1. 2007 INTERIM RESULTS PRESENTATION 6 MONTHS TO 31 MARCH 2007
LION NATHAN LIMITED
2007 INTERIM RESULTS PRESENTATION 6 MONTHS TO 31 MARCH 2007
Jamie Tomlinson
Chief Financial Officer
17 May 2007

2. GROUP PERFORMANCE OVERVIEW
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
 Group Results
 Key Ratios
 Project Invest
 Summary

3. 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$m
1,039.5
5.3%
Australia EBIT
(page 25)
231.4
4.7%
New Zealand EBIT
(page 26)
NZ$m
52.6
0.0%
Wine EBIT (pre SGARA)
(page 27)
6.7
26.4%
Group EBIT
(page 8)
269.2
4.2%
Group NPAT
(page 9)
156.8
3.6%
Operating Cash Flow
(page 15)
161.9
0.4%
Cash Realisation Ratio %
79.5
(4.0pp)
EPS*
cents
29.4
Dividend per share
19.0
Business on track for full year guidance
* Calculated using total number of shares on issue (i.e. includes shares held by the Lion Nathan Achievement Rights Trust)

4. 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 %
Change
Reported result ($m)
264.1
255.5
3.4
Project Invest costs
(page 17)
5.1
3.0
Provision releases (e.g. Two Dogs) -
(2.4)
Coopers costs
2.2
Operating result ($m)
269.2
258.3
4.2
EBIT of $269.2m pre significant and one-time items, +4.2%

5. 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 %
Change
Reported result ($m)
162.0
148.9
8.8
LNFA tax audit
(page 6)
(9.5) -
Reported result pre significant items ($m)
152.5
2.4
Project Invest costs
(page 17)
4.3
2.1
Provision releases (e.g. Two Dogs)
(1.9)
Coopers costs
2.2
Operating result ($m)
156.8
151.3
3.6
NPAT of $156.8m pre significant and one-time items, +3.6%

6. 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 $9.5m has been released in the 2007 financial year. $m
Interest expense on bad debt deductions disallowed
(11.3)
Release of excess provision recognised in prior financial years (included in income tax expense)
20.8
9.5
$9.5m benefit recognised as a significant item in H1 F07 result

7. 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
March 2007
Pre Sig Items
One-Time Items
March 2007 Operating
Net sales (A$m)
1,039.5 -
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) -
(0.1)
NPAT
162.0
(9.5)
152.5
4.3
156.8
Reference page (page 6) (page 17)
Significant item (ATO settlement) and OTI (Project Invest) impacting reported result 7

8. GROUP RESULTS OVERVIEW Pre Significant & One-Time Items
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
A$m
March 2007
Operating
March 2006
% Change
Australia
(page 25)
231.4
221.0
4.7
New Zealand (NZ$)
(page 26)
52.6
0.0
New Zealand (A$)
46.3
48.4
(4.3)
Wine pre SGARA
(page 27)
6.7
5.3
26.4
SGARA
(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)
Reference page
Australian beer underpins overall result. NZ impacted by 4.5% depreciation in the NZD vs AUD

9. 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
Net Sales (A$m)
(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
NPAT +3.6% pre significant and one-time items

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

11. 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

12. GROUP RESULTS OVERVIEW Expenses – Appendix 4D
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
A$m
March 2007
March 2006
$m Change
% Change
Cost of sales
504.4
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
45.1
(0.1)
(0.2%)
Total expenses
803.0
759.6
43.4
5.7%
4% volume, 4% rate, 1% mix offset by 1% FX
Increased marketing investment 12

13. GROUP PERFORMANCE OVERVIEW
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
 Group Results
 Key Ratios
 Project Invest
 Summary

14. KEY RATIOS* March 2007 2006 B (W) EPS** Cents 28.5 27.9 2.4%
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
March
2007
2006
B (W)
EPS**
Cents
28.5
27.9
2.4%
Dividend cover
Times
1.5 -
Tax rate %
30.5
31.0
0.5pp
EBITDA / Interest cover
6.5
6.7
(0.2t)
Debt to EBITDA
2.3
2.0
(0.3t)
FFO to Debt
28.6
33.0
(4.4pp)
Slightly weaker leverage measures due to F06 special dividend increasing debt
* 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)

