www.harriswilliams.com

Member FINRA/SIPC

Food & Beverage Industry Update

3/20/2013

Food & Beverage

Industry Update

3/20/2013

Boston

Phone: +1 (617) 482-7501

Fax: +1 (617) 482-7503

Cleveland

Phone: +1 (216) 689-2400

Fax: +1 (216) 689-2401

London

Phone: +44 20 7518 8900

Fax: +44 20 7526 2187

Minneapolis

Phone: +1 (612) 359-2700

Fax: +1 (612) 359-2701

Philadelphia

Phone: +1 (267) 675-5900

Fax: +1 (267) 675-5901

Richmond

Phone: +1 (804) 648-0072

Fax: +1 (804) 648-0073

San Francisco

Phone: +1 (415) 288-4260

Fax: +1 (415) 288-4269

Announced Target Buyer1/0/1900 0 JAB Holdings B.V.

3/11/2013 Randall Foods Inc. Distribution Assets Harvest Meat Company, Inc.

3/6/2013 Sanese Services, Inc. AVI Foodsystems, Inc.

3/5/2013 ConAgra Food Ingredients Business Horizon Milling G.P.

3/4/2013 COMBAT Energy Products, LLC ProTek Capital, Inc.

3/4/2013 Aquaspring Water Company DS Waters of America, Inc.

3/1/2013 Selected F&B Assets from HM Capital CPP Investment Board & Kainos

2/28/2013 Hostess Beefsteak Rye Brand Grupo Bimbo, S.A.B. de C.V.

2/27/2013 Big Train, Inc. Kerry Group plc

2/20/2013 Dream Dining Corporation Toridoll.corporation

2/20/2013 Awrey Bakeries, LLC Minnie Marie Bakers, Inc.

Quarterly M&A Activity Last 10 Deals Announced

LTM Deal Statistics

Key Trading

Statistics1

Announced

Food and

Beverage

M&A1

Contacts

For more information regarding our food and beverage experience, please contact Glenn Gurtcheff, Tim Alexander,

Ryan Budlong, Jeff Cleveland, or Brant Cash at +1 (612) 359-2700.

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PEG Acquirer Strategic AcquirerNote: Transaction statistics based on publically available information.

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Aggregate Number Transaction Multiples

Value ($bn) of Deals EV / Revenue EV / EBITDA

$377.5 215 1.00x 9.8x

Net Debt /

Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA

Branded Processed Foods 11.5% 28.8% (10.7%) (18.7%) 18.5x 21.2x 12.7x 2.0x

Private Label Foods 16.0% 13.2% (11.7%) (3.8%) 21.5x 28.6x 13.1x 3.0x

Natural / Organic Foods (2.4%) 5.1% 4.9% 12.8% 21.6x 26.9x 13.1x 2.4x

Baked Goods / Snack Foods 13.6% 30.6% 8.4% 8.8% 19.9x 21.8x 10.2x 1.9x

Dairy 7.0% 33.5% 20.4% 10.6% 16.9x 18.2x 11.5x 1.3x

Non-Alcholic Beverages 3.3% 10.4% 1.7% 4.9% 18.1x 18.6x 11.0x 1.8x

Alcoholic Beverages 9.1% 28.5% 10.1% 30.4% 18.9x 20.4x 14.9x 3.3x

Protein Processing 17.6% 8.6% 18.1% 24.7% 11.4x 15.4x 8.0x 1.8x

Fruit and Vegetable 0.7% 7.0% (4.1%) (11.0%) 15.6x 13.4x 13.1x 6.2x

Ingredients / Flavors 6.5% 27.0% 9.2% 17.3% 15.9x 21.7x 12.4x 1.4x

Agribusiness 12.7% 12.6% 12.2% 32.3% 13.0x 15.1x 7.9x 2.0x

Food Retail 8.7% 6.1% 5.6% 1.4% 13.0x 13.7x 5.7x 2.3x

Foodservice / Distribution (1.1%) 9.6% (1.0%) (3.5%) 14.9x 19.6x 7.8x 0.9x

Quick Service Restaurant 14.2% 18.3% 7.4% 5.3% 20.9x 18.9x 10.5x 2.5x

Casual Dining Restaurant 10.1% (3.3%) 10.7% (5.3%) 16.9x 21.6x 8.4x 1.6x

Overall Median* 8.9% 14.6% 5.4% 4.7% 17.5x 20.0x 10.4x 2.0x

*Quick-service restaurant and casual dining restaurant excluded from overall median calculation.

