New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Rising cost pressures expected to be balanced by volume recovery in FY23</li><li>Investments in vineyards required to drive future volume growth</li><li>Vineyard acquisition funded by bank debt: In 1Q23, DGL exercised an option from a 2002 lease agreement to repurchase a ~200 hectare fully productive Marlborough vineyard from a long term landlord for ~NZ$40m</li></ul>

Rising cost pressures expected to be balanced by volume recovery in FY23Investments in vineyards required to drive future volume growthVineyard acquisition funded by bank debt: In 1Q23, DGL exercised an option from a 2002 lease agreement to repurchase a ~200 hectare fully productive Marlborough vineyard from a long term landlord for ~NZ$40m

Delegat Group: FY22 Result — Corked by Costs