Treasury Wine Estates : 2017 Investor Day Presentation 9 March 2017 (Napa, California)

1

2

Key takeaways from today

1. TWE is on a journey from Agri to Brand-led
2. Our core asset is our organisational talent
3. We are building brand portfolios; one portfolio at a time. TWE launching French portfolio
4. Supply will meet demand sustainably, safely and simply
5. Premiumisation & allocations ensure shareholders earn more than a standard glass return
6. Market share gains and premiumisation will deliver volume and value growth in ANZ
7. Asia will grow by volume & value and our 30-35% EBITS margin will be preserved
8. Protecting double digit EBITS margin is Europe's priority
9. Shifting from Fixing to Growth in the US is in play; EBITS margin to drive Group margin

3

TWE's strategic framework

To be the world's most celebrated wine company

To move from an order-taking agricultural business to a brand-led organisation

• Grow Priority Brands, one portfolio at a time

• Support our Regional Brands

• Premiumise our portfolio

• Invest to drive consumer pull

• Deliver bigger, better campaigns

Build a high performing organisation

• Drive an inclusive, supportive and collaborative culture

• Grow capability now and for the future

• Operate an efficient and sustainable structure

Focus on top priorities and deliver against them

4

Transform our portfolio

Win in priority markets

• Grow share in Asia through RTM and portfolio expansion

• Grow in US through premiumisation

• Strengthen no.1 position in Australia through category leadership

• Protect profitability in other key markets

• Connect and engage with consumers

• Partner with key customers to grow wine category

• Drive performance for all stakeholders

• Operate sustainably, safely and responsibly

• Create supply chain cost and quality advantage

• Address high cost structures in mature markets

• Simplify processes

Instil belief in our wines, our company and our people

Build trust by acting with integrity and holding ourselves to account

Collaborate with all stakeholders to achieve shared goals

Develop long-term relationships

Optimise our capital base