Perpetual Limited — Major Shareholding Notification 2011

May 11, 2011

Form 603

Corporations Law Section 671B

Notice of initial substantial holder

To Company Name/Scheme TREASURY WINE ESTATES LIMITED

ACN/ARSN 004 373 862

1.	Details of substantial holder (1)
Name		PERPETUAL LIMITED and subsidiaries
	ACN (if applicable)	000 431 827

The holder became a substantial holder on _10_ /_05_/_2011_

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Persons' votes (5)	Voting power (6)
Ordinary	42,490,861	42,490,861	6.54%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Refer annexure1 & 2

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph above are as follows:

Holder of relevant interest	Registered holder ofsecurities	Persons entitled to beregistered as holder (8)	Class and number ofsecurities
Refer annexure 1

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number ofsecurities
Refer annexure 3		Cash	Non - Cash

Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN (if applicable)	Nature of association
Refer to Annexure 1 & 2

6. Addresses

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

Name	Address
Refer to Annexure 1

Signature

Print name GLENDA CHARLES Capacity DEPUTY COMPANY SECRETARY

ANNEXURE 1 - Perpetual Investments Account Codes & Details

Perpetual Investments Management Limited (PIML), subsidiary of Perpetual Limited, as Responsible Entity for:

INTERNAL CODE	ACCOUNT DETAILS	REGISTRATION DETAILS
ALL 'PC' CODES	RBC Dexia Investor Services TrustACF: PIML (Select Investments)RBC Dexia Investor Services Australia Pty LimitedGPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustACF: PIML (Select Investments)RBC Dexia Investor Services Australia Pty LimitedGPO Box 5430 Sydney NSW 2001
PCEF	RBC Dexia Investor Services TrustACF: Perpetual's Wholesale Concentrated Equity FundAccount Code: PICEFGPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001
PCCEF	RBC Dexia Investor Services TrustACF: PIML (Select Investments)Account Code: PCCEFGPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIBIAS	RBC Dexia Investor Services TrustACF: Perpetual's Benchmark Industrial Australian Share FundAccount Code: PIBIASGPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIGPVF	RBC Dexia Investor Services TrustACF: Perpetual's Pure Value 2 Share FundAccount Code: PIGPVFGPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIGSFP	RBC Dexia Investor Services TrustACF: Perpetual's Australian Share FundAccount Code: PIGSFPGPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIICAP	RBC Dexia Investor Services TrustACF: Perpetual's Investor Choice FundAccount Code: PIICAPGPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIISF	RBC Dexia Investor Services TrustACF: Perpetual's Industrial Share FundAccount Code: PIISFGPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIRAF	RBC Dexia Investor Services TrustACF: Perpetual Resources FundAccount code: PIRAFGPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001
PISINP	RBC Dexia Investor Services TrustACF: Perpetual's Investor Choice FundAccount Code: PISINPGPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001
PISMA1	RBC Dexia Investor Services TrustACF: Perpetual's Australian Share FundAccount Code: PISMA1GPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001
PISMA2	RBC Dexia Investor Services TrustACF: Perpetual's Australian Share FundAccount Code: PISMA2GPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001
PIWGAP	UBS Nominee Pty LtdACF: Perpetual Wholesale Geared Australian Share FundAccount code: A111266C/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	UBS Nominee Pty LtdLevel 16, Chifley Tower2 Chifley SquareSydney NSW 2000
PIWCPF	UBS Nominee Pty LtdACF: PI Protected Aust Share Fund AAccount code PIWCPFC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	UBS Nominee Pty LtdLevel 16, Chifley Tower2 Chifley SquareSydney NSW 2000
PIWJPI	RBC Dexia Investor Services TrustACF: Perpetual JF Wholesale Prop Income FundAccount Code: PIWJPIGPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001