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Stock Price % Change EV/EBITDA % Change Current Valuation Stats

Food & Beverage

Industry Update

3/20/2013

Water has overtaken soda as the most widely consumed beverage in the U.S., according to

the Associated Press. The average amount of water Americans consume has increased to

about 58 gallons each year. Link

World snack food sales will top a third of a trillion dollars by 2015, according to Global

Industry Analysts Inc. According to the article, “the main factors fueling this growth are

consumer perceptions, income levels, and demographics.” Link

Canada Pension Plan Invesment Board (“CPPIB”) has announced the acquisition of several

food and beverage assets from HM Capital Sector Performance Fund. HW&Co. provided

sell-side advisory services on the transaction. Link

ConAgra Foods Inc., Cargill, and CHS Inc. have agreed to merge their flour milling

businesses into a new venture that would control more than a third of U.S. capacity. Link

Industry

Recent Equity

Offerings2 Close Date Filing Date Issuer Ticker

Transaction

Type

Gross Proceeds

($mm) Use of Funds

03/12/13 03/01/13 Annie's Inc BNNY Follow-On $140.0 General Corp. Purp.

NA 03/11/13 Truett-Hurst Inc THST IPO $37.7 Working Capital

General Corp. Purp.

02/20/13 2/19/2013 Post Holdings Inc POST Convertible $241.5 Working Capital

General Corp. Purp.

02/13/13 02/13/13 Olivia Inc NA Follow-On $0.1 Working Capital

General Corp. Purp.

02/11/13 02/11/13 Z Trim Holdings Inc ZTHO Follow-On $10.0 Working Capital

General Corp. Purp.

01/31/13 01/31/13 Sport Stix Inc NA IPO $1.0 Working Capital

General Corp. Purp.

01/07/13 10/03/11 ConAgra Foods Inc CAG Follow-On $275.0 Working Capital

General Corp. Purp.

01/10/13 11/29/12 Xylitol Canada Inc XYL Follow-On $2.0 Working Capital

General Corp. Purp.

NA 12/19/12 Pinnacle Foods Inc NA IPO $100.0 General Corp. Purp.

12/19/12 12/19/12 Feronia Inc FRN Follow-On $100.0 Working Capital

General Corp. Purp.

11/09/12 11/09/12 Crumbs Bake Shop Inc CRMB Follow-On $13.6 General Corp. Purp.

10/29/12 10/29/12 Brick Brewing Co Ltd BRB Follow-On $0.6 General Corp. Purp.

02/15/12 02/15/12 AgriMarine Holdings Inc FSH.V Follow-On $10.0 Working Capital

General Corp. Purp.

3 of 13

Food & Beverage

Industry Update

3/20/2013

Quarterly Loan Volume Average Spread on Food and Beverage Loans

Credit Statistics Average Secondary Spreads

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2006 2007 2008 2009 2010 2011 2012

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Food and

Beverage Loan

Activity3

Recent Debt

Offerings4

Borrower Name Description Tranche Amount Type Rating Spread

03/08/13 Hostess Brands Bread, cake, and related products $500,000,000 Term Loan B NR / WR 550

03/08/13 Hostess Brands Bread, cake, and related products $60,000,000 Revolver/Line >= 1 Yr. NR / WR N/A

03/04/13 HJ Heinz Co Canned fruits and vegetables $1,500,000,000 Revolver/Line >= 1 Yr. BBB+ / Baa2 N/A

03/04/13 HJ Heinz Co Canned fruits and vegetables $2,100,000,000 Term Loan BBB+ / Baa2 N/A

03/04/13 HJ Heinz Co Canned fruits and vegetables $8,500,000,000 Term Loan B BBB+ / Baa2 N/A

03/04/13 HJ Heinz Co Canned fruits and vegetables $2,000,000,000 Term Loan B BBB+ / Baa2 N/A

02/20/13 Blue Buffalo Co Ltd Dog and cat food $400,000,000 Term Loan B B+ / B1 375

02/15/13 New Belgium Brewing Malt beverages $150,000,000 Revolver/Line >= 1 Yr. NR / NR 150

02/08/13 Arios Holding AG Food preparations $20,000,000 Revolver/Line >= 1 Yr. NR / NR N/A

02/08/13 Arios Holding AG Food preparations $50,000,000 Term Loan NR / NR N/A

02/07/13 Cargill Inc Food preparations $745,500,000 Revolver/Line <= 1 Yr. A / A2 55

02/07/13 Cargill Inc Food preparations $504,500,000 Revolver/Line <= 1 Yr. A / A2 55

02/05/13 Chiquita Brands LLC Frozen fruits and vegetables $200,000,000 Revolver/Line >= 1 Yr. B / B1 200

02/05/13 Del Monte Corp Canned fruits and vegetables $2,689,000,000 Term Loan B NR / WR 300

01/28/13 Salm Partners LLC Sausages and other prepared meats $10,000,000 Revolver/Line >= 1 Yr. NR / NR 350

01/28/13 Salm Partners LLC Sausages and other prepared meats $19,000,000 Delay Draw Term Loan NR / NR 350

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Food & Beverage

Industry Update

3/20/2013 Trading Statistics Detail1

5 of 13

Member FINRA/SIPC

Price at As a % of Market Cash & Enterprise P/E

($ in millions, except per share data) