Retail Entitlement Offer Booklet NOT for DISTRIBUTION in the UNITED STATES
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23 OCTOBER 2015 ASX ANNOUNCEMENT Retail Entitlement Offer Booklet NOT FOR DISTRIBUTION IN THE UNITED STATES Treasury Wine Estates Limited (“TWE”) will today despatch the attached Retail Entitlement Offer Booklet and personalised Entitlement and Acceptance Forms to eligible retail shareholders. The Retail Entitlement Offer Booklet contains information in relation to TWE’s fully underwritten pro rata 2 for 15 accelerated renounceable entitlement offer (with tradeable retail entitlements) announced on 14 October 2015 (“Retail Entitlement Offer”). The Retail Entitlement Offer will close at 5.00pm (Melbourne time) on Wednesday, 4 November 2015. Only Eligible Retail Shareholders in Australia and New Zealand may participate in the Retail Entitlement Offer. The eligibility criteria for the Retail Entitlement Offer is set out in the Retail Entitlement Offer Booklet. The Retail Entitlement Offer Booklet is also available on TWE’s website at www.tweglobal.com. For further information on the Retail Entitlement Offer you should call the TWE Offer Information Line on 1800 158 360 (within Australia) or +61 3 9415 4208 (outside Australia) from 8.30am to 5.30pm (Melbourne time) Monday to Friday. If you have any further questions, you should contact your stockbroker, accountant or other professional adviser Contacts / Further information: Media Investors Roger Sharp Jane Betts Tel: +61 3 8533 3786 Tel: +61 3 8533 3493 Mob: +61 458 883 599 Mob: +61 437 965 620 IMPORTANT INFORMATION: This release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. Neither the entitlements under the Retail Entitlement Offer (“Entitlements”) nor the New Shares to be issued under the offer (“New Shares”) have been, nor will be, registered under the U.S. Securities Act of 1933 (U.S. Securities Act) or under the securities laws of any state or other jurisdiction of the United States. The Entitlements and the New Shares may not be granted to, or taken up by, any person in the United States or any person acting for the account or benefit of a person in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The Entitlements and New Shares to be offered and sold in the Retail Entitlement Offer will only be offered and sold outside the United States in “offshore transactions” (as defined in Rule 902(h) of the Securities Act) in reliance on Regulation S under the U.S. Securities Act. RETAIL ENTITLEMENT OFFER Treasury Wine Estates Limited ABN 24 004 373 862 2 for 15 pro rata accelerated renounceable rights offer of Treasury Wine Estates Limited ordinary shares at an offer price of A$5.60 per New Share. This offer closes at 5.00pm (Melbourne time) on Wednesday, 4 November 2015. NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES This Retail Offer Booklet requires your immediate attention. It is an important document which is accompanied by a personalised Entitlement and Acceptance Form and both should be read in their entirety. This Retail Offer Booklet is not a prospectus under the Corporations Act 2001 (Cth) (Corporations Act) and has not been lodged with the Australian Securities & Investments Commission (ASIC). Please call your stockbroker, accountant or other professional adviser or the TWE Offer Information Line on 1800 158 360 (within Australia) or +61 3 9415 4208 (outside Australia) if you have any questions. Defined terms used in these important notices have the described in this Retail Offer Booklet (Entitlements) (Retail meaning given in this Retail Offer Booklet. Entitlement Offer) nor the New Shares have been, or will be, registered under the US Securities Act of 1933, as amended NOT FOR DISTRIBUTION OR RELEASE IN THE (US Securities Act) or the securities laws of any state or other UNITED STATES. jurisdiction of the United States. The Entitlements may not be Future performance and forward looking statements issued to, purchased by, or taken up or exercised by, and the This Retail Offer Booklet contains certain “forward looking New Shares may not be offered or sold to, persons in the United statements”, including but not limited to projections, guidance States or persons who are acting for the account or benefit of a on future revenues, earnings, margin improvement, other person in the United States. Neither the Entitlements nor the potential synergies and estimates, the timing and outcome New Shares may be offered, sold or resold in the United States of the Diageo Wine acquisitions, the outcome and effects of or to persons acting for the account or benefit of a person in the entitlement offer and the use of proceeds, and the future the United States except in a transaction exempt from, or not performance of Diageo Wine and Treasury Wine Estates Limited subject to, the registration requirements of the US Securities (ABN 24 004 373 862) (TWE) post-acquisition. Forward looking Act and the applicable securities laws of any state or other statements can generally be identified by