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LION NATHAN LIMITED 2007 INTERIM RESULTS PRESENTATION 6 MONTHS TO 31 MARCH 2007 Jamie LION NATHAN LIMITED 2007 INTERIM RESULTS PRESENTATION 6 MONTHS TO 31 MARCH 2007 Jamie Tomlinson Chief Financial Officer 17 May 2007

2007 INTERIM RESULTS 17 MAY 2007 GROUP PERFORMANCE OVERVIEW GROUP RESULTS I KEY RATIOS 2007 INTERIM RESULTS 17 MAY 2007 GROUP PERFORMANCE OVERVIEW GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Key Ratios Project Invest 2 Group Results Summary

2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Pre Significant and One-Time Items 2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Pre Significant and One-Time Items GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Reference page March 2007 vs YAGO Net Sales (page 29) A$m 1, 039. 5 5. 3% Australia EBIT (page 25) A$m 231. 4 4. 7% New Zealand EBIT (page 26) NZ$m 52. 6 0. 0% Wine EBIT (pre SGARA) (page 27) A$m 6. 7 26. 4% Group EBIT (page 8) A$m 269. 2 4. 2% Group NPAT (page 9) A$m 156. 8 3. 6% Operating Cash Flow (page 15) A$m 161. 9 0. 4% Cash Realisation Ratio (page 15) % 79. 5 (4. 0 pp) EPS* cents 29. 4 3. 6% Dividend per share cents 19. 0 0. 0% Business on track for full year guidance 3 * Calculated using total number of shares on issue (i. e. includes shares held by the Lion Nathan Achievement Rights Trust)

2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Reconciliation of Reported & Operating 2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Reconciliation of Reported & Operating Results GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Reference page March 2007 EBIT March 2006 EBIT % Change 264. 1 255. 5 3. 4 5. 1 3. 0 Provision releases (e. g. Two Dogs) - (2. 4) Coopers costs - 2. 2 269. 2 258. 3 Reported result ($m) Project Invest costs (page 17) Operating result ($m) EBIT of $269. 2 m pre significant and one-time items, +4. 2% 4 4. 2

2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Reconciliation of Reported & Operating 2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Reconciliation of Reported & Operating Results GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Reference page March 2007 NPAT March 2006 NPAT % Change 162. 0 148. 9 8. 8 (9. 5) - 152. 5 148. 9 4. 3 2. 1 Provision releases (e. g. Two Dogs) - (1. 9) Coopers costs - 2. 2 156. 8 151. 3 Reported result ($m) LNFA tax audit (page 6) Reported result pre significant items ($m) Project Invest costs (page 17) Operating result ($m) NPAT of $156. 8 m pre significant and one-time items, +3. 6% 5 2. 4 3. 6

2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Significant Items – LNFA Tax 2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Significant Items – LNFA Tax Audit GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX • In January 2007 the ATO concluded an audit of Lion Nathan Finance (Australia) Pty Ltd (a wholly owned subsidiary of Lion Nathan Limited) in relation to the deductibility of bad debts incurred funding Australian subsidiaries of Lion Nathan Limited. • Amended assessments were issued in January 2007 in respect of bad debt deductions claimed in the 2000 and 2002 financial years. • The primary tax and general interest charge assessed was fully provided for in prior financial years. • A provision surplus of $9. 5 m has been released in the 2007 financial year. $m Interest expense on bad debt deductions disallowed Release of excess provision recognised in prior financial years (included in income tax expense) (11. 3) 20. 8 9. 5 $9. 5 m benefit recognised as a significant item in H 1 F 07 result 6

2007 INTERIM RESULTS 17 MAY 2007 MARCH 2007 GROUP RESULTS OVERVIEW Adjusted for Significant 2007 INTERIM RESULTS 17 MAY 2007 MARCH 2007 GROUP RESULTS OVERVIEW Adjusted for Significant & One-Time Items GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX March 2007 Reported Significant Items 1, 039. 5 - 1, 039. 5 EBIT 264. 1 - 264. 1 5. 1 269. 2 Interest (55. 8) 11. 3 (44. 5) - (44. 5) Earnings pre tax 208. 3 11. 3 219. 6 5. 1 224. 7 Tax (46. 2) (20. 8) (67. 0) (0. 8) (67. 8) Minority Interest (0. 1) - (0. 1) NPAT 162. 0 (9. 5) 152. 5 4. 3 156. 8 Net sales (A$m) Reference page March 2007 One-Time Items Pre Sig Items (page 6) Significant item (ATO settlement) and OTI (Project Invest) impacting reported result 7 (page 17) March 2007 Operating

