The New Zealand Wine Company

Continued Growth in Half Year Financial Result for The New Zealand Wine Company

Mr Mark Peters, Chairman of The New Zealand Wine Company Limited, announced today that the Company’s unaudited half yearly result for the six months ended 31 December 2005 was a net surplus after taxation of $431,000.

This represents an increase of 4.1% over the $414,000 reported for the same period last year and comes about mainly from an increase in gross revenue of 9.8% to $4.62 million. Mr Peters said “Such volume of sales, even despite the high dollar levels, have enabled the Company to continue to invest in brand building.” “Over the next few years Wine Companies with strong brands and good distribution channels will be the best placed to reward their shareholders.” he said.

Mr Peters confirmed that an interim dividend of 3 cents per share fully imputed is intended to be paid to shareholders on 3rd April 2006. This represents an increase of 1 cent per share over the 2005 interim dividend, resulting from the Board’s desire to realign the dividend payments.

Mr Peters said that “Present indications are that the Company is well placed with contracts and commitments for the second half of the current year to also deliver a better result than the 2005 second half. This would show a reasonable earnings growth for the current full year. The extent of this growth will be largely dependent upon what happens to the $NZ over the next few months.” “The Board is aware that returns on shareholder funds still have room for improvement and the Board and management are continuously working to reach desired levels of returns with a strategic plan designed to that end” he said.

Authorised for public release.

For further information please contact:

Mark Peters

Chairman, The New Zealand Wine Company Limited

PO Box 67, Renwick, Marlborough

Tel: +64 3 578 7159

Fax: +64 3 578 8968