(ASX:TWE) Acquisition of DAOU Vineyards and Equity Raising – Investor Presentation

Presentation (PDF)

Highlights:

● Treasury Wine Estates (“TWE”) to acquire DAOU, a leading US luxury wine brand of scale, for an upfront consideration of US$900m

● Accelerates TWE’s luxury-led portfolio premiumisation focus, with the luxury portfolio contributing approximately 50% of global Group NSR post acquisition − Strengthens growth profile and enhances key operating and financial metrics: NSR and EBITS growth, NSR/9le, EBITS margin

● Establishes Treasury Americas as a leading and iconic US luxury wine business

● Highly strategic transaction which fills a key gap in the Treasury Americas portfolio at US$20-40 per bottle and strengthens the existing portfolio above US$40 per bottle

● Provides the scale to support a future standalone Treasury Americas Luxury division

● The acquisition is expected to deliver mid to high single digit EPS accretion in F25, the first full year of ownership1

● Acquisition to be funded by a combination of debt and equity, including placement of shares to current owners of DAOU