Ann: Company Update, page-85

Massive misread / mispricing looks like due to misplaced china concerns.

Plenty of evidence around that Aus wine brands are looking to lower pricing for Dec/Jan to offset the loss of volume overseas. Loser in this is imports as the comparison between french / italian wine and exclusive Australian brands rebalances. Winner is distributors/service providers to domestic wine makers eg DW8 as more volume flows from winery to venue/consumer rather than winery to boat / airport. This at the same time as Christmas and NY (peak peak), WDA integration (massive new volume) and these massive sign-ups (Jacobs Creek!) is incredibly positive. But the market must absorb this.

Hence looking forward to a hockey stick in SP terms in January / February. I think some quiet time late December as people take leave and reflect might see some rebalancing into this stock as well - this time of year everyone's quite reactive. Couple of soft weeks despite awesome Ann.

Well done Dean and team..