17 AUGUST

TREASURY

WINE ESTATES

ANNUAL RESULTS

David Dearie Chief Executive Officer

2

Wine category

• Fundamentals of the wine category remain strong

• Consumer demand continues to grow in key markets, particularly at higher

price points

• Global supply heading towards balance

• Vintage 2011 in Australia and California negatively impacted by weather,

resulting in reduced availability of Luxury and Masstige wines and higher costs

• Vintage 2012 in Australia favourably influenced by weather and TWE’s actions,

driving strong uplift in Luxury and Masstige volume from FY14 and beyond

3

Result headlines

• EBITS $210.2 million1, representing growth of 7.7% on a reported basis and 18.6% on a

constant currency basis

• EBITS margin up 2.3pts to 12.8%

• Net sales revenue (NSR) per case up 1.6%

• 2012 Australian vintage and strategy to increase production of luxury wine drives strong

increase in non-current inventory, up 84% to $362.5 million

• Strong cashflow generation and rate of cash conversion, at 96.4%

• Strong balance sheet provides operational and strategic flexibility with net debt down to

$34.4 million

• Pre-tax material item expense of $40.0 million reported

• EPS (before material items & SGARA) 20.9 cents per share, up 14.8%

• Final dividend 7.0 cents per share, full year dividend 13.0 cents per share; franked 50%

1 Earnings before interest, tax, SGARA and material items

4

Full year progress towards our Financial Ambition

1 UK & Ireland (UK) volume down 31% or 1.6 million cases in FY12 due to the exit from unprofitable sales 2 On a constant currency basis relative to pro forma prior period

FY12 Pro forma FY11

Volume growth in the markets & sectors where we

compete 0.3% ex-UK1 (6.6)%

NSR2 growth ahead of volume growth as we

benefit from mix, premiumisation and pricing

NSR2 per case growth

(0.8)% ex-UK1

1.6%

(0.5)%

6.5%

EBITS2 growth ahead of NSR growth as we apply

our cost efficiency program

EBITS2 per case growth

18.6%

24.2%

13.1%

21.0%

Mark Fleming Chief Financial Officer

6

Profit & Loss

1 Pro forma FY11 EPS of 18.2 cents is based on pro forma FY11 EBITS of $195.2 million adjusted for pro forma interest

expense (based on FY11 proforma operating cashflows and closing net debt of $71.7 million) at a 35% effective tax rate.

Note: Numbers are subject to rounding

$Am (unless otherwise stated) FY12Proforma

FY11Change

Proforma

FY11Change

Volume (m 9L cases) 31.8 33.2 (4.4)% 33.2 (4.4)%

Net sales revenue 1,640.8 1,737.5 (5.6)% 1,689.5 (2.9)%

EBITS 210.2 195.2 7.7 % 177.3 18.6 %

EBITS margin (%) 12.8% 11.2% 1.6pts 10.5% 2.3pts

SGARA (23.4) (24.1) 2.9 % (23.9) 2.1 %

EBIT 186.8 171.1 9.2 % 153.4 21.8 %

Net finance costs (6.3)

Tax expense (60.7)

Net profit after tax (before material items) 119.8

Material items (after tax) (30.1)

Minority interests 0.2

Net profit after tax 89.9

Reported EPS (A¢) 13.9

Net profit after tax (before material items &

SGARA)135.5

EPS (before material items & SGARA) (A¢)1 20.9 18.2 14.8%

Average no. of shares (m) 647.2

Dividend (A¢) 13.0 6.0

Franked 50% 50%

Reported Currency Constant Currency

Pro forma information

not availablePro forma information

not available

7

Material Items

• Restructuring and redundancy costs consist of

redundancy payments and related program costs

• IT-related material items:

– Settlement of $31.5 million cash received from

SAB Miller in April 2012

– Following review, $35.9m IT assets written-off and

$20.4 million in IT operating expenses (total $56.3

million)

– IT assets of $35.0 million remaining on the books

as at 30 June 2012. Incremental FY13

amortisation of c.$8 million

• $7.0 million supply chain asset write-down

• $14.6 million reversal of provision relating to assets

previously held for sale

8

Cost Improvement Update

Cost of doing business / NSR1

• Initial phase of cost reduction program now complete:

– FY12 cost of doing business margin reduced

1.34% of NSR (c.$22 million) in FY12, driven

by:

