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The service you deserve,

The Aquitania way

Our aim at Aquitania is to bring the world of fine wines to everyone and to help you discover the potential
the fine wine market has to offer.

We are passionate about the product we talk about and you deserve to enjoy a service that exudes that
passion. And with the service we provide, we hope you will enjoy the experience of owning one of the
most sought after commodities in the world.

With our years of experience within the fine wine market, we feel it’s important for you to be able to use
and benefit from our knowledge. We want to make the purchasing of fine wine a simple, easy and
pleasurable process to understand.

We aim to ensure that you get all the information regarding the right wine, at the right time and at the
right price.

And our pride in building strong relationships with merchants, négociants and our clients are very
important to us.

We can provide you with a detailed Stock listing of your Portfolio, a detailed Valuation of your Portfolio or
a valuation of any wines you may have purchased from any other source. We can even arrange delivery of
your wines to your front door if you fancy trying a bottle. All are provided upon request.

We promise to give you an unqualified and dedicated service designed to help build your Portfolio into an
impressive collection for your future pleasure.

"Investors in fine wine see 10% annualised returns over the past 5 years compared to FTSE's 0.03%" -
Emma Wall, The Telegraph

Bordeaux, Let’s case the joint

Bordeaux is the largest wine growing area in France, with a total vineyard area of over 120,000 hectares.
Approximately 89% of the wine produced in Bordeaux is red (called "claret" in Britain) and they produce
some of the most expensive and prestigious wines in the world. Romans brought the grapevine to
Bordeaux, believed to be around the middle of the 1st century. Then in the 12th century, the popularity of
Bordeaux wines in England increased dramatically following the marriage of Henry Plantagenet (future
King Henry II) and Eleanor of Aquitaine (heir to the Duchy of Aquitaine). The marriage made the province
of Aquitaine part of the Angevin Empire, and thenceforth the wine of Bordeaux was exported to England.
At this time, Graves was the principal wine region of Bordeaux, and the principal style was claret. However,
exportation of Bordeaux wine was interrupted when the Hundred Years' War between France and England
in broke out in 1337. At the end of the conflict in 1453, France had retaken the province, and thus took
control of wine production in the region. In the 18th century, the Royal Navy apparently seized Lafite wines
from pirates and sold them at auction in the City of London.

In 1855, Emperor Napoleon III requested a classification system for Bordeaux's best wines. Known as The
Bordeaux Wine Official Classification of 1855, brokers from the wine industry ranked the wines according
to a châteaux reputation and trading price, which at that time was directly related to quality. The wines
were ranked in importance from first growths to fifth growths. Hence the châteaux of Bordeaux were
classified and this classification remains in use today. And there are further classifications in Bordeaux,
including 1955 Official Classification of St. Émilion and 1959 Official Classification of Graves amongst
others.

Grape Expectation

A major reason for the continued success of making great quality, sought after wines in the Bordeaux
region is due to the excellent environment for growing vines. Its soil, with its nutrients along with the sun,
wind and rain plays a huge part in each vintage. And all of this helps to determine the most important
aspects of the wine, the character and the quality.
In Bordeaux, the concept of terroir, along with the hundreds of years of tradition and techniques, plays a
pivotal role in wine production with the top estates aiming to make terroir driven wines that reflect the
place they are from, often from grapes collected from a single vineyard. The soil of Bordeaux is composed
of gravel, sandy stone, and clay. The region's best vineyards are located on the well-drained gravel soils
that are frequently found near the Gironde river. An old adage in Bordeaux is the best estates can "see the
river" from their vineyards.
Red Bordeaux is generally made from a blend of grapes. Permitted grapes are Cabernet Sauvignon,
Cabernet Franc, Merlot, Petit Verdot, Malbec and rarely Carménère. Today Carménère is rarely used, with
Château Clerc Milon, a fifth growth Bordeaux, being one of the few to still retain Carménère vines.
As a very broad generalization, Cabernet Sauvignon (Bordeaux's second-most planted grape variety)
dominates the blend in red wines produced in the Médoc and the rest of the left bank of the Gironde
estuary. Typical top-quality Châteaux blends are 70% Cabernet Sauvignon, 15% Cabernet Franc and 15%
Merlot. This is typically referred to as the "Bordeaux Blend." Merlot tends to predominate in Saint-Émilion,
Pomerol and the other right bank appellations. These Right Bank blends from top-quality Châteaux are
typically 70% Merlot, 15% Cabernet Franc and 15% Cabernet Sauvignon.

