Variation to MWE Share Purchase Plan

VARIATION TO MWE SHARE PURCHASE PLAN Date: 23 February 2021 Marlborough Wine Estates Group Limited (NZX: MWE) has resolved to vary the maximum value of shares that may be subscribed for in terms of the Share Purchase Plan announced to the NZX on February 17 to $15,000 in order to ensure that the Offer complies with the current NZX Listing Rules. The company is seeking to raise up to $2 million in new capital to progress growth opportunities in both New Zealand and international markets. The funds raised through the Share Purchase Plan (SPP) will be used to retain higher inventory levels to meet expected future demand; investment into marketing, particularly MWE's online strategy; and international market development. The Issue Price for the Shares is 25 cents per Share, representing a 56.7% discount to the five day VWAP (volume weighted average price) during the last five trading days on the NZX prior to the Record Date. As previously advised, Marlborough Wine Estates has recently achieved significant commercial milestones and is well positioned to capitalise on the growing demand for New Zealand wine. The capital raising will ensure MWE has the funding and capacity to progress with growth opportunities and provides MWE shareholders with an opportunity to participate and share in the growth of the company. Timetable Record Date of SPP - 5pm on Tuesday 16 February 2021 Opening Date - Wednesday 17 February 2021 Closing Date - 5pm on Friday 5 March 2021 Allotment and Settlement of Shares - Friday 12 March 2021 Commencement of trading in shares on NZX - Friday 12 March 2021 ENDS Authority for this announcement Name of senior manager or director authorised to make this announcement: Catherine Ma Contact phone number: 09 215 6650 Contact email address: catherine.ma@otuwines.com Date of release: 23 February 2021 For media assistance and enquiries, please contact: Jackie Ellis on 027 246 2505 or email jackie@ellisandco.co.nz. End CA:00368003 For:MWE Type:OFFER Time:2021-02-23 08:53:35