Interim results for the six months to 29 February 2000

Highlights	Group Balance Sheet
Key Performance Indicators	Group Cash Flow Statement
Key Initiatives	Review Report (Auditors)
Review	Notes 1 - 7, Notes 8- 15
Financial Information	Further Information
Group Profit & Loss Account	City Presentation

Key Initiatives Are Producing Real Results

• Focus - we continue to concentrate on our core brands, driving growth, improving margins and returns.
• Brand Investment - we have increased our overall brand investment in our core brands and effectiveness of investment.
• Efficiency - we continue to improve manufacturing and supply chain efficiencies and are delivering corporate cost savings.
• Innovation - new product launches in the period include Gavanes rum in one of the fastest growing segments in Spain and further brand extensions in QSR.
• Corporate Activity
  Acquisitions
  The Jinro joint venture in Korea successfully established.
  Disposals
  UK Retail completed 6 September 1999 John Bull Pubs completed 22 December 1999 Panrico completed 30 March 2000
• The way we do business- we are driving a new results orientation through the business and are challenging all aspects of our operations. The new senior management team has developed a coordinated programme of initiatives that are both pragmatic and achievable. These include: further review and management of the total cost base; managing global customers and improving marketing effectiveness.

Note: financial figures are at constant actual foreign currency rates