“Wine is one of the most civilized things in the world and one of the most natural things of the world that
has been brought to the greatest perfection, and it offers a greater range for enjoyment and appreciation
than, possibly, any other purely sensory thing.” - Ernest Hemingway

Age is no barrier to a successful vintage

A vintage is simply the year a wine was produced. And one thing that is certainly true about Bordeaux wine
is that there is no such thing as a normal vintage. Each vintage brings its own unique successes. For
example, the years 2000, 2005, 2009 and 2010 have been rightly seen as exceptional vintages which do not
happen that often. And in the years between those vintages, there have been many great Bordeaux wines
produced in difficult circumstances. At this time, Graves was the principal wine region of Bordeaux, and the
principal style was claret. However, exportation of Bordeaux wine was interrupted when the Hundred
Years' War between France and England in broke out in 1337. At the end of the conflict in 1453, France had
retaken the province, and thus took control of wine production in the region. In the 18th century, the
Royal Navy apparently seized Lafite wines from pirates and sold them at auction in the City of London.
Total production for each chateau per vintage will vary depending on things like size of crop and quality.
Some like Chateau Lafite Rothschild will produce approx. 15,000 to 20,000 cases per vintage, Chateau
Pontet Canet approx. 25,000 cases while Chateau Palmer will produce approx. 8,000 to 10,000 cases. Some
estates produce very small quantities like Chateau Le Pin who produce approx. 400-500 cases per vintage.

“The British government has, until recently, kept the contents of its wine cellar a secret. A rare tour reveals
some vintage treasures. It lies beneath a grand London mansion, owned by the Queen and leased to the
government. It contains around 39,000 bottles of wines and spirits. For years, details of what was in it were
shrouded in secrecy, even though it has been funded by the British taxpayer. Welcome to the
Government's wine cellar. The wines here are some of the finest you could possibly wish to taste. They are
fit for prime ministers, presidents and kings and queens. I pick up a bottle of the 1961 Chateau Latour. The
palms of my hands become sweaty when I am informed how much it is worth. I am told that I will have to
pay for it if I drop it. I have never put a bottle down so quickly, yet gently, in my life. The head of
government hospitality, Robert Alexander OBE, is watching carefully. "This probably now has a market
value of somewhere in the region of £4,000 and £10,000,"he says, "depending on where you are selling it
in the world........It was purchased for 51 shillings and five pence." - Jon Manel

Fine Wine Market vs

The Stock Market

Like any other investment vehicle, wine investment is contingent upon supply and demand. Still, it is a
fascinating and interesting market due to the product itself. Wine carries qualities and characteristics
distinct unto itself, making the investment process more exciting than for example, investing in gold. While
it’s true that gold is an impressive and durable asset, there is very little personality or charisma involved: in
other words, one nugget is the same as the next. With wine, monetary value is accompanied by history,
charm and an organic elegance. Vintages cannot ever be replicated, and each bottle is, by definition,
unique. Additionally, supply is finite, lending yet another layer of appeal and desirability.
Few things are lovelier than popping the cork of a prized, respected vintage wine. That’s a given. But aside
from these pleasurable moments, investing in wine can be a smart, savvy approach to diversifying a solid
financial portfolio. Wine has offered a consistently high return to its investors over the years, especially
over the last 15+ years which represents a more than 13% annual gain.
Demand is at the heart of wine’s market performance. The main driver for global wine growth is the
specific demand from emerging markets dominated by the newly wealthy.
For example, wine consumption in China has grown by approximately 170%; Russian consumption by over
80%; and South Korean consumption by over 75%. The primary driver is the investor from China or Hong
Kong, particularly since the 2008 abolition of all import duties in Hong Kong.

Why wine?

First, unlike many other investment channels, the fine wine investment arena can be tested with a
relatively lower entry point than other luxury assets. For example, when compared to the outlay of funds
required to invest in markets such as high-end real estate, the wine investment landscape can be tapped
for less, and with great success.

Wine is a tangible asset. Not only that, it is also easily transportable and ultimately consumable – two big
plusses. These qualities only enhance its versatility, as it can be purchased solely for investment purposes,
or it can be enjoyed and consumed at will. The same can never be said for any other luxury asset.

Wine investment represents a wonderful way to diversify an investment portfolio. Equity markets have
historically become more correlated when markets face upheavals. However, investment quality wines
tend to run independent of other major equity-type asset classes such as hedge funds, gold or other luxury
commodities. Because of its market performance, investment-grade wine may assist in protecting and
even insulating a portfolio against negative market trends or events which impact other asset markets.

Wine experiences little to no market volatility. In fact, investment-grade wine produced the second lowest
volatility of annualized monthly returns among all major non-fixed-income asset classes.

Investment wine provides long-term capital growth. Over the last 20+ years, the wine market produced an
annualized return of over 13% – once again, higher than comparable asset classes over the same period.

