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Jim Leng

Chairman

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Philippe Varin

Chief Executive

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Group financial summary 2005 million 2004 2005

Turnover 9,332 10,140

Group operating profit 631 720(before restructuring &impairment costs and disposals)

Profit after taxation 441 451

Earnings per share (p) 10.07p 10.17p

Dividend per share - 1.5p

Capital Expenditure m

*IAS 32 and 39 adopted on 2 January 2006

Net debt* m

842

553

268

400

600

800

1000

2004 2005

821

Impact of IAS 32 and 39

377

423

300

375

450

2004 2005

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Divisional resultsExternal Turnover - 10.1bn Operating Profit*- 720m

StripProducts

* Before restructuring & impairment costs and disposals

Corus largest division 45% increase in operating profit*

Performance comparable to main Europeancompetitors

41% 598m

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Divisional results

LongProducts

Scrap prices Energy costs

Engineering Steels commissioning

19% 106m

External Turnover - 10.1bn Operating Profit*- 720m

* Before restructuring & impairment costs and disposals

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8

Divisional results

Aluminium 826m proposed sale of downstream rolled

and extruded products businesses

Internal consultation on schedule

11% 25m

External Turnover - 10.1bn Operating Profit*- 720m

* Before restructuring & impairment costs and disposals

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9

Restoring Success

Savings

Existing plans

New initiatives

UK Restructuring

350

120

210

680

52

220

335

480

0

100

200

300

400

500

600

700800

H2 2003 H1 2004 H2 2004 H1 2005 Target 2006

million

555

H2 2005

Annualised exit rate benefits

On track to deliver 680m benefits by end 2006

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10

Restoring Success

Safety

Lost Time Injury Frequency

7.5

3.8 2.9

0

5

10

2003 2004 2005

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13

Access to low coststeel making

More selectivebusiness portfolio

Safety

Service

Savings

More differentiated

productsContinuousimprovement

Strengthening thebalance sheet

Divestments

Organic growth

Restoring Success The Corus Way

Growth

OperationalPerformance

2006

The Corus Way

Value in steel

Objectives 2003 - 2006

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14

Access to low coststeel making

More selectivebusiness portfolio

More differentiated

productsContinuousimprovement

The Corus Way

The Corus Way

Value in steel

Best supplier to best customers

Best supplierMaintain on time in full deliveries > 90%

Best customersIncrease differentiated product sales: 47%to 60%

2006

Access to low coststeel making

More selectivebusiness portfolio

Continuousimprovement

The Corus Way

More differentiated

products

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15

More differentiated products

Construction

RoofingFlooring

WallsStructural

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16

More differentiated products

Automotive

Steel tubes forframes

Body and closures

Tyre cord

Forming seats

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Access to low coststeel making

More selective

business portfolio

More differentiatedproducts

The Corus Way

Continuousimprovement

The Corus Way

Value in steel

World Class Processes

20% increase in liquid steel productivity

15% reduction in stock days

Access to low coststeel making

More selective

business portfolio

More differentiatedproducts

The Corus Way

Continuousimprovement

2006

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Access to low coststeel making

More selective

business portfolio

More differentiatedproducts

Continuousimprovement

The Corus Way

The Corus Way

Value in steel

Selective growth

Access to low cost, high growth countries

Access to lowcost steel making

More selectivebusiness portfolio

More differentiatedproducts

Continuousimprovement

The Corus Way

2006

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100 96 95

EU15 Japan N America

79 7870

CIS India Brazil

(Indexed $/t, ex works, 2005)

Regional slab production costs*

The Corus Way

Selective growth

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

Developed markets Emerging markets

Future developmentsAccess to low cost slab

and high growth

Organic growthDifferentiated products

Continuous improvement

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22

Access to low coststeel making

More selective

business portfolio

Safety

ServiceSavings

More differentiatedproducts

Continuousimprovement

Strengthening thebalance sheet

Divestments

Organic growth

Restoring Success The Corus Way

Growth

OperationalPerformance

2006

The Corus Way

Value in steel

Objectives 2003 - 2006

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Market outlook

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Global steel demand

Robust worldwide growth

China 315 32 17%

NAFTA 149 15 (9)%

Europe (EU25) 168 17 (5)%

Rest of World 342 36 2%

World 974 100 4%

Actual

2005

Growth rates

2004

mt

% of

total

Estimate

200613%

5%

4%

5%

7%

Source: IISI

l b l l l d

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25

Global steel supply anddemand balanceGlobal excess effective capacity and utilisationmillion tonnes

