Page 1 - MyNorth Specialist Growth SMA - Assertive

SMA Portfolio Update

Professional SMA (Assertive)

Corporate Action – Purchasing Additional Shares in Treasury Wine

Estates (TWE)

As at 13 November 2023

Following a review of your Professional Assertive portfolio (85% growth assets with a mix of
managed funds and listed securities), we have reconfirmed our conviction in the current
weights (ie allocation to each investment).

Below is a summary of the acquisition agreement.

Treasure Wine Estates (TWE) have announced that they have entered into an agreement to
acquire 100% of DAOU Vineyards, for an upfront consideration of USD $900m, plus an
additional earn-out of up to USD $100m payable if certain pre-agreed performance targets are
met.

To fund the acquisition, TWE have issued USD $100m in new TWE shares to the existing owners
of DAOU and have borrowed $USD 311m from a new USD $350m acquisition bridge facility.

TWE has also raised approximately AUD $604m via an institutional entitlement offer and is
now raising a further AUD $221m via a fully underwritten retail entitlement offer at $10.80 per
share.

Purchased:

Given our conviction in TWE, our positive view on the acquisition, the discount on offer, and
the dilution shareholders would experience if they did not participate, we have taken up the
offer in your SMA. This will therefore increase your existing exposure to TWE.

Eligible investors are entitled to 1 share per 9.45 shares owned at a price of $10.80 per
ordinary share.