Australian Vintage Limited announces the departure of Chief Executive Officer, Mr. Craig Garvin, effective immediately. Current AVG non-executive director Peter Perrin has been appointed Acting Chief Executive Officer. After careful consideration and discussion between Mr. Garvin and the Board, the Board has terminated Mr. Garvin's employment for engaging in conduct that, in its view, displayed a lack of judgement and was inconsistent with the values of the company and the high standards expected of its Chief Executive Officer.

The departure of Mr. Garvin should have no impact on the preliminary discussions between AVG and Accolade Wines on a potential transaction, as previously disclosed to the ASX on 26 February 2024. These discussions are continuing, although there remains no certainty that any transaction will eventuate. An extensive global search process has commenced to appoint a permanent CEO.

The Board is appreciative that Mr. Perrin has accepted the role of Acting CEO. Mr. Perrin brings a wealth of high-level wine industry experience as a past manager and director of a number of large listed, private and boutique wine companies in Australia, the United States and New Zealand over a 40-year wine career that focused on sales and marketing both in Australia and overseas. He is a trustee and honorary life member of the Wolf Blass Foundation.

Mr. Perrin is Chairman of the AVG Board's Risk and Sustainability Committee and member of the People, Remuneration and Culture Committee.