Foster’s Group 2011 Interim Results15 February 2011

2OUTLOOK STATEMENT DISCLAIMER

Foster’s Group Limited (Foster’s) advises that the following presentation contains forward looking statements which may be subject to significant uncertainties outside of Foster’s control.

No representation is made as to the accuracy or reliability of forecasts or the assumptions on which they are based.

Actual future events may vary from these forecasts and you are cautioned not to place undue reliance on any forward looking statement.

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Ian JohnstonChief Executive Officer

42011 INTERIM RESULT HIGHLIGHTS

Remain robust

Demonstrating improved financial performance

Impacted by significant decline in the Australian beer market volume but demonstrating improved in-market execution

Good progressPerformance Improvement

CUB

Treasury Wine Estates

Balance Sheet and Cash Flow

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52011 INTERIM RESULTFINANCIAL SUMMARY

Dividend

Earnings per share

Earnings per share

Net profitNet profit

EBITSEBITS

Net sales revenue

Net sales revenue

Constant Currency

Reported

- 4.1%

- 3.5%

- 6.2%

- 6.4%

- 6.6%

- 5.7%

- 7.5%

- 7.7%

12 cents

All figures are before SGARA and Material Items Percentage change in earnings per share calculated prior to rounding

6RESULT HIGHLIGHTSGLOBAL BEER

Strong progress in implementing Urgent Agenda

EBITS impacted by lower Australian beer market volume

Subdued consumer environment

Unusually high beer market volume in the prior year

Unseasonal weather in peak consumption months

Efficiencies moderating earnings impact

Cash conversion remains outstanding

Rest of World BCS EBITS up 66% on constant currency basis

Strong progress on implementation

Improved execution and organisational capability

Increased brand investment and innovation momentum

Market share gains in on and off premise¹

Urgent Agenda

Financial Performance

¹ 6 months to 31 December 2010 draught beer and off premise packaged beer volume; Source: market data (refer to definition of market data on slide 39)

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7RESULT HIGHLIGHTS TREASURY WINE ESTATES

2nd consecutive half of 20%+ growth

2 consecutive halves of greater than 20% constantcurrency EBITS growth

Premiumisation is driving constant currency revenue per case growth

Realisation of efficiency benefits driving margin growth

Cash conversion remains strong

Currency impact on Australian exports

All regions contributing improvement

Premiumisation underway

Discontinued unprofitable promotions

Improving product, channel and market mix

Enhanced sales and marketing capability

Performance Improvement

Financial Performance

8

Tony ReevesChief Financial Officer

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+0.2+0.21,932.6 mWeighted average number of shares

+1.3

+0.1ppts

+0.96ppts

-1.3

+0.2ppts

+0.96ppts

$28.36

25.0%

29.0%

Net sales revenue per case

EBITS/Net sales revenue

Effective tax rate

1H 11

$m

ReportedChange

%

ConstantCurrencyChange

%

Volume (million 9L cases)

Net sales revenue

EBITS

Net interest expense

Tax expense

Net profit

Earnings per share

75.8

2,150.3

537.7

(64.1)

(137.3)

335.7

17.4¢

-5.3

-6.6

-5.7

-0.3

-3.2

-7.5

-7.7

-4.1

-3.5

+9.0

-1.8

-6.2

-6.4

KEY FINANCIALS

All figures are before SGARA and Material Items Percentage change in earnings per share calculated prior to rounding + denotes an increase, - denotes a decrease

10

(5.2)1.5

(11.2)(17.3)(28.5)

8.6

1H 11$m

312.1

(3.7)

(19.9)

335.7

1H 10$m

-----

Demerger costsForeign exchange derivativesMaterial Items pre tax profit / (loss)Tax benefit

Material Items after tax profit / (loss)

Net profit after tax (before material items and SGARA) 363.0

SGARA pre taxTax benefit

SGARA after tax

(10.1)2.8

(7.3)

Net profit / (loss) after tax 355.7

STATUTORY RESULT

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11INCOME TAX EXPENSE RECONCILIATION

28.0%29.0%Effective tax rate

495.6468.4Net profit pre tax (before material items and SGARA)

139.0135.8Total tax expense excluding material items

148.7

-3.8

(3.2)0.40.7

(12.1)0.7

140.5

2.16.4

(3.2)(3.8)(2.0)(4.5)

