The document provides a comprehensive 72-page executive overview of Truett-Hurst, Inc., detailing the company's innovations in the wine industry, its extensive product line of over 30 wine brands, and strategic retail partnerships. It highlights retail exclusive label initiatives and direct-to-consumer sales, contributing significantly to the company's revenues. The report emphasizes management's experience and industry positioning within the growing wine market, estimated at over $36 billion in the U.S.

1. .
• A new 72-page Executive Informational Overview® (EIO)
written by Crystal Research Associates is available on
Truett-Hurst, Inc. (THST-NASDAQ) at www.crystalra.com.
• Report covers a range of topics:
o THST’s new innovations in the wine industry
o A product line of over 30 wine brands
o Unique quality and packaging innovations
o Retail exclusive label partnerships with major retailers
o …and other key fundamentals
Crystal Research Associates Presents:
New Independent Equity Research

2. .
• Crystal clear, comprehensive report on a company in a manner that is easily
understood by the Wall Street financial community
• Product/technology/service offerings, market size(s), key intellectual property,
leadership, growth strategy, competition, risks, financial statements, key
events, and other fundamental information are detailed
• Free of investment ratings, target prices, and forward-looking financial models
• Complete risks and disclosures
• Written exclusively by experienced, award-winning analysts
What is an EIO?

3. .
Overview of Truett-Hurst, Inc. (THST-NASDAQ)
• Wine sales, marketing, and production company specializing in premium (below $7.00/
bottle retail price), super-premium (between $7.00-$14.00/bottle), ultra-premium
(between $14.00-$25.00/bottle), and luxury (over $25.00/ bottle) wines
• Based in the Dry Creek and Russian River Valleys of Sonoma County, California
• More than 30 brands of varietals: Pinot Noir, Chardonnay, Sauvignon Blanc, Merlot,
Cabernet Sauvignon, Zinfandel, and Syrah (selection of Truett-Hurst labels shown below)

4. .
• Wines sold to distributors with programs available to the broad market or on a “retail
exclusive” basis
• Traditional distribution consists of sales of Truett-Hurst, VML, Healdsburg Ranches,
and Bradford Mountain branded wines
• Retail exclusive brand label has THST working collaboratively with its retail alliances
to develop innovative brands (where THST maintains ownership of created brands)
• Direct-to-consumer channel includes tasting rooms and wine clubs (as well as 50%
ownership interest in The Wine Spies (an internet wine retailer specializing in
limited offerings and other online offerings, as well as flash sales)
While the retail exclusive label business accounts for the majority of revenues, the traditional distribution and direct-
to-consumer business contributes greatly to gross margins.
Overview of Truett-Hurst, Inc. (THST-NASDAQ)

5. .
Summary of Recent Brand Introductions and
Packaging Innovations
PaperBoy
®
California Square
®
Evocative Wraps
• Made of 100%
recycled
cardboard,
reduces weight
by 34%, lowers
transportation
costs
• Launched
Nov. 2013
• Unique square glass
bottle design—
reduces shipping
costs and creating
storage space savings
• Showcased at the
65
th
Annual Emmy
Awards in Los
Angeles, CA
• Launched
Sept. 2013
• Creatively designed full-body paper wraps—printed with
everything from quotes to recipes
• Wine bottles stand out on the shelf by adding value,
interest, and gifting opportunities
• Most popular selling brand under the line of Evocative
Wraps, Curious Beasts, has been sold in the U.S. for a
year and a half, with the brand as the top-selling wrapped
wine in both the U.S. and Canada

6. .
• Provides unencumbered access to shelf space
• Given highly competitive shelf space at grocery, liquor, and convenience stores, custom
wines sold under certain retailers’ labels enable THST’s “retail exclusive” wines to better
compete with other wine brands, since they receive prominent shelf locations selected
by retailers promoting their own labels
• Retailer can build trust and loyalty with consumers, creating a retail exclusive brand that
consumers feel over-delivers on quality at an attractive price point
o Results in a consumer seeking out the same brand when making future purchases
o Positive experience and association that consumers make not only with the brand but with the
retailer itself
o Retailers can place their own products on the shelf in a desirable location, promoting their own
labels
Retail Exclusive Distribution