Wine investment can hedge inflation impact. Because it is a tangible and consumable asset, the price of
investment wines tends to increase during period of higher inflation. This implies that wine investment
might actually hedge against rising inflationary trends.

Investment wines have no connection to stock market volatility. Because of the nature of the product,
wine is not tied to any economic trends per se, and is relatively uncorrelated to traditional markets. This
suggests that the returns associated with wine investment are most likely safe from being negatively
impacted by a surge in stock market volatility.

Wine can act as a currency hedge. Depending on where the investor resides, wine can provide investors
with a hedge against a decline in the value of their country’s currency. It does not have the same level of
vulnerability as other luxury assets or traditional investments.

Wine lacks encumbered debt. Because wine is never borrowed against, there is no encumbered debt
associated with the investment.

The wine market is not controlled by investors. On the contrary, the wine market tends to be controlled by
the wealthy, as opposed to the gold market which is dominated by professional investors.

Have you got the bottle

or are you En Primeur

Historically, it's the finest wines that have proved to be safe, long term opportunities during the last 30 odd
years, and that’s why, still today, interest in collecting fine wines is constantly increasing. It is a traditionally
low-risk market as fine wine is a tangible asset and a luxury product that one aspires to own, consume or
find out more about. Supply of the most sought after wines per vintage are limited and therefore the
supply, whether that be of Chateau Lafite Rothschild or Chateau Petrus, is steadily diminishing year upon
year. During recent years, the interest from Asia, particularly China, has caused fine wine prices to increase
rapidly. One example came in April 2009 when Chateau Lafite Rothschild 2008 was released en primeur at
approx. £2,000 per case. A year later it rose to approx. £12,500. Over the past 5 years alone, China’s levels
of wine consumption have grown at a compound annual rate of 18% and it has also been predicted that
the Russians will consume 5.53 million more cases in 2014 than they did in 2010. There is speculation that
India too will reduce its luxury taxes in the next few years which will further increase the demand on an
already limited supply. The demand for Bordeaux finest wines has never been stronger, but supplies are
limited and there is rarely enough being produced to satisfy the growing worldwide market. And obviously
as more fine wine is drunk, the supply becomes increasingly difficult to source which increases the value of
whatever fine wine is available.

The opportunities in fine wines come in two ways. First there is bottled stock. This is wine that has been
bottled at previous vintages. It is also the wine which has been available for purchase to drink, therefore
helping to decrease the available stock of a particular wine. This in turn increases the price of similar wine
that is still available. And then there is En Primeur wine. En primeur, or "future wines", is a method of
purchasing wines while a vintage is still in a barrel, offering the customer the opportunity to purchase a
particular wine before it is bottled. Payment is typically made at an early stage, down to 6 months prior to
the official release of a vintage. A possible advantage of buying wines en primeur is that the wines may be
considerably less expensive during the en primeur period than they will be once bottled and released on
the market. However, that is not guaranteed and some wines may lose value over time. Some wine experts
recommend buying en primeur for wines with very limited quantities and will most likely not be available
when they are released.

Robert Parker Jnr

From 78 to up-to-date

More than any other wine critic before him, Robert M. Parker, Jr., single-handedly changed the landscape
of the wine world when it comes to evaluating a wine’s quality, value and desirability. For decades, he has
held the greatest authority over the market, and his contributions remain the barometer by which other
critics are measured. After redefining the way in which wine is evaluated, he now spends more of his time
enjoying wine rather than critiquing it, handing those duties over to his successors. To this day, he remains
the only wine critic in history to have been awarded the highest presidential honors by three presidents—
two from France and one from Italy.

Famous for his “million-dollar nose,” Robert Parker was born in 1947 in Baltimore, Maryland. As a
practicing attorney for 10 years, he augmented his legal agenda by exploring his passion – wine. It wasn’t
long after his appointment as the Assistant General Counsel for the Farm Credit Banks of Baltimore that he
gave up law completely and devoted himself full-time to wine and wine critiques.

1978 marked the premiere issue of The Wine Advocate,
Parker’s brainchild publication that has grown from an initial
subscriber audience of 600 to over 50,000 worldwide. The
publication has become the oenophile’s bible – an
indispensable guide for serious wine buyers and a major
influence on consumers’ buying habits from Europe and the
Americas to the robust Asian market.

It was the 1982 Bordeaux vintage that put Parker in the
global spotlight. While his counterparts designated the
vintage as less than exceptional, Parker found it worthy of
indulgent praise and admiration, declaring it a turning point
in the history of wine. Even today, the 1982 vintage draws
the highest prices than many of its competitors, reinforcing
Parker’s unprecedented influence.

