TREASURY WINE ESTATES LIMITED — Director's Dealing 2011

May 16, 2011

17 May 2011

Companies Announcement Office ASX Limited Level 45 South Tower, Rialto 525 Collins Street Melbourne VIC 3000

Treasury Wine Estates Limited (ASX:TWE)

We attach an Appendix 3X - Initial Director's Interest Notice for Maxwell Ould, which replaces the Appendix 3X previously lodged.

Paul Conrby Company Secretary Treasury Wine Estates Limited

TREASURY WINE ESTATES LIMITED ABN 24 004 373 862 77 SOUTHBANK BOULEVARD SOUTHBANK VIC 3006 AUSTRALIA WWW TWEGLOBAL COM

Rule 3.19A.1

Appendix 3X

Initial Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity	Treasury Wine Estates Limited
ABN	24 004 373 862

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Maxwell Gilbert Ould
Date of appointment	9 May 2011

Part 1 - Director's relevant interests in securities of which the director is the registered holder In the case of a trust, this includes interests in the trust made ovailable by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Number & class of securities

15,386 Ordinary Shares

• See chapter 19 for defined terms.

PaftZ - Director's relevant interests in securities of which the director is not the registered holder

In the case of a trusl this íncluiles ínterests in the trust made available by the responsible entíty of the trust

Name of holder & nature of interest Note: Provide details of the circumstances giving rise to the r€levant interest.	Number & class of Securities
Ould Superannuation Fund	17,187 Ordinary Shares

Part 3 - Director's interests in contracts

Note: In the case ofa company, interests which come within pilagraph (ii) ofthe definition of"notiûable interest ofa director" should be disclosed in this part.

Detail of contract	N/A
Nature of ¡nterest
Name of registered holder (if issued securit¡es)
No. and class of secur¡ties to which interest relates

Dated 17 May 2011

⁺ See chapter r9 for defined terms.