Removal of circa 5% of FTEs and

savings achieved in other cost lines

Reported cost of doing business down

$45 million from $415 million in FY11 to

$370 million in FY12

– FY12 cost of goods margin reduced 0.78% of

NSR (c.$13 million) in FY12

• Cost of doing business and cost of goods margins will

come under pressure in FY13, driven by:

– Investment in China

– IT Project

– Higher cost of goods

1 Cost of doing business margin calculated as (gross profit less EBITS) / net sales revenue, on a constant currency basis 2 Cost of goods margin calculated as cost of goods / net sales revenue, on a constant currency basis

Cost of goods / NSR2

78bps

improvement

in cost of

goods margin

In excess of $30 million of savings achieved

134bps

improvement in

cost of doing

business margin

9

Balance Sheet

• Strong balance sheet provides operational and

financial flexibility to pursue growth opportunities

• Improvement in cash and working capital

management

• Net debt of $34.4 million at 30 June 2012 –

consisted of $29.8 million in cash & loans ($1.2

million) and borrowings of $64.2 million;

committed capacity of $445 million

• Working capital (excluding non-current inventory)

showed a strong improvement on the prior year

• Non-current inventory of $362.5 million, up 84%

Strong and flexible balance sheet A$m FY12 FY11

Cash & cash equivalents 28.6 64.8

Receivables 447.6 452.6

Current inventories 711.5 768.5

Non-current inventories 362.5 196.7

Property, plant & equipment 931.1 912.7

Agricultural assets 195.6 180.5

Intangibles 932.6 927.1

Tax assets 200.3 178.8

Other assets 11.0 22.0

Total assets 3,820.8 3,703.7

Payables 464.0 369.2

Borrowings 64.2 136.5

Tax liabilities 293.2 269.2

Provisions 58.6 51.4

Other liabilities 1.5 0.6

Total liabilities 881.5 826.9

Net assets 2,939.3 2,876.8

10

• Renewed focus on working capital (excluding

non-current inventory) results in an

improvement of 24 days

Working capital days1,2

Working Capital Management

1 Non-current inventory days calculated as non-current inventory divided by net sales revenue multiplied by 365 days 2 Working capital days (excl. non-current inventory) calculated as total receivables plus current inventory less

total payables divided by net sales revenue multiplied by 365 days

Benefits of renewed focus on working capital

220 days

236 days

179 days 155 days

41 days 81 days

FY11 FY12

Non-currentinventory days

Working capitaldays (excl.non-currentinventory)

11

Inventory analysis

Inventory at book value split by segment – FY12 • TWE has adopted a strategy to produce more Luxury &

Masstige wine (“Project Uplift”)

– Primarily red wine from premium appellations – 2

to 5 years between vintage and wine release

– Enables TWE to take advantage of the growing

demand for premium wine

– Underpins earnings growth in future years,

particularly from FY14 onwards

• Inventory is reported at the lower of cost or net

realisable value

– The market value of inventory is substantially

higher than book value, particularly in the Luxury

and Masstige segment

* TWE participates in three segments; Luxury (A$20+), Masstige (A$10-A$20) and Commercial (A$5-A$10). Segment

price points are retail shelf prices

Total Luxury / Masstige

at cost

$642 million`

Total Commercial

at cost

$432 million

12

Cash Flow

1 Cash conversion (Net operating cash flows before financing costs, tax and material items divided by EBITDAS)

• Change in working capital reflects increased

investment in non-current inventory

• Capital expenditure of $84.0 million includes $16.7

million IT-related, and $15.6 million Project Uplift

related

– FY13 capex will include continued

investment in IT and growth initiatives

– Total capex in FY13 expected to be in the

range of $100 million - $130 million

• Cash flow after interest, tax and dividends, before

material items of $40.2 million

• Cash conversion ratio of 96.4%

• Net debt decreased $37.3 million to $34.4 million

Strong cash flow generation continues A$m (unless otherwise stated) FY12

Proforma

FY11

EBITS 210.2 195.2

Depreciation & amortisation 67.7 71.8

EBITDAS 277.9 267.0

Change in working capital (9.8) 9.5

Other items (0.1) (5.7)

Net operating cash flows before financing

costs, tax & material items268.0 270.8

Capital expenditure (84.0) (71.1)

Asset sale proceeds 0.9 2.7

Cash flows after net capital expenditure,

before financing costs, tax & material items184.9 202.4

Net interest paid (6.8)

Tax paid (59.9)

