SOCIETA’ AGRICOLA FONDI RUSTICI MONTEFOSCOLI S.R.L.

ORGANISATION AND OWNERSHIP OF THE FARM Società Agricola Fondi Rustici Montefoscoli s.r.l. was incorporated on 28th October 2004 by taking over all the properties that Fondazione Gerolamo Gaslini of Genoa owned in the municipality of Palaia. On 21st December 2004, the Province of Pisa bought 100% of the shares of Società Agricola Fondi Rustici Montefoscoli s.r.l., On 20th February 2007, the Province of Pisa sold 0.3356% of the shares to the Municipality of Palaia. The farm is a limited liability company, with a share capital of 14,171,000.00 euros, legally shared as follows:

Province of Pisa for 14,123,442.12 euros, equal to 99.6644% of the share capital; Municipality of Palaia for 47,557.88 euros, equal to 0.3356% of the share capital.

DESCRIPTION Società Agricola Fondi Rustici Montefoscoli srl is a farm consisting of one single holding, covering a total surface of approximately 600 hectares. The farm currently includes:

approximately 41 hectares of new vineyards, divided into 11 non-adjacent main vine-growing areas;

approximately 21 hectares of olive groves, with a total of 3,171 olive trees, 1,500 of which have been recently replanted (1999-2000) ;

approximately 270 hectares of arable crops; approximately 170 hectares of woods (some of these areas are classed as truffle-bearing).

Società Agricola Fondi Rustici Montefoscoli s.r.l. is organically managed and has been a certified producer of organic herbs since the 2009 campaign and a certified producer of organic arboreal species since the 2010 campaign.

The holding includes a hunting and guest farm of approximately 250 hectares, where guests are permitted to hunt, train their dogs and kill the stocked game.

As of this date, the holding includes 31 buildings, including Villa Fattoria, and Tabaccaia, the former tobacco factory.

WINE MAKING Over the last few years, the largest investments have been made in the vineyards, with 5.86.93 hectares planted in 2006, and 7.34.48 hectares of new vines planted in 2007, making up the current 41 hectares. Major investments have been made to buy tractors and new equipment to tend to the vineyards. Cultivars include Sangiovese, Merlot, Syrah, Cabernet Sauvignon and Trebbiano Toscano, all cordon trained and spur pruned. Currently, the farm’s vineyards are registered with the following registries: DOCG Chianti (15.85 hectares registered), DOC Colli dell'Etruria Centrale, DOC Terre di Pisa and IGT Toscana.

Chianti, Colli dell’Etruria Centrale, Terre di Pisa and IGT Toscana wines can currently be made from the vineyards, but Vin Santo del Chianti, Vin Santo Occhio di Pernice, Bianco Pisano di San Torpé and IGT Costa Toscana wines could also be made if they were registered with: DOC Vin Santo del Chianti, DOC Bianco Pisano di San Torpè, IGT Costa Toscana.

In 2014, the amount of grapes grown in the farm was: YEAR HARVESTED

SURFACE HECTARES

GROWN GRAPES QUINTALS

GRAPES TURNED INTO WINE QUINTALS

WINE MADE QUINTALS

2014 36.34.33 2,186.70 ------ -------- In previous years, only a small part of the grapes were used to make wine, which were:

VINO ROSSO IGT TOSCANA “Asopardo”

VINO ROSSO IGT TOSCANA “Muro dell’Aquila”

From Sangiovese, Cabernet Sauvignon and Merlot grapes; manually harvested in boxes; grapes sorted on a sorting bench; different wine-making process for each cultivar; alcoholic fermentation in concrete tanks with temperature control; malolactic fermentation in 225lt barriques; aged in barriques for 12/16 months; bottled and aged in bottles for 8/12 months. First harvest 2005, first sale 2008.

Vino Rosso IGT Toscana in 0.750lt bottles– alcohol by volume 14% vol.

From Sangiovese, Merlot, Cabernet Sauvignon grapes; manually harvested in boxes; grapes sorted on a sorting bench; different wine-making process for each cultivar; alcoholic fermentation in concrete tanks; aged in concrete tanks for 6/8 months; bottled and aged in bottles for 6/8 months.

