DGL 2025 Annual Shareholder Meeting Addresses

1

Delegat Group Limited – 2025 Annual Meeting Addresses
Annual Meeting of Shareholders
2 pm, Thursday, 4 December 2025
Slide 1 – Title Slide
1. Welcome and Introductions
Good afternoon everyone. On behalf of the Board, I am pleased to welcome you here today to the 20th
Annual Meeting of Delegat Group Limited since listing in April 2006. My name is Jim Delegat and I have
the privilege of chairing your Board of Directors. I can confirm that we do have a quorum present and given
the time is now 2 p.m. – I declare the meeting open for business. It’s great to be meeting both in person
today, as well as the meeting being held online via the Computershare Online Meetings platform. This
allows Shareholders, Proxies and Guests to attend this meeting virtually. For those not present, there is a
live webcast of the meeting available and you will be able to read the company documents associated with
the meeting on the NZX announcement platform. In addition, as Shareholders and Proxies you will have
the ability to ask questions and submit votes.
Slide 2 – Online Platform – Q&A
If you have a question to submit during the live meeting, please select the Q&A tab on the right half of
your screen anytime. Type your question into the field and press send. Your question will be immediately
submitted. Should you require any assistance, you can type your query and one of the Computershare
team will assist with the chat function and reply to your query. Alternatively, you can call Computershare
on 0800-650-034.
Please note that while you can submit questions from now on, I will not address them until the relevant
time in the meeting. Please also note that your questions may be moderated or if we receive multiple

2

questions on one topic, amalgamated together. Finally, due to time constraints we may run out of time to
answer all your questions. If this happens, we will answer them in due course via email.
Voting today will be conducted by way of a poll on all items of business. In order to provide you with
enough time to vote, I will shortly open the voting for all resolutions.

Slide 3 – Online Platform – Voting
At that time, if you are eligible to vote at this meeting, you will be able to cast your vote under the Vote
tab. Once the voting has opened, the resolutions will allow votes to be submitted. To vote, simply select
your voting direction from the options shown on screen. You can vote for all resolutions at once or by
each resolution. Your vote has been cast when the tick appears. To change your vote, simply select
‘Change Your Vote’. You have the ability to change your vote, up until the time I declare voting closed.
I now declare voting open on all items of business. The resolutions will now be open in the vote tab, please
submit your votes at any time. I will give you a warning before I move to close voting.

Slide 4 – Welcome and Introductions
Let me now introduce you to my fellow Board Members. Today we have Murray Annabell (Chief Executive
Officer), Rose Delegat, Dr. Alan Jackson, Phillipa Muir (Chair of the People, Culture and Safety
Committee) and Doug McKay. Also, in attendance is Riki Maden, the Group’s Chief Financial Officer, who
will act as our minute secretary. I also would like to welcome our auditor partner, Andrew Dick from Deloitte
to the meeting and our legal advisor, David Jones from Heimsath Alexander.

2. Apologies
To open, Gordon MacLeod, Director and Chair of our Audit and Risk Committee, and who is standing today
for re-election as a Director, has tended his apologies for this meeting. Gordon has had recent health issues

3

which are on a positive pathway to resolution but unfortunately is unable to be here today. I am not aware
of any other apologies anyone would like to advise the meeting of? If there are, please type in the apology
and Riki Maden will ensure these are appropriately recorded in the minutes.
3. Notice of Meeting
The notice of meeting has been sent to all shareholders together with the Annual Report, and I
propose that, together with the agenda they be taken as read.

4. Minutes of Previous Meeting
The minutes of the 19th Annual Meeting held on 27
th
November 2024 have been approved by the
Directors, and Riki Maden is holding a copy should any shareholder wish to receive one to view.

Slide 5 - Agenda
5. Procedure
Firstly, I will address the Annual Report incorporating the Directors Report, Financial Statements and
unqualified Audit Report covering the year to 30 June 2025. I will then comment on Delegat’s Group’s
strategic goals and key success factors before handing the meeting to the Chief Executive Officer
who will cover the 2025 performance in more detail and the Group’s future growth plans.
Following Murray Annabell’s remarks, I will ask if there is any discussion on the Annual Report and
Chair’s and Chief Executive Officer’s presentation before moving on to the formal business of the
resolutions.

