Corus Group plc

Annual General Meeting

9 May 2006
Jim Leng

Chairman
Philippe Varin

Chief Executive
 Group financial summary 2005
Net debt* £m
£ million 2004 2005
1000 Impact of IAS 32 and 39
821
Turnover 9,332 10,140 800
268
600 842
553
Group operating profit 631 720 400
(before restructuring & 2004 2005
impairment costs and disposals)

Capital Expenditure £m
Profit after taxation 441 451
450 423
377
Earnings per share (p) 10.07p 10.17p 375

300
Dividend per share - 1.5p 2004 2005

*IAS 32 and 39 adopted on 2 January 2006

3
Cumulative group operating result*
2005 versus 2004
£ million

1,400
More
1,200 expensive
Higher input costs Manufacturing,
1,000 selling
Production cuts
prices
& other items
800
Restoring
600 Success

400 2004 2005

200
£631m £720m

£89m year on year improvement

* Before restructuring, impairment and disposals 4
 Divisional results
External Turnover - £10.1bn Operating Profit*- £720m

41% £598m

• Corus’ largest division

Strip • 45% increase in operating profit*
Products • Performance comparable to main European
competitors

* Before restructuring & impairment costs and disposals

5
 Divisional results
External Turnover - £10.1bn Operating Profit*- £720m

19% £106m

• Scrap prices
Long • Energy costs
Products
• Engineering Steels commissioning

* Before restructuring & impairment costs and disposals

6
 Divisional results
External Turnover - £10.1bn Operating Profit*- £720m
£44m

29%

Distribution • £3bn Turnover

and Building • Growth from International trading and
Systems projects businesses

* Before restructuring & impairment costs and disposals

7
 Divisional results
External Turnover - £10.1bn Operating Profit*- £720m
11% £25m

• €826m proposed sale of downstream rolled

Aluminium and extruded products businesses
• Internal consultation on schedule

* Before restructuring & impairment costs and disposals

8
Restoring Success
Savings
Annualised exit rate benefits
£ million

800 Existing plans

700 UK Restructuring 680
600 New initiatives 555
500 480 350
400
335
300
220 120
200

100 52 210
0
H2 2003 H1 2004 H2 2004 H1 2005 H2 2005 Target 2006

On track to deliver £680m benefits by end 2006

9
Restoring Success
Safety

Lost Time Injury Frequency

10
7.5

5 3.8
2.9

0
2003 2004 2005

10
Restoring Success
Service

Deliveries – on time and in full %

90 85
79
80 74
70

60
2003 2004 2005

11
Sustainable environment

Energy Consumption
(GJ/tonne)

21
20.1
20

19 18.4
18.2
18
1999 2002 2005

12
The Corus Way
Value in steel
Objectives 2003 - 2006 2006

Restoring Success The Corus Way

Safety More differentiated

Operational products
Service
Performance Savings Continuous
improvement

Strengthening the Access to low cost

balance sheet steel making
Growth Divestments More selective
Organic growth business portfolio

13
The Corus Way
Value in steel
2006

The Corus Way

Best supplier to best customers
More differentiated
More differentiated
products
products Best supplier
Continuous Maintain on time in full deliveries > 90%
improvement

Best customers
Access to low cost Increase differentiated product sales: 47%
steel making to 60%
More selective
business portfolio

14
More differentiated products
Construction

Flooring Roofing

Structural Walls
15
More differentiated products
Automotive
Tyre cord

Body and closures

Forming seats

Steel tubes for

frames

16
More differentiated products
Packaging

Food Drink

Personal care Industrial and paint

17
The Corus Way
Value in steel
2006

The Corus Way

World Class Processes
More differentiated
products

Continuous
Continuous 20% increase in liquid steel productivity
improvement
improvement
15% reduction in stock days
Access to low cost
steel making

More selective
business portfolio

18
The Corus Way
Continuous Improvement

Engaged employees Passionate about steel

Committed to success
19
The Corus Way
Value in steel
2006

The Corus Way

Selective growth
More differentiated
products
Access to low cost, high growth countries
Continuous
improvement

Access
Access toto
lowlow
cost
cost steel making
steel making

More
Moreselective
selective
business portfolio
business portfolio
20
The Corus Way
Selective growth
Regional slab production costs*
(Indexed $/t, ex works, 2005)

Developed markets Emerging markets

100
96 95
79 78
70

Organic growth Future developments

Differentiated products Access to low cost slab
Continuous improvement and high growth

EU15 Japan N America CIS India Brazil

* Source: WSD (India - Tata, SAIL and Jindal only) 21

The Corus Way
Value in steel
Objectives 2003 - 2006 2006

Restoring Success The Corus Way

Safety More differentiated

Operational products
Service
Performance Savings Continuous
improvement

Strengthening the Access to low cost

balance sheet steel making
Growth Divestments More selective
Organic growth business portfolio

22
Market outlook
Global steel demand
Growth rates

2004 % of Actual Estimate

mt total 2005 2006

China 315 32 17% 13%

NAFTA 149 15 (9)% 5%
Europe (EU25) 168 17 (5)% 4%
Rest of World 342 36 2% 5%
World 974 100 4% 7%

Robust worldwide growth

Source: IISI 24
Global steel supply and
demand balance
Global excess effective capacity and utilisation
million tonnes
250 100%