2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Pre Significant & One-Time Items 2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Pre Significant & One-Time Items GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Reference page March 2007 Operating March 2006 Operating % Change Australia (page 25) 231. 4 221. 0 4. 7 New Zealand (NZ$) (page 26) 52. 6 0. 0 46. 3 48. 4 (4. 3) A$m New Zealand (A$) Wine pre SGARA (page 27) 6. 7 5. 3 26. 4 SGARA (page 27) (0. 2) (0. 7) 71. 4 Corporate (page 28) (15. 0) (15. 7) 4. 5 EBIT 269. 2 258. 3 4. 2 AUD/NZD translation rate 1. 137 1. 088 (4. 5) Australian beer underpins overall result. NZ impacted by 4. 5% depreciation in the NZD vs AUD 8

2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Pre Significant & One-Time Items 2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Pre Significant & One-Time Items GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Reference page March 2007 Operating March 2006 Operating % Change (page 29) 1, 039. 5 987. 2 5. 3 EBIT 269. 2 258. 3 4. 2 Interest (44. 5) (39. 5) (12. 7) Earnings pre tax 224. 7 218. 8 2. 7 Tax (67. 8) (67. 3) (0. 7) Minority Interest (0. 1) (0. 2) 50. 0 NPAT 156. 8 151. 3 3. 6 Net Sales (A$m) NPAT +3. 6% pre significant and one-time items 9

2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Operating cash flow - reconciliation 2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Operating cash flow - reconciliation to NPAT GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX NPAT Mar 07 Depn & Amortisation Timing of Tax Payments Increase in Working Capital Share Based Payments Operating cash flow influenced by settlement of LNFA tax audit 10 Other Operating Impact of Cash Flow LNFA Tax pre LNFA Settlement Tax Settlement Mar 07 Operating Cash Flow

2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Working Capital GROUP RESULTS I 2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Working Capital GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Increased Mar 07 v Sept 06 sales Working capital growth driven by seasonal increase in debtors, but in line with March 2006 11

2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Expenses – Appendix 4 D 2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW Expenses – Appendix 4 D GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX A$m March 2007 March 2006 $m Change % Change Cost of sales 469. 6 34. 8 7. 4% Sales and marketing costs 167. 1 156. 0 11. 1 7. 1% Distribution costs 41. 5 42. 2 (0. 7) (1. 7%) Finance and admin costs 45. 0 46. 7 (1. 7) (3. 6%) Other expenses 45. 0 45. 1 (0. 1) (0. 2%) Total expenses 12 504. 4 803. 0 759. 6 43. 4 5. 7% 4% volume, 4% rate, 1% mix offset by 1% FX Increased marketing investment

2007 INTERIM RESULTS 17 MAY 2007 GROUP PERFORMANCE OVERVIEW GROUP RESULTS I KEY RATIOS 2007 INTERIM RESULTS 17 MAY 2007 GROUP PERFORMANCE OVERVIEW GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Key Ratios Project Invest 13 Group Results Summary

2007 INTERIM RESULTS 17 MAY 2007 KEY RATIOS* GROUP RESULTS I KEY RATIOS I 2007 INTERIM RESULTS 17 MAY 2007 KEY RATIOS* GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX March 2007 March 2006 B (W) EPS** Cents 28. 5 27. 9 2. 4% Dividend cover Times 1. 5 - % 30. 5 31. 0 0. 5 pp EBITDA / Interest cover Times 6. 5 6. 7 (0. 2 t) Debt to EBITDA Times 2. 3 2. 0 (0. 3 t) % 28. 6 33. 0 (4. 4 pp) Tax rate FFO to Debt Slightly weaker leverage measures due to F 06 special dividend increasing debt 14 * Pre significant items, includes one-time items ** Calculated using total number of shares on issue (i. e. includes shares owned by the Lion Nathan Achievement Rights Trust)

2007 INTERIM RESULTS 17 MAY 2007 CASH REALISATION RATIO Pre Significant and One-Time Items 2007 INTERIM RESULTS 17 MAY 2007 CASH REALISATION RATIO Pre Significant and One-Time Items GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Net Operating Cash Flow 161. 9 Cash After Tax Earnings 203. 6 Net Profit After Tax 162. 0 = Net Operating Cash Flow Depreciation 30. 5 LNFA Tax Audit Amortisation 16. 3 Project Invest LNFA Tax Audit (9. 5) Project Invest Cash After Tax Earnings 122. 7 31. 0 8. 2 Adjusted Net Operating Cash Flow 161. 9 4. 3 203. 6 Cash realisation rate of 80% post tax and interest or 84% pre tax and interest 15 79. 5%

