1. 9 February 2015

2. PINOT GRIS Hard to find and very little available on the spot market. ‘Tied’ deals emerging in the domestic market place, reflecting the tight market. SAUVIGNON BLANC A lot of recent buying activity for V15 grapes, and V14 wine, especially in Inland Irrigated regions. Demand is driven by growth in increased Domestic & UK sales of Sauvignon Blanc by major wine companies.

3. CHARDONNAY Also a lot of recent buying activity for V15 grapes, and V14 wine, especially in Inland Irrigated regions. A very big CHA crop in V13, followed by a short CHA crop in V14, means CHA stocks are currently low. COLOMBARD, SEMILLON & DRY WHITE All these varietals are experiencing upward pressure on price and increased demand as a result of increased demand for Chardonnay. Very little older vintage whites at bargain prices now available.

4. SHIRAZ A big crop in 2013, followed by an equally big crop in 2014, means that supply exceeds demand for 2015 Shiraz. Good bargains around for 2013 Shiraz and soon, 2014 Shiraz. A good opportunity exists for Australian Shiraz, due to abundant supply and soft prices. MERLOT It has been difficult to get traction with Australian Merlot in international markets. A lot will end up as blending wine. A good opportunity with this varietal since it is also in abundant supply and prices are soft.

5. GORDO/MOSCATO Higher prices for several years stimulated additional plantings. Now in abundant supply. IN SUMMARY Most Whites (except floral muscats) are now in shorter supply Most Reds are now in longer supply. A reversal of the supply position from 2 years ago. Good price/quality opportunity for reds.

6. PREMIUM REGIONS Wet winter but very dry spring in most South Australian premium regions. Crops generally expected to be a bit smaller than average. INLAND IRRIGATED REGIONS Dry winter and dry spring in 3 major inland irrigated regions (Griffith, Mildura, Riverland). Crops generally expected to be good. Major rain 8-13 January, did not end up causing much damage due to almost perfect ripening conditions since then. BAROSSA Spring frosts again in October 2014, leading to crop losses, and another short crop. HUNTER VALLEY A wet harvest, now fully underway, with conditions difficult.

7. 2015 VINTAGE A wine grape crop of around 1.7mT expected - about average. More likely to be lower than higher, due to dry spring and summer. Premium regions seem to be more affected than inland irrigated regions by the dry growing season. 2014 VINTAGE Was about the same: 1.7mT, again average. 2013 VINTAGE 2013 crush was 1.83mT, which was clearly a year of abundant supply.

8. FREE TRADE AGREEMENTS FTA’s have recently been signed with China, South Korea and Japan. All are quite favourable for Australian wine, stimulating interest in these markets. AUD$ DEPRECIATION AUD$ is falling against US$ and UK₤ stimulating interest in these markets after nearly a decade of steadily declining market share. AUD$ is not really falling against the €Euro.

9. GRAPE & BULK WINE PRICES Generally steady or lower grape and wine prices Except Barossa, which is in a world of its own! OVERALL Generally improved competitiveness in many, but not all, markets for Australian wine. Reflected in a more positive mood amongst Australian winemakers.