Tate & Lyle PLC - Trading Update

30 Jan 2003

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Tate & Lyle issues the following routine trading update. Group profit before tax in the third quarter of the year to 31 March 2003 has been in line with our expectations. Since the end of September 2002 net debt, assisted by proceeds from the sale of non-core assets, has continued to reduce. In the US, Staley has substantially completed the negotiation of its calendar 2003 sales contracts. Overall, we expect to maintain sweetener margins at calendar 2002 levels. Higher margins are anticipated on basic starch and food ingredient products but citric acid selling prices continue to be affected by global oversupply. In Europe, small pricing gains at Amylum in certain markets and products (such as vital wheat gluten) have been offset by price reductions elsewhere. Based on current raw material prices, margins in calendar 2003 are expected to be similar to those achieved in calendar 2002.

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About Tate & Lyle PLC:

Supported by our 165-year history of ingredient innovation, we partner with customers to provide consumers with healthier and tastier choices when they eat and drink. We are proud that millions of people around the world consume products containing our ingredients and solutions every day.

Through our leading expertise in sweetening, mouthfeel and fortiﬁcation, we develop ingredients and solutions which reduce sugar, calories and fat, add ﬁbre and protein, and provide texture and stability to food and drink in categories including beverages, dairy, bakery, snacks, soups, sauces, and dressings.

Tate & Lyle recently acquired CP Kelco, a leading provider of pectin, speciality gums and other nature-based ingredients to create a leader in mouthfeel, significantly enhancing our solutions capabilities. Following this combination, we now have more than 5,000 employees working in around 75 locations in 39 countries, serving customers in more than 120 countries. Science, Solutions, Society is our brand promise and how we will achieve our purpose of Transforming Lives through the Science of Food. By living our purpose, we believe we can successfully grow our business and have a positive impact on society. We live our purpose in three ways, by supporting healthy living, building thriving communities and caring for our planet.

Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. For the year ended 31 March 2024, and on a pro forma basis which assumes for illustrative purposes that the combination with CP Kelco took place on 1 April 2023, revenue for the enlarged Tate & Lyle Group would have been £2.25 billion. For more information, please visit www.tateandlyle.com or follow Tate & Lyle on LinkedIn, X (Twitter), Facebook or YouTube

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