Treasury Wine Estates : 2016 AGM Chairman and CEO Addresses 10 November 2016

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.

- ends -

Further information:

Carolyn Coon Jane Betts

Tel: +61 3 8533 3923 Tel +61 3 8533 3493

Mob: +61 405 183 628 Mob: +61 437 965 620

T R E A S U R Y W I N E E S T A T E S L I M I T E D A B N 2 4 0 0 4 3 7 3 8 6 2

5 8 Q U E E N S B R I D G E S T

S O U T H B A N K V I C 3 0 0 6 A U S T R A L I A W W W . T W E G L O B A L . C O M

I'm pleased to say that fiscal 2016 was another year of positive transformation for Treasury Wine Estates. Building on the foundations set in fiscal 2015, we continued to increase momentum in our journey to becoming the world's most celebrated wine company.

We did not stray from our focus on simplifying our operations, realigning our portfolio and investing in our brands and our people to drive growth - and ultimately delivering value for our shareholders.

The Board and Executive Leadership Team of TWE remained committed to taking the necessary decisions and actions to strengthen our core business and lay the platforms for success.

Of course - our wonderful wines are at the heart of our Company, and at the close of this meeting, we will be serving some of the outstanding wines from our portfolio. We are fortunate to have our Chief Winemaker for Australia and New Zealand, Mark Robertson here with us today to lead you through a tasting of these superb wines.

Now - back to our performance. Under the continued leadership of Chief Executive Officer Michael Clarke, TWE delivered a very strong set of financial results. I will let Mike talk to the specifics of these results, but I will say that quality - a term that has long applied to the Company's winemaking processes, is now an appropriate descriptor for TWE's earnings.

F16 saw even greater focus and ongoing investment in the Company's portfolio of world- class brands. Significant, global marketing campaigns for our priority brands including Penfolds, Wolf Blass and Beringer were delivered across the year, with remarkable success.

We also established a dedicated team to focus on our 'Regional Gems' portfolio - some of Australia's most iconic regional wines, bringing them out of the shadows and reinvigorating them to drive growth and consumer engagement - both here in Australia and overseas.

All the while, the Company's brands earned the most prestigious awards in F16, including Wolf Blass being named 'Red Winemaker of the Year' for the third time at the 2016 International Wine Challenge in London, and Penfolds recognised as 'World's Most Admired Wine Brand' by Drinks International in March 2016.

These awards, amongst many others, acknowledge the outstanding, enduring quality of our wines.

Alongside quality, innovation is a critical growth driver for our brands, and F16 saw a strong pipeline of brand innovation supported by excellent global marketing campaigns, with highlights including Lindeman's Gentleman's Collection, The Stag and Penfolds Max's tier.

The acquisition of the Diageo Wine business on the 1st of January 2016 was a significant step change for TWE in the fiscal year, and Mike will talk more about the acquisition shortly.

We continued to transform our portfolio through the divestment of our non-priority US Commercial brand portfolio on 4 July 2016. This allows us to really focus on our core commercial brands in the US.

During the fiscal year, we also continued to reduce cost and complexity across our supply chain, maximising the use of our production facilities, disposing of non-core assets and improving capital efficiency.

Of course, the outstanding progress made by TWE in F16 would simply not have been possible without the commitment of our incredibly talented and dedicated people.

A central pillar of our five year strategy is people - we are building a high performing organisation, where collaboration, inclusion and support is the essential fabric of the culture. Our financial results are strong evidence of the great progress we have made here. We are growing capability now and for the future and building an efficient, sustainable structure to support our growth ambitions.

The Board and Executive Leadership Team at TWE continue to target financial metrics that are consistent with an investment grade credit profile. The Company's flexible Balance Sheet ensures that TWE continues to remain in a position to pursue value accretive opportunities for shareholders.

Taking the Company's financial performance over the full fiscal year into account, the Board was pleased to confirm a full year dividend of 20 cents per share, up 6 cents per share on prior year.

Later in this meeting, shareholders will be asked to vote on the re-election of three members of the Company's current Board and the election of one new member to the Board.