The Parker Point System also indelibly placed the critic on the
wine world map. Parker created his own scoring system,
replacing the previous 20-point system with one that ranged
from 50 to 100, allowing for more differential subtlety and
nuance. His system scores investment-grade wines 90 to 95
for those considered “outstanding,” and 96 to 100 for those
deemed “extraordinary.” His scores speak volumes when it
comes to wine prices and investment potential.

Parker has steadily reduced his activities as a critic; his beloved Wine Advocate was sold to a consortium of
investors, and while he still contributes periodic reviews, he has been enjoying most of his free time
popping corks for his own pleasure. But the fact is that Parker’s influence – past, present and future – is
not up for debate. He was, simply put, the real deal: a man whose love for the vine inspired generations of
oenophiles. It’s doubtful if his legacy, influence, brand and passion will be rivaled anytime soon.

Aquitania Ltd is not affiliated with or sponsored by Robert Parker, The Wine Advocate Inc or eRobert Parker LLC

The best bottle of tonic is Bordeaux

“Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be
more productive than energy devoted to patching leaks.” is a quote from Warren Buffett, who is widely
regarded as one of the most successful investors in the world.
In today’s uncertain financial environment, traditional bank based opportunities are seen more and more
as "a chronically leaking boat". The need for a safe, secure and growth led market is more invaluable than
ever, even more so should that market be a tangible commodity. A need for a market where its value at
present cannot be eroded by the actions of governments. A need for a market where the prospect of
increasing demand is getting stronger on a naturally limited supply.

Fine wine is such a market. Fine wine is a physical asset which is immune to inflation. Why? Because the
production of Bordeaux fine wine is minute compared to the demand worldwide. Europe and the USA have
long been traditional places of collectors, and drinkers. In recent years China has entered the market,
demanding not just the best of Bordeaux for drinking, but are now buying small Chateau's in Bordeaux to
increase supply directly to the Chinese market. And countries like India, perhaps also Brazil, are rumoured
to be the next major buyers of Bordeaux fine wine within the next 3-5 years. If and when that happens, the
lack of supply could well mean only rock stars and footballers would be able to afford them. So, you like
me, might feel now is the time to get on board.

Keeping it safe and secure

Perfect provenance of fine wine increases its desirability and value. This becomes especially important when it
comes to wine investment and the future sale of the same. A detailed history and seal of authenticity are the only
available links that offer potential buyers the proof and assurance of proper storage for that specific case or vintage
of wine. In fact, it is often the first confirmation a buyer requests when interested in a purchase. If a wine’s storage
has been compromised, thus possibly spoiling the product, the investment will be negatively impacted.

Because of our relationships with the top wine storage facilities across the globe, clients of Aquitania can be assured
of the origin and history of their wine, and that it has been meticulously curated by professionally managed and
highly respected cellars. Even more, clients can trust that the appropriate documentation exists to support all
custody details.

When you have made a significant investment in fine wine, it is critical that its storage offers the protection it
deserves. That holds true whether you choose to store your wine in a home cellar or in a professionally managed
facility.

A home cellar can be a viable option for those whose inventory is relatively low, and who intend to consume their
wine acquisitions sooner rather than later. It eliminates the costs associated with outside facilities, offers conditions
which help to preserve and protect the wine, and obviously provides the easiest and most direct access to the
product. Still, a home cellar has the disadvantage of not providing important documentation on the wine in question
like where it came from, where it’s been stored, for how long, and so on. This paper trail becomes increasingly
critical when resale comes into play, as serious buyers and investors will ultimately require proof of the wine’s
history before taking that final step.

In cases where imminent consumption is not a factor, professional, top-tier storage facilities offer oenophiles a safer
option. They offer the many features that define a superior wine storage facility: perfectly consistent temperatures,
non-existent natural light; minimal to no environmental vibrations; and optimally controlled humidity levels. In
tandem, these facilities generally include professional management and transport services. Such attributes all work
to promise security, safety and uncompromised product integrity – qualities important to investors and consumers
alike.

A final consideration for storing your wine is that fact that whilst the wine is kept in a Customs and Excise Bonded
Warehouse, your wines will be exempt from VAT and customs and excise duty. Fine wines are generally exempt from
Capital Gains Tax as they are classed as ‘wasting assets’ – one whose predictable life, from the point of view of the
person acquiring it, does not exceed 50 years.

Photos, condition reports and visits to the Bonded Warehouse can all be provided or arranged on request.

Aquitania Ltd
Regus House, Admirals Park, Crossways Business Centre, Dartford, Kent, DA2 6QD

[email protected] | www.aquitanialtd.com | 0203 587 7486
Company No. 08722894