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An Overview of the Process

Initial Public Offering – Media Presentation27 March 2006

Delegat’s Group Limited

OYSTER BAY THE PROCESS

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Important NoticeThe offer of Delegat’s Group Limited Shares is being made pursuant to an Investment Statement and Prospectus dated 22 March 2006. Anyone wishing to acquire Delegat’s Group Limited Shares will need to complete the Application Form that is contained in or accompanies the Investment Statement and Prospectus. Application has been made to NZX for permission to list the Shares on the NZSX and all the requirements of NZX relating thereto that can be complied with on or before the date of the distribution of this advertisement have been duly complied with. However, NZX accepts no responsibility for any statement in this advertisement.

The principal assumptions upon which the prospective financial information presented in this advertisement are based are summarised on pages 62 to 66 of the Investment Statement and Prospectus and should be read in conjunction with the section headed ‘Trade Factors and Risks’ on pages 98 to 101 of the Investment Statement and Prospectus and the section headed ‘Investment Statement: Answers to Important Questions’ on pages 102 to 110 of the Investment Statement and Prospectus.

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Introduction

Delegat’s is a leading NZ producer of super premium wines*, predominantlyfor the export market

Delegat’s is projected to experience rapid growth as its ability to sourcegrapes increases

NZSX Listing and $45m IPO of new ordinary shares is to release funding for further growth

Delegat family not selling in the offer**

IPO opportunity

for public to invest in a leading NZ super premium wine company

to participate in projected substantial global growth

* Industry term designating price position (i.e. ‘premium’, ‘super premium’, ‘ultra premium’)

* * Neither Jim Delegat, Rose Delegat, Robert Wilton or any other person guarantees the Ordinary Shares being offered.

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Offer Statistics

10.1xP / E (FY2007 projection)

6.1xEV / EBITDA (FY2007 projection)

$255 millionEnterprise Value

$140 millionMarket Capitalisation

100,000,000Total Shares on issue upon completion

32,142,858 (32.1%)New Shares being issued

$1.40 per ShareIssue Price

$45 millionCapital Sought in Offer

Delegat’s Group LimitedIssuer

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Offer Summary

Fixed price offer at $1.40 per share

$30m primary market participants pool – firm allocation to clients of NZX firms and NZ / Australian institutional investors

$15m priority and public pool – underwritten by ABN AMRO Craigs

Shares reserved for allocation to OBMV Shareholders, holders of OBMV Takeover Entitlements, Delegat’s Noteholders and the public

Offer period opens today and closes Thursday 13 April

Minimum application – 2,000 shares and thereafter multiples of 500

OBMV Shareholders or holders of OBMV Takeover Entitlements may have pro-rata entitlements of less than 2,000 shares

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Background to Delegat’s Business

Established in 1947 by Nikola & Vidosava Delegat

Post-IPO, Delegat family and associates will retain a significant interest (68%)*

Group believes it is NZ’s third largest wine exporter and producer

Growth constrained by grape supply, projected to increase substantially

Winemaking in Marlborough; corporate office, winemaking & bottling in Auckland

Success factors in Delegat’s growth strategy

Super-premium focus, high quality to price ratio

Brand strength & positioning, in-market sales teams, distribution networks in major markets

Consistently high in-market price realisation, with rising volumes

Significant vineyard supply in successful NZ varietals, Marlborough & Hawkes Bay

Adding winemaking scale & control, new Marlborough winery capacity

* Neither Jim Delegat, Rose Delegat, Robert Wilton or any other person guarantees the Ordinary Shares being offered.

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Delegat’s Brands

Launched in 1990 – our flagship global brand

100% owned by Delegat’s from inception (OBMVL owns vineyards, not brands)

Award winning

Marketing differentiates from super premium competitors

“The world is your oyster” –status driven wine consumers

Launched in the 1950s, a pioneer New Zealand wine brand

100% owned by Delegat’s

Consistent high quality wines from Hawkes Bay and Marlborough

Reserve Range – showcase Hawkes Bay grape varieties

Varietal Range – express the regional character and harmony of Hawkes Bay and Marlborough viticulture

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Overview of NZ Wine Industry

Achieved substantial volume and value growth due to the niche positioning of its unique cool climate wines, despite global surpluses

Produces very small quantities of cool-climate super-premium wines - in strong demand in key export markets

Limited opportunity to increase output further once current growth in grape supply is realised

Finite supply enables super-premium pricing and niche positioning in global markets to be sustained

Delegat’s expects that NZ will remain a niche supplier of cool climate super premium wines in the long term

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Overview of NZ Wine Industry

New Zealand Wine Exports, 2005 (by volume)

Australia19%

Others12%

USA25%

UK41%

Canada3%

cc

5.93

4.23

3.97

3.95

3.72

3.68

3.65

3.39

2.51

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0

New Zealand

Australia

USA

France

South Africa

Chile

Spain

Italy

Germany

Price per Bottle (GBP)Source: AC Nielsen o ff Trad e MAT 30 /10 /04

UK Average Price (Off Premise)

