Business OverviewFeb 2011

2

Top Line Results: Branded sales and lower costs drive profit

1. EBIT (before significant items) up 43%– EBIT up $7.1m to $23.6m

2. Net profit after tax (before significant items) up 89%– Net profit after tax up $3.8m to $8.1m

3. Positive Cash flow – Operating cash flow positive for the second year– Net debt $142.1m compared to $145.2m in 2009

4. Continuing to deliver on strategic plan– McGuigan branded sales very strong– Asset and grape supply restructuring continues

5. Positive outlook for FY11

3

Continuing pressure on Australian industry but there are signs of moving to supply and demand balance

Intake 2006 2007 2008 2009 2010Million Tonnes 1.9 1.4 1.8 1.7 1.5Equivalent million litres 1,410 955 1,237 1,171 1,117

Sales (staggered by 1 year)*

Domestic million litres 430 432 455 439 450Export million litres 660 735 798 709 750

1,090 1,167 1,253 1,148 1,200

Surplus/(shortage) million litres 320 (232) (16) 23 (83)Cumulative Surplus/(shortage) million litres

320 108 92 115 32

* Sales are staggered by one year. For example, 2006 crush of 1.9 million tonnes has been allocated to 2007 financial year sales of 1,090 million litres.

44

Growth of Australia’s 3rd Largest Wine Producer1992 – Brian McGuigan establish McGuigan Wines1997 – Tempus Two is created1999 – MSWL Acquires Yaldara Barossa Valley2002 – McGuigan Wines merged with Simeon Wines to

create Australia’s fourth largest winery2003 – McGuigan Simeon purchases Miranda Wines

2007 – Nepenthe Wines is purchased2008 – Australian Vintage becomes the new entity2009 – Major award wins (IWC-London)

• 2009 International Winemaker of the Year• 2009 Australian Producer of the Year• 2009 International White Winemaker of the Year• Finalist 2010 International White Winemaker of the Year

2010 – Neil McGuigan appointed CEO

Neil McGuiganCEO

Brian McGuiganFounder & Board Member

55

AVL - Australia’s 3rd Largest Wine Producer

• AVL Crush 15% of Australia’s total annual production (including contract)

• AVL has the second largest vineyard holdings in the country

• These vineyards cover most of Australia’s premium wine growing regions including both the Hunter & Barossa Valleys, Coonawarra, Adelaide Hills, Eden Valley, Langhorne Creek

• State of the art industry leading wineries in NSW, Victoria and South Australia

66

Winery Locations

1. Yaldara

2. Loxton

3. Buronga

PERTH

ADELAIDE

HOBART

MELBOURNE

SYDNEY

BRISBANE

DARWIN

12

3 4 5

4. Tempus Two

5. McGuigan

4,335 km’s

77Buronga

Hill Winery 130,000 tonnes

88Tempus Two Hunter Valley

99McGuigan Yaldara Barossa Valley

The quality of our wines has been endorsed over the last year with over 21 trophies

International Winemaker of the Year – International Wine & Spirit Competition

Australian Producer of the Year – International Wine & Spirit Competition (London)

International White Winemaker of the Year – International Wine Challenge (London)

Best Riesling in the World – International Wine & Spirit Competition (London)Tempus Two

Nepenthe

McGuigan

Tempus Two

Nepenthe

Trophy - Best White Wine in Premium & Aged Vintage – Sydney Wine

Trophy - Best Australian Dry White Table Wine – Rutherglen Wine Show

Trophy - Hunter Valley Best 100% Dry White – Hunter Valley Wine Show

NSW Wine of the Year – NSW Wine Awards

Trophy - Worlds Best Chardonnay – Decanter World Wine Awards (London)

Trophy - Best Australian Sauvignon Blanc – Decanter World Wine Awards

Trophy - Best Australian Chardonnay – Decanter World Wine Awards (London)

Trophy - Alternative Varieties – Tempranillo – Adelaide Wine Show

1111

AVLGlobal Production

Domestic Bottled & Cellar Door

Domestic Bulk &Contract Processing Export Bulk Export Bottled

Approx 10M Cases (9L)