0.3

Prima facie tax payable at 30%

Depreciation and amortisationNon taxable income and profits, net of non deductible expenditureOther assessable income/deductible expenditure Tax losses booked/recouped Foreign tax rate differential Under/(over) provisions in previous years Other

1H 10

$m

1H 11

$m

12GLOBAL BEERKEY FINANCIALS

CUB Australia beer volume down 5.8%

CUB Australia beer NSR down 5.4%, NSR per case up 0.4%:

– Domestic portfolio NSR per case up 1.9%

– International premium NSR down 2.9%

Australia cider volume up 13.1%, NSR up 16.2%

CUB Australia EBITS down 6.7%:

– A&P investment up 2.6%, above 10% of NSR

– Mix adjusted cost of sales per case down ~2.0%

CUB Pacific EBITS down 20.0%, Rest of World BCS EBITS up 66% on constant currency basis

~$16.5m cash benefit from timing of excise tax payments, strong receivables management

Timing impact on capex

Earnings reflect lower Australian beer market volume

-(0.1)%21.2NSR/case ($)

(1.0)ppts(0.4)ppts37.7%EBITS/NSR margin

17.9Capex ($m)

Cash conversion

EBITS ($m)

NSR ($m)

Volume (m 9LEs)

7.7ppts97.1%

(7.5)%(6.3)%462.7

(5.2)%(5.3)%1,226.6

(5.1)%57.8

Constant Currency

Reported 1H 11

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13TREASURY WINE ESTATESKEY FINANCIALS

Strong constant currency EBITS growth on lower volumeFocus on value; with lower volume:

– US sales promotions aligned to higher margin products

– Australian tail brands to the Vok joint venture– Growth in Asia, Nordics/Continental Europe

and underlying growth in ANZConstant currency NSR per case up 3.4%:

– Positive product and channel mix– Competitive pricing in the US and Australia

$19 million unfavourable currency impact on EBITSOn constant currency EBITS up 25.2%:

– 11.6% increase in marketing investment– Lower Australian and Californian sourced cost

of sales from efficiency realisation and grape costs

Cash conversion remains strong

3.4%(2.5)%51.2NSR/case ($)

2.4ppts1.0ppts10.8%EBITS/NSR margin

18.8Capex ($m)

Cash conversion

EBITS ($m)

NSR ($m)

Volume (m 9LEs)

(80.3)ppts99.2%

25.2%0.7%99.9

(2.7)%(8.3)%923.7

(5.9)%18.0

Constant Currency

Reported 1H 11

14

WineEBITS

$m

Group ProfitBefore Tax

$m

Average

AUD/USD

AUD/GBP

Other

1H 10

86.99

53.10

1H 11

94.34

60.25

(11.7)

(11.4)

3.8

0.6

(11.0)

3.4

Total (19.3) (7.0)

AUD/USD

AUD/GBP

1H 11

94.34

60.25

Sensitivity

1¢ change

1p change

1.7

2.0

1.0

2.0

CURRENCY SENSITIVITIES

Impact of FX on 1H 11

2H 11Indicative

SensitivitiesFor

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15CASH FLOW AND NET DEBT

1,867.1

(331.7)80.6(1.1)268.3

58.7149.2

56.1

(597.6)2,184.6

500

1,000

1,500

2,000

2,500

FY 10 NetDebt

OCFPIT Net Interest Tax Net Capex Net Dividends NetAcquisitions &

Loans

MaterialItems /

Disputed TaxPayment

Non-cashItems

1H 11 NetDebt

$m

Operating cash flow after dividends $65.3m

16NET DEBT AND INTEREST EXPENSE

531.61,600.0

-3.6

60%6.5 Yrs

50.01,965.6

42.54.5

52 %7.1 Yrs

304.51,980.5

42.5-

58 %6.8 Yrs

AUD (A$)USD (US$)GBP (GBP)Other (A$)% Fixed – Gross BorrowingsWeighted average maturity of gross debt

Debt Portfolio

(225.5)(98.9)

1,867.1

(236.7)(143.2)2,184.6

(352.3)(106.2)2,217.7

CashFair Value of Fixed Rate Debt HedgesNet Debt

Net Debt

1H 10$m

FY 10$m

1H 11$m

Gross Debt

Gross BorrowingsDebt Issuance CostsFair Value Adjustment to Fixed DebtBorrowings per Balance SheetForward Exchange Contracts on 2011 BondsBorrowings after Forward Exchange Contracts on 2011 Bonds

