Joseph Phelps Vineyards: A California Winery Producing a Variety of Wines Tiburon Research April 4, 2019

Joseph Phelps Vineyards Comments Founded in 1972 Founded by Joseph Phelps Based in Saint Helena, CA (Napa Valley) 200 acres 100 planted acres 60,000 case production Chairman Emeritus: Joe Phelps Chairman: Bill Phelps CEO: Tom Shelton Web site: www.jpvwines.com Source: 1/6/12 Joseph Phelps Vineyards Web Site; 4/20/07 Joseph Phelps Vineyards Web Site; 12/30/06 Joseph Phelps Vineyards Web Site 12/31/02 Wine & Spirits; 9/29/02 San Francisco Chronicle; 12/31/01 Copia Brochure; 12/21/01 Wall Street Journal; 5/18/01 Ambrosia Catalog; 5/15/01 Wine Spectator; 4/19/01 Ambrosia Catalog; 2/14/01 San Francisco Chronicle; 1/29/01 San Francisco Chronicle; Tiburon Research & Analysis 2

Joseph Phelps Vineyards History Joseph Phelps Vineyards was Founded in 1972 and Has Subsequently Evolved through its Early, Middle, & Recent Phases Joseph Phelps Vineyards History Joseph Phelps Vineyards Founded Joseph Phelps Vineyards Today First Releases Phase New Wines Phase Expansion & New Leadership Phase Approximate Dates: 1972 1973 - 1989 1990 - 1998 1999 - 2014 2014 Key Steps: 1972: Joseph Phelps Vineyards founded 1977: Released Syrah 1978: Released first Insignia 1983: Craig Williams replaced Walter Schug & Sarah Goss as winemaker 1990: Introduced Rhone-Style wines 1992: Tom Shelton joined 1999: Purchased 100 acres in Sonoma County 2002: Tom Shelton joined 2002: Insignia named wine of the year by Wine Spectator Magazine 2005: Joe Phelps retired and his son Bill Phelps became chairman and Tom Shelton became CEO Source: 1/6/12 Joseph Phelps Vineyards Web Site; 12/30/06 Joseph Phelps Vineyards Web Site; Tiburon Research & Analysis 3

Joseph Phelps Vineyards was Founded in 1972 Comments Founded in 1972 Founded by Joseph Phelps 200 acres Based in Saint Helena, CA (Napa Valley) Source: 1/6/12 Joseph Phelps Vineyards Web Site; 12/30/06 Joseph Phelps Vineyards Web Site; Tiburon Research & Analysis 4

Joseph Phelps Vineyards is Not a Frequent Advertiser Advertising Comments -- Source: Tiburon Research & Analysis 5

Joseph Phelps Vineyards Joseph Phelps Vineyards Joseph Phelps Vineyards Has a Web Site with XXXX Core Sections, Including __ Joseph Phelps Vineyards Web Site Joseph Phelps Vineyards Web Site -- -- -- -- - -- Source: Tiburon Research & Analysis 6

Joseph Phelps Vineyards is Not a Frequent Acquirer Acquisitions Comments -- Source: Tiburon Research & Analysis 7

Joseph Phelps Vineyards Has a Charitable Giving Program Comments -- Source: Tiburon Research & Analysis 8

Joseph Phelps Vineyards Has Employees Needs data Joseph Phelps Vineyards Employees Source: Tiburon Research & Analysis 9

Joseph Phelps Vineyards Has Planted Acres Needs data Joseph Phelps Vineyards Planted Acres Source: Tiburon Research & Analysis 10

Joseph Phelps Vineyards Produces Tons of Grapes Needs data Joseph Phelps Vineyards Tons of Grapes Source: Tiburon Research & Analysis 11

Joseph Phelps Vineyards Produces Gallons of Wine Needs data Joseph Phelps Vineyards Gallons of Wine Source: Tiburon Research & Analysis 12

Joseph Phelps Vineyards Produces Cases Needs data Joseph Phelps Vineyards Cases Produced Source: Tiburon Research & Analysis 13

Joseph Phelps Vineyards Generates Revenues Needs data Joseph Phelps Vineyards Revenues ($ Millions) Source: Tiburon Research & Analysis 14

Joseph Phelps Vineyards Earns $___ Million Needs data Joseph Phelps Vineyards Net Profits ($ Millions) Source: Tiburon Research & Analysis 15

Joseph Phelps Vineyards Produces a Number of Varietals, Including… -- -- -- -- -- Source: Tiburon Research & Analysis 16

Joseph Phelps Vineyards’s First Varietal is ___ Comments -- Source: Tiburon Research & Analysis 17

Joseph Phelps Vineyards’s Second Varietal is ___ Comments -- Source: Tiburon Research & Analysis 18

Joseph Phelps Vineyards is Led by its CEO… Organizational Chart -- -- -- -- -- -- Source: Tiburon Research & Analysis 19

Joseph Phelps Vineyards Has a Board of Directors Led by its Chairman… -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

Joseph Phelps Vineyards is Privately Owned Comments -- Source: Tiburon Research & Analysis 21

Joseph Phelps Vineyards Has Assets Needs data Joseph Phelps Vineyards Assets ($ Millions) Source: Tiburon Research & Analysis 22 22 22

Joseph Phelps Vineyards Has Liabilities Needs data Joseph Phelps Vineyards Liabilities ($ Millions) Source: Tiburon Research & Analysis 23 23 23

Joseph Phelps Vineyards Has Shareholders’ Equity Needs data Joseph Phelps Vineyards Shareholders Equity ($ Millions) Source: Tiburon Research & Analysis 24 24 24

Joseph Phelps Vineyards Earns … Per Share Needs data Joseph Phelps Vineyards Earnings Per Share Source: Tiburon Research & Analysis 25 25 25

Joseph Phelps Vineyards Declares … Dividends Per Share Needs data Joseph Phelps Vineyards Dividends Per Share Source: Tiburon Research & Analysis 26 26 26

Joseph Phelps Vineyards Has a … Dividend Yield Needs data Joseph Phelps Vineyards Dividend Yield Source: Tiburon Research & Analysis 27 27 27

Joseph Phelps Vineyards’s Stock Price is … Needs data Joseph Phelps Vineyards Stock Price Source: Tiburon Research & Analysis 28 28 28

Joseph Phelps Vineyards Has … Shares Outstanding Needs data Joseph Phelps Vineyards Shares Outstanding Source: Tiburon Research & Analysis 29 29 29

Joseph Phelps Vineyards’s Market Capitalization is … Needs data Joseph Phelps Vineyards Market Capitalization ($ Millions) Source: Tiburon Research & Analysis 30 30 30

Joseph Phelps Vineyards is Owned by …. Needs real data Joseph Phelps Vineyards Ownership By Owner Source: Tiburon Research & Analysis 31 31 31

Joseph Phelps Vineyards’s Stock Volume is…. Needs data Joseph Phelps Vineyards Stock Volume 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