Cash flows before dividends & material

items118.2

Dividends/distributions paid (78.0)

Cash flows after dividends before material

items40.2

Cash conversion1 96.4% 101.4%

Material item cash flows 12.7

Share re-purchase (employee share plan) (2.8)

Net investment expenditure 3.2

Debt revaluation and FX movements (16.0)

Decrease in net debt 37.3

Pro forma

information

not

available

Pro forma

information

not

available

Foreign Currency Impact & Risk Management

Impact of FX on FY12

Primary Currencies EBITS

A$m

Americas USD, CAD (2.6) Small impact reported in the Americas with AUD appreciation v. USD

being largely offset by CAD / USD exposures and timing of cashflows

EMEA GBP, EUR, NOK,

SEK (18.1) EMEA result impacted by the appreciation of the AUD/GBP

Other NZD, SGD 2.8

Total (17.9)

AUD / USD Transactional Exposure

– FY13 exposure 50% hedged at a weighted average rate of $1.07, fully participating to $0.90

– FY14 exposure 35% hedged at a weighted average rate of $1.06, fully participating to $0.85

AUD / GBP Transactional Exposure

– FY13 exposure 45% hedged at a weighted average rate of £0.67, fully participating to £0.60

– FY14 exposure 35% hedged at a weighted average rate of £0.67, fully participating to £0.58

• Progressively building the hedge book for FY14 and FY15 for a portion of exposures

• Realised hedge gains of $0.3 million in FY12

• Unrealised losses on outstanding hedges of $0.5 million as at 30 June 2012

13

David Dearie Chief Executive Officer

15

Americas – Progress report

• Good momentum in depletions / consumption

– FY12 US depletions down 1.9%

– 2H12 US depletions up 2.3%

– 4Q12 US depletions up 5.0%

– Beringer depletions growth in 4Q12, up 7.2%

– Consumption in Canada up 14% in 2H12

• NSR per case negatively impacted by:

– Reallocation of brand-building investment

– Depletion-led strategy

• Lower EBITS reflects increased brand building

investment, partially offset by reduction in overheads

• FY13 challenges of lower Luxury & Masstige inventory

and higher COGS

• Modest growth forecast for FY13; well positioned for

growth in FY14

A$m 2012 2011 Change

Volume (m 9L cases) 15.7 15.9 (1.7)%

Depletions 15.4 15.7 (1.9)%

NSR (A$m) 707.5 743.3 (4.8)%

NSR per case (A$) 45.20 46.66 (3.1)%

EBITS (A$m) 79.0 89.4 (11.6)%

EBITS margin (%) 11.2% 12.0% (0.8)pts

Constant currency

16

EMEA – Premiumising and profitable

• Volume down 18.7% as we exit unprofitable sales

• NSR per case driven by price increases and

favourable mix

• Focus on switching towards more premium price

sectors

• Luxury / Masstige NSR per case up 25.1%

• Lower organisation costs as driven by “right-sizing” of

the cost base in the region

• EBITS improved $17.3 million to $5.7 million

NM: % change not meaningful (EMEA EBITS increased from a $11.6

million loss to $5.7 million profit)

