Carr s Milling Industries PLC Profit Improve HALF YEAR TO 28 FEBRUARY 2009

1. Carr�s Milling Industries PLCProfit Improve HALF YEAR TO 28 FEBRUARY 2009

2. Overview 1st half pre-tax profit �5.3m (2007:�5.2m) up 2% Adjusted EPS 37.2p (2007:44.0p) down 15% Half year dividend 6p unchanged Good performance from all major business areas, save fertilisers Fertiliser suffering from significant volume declines driven by anticipated price declines Food continues to recover slowly

3. Divisional Picture This page should only take about 30 seconds to deliver � the idea is to give a very brief introduction to CM � give people who know CM a quick reminder and give those who don�t know it a birds eye view of the business in very simple language so that they can grasp the basic structure Depending on what you said about the �coherent diversified platform� on the previous slide you should open with a statement that encapsulates this. Also make the point that this has been a record year driven by agric. Then lead into each division: eg � �we have 3 divisions, Agric which account for x% of group profit , Food which accounts for Y and Engineering which accounts for Z. Within Agric the business is broadly split into 3 areas � to start with animal feed, we have an extensive range of feed products and we are the / (one of the?) market leaders in the UK, we also have operations in Germany and the USA: We manufacture 3 tyoes of feed: compound blended feed for dairy beef and sheep (this is your basic feed but we blend to order which is what distinguishes us), a specialty feed which increases milk yield called Aminomax and is unique to us in the UK and lastly feed blocks which improve the health and growth of animals and hence the returns for the farmer. In our Food division we are one of the countries top 3 independent millers, we have an extensive r and d programme to ensure that we blend the highest quality flour and our customers are people like x y z. Engineering is the smallest of our 3 divisions but has great margins �. The key product is robotic arms for the nuclear industry - we the only company in the UK that produces these and we own the IP hence we are a very valuable supplier to the British Nuclear industry.� These words might not be quite right but the aim is to give a high level explanation of what you do AND in one line to explain what your USP is so that its more than just factual � you need to ram the �so what� point home. Don�t worry if the descriptor isn't technically entirely accurate, sometimes you need to use words people understand in order to convey what you mean even though according to industry speak it might not the the way its described (like environmentally protective / environmentally friendly!!) In addition to give a one line This page should only take about 30 seconds to deliver � the idea is to give a very brief introduction to CM � give people who know CM a quick reminder and give those who don�t know it a birds eye view of the business in very simple language so that they can grasp the basic structure Depending on what you said about the �coherent diversified platform� on the previous slide you should open with a statement that encapsulates this. Also make the point that this has been a record year driven by agric. Then lead into each division: eg � �we have 3 divisions, Agric which account for x% of group profit , Food which accounts for Y and Engineering which accounts for Z. Within Agric the business is broadly split into 3 areas � to start with animal feed, we have an extensive range of feed products and we are the / (one of the?) market leaders in the UK, we also have operations in Germany and the USA: We manufacture 3 tyoes of feed: compound blended feed for dairy beef and sheep (this is your basic feed but we blend to order which is what distinguishes us), a specialty feed which increases milk yield called Aminomax and is unique to us in the UK and lastly feed blocks which improve the health and growth of animals and hence the returns for the farmer. In our Food division we are one of the countries top 3 independent millers, we have an extensive r and d programme to ensure that we blend the highest quality flour and our customers are people like x y z. Engineering is the smallest of our 3 divisions but has great margins �. The key product is robotic arms for the nuclear industry - we the only company in the UK that produces these and we own the IP hence we are a very valuable supplier to the British Nuclear industry.� These words might not be quite right but the aim is to give a high level explanation of what you do AND in one line to explain what your USP is so that its more than just factual � you need to ram the �so what� point home. Don�t worry if the descriptor isn't technically entirely accurate, sometimes you need to use words people understand in order to convey what you mean even though according to industry speak it might not the the way its described (like environmentally protective / environmentally friendly!!) In addition to give a one line

4. Carr�s Five Year Record

5. FINANCIAL HIGHLIGHTS Ron Wood Finance Director

6. Financial Highlights Both revenue and profits increase modestly Fertiliser performance held back profits Significant increase in pension charge �0.4m Net debt and cash flow inline with group budget EPS lower reflecting associates and increase in shares in issue

7. Carr�s Income Statement

8. Cash Flow

9. Summarised Balance Sheet Make the point that you have increased turnover by �120m whilst still managing working capital very well Make the point that you have increased turnover by �120m whilst still managing working capital very well

10. MACRO BACKDROP Chris Holmes CEO Explain that you are going to talk about some of the key macro drivers that affect your businessExplain that you are going to talk about some of the key macro drivers that affect your business

11. Key Macro Drivers for Carr�s This slide is a very good idea � again it is educating people / reminding people so make is very simple and clear, lots of detail is not required. It may be that each driver and effect is better on the relevant graph slide such that people have something to look at and you can educate them and then tell them what's happened this year all in one go � thus telling them the same thing twice, once in theory and then demonstrating what you mean in practice with this year as the illustration. This slide is a very good idea � again it is educating people / reminding people so make is very simple and clear, lots of detail is not required. It may be that each driver and effect is better on the relevant graph slide such that people have something to look at and you can educate them and then tell them what's happened this year all in one go � thus telling them the same thing twice, once in theory and then demonstrating what you mean in practice with this year as the illustration.

12. Agriculture � Farm Gate Milk Price Explain the driver and effect in practice showing what happened last year and what the effect was and what you think will happen going forward. Same for each of following slides.Explain the driver and effect in practice showing what happened last year and what the effect was and what you think will happen going forward. Same for each of following slides.

13. Agriculture � Wheat Prices

14. Agriculture � Fertiliser Raw Materials Total reversal of last years position Exceptional price deflation in fertiliser raw materials Farmers holding back on orders Carr�s bought well and made �one off� inventory gains in 08 � not repeated Lower cereal prices may further reduce fertiliser sales in 2009 Very uncertain outlook

15. Food Food � Volume growth with restoration of margins Some evidence of price resistance from bakers Good recovery in volumes Margin improved to 4% but still below historic levels Raw material cost more stable

16. Engineering Significant orders completed Details in some new contracts depressing short term Acquisition significantly broadens product range and geographical reach Expect modest progress for the year

17. Outlook Agriculture Short term negative impact of fertiliser demand and pricing Good underlying growth in speciality feed blocks Retail and oil remain stable Food Restoration of margins remains a priority Engineering Good long term prospects These might be in wrong order / repetivtiveThese might be in wrong order / repetivtive