DGL 2022 Annual Shareholder Meeting Addresses

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Delegat Group Limited – 2022 Annual Meeting Addresses
Annual Meeting of Shareholders
2 pm, Tuesday, 6 December 2022
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 17th
Annual Meeting of Delegat Group Limited since listing in April 2006. My name is Graeme Lord 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. After two years of Covid-19 disruption it
is 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

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if we receive multiple 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 know introduce you to my fellow Board Members. Today we have Steven Carden (Managing
Director), Jim Delegat, Rose Delegat, Dr. Alan Jackson, Phillipa Muir (Chair of Remuneration Committee),
and Gordon MacLeod (Chair of Audit & Risk Committee). Also, in attendance is Murray Annabell, 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’s to the meeting and our legal advisor, David Jones from
Heimsath Alexander.

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2. Apologies
To open, I am not aware of any apologies anyone would like to advise the meeting of? If there are, please
type in the apology and Murray Annabell 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 16th Annual Meeting held on 7th December 2021 have been approved
by the Directors, and Murray Annabell 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 2022. I will then comment on Delegat’s
Group 75-year anniversary, our strategic goal and key success factors and Board succession
planning before handing the meeting to the Managing Director who will cover the 2022 performance
in more detail and the Group’s future growth plans.
Following Mr. Carden’s remarks, I will ask if there is any discussion on the Annual Report and
Chair’s and Managing Director’s presentation before moving on to the formal business of the
resolutions.

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Chair’s Address
Slide 6 – Chair’s Address
Slide 7 - A Strong Year for Delegat Group
The year ended 30 June 2022 was another strong year for the Group, on our journey to building a
leading global Super Premium wine Company. Delegat achieved global case sales of 3,360,000 in
the 2022 year, 6% higher than the prior year.
The Group generated an Operating Net Profit After Tax of $58.1 million, down 11% on the prior year.
The decline relative to the prior year was due to the higher cost of goods associated with the impact
of the lower yielding 2021 vintage as well as significant inflationary cost increases both locally and
globally.
Strong cash flows from operation of $65.6 million were delivered.
Accordingly, your Board, considered it appropriate to maintain the dividend distribution in line with
last year and declared a fully imputed dividend of 20 cents per share. Your Board remains cognisant
of both dividends to reward shareholders and the need for reinvestment for long-term growth.
This year we are celebrating our 75 year anniversary. Delegat has grown from its original 10 acre
vineyard in West Auckland to embrace three brands, 20 premier vineyards and four-state-of-the-
art wineries in three of the world’s greatest wine regions - Marlborough, Hawke’s Bay and
Australia’s Barossa Valley.

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In the Annual Report, Jim Delegat penned a poignant letter celebrating our 75 year milestone. In
the letter, he paid special tribute to our fellow ‘builders’ of the industry; the families, the individuals
and companies that have held fast to a vision, done the hard work in viticultural pioneering, shown
a real dedication to wine excellence, and built global market through thick and thin.

As one of the companies that have led the emergence of the New Zealand wine industry on the
global stage, we can take pride in Delegat’s 22 fold growth over the last two decades and the
exponential growth of Oyster Bay to become the No.3 Premium wine brand in the world. A glass of
our Super Premium wine, is enjoyed somewhere around the world every minute of every day.

This journey has been made possible by the passion, determination and skills of our global team
who have built this company and established Delegat as a global leader in Super Premium wine.

Slide 9 – Delegat Values
I would like to make a special acknowledgement to Jim and Rose Delegat. They are true
visionaries who have illuminated our pathway to success. Jim and Rose embody the values that
form the foundation of our supportive high performance culture; Aim High, Mastery and Winning
Together. These enduring core values will remain at the heart of our future growth and success.

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Our strategic goal is to build a leading global Super Premium wine company.
To do this, our global team strives to excel on four key success factors;
• Establish and grow leading global Super Premium wine brands that resonate with
consumers around the world
• Build global distribution for our brands, establishing enduring mutually beneficial
relationships with our customers and distributors
• Develop vineyard supply in three of the world’s great wine regions and optimise supply
chain efficiency
• Grow and make the world’s most sought after wine styles with an uncompromising
dedication to Super Premium quality

These key success factors are mutually reinforcing, so to achieve extraordinary results, our
global teams strive to excel on all four key success factors simultaneously.