2,598.6(27.3)104.9

2,676.2-

2,676.2

2,448.8(24.4)140.1

2,564.5-

2,564.5

2072.2(15.5)

99.02,155.7

35.82,191.5

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17CAPITAL STRUCTUREAND DEBT PROFILE

A strong balance sheet and significant liquidity maintained

¹ EBITS pre material items to interest expense² Debt to equity³ Includes forward exchange contracts of $35.8 million

Interest cover¹ 8.4x, gearing² 67%

Gross debt weighted average maturity 6.5 years

$304.8 million debt repayable in FY11³

$225.5 million of cash

$1.0 billion of committed undrawn bank facilities

Interest Cover1 Debt Maturity

6.1

7.8 7.98.9 8.4

4

5

6

7

8

9

10

1H 07 1H 08 1H 09 1H 10 1H 11

times

0

400

800

1,200

FY11 FY12 FY13 FY14 FY15 BeyondFY15

$m

³

18

John PollaersCarlton & United Breweries

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19CUB AUSTRALIA

Good progress in implementing Urgent Agenda

Aligned sales and marketing focus

Customer marketing team activated

Promotional program compliance

Increased share of taps

Senior sales leadership team upgraded

Marketing and innovation restructured

Program discipline implemented

Brand architecture and communications strengthened

New campaigns for major brands

Accelerating innovation program

Capability

Positioning

Execution

20

1H10 Sub-CategoryAlignment

Share within Sub-Category

1H11

CUB AUSTRALIA MARKET SHARE IMPROVING EXECUTION

Execution offsetting positioning

49.6%

Portfolio Position(-0.1%)

Execution(+0.6%) 50.1%

Source: internal analysis; market data (refer to definition of market data on slide 39)

CUB off-premise beer volume share

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-10

-5

0

5

Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10

CUB AUSTRALIABEER MARKET

CUB estimates Australian beer market volume declined 7%

Beer volume growth (%), Off-premise, rolling QTR vs LY

Source: market data (refer to definition of market data on slide 39)

Lapping very strong market volume in 1H10

– Stimulus payments

– Low interest rates

Market volume decline 7%¹ - Queensland contributed 2 ppts of national decline

1H11 impacted by:

– Subdued consumer environment

– Exceptional weather in December quarter -higher rainfall and lower temperature

– Consumer confidence impact from November interest rate increase

%

¹ Foster’s estimate

22

13

14

15

16

Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

m 9

LEs

CUB AUSTRALIA BEER MARKET

Seasonally adjusted volume highlights underlying trends

June to December 2009 - extraordinary beer market volume

January to September 2010 – stable but rebased by soft consumer environment

December quarter 2010 significant weather impact

2H11 beer market volume expected to decline by 3-4%

– January 2011 weather impact

– 2H11 rate of market volume decline is expected to moderate

Longer term return to trend

Seasonally adjusted monthly beer volume

Source: internal analysis; market data (refer to definition of market data on slide 39)

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23CUB AUSTRALIANSR PER CASE

Domestic revenue per case growth, lower international revenue

Lower volumeCompetitive retail environment

February 2011 ~2% average price increaseOptimistic 2H11 NSR per case improving

– Cycling International premium realignment– Moderation of market volume declines

Disciplined but competitive1H11 beer NSR per case up 0.4%Domestic portfolio NSR per case up 1.9%International premium net sales revenue down 2.9%

– Pricing re-aligned in 2H10– Largely offset by volume and cost of sales benefit

Market Environment

CUB Pricing

2H 11Expectations

24

David DearieTreasury Wine Estates

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25TREASURY WINE ESTATES

Encouraging progress on building a sustainable business

Lower and re-aligned promotional spend to support more profitable channels and products

Increasing consumer marketing and brand building investment

Flexible and efficient production network

Significant progress on reducing costs

Supply aligned with demand

Increasing production flexibility

Positive net sales revenue per case trends in all regions

Improving channel and product mix

Emerging benefits from route to market investment

Production Efficiency

NSR perCase

Brand Building Investment

26TREASURY WINE ESTATES AMERICAS

Performance improvement program gaining traction

Modest recovery in consumer spending environment but still weaker than 3 years ago

