The Duckhorn Portfolio, Inc. ("Duckhorn" or the “Company”) (NYSE: NAPA) today announced that Mallard Holdco, LLC (the “Selling Stockholder”) intends to offer for sale in an underwritten secondary offering (the “Offering”) 5,000,000 shares of common stock of the Company pursuant to a shelf registration statement on Form S-3 filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”). The Selling Stockholder expects to grant the underwriter a 30-day option to purchase up to an additional 750,000 shares of common stock on the same terms and conditions. No shares are being sold by Duckhorn. The Selling Stockholder will receive all of the proceeds from this offering.

Credit Suisse Securities (USA) LLC is acting as the underwriter for the proposed offering.

The underwriter proposes to offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to its right to reject any order in whole or in part.

A registration statement relating to these securities has been filed with the SEC and has become effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of these securities will be made only by means of a prospectus supplement and accompanying prospectus. Copies of the preliminary prospectus supplement and accompanying prospectus for the offering, when available, may be obtained from: Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC, 27560, by telephone at 1-800-221-1037 or by email at usa.prospectus@credit-suisse.com.

Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements regarding the proposed registered secondary public offering. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2021 and in the Company’s other filings with the SEC. The Company cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. The Company’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

About The Duckhorn Portfolio, Inc.

The Duckhorn Portfolio is the premier producer of luxury wines in North America. The acclaimed Duckhorn Portfolio includes Duckhorn Vineyards, Decoy, Paraduxx, Goldeneye, Migration, Canvasback, Calera and Kosta Browne, each with its own dedicated winemaker.

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