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Premier Foods was floated on the London Stock Exchange in July 2004 with a clear strategy of using our scale to drive the business

Our business strategy is:

• to grow branded sales faster than their respective markets by investing in and strengthening our brands and their relevance to today’s consumers;
• to gain competitive advantage through consumer insight and scale to deliver value to customers and work more effectively with suppliers; and
• to deliver efficiency benefits such that supply chain costs and overheads are held flat or decline while volumes grow.

Our financial strategy is:

• to focus on cash generation to reduce average debt to EBITDA to 3.25 or less;
• to derisk the swap portfolio and pension arrangements; and
• to diversify our sources of funding.

We believe that the successful execution of these strategies will in turn deliver shareholder value.