US Investor Relations Roadshow

1
US Investor Relations Roadshow

• July 2004

2
Agenda
3

Tate Lyle TodayA Leader in Sweeteners and
Starches
CEREAL SWEETENERS STARCHES
SUGAR

• TLS/Alcantara
• Sugar Trading
• United Molasses
• Eastern Sugar (JV)
• Redpath Sugar
• Occidente
• Vietnam
• Splenda Sucralose

• Staley
• Almex (JV)
• Citric Acid
• Bio 3G (JV)
• AquastaTM (JV)
• Amylum
• Eaststarch (JV)

5,352m Sales and 379m Profit Before Tax FY 2004
SPLENDA and the SPLENDA logo are trademarks of
McNeil-PPC, Inc.
4
Starch Industry Overview
Starch
Value Added Starches
Conversion
Glucose Syrup
Hydrogenation
Refining
42 55 HFCS Crystalline Dextrose Crystalline
Fructose Maltodextrin
AquastaTM Bio-3G Citric Acid Ethanol Xanthan Gum
5
Cereal SweetenersFood and Beverage Products

• Corn or Wheat
• HFCS
• Corn Syrup
• Maltodextrins
• Polydextrose and Dextrose
• Crystalline Dextrose and Fructose
• Soft Drinks
• Confectionery
• Brewing
• Baking and Cereals
• Fermentation

• Product Volume over 4m tonnes
• World No. 1 Crystalline Fructose
• N.America No. 3 HFCS, No. 2 Dextrose
• EU No.1 HFCS (isoglucose), No.2 Glucose

6
Cereal StarchesFood and Industrial Products
Corn or Wheat Food or Industrial
Starches Food Beverages Pharmaceuticals Paper
Board Building Materials Textiles

• Product Volume approx 1.5m tonnes
• N.America No. 2 in Commodity Specialty Food
  Starches
• Global No. 1 Industrial Starches

7
SugarConsumer and Ingredient Products

• Sugar Cane or Sugar Beet
• Raw Sugar
• Refined Sugar
• Food Ingredient Sales
• Branded Retail Sales
• Syrups and Treacles
• Global Trading Raw and Refined
• Sugar

• Product Volume over 2.5m tonnes refined
• World Top 3 sugar refiner

8
Splenda sucralose

• Partnership with McNeil Nutritionals
• Realignment completed April 2004
• Made from sugar and tastes like sugar
• Heat and shelf life stable
• Ability to blend with other sweeteners and
  ingredients

SPLENDA and the SPLENDA logo are trademarks of
McNeil-PPC, Inc.
9
Agenda
10
New Strategic Vision June 2004

• PURPOSETo create the worlds leading renewable
  ingredients business

• VISION
• We will grow by uniting our businesses and
  developing partnerships to create the worlds
  leading renewable ingredients business. We will
  build a consistent global portfolio of
  distinctive, profitable, high value solutions in
  products and services for our customers.

11
The Strategic ChallengeChange in Emphasis and
Key Thrusts
Low Cost
Focus
Value Added
Re-energise initiatives
Growth in adjacent and core markets/
technologies
Leadership position in selected areas
12
Choosing How We Will GrowEconomics of the Four
Segments
Cash Generation per Unit
Cash for Growth
Consumer Branded
Cash and Low Cost/ High Volume Substrate for
Growth
Growth Opportunities
Data Illustrative not to scale
13
Agenda
14
Financial Highlights

• Profit before tax exceptional items marginally
  below 2003
• 2003 benefited from unusual credits
• Impact of exchange translation
• Improvement in interest cover
• Increase in dividend
• Achieved 15 RONOA

15
Profit and Loss AccountYears to March
AUDITED FIGURES
before exceptional items and goodwill
amortisation
16
Profit and Loss AccountYears to March
AUDITED FIGURES
before exceptional items and goodwill
amortisation
17
Earnings Dividends per ShareIn Pence
AUDITED FIGURES
before exceptional items and goodwill
amortisation
18
Sweeteners and StarchesContinuing Activities -
Americas
AUDITED FIGURES
52 Group PBI

• Exchange translation reduced profits by 9m

before exceptional items and goodwill
amortisation
19
Sweeteners and StarchesContinuing Activities -
Americas

• HFCS industry demand down
• Staley sweetener gross margins flat
• Industrial starch gross margins volumes higher
• Strong performance from food ingredients
• Higher energy, maintenance, research and pension
  costs
• Success in increasing selling prices for 2004
• Aquasta Astaxanthin plant commissioning
• Lower profits as expected
• Inventory mark to market charge of 2m

