Kendall-Jackson: A California Winery Producing a Variety of Wines Tiburon Research April 8, 2019

Kendall-Jackson Comments 2 Founded 1982 Based in Santa Rosa, CA 4,000 acres 650 employees 5.0 million cases produced $365 million revenues Owned by Jess Jackson (70 years old) & his family Web site: www.kj.com, www.cambriawines.com, & www.matanzas.com Source: 6/27/05 North Bay Business Journal; 10/15/03 Wine Spectator; 12/01 Wine Spectator; 5/18/01 New York Times; 5/16/01 San Francisco Chronicle; 2/9/01 Wall Street Journal; 6/21/96 Business Wire; Tiburon Research & Analysis 2

Kendall-Jackson Founded Kendall-Jackson was Founded in 1982 and Has Subsequently Evolved through its Early, Middle, & Recent Phases Kendall-Jackson History Kendall-Jackson Founded Kendall-Jackson Today Founding Phase Acquisition Phase Growth Phase Approximate Dates: 1970 - 1982 1983 - 1984 1985 - 2000 2001 – 2019 2019 Key Steps: 1970: Tepusquet Vineyard planted 1982: Kendall-Jackson founded 1983: -- 1986: Acquired and renamed Cambria 1987: Cambria founded 1988: Cambria released first wine 1990: Cambria built winery 1995: Cambria built barrel aging facility 2000: Acquired Matanzas 2001: - Source: 4/27/08 Cambria Web Site; 1/7/07 Cambria Web Site; 2/15/06 Cambria Web Site; 2/15/06 Kendall-Jackson Web Site; 6/21/96 Business Wire; Tiburon Research & Analysis 3

Kendall-Jackson was Founded in 1982 Comments Founded 1982 Based in Santa Rosa, CA Source: 1/7/07 Cambria Web Site; 2/15/06 Cambria Web Site; 2/15/06 Kendall-Jackson Web Site; Tiburon Research & Analysis 4

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

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

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

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

Kendall-Jackson Has Employees Source: Tiburon Research & Analysis 9

Kendall-Jackson Has Planted Acres Source: Tiburon Research & Analysis 10

Kendall-Jackson Produces Tons of Grapes Source: Tiburon Research & Analysis 11

Kendall-Jackson Produces Gallons of Wine Source: Tiburon Research & Analysis 12

Kendall-Jackson Produces Cases Cases Produced Source: Tiburon Research & Analysis 13

Kendall-Jackson Generates Revenues ($ Millions) Source: Tiburon Research & Analysis 14

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

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

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

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

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

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

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

Kendall-Jackson Has Assets ($ Millions) Source: Tiburon Research & Analysis 22 22 22

Kendall-Jackson Has Liabilities ($ Millions) Source: Tiburon Research & Analysis 23 23 23

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

Kendall-Jackson Earns … Per Share Earnings Per Share Source: Tiburon Research & Analysis 25 25 25

Kendall-Jackson Declares … Dividends Per Share Source: Tiburon Research & Analysis 26 26 26

Kendall-Jackson Has a … Dividend Yield Source: Tiburon Research & Analysis 27 27 27

Kendall-Jackson’s Stock Price is … Source: Tiburon Research & Analysis 28 28 28

Kendall-Jackson Has … Shares Outstanding Source: Tiburon Research & Analysis 29 29 29

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

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

Kendall-Jackson’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