Slide 11 – Board Succession
Over the past year we undertaken a Board renewal process balancing depth of experience
within our business and ensuring that we have benefit from a broader range of governance
experience and competencies. The Board now comprises seven Directors including the
Managing Director and six Non-Executive Directors of whom three are Independent
Directors.

The Board was delighted to welcome Steven Carden as Managing Director in January.
Steven’s prior career includes management consulting with McKinsey & Co. in New York,

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General Manager of PGG Wrightson Australia and CEO of Pāmu. Steven’s strategic thinking
capability, expertise in growing international businesses and focus on creating an
environment where people can achieve their potential is an ideal match for Delegat Group as
we embark on the next stage of our journey to build a leading global Super Premium wine
company.

As noted during the introductions, the Group’s three Independent Directors are Dr Alan
Jackson, Phillipa Muir (Chair of the Remuneration Committee) and Gordon MacLeod (Chair
of the Audit and Risk Committee). When Steven joined as Managing Director, long serving
Independent Director Alan Jackson took on the role of Independent Chair to support the
management transition process. On behalf of the Board I would like to take this opportunity
to thank Alan Jackson for his exemplary leadership as Chair during the period of management
transition and his ongoing commitment to the Group. Gordon MacLeod was appointed as an
Independent Director in February, increasing the number of Independent Directors to three.
Gordon is an experienced business leader, and brings significant knowledge regarding
international growth, finance and businesses with strong Founder cultures.

Rose Delegat, Jim Delegat and myself are Non-Executive Directors who are not deemed
Independent. In September 2022, after the completion of the management transition process,
I was appointed Non-Executive Chair and Jim Delegat transitioned from Executive Director
to Non-Executive Director. Jim remains deeply committed to Delegat Group and continues to
provide valuable input into the strategic direction of the Group. My association with Delegat
commenced in 1999 when I joined as Manager Planning and Financial Analysis and includes
serving as Managing Director from 2014 to 2018 and as Acting Managing Director for ten

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months until early 2022. It is a privilege to work for shareholders and stakeholders as
company Chair.

With these changes, your company is well placed with a Managing Director and Board with
the expertise and experience to build on our success to date, grow sustainable earnings and
deliver for all of our stakeholders. As per the meeting agenda, both Steven Carden and
Gordon MacLeod are seeking re-election at today’s Annual Shareholder meeting with the full
support of the Board.

Slide 12 - Chair Concluding Remarks
The results achieved in 2022 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
people. Our global team has once again shown great resolve and resilience to deliver
success in a challenging year. The workload and operating environment endured this year
have asked a great deal of our teams around the world and they have responded
magnificently. Our people have built a unique culture founded on our values of Aim High,
Mastery and Winning together. The commitment and talent of our global team underpins our
success and positions the Group well to deliver on its growth plans.

Steve Carden, the Group’s Managing Director, will now provide a more fulsome report on the
2022 year and the Group’s future growth plans.

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Managing Director’s Address
Slide 13 – Managing Director’s Address
Good afternoon everyone. It is great to be here with you today.
Since joining the company in January of this year, I have had the privilege of meeting the
entire Delegat team both here in NZ and in our offshore markets. What is obvious throughout
the business is the pride Delegat staff in what the company is achieving. Equally obvious is
the deep commitment to the values of Delegat – Aim High, Mastery, and Winning Together
– values embodied in so much of what the company does every day around the world. I
consider it a privilege to work with this great team and for one of New Zealand’s most well-
known global brands.
Turning to the recent performance of the business. As noted by the Chair, in 2022 the Group
achieved a record global case sales of 3,360,000 cases and Operating Net Profit After Tax
of $58.1 million in a year impacted by the Covid-19 pandemic and associated supply chain
disruption and inflationary cost pressures.
Slide 14 – Global Sales Performance
The Group achieved global case sales of 3,360,000 cases, which is 6% higher than the
previous year. Were it not for the difficulty in getting products to the market due to ongoing
global port congestion and constrained shipping line capacity, global case sales would have
been higher. This is an excellent result and testament to the strength of our brands, the
relationships with our distributor partners and the effectiveness of our global sales team.