20
HFCS litigation

• Detailed disclosure in both our preliminary
  announcement of results and Annual Report
• We continue to seek a negotiated resolution of
  the claim
• We are preparing for trial if necessary

21
Sweeteners and StarchesContinuing Activities -
Europe
AUDITED FIGURES
46 Group PBI

• Profits increased by 4m due to exchange
  translation

before exceptional items and goodwill
amortisation
22
Sweeteners and StarchesContinuing Activities -
Europe

• Increased raw material prices
• EU sweetener volumes up starch volumes flat
• Eaststarch performed well
• Continued strong cash flow
• Profits marginally ahead of prior year

23
European Grain Prices to Mid-May 2004 Spot
prices March 1999 to Mid-May 2004
Euros per tonne
Data HGCA
24
AmylumThe View Ahead

• Operations fundamentally viable and integral part
  of Tate Lyle Group
• Some opportunities for product mix optimisation
• Remain committed to investment in Amylum and
  improving technical performance, customer service
  and margins
• Future growth from more emphasis on value added

25
Sweeteners and StarchesContinuing Activities -
Europe

• Increased raw material prices
• EU sweetener volumes up starch volumes flat
• Eaststarch performed well
• Continued strong cash flow
• Profits marginally ahead of prior year

26
EU Sugar RegimeUpdate on Current timetable

• End June 2004
• DG Agriculture drafting paper
• 12th July
• Agreement of Chefs de Cabinets sought
• 14th July
• Agreement of College of Commissioners sought
• 19th July
• Paper to be put on table of Council of Ministers
• 14/19th July
• Paper to be passed to European Parliament
• September
• Sugar likely to be on agenda of Council of
  Ministers meeting
• 1st November 2004
• New Commissioners take office

27
Capital Expenditure
AUDITED FIGURES
Astaxanthin investment
28
Net Debt Reduced to 388mYear to March 2004, in
m
AUDITED FIGURES

471
388
Net debt Mar 04
Net debt Mar 03
Free cash flow
Dividends
Investments
Other
Disposals
Foreign exchange
29
Summary Balance SheetAs at 31 March
AUDITED FIGURES
m
Times
subsidiaries only, before exceptional items
30
Net Debt HistoryYears Ended March
AUDITED FIGURES
m
Times
before exceptional items and goodwill
amortisation. 2003 before unusual interest credits
31
Key Financial RatiosYears to March
AUDITED FIGURES
before exceptional items and goodwill
amortisation subsidiaries only, before
exceptional items before exceptional
items FCF is free cash flow from operating
activities less interest, tax and capex
32
Agenda
33
How We Will Grow Value AddedUnlocking our Full
Potential

• Improving the cost and efficiency of the
  commodity base
• Change how we go to market
• Change what we take to market
• Select where we compete

34
Developing Partnerships - DuPontBio-3G Loudon
Plant (North View) Computer Generated Image

• Combined investment approx. 100m
• Initial commercial manufacturing facility in
  Loudon, Tennessee
• Construction complete 31 March 2006
• Sales forecast 75m by 2008

35
Developing Partnerships, McNeil
NutritionalsReview of Sucralose Realignment

• Sucralose plant, Alabama - global ingredient
  business.
• In 3,500 products globally
• Potential to cross-sell with other value-added
  products
• Integration process underway

36
Splenda sucraloseReview of Sucralose Realignment

• Completion announced 5 April 2004
• Transaction price of US137m (74m) including
  capitalised costs
• Pro forma profit before tax of US33m in calendar
  2003
• Significant one-off costs expected in 2005 year
• Expect to exceed TLs cost of capital in year to
  March 2005

SPLENDA and the SPLENDA logo are trademarks of
McNeil-PPC, Inc.
37
Major Sweeteners Global Demand, 2003150 Million
Sugar Tonnes Equivalent
Million Tonnes Sugar Equivalent
Data LMC International and Company Estimates
38
Intense Sweetener Market Relative Value Split by
Geography and by Product, Total Value US1bn
USm, Manufacturers Sales
Data Company Estimates
39
US Tabletop Market ShareIntense Sweeteners
Market Share US Dollar Sales
Market Share
Source Information Resources, Inc. - Total US
FDTKS, 4-5 week periods from September 2000 to
March 2004 SPLENDA is a trademark of McNeil-PPC,
Inc.
40
Agenda
41
Outlook StatementConsistently First in Renewable
Ingredients

• Strong performance overall in the year
• Continued growth in value added products
• Success in growing the business through
  partnerships with McNeil Nutritionals, DuPont and
  IGENE
• Challenges at Amylum
• Evolution of strategy and vision

42
Question and Answers