Conclusiones

CORPORATE SOCIAL RESPONSIBILITY

Matters of environmental and social signifi cance to the Group are addressed within the Corporate Social Responsibility (CSR) program. This program is governed by the Group’s Global CSR Council, chaired by the CEO, and comprising representatives from each region and functional area of the business.

The CSR Strategy comprises programs and initiatives to manage relevant regulatory requirements, as well as operational, physical, supply chain and marketplace opportunities and risks facing the Group.

Further detail on the Group’s CSR program, Guiding Principles, achievements and initiatives, and details of the Group’s approach to Occupational Health and Safety (OH&S) are detailed on pages 28 to 31 in this Annual Report.

ENVIRONMENTAL REGULATION

Management of environmental issues is a core element of the CSR program. The Group’s operations have a number of inputs including wine grapes, water, energy and other processing materials; and packaging materials including glass bottles and cardboard boxes. The Group’s outputs – including releases of wastes to sewers, natural waterways and land, and emissions to air – are subject to a range of licences, permits and internal policies and procedures governing operation. Additionally, the Group’s operations are subject to a number of regulatory frameworks governing energy and water consumption, waste generation and greenhouse gas reporting. Of note is the Australian

National Greenhouse and Energy Reporting (NGER) Act (2007). The Company will produce its inaugural NGER report as a standalone business under this Act in October 2012, covering the FY12 reporting year. The Group recognises the direct link between effective management of our environmental and social impacts and our business success. To this end, the Group’s environment policies, procedures and practices are designed to ensure that the Group maintains focus on resource effi ciency and continuous improvement, and that all environmental laws and permit conditions are complied with. Compliance with these regulatory and operational programs has been incorporated into relevant business practices and processes. The Company monitors its operations through a Health, Safety and Environment (HSE) Management System, overlaid with a compliance system overseen by the Audit and Risk Committee. Although the Company’s various operations involve relatively low inherent environmental risks, matters of non-compliance are identifi ed from time to time and are corrected. Where required, the appropriate regulatory authority is notifi ed.

During the year under review the Group was not convicted of any breach of environmental regulations. Under the compliance system, the Audit and Risk Committee and the Board of Directors receive six monthly reports detailing matters involving non-compliance and potential non-compliance. These reports also detail the corrective action that has been taken.

NON-AUDIT SERVICES AND AUDITOR INDEPENDENCE

The Group may decide to engage the auditor (PricewaterhouseCoopers (PwC)) on assignments additional to their statutory audit duties where such services are not in confl ict with their role as auditor and their expertise and/or detailed experience with the Company may allow cost effi ciencies for the work. Details of the amounts paid or payable to PwC for audit and non-audit services provided during the fi nancial year are set out below.

The Board has considered the position and, in accordance with advice received from the Audit and Risk Committee, is satisfi ed that the provision of non-audit services by PwC is compatible with the general standard of independence for auditors imposed by the Corporations Act 2001. The Board also notes that:

— All non-audit services have been reviewed by the Audit and Risk Committee to ensure they do not impact the actual or perceived impartiality and objectivity of the PwC and are consistent with the Committee’s rules of engagement contained in its Charter; and

— None of the services provided by PwC undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for

Professional Accountants.

During the year, the fees paid or payable for non-audit services provided by the auditor of the parent entity, its related practices and non-related audit fi rms totalled $80,000. Amounts paid or payable for audit and non-audit services are disclosed in note 29. A copy of the Auditor’s independence declaration is set out on page 46 and forms part of this report.

INDEMNITIES AND INSURANCE

Rule 40 of the Company’s Constitution provides that the Company will, to the extent permitted by law, indemnify directors and offi cers of the Group in respect of any liability, loss, damage, cost or expense incurred or suffered in or arising out of the conduct of the business of the Group or in or arising out of the proper performance of any duty of that director or offi cer.

Each director of Treasury Wine Estates Limited has entered into a Deed of Indemnity, Insurance and Access (Deed) with the Company. Several members of the senior executive team have also entered into a Deed. No director or offi cer of the Company has received a benefi t under an indemnity from the Company during the period ended 30 June 2012 or to the date of this report.

In accordance with the Company’s Constitution and the Deed, the Company has paid a premium in respect of an insurance contract that covers directors and offi cers of the Group companies against any liability arising in or out of the conduct of the business of the Group and the proper performance of any duty of that director or offi cer. Due to confi dentiality undertakings of the policy, no further details in respect of the premium or the policy can be disclosed.

ROUNDING

Treasury Wine Estates Limited is a company of the kind referred to in Australian Investment and Securities Commission Class Order 98/100 and, except where otherwise stated, amounts in the statutory fi nancial statements forming part of this report have been rounded off to the nearest one hundred thousand dollars or to zero where the amount is $50,000 or less. Dated at Melbourne 17 August 2012.

Maxwell Ould David Dearie