Interim Results Presentation 21 May 2007

Gerald Corbett Chairman

John Gibney Finance Director

Financial Headlines H107 £m H106 £m % Change Branded Revenue EBIT EBIT Margin % % % pts Profit after Tax Basic earnings per share5.0p3.0p66.7 Free cash flow Interim Dividend per share (12.2) 3.3p (42.3) 3.0p Note: all numbers are before exceptional costs.

H107 £m H106 £m % Change Branded Volume (million litres) Average Realised Price (ARP) per litre Branded Revenue Brand Contribution p p Non brand A&P Fixed Supply Chain Selling Costs Overhead and other costs (4.4) (34.2) (46.5) (38.7) (3.5) (36.1) (44.2) (30.8) (25.7) 5.3 (5.2) (25.6) EBIT EBIT Margin % % %pts Note: all numbers are before exceptional costs. Summary H1 07 – EBIT

Stills H107 £m H106 £m % Change Volume (million litres) ARP per litre72.6p71.9p1.0 Revenue Brand Contribution Brand Contribution Margin46.1%45.5%0.6%pts Direct product costs decreased by 1.2%

Carbonates H107 £m H106 £m % Change Volume (million litres) ARP per litre39.0p38.5p1.3 Revenue Brand Contribution Brand Contribution Margin38.8%37.9%0.9%pts Direct product costs increased by 2.6%

International H107 £m H106 £m % Change Volume (million litres) ARP per litre67.1p62.3p7.7 Revenue Brand Contribution Brand Contribution Margin26.7%28.3%(1.6)%pts Direct product costs increased by 4.5%

H107 £m H106 £m % Change Non Brand A&P(4.4)(3.5)(25.7) Total A&P spend A&P as % Net Revenue (24.3) 6.9% (23.3) 7.2% (4.3) Fixed Supply Chain(34.2)(36.1)5.3 Selling Costs(46.5)(44.2)(5.2) Overheads & Other(38.7)(30.8)(25.6) Total(123.8)(114.6)(8.0) Overheads and other costs

H107 £m H106 £m % Change EBIT Interest 24.2 (9.0) 18.6 (9.2) Profit before tax Tax Tax rate 15.2 (4.3) 28.2% 9.4 (2.9) 30.9% 61.7 (48.3) Profit after tax Note: all numbers are before exceptional costs. EBIT to Earnings

H107 £m Cash items Restructuring costs1.8 Share itemsTransitional Share Awards 1.7 Non cash items Wind up of IHG share options Returnable Bottle write off Total exceptional items4.8 Total exceptional items after tax4.0 Exceptional Items

(50.2) (362.5) (14.1) (309.8) Free Cash Flow post exceptionals Net Debt 80.6(140.8)(27.3)Net Cash Flow pre exceptionals (42.3) (98.5) (12.2) (15.1) Free Cash flow Dividends (67.5) (16.5) (27.4) (30.0) (11.7) (16.5) (14.3) (10.0) (19.6) Working Capital Capital Expenditure Pension contribution Other EBITDA 30.1 (3.2) Operating Profit pre exceptionals Depreciation % ChangeHY06 £m HY07 £m Improving Cash Position and Reducing Working Capital Note: EBITDA is operating profit before exceptional items, depreciation, amortisation and any gain or loss on disposal of fixed assets

Dividends Interim Dividend of 3.3 pence per share payable on 29 June 2007 Total value of Interim Dividend of £7.1m Progressive dividend policy whilst maintaining an appropriate level of dividend cover

Previous guidance given at Preliminary Results in November Hot summer benefit in FY06 of £2.5m at an EBIT level PVO £2m further saving in 2007 Brand contribution reflected in FY06 numbers expected to be sustainable On track to deliver £18m of planned BTP overhead cost savings by 2008: 2007 incremental savings of £4m identified 2008 incremental savings of £3m identified No bonus paid in 06 – 07 bonus provision of £5m EBIT margin growth of bps Exceptional items: c.£2-4m of Transitional Share Awards costs each year through 07 and 08 c.£1.5m restructuring costs in 07 Taxation: FY tax rate at 29% in line with 06 Cash tax rate c.29% Capex £40-45m