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As was the case last year, the ongoing Covid-19 pandemic continued to have a tangible
impact on market conditions. Consumers continued to gravitate towards established brands
that they know and trust such as Oyster Bay. Social distancing requirements and ongoing
lockdowns in some of our major markets continued to reduce sales in the on-premise
channel, although we saw a strong recovery in this channel throughout the second half of the
year. Our in-market sales teams remain a strength of the business and they have engaged
productively with customers and distributors throughout the year.

The Group's sales continue to be well diversified by market with 48% in North America, 32%
in United Kingdom, Ireland and Europe, and 20% in the Australia, New Zealand and Asia
Pacific region.
Slide 15 – Sales Performance: North America
The North American market remains a key focus for growth. Sales in North America grew by
8% to a record 1,608,000 cases, despite sales volumes again being hampered by reduced
shipping line capacity and port congestion. Through the pandemic, consumers continued to
'trade-up' to better quality wines while engaging in new purchasing behaviours, driving more
at-home-consumption and online sales. Further, US consumers’ demand for premium
imported wines such as Marlborough Sauvignon Blanc also continued to increase. Wine in
the premium and above price bands has increased its share of the wine market significantly
since 2015 and is predicted to continue growing to 2025. Imported wine now accounts for
25% of all wine consumed in the US, and New Zealand wine is the fastest growing source of
imported wine.
Building on the underlying popularity of New Zealand wine in the US, the Group’s success

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continues to focus on ensuring that the Oyster Bay brand achieves strong distribution
growth while also lifting rate of sale per point of distribution. Oyster Bay is now the category
leading New Zealand wine brand in the US market and Oyster Bay Sauvignon Blanc is a
top five white wine by value. The US remains a major growth market opportunity for the
Group.

In Canada, Oyster Bay continues to be a category leading wine brand across its range. This
success is underpinned by a strong distribution base and high rate of sale with Sauvignon
Blanc, Chardonnay and Pinot Grigio leading growth in each of the major provinces. Canada
continues to be a major growth opportunity in the years ahead.

Slide 16 – Sales Performance: United Kingdom, Ireland and Europe
Despite supply chain constraints, sales in the United Kingdom, Ireland and Europe region
were 1% lower than the prior year at 1,060,000 cases. This result is particularly impressive
considering the introduction of a price increase in the market during the year. Such a robust
performance reflects the power of the Group’s brands and distribution platform in a region
where demand for quality New Zealand wine remains strong.

Oyster Bay has maintained its super premium category leadership position in the United
Kingdom. Sauvignon Blanc, Chardonnay and Merlot continue to be category leading wines
above £8 in their individual varietal categories irrespective of origin. Barossa Valley Estate
sales recovered from last year as consumers returned to the hospitality sector. In Ireland,
Oyster Bay continues to achieve success as the number one premium New Zealand wine
brand.

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Slide 17 – Sales Performance: Australia, New Zealand and Asia Pacific
In the established New Zealand and Australia markets, Oyster Bay is a category-leading
Super Premium wine brand. The Australia, New Zealand and Asia Pacific region achieved
sales of 692,000 cases, 12% higher than in the previous year.

In Australia, Oyster Bay Sauvignon Blanc remains the top-selling wine by value. Oyster Bay
Chardonnay remains as a top-selling premium Chardonnay whilst Oyster Pinot Noir and
Merlot are category leaders. The New Zealand business had a very good year with sales
increasing by 9% over last year, again driven by the re-emergence of on-premise activity.

In China, despite disruptions from ongoing lockdowns, the Group again experienced strong
growth as wine consumption evolves. China represents long-term growth opportunity for the
Group.
Slide 18 – Fan favourite
Oyster Bay remains an enduring brand in our major markets, popular with both customers
and consumers alike. Being named Fan Favourite in White Wine in Australia is an example
of the brand’s extraordinary popularity amongst discerning wine consumers.

Slide 19 – People & Culture
Our people are at the heart of the company and we are proud of the progress we are
making across a range of initiatives.

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Our recently completed Culture Survey indicates an 80% engagement score, which is very
high. As we continue to improve company communications with our staff, their connection
to our strategy, and their working environments around the world, we expect ongoing
positive results on staff culture.
Attracting both permanent and seasonal staff remains a very important part of our people
program 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 20 – Global Marketing
The Group’s goal is to establish Oyster Bay and Barossa Valley Estate as leading brands in
the Super Premium wine category globally.

