VINEYARD & TERROIR FUND

INVESTOR RELATIONS Simon Lurton investors@wsfsicav.com Tel +33 (0) 7 60 52 04 84 www.wsfsicav.com

FUND NAME WSF SICAV PLC – Vineyard and Terroir Fund

CURRENCY € (Class A, B) and $ (Class A1, B1)

INVESTMENT FOCUS Vineyards & Land

GEOGRAPHY Central California, Northern Rhone, Beaujolais, Burgundy, Piedmont

CURRENT CAPITAL RAISE First Close: €2,000,000 Cap: €50,000,000

FINANCIAL BENCHMARK Competitive Returns, net of fees

INVESTMENT PERIOD Lock-in: 5 Years

MINIMUM Individual: €/$ 200,000 Institutional €/$ 500,000

EARLY INVESTOR FEES Until 1st April 2020: 1% Management 10% Performance 6% Water Mark No Entry or Exit fees

From 2nd April 2020: 2%/10% for min. €/$200,000 1%/10% for min. €/$500,000

FUNDRAISE PERIOD Until 1st April 2020

REDEMPTION First and third quarter of each year. Payout within 6 months following the quarter of redemption

INVESTMENT TEAM Philippe Kalmbach Thomas Lambert Simon Lurton

DOMICILE Malta (Europe), European Passport

LEGAL STRUCTURE Collective Investment Scheme Professional Investor Fund

ADMINISTRATOR CC Fund Service Limited

AUDITOR Deloitte

BANK Sparkasse Bank

Investment Objective

VTF is an ideal tool for individuals, family offices and institutional investors seeking returns for an exclusive asset class. VTF will aim for high capital growth over the medium to long term, by targeting investment grade vineyards of recognised appellations and a an annual return of 8 to 12%.

VTF gives the opportunity to invest in land with a history of producing high quality wines but without the highest price premiums in the industry.

Investment Strategy

The fund aims to secure, as priority, land in areas where the price is below the €1m per hectare mark. This will allow the investment to get short to medium return, through rental, on top of the valuation of the land.

A large number of Appellations’ values have increased as global wine market demand has shifted to premium wines with stronger value than the high-end grands crus, driving significant investment returns.

The fund is uniquely placed to see these movements in demand in the fine wine sphere, where the market is refocusing on alternative high quality land across the world.

The fund provides an answer to the growing global demand for fine wines by generating and incubating new brands an alternative to investing in bottles.

The natural process of vineyard and land development

The minimum investment period is 5 to 9 years according to farming contracts in the respective geographies.

The VTF team will enable the fund to get short-term lease contracts to generate a first return. We will also enable the fund to hold land that should have an accelerated and improved resale value, when the fund will be willing to exit some of its investments.

As these programs are long term, we will offer privileged terms for investors willing to invest over 5 years or more to recognise the cycle of such investments.

Why invest in vineyards and land through VTF?

Investing in vineyards is complex and requires specialist knowledge. VTF Portfolio Manager have a combined 50 years of experience in the wine & financial industries We work closely with top and up-and-coming winemakers, and those exclusive partnerships give access to the most promising plots & vineyards.

Additionally, VTF gains short term returns by leasing the land to those winemakers and thereby making the asset work from day one.

At the end of the lease, typically 5 years, VTF can sell this sustainably farmed land to those lease holders or other investors.

Via VTF, a much needed funding and support is provided to the rising star winegrowers, that is otherwise not available from the market standard financial institutions.

WSC SICAV PLC. Licensed and Regulated by the Malta Financial Services Authority (MFSA) as a AIF Professional Investor Fund.

Thomas House, 84 Eccleston Square SW1V 1PX, UK

81, Boulevard Pierre 1er, 33110 Le Bouscat, France

VINEYARD & TERROIR FUND

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Bourgogne Grand Cru

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Bourgogne Premier Cru Rouge Châteauneuf-du-PapeSaint-Emilion Napa ValleyItaly

generation of outstanding winemakers

ver the last decade, the price of land for fine wines has more than doubled

The value of vineyard land in appellations including Burgundy Grands Crus and Pauillac has increased significantly in the last ten years. This growth has been developed in smaller and up-coming appellations around the world. With increasing commoditisation of vineyards, for several years, there has been a global trend for UHNWIs, Silicon Valley entrepreneurs and luxury conglomerates such as LVMH and the Kering Group, to buy land and estates resulting in significant price increases.

Disclaimer: The views expressed in this report are not intended as an offer or solicitation for the purchase or sale of any investment or financial instrument. The information contained in this document does not constitute investment advice and should not be used as the basis of any investment decision. References to specific securities are included for the purposes of illustration only and should not be construed as a recommendation to buy or sell these securities or investment instruments. Although WSF SICAV p.l.c. uses all reasonable skill and care in compiling this report and considers the information to be reliable, no warranty is given as to its accuracy or completeness. The opinions expressed accurately reflect the views of WSF SICAV p.l.c. at the date of this document and, whilst the opinions stated are honestly held, they are not guarantees and should not be relied upon and may be subject to change without notice. The investments discussed may fluctuate in value and investors may get back less than they invested. Past performance is not a guide to future performance and the investment approach and process described may not be suitable for all investors. WSF SICAV p.l.c. (SV 158) is authorised and regulated by the Malta Financial Services Authority ("MFSA"). WSF SICAV p.l.c. is registered in Malta with its registered office at Vision Exchange Building, Territorials Street, Mriehel BKR 3000

aluation

Valuation of vineyards is done by region and sub region on an annual basis. The valuation levels accord to the local terroir official public records made by land registers of the respective countries: SAFER in France, OMC in Italy and Silicon Valley Bank in the US. The NAV will be published on an annual basis, solely based on market-recorded transactions. Valuating the land at the market average of the relevant appellations.

Across the globe, we now see a generation of outstanding winemakers who are applying best environmental practices to their land, making wine as an artisanal product sustainable for future generations. These new winemakers stand out in terms of quality, recognition and value. This is the segment the VTF Fund wants to support through its expertise and unique connection to the industry.

eyond a pure financial investment

Access to visit the finest wineries and producers to taste their wines, plus exclusive events, are part of the palette of experiences offered to VTF investors. Investing in VTF gives an opportunity to engage with famous names of the wine world and a possibility of building a unique cellar with very rare and exclusive products purchased on exclusive conditions from vineyards visited.

WSC SICAV PLC. Licensed and Regulated by the Malta Financial Services Authority (MFSA) as a AIF Professional Investor Fund.

Price of land (Eur per ha) for Fine Wines 2010 - 2017 (Source: Safer)

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