(VINHOS) S.A.

1. (VINHOS) S.A. December 2006

2. Niepoort (Vinhos) S.A. Overview • A family business since 1842... • Process • Port Wine • Still wines • Highlights 2006 • Contact

3. A family business since 1842...

4. In the family since 1842... Niepoort Senior and Junior generation side by side The master blender art also passed from father to son at Niepoort A family business since 1842...Niepoort (Vinhos) S.A.

5. A family business since 1842...The fifth generation: Dirk Niepoort • 1987 Dirk joined his father Rolf Niepoort in the family business • Ahead of business, since 2005. • Challenged to innovate while maintaining traditions.

6. NIEPOORT process

7. NIEPOORT processOverview • About DOURO • Niepoort is spread out at several locations. • Office in Porto • Cellars in Vila Nova de Gaia • Quintas and Vinification centers in Douro • Quinta de Nápoles • Quinta do Carril • Vale Mendiz

8. NIEPOORT processDOURO region

9. NIEPOORT processDOURO region World Heritage • UNESCO says... The Douro Valley was declared a World Heritage Site because: • Oldest demarced wine region in the world (since 1756)

10. NIEPOORT processDOURO region Climate • Separated from the sea by the Marão mountains • Protected from the rainy winds of the Atlantic, • Extreme climate: • dry summers and • severe winters. • Austere and dramatic in it’s beauty.

11. NIEPOORT processDOURO region - Terraces • Terraces in schist, • The vine roots can dive 40ft down through rock fissures in search of water

12. NIEPOORT processDOURO region – The vines • 50 - 80 different grape varieties • In old vineyards field-blends of up to 20 different grapes • ADVID: 5 recommended grapes:- Touriga Nacional- Touriga Francesa- Touriga Barroca- Tinta Roriz- Tinto Cão

13. NIEPOORT processDOURO region – Vines • Touriga Nacional and Touriga Francesa - producing wine of enormous scale and concentration; • Tinta Roriz with its firm tannins and distinctive cedary nose; • Tinta Barroca: the supple, flowery; • Tinto Cão, one of the oldest varieties cultivated in the Douro Valley.

14. NIEPOORT processEnology Team • Dirk van der Niepoort leads and inspires the enology team for Port and still wines • José Nogueira, Masterblender of Niepoort Ports and resposible for cellars in Vila Nova de Gaia. His son José Rodrigo Nogueira joined the team in September 2006 • Luís Sebra, coordinates all vine activities in Douro and the vinification center for still wines Quinta de Nápoles. • Nicholas Delaforce, works in cellars in Gaia, and is responsible for port wine vinification center in Vale Mendiz, Douro.

15. NIEPOORT processOFFICE • Centralises: • Administration, • Logistics and • Communication. • Healthy balance of secular tradition versus innovation: • Teamwork • Flexibility, • Keep Uniqueness • …

16. NIEPOORT processCELLARS in Vila Nova de Gaia • In the cellars the port wines age in: • Different oak casks, • bottles or • demijons • Storage, ageing and Blending of the wines • Nogueira family have been Niepoort master-blenders since 1842.

17. NIEPOORT processQuinta de Nápoles • Cima Corgo, a region that traditionally produces the best Port Wines. • Purchased by Niepoort in 1987. • Were we make red, white and rosé wines. • vines are at an altitude of 180-250m • 15 hectares of vineyards newly planted, and • 10 hectares old vines carefully maintained.

18. NIEPOORT processQuinta De Carril • Next to Quinta de Nápoles, • purchased by Niepoort in 1988 • Adds another 9 ha of vineyards and was. • These old vineyards are the source for Batuta...

19. NIEPOORT processVale Mendiz • Former museum • Purchased by Niepoort in 2003 • Vinification center  dedicated to the Niepoort port wines.

20. NIEPOORT port wines

21. NIEPOORT port winesJunior Tinto and Senior Tawny • Considered by Dirk Niepoort a starting point into the two port wine styles “RUBY” and “TAWNY”. • The Junior Tinto under-goes an early filling, and spends the rest of its time in the bottle, • The Senior Tawny, however spends most of its time ageing in barrels. through the pores of the wood,

22. NIEPOORT port winesOverview of port wine “Ruby Style” • The wine ages in very large vats before being bottled. The large vats minimize the amount of air that comes in contact with the wine, which reduces oxidization so the wine retains its bright red hue and fruit. Examples of this style are: • Junior Tinto, • L.B.V and • Vintage Port

23. NIEPOORT port winesRUBY • At Niepoort we believe that the colour of the port should be inspired by the "ruby stone" (instead of black dark colour Ruby). • Ruby is fresh, young and fruity (lot's of red cherries and red fruits!). An expressive port with great character. • Ruby keeps well for several years, although the wine will not improve with age. No decanting is necessary since the wine contains no sediment.

24. NIEPOORT port winesJUNIOR TINTO • The Junior Tinto ages 3-4 years • Fruit aromas and flavours are optimally maintained. • Fine aroma of intense dark plums and blackberries with a hint of chocolate. Exhibits good freshness

25. NIEPOORT port winesL.B.V. • Late Bottled Vintage port is a from a single year • aged 4-6 years in old large oak casks • Craft by hand and tread by foot • Deep colour • Concentration of fruit, • Mature character caused by the longer ageing in wood. • perfect port to accompany chocolate desserts, specially if dark/bitter chocolate is used! • Late bottled vintage? Or a vintage which is bottled later?

26. NIEPOORT port winesThe magic of Niepoort Vintage • As a young wine it captures the youthful fruit characters, • After 20 years or more the effects of the slow bottle age integration are revealed • Finally after many decades the spirit dominates the wine. Vintage Port is amazing in all the three phases.

