Presentation20th May 2010

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Outline

1. Introduction to Allied Brands

2. Summary of Key Management

3. Allied Brands – The Vision

4. New Structure and Direction

5. How We Make Money

6. 1H10 Financial Highlights

7. Financial Snapshot

8. March Quarter Financial Highlights.

9. Allied Brands – The Next Six Months

10.Why Invest In Allied Brands?

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Introduction to Allied Brands

Listed on the ASX in June 2004 – code ABQ.

196 million shares on issue#1

Market capitalisation of $16.6m#1

Enterprise value of $49m.

A total of 362 Retail Outlets and Distributors

94 Baskin Robbins Stores

62 Cookie Man Stores (Ex. India, China, Greece and Singapore)

32 Villa and Hut Stores

48 Kenny’s Cardiology Stores

57 Distributors in the Awesome Group

#1 – As at 19th May 201

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Key Management

Chief Executive Officer (Shane Radbone)

Founded EFM Health Gyms 1991, that was franchised into 34 franchises in 4 states.

CEO Wendy’s Ice Cream from 2000-2005. Grew from $75m to $120m.

CEO VIP Home Services - 1,000 franchise Direct to the home model.

Chief Financial Officer (Sean Corbin)

Experienced CFO for public companies.

Ex CFO of RP Data.

Brand Managers (Tony Cavanagh, Jack Sakalis, Franz Madlener, Peter Elligett, Matt

Edwards, Drew Edwards)

Over 100 years of franchising experience

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Allied Brands – The Vision.

Simplification of Business Model.

Focus on core strengths – food franchising and franchise services.

Continue to utilize vertical integration to increase store profitability.

Current strategic review of all divisions.

Position the company for long term sustainable growth by restructuring the balance sheet.

Review of board, with possible specialist appointments, post audit.

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New Structure and Direction

• Baskin Robbins

• Villa and Hut

• Cookie Man

• Kenny’s Cardiology

• Awesome Water

• Awesome Entertainment

• Bay Swiss/Freedom Home

• Other market opportunities

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How We Make Money

Brand Up Front Fees Royalty Product

Baskin Robbins YES YES YES

Cookie Man YES YES

Kenny’s YES YES YES

Villa and Hut YES YES YES

Awesome YES YES

Franchise Services YES YES Possible

Franchising is a very simple model with simple income streams. It is very

scalable and more stores and franchises mean more income.

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1H10 Financial Highlights

1H10 1H09 % Change

Revenue 31.3 M 27.4 M 14.6

EBITDA 4.9 M 4.3 M 14.4

NPBT 3.0 M 2.6 M 15.4

EPS 0.011 0.016 (31.2)

Franchise outlets 358 337 6.2

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1H10 Financial Highlights (Cont’d)

Acquisition Bay Swiss/Freedom stores has seen increases in inventory holdings of nearly $3 million and Fixed Assets of $1.5 million. This has been challenging and has been more capital intensive than expected.

Overall financing levels remain steady as cash flow was utilised to fund expansion.

Trade Debtors remain steady with large Awesome loan book included in figures.

Operating cash flow was positive for half and is expected to increase in second half.

Current Liabilities have increased as the Convertible Notes close on maturity. The term

on these notes are currently under negotiation.

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March Quarter Financial Highlights.

Franchising of 7 Bay Swiss stores in Quarter.

Continued strong sales in Baskin Robbins.

Unaudited Profit of $5.1 million to end of March quarter. *

Area Developer appointed in NSW to Baskin Robbins and Cookie

Man Brands to help drive growth.

Improved performance in Awesome Group with a return to

profitability .*This number may change after outcome of strategic review on business units including asset carrying value.

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Allied Brands – The Next Six Months

Current strategic review of operations.

Focus on the ATV program – “Allied squad”.

Increased Vertical integration, with focus on coffee production.

New Board members.

Completion of the Villa and Hut rollout.

Development of Franchise services opportunities.

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Why Invest In Allied Brands ?

We have significant years of experience in our core area of expertise, food

Franchising.

This model has been proven successful

Franchising market in Australia is a resilient sector

Villa and Hut offers great organic growth for the group.