4




Slide 6 – Chair’s Address
Slide 7 – Creditable FY25 Performance
Together, our global team have delivered a creditable Operating Net Profit After Tax of $51.1 million.
This has been achieved against a backdrop of uncertainty, in what has been a challenging global market
environment. The Group achieved record operating cashflows of $105.7 million, which enabled the
repayment of debt of $31.5 million, The Group has a strong balance sheet and successfully refinanced its
existing $420 million syndicated banking facilities in June 2025. These results reflects the hard work and
resilience of our Great Wine People as they build Delegat into a leading Super Premium wine company.
The Directors considered that the underlying operational performance and continued strong cash flows
justified maintaining the dividend payout in line with last year. Accordingly, the Directors approved a fully
imputed dividend payout of 20 cents per share. Your Board remains cognisant of both dividends to
reward shareholders and the need for reinvestment for long-term growth.
Slide 8 - Chair Concluding Remarks
The results achieved in 2025 are testament to the strength of the Delegat business model and the calibre
of our people. Your Board would like to take this opportunity to thank our Delegat great wine people
around the world. Our global team have once again shown great resolve during a challenging year. We
take immense pride in the unique culture our people have cultivated, founded on our values of Aim High,
Mastery and Winning Together. The commitment and talent of our global team underpins our success.

5

As a market led wine business the Group’s focus remains on wine category premiumization and value
growth, aligning to the long-term trend of Super Premium wine consumption. The strengths of our
category-leading Super Premium brands, in market sales teams, distribution networks and strong
consumer demand has provided the necessary resilience in these challenging times and a solid
foundation which positions Delegat well for future sales growth on our journey to build a leading Super
Premium wine company.

Murray Annabell, the Group’s Chief Executive Officer, will now provide a more fulsome report on the
2025 year and the Group’s future growth plans.

6

Slide 9 – Chief Executive Officer’s Address
So turning to the year that has been.
The Group’s results in 2025 represents another key milestone in our journey to build a leading global
super premium wine company. Thanks to the dedicated efforts of our entire global team, the Group
delivered a creditable Operating Net Profit after Tax of $51.1 million.
This is a creditable result, in the context of a challenging global market environment through the
imposition of US tariffs, supply chain disruption, distributor and retailer inventory rebalancing.
We executed decisive actions to align with evolving market conditions – ensuring we remain well-
positioned to deliver sustainable, long-term growth and shareholder value, including implementing
price increases in certain markets aligned with our premiumization strategy, growing global
distribution, managing inventory, reducing costs, rephasing capital expenditure and repaying debt.
Reported Net Profit after Tax of $49.0 million was 56% higher than last year. This was primarily due
to two accounting requirements. One was the NZ IFRS requirement to value biological assets at their
market value, as opposed to their costs to grow, resulting in a write-up adjustment of $9.4 million.
This is higher than the prior year write-down of $5.0 million due to the increased yields for the 2025
vintage. This results in a year-on-year increase in reported NPAT of $19.9 million.
Second, tax legislation changes in the prior year removed the ability to depreciate commercial
buildings for tax purposes which resulted in a one-off adjustment to increase deferred tax liabilities
as well as the FY24 tax expense by $13.0 million which was non-recurring.
The Group achieved record operating cashflows of $105.7 million, which enabled the repayment of
debt of $31.5 million. The Group has a strong balance sheet and successfully refinanced its existing
$420 million syndicated banking facilities in June 2025.

7


Slide 10 – Long-Term Story of Growth
As this slide shows, Delegat is a long-term growth story, extending back over many years.
In FY25 the Group achieved global case sales of 3,188,000 cases, representing a 12% decline from
the prior year. The US tariffs in March 2025, resulted in market uncertainty, requiring the Group to
revise its current year global case sales guidance. The year-end global sales result was in-line with
the revised guidance of 3,182,000 cases.
This is a solid result in comparison to the broader industry where total New Zealand packaged wine
export volumes were down 16% year on year. The performance is testament to the strength of our
brands, the enduring relationships with our distributor partners and the effectiveness of our entire
global team. Our in-market sales teams remain a strength of the business and they have engaged
productively with customers and distributors throughout the year, providing valuable market
knowledge and focus.
As you can see from the slide, sales continue to be well diversified by market with 47% in North
America, 32% in United Kingdom, Ireland and Europe, and 21% in the Australia, New Zealand and
Asia Pacific region.
I’ll now provide a brief summary of our performance across each of our major markets, represented
on the graph.
Sales Performance: North America
The Group achieved sales of 1,509,000 cases in North America, down 13% on the previous year.
The United States, with over 50 million premium wine consumers, is the Group’s largest market and

