Vintage Wine Trust Acquires $73 Million in Vineyard Assets; Napa Valley, Sonoma County, Carneros, Central Coast and Central Valley Vineyards Acquired.

SAN RAFAEL, Calif. -- Vintage Wine Trust Inc. (VWT), the only REIT in the United States focused exclusively on the wine and vineyard industry, today announced that the company has completed the acquisition of three vineyard assets for approximately $73 million. The acquisitions, which were completed in March 2005, include premium wine grape holdings in Napa Valley, Sonoma County, Carneros region, Monterey County and the Central Valley of California. The Company funded these acquisitions with the proceeds of its private equity offering which was also completed in March 2005.

VWT's acquisitions include two assets acquired from and leased back to a subsidiary of Constellation Brands, Inc., Robert Mondavi Corporation. Huichica Hills, a 589 acre vineyard strategically located in the Carneros region of the Napa Valley and Sonoma County, was acquired for approximately $30 million and Terra Ventosa, a 1,408 acre vineyard located in Monterey County on the Central Coast, was acquired for approximately $37 million. The principal varietals at Huichica Hills are chardonnay, pinot noir and merlot. Approximately 60 acres are open to be planted at Huichica Hills and planting is expected to commence early in 2006. Principal varietals at Terra Ventosa include chardonnay, merlot and syrah.

The third asset VWT acquired is the Pope Creek vineyard, a 624 acre vineyard in Madera County located in the Central Valley. The purchase price for Pope Creek was approximately $6 million. Varietals planted at Pope Creek include chardonnay, viognier, malvasia bianca, and french columbard.

"We are very pleased to have completed these first vineyard acquisitions, which are well diversified both geographically and by varietal," said Joseph W. Ciatti, VWT chairman and chief executive officer. "We are in discussions with many wineries and independent grape growers about the benefits of our financing which include the ability to access capital tied up in land or other wine-related assets and also retain operating control through a long term lease with VWT. We expect many more acquisitions in the months ahead," added Ciatti.

Vintage Wine Trust, headquartered in San Rafael, California, is America's first Real Estate Investment Trust (REIT) to focus solely on the wine grape industry. VWT intends to acquire and own vineyards and other real estate assets related to the wine industry that will be net leased to branded wineries, bulk wine producers and independent grape growers primarily in the State of California, but also in Oregon, Washington State and other wine grape growing areas in the U.S. and Canada.

This press release contains various "forward-looking statements." Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "may," "will," "would," "could," "should," "seeks," "approximately," "intends," "plans," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases. Statements regarding the following subjects may be impacted by a number of risks and uncertainties:

--our business and investment strategy;

--our projected results of operations;

--completion of any pending acquisitions;

--our ability to manage our anticipated growth;

--our ability to obtain future financing arrangements;

--our estimates relating to, and our ability to make, future distributions;

--our understanding of our competition and our ability to compete effectively;

--market and industry trends in the United States, and particularly in the State of California;

--projected capital and operating expenditures;

--state of the wine industry, of which vineyards are a critical part;

--availability and creditworthiness of current and prospective tenants;

--interest rates;

--lease rates and terms; and

--our qualification as a REIT.

The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements.