Metcash Limited

ABN 32 112 073 480 50 Waterloo Road

Macquarie Park NSW 2113 Australia

PO Box 6226

Silverwater Business Centre NSW 1811 Australia Ph: 61 2 9751 8200

Fax: 61 2 9889 1557

20 October 2009 The Manager, Companies Australian Stock Exchange Company Announcements Office Level 4 20 Bridge Street SYDNEY NSW 2000 Dear Sir/Madam Attached is a copy of a presentation given this morning by Mr Andrew Reitzer,

Metcash CEO, to the Citi Inaugural Australian Investment Conference.

Yours faithfully John Randall Company Secretary

2009“Champion of the Independent Retailer”

METCASH PRESENTATION

Citi Inaugural Australian Investment Conference20 October 2009

Andrew ReitzerChief Executive Officer

2009

1

Company Overview

Listed on Australian Stock Exchange (“MTS”)

Capitalised at ~A$3.3bn

Ranked in top 80 of Australian companies by market capitalisation

Food and liquor wholesaler

Business – Marketing and distribution of food, liquor and other fast moving consumer goods to independently owned supermarkets & liquor outlets

Geographic Footprint – Australia and New Zealand (liquor only)

Market Position – 3rd force in national grocery retailing market

Management Team – Most with Metcash since 1998 and have led business transformation

Defensive business characteristics in event of a slow down of the economy

Core Competencies

Buying and merchandising

Marketing and brand building

Distribution logistics and warehousing

Championing the interests of the independent grocery and liquor sectors

2009

2

Sales ~ $6.7bnEBITA ~ $315.5m

Includes IGA FreshNSW, QLD, VIC, SA & WA6 major DC’s delivering (Dry, chilled, frozen + GM & HBC)~ 2,500 independent stores as customers including ~1,270 IGA branded storesMarket share ~19%Competitive store comps ~9%40 – 60 new stores p/a60 – 70 major refurbs p/a

Sales ~ $2.6bnEBITA ~ $33.8m

NSW, QLD, VIC, SA, WA, NT, TAS & New Zealand18 major DC’s delivering wines, spirits, RTD’s & imported / boutique beers~ 15,000 independent liquor stores, hotels, pubs and other licensed premises~1,600 stores marketed under IBA umbrella’s 3 main store brands

Sales ~ A$1.7bnEBITA ~$33.0m

NSW,QLD, VIC, SA, WA & NT4 distinct sub-divisions servicing differing customer needs:

– Cash & Carry (22 DCs)– Regional Wholesale (17

DCs)– CSD (4 stockless DCs & 4

confectionery DCs )– Foodlink (Foodservice)

Supplies ~ 78,000 customers

Sales ~ A$11.0 bnEBITA ~ A$382.5m

100% Owned100% Owned

Note: All figures for the year ended April 2009

Corporate Structure and Divisional Overview

METCASH LIMITEDMarketing and wholesale distribution company operating in Australia & NZ

2009

3

Financial Highlights - Divisional

Wholesale Sales % by Division EBITA % by Division

Note: All figures for the year ended April 2009

IGA>D61%

ALM24%

Campbells Wholesale

15%

A$6,674.4bn

A$1,660.4bn

IGA>D61%

ALM24%

Campbells Wholesale

15%

A$6.7bn

A$1.7bn

$A2.6bn

IGA>D82%

ALM9%

CampbellsWholesale

9%

A$315.5m

A$33.0mA$33.8m

IGA>D82%

ALM9%

CampbellsWholesale

9%

IGA>D82%

ALM9%

CampbellsWholesale

9%

A$315.5m

A$33.0mA$33.8m

2009

4

Financial Highlights- 5 Year Trend

Total Sales Revenue ($m)Market Share (MAT %)

7,010

8,214

9,69510,116

10,982

4,000

6,000

8,000

10,000

12,000

2005 2006 2007 2008 2009

$M13.5%

18.5% 18.6% 18.8% 19.0%

8.0%

12.0%

16.0%

20.0%

2005 2006 2007 2008 2009

MA

T

EBITA ($m) Cost of doing business/ Gross Profit (%)