the use of forward jurisdiction in the United States. The Entitlements and the looking words such as “expect”, “anticipate”, “likely”, “intend”, New Shares in the Retail Entitlement Offer will be sold only “propose”, “should”, “could”, “may”, “predict”, “plan”, “will”, in “offshore transactions” (as defined in Rule 902(h) under the “believe”, “forecast”, “estimate”, “target”, “outlook”, “guidance”, US Securities Act) in reliance on Regulation S under the US “potential”, and other similar expressions within the meaning of Securities Act. securities laws of applicable jurisdictions. Withholding tax The forward looking statements contained in this Retail This Retail Offer Booklet refers to the potential payment of Offer Booklet are not guarantees or predictions of future a Retail Premium to certain investors. TWE may be required performance and involve known and unknown risks and to withhold Australian tax in relation to payments to certain uncertainties and other factors, many of which are beyond investors under applicable laws. References to the payment of the control of TWE, its Directors and management, and may the Retail Premium in this Retail Offer Booklet should be read involve significant elements of subjective judgement and as payments net of any applicable withholding taxes. assumptions as to future events which may or may not be References to “you” and “your Entitlement” correct. Refer to the “Key Risks” section of the TWE Investor Presentation included in Section 5 of this Retail Offer Booklet In this Retail Offer Booklet, references to “you” are references for a summary of certain general, TWE specific and acquisition to Eligible Retail Shareholders (as defined in Section 6.1) specific risk factors that may affect TWE. There can be no and references to “your Entitlement” (or “your Entitlement assurance that actual outcomes will not differ materially from and Acceptance Form”) are references to the Entitlement these forward looking statements. A number of important (or Entitlement and Acceptance Form) of Eligible Retail factors could cause actual results or performance to differ Shareholders. materially from the forward looking statements, including Times and dates the risk factors included in the TWE Investor Presentation Times and dates in this Retail Offer Booklet are indicative only included in Section 5 of this Retail Offer Booklet. Investors and subject to change. All times and dates refer to Melbourne should consider the forward looking statements contained time. Refer to the “Key Dates” section of this Retail Offer in this Retail Offer Booklet in light of those disclosures. The Booklet for more details. forward looking statements are based on information available to TWE as at the date of this Retail Offer Booklet. Currency Except as required by law or regulation (including the ASX Unless otherwise stated, all dollar values in this Retail Offer Listing Rules), TWE undertakes no obligation to provide any Booklet are in Australian dollars (A$ or AUD). additional or updated information whether as a result of new Trading Entitlements and New Shares information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial TWE will have no responsibility and disclaims all liability position or performance are also forward looking statements. (to the maximum extent permitted by law) to persons who trade Entitlements before they receive their Entitlement and Past performance Acceptance Form, whether on the basis of confirmation of Investors should note that past performance, including the the allocation provided by TWE or the TWE Share Registry past share price performance of TWE and the pro forma or otherwise, or who otherwise trade or purport to trade historical information in the TWE Investor Presentation Entitlements in error or which they do not hold or are not included in Section 5 of this Retail Offer Booklet, is given entitled to. for illustrative purposes only and cannot be relied upon as TWE will have no responsibility and disclaims all liability an indicator of (and provides no guidance as to) future TWE (to the maximum extent permitted by law) to persons who performance including future share price performance. The trade New Shares they believe will be issued to them before pro forma historical information is not represented as being they receive their holding statements, whether on the basis of indicative of TWE’s views on its future financial condition and/ confirmation of the allocation provided by TWE or the TWE or performance. Share Registry or otherwise, or who otherwise trade or purport Jurisdictions to trade New Shares in error or which they do not hold or are not entitled to. This Retail Offer Booklet, and any accompanying Australian Securities Exchange (ASX) announcements and the Entitlement If you are in any doubt, as to these matters you should first and Acceptance Form, do not constitute an offer to sell, or consult with your stockbroker, accountant or other professional a solicitation of an offer to buy, any securities in the United adviser.