First harvest 2006, first sale 2008.

Vino Rosso IGT Toscana in 0.750lt bottles– alcohol by volume 14% vol.

DOC TERRE DI PISA - “Muro dell’Aquila”

Over the last few years, the labels won the following awards: Vino Rosso IGT Toscana “Asopardo”

- Diploma d’Onore (Diploma of honour) in the IGT Rosso category (red, typical geographical indication) harvested in 2005, at the VIII Selezione dei Vini di Toscana (Tuscan Wine Awards);

- 1st prize at the VIII Pisano Più Schietto in the IGT Rosso category (red, typical geographical indication) harvested in 2005;

- Special Mention, in the IGT Rosso category (red, typical geographical indication) harvested in 2006, at the IX Selezione dei Vini di Toscana (Tuscan Wine Awards);

- Diploma di Merito (Diploma of merit) in the IGT Rosso category (red, typical geographical indication) harvested in 2007, at the IX Selezione dei Vini di Toscana (Tuscan Wine Awards).

In the latest yearbook of the best Italian wines 2015, Luca Maroni, after tasting the Vino Rosso IGT Toscana “Asopardo” 2010, gave it a score of 88 (Consistency: 32 - Balance: 28 - Integrity: 28). Vino Rosso IGT Toscana “Muro dell’Aquila”

- Diploma di Merito (Diploma of merit) in the IGT Rosso category (red, typical geographical indication) harvested in 2006, at the VIII Selezione dei Vini di Toscana (Tuscan Wine Awards);

- Diploma di Onore (Diploma of honour)in the IGT Rosso category (red, typical geographical indication) harvested in 2008, at the IX Selezione dei Vini di Toscana (Tuscan Wine Awards);

- Diploma di Merito (Diploma of merit) in the IGT Rosso category (red, typical geographical indication) harvested in 2007, at the IX Selezione dei Vini di Toscana (Tuscan Wine Awards);

- Silver medal at the Decanter World Wine Awards 2011.

In the latest yearbook of the best Italian wines 2015, Luca Maroni, after tasting the Vino Rosso IGT Toscana “Muro dell’Aquila” 2011, gave it a score of 88 (Consistency: 32 - Balance: 29 - Integrity: 27).

From Sangiovese, Merlot, Cabernet Sauvignon grapes; manually harvested in boxes; grapes sorted on a sorting bench; different wine-making process for each cultivar; alcoholic fermentation in concrete tanks with temperature control; malolactic fermentation in concrete tanks; aged in concrete tanks for 6/8 months; bottled and aged in bottles for 6/8 months.

First harvest 2011. In 0.750lt bottles– alcohol by volume 14% vol.

DOC TERRE DI PISA - “Muro dell’Aquila”

- 1st prize at the XVI Pisano Più Schietto in the IGT Rosso Colline Pisane category as

an unprocessed wine, harvested in 2011 (it competed with non-organic wines, as there are few producers of organic DOC Terre di Pisa wine).

Most of the vine-growing areas are in the south-west of the farm. The farm’s vineyards (no. 11) are close to each other and have different exposures and soil textures. The vineyards grow on plateaus, the level of which ranges between 100 and 160 metres asl, and are mainly exposed south. All vineyards grow on clay loam, at a density of approximately 5,000 vines per hectare. Importantly, in some areas the texture of the soil becomes sandy but such areas are limited and are not so wide as to impair the consistency of the texture. Then, in terms of acid and/or alkaline soil, we can say that the chemical reactions that happen there produce sub-alkaline hydrogen-ion concentrations and, because of this, pH8 resistant rootstocks are recommended for use in this area. The layout of the vineyards is shown in the table below:

Name Net vine-growing surface*

Cultivar Year planted Spacing Vines per

hectare

Trento 1.80.00 MERLOT 2000 2.40 x 0.85 4,902 Trento 4.03.09 SANGIOVESE 2000 2.40 x 0.85 4,902 Trento 0.12.00 CABERNET 2000 2.40 x 0.85 4,902 Sant'Ottaviano 1.12.60 CABERNET 2000 2.40 x 0.85 4,902 Total planted in 2000 7.07.69 Piaggioni 9.53.54 SANGIOVESE 2003 2.50 x 0.80 5,000 Piaggioni 0.10.00 SYRAH 2003 2.50 x 0.80 5,000 Paralese 2.55.26 SYRAH 2003 2.50 x 0.80 5,000 Total planted in 2003 12.18.80 Piaggioni 3.86.43 SANGIOVESE 2004 2.50 x 0.80 5,000 Total planted in 2004 3.86.43 Stellino 1.00.00 SANGIOVESE 2006 2.50 x 0.80 5,000 Stellino 1.77.00 SANGIOVESE 2006 2.20 x 0.85 5,347 Poggiale 2.38.50 SANGIOVESE 2006 2.20 x 0.85 5,347 Caivoli 0.71.43 MERLOT 2006 2.20 x 0.85 5,347 Total planted in 2006 5.86.93 Saggio Etrusco 1.49.73 SANGIOVESE 2007 2.20 x 0.85 5,347 Poggio S. Andrea 1.34.75 SANGIOVESE 2007 2.20 x 0.85 5,347 S.Andrea 2.00.00 SANGIOVESE 2007 2.20 x 0.85 5,347 S.Andrea 0.86.00 TREBBIANO 2007 2.20 x 0.85 5,347 Le Mostricce 1.64.00 TREBBIANO 2007 2.20 x 0.85 5,347 Total planted in 2007 7.34.48 Total vineyards 36.34.33 *The 41 hectares vine-growing surface is based on the current ARTEA measurements for tax calculations that also includes the ends and the roads through the vineyards.

OIL MAKING The olive-grown surface covers 21 hectares. Over the years, the farm has produced the following amounts of extra-virgin olive oil:

YEARS HARVESTED OLIVES

QUINTALS

OIL MADE KG.

2005 10.91 136 2006 355.18 4957 2007 0.495 6.70 2008 179.48 2864 2009 66.20 1016 2010 296.90 3627 2011 64.50 1011 2012 173.40 2233 2013 135.90 1548 2014 --------- ---------

Due to the problems of 2014, no product is currently available. ARABLE CROPS Currently tended as follows:

149.42.26 hectares rented out; rental agreement expiring on 10th November; Approximately 100 hectares tilled by a farm contractor.

Entitlements to CAP subsidies are 287.73 as of this date.

THE HUNT & GUEST FARM Approximately 250 hectares. Authorisation granted under resolution no. 5143 of 21/11/2005. Concession expiring on 31st December 2015. Always managed by contractors; the current agreement will expire on 31st July 2015.

DESCRIPTION OF THE CURRENT STAFF Società Agricola Fondi Rustici Montefoscoli s.r.l. is managed by a Sole Director, assisted by:

no. 1 permanent employee, 3rd class agronomist; no. 1 permanent employee, 4th class agronomist; no. 1 permanent employee, 3rd class, administration, secretariat; no. 2 permanent labourers; no. 3/5 temporary labourers; temporary olive harvesters.

The Board of Auditors of Società Agricola Fondi Rustici Montefoscoli s.r.l. is composed of one single auditor. BUILDINGS

The holding includes a total of no. 31 buildings, including a former tobacco factory, which is now used as storage for the farming equipment, and Villa della Fattoria, the manor. Technical details of the buildings may be found on the farm’s website (www.safrmontefoscoli.com ) or in a CD, available at the office. A list is provided below.

No. NAME 1 Percorsoio 2 Trieste 3 Roglio 4 Carfalo 5 Calvano 6 Casetta 7 La Fonte 8 Olmino 9 Volpaia

10 Belvedere 11 Valacchio 12 Agliano 13 Castelvecchio 14 Fornace 15 Vignale 16 Carfalino 17 Le Colombaie 18 Poggiale 19 Vacevoli 20 S. Francesco 21 Vallaia 22 Botrino 23 S. Ottaviano 24 Caivoli

25 La Nunziata (S. Andrea)

26 Paralese

27 Paralesino

28 Mostricce

29 Tabaccaia

30 Trento

31 La Villa