1212

AVLGlobal Markets

UK & Europe Australia & New Zealand AsiaUSA & Canada

• 5.6M cases 9L (60%)

• $104M Annual Revenue (50%)

• Bulk Wine equates for 41% of total sales

• Off Premise is 88% of total wines sales

• Supermarket model dominates

• Pound weak against the AUD (10 year high)

• 2.6M cases 9L (27%)

• $85M Annual Revenue (41%)

• Dominated by two chain retailers

• Relatively healthy but diminishing Independent channel

• 743K cases 9L (8%)

• $11M Annual Revenue (5%)

• Markets have declined over years

• High AUD has impacted growth and competitive position

• 493K cases 9L (5%)

• $8.8M Annual Revenue (4%)

• Major emerging markets with China leading the way

• Consumption of wine on the increase

1313

• UK wine market is estimated at $4.3B and represents 5.1% of the world wine market.

• Wine continues to dominate the alcoholic drinks sector with 37% value share in the Off- trade

• The market is showing signs of maturing and therefore growth is moderate

• Australia is the biggest exporter by volume and third by value

• AVL has had a very successful 1st Half of FY11 considering the strength of the AUD

• AVL sell a combination of both branded and own label products

• Supermarket groups Sainsbury, Tesco and Majestic are key trading partners

• McGuigan has had significant growth in UK and the brand was recently ranked 16th by Nielsen scantrack

• Supermarkets dominate the retail sector accounting for 80% or sales

• The retail sector has experienced considerable consolidation in recent years resulting in fewer but larger players

• The Scottish Government is set to ban multi-buy and other price promotions on alcohol in its new Licensing act

UK / EuropeUK $4.3B wine sales Aust is the #1 exporter (vol)

AVL $104M 5.6M Cases 9L

1414

Source: Harpers Wine & Spirit Trades Review

Country: UK

Date: Friday 17, December 2010

Page: 13

1515

Off - Trade : Leading Australia Brands % sales value of Australia

21.8

9.4

13.4

9.5

8.2

6.0

3.8

2.7

3.6

2.3

0.8

23.8

10.3

10.5

7.4

8.6

5.3

5.5

3.5

2.7

2.2

2.1

- 5 10 15 20 25

HARDYS

PRIVATE LABEL

JACOBS CREEK

LINDEMANS

WOLF BLASS

BANROCK STATION

MCGUIGAN

OXFORD LANDING

ROSEMOUNT

ANDREW PEACE

FIRST CAPE

MAT TO WE 26.12.09MAT TO WE 25.12.10

copyright Nielsen December 2010

UK Market Brand Performance - Value

1616

AVL ASIA

China Japan Singapore Vietnam

AVL $8.8M 493K cases (9L)

• Wine is not historically a drink of choice in most Asian

• Hong Kong due to British rule is the hub of wine consumption but has been dominated by French imports

• Indonesia is the largest Muslim country and outside of tourism is not a significant market

• Japan in its push for Westernisation is a significant market

•China is the fastest growing and emerging wine market

• Within 12 months this market will account for more than the remaining Asian countries

• It is predicted that China will sell more Aust wine than Canada within 2 years

• It is a fragmented market with driven by opportunists

• Due to Australia's location in the Pacific and its trading agreements within APEC it is well placed capitalise on these markets

• Japan makes it’s own wine but China and India are becoming significant

1717

AVL Australia

INDEPENDENTS

AVL $85M2.5M Cases (9L)9.5% vol share

• Coles Liquor Group

•18% of AVL business

• 776 Stores nationally

•Destination & convenience with most outlets close to supermarkets

• Big Box also showing significant on year growth

• Store acquisitions

• Woolworths Liquor Group

• 43% of AVL business

• 1186 Retail liquor outlets

•Range of convenience and destination stores

• Big Box driving growth 109 stores and $1B turn over

• Dan Murphy’s brand is the industry leader

• Independent Liquor

• 39% AVL (47% branded)

•5000+ Retail outlets incorporating hotels, clubs and liquor stores

• Banner groups and coops dominate retail

• Retail chains becoming extinct through acquisition by chain groups

18

Black Label red becomes # 1 selling bottled red wine

• AVL communicated the category success with a comprehensive consumer advertising campaign including billboards and outside media across all major cities

• Mix of billboards and outside store media in Sydney, Melbourne and Brisbane

Australian Brand Portfolio

2011

20

McGuigan

McGuigan is synonymous with Australian wine, the result of the family’s involvement in the industry for four generations.