2007 INTERIM RESULTS 17 MAY 2007 GROUP PERFORMANCE OVERVIEW GROUP RESULTS I KEY RATIOS 2007 INTERIM RESULTS 17 MAY 2007 GROUP PERFORMANCE OVERVIEW GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Key Ratios Project Invest 16 Group Results Summary

2007 INTERIM RESULTS 17 MAY 2007 PROJECT INVEST GROUP RESULTS I KEY RATIOS I 2007 INTERIM RESULTS 17 MAY 2007 PROJECT INVEST GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX • Forecast full year F 07 Project Invest costs of $30 -$40 m pre-tax (pre decision on Auckland brewery) • On track for completion in F 07 – majority of costs will be incurred in H 2 • Incurred $5. 1 m in H 1 relating to a number of restructure initiatives and write downs that have occurred across the Group: – restructure costs associated with Bevchain – restructure of the NZ Sales and Operations functions – finance organisation redesign A$m Total Australia (0. 6) New Zealand (1. 2) Wine (0. 6) Corporate (2. 7) Total Costs (pre tax) (5. 1) Majority of Project Invest costs will fall in H 2 17 ($4. 3 m) post tax

2007 INTERIM RESULTS 17 MAY 2007 AUCKLAND BREWERY Strategic Review Update GROUP RESULTS I 2007 INTERIM RESULTS 17 MAY 2007 AUCKLAND BREWERY Strategic Review Update GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Background – Current Newmarket brewery site requires large capital investment - brew house, packaging, etc – Newmarket site is valuable with significant redevelopment potential – Strategic review commenced to determine optimal options for our brewery in Auckland Current Status – Significant expressions of interest received for the Newmarket site – We are simultaneously evaluating several strategic options – Key drivers which will influence the decision are the land values of Newmarket, the potential new locations and the overall capital requirement Likely Timing – Targeting to complete this strategic review phase in June / July 18

2007 INTERIM RESULTS 17 MAY 2007 GROUP PERFORMANCE OVERVIEW GROUP RESULTS I KEY RATIOS 2007 INTERIM RESULTS 17 MAY 2007 GROUP PERFORMANCE OVERVIEW GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Key Ratios Project Invest 19 Group Results Summary

2007 INTERIM RESULTS 17 MAY 2007 SUMMARY GROUP RESULTS I KEY RATIOS I PROJECT 2007 INTERIM RESULTS 17 MAY 2007 SUMMARY GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX 2007 first half result underpinned by Australian brewing EBIT growth – Group EBIT +4. 2% (pre one-time items) – NPAT +3. 6% (pre one-time and significant items) – Interim dividend of 19 cents per share Issues impacting F 07 and F 08 – Aluminium continues to trade above long term averages – Barley cost up $6 m in F 07 (included in guidance) and a further estimated $9 m in F 08 – Overall COGS per litre estimated to increase around 4. 7% in F 08 – Smoking bans in enclosed areas adversely impacting on-premise consumption in Qld – Similar smoking bans to follow in NSW/Vic (July 07) and SA/NT (Oct 07) Revised guidance for 2007 NPAT from Operations to $250 -$260 m, before: – Impact of Auckland Brewery strategic review – Project Invest costs – LNFA tax audit net gain Operating net profit after tax on track for full year guidance of $250 -$260 m 20

2007 INTERIM RESULTS 17 MAY 2007 21 2007 INTERIM RESULTS 17 MAY 2007 21

2007 INTERIM RESULTS 17 MAY 2007 GROUP PERFORMANCE OVERVIEW GROUP RESULTS I KEY RATIOS 2007 INTERIM RESULTS 17 MAY 2007 GROUP PERFORMANCE OVERVIEW GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX 22

2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW GROUP RESULTS I KEY RATIOS 2007 INTERIM RESULTS 17 MAY 2007 GROUP RESULTS OVERVIEW GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX March 2007 Reported March 2006 Reported % Change 1, 039. 5 987. 2 5. 3 EBIT 264. 1 255. 5 3. 4 Interest (55. 8) (39. 5) (41. 3) Earnings pre tax 208. 3 216. 0 (3. 6) Tax (46. 2) (66. 9) 30. 9 Minority Interest (0. 1) (0. 2) 50. 0 NPAT 162. 0 148. 9 8. 8 Net Sales (A$m) Reported NPAT +8. 8%, including significant item and OTI 23