PIWQLS	UBS Nominee Pty LtdACF: Perpetual QI Long Short FundAccount code: A1025745C/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	UBS Nominee Pty LtdLevel 16, Chifley Tower2 Chifley SquareSydney NSW 2000
PIWSPF	UBS Nominee Pty LtdACF: Perpetual Wholesale Share Plus FundAccount code: A111267C/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	UBS Nominee Pty LtdLevel 16, Chifley Tower2 Chifley SquareSydney NSW 2000
PMWSC	RBC Dexia Investor Services TrustACF: Perpetual Wholesale Smaller Company FundAccount Code: PIWSCSGPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001
PMWSRF	RBC Dexia Investor Services TrustACF: Perpetual Wholesael Ethical FundAccount Code: PIWSRFGPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001

Perpetual Investments Management Limited (PIML), subsidiary of Perpetual Limited, as Trustee for:

Perpetual Investments Management Limited (PIML), subsidiary of Perpetual Limited, under Investment Management Agreements with:

INTERNAL CODE	ACCOUNT DETAILS	REGISTRATION DETAILS
CBAISF	Citicorp Nominees Pty Ltd.ACF: Commonwealth Aust Shares Fund 4Account Code:PICISFC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	Citicorp Nominees Pty LtdA/C EASS04GPO Box 764GMelbourne VIC 3001
NSWTC	Cogent Nominees Pty LtdACF: NSW Treasury CorporationAccount Code: PINSWTC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	Cogent Nominees Pty LimitedA/C HGFPTEP.O. Box R209 Royal ExchangeSydney NSW 1225
PIACT	JP Morgan Chase Nominees LtdACF: Australian Capital Territory TreasuryAccount Code: PIACTC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 32512Locked Bag 7, Royal Exchange Sydney NSW 2000
PIAVIV	JP Morgan Chase Nominees limitedACF: NAVIGATOR AUSTRALIA LIMITEDAccount Code: PIAVIVC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 58815Locked Bag 7, Royal ExchangeSydney NSW 2000
PICATH	National Australia Custodian ServicesACF: CATHOLIC SUPER FUND PTY LTDAccount Code: PICATHC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	National Australia Custodian ServicesA/C CDPRDE/17392-10Level 21, 500 Bourke StMelbourne VIC 3000
PIEFM6	Cogent Nominees Pty LtdACF: EFM Australian Share Fund 6Account Code: PIEFM6C/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	Cogent Nominees Pty LimitedA/C WTXME6P.O. Box R209 Royal ExchangeSydney NSW 1225
PIFIRS	National Nominees LtdACF: FIRST SUPER MANDATE AUSTRALIAAccount Code: PIFIRSC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	National Australia Custodian ServicesA/C 16444-14Level 21, 500 Bourke StMelbourne VIC 3000
PIHEAL	JP Morgan Chase Nominees limitedACF: HEALTH SUPER PTY LTDAccount Code: PIHEALC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 74805Locked Bag 7, Royal ExchangeSydney NSW 2000
PIHEST	JP Morgan Chase Nominees limitedACF: HEST Australia LimitedAccount Code: PIHESTC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 33112Locked Bag 7, Royal ExchangeSydney NSW 2000

