INTERNATIONAL WINE ASSOCIATES IWA Established in 1990 IWA

INTERNATIONAL WINE ASSOCIATES (IWA) Established in 1990, IWA is the leader in wine industry M&A by number and total value of transactions closed, with over 70 separate deals completed, for a combined value of over $ 2 billion. A staff of 5 professionals. Transaction size from $20 to $250 million. Companies in California, Oregon and Washington. IWA has represented all the major multinationals and many family owned wine companies in the U. S. in the valuation / sale of wineries, vineyards and brands, incl. over 6, 000 acres of premium vineyard sold since 2008.

IWA RECENT TRANSACTIONS Since 1990 IWA has completed over $2 billion in transactions. Since 2016 over $500 million incl. various prominent estate wineries, over 2, 000 acres of premium vineyards with 3 Napa Valley deals completed YTD; total value of IWA deals closed in 2020 over $175 million : 1) 2020 – Diamond Creek (Roederer) 2) 2020 – Burgess Cellars (Lawrence family & Heitz) 3) 2020 – Flora Springs Komes Ranch (Smith-Haut-Lafitte) 4) 2020 – Wallula Gap Vineyard (Prudential) 5) 2019 – Merry Edwards (Roederer) 6) 2018 – Stony Hill (Longmeadow Ranch) 7) 2018 – Seven Deadly (The Wine Group) 8) 2018 Sierra Madre Vineyard (Gallo) 9) 2017 – Calera (TSG/Duckhorn) 10) 2017 Germain-Robin Brandy (Gallo) 11) 2017 – Beaux Freres (Domaines Henriot) 12) 2017 – Klipsun Vineyard (Terlato) 13) 2016 – Ladera (Plump. Jack) 14) 2016 – Chalone (Foley)

COVID & POTENTIAL IMPACT ON M&A • • Strength of Assets & Brand is important to Buyers May Have some Impact, depends on deal How important deal is to Buyer, strategic or not Example : Roederer acquisition of Diamond Creek

IWA VALUATION METHODOLOGY • Asset valuation – winery, vineyards, inventory & IP • Multiple of Earnings • Discounted Cash Flow

IMPLICATION OF POTENTIAL BIDEN TAX INCREASES • Individual Taxes – 1031 exchanges • Business Taxes – Increase in income tax rates • NO IWA SELLER HAS NOT SOLD BECAUSE OF POTENTIAL TAX INCREASE