0

50

100

150

200

250

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 200675%

80%

85%

90%

95%

100%

Global steel supply / demand balance forecast to remain tight

Source: IISI, WSD, Corus

80%

84%

94%

88%

79%

91%

84% 83%

80% 80%

91% 91%

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Selling prices

300

450

600

750

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

USA

EU

Far East

China

Note: Hot rolled coil Source: CRU/Corus/External analyst report

Latest industry forecast$ per tonne

Q3 06

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Raw materials and energyEnergy Prices

Note: Wholesale electricity and natural gas forward prices Source: Heren Energy report Exchange rate: /1.45

10

30

50

70

01 02 03 04 05

10

20

30

40

50

60

06YTD

Electricity (RHS)

Natural gas (LHS)

Germany Electricity(RHS)

p/therm /MWh

Raw materials

Note: Market prices FOB Source: Corus/CRU

50

100

150

200

250

300

350

01 02 03 04 05 06YTD

CoalScrap

Zinc

Iron Ore

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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

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l i 2

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Resolution 2

To approve the directorsReport on Remuneration

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

Number of votes % of votes

R l i 3

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Resolution 3

To declare a final dividend

FOR 2,159,213,436 99.7

DISCRETIONARY 4,798,756 0.2

AGAINST 258,925 0.01

ABSTAIN 2,234,361 0.1

Number of votes % of votes

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Resolution 4 (ii)To reappoint Mr J W Leng

Resolution 4 (iii)To reappoint Mr P Varin

Resolution 4 (iv)To reappoint Mr A M Robb

Resolution 4 (i)To appoint Ms E N Harwerth

FOR 2,158,304,249 99.6

DISCRETIONARY 5,105,665 0.2AGAINST 1,962,673 0.1

ABSTAIN 1,132,891 0.1

Number of votes % of votes

FOR 2,159,201,350 99.7DISCRETIONARY 5,085,218 0.2

AGAINST 1,346,515 0.1

ABSTAIN 872,395 0.04

Number of votes % of votes

FOR 2,156,556,177 99.5

DISCRETIONARY 5,128,083 0.2AGAINST 3,812,427 0.2

ABSTAIN 1,008,791 0.05

Number of votes % of votes

FOR 2,158,585,624 99.6DISCRETIONARY 5,078,435 0.2

AGAINST 1,814,663 0.1

ABSTAIN 1,026,756 0.1

Number of votes % of votes

R l ti 5

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Resolution 5

To reappoint the auditors

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

Number of votes % of votes

Resolution 6

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Resolution 6

To authorise the directorsto fix the auditors' remuneration

FOR 2,152,565,014 99.4

DISCRETIONARY 5,016,771 0.2

AGAINST 7,977,078 0.4

ABSTAIN 946,615 0.04

Number of votes % of votes

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Resolution 10

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Resolution 10

To authorise consolidation of shares

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

Number of votes % of votes

Resolution 11

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Resolution 11

To authorise the offerof scrip dividends

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

Number of votes % of votes

Resolution 12

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Resolution 12

Authority to make market purchases

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

Number of votes % of votes

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Cautionary statement

This presentation and associated discussion contain certain forward looking

statements. These statements are subject to risks and uncertainties becausethey relate to events that may or will occur in the future and could cause actualresults to differ materially from those expressed. Many of these risks anduncertainties relate to factors that are beyond Corus ability to control orestimate precisely, such as future market and economic conditions, the actionsof competitors, operational problems, the ability to successfully achieve costsavings and the actions of government regulators.

This presentation also contains certain financial information that is notpresented in accordance with generally accepted accounting principles (GAAP).

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