15. 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
Depreciation 30.5
Amortisation 16.3
LNFA Tax Audit (9.5)
Project Invest 4.3
Cash After Tax Earnings 203.6
Net Operating Cash Flow 122.7
LNFA Tax Audit 31.0
Project Invest 8.2
Adjusted Net Operating Cash Flow 161.9
Cash realisation rate of 80% post tax and interest or 84% pre tax and interest

16. GROUP PERFORMANCE OVERVIEW
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
 Group Results
 Key Ratios
 Project Invest
 Summary

17. PROJECT INVEST
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
Forecast full year F07 Project Invest costs of $30-$40m pre-tax (pre decision on Auckland brewery)
On track for completion in F07 – majority of costs will be incurred in H2
Incurred $5.1m in H1 relating to a number of restructure initiatives and write downs that have occurred across the Group:
restructure costs associated with Bevchain
restructure of the NZ Sales and Operations functions
finance organisation redesign
A$m
Total
Australia
(0.6)
New Zealand
(1.2)
Wine
Corporate
(2.7)
Total Costs (pre tax)
(5.1)
($4.3m) post tax
Majority of Project Invest costs will fall in H2

18. 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

19. GROUP PERFORMANCE OVERVIEW
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
 Group Results
 Key Ratios
 Project Invest
 Summary

20. 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 F07 and F08
Aluminium continues to trade above long term averages
Barley cost up $6m in F07 (included in guidance) and a further estimated $9m in F08
Overall COGS per litre estimated to increase around 4.7% in F08
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-$260m, 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-$260m

21. 21

22. APPENDIX GROUP PERFORMANCE OVERVIEW
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
APPENDIX

23. GROUP RESULTS OVERVIEW
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
March 2007
Reported
March 2006
% Change
Net Sales (A$m)
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
Reported NPAT +8.8%, including significant item and OTI

24. 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 -
EBIT
255.5
2.8
258.3
Interest
(39.5)
Earnings pre tax
216.0
218.8
Tax
(66.9)
(0.4)
(67.3)
Minority Interest
(0.2)
NPAT
148.9
2.4
151.3
Note: this is F06

25. SECTOR EBIT Australia Six Months ended B (W) over 2006 A$m March 2007
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
Six Months ended
B (W) over 2006
A$m
March
2007
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)
Australia (reported)
230.8
220.8
10.0
4.5
Australia up 4.7% pre one-time items

26. 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
2006 $m %
New Zealand (operating)
NZ$M
52.6 -
Less Project Invest
(1.3)
(1.8)
0.5
New Zealand (reported)
51.3
50.8
1.0
A$M
45.1
46.7
(1.6)
(3.4)
New Zealand flat on YAGO pre one-time items

27. SECTOR EBIT Wine Six Months ended B (W) over 2006 A$m March 2007 2006
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
Six Months ended
B (W) over 2006
A$m
March
2007
2006 $m %
Wine (operating)
6.7
5.3
1.4
26.4
Less Project Invest
(0.6)
(0.4)
(0.2)
Wine (reported) pre SGARA
6.1
4.9
1.2
24.5
SGARA
(0.7)
0.5
Wine (reported)
5.9
4.2
1.7
40.5
Wine up 26.4% pre one-time items

28. 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
2006 %
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
+ 4.0% before one-time items
Group EBIT up 4.0% pre SGARA and one-time items

29. Net Sales Revenue A$m March 2007 March 2006 % Change Australia 682.5
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
A$m
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)
Corporate -
1.5
Group
1,039.5
987.2
5.3
Australian beer result underpins overall result with 8% revenue growth

30. Net Sales Revenue + 5.3% vs YAGO
GROUP RESULTS I KEY RATIOS I PROJECT INVEST I SUMMARY I APPENDIX
+ 5.3% vs YAGO
Australia revenue up $50.5m, driven by NPD, Power brand growth and mix

31. Corporate Costs Yetimo sold on 3 July 06
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