Foley Family Wines Ltd Mt Difficulty Acquisition Update

28 September 2018

Foley Family Wines Limited (FFW) Mt Difficulty Acquisition Update

Foley Family Wines Limited [NZX: FFW] advises that the boards of FFW and Mt Difficulty
Wines Limited (MDW) have agreed to an extended timeframe until 31 December 2018 to
satisfy the remaining conditions of the sale and purchase agreement for all of MDW’s assets
and business, subject to MDW shareholder approval and the finalisation of legal
documentation.

The extension has been agreed as FFW seeks Overseas Investment Office approval for the
purchase.

“We are continuing to work with the Overseas Investment Office on our application to purchase
this iconic Central Otago wine company. We will provide a further update in due course."

“We have a strong track record of high value investment in New Zealand, provincial job
creation and building a high-value wine export business,” Chief Executive Mark Turnbull said.

“We believe that this purchase, like our other investments, is good for New Zealand. It will
deliver benefits for FFW, Mt Difficulty and the regional economy as well as lift the value of our
wine exports.”

“Our focus on creating world class wine is delivering results. For the first quarter FFW will
have shipped 93,000 dozen of wine, up 34.7% on the corresponding period last year, and 90%
up on the corresponding period 4 years ago.

“This growth compares favourably against the total industry decline of 1% for the 12 months
ended July 2018,” Mr Turnbull said.

“In addition, the NZ International Wine Show (the first major wine show of the season in New
Zealand) has delivered 11 Gold Medals. Once again this is testament to our focus on producing
world class wines.

“We are also delighted to report overnight that FFW’s Grove Mill Sauvignon Blanc 2018 has
been chosen to be a British Airways First Class Wine for the start of 2019,” Mr Turnbull said.

Last year, FFW announced that it had entered into a conditional sale and purchase agreement
to purchase all of the MDW assets and business, including its leading wine brands Mt Difficulty
and Roaring Meg, and its property interests, winemaking and cellar door facilities.

Authorised for public release.

For further information please contact:
Mark Turnbull
CEO, Foley Family Wines Limited
PO Box 67, Renwick, 7243, Marlborough
Tel: +64 21 714 885 Email: mark@ffw.co.nz