A$m 2012 2011 Change

Volume (m 9L cases) 6.9 8.5 (18.7)%

NSR (A$m) 253.0 285.5 (11.4)%

NSR per case (A$) 36.56 33.53 9.0%

EBITS (A$m) 5.7 (11.6) NM

EBITS margin (%) 2.3% (4.1)% 6.4pts

Constant currency

17

ANZ – Continued growth in tough retail environment

• Volume growth slightly ahead of market, with 2H12

growth achieved across all channels

• Lower NSR per case as a result of reduced Luxury &

Masstige wine availability and reallocation of brand

building activities

• Total brand building investment below prior year, down

2.8%

• Cost of doing business improved driven by disciplined

cost management

• FY12 EBITS margin increased 2.2pts

• FY12 EBITS growth of 12% to $109.0 million, up 13%

on a reported currency basis

• TWE ranked #1 wine supplier in LMAA’s most recent

Liquor Industry Report

A$m 2012 2011 Change

Volume (m 9L cases) 8.0 7.8 2.6%

NSR (A$m) 574.1 578.7 (0.8)%

NSR per case (A$) 71.43 73.85 (3.3)%

EBITS (A$m) 109.0 97.3 12.0%

EBITS margin (%) 19.0% 16.8% 2.2pts

Constant currency

18

Asia – Continued growth driven by superior execution

• Volume growth driven by increased allocation of Luxury

& Masstige

• Collectively Hong Kong and China volume up 31%

• NSR up 29.5%

• Investment in brand building; advertising & promotional

spend up 45% and improved execution

• Asia represents 20% of total TWE EBITS

• 40.6% EBITS growth to $41.2 million, up 50% on a

reported currency basis

• Asia market fundamentals remain very attractive

A$m 2012 2011 Change

Volume (m 9L cases) 1.2 1.0 20.6%

NSR (A$m) 106.2 82.0 29.5%

NSR per case (A$) 92.00 85.67 7.4%

EBITS (A$m) 41.2 29.3 40.6%

EBITS margin (%) 38.8% 35.7% 3.1pts

Constant currency

19

Beringer BBU – Trusted brands with innovation

• Beringer Luxury & Masstige portfolio depletions up by 23% in FY12

• Growth in Luxury & Masstige driven by:

– Chateau St Jean depletions up 16%, Knights Valley depletions up 42%, Stags’ Leap depletions up 20%

and Gabbiano depletions up 15%

• Supply constraints of Luxury wine and higher 2010 and 2011 vintage COGS will result in modest FY13 growth

• FY14 to benefit from increased availability of allocated wines

• Beringer Classics portfolio depletions up by 10% in 4Q12

• Beringer Moscato depletions growing at a CAGR of 142% since 2008 – now offsetting decline of Blush

• Innovation pipeline includes Be., Skinny Vine and Beringer White Zinfandel line extension

• Exports gaining momentum, 8% of Beringer now exported

Rosemount BBU – Refreshed and positioned for growth

• Rosemount “refresh” launched in March in

ANZ; depletions up 14.4% since launch

• FY13 global rollout of new Rosemount

packaging, blends and packaging formats

• Rosemount the number one selling $8-$10

Australian wine in the USA1

• Rosemount was the most awarded TWE

brand in 2H12

• Volume growth in Asia

• New Zealand brand portfolio volume

increased 24% in FY12; shipping a record

number of cases

• Exciting year ahead for Matua as we reclaim

its heritage as New Zealand’s first Sauvignon

Blanc

1 Nielsen (MAT to 30 June 2012)

20

21

Wolf Blass BBU – Premiumisation

• New packaging and creative launched globally

• Wolf Blass showing strong brand health and premiumising

– Growth in ANZ, up 4.3%

– Growth in Asia, up 26.1%

– Growth in 2H12 in Canada, up 9.5%

• Exited unprofitable UK business resulting in volume decline of

29% however significantly improved gross profit

• Re-established “Luxury & Masstige” credentials with premium

new vintage release in September

1 Nielsen (MAT to 30 June 2012)

• Pepperjack Shiraz maintains No.1 position as

Australia’s #1 selling red wine SKU by value1

• Wynns volume growth in FY12 and FY13 severely

reduced due to 2011 vintage in Coonawarra.

Achieved EBITS growth in FY12 due to pricing

• Outstanding 2012 vintage will result in both domestic

and international volume growth in FY14 and beyond

Wolf Blass

Pepperjack & Wynns

22

Lindeman’s BBU – Strong brand health

• Multi-dimensional and multi-country brand

• Positive NSR per case growth in Lindeman’s brands across Commercial, Masstige and Luxury segments in FY12

• Lindeman’s is Australia’s leading “lighter in alcohol” wine brand with 48% market share1

• FY13 launch of “lighter in alcohol” wines in selected international markets

• USA pricing strategy lifted depletions 7%2

• Yellowglen core range returned to growth, up 3% in ANZ

• Yellowglen brand reinvigoration planned for FY13

1 Nielsen (MAT to 30 June 2012) 2 Nielsen (MAT to 21 June 2012)

23

Penfolds BBU – Global icon

Penfolds’ Chief Winemaker

Peter Gago

named

“Winemakers’ Winemaker”

in 2012

• Price and regional allocation compensated for lower vintage

release

• Chief Winemaker Peter Gago, named “Winemaker’s

Winemaker” in 2012

• Volume of Masstige wine constrained in FY13, driven by

weather effected 2011 vintage

• Increased allocations to Asia and emerging markets

• Executed dual and aged release program resulting in Penfolds

Bins and Luxury wine availability for gift giving occasions

• NSR per case up 10.9%

• Outstanding luxury innovation

24

FY12 result summary

• Overall, a solid full year result, demonstrating the benefits of new global structure where

importance is placed on regions, brands and supply

• Achieved EBITS growth of 18.6% on a constant currency basis, 7.7% on a reported

currency basis

• Improved EBITS margin and NSR per case

• Achieved cost efficiencies and reduced cost of doing business

• Built non-current inventory, up 84% to $362.5 million supported by the almost ideal 2012

