Press Release

The Australian Wine Exchange (AWX) and Langtons' Fine Wine Auctions are pleased to announce their association for Langtons' to offer independent research on wine to be listed on the AWX market. The wine research will be available through founding brokers of AWX Wine Class Shares.

Langton's and the AWX will also work together to enable investors to on-sell wine that has de-listed from the AWX market.

Our new association is a further vote of confidence and demonstrates the opportunity for leading organisations to participate in a new market that has broad support.

The media release is attached for your interest.

Cheers

Stephen Thompson
Chief Executive Officer
Australian Wine Exchange
P: 03 9694 2810
M: 0407 515 821




JOINT MEDIA RELEASE: JULY 25 2001

AWX Association with Langton's

Langton's to offer independent wine research on AWX listings

The Australian Wine Exchange Pty Ltd ("AWX") today announced that it has formed an association with Langton's Fine Wine Auctions ("Langtons"), Australia's leading fine wine auction house, to offer independent research on premium wine to be listed on the AWX market.

This research will be available through brokers of AWX Wine Class Shares, including E*Trade Australia, Commonwealth Securities, Salomon Smith Barney and Cameron Stockbrokers.

Langton's and the AWX will also work together to develop options to sell wine that has de-listed from the Newcastle Stock Exchange, including live auction, silent bid and Internet-based exchange services.

CEO and founder of AWX, Stephen Thompson said, "Andrew Caillard, MW from Langton's Fine Wine Auctions is a leading independent authority on Australian premium wine - especially from a secondary market perspective. He is the ideal person to provide third-party wine research for potential buyers of wine securities."

"Our agreement with Langton's will ensure that potential buyers have access to an independent assessment of the underlying wine that relates to each listing. It will also provide flexibility to those who hold an AWX Wine Class Shares through to de-listing, and then seek to realise the benefits of their investment as an aged wine using Australia's leading auctioneer", he said.

Stewart Langton, founder of Langton's Fine Wine Auctions, said "We took a leading position in the development of the secondary ultra-fine Australian wine market. We can now see this sector expanding and embracing a wider level of interest. Langton's relationship with AWX simply acknowledges the dynamic changes in this growing market and the need for well-informed independent research."

"Clearly there is a complimentary fit between Langton's and AWX. AWX will create a broad market offering of pre-release premium wine in the form of a financial security, whereas Langton's can provide auction and exchange services for aged wine after de-listing. Importantly, however, we are interested in seeing the development of a well-organised secondary market where sellers and buyers are able to trade with confidence. We have been impressed with the AWX's level of commitment and attention to detail. We sincerely look forward to working together."

For further information:

Stephen Thompson
Chief Executive Officer, Australian Wine Exchange
+61 3 9694 2888 or 0407 515 821


Stewart Langton
Managing Director, Langton's Fine Wine Auctions
+ 61 3 9662 3355 or 0414 314 311


About Australian Wine Exchange Pty Ltd http://www.awx.com.au

The Australian Wine Exchange Pty Ltd ("AWX") is creating a new capital market and niche channel of distribution of pre-release Australian wine. Our vision is to broaden participation in wine investment by making it accessible, affordable and easy as share ownership.

Prior to the retail release of a premium label, wine producers will offer a proportion of that label to the AWX to list on the Newcastle Stock Exchange ("NSX"). Initial public offers of Wine Class Shares will be issued under a prospectus and distributed by leading stockbrokers. Each label of wine relates to a separate class of Wine Class Shares. One Wine Class Share gives the holder an interest in one case of a specified branded wine that is physically settled at the maturity date.

Holdings in Wine Class Shares will be represented by CHESS* or Issuer-sponsored statements. The wine will be kept in a climate-controlled warehouse for the duration of the listing period. Toll Holdings, Australia's largest logistics company, will manage all logistics needs from wine producer to the final holder of the Wine Class Share at de-listing.

About Langton's Fine Wine Auctions http://www.langtons.com.au

For more than a decade, Langton's has been at the forefront of the Australian secondary wine market building a well-established international profile and wine industry presence. It is recognised for raising the profile and acceptance of Australian wine as an international investment commodity through its strong focus on ultra-fine Australian wine. The critically acclaimed Langton's Classification of Australian Wine and Langton's Australian Fine Wine Buying and Investment Guide are internationally recognised as authoritative investment tools. In 2001, Langton's will re-define the secondary market through its interactive - information rich - electronic wine auction site This will be followed by an electronic trading floor. In this way, Langton's Fine Wine Auctions will provide its extensive client base with more choice and flexibility in the buying and selling of wine. Langton's currently offers over 30 000 lots a year of fine and rare Australian and imported wines to an eclectic national and international audience of private and trade buyers.

In 1988, Stewart Langton in Melbourne established Langton's Fine Wine Auctions, the first specialist wine auction house in Australia. In 1989 Andrew Caillard MW established Langton's auction rooms in Sydney. In 1990, Langton's formed a unique association with Christie's Australia, consolidating Langton's position as an emerging force in Australian wine auctions. Langton's has conducted many major wine auction events in Australia since 1989, including;

1991 Classic Coonawarra
1992 Langton's Classification of Distinguished Australian Wine I
1993 The Anders Josephson Collection
1996 Langton's Classification of Distinguished Australian Wine II
1996 Penfold's Red Wine Auction
1997 The Great Wine Estates of Western Australia I
1998 Shiraz Australia
1999 The Great Wine Estates of Western Australia II
1999 'Golden Summers' A Vintage Australian Decade 1990-1999
1999 The Golden Century - 1900-1999
2000 Langton's Classification of Australian Wine III
2001 Coonawarra Barrel Series
2001 Penfold's Grange Auction
2001 The Great Wine Estates of Western Australia III.

Langton's has documented the Australian secondary wine market in many publications, an achievement not matched by any other player in the Australian wine industry. Its forthcoming Langton's Wine Index will be a distillation of over a decade of Australian wine investment data invaluable to national and international investors who require information or advice.

"Langton's Fine Wine Auctions has done more than anyone to promote the 'secondary market' for wine in this country. For years it has been the most serious wine auctioneer, a specialist wine house that has regular auctions, uses smart venues, publishes stylish catalogues and organises creative auction events, often linked to public tastings of great interest." Huon Hooke, Sydney Morning Herald.