PILGSS	JP Morgan Chase Nominees limitedACF: HEST Australia LimitedAccount Code: PILGSSC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2002	JP Morgan Chase NomineesA/C 56466Locked Bag 7, Royal ExchangeSydney NSW 2000
PILUCR	JP Morgan Chase Nominees LtdACF: LUCRF PTY LTD MANDATEAccount code: PILUCRC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2000	JP Morgan Chase NomineesA/C 58865Locked Bag 7, Royal ExchangeSydney NSW 1999
PIMEDA	Cogent Nominees Pty LtdACF: MEDIA SUPER SMALLER COMPANIES FUNDAccount code: PIMEDAC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2000	Cogent Nominees Pty LtdA/C PISPTEP.O. Box R209, Royal ExchangeSydney NSW 1225
PIRAEO	State Street Australia LimitedACF: RUSSELL AUSTRALIAN OPPORTUNITIES FUNDAccount code: PIRAEOC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2000	State Street Australia LimitedA/C BT7BLevel 18, 338 Pitt StreetSydney NSW 2000
PISTCF	JP Morgan Chase Nominees LtdACF: SAS Trustee CorporationAccount code: PISTCFC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 34893Locked Bag 7, Royal ExchangeSydney NSW 2000
PITWUS	National Nominees LtdACF: TWU SUPERANNUATIONAccount Code: PITWUSC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	National Australia Custodian ServicesA/C TUPPAE/16448-28Level 21, 500 Bourke StMelbourne VIC 3000
PMCBUS	National Nominees LtdACF: Construction & Building Union Superannuation FundAccount Code: PICBUSC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	National Australia Custodian ServicesA/C CBPFAE/5267-15Level 21, 500 Bourke StMelbourne VIC 3000
PMCGSF	Citicorp Nominees Pty LtdACF: Commonwealth Aust Shares Fund 11Account Code: PICGSFC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	Citicorp Nominees Pty LtdA/C EASS11GPO Box 764G Melbourne VIC 3001
PMCPSF	Citicorp Nominees Pty LtdACF:Commonwealth Property Fund 3Account Code: PICPSFC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	Citicorp Nominees Pty LtdA/C EPSS03GPO Box 764G Melbourne VIC 3001
PIAUST	JP Morgan Chase Nominees LimitedACF: Australian Super Ethical SRI FundAccount Code: PIAUSTC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 36018Locked Bag 7 Royal ExchangeSydney NSW 2000
PMHOST	JP Morgan Chase Nominees LimitedACF: Host - Plus Pty LtdAccount Code: PIHOSTC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 20004Locked Bag 7 Royal ExchangeSydney NSW 2000
PMSTA	JP Morgan Chase Nominees LimitedACF: Super Trust of AustraliaAccount Code: PISTAC/- RBC Dexia Investor Services Australia Nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	JP Morgan Chase NomineesA/C 40909Locked Bag 7 Royal ExchangeSydney NSW 2000
QITE2	RBC Dexia Investor Services TrustACF: Quantitative Investments TE 2 Equity FundAccount Code: PIQTE2GPO Box 5430 Sydney NSW 2001	RBC Dexia Investor Services TrustGPO Box 5430 Sydney NSW 2001
T2	Perpetual Trustee Company Limited(Private Client Division)	Perpetual Trustee Company LimitedGPO Box 4172 Sydney NSW 2001
T3	Perpetual Trustees Victoria Limited(Private Client Division)	Perpetual Trustee Company LimitedGPO Box 4172 Sydney NSW 2001

T4	Perpetual Trustees Queensland Limited(Private Client Division)	Perpetual Trustee Company LimitedGPO Box 4172 Sydney NSW 2001
T6	Perpetual Trustees WA Limited(Private Client Division)	Perpetual Trustee Company LimitedGPO Box 4172 Sydney NSW 2001
T7	Perpetual Trustee Company Canberra Limited(Private Client Division)	Perpetual Trustee Company LimitedGPO Box 4172 Sydney NSW 2001
TEL	National Nominees LimitedACF: Telstra Superannuation Pty LimitedAccount Code: PITELC/- RBC Dexia Investor Services Australia nominees Pty LimitedGPO Box 5430 Sydney NSW 2001	National Australia Custodian ServicesA/C 3093-15 TSPPAELevel 21, 500 Bourke StreetMelbourne VIC 3000

Perpetual Limited GPO BOX 4172 Sydney NSW 2001

ANNEXURE 2

PRESENT RELEVANT INTERESTS

Summary (Perpetual Ltd)
File
TWE (TREASURY WINE ESTATE)		Portfolios▾▏▾╎
Porfolio	Fund	Holdings
$\triangledown$ PCOSFP	PC	75,626
$\mathcal V$ PIACT	PM	475,384
PIWGAP	PM	1,702,896
$\mathcal V$ PIICAP	PM	400,180
$\mathcal V$ TEL	PM	1,741,288
$\mathcal V$ PIRAEO	PM	447,870
$\mathcal V$ PILUCR	PM	263,113
$\mathcal V$ PILGSS	PM	528,498
$\sqrt{\ }$ PMHOST	PM	1,113,160
$\triangleright$ PIEFM6	PM	1,132,377
$\sqrt{\ }$ PMCGSF	PM	232,730
$\triangleright$ PMSTA	PM	4,774,729
$\triangleright$ PCEF	PM	3,335,557
$\mathcal V$ PICATH	PM	734,614
PIWSPF	PM	316,666
$\mathcal V$ CBAISF	PM	1,905,408
$\mathcal V$ PMCBUS	PM	3,582,541
$\mathbf{V}$ PITWUS	PM	466,403
$\mathcal V$ NSWTC	PM	1,084,817
$\triangleright$ PMISF	PM	8,608,441
$\mathcal V$ PIGSFP	PM	2,823,777
$\mathcal V$ PIHEAL	PM	897,083
$\mathbf{V}$ PIFIRS	PM	349,147
$\mathcal V$ PCAEPR	PC	886,501
$\mathcal V$ PIHEST	PM	2,443,056
PIAVIV	PM	220,250
$\mathcal V$ PISINP	PM	1,315,416
$\mathcal V$ PIBIAS	PM	633,333