McGuigan’s commitment to ensuring the best viticulture practice and winemaking expertise, combined with a dedicated team of professionals, has seen the brand grow and develop into the 21st century.

Today, McGuigan continues this enduring passion for regions and varieties to create wines that meet the tastes of wine lovers the world over.

McGuiganInternational Winemaker of the Year – International Wine & Spirit Competition (London)Australian Producer of the Year – International Wine & Spirit Competition (London)International White Winemaker of the Year – International Wine Challenge (London)

21

McGuigan Black Label

McGuigan Black Label is known as “the flavour of Australia”. It is reliable, dependable

and full of flavour. Black Label Red is one of the highest selling red wines in Australia,

and its success is the backbone of the entire range. The brand has been a runaway

success around the world since launching in 1992.

Moscato

Classic White

Sauvignon Blanc

Traminer Riesling

Verdelho

Chardonnay

Rosé

Merlot

Cabernet Merlot

Red

Sparkling Chardonnay

Sparkling Shiraz

Retail $9.99

Retail $9.99

22

McGuigan Bin Series

The Bin Range has captured the essence of Australia’s most famous

varieties, with their integrity underlined by the use of the classified Bin

numbers for each wine. Sourced from single regions the range is a great

introduction to the nuances of straight varietal wines and their individual

characteristics. In particular, the Semillon is an award-winning, benchmark

example of a Hunter Valley style.

Bin 8000 Sauvignon Blanc (Barossa Valley)

Bin 6000 Verdelho (Hunter Valley)

Bin 9000 Semillon (Hunter Valley)

Bin 7000 Chardonnay (Hunter Valley)

Bin 3000 Merlot (Limestone Coast)

Bin 2000 Shiraz (Limestone Coast)

Bin 4000 Cabernet Sauvignon (Limestone Coast)

Retail $12.99

Retail $12.99

23

McGuigan Discover

We have developed these wines to give a fresh perspective on current and

upcoming growth varietals and blends. They are a range of light, flavoursome

wines designed for the wine drinker of today.

Moscato (South Eastern Australia)

Sauvignon Blanc (Adelaide Hills)

Pinot Grigio (Victoria)

Rosé (Limestone Coast)

Shiraz Viognier (Langhorne Creek)

Retail $14.99

Retail $14.99

24

McGuigan The Shortlist & Hand Made

The McGuigan Shortlist is a limited release of sophisticated

wines that showcase classical styles sourced from the pinnacle

of regional fruit. The grapes are all harvested at optimum

ripeness to allow for the true varietal characters to shine through.

Shortlist

Riesling (Eden Valley)

Chardonnay (Adelaide Hills)

GSM (Barossa Valley)

Cabernet Sauvignon (Coonawarra)

Shiraz (Barossa Valley)

Handmade

Langhorne Creek Shiraz

McGuigan Hand Made Shiraz is a hand-crafted,

limited edition wine that is the pinnacle of our

range, carefully selected from the best grapes from

Langhorne Creek vineyards in the outstanding soils

and climate of the Fleurieu Peninsula in Shiraz

Retail $29.99

Retail $29.99

Retail $45

Retail $45

25

Tempus TwoTempus Two was built on Lisa McGuigan’s passion to create an ultra-premium wine brand.

Sophisticated and boutique, Tempus Two uses innovative winemaking techniques to create modern wine styles.

The Tempus Two philosophy of selecting the finest fruit from its most renowned region ensures that the brand applauds those who appreciate quality wine. It’s award-winning and unique packaging embodies the innovation, elegance and finesse that is the hallmark of Tempus Two.

