Interim Results 6 September 2007

John Neilson Finance Director

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

Regional sales by destination 2007 Change vs 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/Pacific %(12.2)%10.2%(4.4)%5.8% Total %(3.0)%0.8%(3.4)%(2.6)%

Income statement 6 months to June 2007 £m st half st half Group sales Operating profit before exceptional items Operating margin11.0%12.0% Exceptional items(0.3)(1.0) Net interest(1.3)(0.9) Profit before tax Tax Profit for the year4.55.1

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

Balance sheet £m June 2007 December 2006 Non-current assets Net current assets Non-current liabilities(55.7)(68.0) Share capital and reserves Retained earnings Net debt(36.7)(27.0) Gearing43.4%36.9%

Cash flow 6 months to June 2007 £m st half st half Net cash inflow from operating activities 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* *Calculated on operating profits before exceptional items

Peter Page Chief Executive

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

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

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

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

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

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

Strength and depth of technology

Global market leader

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