Australian vintage and Project Uplift

• Maintained strong balance sheet which provides operational and strategic flexibility

• Strong cashflow generation and sustained rate of cash conversion at 96.4%

• EPS (before material items and SGARA) 20.9 cents per share, up 14.8%

• Final dividend 7 cents per share, full year dividend 13 cents per share; franked 50%

25

Outlook

• Building TWE’s portfolio of world class brands remains a top priority

• Long term fundamentals of the global wine industry remain positive

• FY13 expected to be impacted by lower supply of premium wine and higher associated

COGS, increased IT operating and amortisation costs and strategy to reduce distributor

inventory levels in the US

• Constant currency EBITS growth rate in FY13 expected to be below the average

growth rate achieved in the last two years, before rebounding to above average growth

rates in FY14

• Positive outlook for FY14 supported by exceptional wines crafted from the 2012 vintage

Questions

27

Disclaimer

Treasury Wine Estates (TWE) advises that this presentation contains forward looking statements which may be subject to significant uncertainties

outside of TWE’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.

Important Notice

Effective from 9 May 2011, Treasury Wine Estates Limited and its controlled entities (TWE) demerged from Foster’s Group Limited (Foster’s), and

the Company was listed as a separate standalone entity on the Australian Securities Exchange on 10 May 2011.

The demerger of TWE required Foster’s to undertake an internal corporate restructure immediately prior to the demerger becoming effective with

a number of assets and liabilities also transferred between TWE and Foster’s.

In the results released for the year ended 30 June 2011, TWE provided pro forma financial information designed to give a more accurate view of

the underlying financial performance of TWE as a stand alone entity. In the preparation of the pro forma financial information, adjustments were

made to TWE’s statutory result as if TWE had been operating as a stand alone entity for the entire period.

As TWE has been operating as a stand alone entity for the entire twelve month period ended 30 June 2012, there has been no need for TWE to

provide pro forma financial information in respect of the current period.

However, unless otherwise indicated, the comparative financial information contained in this presentation for the twelve month period ended 30

June 2011 has been presented on a pro forma basis.

The pro forma comparative financial information has been prepared to assist stakeholders’ understanding of TWE’s business as it is now

structured and as an independent company listed on the Australian Securities Exchange.

The pro forma financial information has not been audited.

Commentary throughout this presentation primarily refers to the pro forma comparative financial information unless otherwise stated.

Supplementary Information

Brand Business Units

• Penfolds

• Beringer

• US brands: Cellar No. 8 / Chateau St. Jean / Emma Pearl / Etude / Greg Norman Estates / Meridian / Santa

Barbara Collection / Sbragia Family Vineyards / Sledgehammer / Souverain / St. Clement / Stags’ Leap / Be.

• Other brands: Castello di Gabbiano / Colores del Sol / Tierra Secreta

• Wolf Blass

• Coonawarra & Limestone Coast : Wynns / Mildara / Jamieson’s Run / Robertson’s Well / Rouge Homme

• Barossa Valley: Saltram / Pepperjack

• Other brands: Annie’s Lane / Leo Buring / Ingoldby / Metala / Tollana / Maglieri

• Lindeman’s

• Sparkling: Yellowglen / Killawarra / Seaview / Rothbury Estate

• Western Australia: Devil’s Lair / Fifth Leg / Dance with the Devil / Valley of the Giants

• Tasmania: Abel’s Tempest / Heemskerk

• Rosemount

• Victorian brands: Baileys / Coldstream Hills / Seppelt / St Huberts / T’Gallant

• NZ brands: Angel Cove / Lumina / Matua Valley / Secret Stone / Shingle Peak / Squealing Pig

