Treasury Wine Estates : Appendix 3Y - Change of Director's Interest Notice

18 November 2020

Company Announcements Office

ASX Limited

20 Bridge Street

SYDNEY NSW 2000

Via: Online Lodgement

Change of Director's Interest Notice - Lauri Shanahan

The attached Appendix 3Y relates to changes in relevant interests in the Company's securities held by Non-Executive Director of Treasury Wine Estates Limited, Lauri Shanahan.

For the purposes of ASX Listing Rule 15.5, Treasury Wine Estates Limited confirms that this document has been authorised for release to the market by the Chairman of the Board.

Yours sincerely

Kirsten Gray

Chief Corporate Services Officer and Company Secretary

T R E A S U R Y W I N E E S T A T E S L I M I T E D

A B N 2 4 0 0 4 3 7 3 8 6 2

L E V E L 8 , 1 6 1 C O L L I N S S T R E E T

M E L B O U R N E V I C 3 0 0 0 A U S T R A L I A

W W W . T W E G L O B A L . C O M

Appendix 3Y

Change of Director's Interest Notice

Rule 3.19A.2

Appendix 3Y

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 30/09/01 Amended 01/01/11

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	LAURI SHANAHAN
Date of last notice	29 October 2018

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	Indirect interest
Nature of indirect interest	Interest in ordinary shares of Treasury Wine Estates
(including registered holder)	Limited (TWE) held in the form of American Depositary
Note: Provide details of the circumstances giving rise	Shares (ADSs) held by custodian HSBC Custody
to the relevant interest.	Nominees (Australia) Limited
Date of change	13 November 2020
No. of securities held prior to change	Indirect interest in TWE ordinary shares held in the
	form of 11,559 ADSs, held by custodian HSBC
	Custody Nominees (Australia) Limited
Class	ADSs over ordinary shares in TWE
	1 ADS = 1 ordinary share fully paid
Number acquired	3,666 ADSs
Number disposed	Nil
Value/Consideration	US$6.81 per ADS
Note: If consideration is non-cash, provide details and
estimated valuation

• See chapter 19 for defined terms. 01/01/2011 Appendix 3Y Page 1

Appendix 3Y

Change of Director's Interest Notice

No. of securities held after change	Indirect interest in TWE ordinary shares held in the
	form of 15,225 ADSs, held by custodian HSBC
	Custody Nominees (Australia) Limited
Nature of change	On market purchase of ADSs in the United States
Example: on-market trade, off-market trade, exercise
of options, issue of securities under dividend
reinvestment plan, participation in buy-back

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

Part 3 - +Closed period

Were the interests in the securities or contracts detailed	No
above traded during a +closed period where prior written
clearance was required?
If so, was prior written clearance provided to allow the	N/A
trade to proceed during this period?
If prior written clearance was provided, on what date was	N/A
this provided?

+ See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011