7. .
Direct-to-Consumer Distribution
• Four main brands—Truett-Hurst, VML, Healdsburg Ranches, and Bradford Mountain—are
sold through Truett-Hurst’s tasting rooms and wine clubs
o Strengthens brand visibility and customer loyalty
o Provides the highest gross margin component to the Company’s business
• Range of varietals sold exclusively through the tasting rooms includes Zinfandel,
Chardonnay, Sauvignon Blanc, Pinot Noir, Petite Sirah, and other red blends
• THST’s two Sonoma County, California, tasting rooms (one at the Company’s VML winery
in Russian River Valley and one at the Truett-Hurst winery in Dry Creek Valley) produce
different varietals so as not to compete against one another
Truett-Hurst VML

8. .
• Over 100 million wine drinkers in the U.S. makes this country the world’s
largest wine market
• Retail value of U.S. wine shipments was estimated at over $36 billion in 2013,
part of a nearly $292 billion global industry
• California is the predominant U.S. supplier and a major global supplier as well
• Greatest growth by volume at California wineries has been in the premium and
higher table wine sectors (priced at $10.00 or more per bottle), which account
for nearly half of California winery revenues and had 2013 growth of 9%
(Source: The Wine Institute, April 24, 2014)
Market for Wine

9. .
• Management comes to Company from senior-level positions at Diageo plc (DEO-NYSE),
Constellation Brands, Inc. (STZ-NYSE), the Brown-Forman Corp. (BFB-NYSE), Fetzer
Vineyards, and Kendall-Jackson Wine Estates, among others
• Founding team of Mr. Phil Hurst and Mr. Paul Dolan hold decades of industry experience
and have proven successful at building businesses to scale
• In-house designer (and shareholder), Mr. Kevin Shaw, owns Stranger & Stranger
(www.strangerandstranger.com) in New York, a top designer in beverage alcohol
o Mr. Shaw has designed Truett-Hurst’s creative brands, beginning with Dearly Beloved (the skull-
shaped label launched in Trader Joe’s stores); the Evocative Wraps line; California Square®,
and PaperBoy®
• Beyond THST’s 15 acres of Company-owned vineyards, its founders, executive officers,
and principal stockholders also own and operate vineyards, with the majority of grapes
produced from these vineyards sold back to Truett-Hurst at market prices or slightly
below market prices and the balances sold to other wineries
Management

10. .
To read the entire 72‐page EIO on
Truett‐Hurst, Inc. (THST‐NASDAQ),
or to find information on other companies under
our coverage, please visit www.crystalra.com.

11. .
Crystal Research Associates, LLC (www.crystalra.com) is an independent research firm that
has provided institutional-quality research on small- and mid-cap companies for the past
decade. We are led by veteran Wall Street sell-side analyst Jeffrey Kraws, who is well known by
the international financial media for his years of work on Wall Street and for providing
consistent award-winning analyses and developing long-term relationships on both the buy-
side and sell-side. He has been consistently ranked among the Top Ten Analysts for
pharmaceutical stock performance in the world for almost two decades as well as ranked as
the Number One Stock Picker in the world for pharmaceuticals by Starmine and for estimates
from Zacks. Additionally, Mr. Kraws has been 5-Star ranked for top biotechnology stock
performance by Starmine.
About Us
Corporate Headquarters:
880 Third Avenue, 6th Floor
New York, NY 10022
Office: (212) 851-6685
Fax: (609) 395-9339
Satellite Office Location:
2500 Quantum Lakes Drive, Suite 203
Boynton Beach, FL 33426
Office: (561) 542-6903
Fax: (561) 853-2246
Jeffrey J. Kraws,
Chief Executive Officer
Karen B. Goldfarb
President & COO

12. .
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