New guidance Further reduction in Capex guidance to £35-40m c.40% of the first 5% of any profit above budget will fund the employee bonus payments FY07 tax rate guidance lowered to 28.2% Proposed outsourcing of secondary retail distribution network/ vending and chiller remanufacturing operations: £5-6m additional annualised savings by FY09 £2-3m reduction in capex by FY08 One off exceptional cost in FY08 of £2-3m Net cash consideration of £9.0m for sale of Tamworth depot

CCSD guidance 3-yr historic CCSD revenue of CAGR of 2.5% Annual capex of c 8m – focusing on production and commercial assets A&P spend - traditionally around 7% as a proportion of soft drinks revenue (total CCSD) Britvic total Interest to increase by around £10.7m in FY08 Effective tax rate last year – 11.2%, rising to 13.5% from 2010 Similar seasonality – two-thirds of profit made in Britvics H2 Anticipate pre tax synergies (focused mainly on supply chain) of around 14m - 11m are cost efficiencies (FY08 c4.5m, ramping up to FY09 full 11m) One-off integration costs to achieve these synergies in the region of m: c.10m catch up maintenance capex (majority in FY08) c.10-15m (approx 1/3 FY08; 2/3 FY09) Working capital benefits to come through by FY09 of 6-7m

Summary Strong volume and ARP performance Consistent across all areas of the business Continued focus on costs Overhead and PVO savings delivering as planned A&P spend maintained Improving margin Strong and improving cashflow Underlying investment in the business Interim dividend of 3.3p up 10% FY Guidance unchanged or improved

Paul Moody Chief Executive

Agenda Market Strategy Driving profitable revenue growth Innovation Driving efficiency Expansion into Europe Current trading

Stills Market Volume Stills market showing continued growth although at lower levels to last year – still expect majority of total market growth going forward to come from this category Source: Nielsen Scantrack May 2007: Take Home Easter peak

Carbonates Market Volume Carbonates while showing signs of recovery is not back to levels of 2004/05 Source: Nielsen Scantrack May 2007: Take Home Easter peak

Soft Drinks Market Volume Source: Nielsen Scantrack May 2007: Take Home Total market continues to perform well as we enter the typically more volatile H2 driven by weather and key events

Relative Size of Categories and Growth Stills Carbs +1.9% -3.6% +3.1% +1.8 % +18.2% +8.1% +0.5% -0.8% -9.3% +1.8% +0.9% +0.6% -7.3% +2.4% +1.1% +6.9%-3.1%+12.5% +3.5% +10.0% -14.2% +1.7% +0.8% +2.4% +2.7% +3.8% +78.5% Volume (000s litres) Source: Take home MAT to Nielsen Scantrack

Strategy focused on delivering shareholder value

Driving Profitable Revenue : Pepsi Further volume market share gains over the period 23.5% share of the Cola market over the period, an increase of 1.8%pts on the same period last year Supported by strong promotional levels for Pepsi Regular and Diet Pepsi Pepsi Max continues to gain share over the same period driven by increases in loyalty levels and volume per buyer Redesign across all formats Pepsi Max back on TV A focus around taste which is driving trial Growing presence in the increasingly important discounters sector Source: Take home MAT to Nielsen Scantrack

Driving Profitable Revenue : Robinsons Further investment to reinforce Robinsons number one position New production facilities unlocked the ability to drive large pack performance Large pack value share 3.5pts ahead of last year in last 12 weeks, driving overall brand value share by 1.2pts* Re-launch of family squash range in July, with no artificial colours or flavours and significant packaging re-design £12.5m total marketing support across Robinsons range over Summer New Raise them on Robinsons campaign £1m sampling investment behind re-launched family squash range Wimbledon on-pack promotion across squash range, marking 71 st year on the umpires chair Fruit Shoot – No artificial colours and flavours Value share risen to 33% in last 12 weeks, 4.4% ahead of last year* £2.8m marketing investment in print, radio and outdoor to drive comprehension of no artificial colours and flavours message in 2007 *Source: Nielsen Scantrack, Total Coverage,12 weeks to March 07