ANNEXURE 3

CHANGES IN RELEVANT INTERESTS

Account	Security	Volume	Value	Price		AsAtDate
PIWSPF	TWE	90,476	288,510	$	3.19	10/05/2011
PIWSPF	TWE	59,524	190,596	$	3.20	10/05/2011
PIWSPF	TWE	166,666	-	$	-	11/05/2011
PISINP	TWE	120,733	386,587	$	3.20	10/05/2011
PISINP	TWE	183,515	585,193	$	3.19	10/05/2011
PISINP	TWE	478,213	-	$	-	11/05/2011
CBAISF	TWE	266,130	848,635	$	3.19	10/05/2011
CBAISF	TWE	175,086	560,625	$	3.20	10/05/2011
CBAISF	TWE	691,124	-	$	-	11/05/2011
PMISF	TWE	1,202,347	3,834,044	$	3.19	10/05/2011
PMISF	TWE	791,017	2,532,836	$	3.20	10/05/2011
PMISF	TWE	3,125,596	-	$	-	11/05/2011
PIEFM6	TWE	157,532	502,338	$	3.19	10/05/2011
PIEFM6	TWE	103,640	331,855	$	3.20	10/05/2011
PIEFM6	TWE	410,940	-	$	-	11/05/2011
PIHEAL	TWE	897,083	-	$	-	11/05/2011
PICATH	TWE	734,614	-	$	-	11/05/2011
PCAEPR	TWE	829,836	-	$	-	11/05/2011
PCEF	TWE	3,335,557	-	$	-	11/05/2011
PIACT	TWE	475,384	-	$	-	11/05/2011
PIAVIV	TWE	220,250	-	$	-	11/05/2011
PIBIAS	TWE	633,333	-	$	-	11/05/2011
NSWTC	TWE	1,084,817	-	$	-	11/05/2011
PISINP	TWE	532,955	-	$	-	11/05/2011
TEL	TWE	1,741,288	-	$	-	11/05/2011
PMSTA	TWE	4,774,729	-	$	-	11/05/2011
PMISF	TWE	3,489,481	-	$	-	11/05/2011
PMHOST	TWE	1,113,160	-	$	-	11/05/2011
PMCGSF	TWE	232,730	-	$	-	11/05/2011
PMCBUS	TWE	3,582,541	-	$	-	11/05/2011
PIFIRS	TWE	349,147	-	$	-	11/05/2011
PITWUS	TWE	466,403	-	$	-	11/05/2011
PIRAEO	TWE	447,870	-	$	-	11/05/2011
PILGSS	TWE	528,498	-	$	-	11/05/2011
PILUCR	TWE	263,113	-	$	-	11/05/2011
PIICAP	TWE	400,180	-	$	-	11/05/2011
PIHEST	TWE	2,443,056	-	$	-	11/05/2011
PIGSFP	TWE	2,823,777	-	$	-	11/05/2011
PIWGAP	TWE	1,702,896	-	$	-	11/05/2011
PIEFM6	TWE	460,265	-	$	-	11/05/2011
CBAISF	TWE	773,068	-	$	-	11/05/2011
PCOSFP	TWE	75,626	-	$	-	10/05/2011
PCAEPR	TWE	56,665	-	$	-	10/05/2011