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

2. 15.06.26 – 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: www.adastrawines.com Comments

3. 15.06.26 – 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: 1850 - 1982 XXXX: Ranch passed to son Ted Raven XXXX: Ranch Sold to the Sandbach family who renamed it Star Hill Ranch 1983 - 1988 1983: Star Hill Ranch purchased by Thorpe family 1983: Ranch renamed Adastra 1984: Ranch utilized to raise cattle Key Steps: 1989 - 2015 1989: 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 1850 2015 Adastra Wines Founded Adastra Wines Today

4. 15.06.26 – 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

5. 15.06.26 – 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

6. 15.06.26 – 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

7. 15.06.26 – 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

8. 15.06.26 – 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

9. 15.06.26 – 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

10. 15.06.26 – 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

11. 15.06.26 – 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, 2005 -Winery open house from 10am to 4pm April in Carneros April 16 th & 17 th, 2005 -Winery open house from 10am to 4pm Holiday in Carneros Adastra Wines Events Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis

12. 15.06.26 – 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

13. 15.06.26 – 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

14. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 13 Adastra Wines is Not a Frequent Acquirer Source:Tiburon Research & Analysis -- Comments Acquisitions

15. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 14 Adastra Wines Has a Charitable Giving Program Source:Tiburon Research & Analysis -- Comments Charitable Giving

16. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 15 Adastra Wines Has Employees Adastra Wines Employees Source:Tiburon Research & Analysis Needs data

17. 15.06.26 – 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

18. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 17 Adastra Wines Tons of Grapes Adastra Wines Grows ___ Tons of Grapes Source:Tiburon Research & Analysis Needs data

19. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 18 Adastra Wines Produces Gallons of Wine Adastra Wines Gallons of Wine Source:Tiburon Research & Analysis Needs data

20. 15.06.26 – 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=4/21/05 2005=4/21/05

21. 15.06.26 – 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

22. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 21 Adastra Wines Generates Revenues Adastra Wines Revenues ($ Millions) Source:Tiburon Research & Analysis Needs data

23. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 22 Adastra Wines Earns $___ Million Adastra Wines Net Profits ($ Millions) Source:Tiburon Research & Analysis Needs data

24. 15.06.26 – 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

25. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 24 -- Comments Adastra Wines’ First Wine is Chardonnay Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis

26. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 25 -- Comments Adastra Wines’ Second Wine is Pinot Noir Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis

27. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 26 -- Comments Adastra Wines’ Third Wine is Merlot Source:4/21/05 Adastra Web Site; Tiburon Research & Analysis

28. 15.06.26 – 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

29. 15.06.26 – 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 --

30. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 29 Source:Tiburon Research & Analysis Adastra Wines is Privately Owned -- Comments

31. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 30 Adastra Wines Assets ($ Millions) Adastra Wines Has Assets Source:Tiburon Research & Analysis Needs data

32. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 31 Adastra Wines Liabilities ($ Millions) Adastra Wines Has Liabilities Source:Tiburon Research & Analysis Needs data

33. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 32 Adastra Wines Shareholders Equity ($ Millions) Adastra Wines Has Shareholders’ Equity Source:Tiburon Research & Analysis Needs data

34. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 33 Adastra Wines Earnings Per Share Adastra Wines Earns … Per Share Source:Tiburon Research & Analysis Needs data

35. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 34 Adastra Wines Dividends Per Share Adastra Wines Declares … Dividends Per Share Source:Tiburon Research & Analysis Needs data

36. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 35 Adastra Wines Dividend Yield Adastra Wines Has a … Dividend Yield Source:Tiburon Research & Analysis Needs data

37. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 36 Adastra Wines Stock Price Adastra Wines’ Stock Price is … Source:Tiburon Research & Analysis Needs data

38. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 37 Adastra Wines Shares Outstanding Adastra Wines Has … Shares Outstanding Source:Tiburon Research & Analysis Needs data

39. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 38 Adastra Wines Market Capitalization ($ Millions) Adastra Wines’ Market Capitalization is … Source:Tiburon Research & Analysis Needs data

40. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 39 Adastra Wines is Owned by …. Source:Tiburon Research & Analysis Adastra Wines Ownership By Owner Needs data

41. 15.06.26 – Adastra Wines © Tiburon Strategic Advisors, LLC™ 40 Adastra Wines Stock Volume Adastra Wines’ Stock Volume is…. Source:Tiburon Research & Analysis Needs data

42. 15.06.26 – 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 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 Comments