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2018 FULL YEAR RESULTS PRESENTATION5 March 2019

EVER BETTER, EVER STRONGER

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This presentation contains certain forward-looking statements with respect to the financial condition, results, operations and business of Intertek Group plc.

These statements and forecasts involve risk and uncertainty because they relate to events and depend upon circumstances that will occur in the future.

There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements and forecasts.

Nothing in this presentation should be construed as a profit forecast.

5 March 2019

2

AGENDA

Performance Highlights

2018 Financial Results

5x5 Strategy Update

2019 Outlook by Division

Conclusion

01

05

04

03

02

PERFORMANCE HIGHLIGHTS

01

185

235

318342 351

FY 14 FY 15 FY 16 FY 17 FY 18

7.7% EPS GROWTH… 1.6X REVENUE GROWTH

5

2,093 2,166

2,567 2,769 2,801

FY14 FY15 FY16 FY17 FY18

Revenue (£m)

324 343 410

468 482

FY 14 FY 15 FY 16 FY 17 FY 18

Adjusted Operating Profit (£m)

15.5% 15.9% 16.0%16.9%

FY 14 FY 15 FY 16 FY 17 FY 18

Adjusted Operating Margin

132.1 140.7167.7

191.6 198.3

FY 14 FY 15 FY 16 FY 17 FY 18

Adjusted EPS (p)

49.1 52.362.4

71.3

99.1

FY 14 FY 15 FY 16 FY 17 FY 18

Dividend (p)

+1.2%+4.7% CCR

+3.0%+6.9% CCR

+ 30bps+ 40bps CCR

+3.5%+7.7% CCR

+39%

17.2%

14-18 CAGR: 7.6% 14-18 CAGR: 10.4% 14-18: +170BPS

14-18 CAGR: 10.7% 14-18 CAGR: 19.2% 14-18 CAGR: 17.4% +2.6%

Free Cash Flow (£m)

CONTINUOUS ORGANIC REVENUE GROWTH ACCELERATION

6

FY18 organic growth by division

Note: (1) At 2018 constant currency rates

1.7%

2.5%

3.4%

4.0%

H1 17 H2 17 H1 18 H2 18

Organic growth at constant currency

Organic revenue growth1 (%)

Revenue growth1 (%)

(5%)

10%

77% of

earnings

(5%)

[]%

Products: +5.2%

Trade: +2.2%

Resources: 0.3%

17% of

earnings

6% 10%

Notes: (1) At 2018 constant currency rates; (2) Annualised

17.2% OPERATING PROFIT MARGIN… +40BPS YOY, +170 BPS SINCE 2014

+20bps+30bps

110bps

+40bps

FY 15 FY 16 FY 17 FY 18

Margin improvement1

7

Cost reduction activities

• Organic growth in Products and Trade

• Margin accretive acquisitions

• Strategic review of underperforming business units

• Consolidation of facilities

Headcount Savings2

2015 200 £4m

2016 550 £10m

2017 400 £7m

2018 400 £7m

Portfolio strategy

• Monthly performance reviews for Top 30 countries/16 Business Lines

• Business Line and country benchmarking

• Site span of performance management

• Cost discipline

Productivity management

£387m£442m

£543m £579m £581m

FY 14 FY 15 FY 16 FY17 FY18

Cash Generated from Operations

STRONG CASH PERFORMANCE

8

9.3% 8.8%7.1%

5.0%3.9%

FY 14 FY 15 FY 16 FY17 FY18

Working Capital as % of Revenue

1.6x

1.8x

1.5x

1.0x

1.4x

FY 14 FY 15 FY 16 FY17 FY18

Net Debt / EBITDA

£185m

£235m

£318m£342m £351m

FY 14 FY 15 FY 16 FY 17 FY 18

Free Cash Flow

37% 37% 37% 37%

FY14 FY 15 FY 16 FY17 FY18

Dividend Payout Ratio

£401m £429m£499m

£563m £571m

FY 14 FY 15 FY 16 FY 17 FY 18

Adjusted EBITDA

14-18 CAGR: 9.2% 14-18 CAGR: 10.7% 14-18 CAGR: 17.4%

14-18: (540BPS)