New Zealand Wine Sales Volumes 1995 - 2010

0

20

40

60

80

100

120

140

1995 1997 1999 2001 2003 2005 2007 2009

Milli

on li

tres

Exports Domestic

Source: NZ Winegrowers Annual Report 2005 and New Zealand Winegrowers Data

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Delegat’s Global Strategy & Vision

Delegat’s strategy is to lead New Zealand wine category growth and establish Oyster Bay® as one of the world’s great super premium wine brands

World-class cool climate super premium wines from NZ’s leading regions in internationally renowned varietals

Market-leading wine brands, Oyster Bay® is a category leading New Zealand super-premium wine brand globally

Focused portfolio, few SKUs, high stock turn

Market driven business with in-market sales teams and global distribution

Secure & increasing supply of grapes

State of the art winemaking facilities & expertise

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Sales Growth & CompositionDelegat’s has demonstrated strong case volume and revenue growth

Approximately 80% of revenue earned in overseas markets in 2005

Delegat’s consistently outperforms NZ wine industry growth and case price realisation

Delegat’s key export markets are UK, Australia & Canada. US is a key market in development.

NZ market is positioned for continued growth

Delegat’s Sales Growth FY2004 – FY2005

Source: Delegat's Group Limited

Group Actual & Projected Case Sales FY2001 - FY2007

-

200

400

600

800

1,000

1,200

1,400

2001 Actual 2002 Actual 2003 Actual 2004 Actual 2005 Actual 2006 Projection 2007 Projection

Year Ending 30 June

Cas

e Sa

les

('000

s)

Source: Delegat's Group Limited

FY2005

FY2004

+31%+219%+125%+74%+42%

$11.1m$13.4m$1.8m$26.2m$3.7m

$8.5m$4.2m$0.8m$15.1m$2.6m

NZAusUSAUKCan

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UK Market Performance

0

50

100

150

200

250

300

350

400

2001 2002 2003 2004 2005 2006P 2007P

Cas

e S

ales

(000

)

Source: Delegat's Management Data

UK MarketDelegat’s and NZ’s largest export marketDelegat’s market share increased to 16% of NZ wine exported to UK for 1H FY2006Oyster Bay® ranked 24th of all world wine brands in UK supermarkets*Key customers include Sainsburys, Waitrose, Majestic Wine

Growth strategyBroaden off-premise distribution12 on-premise regional wholesalers

* AC Nielsen

Oyster Bay - UK Price Realisation & Volumes (GBP)

30

32

34

36

2001 2002 2003 2004 2005

Pric

e pe

r cas

e (G

BP

)

-

50

100

150

200

250

300

Cas

es (0

00)

Ca s e Vo lum e sOys te r B a y

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Australian Market

Australians are drinking more imported wine

NZ’s 3rd largest export wine market

Launched Oyster Bay® in 2003

18% of NZ wine sales for 1H FY2006

In-market sales team secured key relationships

Distribution network encompasses more than 9,000 retailers including Woolworths & Coles

Australian Market Performance

0

50

100

150

200

250

300

2003 2004 2005 2006P 2007PC

ase

Sale

s (0

00)

Source: Delegat's Management Data

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USA Market Performance

0

50

100

150

200

250

2006P 2007P

Cas

e Sa

les

(000

)

Source: Delegat's Management Data

USA MarketDelegat’s major growth opportunity in second largest wine marketoutside Western Europe

In FY2005, the NZ industry exported 1.4m cases

NZ wines sales have grown 55% on MAT basis to 31 December 2005

NZ wines achieivng success due to superior quality / price proposition

Supply constraints delayed Delegat’s USA presence, Oyster Bay® launched in 2005

Established in-market sales team

8 distributors appointed, target is90% market coverage by 2007

For FY2006 and FY2007, Delegat’s is projecting sales equivalent to approximately 4.5% and 8.0% respectively of the NZ industry’s projected case sales

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New Zealand, Canada, Asia Pacific, China & EU

Oyster Bay® and Delegat’s®remain strong performing NZ domestic brands

Strong NZ growth in 2005, volume & revenue up 33% & 31%

Oyster Bay® #1 NZ Sauvignon Blanc and Chardonnay in Canada

Asia Pacific, China & EU offer long term growth opportunities

New Zealand Market Performance

0

25

50

75

100

125

150

175

200

2001 2002 2003 2004 2005 2006P 2007P

Cas

e Sa

les

(000

)

Source: Delegat's Management Data

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Grape SupplyDelegat’s has secure long term supply with 2,161 ha of planted vineyards

21% of total Marlborough Sauvignon Blanc, chardonnay plantings17% of Hawkes Bay chardonnay15% of Hawkes Bay merlot12% of Marlborough pinot noir

Oyster Bay subsidiary, leased vineyards, contracted growers

By FY2010, grape supply is projected to be approximately 25,000 tonnes

0

5

10

15

20

25

30

2003 Actual 2004 Actual 2005 Actual 2006Projection

2007Projection

2008Projection

2009Projection

2010Projection

Pla

nted

Hec

tare

s

0

1,000

2,000

3,000

4,000

5,000

6,000

Tonn

es P

rodu

ced

('000

s)

Tonnes of Grapes Produced Planted HectaresSource:Delegat's Group Limited

Group Grape Production and Planted Hectares FY2003 to FY2010

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Production & Winemaking

Delegat’s to benefit from winemaking control, flexibility & security

Modern $73m Marlborough winery, 20,000 tonne capacity

3 stages

Stage 1 completion for FY2006 vintage

Winemaking in Henderson (3,000 tonnes), manages bottling & dispatch

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Marlborough Winery

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Board and Management

Board

Robert Wilton, ChairmanJim Delegat, Managing DirectorRose Delegat, Executive Director John Maasland, Independent DirectorJane Freeman, Independent Director

Senior Management

Christine Pears BCom CA, General Manager, Finance and AdministrationMichael Ivicevich BSc, Chief WinemakerAden Brock BSc, General Manager ViticultureDr Rengasamy Balasubramaniam PhD, Grower Business DevelopmentJonas Steen BCom, Brands & CommunicationsJohn Freeman, Business Planning, Global SalesIn-market Sales Managers: US, UK, Aust., Asia/Pacific

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Summary Financial Information

2003 12 mths Actual

Audited

2004 12 mths Actual

Audited

2005 12 mths Actual

Audited

Dec – 2005 6 Mths Actual

Unaudited

2006 12 mths

Projection

2007 12 mths

Projection

Case Sales (000’s) (unaudited) 209 306 582 375 805 1,144 Growth% (unaudited) 41% 46% 90% 38% 42% Operating Revenue ($m) 22.3 32.1 58.0 38.0 80.8 122.5 Growth % 37% 44% 81% 39% 52% EBITDA ($m) 4.1 4.4 9.0 8.2 19.3 41.6 EBITDA % margin 18% 14% 16% 22% 24% 34%

EBIT ($m) 3.0 2.8 6.6 6.2 12.6 29.5 EBIT % margin 13% 9% 11% 16% 16% 24% NPAT (pre goodwill amortisation) ($m) 2.2 1.5 2.6 2.2 4.4 13.9 NPAT (pre goodwill amortisation) % margin

10% 5% 4% 6% 5% 11%

NPAT (post goodwill amortisation) ($m) 2.2 1.5 2.6 2.2 4.4 13.8 NPAT (post goodwill amortisation) % margin

10% 5% 4% 6% 5% 11%

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FX Assumptions

FX assumptions based upon forward rates as at 31 January 2006

Treasury advisor appointed, policy developed to manage FX risks

Forward Rate NZIER Consensus Rate FY2006 FY2007 FY2006 FY2007

10-Year Average

NZD / GBP 0.3900 0.3760 0.3920 0.3570 0.3520

NZD / USD 0.6850 0.6660 0.6810 0.6070 0.5700

NZD / AUD 0.9190 0.8960 0.9220 0.8720 0.8590

NZD / CAD 0.8050 0.7580 0.8110 0.7180 0.8050

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Share Issue Support Deed

Tangible measure of the existing shareholder’s* confidence in the Group achieving the significant growth projected for FY2007

Entered between the Company and existing shareholders*

For the benefit of persons who are registered as holders of New Shares

If the Group’s FY2007 NPAT is less than $13.832 million, the existing shareholders* will surrender a number of shares to the Company for cancellation

* Neither Jim Delegat, Rose Delegat, Robert Wilton or any other person guarantees the Ordinary Shares being offered.

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Investment Case

An opportunity for investors to participate in substantial growth

The Group believes it is New Zealand’s largest privately owned (independent) winemaker and exporter

Growth industry with strong global demand

Market leading brands

Super premium market position and value

Award-winning wines

Growth underpinned by substantial share and increasing supply of grapes from preeminent wine regions

Market-driven wine business with in-market sales teams and global distribution

Offer of new shares to release funding for expansion

Share Issue Support Deed for New Shareholders

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Important Dates

21 April 2006Anticipated quotation of Sharesand trading on NZSX

Week beginning 18 April 2006

Allotment date and posting of holder statements

13 April 2006Offer Closing Date

27 March 2006Offer Opening Date

22 March 2006Registration of Offer Document

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An Overview of the ProcessImportant NoticeIntroductionOffer StatisticsOffer SummaryBackground to Delegat’s BusinessDelegat’s BrandsOverview of NZ Wine IndustryDelegat’s Global Strategy & VisionSales Growth & CompositionUK MarketAustralian MarketUSA MarketNew Zealand, Canada, Asia Pacific, China & EUGrape SupplyProduction & WinemakingMarlborough WineryBoard and ManagementSummary Financial InformationFX AssumptionsShare Issue Support DeedInvestment CaseImportant Dates