Tempus TwoTrophy – NSW Wine of the YearTrophy – Best White Wine in Premium & Aged Vintage – Sydney Wine ShowTrophy – Best Australian Dry White Table Wine – Rutherglen Wine ShowTrophy – Hunter Valley Best 100% Dry White – Hunter Valley Wine Show

26

Tempus Two Varietals

The Varietal range offers pristine varietal definition and regional characteristics to give the wines a

distinct personality and style. The range offers affordable, everyday, easy wine drinking and

represents the style and innovation that is the signature of Tempus Two.

Semillon Sauv Blanc (Hunter /A Hills)

Verdelho (Hunter Valley)

Cowra Chardonnay (Cowra)

Merlot (Limestone Coast)

Cabernet Merlot (Limestone Coast)

Shiraz (Hunter Valley)

Blanc de Blanc (Adelaide Hills)

Retail $14.99

Retail $14.99

27

Tempus Two Copper

The Copper range of handcrafted wines has a truly lustrous

beauty and represents the combination of new wave

winemaking techniques and innovative packaging.

Moscato

Chardonnay (Wild Ferment)

Marsanne Viognier Roussanne

Tempranillo

Grenache Shiraz Mourvedre

Cabernet Merlot

Retail $19.99

Retail $19.99

28

Tempus Two Pewter

Sparkling Pinot Chardonnay

Pinot Gris (King Valley)

Sangiovese (Beechworth)

Vine Vale Shiraz (Barossa Valley)

Zinfandel (Orange)

Cabernet Sauvignon (Coonawarra)

Botrytis Semillon (Griffith)

The Pewter range is the flag bearer of Tempus Two. All varieties are sourced from single

vineyards in Australia’s premier wine regions to ensure that each wine is a benchmark of its

style. Featuring distinct bottles and pewter labels, the wines all have elegance and purity as

their hallmarks.

Retail $29.99

Retail $29.99

29

Nepenthe The name Nepenthe is drawn from one of the most famous works of historic Greek poet, Homer. In The Odyssey Homer described Nepenthe as an ancient herbal drink so powerful that it eases grief and banishes sorrow from the mind.

The modern day Nepenthe has made its home in the lofty heights of the Adelaide Hills in South Australia. A stunningly beautiful region with a rolling tapestry of green hills, gum trees, vineyards and orchards. The Adelaide Hills combines cool climate, high altitude, clean air and ancient soils to produce grapes of pure, unforgettable flavour and fresh, natural acidity.

NepentheTrophy – Worlds Best Chardonnay – Decanter World Wine Awards (London)Trophy – Best Australian Sauvignon Blanc – Decanter World Wine Awards (London)Trophy – Best Australian Chardonnay – Decanter World Wine Awards (London)Trophy – Alternative Varieties – Tempranillo – Adelaide Wine Show

30

Nepenthe Altitude – Adelaide Hills

The Altitude range offers inviting, elegant wines crafted to reflect the

beauty and unique varietal nuances of their home – the Adelaide Hills

Sauvignon Blanc

Pinot Gris

Unoaked Chardonnay

Sjiraz

Pinot Noir

Retail $20

Retail $20 -- $24 $24

31

Nepenthe Pinnacle – Adelaide Hills

Distinctive wines with the classical quality attributes: complexity,

subtlety, balance and length. The Pinnacle range showcases the best

of the Adelaide Hills

Ithaca Chardonnay

The Good Doctor Pinot Noir

Gate Block Shiraz

The Sirens Zinfandel

Retail $30

Retail $30 -- $40 $40

32

Portfolio BrandsMiranda Wines has long been a familiar Australian wine brand synonymous with great value.

Yaldara is noted for its range of fortified wines having a long tradition in the Barossa Valley. On occasion they release small aged premium parcel of both Tawny and Vintage products.

Passion Pop is 32 year old retro brand that is a household name in Australian culture, this range of flavoured sparklings has recently had an addition with the recent release of the 250ml convenience pack

Heritage Road delivers a quality wine to the On Premise market

33

Passion Pop & Golden Gate Sparkling

Passion Pop is one of Australia’s only retro style brands which has led the category for over 30 years.