50%

Leading certification body in Denmark with an established

network and expertise in auditing, certification and training

Leading provider of product security certification solutions

Leading provider of on-road vehicle testing services

Market leader in the provision of environmental water testing

services in Mexico

Leading provider of cyber security network assurance services

Market leader in food assurance and inspection in Italy

FY16

FY17

FY15

Leading provider of materials testing and speciality construction

inspection in New York

Non-Destructive Testing services for the energy

industry across Australasia

Leading US provider of testing and assurance

services to commercial and civil construction markets

M&A IN ATTRACTIVE GROWTH AND MARGIN SECTORS

9

FY18

A leading network security and assurance services provider

A leading provider of quality and quantity cargo inspection services

A leading provider of SaaS-based People Assurance solutions

A leading provider of laboratory testing, inspection, metrology and

training services

10

2018 FINANCIAL RESULTS

02

KEY FINANCIALS

YoY %

FY 18ActualRates

Constant Rates

Revenue £2,801m 1.2% 4.7%

Organic revenue1 £2,770m 0.2% 3.7%

Operating profit2 £482m 3.0% 6.9%

Operating profit margin2 17.2% 30bps 40bps

Adjusted Diluted EPS2 198.3p 3.5% 7.7%

Free cash flow £351m 2.6%

11

Notes: (1) Organic revenue excludes the impact of acquisitions and disposals in 2017 and 2018; (2) Before separately disclosed items

OPERATING MARGIN BRIDGE

16.9%

17.2%

40bps0bps

10bps 10bps(20bps) (10bps)

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

FY 2

01

7

Pro

du

cts

Trad

e

Res

ou

rces

Div

isio

nal

mix

Excl

ud

ing

FX a

nd

Acq

uis

itio

ns

& D

isp

osa

ls

Acq

uis

itio

ns

& D

isp

osa

ls FX

FY 2

01

8

17.2%

12

+30bps organic at constant rates

Note: Organic excludes the impact of acquisitions and disposals in 2017 and 2018

£m @ actual exchange rates FY 17 FY 18

Adjusted operating profit1 467.7 481.8

Depreciation/amortisation 94.8 88.7

Change in working capital 19.7 13.1

Other2 16.7 21.3

Cash flow for cash conversion 598.9 604.9

Cash conversion % 128% 126%

Net capex (109.7) (109.7)

Other3 (147.6) (144.6)

Free cash flow 341.6 350.6

Acquisitions4 (27.4) (387.9)

Net debt 544.1 778.2

CASH FLOW & NET DEBT

13Notes:(1) Before Separately Disclosed Items; (2) Comprises Equity Settled transactions and other Non-Cash Items; (3) Comprises: Exceptionals, Interest Paid/Received and Tax; Special pension contributions (4) Total cash consideration in FY18 for 2018 acquisitions £393.5m, with cash acquired of £5.6m

• 3.0% at actual rates

• 126% cash conversion

• FCF 109% of adjusted Net Income

• Net debt / 1.4x EBITDA

FINANCIAL GUIDANCE

14

FY 2019 Guidance

Net finance cost £31 – 33m

Effective tax rate 24.5 – 25.5%

Minority interest £21 – 23m

Diluted shares (as at 31 December 2018) 162.8m

Capex £130 – 140m

Net Debt £670 – 700m

Note: Net debt guidance before any material change in FX rates, any additional M&A and impact of IFRS 16

15

5X5 STRATEGY UPDATE

03

5X5 DIFFERENTIATED STRATEGY FOR GROWTH

Differentiated Brand Proposition

Superior Customer Service

Effective Sales Strategy

Growth and Margin Accretive Portfolio

Operational Excellence

5 Strategic Priorities 5 Enablers

Living Our Customer Centric Culture

Disciplined Performance Management

Superior Technology

Energising Our People

Delivering Sustainable Results

5x5 Strategic Goals

Fully engaged employees working in a safe environment

1 2 3 4 5

Superior customer service in Assurance, Testing, Inspection and Certification

Margin accretive revenue growth based on GDP+ organic growth

Strong cash conversion from operations

Accretive, disciplined capital allocation policy

16

THE 21ST CENTURY HAS CREATED A TRULY GLOBAL MARKET

Demand has become truly global, reflected in global supplyToday Global Trade represents 72% of Global GDP

26%

34%

24%

47%

78%

25%

69%

56%

26%

52%

58%

47%

38%

42%

41%

123%

61%

49%

45%

63%

64%62%

31%

75%

63%

87%

Trade as % of GDPSource: World Bank. Trade is the sum of exports and imports of goods and services measured as a share of gross domestic product.

