Ferrari-Carano: A California Winery Producing a Variety of Wines Tiburon Research March 15, 2019

Ferrari-Carano Comments 2 Founded in XXXX Based in Dry Creek, CA (Sonoma, CA) Source: 4/21/07 Ferrari Carano Vineyards and Winery Web Site; Tiburon Research & Analysis 2

Ferrari-Carano History Ferrari-Carano was Founded in XXXX and Has Subsequently Evolved through its Early, Middle, & Recent Phases Ferrari-Carano History Ferrari-Carano Founded Ferrari-Carano Today Early Phase Middle Phase Recent Phase Approximate Dates: XXXX XXXX - XXXX XXXX - XXXX XXXX - 2019 2019 Key Steps: XXXX: Ferrari-Carano founded XXXX: -- XXXX: -- XXXX: -- Source: Tiburon Research & Analysis 3

Ferrari-Carano was Founded in XXXX Comments Founded in XXXX Based in XXXX Source: Tiburon Research & Analysis 4

Ferrari-Carano is Not a Frequent Advertiser Comments -- Source: Tiburon Research & Analysis 5

Ferrari-Carano Has a Web Site with XXXX Core Sections, Including __ -- -- -- -- - -- Source: Tiburon Research & Analysis 6

Ferrari-Carano is Not a Frequent Acquirer Comments -- Source: Tiburon Research & Analysis 7

Ferrari-Carano Has a Charitable Giving Program Comments -- Source: Tiburon Research & Analysis 8

Ferrari-Carano Has Employees Source: Tiburon Research & Analysis 9

Ferrari-Carano Has Planted Acres Source: Tiburon Research & Analysis 10

Ferrari-Carano Produces Tons of Grapes Source: Tiburon Research & Analysis 11

Ferrari-Carano Produces Gallons of Wine Source: Tiburon Research & Analysis 12

Ferrari-Carano Produces Cases Cases Produced Source: Tiburon Research & Analysis 13

Ferrari-Carano Generates Revenues ($ Millions) Source: Tiburon Research & Analysis 14

Ferrari-Carano Earns $___ Million Net Profits ($ Millions) Source: Tiburon Research & Analysis 15

Ferrari-Carano Produces a Number of Varietals, Including… -- -- -- -- -- Source: Tiburon Research & Analysis 16

Ferrari-Carano’s First Varietal is ___ Comments -- Source: Tiburon Research & Analysis 17

Ferrari-Carano’s Second Varietal is ___ Comments -- Source: Tiburon Research & Analysis 18

Ferrari-Carano is Led by its CEO… Organizational Chart -- -- -- -- -- -- Source: Tiburon Research & Analysis 19

Ferrari-Carano Has a Board of Directors Led by its Chairman… -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

Ferrari-Carano is Privately Owned Comments -- Source: Tiburon Research & Analysis 21

Ferrari-Carano Has Assets ($ Millions) Source: Tiburon Research & Analysis 22 22 22

Ferrari-Carano Has Liabilities ($ Millions) Source: Tiburon Research & Analysis 23 23 23

Ferrari-Carano Has Shareholders’ Equity ($ Millions) Source: Tiburon Research & Analysis 24 24 24

Ferrari-Carano Earns … Per Share Earnings Per Share Source: Tiburon Research & Analysis 25 25 25

Ferrari-Carano Declares … Dividends Per Share Source: Tiburon Research & Analysis 26 26 26

Ferrari-Carano Has a … Dividend Yield Source: Tiburon Research & Analysis 27 27 27

Ferrari-Carano’s Stock Price is … Source: Tiburon Research & Analysis 28 28 28

Ferrari-Carano Has … Shares Outstanding Source: Tiburon Research & Analysis 29 29 29

Ferrari-Carano’s Market Capitalization is … ($ Millions) Source: Tiburon Research & Analysis 30 30 30

Ferrari-Carano is Owned by …. Ownership By Owner Source: Tiburon Research & Analysis 31 31 31

Ferrari-Carano’s Stock Volume is…. Source: Tiburon Research & Analysis 32 32 32

Tiburon Strategic Advisors Comments Focus on corporate-level strategy Serve senior executives only at financial services companies Key services: market seminars, market research, & strategy consulting Served over 450 corporate clients and completed over 2,200 projects since 1998 Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors Chip Roame background McKinsey & Company Charles Schwab & Company Tiburon since 1998 Source: Tiburon Research & Analysis 33 33