8

our most significant opportunity for future growth. Oyster Bay remains a category-leading New
Zealand wine brand, with Sauvignon Blanc ranked among the top five white wines by value. Our
brand growth strategy is yielding strong results, with Pinot Grigio amongst the Top 10 within the
premium global varietal category.
Our focus remains on expanding our share of the growing Sauvignon Blanc category while also
growing our Pinot Noir, Pinot Grigio and Chardonnay varietals. This will involve further investment
in improving our Rate of Sale across our distribution footprint and reaching new consumers with
our digital marketing program. Oyster Bay Pinot Grigio has become the fastest growing premium
Pinot Grigio in US retail, backed by the addition of 1,160 additional points of distribution over the
course of the year.
In Canada, Oyster Bay has maintained its position as a category leading premium wine brand, with
all major varietals ranking within the top 2 of their respective categories. This success is
underpinned by a strong distribution presence across each of Canada’s provincial liquor boards,
supported by sustained investment in consumer communications throughout the market. Oyster
Bay Sauvignon Blanc remains a leading white wine in the country. Oyster Bay Chardonnay, Pinot
Grigio and Pinot Noir are in the top selling Premium wines in their respective varietal categories,
regardless of origin. In Alberta and British Columbia, Barossa Valley Estate Shiraz and Cabernet
Sauvignon are both in the top five selling Australian Premium wines in their respective varietal
categories.

Sales Performance: United Kingdom, Ireland and Europe
Turning now to the United Kingdom, Ireland and Europe.

9

Sales in the United Kingdom, Ireland and Europe region were 1,008,000 cases, 15% lower than the
previous year. The reduction in sales was due to a combination of price increases implemented at
the start of the year, and the impact of heavy competitor price discounting in the latter part of the
year.
Oyster Bay is a premium New Zealand category leading brand in these markets, with leading
consumer awareness and affinity.
Oyster Bay continues to outperform the premium wine category in the United Kingdom and has
maintained a Premium category leadership position through targeted price increases. Oyster Bay is
amongst the top 3 rankings within the respective premium New Zealand categories, supported by
targeted promotional programming and strong national account relationships. Oyster Bay Merlot
continues to lead the varietal category above £8, regardless of origin.
In Ireland, Oyster Bay varietals have strong positions in their respective categories, with Oyster Bay
Sauvignon Blanc the leading premium Sauvignon Blanc over 11 Euros. Oyster Bay Sauvignon Blanc,
Chardonnay, Merlot, and Pinot Noir remain the top-selling wines in their respective varietal
categories above 9 Euros.


Sales Performance: Australia, New Zealand, China and Asia Pacific
Then closer to home we have the established markets of New Zealand and Australia. Oyster Bay is a
category-leading premium wine brand. Sales in Australia, New Zealand, China and Asia Pacific
region, were 671,000 cases, 5% lower than the previous year, primarily due to the impact of

10

competitor price discounting.
In Australia, Oyster Bay Sauvignon Blanc remains the top-selling wine by value. Oyster Bay Merlot,
Oyster Bay Chardonnay and Pinot Gris also hold strong positions among category leaders. Barossa
Valley Estate grew sales values ahead of the premium Australian Red Wine category.
In New Zealand, Oyster Bay Sauvignon Blanc is the category leader, while other Oyster Bay varietals
remain in the top five selling premium wines in their respective varietal categories. This leadership
is particularly impressive considering the introduction of a price increase in the market during the
year.
In China, the Group again experienced very strong growth - up 41% over last year – with Oyster Bay
the top-selling New Zealand wine brand by volume. This reflects evolving consumption patterns,
expanding distribution channels, broadening the varietal offering and success of our digital
engagement strategy. China represents a long-term growth opportunity for the Group.
The Asia Pacific and the Middle East regions also remain growth markets for the Group.

The alcoholic beverage category, including wine, continues to experience both cyclical and
structural shifts, driven by a number of trends. Consumers are drinking less but seeking recognised
quality brands when they do. Moderation continues, driven by economic and lifestyle factors, as
well as health and generational attitudes. Consumers are choosing fewer or lighter drinks.
Premiumisation has slowed as consumers continue to focus their budgets on necessities. Gen Z are
now showing signs of engaging with the category.
Globally, white wine is forecast to perform better than other wine categories, aligning with long-
term consumer trends, for lighter and refreshing beverage choices to enjoy at home. New Zealand

