Joseph W. Ciatti
Chairman
Joseph W. Ciatti has served as Vintage Wine Trust’s Chief Executive Officer and a member of its board of directors since the Company’s formation in January 2005. Mr. Ciatti also serves as Chairman of Joseph W. Ciatti & Co., LLC, the largest wine grape and bulk wine broker in the United States. Joe Ciatti traces his family history in the wine industry to the founding by his grandfather of Geyser Peak Winery in 1934, which remained under family control until 1971. In 1971, Joe entered the wine brokerage business. The company became Joseph W. Ciatti & Co., LLC in 1976 when Mr. Ciatti acquired full ownership. Mr. Ciatti graduated from the University of Oregon in 1965 with a bachelor of arts in business.

W. Scott Hedrick
W. Scott Hedrick has served as a member of Vintage Wine Trust’s board of directors since March 2005. Since 1979, Mr. Hedrick has served as a general partner of Inter West Partners, a venture capital firm focused on information technology and life sciences that he co-founded. He is also a regular lecturer at Stanford Graduate School of Business. Since March 1991, Mr. Hedrick has served on the board of directors of Office Depot, Inc. and since June 2002, has served on the board of directors of Hot Topic, Inc., both publicly-traded companies. Mr. Hedrick has also served on the board of directors of The Office Club, Inc. (a subsidiary of Office Depot, Inc.), Golden State Vintners, Inc., Il Fornaio America Corp. and Tetra Technologies Inc., all publicly-traded companies. He has also served on the board of directors of the National Association of Venture Capitalists and numerous privately-held companies. Mr. Hedrick graduated from the University of California at Santa Barbara in 1968 with a bachelor of arts in political science and graduated from the University of Southern California in 1970 with a masters in business administration.

Irwin Gubman
Irwin L. Gubman has served as a member of Vintage Wine Trust’s board of directors since March 2005. Since 2003, Mr. Gubman has been the General Counsel and Secretary of People’s Choice Home Loan, Inc., a nationwide residential sub-prime lender, and serves in the same capacity at its recently formed parent REIT, People’s Choice Financial Corporation. From 1996 to 2002, he served as General Counsel and Secretary of Imperial Credit Industries, Inc., a publicly-traded, diversified financial services holding company which sponsored a residential mortgage REIT now known as The Impac Companies, and a commercial mortgage REIT, Imperial Credit Commercial Mortgage Investment Company. From 1991 to 1996 Mr. Gubman was a partner at the International law firm of Coudert Brothers. Mr. Gubman graduated from the University of Minnesota in 1964 with a bachelor of arts in international relations and graduated from the University of Chicago Law School in 1967 with a juris doctorate.

Walter Klenz
Walter Klenz has served as a member of Vintage Wine Trust’s board of directors since May 2005. Mr. Klenz served as a managing director of Beringer Blass Wine Estates from 2001 until his retirement at the end of 2004. Mr. Klenz became President and Chief Executive Officer of Beringer Wine Estates in 1990 and Chairman of the board of directors in August 1997. He served in those positions until the 2000 acquisition of Beringer Wine Estates by Foster’s Brewing Group Limited. Mr. Klenz also serves as a member of the board of directors of America West Airlines and Columbia Sportswear Company, both publicly-traded companies. Mr. Klenz graduated from Tulane University in 1967 with a bachelor of science in engineering and in 1968 with a masters in business administration.

Richard N. Shell
Richard N. Shell has served as Vintage Wine Trust’s Chief Operating Officer and a member of its board of directors since the Company’s formation in January 2005. Mr. Shell has been working on the formation of the company since December 2003. From 1998 to 2002 Mr. Shell was Chairman and Chief Executive Officer of the company now known as Wine Communications Group Inc., one of the largest publishers of U.S. wine industry trade content and information, including Wine Business Monthly, Wines & Vines, Wine Business Insider and www.winebusiness.com. Mr. Shell graduated from the University of Michigan Law School in 1969 with a juris doctorate.

Stephen P. Wallace
Stephen P. Wallace has served as a member of Vintage Wine Trust’s board of directors and the chairman of its audit committee since March 2005. Since 2001, Mr. Wallace has acted as a private investor. From 2001 to 2003, Mr. Wallace served on the board of directors, compensation committee and audit committee of HemaCare Corporation, a publicly–traded health care related company. From 1995 to 2001, Mr. Wallace acted as First Senior Vice President and Chief Financial Officer and then Executive Vice President and Chief Operating Officer of Catellus Development Corporation, a publicly-traded diversified land development and homebuilding company, and A-M Homes, a real estate development and mortgage banking company. In addition, Mr. Wallace was an accountant with Arthur Anderson & Co. for 11 years and served as a partner from 1987 to 1989. Mr. Wallace is a certified public accountant and graduated from the University of Colorado in 1976 with a bachelor of science in accounting.