68.24% 67.16% 66.86%65.21%

62.41%

50.00%

60.00%

70.00%

80.00%

2005 2006 2007 2008 2009

194.5223.7

309.9

341.3

382.5

140.0

180.0

220.0

260.0

300.0

340.0

380.0

420.0

2005 2006 2007 2008 2009

$ M

2009

5

Financial Highlights- 5 Year Trend

Operating Cashflow ($m)

130.6

242.7

177.5

248.1

197.6

50.0

100.0

150.0

200.0

250.0

300.0

2005 2006 2007 2008 2009

$ M

Profit after Tax ($m)

126.8

81.2

158.6

197.4202.5

50.0

100.0

150.0

200.0

250.0

2005 2006 2007 2008 2009

$ M

Earnings per share (cents) Dividends per share (cents)

9.511.5

17.0

21.0

24.0

5.0

10.0

15.0

20.0

25.0

2005 2006 2007 2008 2009

Ce

nts

29.68

16.99

21.06

25.86 26.47

12.00

16.00

20.00

24.00

28.00

32.00

2005 2006 2007 2008 2009

Cen

ts

2009 PAT before non-recurring item (NRI) was $219.7m. NRI of $17.2 m post tax incurred from terminating interest rate collar in 1H09

2009 EPS calculated on PAT before non-recurring item (NRI) was 28.73 cents

2009

6

Our Business Pillars- IGA>D

About IGA>D

“Champion of the Independent Retailer”

Marketing and distribution specialists – supplies dry grocery and fresh food to independent grocery stores

61% of Metcash sales revenue and 82% EBITA

6 major DCs in NSW, QLD, VIC, SA & WA delivering (dry, chilled, frozen + GM)

Supplies ~2,500 independent stores including ~1,270 IGA branded stores and ~745 FoodWorksstores

Supported by 11 Fresh DC’s delivering fresh produce, meat, bakery and deli products

Marketing and brand building:

3 channels IGA branded independent stores to suit niche markets

Retail standards, appraisals and marketing programs

2 distinct private label brands – Black & Gold and IGA Signature

Future Direction

Implement Project LION strategies (enhance IGA>D and IGA retailer model)

Implement fresh food strategies to grow wholesale and retail sales

Reduce CODB

Grow retail area through new stores and extensions

2009

7

Our Business Pillars- IGA>D

About IGA>D’s Fresh Operations

Strategic Rationale – to provide independent retailers with complete, consistent and quality Fresh food offer to meet customer needs

4 key categories of Produce, Meat, Bakery and Delicatessen serviced

National Produce network established with 11fresh produce DCs and 2 meat processing facilities

Private label fresh produce range – Field Fresh

Bright Supa IGA, Victoria

Future Direction

Grow categories of existing customers

Increase number of customers serviced by national network

Move to increased farm-gate purchasing

Retail ready (MAP) meats

Continue to drive quality and consistency of retailers’ offer

2009

8

Najda’ Cellarbrations, North Geelong, Victoria

Our Business Pillars- Australian Liquor Marketers (ALM)

About ALM

Broad range liquor wholesaler

Operates 18 distribution centres in Australia (NSW, QLD, VIC, SA, WA, NT & TAS) and NZ

Supplies ~15,000 customers including hotels, liquor stores restaurants and other licensed premises

~1,600 stores marketed under Independent Brands Australia’s (IBA) 3 main store brands – Cellarbrations, IGA Plus Liquor and Bottle-O

Future Direction

Sales and equity growth for major IBA brands under Cellarbrations, IGA Plus Liquor and Bottle-O

CODB reduction

Working with major suppliers to channel beer volumes through ALM to maximise beer distribution and consolidate delivery for independent stores

Continue to strengthen Liquor Alliance relationship and look to expand the Thirsty Camel brand