11

wine is particularly well placed to benefit from these trends, through natural advantages, distinctive
wine styles and continuing to build premium value with engaged wine consumers.
Slide 11 – Oyster Bay is the Leading Super Premium Sauvignon Blanc in the World
As this slide shows, Oyster Bay is the flagbearer for premium Sauvignon Blanc globally. This is
underpinned by its reputation and acclaim for consistent high quality and driven by and enduring
global trend for lighter, fresher and elegant wine styles.
Slide 12 – Oyster Bay’s Strength Extends to other Varietals in Key Markets
The strength of the Oyster Bay brand combined with the Group’s significant global distribution
footprint, are key enablers for the Oyster Bay brand to achieve leadership across its range of Super
Premium cool-climate wines. This performance across a range of varietals in a range of big markets
is unprecedented in premium wine and a great testament to the strength of the Oyster Bay brand.
Very few premium wine brands globally have achieved such success across so many markets and
varietals.
Slide 13 – North America remains a significant growth opportunity for NZ Wine and
Oyster Bay
The US is the market that has the highest potential for future volume growth. As you can
see in the slide, both New Zealand wine and Oyster Bay’s share of premium wine
consumers is lower compared to our more mature markets such as the UK, Australia and
Canada. Our focus is on attracting more than a million new consumers to Oyster Bay by
raising awareness of the brand, principally through our online consumer communications
program on Facebook and Instagram.
Slide 14 – Oyster Bay is the fastest selling top 20 brand in US retail

12

We also need to be driving increased Rate of Sale performance in store. The success of the brand is
no better illustrated in our performance across the retail stores we currently sell through. As the
graph slows, Oyster Bay leads the country’s top wine brands in the US for its sell-through instore.
This accomplishment reflects both the power of the brand in attracting US wine consumers and the
effectiveness of our in-store merchandising, an example of which is shown to the right.
Slide 15 – 2025 Harvest Exceptional Quality
The 2025 harvest, yielded exceptional quality fruit across all three of our wine regions.
The Group harvest of 47,461 tonnes was up 39% from the 2024 harvest.
Marlborough and Hawke's Bay experienced warm weather over flowering fruit set, which was
followed by a dry, cooler summer.
Barossa Valley experienced cooler, wetter spring growing conditions resulting in a region-wide
reduction in yield.
The Group has appropriate inventories to achieve the 2025 forecast case sales.
We have had a favourable growing season to date in both Hawke’s Bay and Marlborough and early
indications are that we’re on track for a good harvest.

Slide 16 – Ongoing Investment in Vineyard and Winery Assets

The Board is confident in the Group’s ability to prosper and drive sustainable earnings growth over
the long term.
Over the past four years, the Group has invested more than $250 million in growth assets and is
well positioned to support future growth. Looking ahead, we expect lower capital spending over

13

the next three years, focussing mainly on replacing essential infrastructure and productivity
initiatives. The Group plans to invest an additional $26.2 million in 2026.
Slide 17 – Pleasing progress expanding the Group’s ESG program
The Group has a longstanding commitment to sustainable winegrowing, with Delegat as a founding
member of the Sustainable Winegrowing New Zealand programme established in 1995. Over the last
12 months, Delegat has made further progress on its sustainability programme. The Group utilises a
sustainability framework that focuses on three key areas: (1) Building an enduring business
(addressing climate risk and greenhouse gas emissions, shareholder value, risk and governance, and
water stewardship); (2) Ensuring our people and community thrive (encompassing health, safety and
wellbeing, diversity and inclusion, and engagement, employment and collaboration); and (3) Crafting
wine with care (covering biodiversity, packaging and waste, and sustainable viticulture and
winemaking). This framework drives various initiatives aimed at promoting positive environmental,
social and governance outcomes throughout the business.
In September, the Group published its second Climate-related Disclosure Report under the Aotearoa
New Zealand Climate Standards. This report looks at the Group’s exposure to the impact of climate
change on its business operations and discusses the initiatives the company is pursuing to lower its
carbon emissions. Those interested are encouraged to read the report on the Investor Relations page
of the Delegat website.
Slide 18 – Delegat Great Wine People Remain at the Heart of the Company’s Success
Our people are at the heart of the company and the key to our success. We are proud of the
progress we are making across a range of initiatives.
Attracting both permanent and seasonal staff remains a very important part of our people program