Featuring a fun style and unbeatable value,

Passion Pop is a household name that offers consistent quality, value for money and a unique flavour recipe.

The Golden Gate Sparkling brand has a loyal and endearing customer base.

The range offers classic spumante sparklings in an array of flavours.

Retail $6.99

Retail $6.99

34

Passion Pop Cans

Product:

• Iconic Brand

• RTD Market product

• Overwhelming response to concept

• 250 ml slim-line can

• 4.5% alc/vol

• Passion Pop original flavour

• Case 24 (6 x 4 pack clusters)

• RRP: $11.99 (excisable product)

• Takes consumption of POP to new occasion (out of home

Retail $11.99

Retail $11.99

35

Miranda Somerton

The Somerton range reflects the bright fruit flavours that are the hallmark of Australia’s sunny

climate regions. Value for money and multi-award-winning, Somerton offers excellent value to

the consumer seeking a quality quaffing wine.

Sparkling Brut Reserve

Classic White

Sauvignon Blanc

Unoaked Chardonnay

Semillon Sauvignon Blanc

Semillon Chardonnay

Merlot

Shiraz Cabernet Merlot

Cabernet Sauvignon

Retail $5.99

Retail $5.99

36

Casks – 4L

Sunnyvale offers the cask wine market one of the best value packs available in the market. This selection of popular casks has enjoyed a widespread following due to its consistent quality and value for money.

Dry White

Medium White

Fruity Lexia

Lambrusco

Medium Dry Red

Sunnyvale

Golden Gate

Retail $11.99

Retail $11.99

37

Heritage Road

‘Moonstone’ Sauvignon Blanc

‘Bloodstone’ Cabernet Sauvignon

Reserve GSM Barossa Valley

Heritage Rd is produced from Australia’s premium grape growing

regions. Our wines are renowned for intense flavour and outstanding

colour and richness. Heritage Rd is available exclusively to on-

premise.

On Premise

On Premise

38

Fortifieds

Yaldara Wines and its magnificent Chateau have long been recognised as one of the most picturesque and

attractive wineries in Australia.

Fine Old Tawny Port

Liqueur Port

15 YO Tawny Port

Kilkenny Cream

Kilkenny Butterscotch

The Kilkenny brand of creams offers excellent value for money in two rich,

delicious flavours including the chocolate- laden Kilkenny Cream.

Retail $10

Retail $10 -- $18 $18

39

New Product Development Initiatives

40

Summer Hues - NPD• Light, fresh packaging to convey the message

of a healthier wine choice

• Low GI

• Low Calorie

41

Picked at Noon – NPD (conceptual)

• Vibrant fruit driven with moderate sweetness

• Sparkling Zibbibo

• Moscato

• Dolce Syrah

42

Nepenthe Altitude ShirazCool climate Shiraz has been rapidly growing in reputation and popularity in thepast few years. At Nepenthe we saw the potential for Shiraz in the Adelaide Hillswhen vines were planted at our Hahndorf vineyard in 1999.

Nepenthe Altitude - NPD

Altitude Shiraz Sparkling Sauvignon Blanc

Nepenthe Altitude Sparkling Sauvignon BlancThe newest innovation for Nepenthe is the 2010 Sparkling Sauvignon Blanc. It is aperfect match with the tropical fruit and freshness of Adelaide Hills Sauvignon Blancfurther enhanced by a crisp effervescence.

43

The Semillon Blanc - NPD

Dan Jago

said:

“This is the most exciting 

white wine to come out of 

Australia in the last 5 years..  

Its got the flavours, its got 

the style, & its from a 

producer who people 

respect.

Dan Jago

–

Tesco UK 

Category Director for beers, 

wines & spirits

Rationale• A revolutionary new

wine style based on the classic Australian Semillon wine style .

• It is a fresh modern white wine with lifted aromatics, texture, elegance and length

• It’s fresh, crisp and packed full of tropical fruit flavours - perfect for what the wine drinker is looking for today

Includes Terms & Rebates

4444

Trade Support

4545

Marketing Support – Brand Book

4646

Marketing Support – Brand Book

4747

Marketing Support – Brand Book

4848

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