Based on wine consumption patterns, the Group classifies markets as Established, Growth
or Emerging. Understanding the level of maturity of our markets is essential for setting
business strategy. Marketing activities are then tailored to the specific needs of each market
and phases of brand development. Marketing programmes are designed to grow consumer
awareness and affinity, supporting distribution and rate of sales growth for its brands.

The Group works closely with its retail partners to develop highly effective in-store activations
that support rate of sales and nurture long-term brand affinity. In the consumer environment,

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the Group uses a mix of media channels, both online and offline to attract and engage the
premium wine consumer.

Slide 21 – Global Supply Chain
The challenge of maintaining our supply chain over the last year has been significant and
we are accordingly proud of our supply chain team’s efforts to navigate poor container
availability, cancelled shipping bookings, and delays in ports throughout the world.
Our ability to ensure our retail customers have inventory to sell throughout the year is more
important than ever given the ongoing delays in the supply chain. The investment in
warehousing and supply chain infrastructure has been a critical component to our lift in sales
over the last 12 months. While we have seen improvements in some trade routes, we
anticipate this challenging environment to continue for the industry over the next two years.

Slide 22 – 2022 Vintage
The 2022 harvest delivered exceptional quality fruit across all three of our wine regions. The
Group harvest of 44,861 tonnes was up 20% from the 2021 harvest (which had been an
unusually small harvest).
Whilst the Marlborough and Hawke’s Bay growing season experienced above average
rainfall the vintage outcome has delivered excellent quality wines. The Group has appropriate
inventories to achieve the 2023 forecast case sales of 3,672,000 as noted in the Annual
Report.

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Slide 23 – Vineyard Development
The group developed 245 hectares of viticultural land in FY2022 which is being planted in the current
year. The group is developing another 299 hectares in the current year and has a further 290 hectares
of viticultural land which will be planted progressively from FY2025 onwards. The group now has
4,365 net hectares of vineyard and viticultural land, 4,023 hectares in New Zealand and 342 hectares
in Australia. Of this 81% are owned or managed by the Company and 19% is from our grower
partners.
Slide 24 - Investing for Growth
Delegat continues to invest in assets to support our growth strategy. During the year under
review the Group generated cash flows from operations of $65.6 million as mentioned, which
more than funded the $39.4 million invested in growth assets including development of the
Group's wineries, land acquisition and vineyard development.
Delegat will invest an additional $51.9 million in FY2023 to provide earnings growth in the
years ahead.
Slide 25 – Funding Growth
The Group has a strong balance sheet with shareholders’ equity of $499.5 million, net bank debt of
$248.7 million and undrawn syndicated bank debt facilities of $87.3 million as at 30 June 2022. The
Group’s retained earnings and syndicated bank debt facilities provide appropriate funding for our
capital investment programme and growth plans.
In September 2022 the Group acquired the 200ha Dashwood vineyard in the Marlborough, Awatere
Valley. This vineyard has been leased by the Group for 20 years and delivers excellent quality fruit
consistently, is located in a prime viticulture growing area and is continguous with other vineyards

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that Delegat has purchased over the last decade. This acquisition achieves certainty of grape supply
to support the 10 year plan at a lower financing cost to the business. The incumbent syndicate
bankers, consisting of Westpac, Bank of New Zealand, China Construction Bank and Hongkong
Shanghai Banking Group supported this acquisition through a new $40 million facility, reinforcing our
well-established and enduring relationship.

Slide 26 – Outlook
With respect to the current year to June 2023, the Group is on track to achieve our plans to
grow sales by 9% to 3,672,000 cases.
A component of that growth will be in our Barossa Valley Estate brand. While Barossa only
represented 7% of Group Assets, 3% of Group production and 2% of Group sales, it remains
an important part of the company. The whole Australian wine industry is going through a
challenging period with access to the China market effectively suspended medium term and
a supply imbalance. Despite the challenges, Barossa Valley Estate remains a quality asset
and the Barossa Valley Estate team is producing outstanding quality wines. Illustrating this,
the wines were awarded medals at a range of internationally recognized wine competitions,
including the 2021 Sydney, Adelaide and Melbourne Royal Wine Shows, and the San
Francisco International Wine Competition.
The Group continues to forecast the FY23 operating profit result to be in the range of $60
million - $64 million. The forecast Operating Net Profit After Tax is higher that this year's result
due to increased case sales. The Group will continue to closely monitor and manage the
potential impact of ongoing supply chain disruption and cost inflation, noting that these factors
present some risk to the achievement of forecast sales and profit in FY23.