17

24%

39%

51%

72%

1960 1980 2000 2017

Global trade as a % of global GDP

CORPORATIONS ARE INCREASING THEIR FOCUS ON SYSTEMIC OPERATIONAL RISK

SUPPLY

TIER 3 TIER 2 TIER 1

PRODUCTION

3RD PARTY OWNED

DISTRIBUTION

TRANSPORTATION DISTRIBUTION CENTRES

RETAIL

IN-STORE ONLINE CONSUMER

Multi-channel routes to marketGlobal multi-tier sourcing Global manufacturing Multi-country distribution

18

GROWING COMPLEXITY DRIVING DEMAND FOR END-TO-END SYSTEMIC QUALITY ASSURANCE

ATIC SOLUTIONS HELPING OUR CLIENTS MANAGE GREATER COMPLEXITY

SUPPLY

TIER 3 TIER 2 TIER 1

PRODUCTION

3RD PARTY OWNED

DISTRIBUTION

TRANSPORTATION DISTRIBUTION CENTRES

RETAIL

IN-STORE ONLINE CONSUMER

ASSURANCE PROVIDES AN END-TO-END ASSESSMENT OF QUALITY & SAFETY PROCESSES

T

I

C

A

T

I

C

TIC PROVIDES QUALITY & SAFETY CONTROLS IN HIGH RISK AREAS

19

RESEARCH & DEVELOPMENT

RAW MATERIALS SOURCING

COMPONENT SUPPLIERS

MANUFACTURINGTRANSPORTATION

DISTRIBUTION & RETAIL

CHANNELS

CONSUMER MANAGEMENT

Assurance | Testing | Inspection | Certification

Our Customer Promise

Intertek Total Quality Assurance expertise delivered consistently with precision, pace and passion, enabling our customers to power ahead safely

TQA END-TO-END SYSTEMIC APPROACH TO QUALITY ASSURANCE

SUPERIOR CUSTOMER SERVICE WITH OUR TQA VALUE PROPOSITION

20

Assurance ensures our customers identify and mitigate the intrinsic risk in their operations, supply chain and quality management systems

Assurance

Testing is evaluating how products and services meet and exceed quality, safety, sustainability and performance standards

Testing

Inspection

Inspection is validating the specifications, value and safety of raw materials, products and assets

Certification is certifying that products and services meet trusted standards

Certification

24% 17%

25% 23%

51%

60%

FY 15 FY18

8% 9%

30% 22%

52%53%

10%

16%

FY 15 FY18

£2,801m

£2,166m

GROUP CENTRE OF GRAVITY MOVING TOWARDS HIGH GROWTH AND HIGH MARGIN SECTORS

21

Divisional Revenue Split (£m) ATIC Revenue Split (£m)