Continued high level of pricing activity

Blush performing in-line with the category

Strong “Light and Refreshing’ growth (ex blush) volume up 7.9%

Founders Estate volume in line with prior year with solid NSR/case growth

EBITS up 39% on a constant currency basis

Benefits from organisation transformation

NSR/case increased 6.8% on a constant currency basis and benefiting from

– Distributor and sales focus on key priorities

– Promotional investment re-alignment

– Good growth in luxury and new & emerging brands

79 wines with 90+ scores in Wine Spectator & Wine Advocate in 1H

Consumer Environment

Performance Improvement

BeringerRe-Launch For

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27TREASURY WINE ESTATESEMEA

Solid performance in Continental Europe and Nordics

Continental Europe & Nordics

UK & Ireland

Route to market investment delivering distribution gains:

– Wolf Blass in Germany

– Beringer in Denmark

– Lindemans in the Netherlands and Finland

– Yellowglen in Finland

NSR per case impacted by higher alcohol taxes in the Nordics andadverse country mix

Improving profitability - NSR per case up 5.0% on a constant currency basis:

– Promotional investment aligned to more profitable channels and products

– Premium innovation

– Solid growth in convenience and impulse channels

28

20% volume growth with constant currency NSR per case up 4.7%:

– Foundation brand growth led by Beringer and Penfolds

– Expanded distributor network contributing to 44% volume growth in China

– Japan impacted by continued weakness in consumer environment

Further in-market sales and marketing capability

Increased A&P investment:

– Penfolds Experience in China, Singapore and Thailand

– Print advertising campaigns for Wolf Blass and Yellowglen

TREASURY WINE ESTATESASIA

Increasing distribution in Asia

Profitable Growth

Measured Investment

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29TREASURY WINE ESTATES ANZ

Improving performance trend

Promotional investment realigned to higher returning activities

Rigorous planning, activation and evaluation processes

Partnering model activated with an expanded number of the customers

– Joint business planning

– Shared objectives

33 Trophies & 138 Gold medals in 2010 national wine shows

EBITS up 5% on constant currency basis

Strong innovation program

New listings in the on-premise and off-premise channels

Profitable Growth

Improving Sales Execution

Supplementary Information

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1H 10 2H 10 FY 10 1H 11

Volume1

NSR ($m)

EBITDAS ($m)

EBITAS ($m)

EBITS ($m)

EBIT ($m)

Net Profit ($m) (before material items and SGARA)

80.1

2,302.2

647.2

570.5

570.1

560.0

363.0

69.3

1,983.4

619.7

539.5

538.6

530.7

348.3

149.4

4,285.6

1,266.9

1,110.0

1,108.7

1,090.7

711.3

75.8

2,150.3

602.8

538.7

537.7

532.5

335.7

1 9L cases millions

RESULT SUMMARY

32

1H 10 1H 11 Change

OCFPIT before Material Items ($m)

Less: Material Items ($m)

Reported OCFPIT ($m)1

694.5

30.3

664.2

597.6

47.3

550.3

EBITDAS ($m)

OCFPIT ($m)

Cash Conversion (%)

647.2

694.5

107.3

602.8

597.6

99.1

(6.9)%

(14.0)%

(8.2) pts

1 Statutory Operating Cash Flow pre Interest, Tax & Dividends

CASH FLOWCONTINUING BUSINESS

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1H 10$m

1H 11$m

EBITDAS

Working Capital

Other Items

647.2

52.4

(5.1)

602.8

(0.8)

(4.4)

Continuing OCFPIT before Material Items

Net Interest Paid

Tax Paid

694.5

(68.9)

(127.2)

597.6

(56.1)

(149.2)

Continuing Net Operating Cash Flows before Material Items

Net Capex

Dividends Paid

Free Cash Flow after Dividends

498.4

(17.2)

(293.9)

187.3

392.3

(58.7)

(268.3)

65.3

CONTINUING BUSINESS FREE CASHFLOW PRE MATERIAL ITEMS

34

1 9L cases millions

GLOBAL BCS

470.6

5.6

988.7

34.9

524.2

19.3

464.5

15.6

OCFPIT

Net Capex ($m)

1H 10 2H 10 FY 10 1H 11

Total Volume1

Total NSR ($m)

Total EBITDAS ($m)

Total EBITAS ($m)