14

with competition for talented staff as intense as ever. Delegat remains a sought-after employer and
the calibre of our team continues to improve.
We have undertaken a range of initiatives from Work Health and Safety programs, diversity and
inclusion initiatives, and expanding leadership and training programs, to further enhance our staff’s
experience with the company.
Slide 19 – Outlook
I would like to comment on two key global factors (1) US Tariffs and (2) NZ Wine Industry
Supply imbalance, along with a company trading update.
US Tariffs
The US tariff is a tax impost on companies importing goods into the United States. Our
position is clear: taxes such as these must be passed on to the market. Absorbing the tariff
would result in a significant reduction in profit, which is not sustainable for the business or
our shareholders.
As outlined earlier, our 2025 sales in the US were impacted as distributors reviewed their
inventory levels and assessed the implications of the tariff. This inventory reset significantly
affected our 2025 sales, as distributors adjusted their ordering patterns to manage risk and
stock levels.
In response, shipments and sales in the US have been in line with expectations for 2026.
Progressively over the first quarter of 2026, we have implemented a retail price increase of
US$1 per bottle to offset the impact of the tariff. It remains early days, and we are closely
monitoring how consumers respond to the increased shelf price.
We are also seeing positive developments in Canada, where sales in some provinces have

15

been stronger than plan. As US brands have been removed from shelves, Oyster Bay has
gained increased programming and market share.
Through disciplined pricing and proactive engagement with our distributors, Delegat is
managing the impact of the US tariff while maintaining our premium positioning and
protecting shareholder value.
Commentary on Wine industry Supply Imbalance
The New Zealand wine industry is currently experiencing an oversupply, with inventories at
elevated levels across the sector. Industry analysts expect it may take two to three years for
supply and demand to rebalance. This environment has led to deep discounting by many
competitor brands at retail, as producers seek to clear excess stock.
Oyster Bay continues to outperform the market on price realisation, maintaining its premium
positioning even in a challenging environment. However, to protect market share, we have
had to respond with targeted promotional activity.
To address the long-inventory situation, Delegat is taking deliberate steps to moderate
harvest levels through disciplined viticulture management. By adjusting our growing
programs and focusing on lower growing costs, we are able to offset the impact of reduced
volumes while maintaining quality and margin.
Our approach is focused on sustaining value growth and protecting shareholder returns,
rather than chasing volume at the expense of profitability. We remain committed to our
premiumisation strategy and will continue to manage inventory and market activity with
discipline.
Trading Update

16

Trading for the year has started well, with sales tracking to plan across all markets. We have
seen some relief from interest rates and benefited from favourable currency movements,
which have supported our financial performance in the near term. These tailwinds are largely
covered for now, and we continue to monitor market conditions closely.
Importantly, there is no update to our guidance at this stage.
The Group is maintaining its guidance range on Operating Net Profit after Tax of between
$50 million to $55 million for the year ending June 2026.
We remain disciplined in our approach and focused on delivering sustainable results for
shareholders. The outlook for the business remains positive.
Slide 20 – Chief Executive Officer Concluding Remarks
To come back to an earlier point, our people are key to the company’s performance over the
last year and to realising the Group’s future goals. We are indebted to their hard work and
appreciative of the way our people again brought to life our core value of Winning Together
in a challenging year.
Your company is well positioned to grow sustainable earnings through value and volume growth
globally in the years ahead and I wish to thank you, our shareholders, for your ongoing commitment
and support.
Thank you.
END
CHAIR RESUMES
Slide 21 - Shareholders’ Questions and Discussion

17

Thank you Murray for your presentation. At this stage of the meeting we would ask if there are any
questions in respect of the Annual Report, my Chair’s presentation or the Chief Executive Officer’s
presentation.
For those online, if you would like to ask a question, please select the Q&A tab on the right half of your
screen. Type your question into the field and press send. While that is happening we take any questions
from the floor. Please note that if there are questions raised of a similar nature, we may cover these off
together. Please go ahead and send us any questions.
[PAUSE SCRIPT WHILST WE ANSWER QUESTIONS]
Slide 22 – Agenda
Thank you – if there are no further questions, I will record that the 2025 Annual Report has been received
and considered.
Now we will proceed to the Ordinary Business on the Agenda.
Slide 23 – How to Participate in Virtual/Hybrid Meetings (Voting)
Online Platform – Voting
As I mentioned earlier the resolutions are open in the Vote tab for all items of business. These resolutions
were outlined in the voting papers that were mailed to you with the Notice of Meeting and Annual Report,
and we have two resolutions to discuss and vote on today.
To vote, simply select your voting direction from the options shown on screen. Please select by clicking
on the radio button for either ‘For’, ‘Against’ or ‘Abstain’. You can vote for all resolutions at once or by
each resolution. Your vote has been cast when the tick appears. To change your vote, simply select
‘Change Your Vote’. You have the ability to change your vote, up until the time I declare voting closed.