£2,801m

£2,166m

ResourcesProducts Trade Assurance Testing Inspection Certification

8% 9%

30% 22%

52%

53%

10%

16%

FY 15 FY18

£2,801m

£2,166m

CONSISTENT PROGRESS ON REVENUE, MARGIN, CASH AND ROIC

+7.6% CAGR

22

DISCIPLINED PERFORMANCE MANAGEMENT

Marketing Leads Health and Safety

Employee Turnover

Site Capacity Utilisation

Customer Retention


Net Promoter Score

Sales Funnel

Backlog ManagementCustomer Acquisitions

Operational Metrics

Revenue Growth Pricing Power

Cash Conversion

Investments in Growth

Margin

Customer Profitability

Cost

Working Capital

Capital AllocationROCE

Financial Metrics

Performance Management Calendar

Weekly Monthly Quarterly Yearly 5 Year Plan

X-PERFORMANCE FACTOR DRIVING SUSTAINABLE VALUE CREATION1

Revenue Margin

+10.7% CAGR

EPS

+10.4% CAGR

Profit WC% Revenue

+17.4% CAGR

Free Cash Flow DPSCapex

InvestmentM&A

InvestmentROIC

+34% +49% +170bps +51% (540)bps +90% +102%

£3

24

m

£4

82

m

14 18

£2

,09

3m

£2

,80

1m

14 18

15

.5%

17

.2%

14 18

13

2p

19

8p

14 18

9.3

%

3.9

%

14 18

£1

85

m

£3

51

m

14 18

49

.1p

99

.1p

14 18

£4

44

m

15 - 18

£6

91

m

15 - 18

22

.7%

15 - 18

+19.2% CAGR

1.6x

2.3x

2.8x

2014-2018 2014-2018 2014-2018

OP growth X

Rev. growth2

FCF growth X

Rev. growth

TSR growth X

Rev. growth

Note: (1) Based on 2014-18 CAGR; (2) At 2018 constant currency rates

EVER BETTER…EVER STRONGER

23

EVER BETTERGROWTH

EVER STRONGER PERFORMANCE

Service Offering /Innovations

Sales Management


Margin Management

Cash Management

THE PACE OF CHANGE IS ACCELERATING IN MULTIPLE DIRECTIONS

“The rise of cyber crime continues to accelerate: UK

business cyber crime rose 63% in 2017”

“87% of millennials would be more loyal to a company that

supports environmental issues”

“By 2050 there will be 2bn people aged over 60”

“Between 2009 and 2015 the number of internationally

recognised trademarks grew 50% to 24m”

“Sales of Electric Vehicles will increase 1,000% in the next 8

years”

“22% of American adults have sold in the Sharing Economy”

“IoT will change the way we live and work”

“Ecommerce, online food and traceability

are rewriting the retail rulebook”

“By 2050, 70% of the world’s population will live in cities”

“Growth in Emerging Markets to drive an increase in the world’s middle class to 5bn

people by 2030”

“The global blockchain market is expected to be worth US$20bn in 2024”

“Global solar power capacity to increase 590% by 2040”

“By 2025, the car market for partially autonomous vehicles is expected to be at US$36bn”

“AI forecasted to increase USA economic growth by

35% by 2035”

A MORE COMPLEX CORPORATE WORLD MEANS MORE GROWTH OPPORTUNITIES FOR INTERTEK24

1996 1999 2002 2005 2008 2011 2014 2017

Vehicle Recalls

Car Makes

EVER GROWING COMPLEXITY MEANS EVER GREATER LEVELS OF RISK FOR CORPORATIONS

25

Hacking is Driving Increases in Data BreachesGrowing Food and Drink Recalls

Growth of New Products Drive Quality RisksIncreasing Recalls of Medical Devices

421 471 614

783 780

1,091

1,579

2011 2012 2013 2014 2015 2016 2017

Hacking Breaches

Other Breaches

2006 2008 2010 2012 2014 2016 2018

Food and Drink Recalls

Sources: Food and Drink – USDA; Hacking - Identity Theft Resource Centre; Medical Devices – US FDA; Vehicles - National Highway Traffic Safety Administration

2013 2014 2015 2016 2017 2018

Medical Devices Recalls

BreakthroughTechnology that enable solutions to create new markets

26

INNOVATIVE SOLUTIONS TO ACCELERATE GROWTH

BREAKTHROUGH INNOVATIONTechnology that enable solutions to create new markets

INNOVATION IN ADJACENT SEGMENTSExpanding into fast growing and high margin adjacent segments

INNOVATION FROM THE COREStrengthening existing products and services

SUPPORTING OUR CUSTOMERS TO THRIVE IN AN INCREASINGLY COMPLEX WORLD

Develop new products and

services

Enter adjacent markets, serving adjacent customers

Strengthen existing

products and services

26

Serve existing markets and customers

ADJACENTINNOVATION

BREAKTHROUGH INNOVATION

CORE INNOVATION

INNOVATION FROM THE CORE TO STRENGTHEN EXISTING SERVICES

27

Strengthened our differentiated oil and gas testing offering by leveraging the heritage of our founder Caleb Brett

Intertek PipeAware 2 delivers technology enabled transparency into the pipeline manufacturing and construction process

Intertek’s innovative Mobile Laboratories gives ExxonMobil the flexibility required to test fuel quality across their fast growing

Mexico retail business

Voice of the Consumer leverages our customers’ consumer feedback through holistic product assurance plans, addressing

safety, quality and perception concerns

Intertek’s Cybersecurity Services are an integral part of our differentiated TQA service offering, addressing

growing cyber threats as part of a systemic risk mitigation approach

With our Working Conditions Assessments, we support our customers in their goal of providing a safe and ethical working environment for their employees