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Beyond FY23, the Board is confident in the Group’s ability to prosper and drive sustainable
sales and earnings growth over the long-term. Accordingly, the Group continues to invest in
its assets, brands and people in line with our strategic goal to build a leading Super Premium
wine company. The Group has revised its sales growth projections to 3,826,000 cases in
FY24 and 3,947,000 cases in FY25. This represents a moderated rate of sales volume growth
relative to the projections contained in the Annual Report. This will enable an increasing
focus on value growth in addition to volume growth in an inflationary environment to ensure
sustainable earnings growth over the next few years. The primary driver of planned sales
growth is Oyster Bay sales in North America.

Slide 27 - Managing Director Concluding Remarks
As noted earlier, 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.
They have collectively built a high performance team culture that is respected across the
global wine industry.
Your company is well positioned to grow sales and achieve sustainable earnings growth in the years
ahead on our journey to build a leading global Super Premium wine company.
Lastly, I would like to thank you, our shareholders, for your ongoing commitment and support.
END
CHAIR RESUMES

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Shareholders’ Questions and Discussion
Thank you Steven 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 Managing Director’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]
Thank you – I will record that the 2022 Annual Report has been received and considered.
Now we will proceed to the Ordinary Business on the Agenda
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 four 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.

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Once all four 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 – 4 are all ordinary resolutions.
Election of Directors
Agenda item 1- Election of Steven Carden as Director.
In accordance with the rotation provision of the constitution Steven Carden retires from office and
being eligible offers himself for election.
Steven will now briefly address the meeting.
[Steven to address meeting]
I move Steven Carden be re-elected as a director.
I have a seconder. Thank you
Is there any discussion? Please submit any question you may have in relation to the
appointment of Steven Carden 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 Steven Carden 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

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Agenda item 2 – Election of Gordon MacLeod as Director
In accordance with the rotation provision of the constitution Gordon MacLeod retires from office and
being eligible offers himself for election.
Gordon will now briefly address the meeting.
[Gordon to address meeting]
I move Gordon MacLeod be elected as a director.
I have a seconder. 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 2 using your computer or device now and for
those in the room by completing your voting card. Thank you
Agenda item 3 - Increase in Directors’ Fee Pool
This Resolution is numbered Agenda Items 3 and is an ordinary resolution. Directors seek approval
to increase the Directors’ fee Pool from $495,000 to $730,000 to ensure a remuneration level which
reflects both the growth of the Company and its associated increasing governance responsibilities.
There is no increase proposed for the Chair or director fee remuneration. As outlined in the
explanatory notes to the notice of annual meeting, the reason for the increase in the fee pool is to
accommodate an increase in the pool of non-executive directors from 4 to 6 directors, involving the

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appointment and remuneration of the one new non-executive director and to reflect the change with
Jim Delegat moving from executive director to non-executive director October 2022.
Neither the directors nor their associates who hold shares will be exercising any votes in respect of
this Resolution as required by NZX Listing Rules.

I move that the Director’s fee Pool be increased from $495,000 to $730,000.
I have a seconder. Thank you .
Is there any discussion? Please submit any question you may have in relation to the increase
in director fee pool.
[PAUSE SCRIPT WHILST WE ANSWER QUESTIONS]
If there are no further questions, I put the motion that the Director Fee Pool be increased from
$495,000 to $730,000.

Please cast your vote in regard to Resolution 3 using your computer or device now and for
those in the room by completing your voting card. Thank you
Agenda item 4 - Fix auditor’s fees and expenses
In regard to this matter you will recall from last year’s annual meeting the Company advised that
Deloitte had been appointed as auditor for Delegat Group and subsidiaries with Andrew Dick being
the lead partner.
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.

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I move that the Director’s be authorised to fix the auditor’s remuneration.
I have a seconder. Thank you.
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 4 using your computer or device now and for
those in the room by completing your voting card. Thank you

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.

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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.
With there being no further items of business, I will declare the meeting closed and thank you for
the interest you have in the company.