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AUSTRALIAN VINTAGE LTD M&A Activity 2009

Dec 13, 2009

64469_rns_2009-12-13_f4e251a6-afef-4432-9e55-9399383bda99.pdf

M&A Activity

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ABN 78 052 179 932

14 December 2009

Company Announcements Australian Securities Exchange

Australian Vintage Constellation Brands Discussions ACCC Submission

Following the announcement made by Australian Vintage Limited (AVL) on 2 November 2009 that it is in discussions with Constellation Brands Inc. (CBI) which may result in a possible combining of part of CBI's Australian and U.K. wine operations with AVL in exchange for a non-controlling, 50% equity interest in the combined entity, AVL today announced that it and CBI have lodged a submission with the ACCC for informal merger clearance. If a transaction is finalized, control of the combined entity would be shared between Constellation and AVL shareholders.

The submission has been made in advance of any binding agreement being reached between CBI and AVL in order to provide the ACCC with sufficient time to consider all competition issues.

The discussions between CBI and AVL remain ongoing and it is still the case that they may not lead to such a transaction.

AVL will keep the market informed as required by the ASX Listing Rules.

Further information