With our global network of Sustainability experts and ATIC solutions, Intertek is uniquely placed to help

customers achieve their existing and emerging sustainability goals

Hardlines and Softlines Chemical Testing, safeguarding consumers in an environment of rapidly developing

chemical regulations and advanced materials technologies

Intertek KJ Tech offers road testing, allowing auto manufacturers to understand how their vehicles

perform in real life situations

INNOVATION IN HIGH GROWTH AND HIGH MARGIN ADJACENT SEGMENTS

28

TECHNOLOGY BASED INNOVATION OFFERING BREAKTHROUGH SERVICES

29

Inlight is a SaaS platform delivering the bespoke mapping of risks across the supply chain

On Track enables restaurant brands to benchmark operational performance and efficiently train staff through interactive simulations and gamification

Alchemy offers SaaS solutions delivering training to ensure employee consistency and compliance in the

fast growing food industry

Interpret uses near infrared spectrum analysis to predict the physical properties of crude oil, reducing

the time taken from weeks to minutes

Wisetail is a leading e-learning platform that helps restaurants and retailers create a brand specific

operating culture

2019 OUTLOOK BY DIVISION

04

31

GROUP OUTLOOK 2019

Note: Net debt guidance before any material change in FX rates, any additional M&A and impact of IFRS 16

• Good organic revenue growth at constant currency

− Good growth expected in Products

− Good growth expected in Trade

− Solid growth expected in Resources

• Moderate Group margin progression

− Portfolio strategy

− Continuous cost discipline

− Performance management

• Strong cash conversion

• Capex: £130-140m

• Net debt: £670-700m

EXCELLENT PERFORMANCE IN PRODUCTS WITH 9.5% PROFIT GROWTH

32

1,626 1,680

FY 17 FY 18

Revenue (£m)

1,621 1,654

FY 17 FY 18

Organic Revenue (£m)

351 371

FY 17 FY 18

Operating Profit (£m)

21.6% 22.1%

FY 17 FY 18

Operating Margin (%)

+3.4%+6.6% CCR

+2.1%+5.2% CCR

+5.8%+9.5% CCR

+50bps+60bps CCR

Softlines

Hardlines

Electrical & Connected World

Growth Drivers

Increased number of Brands & SKUs

Supply chain expansion in new

markets

Increased demand in chemical testing

Innovation from our customers leveraging wireless technology

Increased demand for chemical testing

Innovative inspection technology

Electrical appliance innovations to provide better efficiency and

connectivity

Increased demand for IoT Assurance services, including cyber

security

FY18 Actual

Solid organic growth

Good organic growth

Robust organic growth


Good organic growth


FY19 Outlook

Business Assurance

Building & Construction

Transportation Technology

Food

Chemicals and Pharma

33

Increased scrutiny on emissions

Increased concerns on product safety and

traceability

Growth DriversFY18 Actual

ISO standards upgrades

Increased focus of corporations on supply

chain and risk management

Increased consumer and government focus on ethical

and sustainable supply

Strong organic growth

Growing demand for greener, safer and higher quality commercial buildings

Increased investment in large infrastructure projects


Continued investment of our clients in new models and new

fuel efficient engines

Growth in the hybrid / electric engine

segment

Double-digit organic growth

Continuous food innovation

Increased focus on the safety of supply chains

Growth in the food service assurance

business



Growth of SKUs

Expansion of the supply base in emerging markets

FY19 Outlook


Good organic growth




EXCELLENT PERFORMANCE IN PRODUCTS WITH 9.5% PROFIT GROWTH

Caleb Brett

Government & Trade Services

AgriWorld

648 642

FY 17 FY 18

Revenue (£m)

648 637

FY 17 FY 18


89 83

FY 17 FY 18


13.7%13.0%

FY 17 FY 18


(0.9)%+3.1% CCR

(1.7)%+2.2% CCR

(6.0)%(1.3)% CCR

(70)bps(60)bps CCR

SOLID MOMENTUM IN TRADE WITH 2.2% ORGANIC GROWTH

34



Global and regional trade structural growth drivers

Increased transport infrastructure

Award of new contracts

GDP growth Population growth

The expansion of our clients’ supply chains in fast growing markets

New customer wins


Below last year

Good organic growth



FY19 Outlook

496 479

FY 17 FY 18

Revenue (£m)