200 94% 95%

91%
91% 91%
150 90%
88%

100 84% 84% 83% 85%

79% 80% 80%

80%
50 80%

0 75%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

Global steel supply / demand balance forecast to remain tight

Source: IISI, WSD, Corus 25
 Selling prices

$ per tonne Latest industry forecast

750

USA
600 EU
China
Far East
450

300
Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06

Note: Hot rolled coil

Source: CRU/Corus/External analyst report
26
 Raw materials and energy
Raw materials Energy Prices

350 p/therm £/MWh

Zinc Electricity (RHS) 60

300 70
Natural gas (LHS)
Coal 50
250 Scrap
Iron Ore 50
200 40

150 30
30
100 20
Germany Electricity
(RHS)
50 10 10
01 02 03 04 05 06 01 02 03 04 05 06
YTD YTD
Note: Market prices FOB Note: Wholesale electricity and natural gas forward prices
Source: Corus/CRU Source: Heren Energy report
Exchange rate: £/€1.45
27
 Trading Outlook

• Evenly distributed, robust worldwide growth

• 5-7% selling price increases secured during Q2
• 7-12% price increases announced for Q3
• Iron ore contracts yet to be concluded
• Other cost pressures, particularly energy and zinc,
continue

Positive momentum

28
Resolution 1
To receive the Report & Accounts

Number of votes % of votes

FOR 2,090,264,429 96.5

DISCRETIONARY 4,898,550 0.2

AGAINST 1,410,587 0.1

ABSTAIN 69,931,912 3.2

Resolution 2
To approve the directors’
Report on Remuneration

Number of votes % of votes

FOR 2,112,122,451 97.5

DISCRETIONARY 5,009,423 0.2

AGAINST 15,771,841 0.7

ABSTAIN 33,601,763 1.6

Resolution 3
To declare a final dividend

Number of votes % of votes

FOR 2,159,213,436 99.7

DISCRETIONARY 4,798,756 0.2

AGAINST 258,925 0.01

ABSTAIN 2,234,361 0.1

Resolution 4 (i) Resolution 4 (ii)
To appoint Ms E N Harwerth To reappoint Mr J W Leng
Number of votes % of votes Number of votes % of votes

FOR 2,158,304,249 99.6 FOR 2,156,556,177 99.5

DISCRETIONARY 5,105,665 0.2 DISCRETIONARY 5,128,083 0.2
AGAINST 1,962,673 0.1 AGAINST 3,812,427 0.2
ABSTAIN 1,132,891 0.1 ABSTAIN 1,008,791 0.05

Resolution 4 (iii) Resolution 4 (iv)

To reappoint Mr P Varin To reappoint Mr A M Robb
Number of votes % of votes Number of votes % of votes

FOR 2,159,201,350 99.7 FOR 2,158,585,624 99.6

DISCRETIONARY 5,085,218 0.2 DISCRETIONARY 5,078,435 0.2
AGAINST 1,346,515 0.1 AGAINST 1,814,663 0.1
ABSTAIN 872,395 0.04 ABSTAIN 1,026,756 0.1
Resolution 5
To reappoint the auditors

Number of votes % of votes

FOR 2,147,406,903 99.1

DISCRETIONARY 4,919,125 0.2

AGAINST 10,141,824 0.5

ABSTAIN 4,037,626 0.2

Resolution 6
To authorise the directors
to fix the auditors' remuneration

Number of votes % of votes

FOR 2,152,565,014 99.4

DISCRETIONARY 5,016,771 0.2

AGAINST 7,977,078 0.4

ABSTAIN 946,615 0.04

Political Donations and Expenditure
Resolution 7 Resolution 8
Corus Group plc Corus UK Limited
Number of votes % of votes Number of votes % of votes

FOR 2,112,868,387 97.6 FOR 2,112,469,463 97.6

DISCRETIONARY 5,380,650 0.2 DISCRETIONARY 5,405,990 0.2
AGAINST 43,319,272 2.0 AGAINST 43,555,204 2.0
ABSTAIN 4,937,169 0.2 ABSTAIN 5,074,821 0.2

Resolution 9
Orb Electrical Steels Ltd
Number of votes % of votes

FOR 2,112,515,008 97.5

DISCRETIONARY 5,422,516 0.3
AGAINST 43,431,011 2.0
ABSTAIN 5,136,943 0.2
Resolution 10
To authorise consolidation of shares

Number of votes % of votes

FOR 2,153,618,332 99.4

DISCRETIONARY 5,589,771 0.3

AGAINST 4,188,929 0.2

ABSTAIN 3,108,446 0.1

Resolution 11
To authorise the offer
of scrip dividends

Number of votes % of votes

FOR 2,155,584,547 99.4

DISCRETIONARY 5,471,324 0.3

AGAINST 2,086,213 0.1

ABSTAIN 3,363,394 0.2

Resolution 12
Authority to make market purchases

Number of votes % of votes

FOR 2,154,542,391 99.4

DISCRETIONARY 5,534,006 0.3

AGAINST 5,111,212 0.2

ABSTAIN 1,317,869 0.1

Cautionary statement

This presentation and associated discussion contain certain forward looking

statements. These statements are subject to risks and uncertainties because
they relate to events that may or will occur in the future and could cause actual
results to differ materially from those expressed. Many of these risks and
uncertainties relate to factors that are beyond Corus’ ability to control or
estimate precisely, such as future market and economic conditions, the actions
of competitors, operational problems, the ability to successfully achieve cost
savings and the actions of government regulators.

This presentation also contains certain financial information that is not

presented in accordance with generally accepted accounting principles (GAAP).