Treasury Wine Estates : Notice of Change of Interests of Substantial Shareholder 1 May 2017

05/01/2017 MON 17:47 FAX 4143 08305 Arti an Partner li.l] O O l/007

All "I' S A N ;· : P A R T N E R S

FAX

To: Market Announcements Office

Corporation: ASX

Fax: 61 2 9347 0005

From: Benjamin Prokash

Phone: 1414 299 4315

Date: 1 May 2017

Subject: Notice of change of interests of substantial holder

# of Pages: 7 (including cover page)

Notes: Please find the attached Form 604, Notice of change of interests of substantial holder with respect to Artisan Partners Limited Partnership. A copy of this has also been sent to Treasury Wine Estates Ltd.

This fac,lmllo 1ransm1sslon IS Intended only for the addressee Indicated above. It may contain Information that Is prlVlleged, confidential, or oth@rwlt!l! pl'OI@Ctl!d ftom dlclo$1,m!! urider applli:able laws. Any l'ev'!ew, dissernlnatlon ol' use of this tr"nsmlsslon or lts contents by persons other than the addressee 1, stnctly prohibited. If you are not the addressee, please dispose of these materials.

i,7.5 l!.A:5r wli!i'.:ON:SIN AVl!.NUe :SIJITE !100 I MILWAUKEE WI 53202-5402. I TELEPHONE I WWW.ARTISANPARTNERS. COM

05/01/2017 MON 17:47 FAX 4143 08305 Arti an Partner li.l] O O Z/007

604 Page 1 013 15 JUly 2001

Form 604

Corporation• Act 001 Sootlon 871B

Notice of change of interests of substantial holder

Tu_ Company Nome/Soham• ACNIARSN

Treaury Wine Batates Ltd

004 373 862

1.Det.allo ol oubalanllal holder (1)

Artisan Partner& Asset Mna9ement Inc. (APAM) and its related bodias

corporate li•t•d in Anneure A

Name

ACN/ARSN (ii appllOablO)

Eri R. Colaon, Charle• . Oaley apd aregory K. Ramir•z (Stockholders

Committee Members)

There wss a ohange In the intere6ts of t11a

substanllal holder on

The pre11lo1,1j;j notice was given to lhe company on

TM J)IO/IOU$ ootle& was doled

2. Prevloue and pntsent votlrag power

28/04/17

l/.Ql/!1

10/03/17

The total number of vot1;1a a1tato all the vollng shares In the company or votlr'lg l11a,eists In the scheme that the substantial holdar or an ae,soclalEI () M1;1:l;I relevanl Interest (3) In when last required, arid when now required, to give a substantial holding noUee to the company or scheme, are as follows:

3, Changaa In relev111n1lnter•eb

Partlculars of each ohange in, or change In the nature of, a relevant Interest of the substantial holdeir or en s.ssoolale Involing aeeurilles of the company or ccheme, since the substantlal holder was l1;1st required to giVEI a s1,.1 tnUal holdlng nollce to the company ot scheme are aa 1011owo:

r.tartloulara or each ralevent lnterasL of tha substantlal holder In voting securities alter the changa are aa follows;

05/01/2017 MON 17:48 FAX 4143 08305 Arti an Partner li.l]003/007

604 Page 2 o13 15 July 2001

5. Ch111nges In 1111asocl&llon

The persons who have become associates (2) of, ceased to be associates ot, or have changed the nalure ol th(:llr association (9) with,lhe

eub!iltlilnUal holder in relalion to vollng interests in the oompany or scheme are as followa;

e. Addreue1

The addresses of persons named In this form are as follows:

Signature

Prtnea aae MP-«geen InQ,

print name aragory K. Ramirez oapocily Viae Preaident ofArtian

dato 01/05/1'7

DIRECTIONS

(1) H there are a number of substentlal holders wllh slmllar or related relevanl lnteresls (eg. a corporation and lls related oorporalions, or the manager and trustee ol an equity trust), the names could be included in an annexure to the form. IIthe relevant lntereets of a group ol pareona are essentially almllar, they moy ba referred to throughout the form aa a specifically named group If IM memberehlp ol ooch group, with the names and 11.ddressQs of members Is clearly set out In paragraph 6 of the tom,.

(2) Seo tho dollnlllon of "asaoclato" in aoclion 9 of tho Corporations Act 2001.

(S) Seo the definition 01 "relevant Jnteresl" In aecliona eoe and 6718(7) of the Corporation• Act 2001.

(4) The voting shares of a company constitute one class unless divided inlo separate claeaeij,

(6) The person's votes divided by the tolal voles In the body corporate or scheme multiplied by 100.

1. Include datalls of:

2. any relevant agreement or omer c1rcume1ancea because of Wfllch u,a cnange In relevant lntaraet occurred. If subsection 6718(4) applles, a copy of any document setting out the terms of Qny relevant ar;ireement 1 and a stBtement by the person giving full and ac:ourate details of any con1rac1, scheme or 1;1rrengamen11 must ac:company this form, 1oga1h0r wllh a written statement cenlfylng lhls contract, scheme or errengement: and

3. .any qualification. of the powar of a person to 1;1x1;1rcl e. control th& axeiri::lse of, or Influence the exercise of 1 the voting powers or dlsposal of the securities to which the releivent lnteireist relates (Indicating clearly the partlcular securities to which the quallfloallon applies).

   Sea lha dallltlo of "1a1avant agraomanl" 1 oecllM 9 of Iha Co,po,atlono Act 2001.

4. Details of the consideration must include any and all benelits, money and other, that any person from whom a relevant Interest was acquired has, or may1 become entltled 10 receive In relatlon 10 that acquisition. Oetalls must be Included E1Ven If the benefit ls condlllonal on lhe happening or not of a contingency. Details must bB Included of any benetll paid on behalf of lhe subslanllal holder or Its associate In relation to the acquisitions, even Ir they are not paid dlreclly to lhe person from whom the relevant interest was acquired.

5. U lhe substantial holder Is unable 10 determine the ldentlly of the person (eg. If the relevant lnlereat arises because of an option} write

6. 05/01/2017 MON 17:48 FAX 4143 08305 Arti an Partner li.l]004/007

   604 Pago 3 ol 3 15 July 2001

   (9) Give delall.s, If appropriate, ol lhe pnsent association and any change In that association since the last substantlal holding notice.