27 October 2011

Foster's announces today that the Australian Securities and Investments Commission has registered the Explanatory Booklet in relation to the previously announced scheme of arrangement (Scheme) and interconditional capital return (Capital Return) (together, the Transaction). Printed copies of the Explanatory Booklet, including an independent expert's report, will be mailed to Foster's shareholders over the next week. A copy of the Explanatory Booklet, including the independent expert's report, is attached to this announcement.

The Board of Foster's unanimously recommends that Foster's shareholders vote in favour of both the Scheme and the Capital Return at the shareholder meetings to be held on 1 December 2011, in the absence of a superior proposal. Subject to those same qualifications, each Director of Foster's intends to vote all the Foster's shares held or controlled by them in favour of the Scheme and the Capital Return at the shareholder meetings.

Furthermore, the Independent Expert, Grant Samuel, has concluded that the Transaction is fair and reasonable, and in the best interests of Foster's shareholders. The Independent Expert has assessed the full underlying value of Foster's at between $5.17 and $5.70 per fully paid share. The Scheme and Capital Return consideration of $5.40 per fully paid share falls well within this range.

If you have any questions in relation to the Scheme or the Capital Return, or the Explanatory Booklet, please contact the Foster's shareholder information line on 1300 048 608 (within Australia) or +61 3 9415 4812 (international) on Business Days between 9.00am and 5.00pm (Melbourne time).

Further information:

Media

Andrew Butcher
Butcher & Co.
Tel: +61 3 9654 0735
Mob: +61 400 841 088

Ian Smith
Bespoke Approach
Tel: +61 8 8419 2888
Mob: +61 418 814 611

Investors

Chris Knorr
Tel: +61 3 8626 2685
Mob: +61 417 033 623