496 479

FY 17 FY 18


29 27

FY 17 FY 18


5.7% 5.7%

FY 17 FY 18


(3.4)%+0.3% CCR

(3.4)%+0.3% CCR

(3.9)%(0.4)% CCR

0bps(10)bps CCR

IMPROVED TRADING CONDITIONS IN RESOURCES WITH STABLE REVENUE AND MARGIN

35

Minerals

Capex Inspection

Opex Inspection


Stable Revenue

Good organic growth

Minerals demandTechnological

innovation

Demand for energy Asset productivityTechnological

innovation

Capacity utilisation Asset productivityAgeing of equipment

Outsourcing


Slight decline

Stable revenue


FY19 Outlook

CONCLUSION

05

INTERTEK HIGH QUALITY EARNINGS MODEL

37

Ou

r Se

rvic

es Testing Inspection CertificationAssurance

ResourcesTradeProducts

Ou

r Se

cto

rsO

ur

Mid

-to

Lo

ng-

Term

V

alu

e C

reat

ion

GDP+ GDP growth Long-term growth

GDP+ Organic revenue growth

Margin accretive revenue growth

Strong free cash flow

Disciplinedcapital allocation

Investments in attractive growth and margin sectors

with Capex / M&A

Intertek Virtuous Economics

ATTRACTIVE STRUCTURAL GROWTH DRIVERS

38

6% of Group profit based on global growth drivers in the energy sector

Long-term growth

Resources

17% of Revenue 6% of Profit

Long term demand for energy

Investment in infrastructure

Supply chain risk management

Sustainability of energy supply

Growth in alternative energy

Focus on health & safety

77% of Group profit based on GDP agnostic growth drivers

Products


Increased number of Brands & SKUs

Faster innovation cycle

Increased regulation

Increased corporation focus

on risk management

Increased consumer focus on

sustainable products

Improvements in safety,

performance and quality

GDP+

17% of Group profit based on global trade growth


Trade

Population growth GDP growth

Development of regional trade

Increased focus on traceability

Growth in transport

infrastructure

Growth in port infrastructure

GDP growth

Growth outlook: GDP+ Organic revenue growth in real terms

Insert Footer Here 39

INTERTEK IS GOING FROM STRENGTH TO STRENGTH

39

• Industry leader in a growing global $250bn ATIC market

• Scale positions in attractive end-markets in 100+ countries

• Unique Total Quality Assurance value proposition offering superior customer service

• High quality compounder earnings model

• Ever growing corporate complexity is a growth accelerator

• Ever Better operational discipline making Intertek Ever Stronger

24% 20% 18% 17%

25% 23% 23% 23%

51%57%

59% 60%

FY 15 FY 16 FY 17 FY 18

GROUP PERFORMANCE (2015 – 2018)

41

Margin

FY 15 FY 16 FY 17 FY 18

Products 21.1% 20.3% 21.6% 22.1%

Trade 14.1% 14.0% 13.7% 13.0%

Resources 6.5% 5.8% 5.7% 5.7%

Group 15.9% 16.0% 16.9% 17.2%

Key Metrics 2018

% Group Revenue % Group ProfitOrganic Revenue

Growth1

60% 77% 5.2%

23% 17% 2.2%

17% 6% 0.3%

100% 100% 3.7%

15.9%16.0%

16.9%

FY 15 FY 16 FY 17 FY 18

10% 7% 6% 6%

22% 20% 19% 17%

68%73%

75% 77%

FY 15 FY 16 FY 17 FY 18

£343m

£410m

£468m

£2,166m

£2,567m £2,769m

Adjusted Margin (%)

Note: (1) At 2018 constant currency rates

Revenue (£m) Adjusted Operating Profit (£m)

£2,801m £482m 17.2%

ADJUSTED EPS

42

£m @ actual exchange rates FY 17 FY 18

Adjusted operating profit1 467.7 481.8 +3.0%

Net interest expense (28.9) (25.3)

Profit before tax 438.8 456.5

Tax 24.7% (24.5%) (107.5) (112.8)

Profit after tax 331.3 343.7

Non-controlling interest (19.0) (20.8)

Net profit 312.3 322.9

Fully diluted shares (m) 163.0 162.8

Earnings per share (GBP) 191.6 198.3 +3.5%

Dividend (GBP) 71.3 99.1 +39.0%

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