1. Update on Capital Markets, Values, and Investing Tony Correia, The Correia Company, California JANUARY 26, 2016 2:30PM - 4:30PM

2. California Vineyards and Land Where have we been? And What’s happening today? And Who’s buying? And Where do we go from here? Tony Correia T HE C ORREIA C OMPANY tony@correiaco.com 707.933.9915

3. Grape Sourcing Wineries returned to the market, aggressively firming up sourcing, buying vineyards and land to plant new vineyards The Great Grape Shortage of 2012

4. Wine Speculator’s Top 10 Wines - 2015 #1 – Peter Michael Au Paradis 2012 #2 – Quilceda Creek Cabernet Columbia Valley 2012 #3 – Evening Land Pinot Noir Seven Springs Vineyard 2012 #4 - Brunello di Montalcino DOCG Il Poggione 2010 #5 – Mt. Eden Vineyards Chardonnay Santa Cruz Mts 2012 #6 – Spain Ribera Del Duero #7 - NZ Pinot Noir #8 – Italy Amarone #9 – St Emilion # 10 - So Africa Sweet

5. The Six States of California

6. Source: CALASFMRA Trends, Crush Report

8. Source: CALASFMRA Trends

9. Source: CALASFMRA Trends, Crush Report

10. Vineyard Buyers? 1. STRATEGICS 2. LIFESTYLE ESTATES 3. FINANCIALS

11. Source: CALASFMRA Trends, Crush Report District 2, Lake County

12. Source: CALASFMRA Trends, Crush Report

14. Competition for Land 1. Almonds 2. Walnuts 3. Pistachios BUYERS? - INSTITUTIONAL INVESTORS - OTHER FARMERS

15. Source: CALASFMRA Trends, and Estimate

16. WATER Source: CALASFMRA Trends Open Crop Land

17. Impact on Land Values; Fresno County Farmland

18. Thank you! And Drink More California Wine !!!