27. NIEPOORT port winesNiepoort Secundum Vintage • Second style of vintage port: • immediate satisfaction • yet keeping the balance to age for decades. • Key Characteristics: • young, • charming, • creative • tangible

28. NIEPOORT port winesOverview of port wine “Tawny” • The wine ages in small oak caks, that allow more oxidization than the vats used for Ruby ports. It is ready to drink as soon as it is bottled. As its name implies, Tawny port has a deep mahogany colour, with a drier and nuttier taste.… Examples of this style are: • Tawny • Senior Tawny • Tawny with year indication (10, 20 and 30 years old) • Dated (Colheita, Garrageira)

29. NIEPOORT port winesTAWNY • Ages in oak casks for 3,5 years.  • Freshness, lightness and balance are the key elements of this wine. • Tawny port keeps well for several years, although the wine will not improve with age. • It contains no sediment and need not be decanted. • A Port easy to drink on any occasion. Tawny has a shiny bright colour and soft and sweet tannins.

30. NIEPOORT port winesSENIOR TAWNY • Ages in oak casks for 6 years.  • Freshness, lightness and balance are the key elements of this wine. • Tawny port keeps well for several years, although the wine will not improve with age. • It contains no sediment and need not be decanted. • A Port easy to drink on any occasion. Tawny has a shiny bright colour and soft and sweet tannins.

31. NIEPOORT port winesTAWNY with age indication • Niepoort produces • 10 years old Tawny, • 20 years old Tawny and • 30 years old Tawny • The indicated age indicates the average age of the blend.  • The skilful ageing and  blending of the different tawny ports is the art of master blender José Nogueira.

32. NIEPOORT port wines Colheita • Colheitas are dated tawnies aged in cask. • Minimum age: 7 years (at niepoort normally at least 10 years) • Wood and nutty tones are evident on the palate due to the wine’s slow ageing in old casks. • After the meal Colheita combines well with Crème caramel, and especially with deserts that contain dried fruits or nuts. As a starter the combination with foie gras is impressive.

33. NIEPOORT port winesGarrafeira • From a single year • Aged for decades in special small glass containers "demijons" (7 to 11 litre glass balloons in the form of old apothecaries’ bottles). • Unique character derived from prolonged direct contact with the glass demijons .

34. NIEPOORT port winesOverview of port wine “White” • White port is made from white grapes (Malvasia, Viosinho and Gouveio)… • White • Dry White

35. NIEPOORT port winesWHITE • The juice is fermented as a white wine until the fermentation is stopped by the addition of pure grape brandy. • After spending one year in large wood tanks the wine is transferred to Pipes (550 liter oak barrels). • It is then aged in wood until at least 3 years before bottling.

36. NIEPOORT port winesDRY WHITE • Niepoort Dry White is made in the tradicional style with long skin maceration. The final  blend includes different  wines aged in oak casks making an average of 3,5 years. • Dry White is lovely if served chilled as an aperitif or as a long drink with Tonic Water ice and a twist of lemon.

37. NIEPOORT Still Wines

38. NIEPOORT Still WinesOverviewof Still wines • Red • BATUTA, CHARME, REDOMA, and VERTENTE • White • REDOMA • Tiara • Rosé • REDOMA

39. ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● NIEPOORT still winesBATUTA • BATUTA is powerfull yet elegant • with great harmony. • great ageing potencial. • Northfacing vineyard Carril (with vines overover 70 years old) • South facing vineyard located at an altitude of 750 meters (with vinesover 100 years old) to provide a natural high acidity.

40. ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● NIEPOORT still winesCHARME • CHARME is elegance and balance. • traditional stone lagares with 100% stems. • very old vineyards in the Vale Mendiz area on the banks of the Pinhão river

41. ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● NIEPOORT still winesREDOMA tinto • REDOMA is like the Douro "extreme and with a rigorous character". • Old north facing vineyards from Quinta de Napoles and Pinhão Valley • The main varieties are Tinta Amarela, Tinta Roriz and Touriga Franca.

42. ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● NIEPOORT still winesVERTENTE tinto • Vertente is the smaller brother of Batuta: fresh, very mineral and expressive • approachable in its youth. • Drinkability!

43. ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● NIEPOORT still winesREDOMA branco reserva • Impressive wine, fresh and mineral but showing also concentration and complexity. • Small and very old vineyards, • Fieldblend: Rabigato, Codega, Donzelinho, Viosinho and Arinto.

44. ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● NIEPOORT still winesTIARA • TIARA is fresh, fine and complex (and unusual style for a Douro wine) • old vineyards give volume and complexity • High altitude of the vineyards (over 600 meters) provide a refreshing acidity.; promising a long life in bottle.

45. ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● NIEPOORT still winesREDOMA branco • REDOMA is impressive, fresh and mineral and also concentrated and complex • small and very old vineyards, • fieldblend: Rabigato, Codega, Donzelinho, Viosinho and Arinto.

46. ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● ● NIEPOORT still winesREDOMA rosé • Niepoort launched the first Rosé, thus proving that high-quality wines may also be coloured pink. •  Redoma is fermented in new French oak casks after free run juice from traditional stone lagares,

47. NIEPOORT Highlights 2006

48. NIEPOORT Highlights 2006Wine Spectator Tiara Branco 2004 86/100 Redoma Branco 2004 83/100 Charme 2004 94/100 Redoma Tinto 2004 93/100 Redoma Branco Reserva 2005 92/100 Vertente 2004 92/100 Vertente 2003 94/100 Batuta 2004 91/100

49. NIEPOORT Highlights 2006Wine Enthusiast • Vintage 2003 95/100 • Vintage Secundum 2003 93/100 • 10 Years old 93/100 • 20 Years old 92/100 • 30 Years old 92/100

50. NIEPOORT