Total EBITS ($m)

Total EBIT ($m)

60.9

1,295.0

519.5

493.7

493.6

493.6

52.9

1,100.4

456.6

428.7

428.5

428.5

113.8

2,395.4

976.1

922.4

922.1

922.1

57.8

1,226.6

484.9

462.8

462.7

462.7

Capital Employed 1,546.8

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1 9L cases millions

GLOBAL BCS

54.3

1,199.9

453.1

106.6

2,337.1

904.1

49.2

1,073.1

417.7

57.4

1,264.0

486.4

CUB Volume1

CUB NSR ($m)

CUB EBITS ($m)

1H 10 2H 10 FY 10 1H 11

Other Volume1

Other NSR ($m)

Other EBITS ($m)

3.5

31.0

7.2

3.7

27.3

10.8

7.2

58.3

18.0

3.5

26.7

9.6

36

1 9L cases millions

TREASURY WINE ESTATES

3,130.3Capital Employed

1H 10 2H 10 FY 10 1H 11

Total Volume1

Total NSR ($m)

Total EBITDAS ($m)

Total EBITAS ($m)

Total EBITS ($m)

Total EBIT ($m)

19.2

1,007.2

146.0

99.2

99.2

89.1

16.4

883.0

170.3

122.1

122.1

114.2

35.6

1,890.2

316.3

221.3

221.3

203.3

18.0

923.7

138.1

99.9

99.9

94.7

OCFPIT

Net Capex ($m)

262.1

(5.0)

160.9

16.0

423.0

11.0

137.0

18.0

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1H 10 2H 10 FY 10 1H 11

Americas Volume1

Americas NSR ($m)

Americas EBITS ($m)

9.4

488.6

43.8

8.5

444.4

63.6

17.9

933.0

107.4

8.3

431.3

54.2

ANZ Volume1

ANZ NSR ($m)

ANZ EBITS ($m)

4.5

304.0

37.0

3.4

250.5

38.8

7.9

554.5

75.8

4.4

294.3

39.6

EMEA Volume1

EMEA NSR ($m)

EMEA EBITS ($m)

4.9

189.5

12.0

4.0

146.9

3.0

8.9

336.4

15.0

4.9

166.8

(0.5)

Asia Volume1

Asia NSR ($m)

Asia EBITS ($m)

0.4

25.1

6.4

0.5

41.2

16.7

0.9

66.3

23.1

0.4

31.3

6.6

1 9L cases millions

TREASURY WINE ESTATES

38

Gearing Group Interest Cover1

1 EBITS Interest cover, before material items

4.66.0 6.2

7.8 7.9 7.9 7.98.9 9.3

8.4

0123456789

10

FY06

1H07

FY07

1H08

FY08

1H09

FY09

1H10

FY10

1H11

X78

6455

63 62

7670

59

81

67

0102030405060708090

FY06

1H07

FY07

1H08

FY08

1H09

FY09

1H10

FY10

1H11

%

CAPITAL STRUCTURE

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BCSBeer, Cider, Spirits / Ready To Drink (RTD) category.CUBCarlton & United Breweries.Constant CurrencyThroughout this presentation constant currency assumes current and prior period earnings of self-sustaining foreign operations are translated and cross border transactions are transacted at current year exchange rates. EBITEarnings before interest, tax and significant items.EBITSEarnings before interest, tax, significant items and SGARA.EBITDAS Earnings before interest, tax, depreciation, amortisation, significant items & SGARA.Exchange rateAverage exchange rates used for profit and loss purposes in the 6 months ended 31 December 2010 are: $A1 = $US 0.9434 (2010: $A1 = $US 0.8699), $A1 = GBP 0.6025 (2010: $A1 = GBP 0.5310). Period end exchange rates used for balance sheet items are: $A1 = $US 1.0173 (2010: $A1 = $US 0.8938), $A1 = GBP 0.6594 (2010: $A1 = GBP 0.5559). Market data

CUB calculation based in part on data reported by Nielsen through its ScanTrack Liquor Service for the Liquor Category for the Australian liquor market. Copyright © 2011, The Nielsen Company.NSRNet sales revenueOCFPITOperating cash flow before cash receipts and payments associated with significant items and other one-off transactions and prior tointerest and tax.SGARAAustralian accounting standard AASB141 “Agriculture”.

DEFINITIONS

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