We have a unique point of difference in our models – Customer Service / Retail

Training Group – proven results.

We have vertical integration in our brands, leading to higher revenue and profit per

store.

We have trusted brands, but, who still have significant growth to maturity.

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This presentation for Allied Brands Limited is designed to provide a high level overview of aspects of Allied Brands Limited. Thematerial set out in the presentation is current as at May 18th 2010. It is information in a summary form and does not purport to becomplete.

The presentation may contain forward looking statements about assumptions, estimates and outcomes, which are based on internalbusiness data and external sources. Given the nature of the industry, business risks, and other factors, the assumptions, estimates andoutcomes are uncertain. They may be affected by internal and external factors and involve known and unknown risks, many of whichare beyond the control of Allied Brands Limited, that may cause actual results and business performance to differ materially from thoseexpressed or implied in such statements. No assurance or guarantee is, or should be taken to be, given in relation to the futurebusiness performance or results of Allied Brands Limited or the likelihood that the assumptions, estimates or outcomes will beachieved.

While management has taken every effort to ensure the accuracy of the material in the presentation, the presentation is provided forinformation purposes only. Allied Brands Limited, its officers and management exclude and disclaim any liability in respect of anythingdone in reliance on the presentation.

It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investmentobjectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice,when deciding if an investment is appropriate.

Please note that all references to $ or dollars herein are references to Australian dollars, unless otherwise indicated.

DisclaimerF

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Thank You.

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Appendix

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New Franchise Service

Utilises the expertise of Allied Brands to introduce franchising to business that may

have an interest but not the ability to undertake franchising

Allied Brands is setting up joint venture companies with interested parties to

franchise individual stores and unlock funds to those businesses.

Allied is entering these agreements with an option to purchase the retail arms of

these businesses at an agreed multiple of EBITDA

First opportunity in this sector was with Bay Swiss/Freedom Home

Allied will gain expansion without cost in the short term and the ability to expand its

franchise network in the future

We are in discussion with several parties on this concept and anticipate

announcing further transactions early in 2010

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Combo Stores – The Future

Above – Harbourtown South Australia, Combo Store, performing above expectations.

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BR Soft Serve – Another Market OpportunityF

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Villa and Hut – “How’ya Bean” Award Winning Coffee

Above – Villa and Hut How Ya Bean Coffee won Bronze Medal at the Nov 09 NSW Coffee Awards.

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Villa and Hut – South Wharf DFO Victoria

Above – Villa and Hut South Wharf DFO, Melbourne Victoria.

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CM Espresso – Continues to Grow in Store

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Above – CM Espresso and VH How Ya Bean manufactured by Allied Manufacturing facility.

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Current Brand Performance And Goals

Kenny’s Cardiology

Network sales of $13.3m

Store on sales very pleasing performance to Dec 31.

ATV $ - up 11% in Australia and 12% in New Zealand to Dec 31.

Major focus of the Customer service team, has delivered the results in driving

average spend.

Push towards Regional stores, based upon the success of the Sale (Vic

Regional) store opening. More profitable model for the franchisee.

Focus on the centralised buying through the group, which will enhance

Franchisee and Franchisor margin.

Continued focus on company stores and their sales growth.

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Kenny’s Cardiology – Supply Chain Opportunity

Christmas in Kenny’s now we are bringing in product

direct from China for our Franchisees, thus creating

more margin for our franchisees.

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Current Brand Performance And Goals

Awesome Group

Awesome group down 3.55% on last year to Dec 31.

Awesome Water sales of units up 5.32% to installation of 5423 units versus 5149

from last year

Awesome Entertainment down 36.35%, with installations down from 1,392 last

year to 886 units for the FH10.

Challenged by the current market conditions of the TV/Plasma market.

Awesome Water hit by tightening of consumer credit and erosion of margins.

Focus on the ability to cross sell across the 43,000 households that we currently

service.

BH10 will also include a marketing campaigns for Water and Entertainment.

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Awesome Water – Appointment Of Ambassadors

Above – Appointment of Ironman Dean Mercer and Reen Corbett as the face of TV and marketing material for

the Awesome group.

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