Adastra Wines: An Organic Family Winery Tiburon Research June 26, 2015

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 1 Adastra Wines Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis  Founded in 1850  Based in Carneros, CA  20 planted acres  Owner: Chris Thorpe  Web site: Comments

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 2 Adastra Wines was Founded in 1850 and has Subsequently Evolved through its Early Ranch, Angus, & Vineyards Phases Early Ranch Phase Angus Phase Vineyards Phase Approximate Dates: XXXX: Ranch passed to son Ted Raven XXXX: Ranch Sold to the Sandbach family who renamed it Star Hill Ranch : Star Hill Ranch purchased by Thorpe family 1983: Ranch renamed Adastra 1984: Ranch utilized to raise cattle Key Steps: : Cattle sold 1989: Planted Merlot & Chardonnay on eight acres 1993: Began selling Merlot & Chardonnay grapes to Robert Mondavi 1994: Planted Pinot Noir & Chardonnay on additional twelve acres 1995: Edwin Thorpe became general manager 1996: Signed long-term contract with Etude Wines to sell Pinot Noir grapes Adastra Wines History Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis 1850: Adastra Wines founded 1850: Adastra plot purchased by Paul and Caroline Raven who plant grapes, apples, prunes, hay, and grain Adastra Wines Founded Adastra Wines Today

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 3 Adastra Wines was Founded in 1850 Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis  Founded in 1850  Based in Carneros, CA Comments

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 4 Adastra Wines was Purchased by the Thorpe Family in 1983 Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis -- Comments

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 5 Adastra Wines Began Selling Chardonnay & Merlot Grapes to Robert Mondavi in 1993 Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis -- Comments

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 6 Adastra Wines Signed a Contract to Sell its Pinot Noir Grapes to Etude Wines in 1996 Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis -- Comments

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 7 Adastra Wines is Not a Frequent Advertiser -- Comments Advertising Participant in two popular open house events: April in Carneros & Holiday in Carneros Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 8 Adastra Wines Does Not Have a Tasting Room and is Rarely Open to the Public Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis -- Comments

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 9 Adastra Wines Has a Wine Club -- Comments No tasting room Source:6/26/15 Adastra Wines Web Site; 4/21/05 Adastra Web Site; Tiburon Research & Analysis

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 10 Adastra Wines Only Opens to the Public for Two Events; April in Carneros and Holiday in Carneros November 19 th & 20 th, Winery open house from 10am to 4pm April in Carneros April 16 th & 17 th, Winery open house from 10am to 4pm Holiday in Carneros Adastra Wines Events Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 11 Adastra Wines’ Open House Events are Both Organized by the Hospitality de los Carneros Organization Source:4/21/05 Adastra Web Site; 4/21/05 Hospitality de los Carneros Web Site; Tiburon Research & Analysis -- Comments Collective of Napa and Sonoma wineries located in the Carneros appellation Organizers of two annual winery open house events; April in Carneros; Holiday in Carneros

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 12 Adastra Wines Has a Web Site with Five Core Sections, Including Shop Wines, Organic Vineyards, Wine Club, About Adastra, & Contact Source:6/25/15 Adastra Wines Web Site; 12/19/13 Adastra Vineyards Web Site; 4/21/05 Adastra Web Site; Tiburon Research & Analysis Adastra Wines Web Site Shop WinesWine ClubAbout Adastra Organic Vineyards Contact Adastra Wines Web Site

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 13 Adastra Wines is Not a Frequent Acquirer Source:Tiburon Research & Analysis -- Comments Acquisitions

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 14 Adastra Wines Has a Charitable Giving Program Source:Tiburon Research & Analysis -- Comments Charitable Giving

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 15 Adastra Wines Has Employees Adastra Wines Employees Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 16 Adastra Wines Has Planted Acres Adastra Wines Planted Acres Needs data Seven acres of Chardonnay; seven acres of Merlot; six acres of Pinot Noir Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 17 Adastra Wines Tons of Grapes Adastra Wines Grows ___ Tons of Grapes Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 18 Adastra Wines Produces Gallons of Wine Adastra Wines Gallons of Wine Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 19 Adastra Wines Cases Produced Adastra Wines Produces 1,389 Cases of Wine, Consistent Since 2004 Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis Needs update 2004=4/21/ =4/21/05

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 20 Adastra Wines Cases Produced By Varietal Adastra Wines’ Largest Volume Production is in Chardonnay and Merlot Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 21 Adastra Wines Generates Revenues Adastra Wines Revenues ($ Millions) Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 22 Adastra Wines Earns $___ Million Adastra Wines Net Profits ($ Millions) Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 23 Adastra Wines Wines Adastra Wines Has a Number of Wines, Including Chardonnay, Pinot Noir, & Merlot Adastra Wines Wines ChardonnayMerlotPinot Noir Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis

– Adastra Wines © Tiburon Strategic Advisors, LLC™ Comments Adastra Wines’ First Wine is Chardonnay Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis

– Adastra Wines © Tiburon Strategic Advisors, LLC™ Comments Adastra Wines’ Second Wine is Pinot Noir Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis

– Adastra Wines © Tiburon Strategic Advisors, LLC™ Comments Adastra Wines’ Third Wine is Merlot Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 27 Adastra Wines is Led by its Owner & General Manager Chris Thorpe Adastra Wines Organizational Chart Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis Chris Thorpe Owner Edwin RichardsTom Hecht Pam Starr Consultant

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 28 Adastra Wines Has a Board of Directors, Led by its Chairman… Source:Tiburon Research & Analysis Adastra Wines Board of Directors --

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 29 Source:Tiburon Research & Analysis Adastra Wines is Privately Owned -- Comments

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 30 Adastra Wines Assets ($ Millions) Adastra Wines Has Assets Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 31 Adastra Wines Liabilities ($ Millions) Adastra Wines Has Liabilities Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 32 Adastra Wines Shareholders Equity ($ Millions) Adastra Wines Has Shareholders’ Equity Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 33 Adastra Wines Earnings Per Share Adastra Wines Earns … Per Share Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 34 Adastra Wines Dividends Per Share Adastra Wines Declares … Dividends Per Share Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 35 Adastra Wines Dividend Yield Adastra Wines Has a … Dividend Yield Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 36 Adastra Wines Stock Price Adastra Wines’ Stock Price is … Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 37 Adastra Wines Shares Outstanding Adastra Wines Has … Shares Outstanding Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 38 Adastra Wines Market Capitalization ($ Millions) Adastra Wines’ Market Capitalization is … Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 39 Adastra Wines is Owned by …. Source:Tiburon Research & Analysis Adastra Wines Ownership By Owner Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 40 Adastra Wines Stock Volume Adastra Wines’ Stock Volume is…. Source:Tiburon Research & Analysis Needs data

– Adastra Wines © Tiburon Strategic Advisors, LLC™ 41 Source:Tiburon Research & Analysis Tiburon Strategic Advisors Focus on corporate-level strategy -Serve senior executives only at financial services companies -Key services: market seminars, market research, & strategy consulting -Served over 400 corporate clients and completed over 1,700 projects since 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 Comments