Treasury Wine Estates : Acquisition of Frank Family Vineyards Investor Presentation

onlyuse Acquisition of Frank ersonalFamily Vineyards

18 NOVEMBER 2021

Important information

The acquisition of Frank Family Vineyards ('FFV') by Treasury Wine Estates Limited ('TWE') as outlined in this presentation ('Transaction') is subject to the satisfaction or waiver of conditions precedent. Details of the key terms of the Transaction are outlined in the ASX announcement 'TWE announces the acquisition of Frank Family Vineyards' released on 18 November 2021.

Information

The material in this presentation is summary information about the Transaction, TWE and its subsidiaries and their activities, current as at the date of this presentation unless otherwise stated. It should be read in conjunction with TWE's other announcements filed with the Australian Securities Exchange, which are available at www.asx.com.au. No representation is made as to the accuracy, completeness or

onlyreliability of this presentation. This presentation should not be relied upon as a recommendation or forecast by TWE.

This presentation has been prepared by TWE and includes information provided by FFV ("FFV Information"). Additionally, TWE has undertaken a due diligence process in respect of the Transaction, which relies in part on the review of FFV Information. Although TWE has taken steps to confirm the FFV Information, it has not independently verified it and expressly disclaims any responsibility for it, to the maximum extent permitted by law. No representation or warranty, express or implied, is made as to the fairness, currency, accuracy, adequacy, reliability or completeness of the FFV Information. If any

i formation provided to, and relied upon by, TWE in its due diligence and its preparation of this presentation proves to be incorrect, incomplete, absent or misleading, there is a risk that the actual financial position and performance of FFV's business (and TWE following acquisition) may be materially different to the expectations reflected in this presentation.

Certain market and industry data used in this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither TWE nor its representatives or advisers have independently verified any market or industry data provided by third parties or industry or general publications.

useTo the maximum extent permitted by law, TWE and its related bodies corporate and affiliates (and each of their respective directors, officers, employees, partners, consultants, contractors, agents, advisers and representatives) exclude and expressly disclaim all duty and liability (including for fault or negligence) for any expenses, losses, damages or costs incurred by you as a result of the information in this pr s ntation being inaccurate or incomplete in any way for any reason.

Forward looking statements

This presentation contains certain forward looking statements, which may be identified by the use of terminology including but not limited to, 'intend', 'target', 'likely', 'could', 'aim', 'project', 'see', 'anticipate', 'estimate', 'plan', 'objective', 'believe', 'expect', 'may', 'should', 'will', 'would', 'continue' or similar words. Indicators of and guidance on future earnings and financial position, performance, illustrations of projected revenue contributions, internal management estimates, TWE's future developments and the market outlook are also forward-looking statements.

These forward looking statements are based on the information available as at the date of this presentation and are not guarantees or predictions of future performance and involve known and unknown ersonalrisks, uncertainties and other factors, many of which are beyond the control of TWE, and which may cause actual results to differ materially from those expressed or implied in such statements.

Re ders are cautioned against reliance on any forward-looking statements or guidance, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption arising in connection with COVID-19. Except as required by applicable regulations or by law, TWE does not undertake to publicly update or review any forward-looking statements, whether as a result of new

i formation or future.

No guarantee, representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this presentation. Past performance and pro forma historical information is given for illustrative purposes only. It should not be relied on and is not indicative of future perf rmance.

No offer of securities

Nothing in this presentation should be construed as either an offer or a solicitation of an offer to buy or sell TWE securities, or be treated or relied upon as a recommendation or advice by TWE. You should seek independent investment, legal, tax, accounting or such other advice as you consider appropriate before making any financial or investment decisions.

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Transaction highlights

US wine market opportunity

The world's largest wine market, where growth is being led by the luxuryprice points

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