2009

9

Our Business Pillars- Campbells Wholesale

Cash & Carry, Bunbury, Western Australia

About Campbells Wholesale

Focus on convenience, route and hospitality trade channels

Food service and distribution

4 sub-divisions based on customer segment

Campbells Cash & Carry (CCC) -22 metropolitan warehouses

Campbells Wholesale Distribution (CWD) - 17 regional warehouses

Convenience Store Distribution (CSD) – 4 warehouses supported by specialist confectionery distribution centres

FoodLink - foodservice operations in QLD & WA

Future Direction

Continue to provide total supply chain solution to modern petrol and convenience channel

Grow independent convenience sector through the Lucky 7 banner

Expand food service offer nationally

Continued confectionery growth

Expand convenience, hospitality and small business markets

2009

10

Why Independent Retailers Succeed

1. Metcash has formed:Chain of independent retailersThink and behave like a chainBut act locally

2. “Bacon and Eggs Story”CommittedManager is the owner => − Lower costs & − Higher service‘Energised’ independent sector believes in its own future (~1/3rd of profits reinvested)

3. Differentiated OfferIndependentGive back to communityAble to scale store to specific demographic profile of an area Convenient shopping – 20 minutes!Price – fair with great promotionsStore standardsFriendly, personal serviceNiche ranges

4. Metcash provides:Dedicated wholesaler which doesn’t compete with its customers; focused on removing supply chain costsAggregated volume; engaged vendor community keen to investAbility to match market developments eg: fresh / refurbishments / technology

2009

11

Why Metcash Succeeds

Stable, capable Management Team

Divisions aligned to service specific and differentiated needs of respective customer segments

Model is focussed on group's core competencies

Marketing, merchandising and distribution logistics

No competition with customers

Retail-led model provides benefits of a virtual chain with considerably more flexibility

Brand building

Manufacturers keep us competitive with prices

Strong relationships + they want a strong vibrant independent sector

Our costs are less or comparable to the chains at DC and store level

Growth oriented both organically and via acquisitions

Strong balance sheet and operational cash flow allows for significant investment to fuel growth aspirations

2009

12

CORE COMPETENCIES- LOGISTICAL EXCELLENCE- MARKETING & BRAND BUILDING

2009

13

Logistical Excellence

Put to Light / Mini-loaderAdjusting the Logistics Solution to better serve customer needs

CODB ReductionWorld class benchmarkedRecognise need to constantly search for ways to take costs out of the supply chain

Mini-loader / Voice Pick Efficiencies driven through technology investment

Composite DC’sEfficiencies driven through infrastructure investment

Cost to serve Operational Excellence

2009

14

CORE COMPETENCIES- LOGISTICAL EXCELLENCE- MARKETING & BRAND BUILDING

2009

15

Marketing and Brand Building- Independent Grocers of Australia (IGA)

Our Most Significant Point of Difference

2009

16

Marketing and Brand Building- IGA Stores 3 channels

• Large format stores

• Full department offer

• Medium “top up” stores

• Selected department ranging

• Convenience format stores

• Targeted demographic range

IGA – world’s largest voluntary supermarket network

2009

17

Marketing and Brand Building- Championing Independent Retailers

RSA ratings and performanceABS and demographic informationMAP info – strategic growthProperty trust & development – actively looking for new stores and development opportunities

Ensuring our customers succeed

Retail

Excellence

We have developed a talent pool to cover all facets of the industry

Business ManagersFresh Food Sales ManagersState Operations ManagersRetail DevelopmentRMS – General MerchandiseBusiness Development

Offering the services of a chain

Our Structure

Retail

Operations

“We offer a chain store support structure for independents with one major difference. We are consultative rather than dictatorial”

Actively growing our retailers

Customers are confident in the brand and confident in their future

2009

18

Marketing and Brand Building- Retail Standards & Support

Look and Feel

Fit out

Displays

Ambience

Passion

Community focusStaff sourced locallySupport local events & charitiesSponsor sporting teams

