TREASURY WINE ESTATES LIMITED — Director's Dealing 2012

Mar 8, 2012

I March 2Q12

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 3Y - Change of Director's lnterest Notice for David Dearie in relation to the allocation of shares under an employee restricted plan.

The delay in lodgement of the Appendix 3Y notice was due to an internal administrative oversight. The notices have been lodged immediately upon the oversight having been identified.

The Company believes it has adequate documents/procedures in place with its directors to ensure the Company is able to meet its disclosure obligations under ASX Listing Rule 3.194 and 3.198, including:

• (a) ^Arequirement that a Director must enter into a disclosure agreement with the Company on appointment, with such an agreement setting out the obligations on a Director with respect to disclosure of interests in the Company, including the requirements on lodging Appendix 3Y; and
• (b) Each Director is provided with a copy of the Company's ShareTrading Policy, which sets out the requirements in relation to share trading by a Director; and
• (c) The Company continually monitors compliance with the above mentioned documents/proced ures.

The Company's existing arrangements are considered adequate and the Company and its in notifiab aware of their obligations under ASX Listing Rule 3.194 and 3.1 98 le interests.

\ Paul roy

Go Secretary

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Appendix 3Y

Rule 3.19A.2

Change of 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.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	David Cowie Moir Dearie
Date of last notice	1 July 2011

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available 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.

Direct or indirect interest	Direct
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	N/A
Date of change	15 September 2011
No. of securities held prior to change	Nil
Class	Ordinary shares
Number acquired	14,257, pursuant to the Restricted Share Plan.
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$3.36
No. of securities held after change	132,272 (direct), held pursuant to the terms of the RSP.
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Purchased on market and held subject to restriction, pursuant to the terms of the RSP.

⁺ See chapter 19 for defined terms.

Part 2 – Change of director's interests in contracts

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

Detail of contract	N/A
Nature of interest
Name of registered holder (if issued securities)
Date of change
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
Interest after change

Dated – 9 March 2012

⁺ See chapter 19 for defined terms.