Korbel: A California Winery Producing a Variety of Wines Tiburon Research April 8, 2019

Korbel Comments 2 Founded in XXXX Based in Guerneville, CA (Sonoma, CA) 2,000 acres in California 550 employees 2.1 million case volume (#8) $134 million revenues Brands include Kenwood Vineyards and Korbel President: Gary Heck Winemaker: Paul Ahvenainen Web Site: www.korbel.com Source: 4/20/07 Korbel Web Site; 4/20/01 San Francisco Business Times; Tiburon Research & Analysis 2

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

Korbel was Founded in XXXX Comments Founded in XXXX Based in Guerneville, CA (Sonoma, CA) Source: 4/20/07 Korbel Web Site; 4/20/01 San Francisco Business Times; Tiburon Research & Analysis 4

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

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

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

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

Korbel Has Employees Korbel Employees 9 Source: Tiburon Research & Analysis 9

Korbel Has Planted Acres Source: Tiburon Research & Analysis 10

Korbel Produces Tons of Grapes Source: Tiburon Research & Analysis 11

Korbel Produces Gallons of Wine Source: Tiburon Research & Analysis 12

Korbel Produces Cases Korbel Cases Produced 13 Source: Tiburon Research & Analysis 13

Korbel Generates Revenues ($ Millions) Source: Tiburon Research & Analysis 14

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

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

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

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

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

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

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

Korbel Assets ($ Millions) Korbel Has Assets Korbel Assets ($ Millions) Source: Tiburon Research & Analysis 22 22 22

Korbel Has Liabilities ($ Millions) Source: Tiburon Research & Analysis 23 23 23

Korbel Has Shareholders’ Equity ($ Millions) Source: Tiburon Research & Analysis 24 24 24

Korbel Earns … Per Share Earnings Per Share Source: Tiburon Research & Analysis 25 25 25

Korbel Declares … Dividends Per Share Source: Tiburon Research & Analysis 26 26 26

Korbel Has a … Dividend Yield Source: Tiburon Research & Analysis 27 27 27

Korbel’s Stock Price is … Source: Tiburon Research & Analysis 28 28 28

Korbel Has … Shares Outstanding Source: Tiburon Research & Analysis 29 29 29

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

Korbel Ownership By Owner Korbel is Owned by …. Korbel Ownership By Owner Source: Tiburon Research & Analysis 31 31 31

Korbel’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