Foley Wines Limited — AGM Information 2021

Nov 17, 2021

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Annual Shareholders Meeting 2021

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ASM 2021 Agenda

Introduction Formalities CEO’s presentation Shareholder questions Resolutions Conduct of voting General business Meeting close

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ASM 2021 Introductions

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BILL FOLEY Chairman

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MARK TURNBULL PAUL BROCK Director and CEO Deputy Chairman

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TONY ANSELMI Director

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GRANT GRAHAM JANE TROUGHT Director CFO

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Annual Shareholders Meeting 2021 CEO’s annual results presentation

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PERFORMANCE OVERVIEW 2021 Results Achieved a record operating earnings against a background of uncertainty and disruption of supply chain and major logistics issues with shipping.

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PERFORMANCE HIGHLIGHTS Continued Premiumisation

Case sales Domestic Bottled sales Operating Reported cases revenue earnings profit after tax 565,000 170,299 $53m $8m $3.9m + 6% + 8.6% +6.6% +3.7% -44%

Cases = 9L equivalents (i.e. 12x750ml bottles)

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PERFORMANCE HIGHLIGHTS 2021 Results Operating Cashflow $7.2 vs $10.8m Capex $5.6 vs $4.42m Dividend of 4 cents per share (fully imputed), increased from 3 cents last year.

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MARKET OVERVIEWS Bottled Case Sales

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New Zealand Australia USA/Canada UK/Europe 170,000 cases 135,000 cases 127,000 cases 99,000 cases +8.3% +2.3% +5.0% +7.6%

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Rest of world 34,000 cases +9.7%

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COVID 19 Considerable Disruption

Downturn in hospitality, cruiseline and airline sales. Costs associated with relabelling to meet different market requirements.

Global shipping disruptions delaying shipping bookings from a standard of 2 weeks out to 3-4 months. Final result closer to 600,000 cases if logistical issues hadn’t prevented some orders being shipping in FY21.

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PERFORMANCE HIGHLIGHTS 2021 Harvest Total harvest 5,582 tonnes – down 28% on prior year.

Driven predominately through adverse weather conditions through flowering. Widely reported by media as affected large sector of the industry. Largely insulated from the bottom line effect through the focus on building channels for higher price point brands. Major focus is around medium to long term vineyard strategy.

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Strategy recap

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OUR PURPOSE Making great wine that people love to drink around the world.

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OUR AMBITION To be New Zealand’s most revered wine group

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Through the ownership of iconic wineries in New Zealand’s most acclaimed regions, satisfying the most discerning retailers and restaurants around the world.

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OUR MODEL

Five exceptional wineries and one craft distillery from three acclaimed regions, managed from one point.

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M A R T I N B O R O U G H M A R L B O R O U G H C E N T R A L O T A G O

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OUR LONG TERM STRATEGIC PRIORITIES Continuing to realise our premiumisation strategy Investing in brands built on real places and people. High quality winemaking. Selling more at higher price points.

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OUR LONG TERM STRATEGIC PRIORITIES Leveraging the power of our portfolio

Cross-selling the portfolio. A ‘one stop shop’ portfolio of brands across price points and regions. Delivering real value to our customers and distributors.

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OUR LONG TERM STRATEGIC PRIORITIES Nurturing strong, long-term relationships

A collaborative and agile partner delivering real value for our customers and distributors.

Working with partners who can deliver our ambition. An efficient supply chain for exports.

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OUR LONG TERM STRATEGIC PRIORITIES Building premium, diversified distribution platforms

A sales support structure in New Zealand giving us access to premium distribution across all channels. Strong on-premise focus in New Zealand. Focus on geographical diversification of sales.

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Investing for the future

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INVESTING FOR THE FUTURE Martinborough Development Total investment $11m, $3.5m spent in last year (underground barrel facility).

Includes 100 seat restaurant, private dining room, tasting room, Lighthouse distillery and warehouse. Creation of world class “spiritual home” of all our Martinborough brands. Opening second half of 2022.

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INVESTING FOR THE FUTURE Martinborough Development

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INVESTING FOR THE FUTURE Mt Difficulty Development Was an original condition of OIO. New concept signed off by board and expect to lodge new resource consent by end of year. Commence building in 2022. Enhancement of the Mt Difficulty “spiritual home”.

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INVESTING FOR THE FUTURE Mt Difficulty Development

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INVESTING FOR THE FUTURE Zebra vineyards acquisition

OIO application now lodged – price confidential until decision – finance approved from BNZ. Vineyard to support long term growth of Roaring Meg brand. 55.5 hectares, 30 planted in Pinot Noir. Intention to plant another approximately 12 hectares ASAP. Excellent water and frost protection.

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INVESTING FOR THE FUTURE Replant programmes

Replant programme this year $700k included in CAPEX. Focussed on poor yielding blocks in Central Otago and Martinborough. Long term plan to align plantings with future growth needs, e.g. Riesling being replanted with Pinot Noir in Central Otago.

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CONTINUING OUR PREMIUMISATION STRATEGY Building powerful brands

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Packaging refresh for Martinborough Vineyard reaffirms this as one of New Zealand’s iconic luxury wine brands.

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Te Tera recast in contemporary, stylish packaging reflecting its wine style. Both new labels on shelves later this year.

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Outlook

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OUTLOOK A strong foundation for growth

At this stage, there is no change in the forecast of an operating earnings before tax of $8m for the year ended June 2022. However, Covid, shipping, exchange rates all can have a material influence on this.

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Shareholder questions

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ASM 2021 Resolutions

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1. Auditor’s remuneration

2. Re-election of William P Foley II

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1. Re-election of Antony Anselmi

2. Re-election of Paul Brock

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General business THANK YOU

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