Treasury Wine Estates : 2017 Annual General Meeting 18 October 2017

18 October 2017 ASX ANNOUNCEMENT‌‌

Treasury Wine Estates Limited 2017 Annual General Meeting

Treasury Wine Estates Limited (ASX:TWE) will today address shareholders at its Annual General Meeting to be held in Adelaide, commencing at 11.00am ACDT.

Attached is a copy of the address to be delivered by the Chairman, Paul Rayner and the address to be delivered by the Chief Executive Officer, Michael Clarke.

A live webcast of the Annual General Meeting can be viewed at www.tweglobal.com. An archive of proceedings will also be available from the website.

Contacts / Further information: Media Investors

Carolyn Coon Simone Porter-Smith

Tel: [phone] Tel: [phone]

Mob: [phone] Mob: [phone]

T R EAS U R Y W I N E ES T A T ES L I M I T ED ABN 24 004 373 862

58 Q U E EN S B RI D G E S T

S O U T H B AN K VI C 3 0 0 6 AU S T R A L I A W W W . TW E G LO B A L. C O M

2017 Annual General Meeting Chairman's Address - Paul Rayner

Once again I'm thrilled to say that Treasury Wine Estates continued on its remarkable journey in fiscal 2017, with yet another year of strong performance.

The strategy we embarked on three years ago is clearly working, and our momentum in becoming the world's most global wine company continues with great pace.

Central to this performance was our unwavering commitment to fix, grow and accelerate every part of the business.

We have continued to optimise our operating model across all regions, while at the same time investing in our brands, in our core systems, and in the capability of our people.

Our Chief Executive Officer, Michael Clarke will talk in more detail to the Company's financial results. But it is clear that balance, quality and sustainability are all appropriate descriptors of our earnings. Each of our regions has contributed to our results and we are now set up, around the world, to capture future growth opportunities.

We have focused on building our portfolios, one at a time, including our Australian portfolio, our American portfolio, our new French offering, and of course, our Penfolds portfolio. It's worth mentioning that tomorrow marks one of the most important days on the Penfolds calendar, with the release of the 2017 Penfolds Collection.

As a truly global wine company, we remained committed to driving demand and availability of our wine brands through best-in-class marketing, strengthened routes-to-market, and strong customer partnerships, across the world.

Innovation continued to play its role for TWE in helping it grow the wine market and bringing new consumers to the category.

A shining example of this is the phenomenal success of 19 Crimes, one of TWE's fastest growing brands, and recently named 'Wine Brand of the Year' in the US by industry title, MarketWatch.

Once again, the year was marked with prestigious global awards for our brands. Wolf Blass was named Red Winemaker of the Year at the International Wine Competition, Matua was awarded New Zealand Winemaker of the Year at the International Wine and Spirits Challenge, and just last week Pepperjack was recognised with a raft of awards including Best Winery of Show at The Great Australian Red competition here in Adelaide.

Our supply chain optimisation initiative continued with success in fiscal 2017. We now have strong centres of excellence across our major winemaking regions, producing premium wine under comparatively lower cost structures.

In particular, I'm proud to say that investing in the capability of our people was an extremely strong focus in fiscal 2017.

More than 1,500 people across the business participated in a range of leadership and functional programs. This investment reflects our commitment to building a world-class, high performing organisation.

The Board and Executive Management at TWE continue to target financial metrics consistent with an investment grade credit profile.

On August 17, the Company also announced a share buy-back of up to $300 million in fiscal

1. This is the right thing to do for our shareholders, and it reflects the strength and flexibility of the Company's balance sheet. I will also stress - this is in addition to the Company pursuing inorganic growth opportunities to drive further value accretion.

   Taking into account the performance of the Company over the full fiscal year, the Board was pleased to confirm a full year dividend of 26 cents per share, representing a 6 cents per share increase, and signifying the largest payment in the Company's history.

   Later in this meeting, shareholders will be asked to consider and vote in favour of a number of items of business, being:

   • to receive and consider the consolidated financial report, the Directors' Report and the Auditor's Report of the Company for the fiscal year ended 30 June 2017;

   • the re-election of non-executive Director, Mr Garry Hounsell;

   • adoption of the Company's Remuneration Report for fiscal 2017, which aligns with TWE's business performance; and

   • the granting of performance rights to Chief Executive Officer, Michael Clarke. On this, and all matters, I ask for shareholder support.

As a global leader in the wine industry, in fiscal 2017 TWE continued to maintain a share of voice on public policy and regulation. Across our regions, TWE actively engaged with governments and regulatory bodies on those issues affecting the industry, including trade, taxation, health, customs administration and climate change.