Store Standards

Product

Ranging – core grocery and fresh food

Stock levels

ServiceStaff training & knowledgeMerchandising and promotional programsProduct quality and availability

2009

19

Marketing and Brand Building- Retail Development

49

76

103

137 135

109

96

126

178

151

0 0

11

27 27

51 5462

6762

0

20

40

60

80

100

120

140

160

180

200

1999/2000 2000/2001 2001/2002 2002/2003 2003/2004 2004/2005 2005/2006 2006/2007 2007/2008 2008/2009

Total Extensions & New Stores & Refurbishments

Total new ('000) sq metres

Focus on developing new stores and improving existing stores

2009

20

“Our vision is to make the IGA brand the single most valuable asset we have”

Marketplace point of difference

Annual donations of ~A$4M nationally

Community Chest: The IGA program supports local communities by donating 1-2c per retail unit to "Community Chest".

Our Marketing Programs include IGA Products

IGA Signature - is our premium label range:

Benchmarked against the market leader quality at a lower price.

Range designed to compete with market leaders by offering a price advantage to customers and increasing IGA brand recognition and store loyalty.

Communicates a quality image to our customers. The IGA logo on our products links our products exclusively to IGA stores to promote store loyalty and create product recognition

Marketing & Brand Building- IGA Marketing

Black & Gold

Meeting value customer needs

2009

21

National TV ads (Local Hero tag line)

Magazines & Catalogues

Communication

Research

State and National Conferences / Expo

Retailer of the Year

Training & Development

Regional Meetings

Other Marketing Programs to support retailers include:

IGA proudly supports:

The "Special Olympics" program assisting the intellectually disabled to:

participate in sport, share skills and friendships within their families and the wider community.

Little Athletics Australia

Community focused sports initiative

Opportunity for retailers in all towns and suburbs to participate / promote

More community themes:

Marketing & Brand Building- Our Marketing Programs

2009

22

CONCLUDING REMARKS

2009

23

Concluding Remarks

Defensive stock (non-cyclical)

Selling ‘basic essentials’ (groceries + liquor!) – no discretionary spend

Solid, steady earnings flow and high dividend pay-out

Strong Management Team

Focused on driving core businesses

IGA>D – Increased teamwork score via IGA Fresh + continue to drive store reinvestment with retailers (new Project Lion structure to further drive growth)

ALM – Continue to grow retailers under IBA aligned brands

CW – Continue to expand market share in confectionery and organised petrol and convenience sector + Foodservice expansion

Continue to extract supply chain efficiencies across all divisions

Medium / Long Term Growth

Actively seeking bolt-on and new business opportunities

* Teamwork score = proportionate share of customer / retailers purchasing requirements

2009

24

Concluding Remarks

Earnings Guidance

At AGM on 3 Sep 09, Management reconfirmed EPS (pre IA) growth range of 7%-10% for FY10 (based on FY09 EPS of 29.53 cps)

The trading environment remains strong but uncertainties continue to impact wealth and discretionary consumer spending

Inflation has declined from previous highs with price deflation in some Produce categories

However given MTS’s focus on selling consumer essentials, no likely weakening is foreseen in the markets served by the Group

Capital Management

The Board has undertaken to return high dividends to shareholders in the absence of alternative uses for such funds (payout ratio >75% for last 3 years)

The Board continues to keep its capital management options under a watching brief

2009

25

“Champion of the Independent”

“The Third Force”

2009

26

Disclaimer

This presentation is for the general information of investors.

Metcash Limited gives no warranty and expressly disclaims all liability in relation to the information contained in this presentation. Investors should seek relevantadvice to suit their specific objectives and circumstances.

For additional information contact:

Adrian Gratwicke, GM Finance

Phone: 61 2 9741 3248Fax 61 2 9741 3027E-mail adrian.gratwicke@metcash.com

Or visit our website:www.metcash.com