Driving Profitable Revenue : J 2 0 J 2 0 continues to grow 7% growth against prior year* continuing to strengthen its category leadership Strong Christmas 2006 grocery performance driving success for Britvic and our customers PET pack launched in June 2006 broadening the brands footprint outside on premise heartland and into home channels Increased points of sale and performing well Orange & Pomegranate 6th flavour in the range after a successful limited edition period Successful If H 2 0 were J 2 0 television campaign *Source: Nielsen Scantrack & Brewers data to March 07

Driving Profitable Revenue : Water Fruit Shoot H 2 0* 49% value share of kids water in the last 12 weeks Repeat rates at 41% well ahead of new product benchmarks 85% incremental to Fruit Shoot brand £2.5m media investment in outdoor and TV Pennine Spring – a focus on licensed and food service sectors Third largest and fastest growing brand in managed retail Drench – a focus on take home Packaging re-design and repositioning to differentiate & widen appeal New packs available from June 2007 Driving on availability in convenience & impulse New ad campaign to coincide with launch your brain is 75% water…keep it topped up, stay drenched! *Source: Nielsen to March 2007

Driving Profitable Revenue: International Fruit Shoot in the Netherlands continues to perform strongly Volumes up 100% Revenue growth of 120% New bespoke TV campaign called GO EXPLORE starts in May Robinsons High Juice in Denmark and Sweden Great early success Distribution through all key retailers - expect to achieve 70% distribution in both markets by mid-summer. Through-the-line campaigns in both markets featuring national TV advertising, outdoor campaigns and heavy-weight in-store promotional activity Robinsons High Juice to be launched into Finland in May To further build the scale of our business in the Nordic region Listings have been secured in all major grocery chains Expect 70% distribution by the summer A full campaign, including TV advertising, is accompanying the launch

Driving Profitable Revenue: Innovation Aseptic line installed Planned innovation on track and on time

Driving profitable revenue: Robinsons Smooth Juice and Fruit Shoot 100% Juice Robinsons Smooth Juice Expect over 90% distribution in all major multiples by end of May Fruit Shoot 100% Juice Expect over 90% distribution in all major multiples by July Both products capturing the imagination of customers with major plans in place for launch activity point-of-sale material branded off-shelf display Magazine features Store incentives Links with home delivery

Driving efficiency Business Transformation Programme on track: £4m of anticipated savings in FY07 £3m of anticipated savings in FY08 Proposed outsourcing of secondary retail distribution network/ vending and chiller remanufacturing operations: £5-6m additional annualised savings by FY09 £2-3m reduction in capex by FY08 Sale of Tamworth depot – net cash consideration of £9.0m Continuing to drive our PVO programme £2m of anticipated savings in FY07

Expansion into Europe – agreement to acquire the soft drinks & related businesses of C&C plc (CCSD) A great opportunity to accelerate earnings growth Provides us with a leading position in both the Republic of Ireland and Northern Ireland. Exciting potential for: anticipated supply chain synergies of 14m brand & product expansion innovation. An experienced and highly capable CCSD senior management team Opportunities to further develop both CCSDs own brands and the Pepsi and 7Up brands in these markets.

Summary Well positioned in this growth market The market Signs of a return to normality after exceptional down turn H106 H2 traditionally more volatile with tougher comparatives This year we have grown market share in stills and carbonates Strong innovation pipeline performing to expectation Continued focus on efficiency Increasing operating margins Optimising working capital Further cost savings European expansion C&C soft drinks opportunity Business has started well in H2