18

Once the two resolutions have been voted, ComputerShare (our registrar) will collate all the votes cast by
Shareholders along with the proxy votes and the Company will post the final results onto the NZX
platform when available.
Agenda item D
I can confirm that Resolution Item 1 – 2 are ordinary resolutions.
Election of Directors
Agenda item 1- Re-election of Gordon MacLeod as a director.
Under the NZX listing rules and Company’s constitution rotation provisions, Gordon MacLeod retires from
office and being eligible offers himself for election.
Unfortunately as mentioned earlier Gordon is unable to be here today to address the meeting. We will
therefore read his biography from the Notice of Meeting.
Gordon MacLeod has been a Non-Executive Independent Director of Delegat Group Limited since
February 2022. Gordon is a professional Director and was until recently a Director of Spark New
Zealand Limited, and a Trustee of Breast Cancer Foundation NZ. He is also Board Advisory Chair to two
privately held family businesses. He previously worked for 15 years with Ryman Healthcare until October
2021, as Chief Executive Officer and before that as Deputy Chief Executive Officer and Chief Financial
Officer. He has been a Corporate Finance Partner with PwC and was the Finance Director of a London-
listed hi-tech engineering company. Gordon has a Bachelor of Commerce degree and is a Fellow of
Chartered Accountants Australia and New Zealand (FCA). He is a member of the Institute of Directors.
Gordon MacLeod stands for election with the support of the Board.
I move that Gordon MacLeod be re-elected as a director.

19

Can I have a seconder please. Thank you.
Is there any discussion? Please submit any question you may have in relation to the appointment of Gordon
MacLeod as Director. We will pause for a few moments to see if the Moderator receives any questions.
[PAUSE SCRIPT WHILST WE ANSWER QUESTIONS]
If there are no further questions, I put the motion that Gordon MacLeod be elected as a director.
Please cast your vote in regard to Resolution 1 using your computer or device now and for those in the
room by completing your voting card. Thank you.

Agenda item 2 - Fix auditor’s fees and expenses
In regard to this matter you will recall from previous annual meetings the Company advised that Deloitte
was appointed as auditor for Delegat Group and subsidiaries in 2020 with Andrew Dick being the lead
partner. As signalled last year this is Andrew’s fifth year as signing partner, and the audit partner rotation
requirements within the NZX listing rules requires that this is Andrew Dick’s last year as lead partner and
he will be replaced by Jason Stachurski next year.
In accordance with the Company’s Act 1993, the Company’s auditor Deloitte is automatically re-appointed
at the annual meeting. Section 207(s) of the Companies Act 1993 provides that the auditor’s remuneration
being fixed, in such a manner as the Company determines at the Annual meeting. The Board proposes,
consistent with commercial practice, that Shareholders approve that the Directors be authorized to fix the
auditor’s remuneration.
I move that the Director’s be authorised to fix the auditor’s remuneration.
Can I have a seconder please. Thank you.

20

Is there any discussion? For those online, please submit any question you may have in relation to the
appointment of Deloitte as auditor and their remuneration.
[PAUSE SCRIPT WHILST WE ANSWER QUESTIONS]
If there are no further questions, I put the motion that Directors’ be authorised to fix the auditor’s
remuneration.
Please cast your vote in regards to Resolution 2 using your computer or device now and for those in the
room by completing your voting card. Thank you.

Slide 24 - Agenda item E: General Business
I now look to the final item on the agenda: General Business. Are there any items of General Business? Is
there any discussion? Please submit any question you may have in relation to any other business. We
will pause for a few moments to see if the Moderator receives any items or questions.
Ladies and gentlemen that concludes our discussion on the items of business.
In a minute, I will close the voting system. Please ensure that you have cast your vote on all resolutions. I
will now pause to allow you time to finalise those votes.
[Wait for 60 seconds]
Voting is now closed. For those in the room, please hand in your voting card to the Computershare team,
as you leave the room. The results of these votes will be released to the stock exchange later today.

At the conclusion of the meeting the Board invites you all to mix and mingle with your fellow shareholders,
board members and senior management where a tea service will be provided.

21

With there being no further items of business, I will declare the meeting closed and thank you for your
ongoing interest in Delegat Group.