• Other brands: Little Penguin / Black Opal

29

30

Segment Information

Note: Numbers are subject to rounding

1 millions of 9L cases

NM: not meaningful

A$m FY12Pro forma

FY11Change

Pro forma

FY11Change

ANZ Volume1 8.0 7.8 2.6% 7.8 2.6%

ANZ NSR 574.1 577.9 (0.7)% 578.7 (0.8)%

ANZ EBITS 109.0 96.3 13.2% 97.3 12.0%

Americas Volume1 15.7 15.9 (1.7)% 15.9 (1.7)%

Americas NSR 707.5 773.9 (8.6)% 743.3 (4.8)%

Americas EBITS 79.0 92.2 (14.3)% 89.4 (11.6)%

Asia Volume1 1.2 1.0 20.6% 1.0 20.6%

Asia NSR 106.2 81.9 29.7% 82.0 29.5%

Asia EBITS 41.2 27.4 50.4% 29.3 40.6%

EMEA Volume1 6.9 8.5 (18.7)% 8.5 (18.7)%

EMEA NSR 253.0 303.8 (16.7)% 285.5 (11.4)%

EMEA EBITS 5.7 6.5 (12.3)% (11.6) NM

Reported currency Constant currency

31

Segment Information

Note: Numbers are subject to rounding

1 millions of 9L cases

NM: not meaningful

A$m 1H 12Pro forma

1H 11Change 1H11 Change

ANZ Volume1 4.5 4.4 1.7% 4.4 1.7%

ANZ NSR ($m) 297.4 297.6 (0.1)% 297.5 0.0%

ANZ EBITS ($m) 48.5 44.7 8.5% 45.2 7.3%

Americas Volume1 8.2 8.3 (1.5)% 8.3 (1.5)%

Americas NSR ($m) 375.1 415.3 (9.7)% 382.8 (2.0)%

Americas EBITS ($m) 39.8 54.2 (26.6)% 48.0 (17.1)%

Asia Volume1 0.5 0.4 21.7% 0.4 21.7%

Asia NSR ($m) 41.3 31.3 32.0% 31.3 31.9%

Asia EBITS ($m) 12.0 6.6 81.8% 7.2 66.7%

EMEA Volume1 3.7 4.9 (23.9)% 4.9 (23.9)%

EMEA NSR ($m) 131.4 166.8 (21.2)% 154.9 (15.2)%

EMEA EBITS ($m) 3.0 (0.5) NM (8.2) NM

Reported currency Constant currency

32

Segment Information

Note: Numbers are subject to rounding

1 millions of 9L cases

NM: not meaningful

A$m 2H 12Pro forma

2H 11Change 2H11 Change

ANZ Volume1 3.6 3.4 3.7% 3.4 3.7%

ANZ NSR ($m) 276.7 280.3 (1.3)% 281.2 (1.6)%

ANZ EBITS ($m) 60.5 51.6 17.2% 52.1 16.1%

Americas Volume1 7.4 7.6 (2.0)% 7.6 (2.0)%

Americas NSR ($m) 332.4 358.6 (7.3)% 360.5 (7.8)%

Americas EBITS ($m) 39.2 38.0 3.2% 41.4 (5.3)%

Asia Volume1 0.6 0.5 19.6% 0.5 19.6%

Asia NSR ($m) 64.9 50.6 28.3% 50.7 28.0%

Asia EBITS ($m) 29.2 20.8 40.4% 22.1 32.1%

EMEA Volume1 3.2 3.7 (11.8)% 3.7 (11.8)%

EMEA NSR ($m) 121.6 137.0 (11.2)% 130.6 (6.9)%

EMEA EBITS ($m) 2.7 7.0 (61.4)% (3.4) NM

Reported currency Constant currency

33

Definitions

Term Definition

Constant currency

Throughout this presentation, constant currency assumes current and prior period earnings of

foreign operations are translated and cross border transactions are transacted at current year

exchange rates.

NSR Net sales revenue

EBITDAS Earnings before interest, tax, depreciation, amortisation, material items & SGARA

EBITS Earnings before interest, tax, material items and SGARA

EBIT Earnings before interest, tax and material items

Exchange rates

Average exchange rates used for profit and loss purposes in 2012 full year results are: $A1 =

$US 1.0317 (2011: $A1 = $US 0.9876), $A1 = GBP 0.6511 (2011: $A1 = GBP 0.6205). Period

end exchange rates used for balance sheet items in 2012 full year results are: $A1 = $US

1.0033 (30 June 2011: $A1 = $US 1.0690), $A1 = GBP 0.6467 (30 June 2011: $A1 = GBP

0.6650)

SGARA Australian accounting standard AASB141 “Agriculture”