2007 INTERIM RESULTS 17 MAY 2007 MARCH 2006 GROUP RESULTS OVERVIEW Adjusted for Significant 2007 INTERIM RESULTS 17 MAY 2007 MARCH 2006 GROUP RESULTS OVERVIEW Adjusted for Significant & One-Time Items GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX March 2006 Reported One-Time Items March 2006 Operating Net sales (A$m) 987. 2 - 987. 2 EBIT 255. 5 2. 8 258. 3 Interest (39. 5) - (39. 5) Earnings pre tax 216. 0 2. 8 218. 8 Tax (66. 9) (0. 4) (67. 3) Minority Interest (0. 2) - (0. 2) NPAT 148. 9 2. 4 151. 3 Note: this is F 06 24

2007 INTERIM RESULTS 17 MAY 2007 SECTOR EBIT Australia GROUP RESULTS I KEY RATIOS 2007 INTERIM RESULTS 17 MAY 2007 SECTOR EBIT Australia GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Six Months ended B (W) over 2006 A$m March 2007 March 2006 $m % Australia (operating) 231. 4 221. 0 10. 4 4. 7 Less Project Invest (0. 6) (0. 4) (0. 2) Less Coopers - (2. 2) 2. 2 Add Provision Releases (e. g. Two Dogs) - 2. 4 (2. 4) 230. 8 220. 8 10. 0 Australia (reported) Australia up 4. 7% pre one-time items 25 4. 5

2007 INTERIM RESULTS 17 MAY 2007 SECTOR EBIT New Zealand GROUP RESULTS I KEY 2007 INTERIM RESULTS 17 MAY 2007 SECTOR EBIT New Zealand GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Six Months ended B (W) over 2006 March 2007 March 2006 $m % - New Zealand (operating) NZ$M 52. 6 - Less Project Invest NZ$M (1. 3) (1. 8) 0. 5 New Zealand (reported) NZ$M 51. 3 50. 8 0. 5 1. 0 A$M 45. 1 46. 7 (1. 6) (3. 4) New Zealand flat on YAGO pre one-time items 26

2007 INTERIM RESULTS 17 MAY 2007 SECTOR EBIT Wine GROUP RESULTS I KEY RATIOS 2007 INTERIM RESULTS 17 MAY 2007 SECTOR EBIT Wine GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Six Months ended A$m Wine (operating) Less Project Invest Wine (reported) pre SGARA Wine (reported) Wine up 26. 4% pre one-time items 27 B (W) over 2006 March 2007 March 2006 $m % 6. 7 5. 3 1. 4 26. 4 (0. 6) (0. 4) (0. 2) 6. 1 4. 9 1. 2 (0. 2) (0. 7) 0. 5 5. 9 4. 2 1. 7 24. 5 40. 5

2007 INTERIM RESULTS 17 MAY 2007 SECTOR EBIT Corporate and Group GROUP RESULTS I 2007 INTERIM RESULTS 17 MAY 2007 SECTOR EBIT Corporate and Group GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Six Months ended B (W) over 2006 A$m March 2007 March 2006 A$m % Corporate (operating) (15. 0) (15. 7) 0. 7 4. 5 Less Project Invest (2. 7) (0. 5) (2. 2) Corporate (reported) (17. 7) (16. 2) (1. 5) (9. 3) Total Group EBIT (pre SGARA) 264. 3 256. 2 8. 1 3. 2 SGARA loss (0. 2) (0. 7) 0. 5 71. 4 Total Group EBIT 264. 1 255. 5 8. 6 3. 4 Group EBIT up 4. 0% pre SGARA and one-time items 28 + 4. 0% before onetime items

2007 INTERIM RESULTS 17 MAY 2007 Net Sales Revenue GROUP RESULTS I KEY RATIOS 2007 INTERIM RESULTS 17 MAY 2007 Net Sales Revenue GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX March 2007 March 2006 % Change Australia 682. 5 632. 0 8. 0 New Zealand (NZ$) 319. 5 300. 3 6. 4 New Zealand (A$) 281. 0 276. 0 1. 8 Wine 76. 0 77. 7 (2. 2) - 1. 5 1, 039. 5 987. 2 A$m Corporate Group Australian beer result underpins overall result with 8% revenue growth 29 5. 3

2007 INTERIM RESULTS 17 MAY 2007 Net Sales Revenue GROUP RESULTS I KEY RATIOS 2007 INTERIM RESULTS 17 MAY 2007 Net Sales Revenue GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX + 5. 3% vs YAGO Australia revenue up $50. 5 m, driven by NPD, Power brand growth and mix 30

2007 INTERIM RESULTS 17 MAY 2007 Corporate Costs GROUP RESULTS I KEY RATIOS I 2007 INTERIM RESULTS 17 MAY 2007 Corporate Costs GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX Yetimo sold on 3 July 06 Corporate overhead impacted by non-recurring items 31