net debt(9.7)(11.7) Interest cover*6.410.0 *Calculated on operating profits before exceptional items

9. Peter Page Chief Executive

10. Key features 6 months to June 2007  Developed markets –UK: slow 6 months –USA: technology changes in beefstick sector –Australia & NZ: mixed sales  Strong volume growth in emerging markets –China: benefit of Cutisin investments –Russia: selling all products through various channels  Manufacturing –Negative impact of product changes –Positive impact of recent investments in Czech Republic  Adverse foreign exchange impact –Currencies hedged to maximum practicable level

11. Financial highlights 6 months to June 2007 £m 2007 1 st half 2006 1 st half Group sales73.375.2 Operating profit before exceptional items8.19.0 Operating margin11.0%12.0% Exceptional items(0.3)(1.0) Net interest(1.3)(0.9) Profit before tax6.47.1 Earnings per share2.8p3.1p Earnings per share before exceptional items3.0p3.6p Dividend per share1.425p

13. Fresh sausage markets North America, United Kingdom, Ireland, Australia, New Zealand  Traditional area of strength for the Devro brand  Mature markets, customer consolidation, price pressure  New products aimed at the gut market  Maintain position in market with continuing improvement in customer productivity Total Gut Market Total Collagen Market Other Devro Sales 2006

15. Processed sausage markets Germany, Eastern Europe, Japan  Cutisin Fine product leading brand outside the Japanese market  Gut sector not easily converted because of traditional consumer and retail attitudes  Devro Plus also to be used to develop new market opportunities Total Gut Market Total Collagen Market Devro Sales 2006 Other

17. Developing markets Latin America, Russia, China, other Asia  Increasing market share in 2007, particularly China  Significant gut conversion opportunities based on productivity of Cutisin Fine and Devro Plus Total Collagen Market Total Gut Market Devro Sales 2006 Other

19. Collagen markets Customer Concentration 4 Supplied by Devro Group 4UK & Ireland Producers accounting for 50% of market 57USA 11China 55Australia

20. Strength and depth of technology

21. Global market leader

22. Summary  Strong market position  Confident about long term prospects  Analyst and Investor update by mid January 2008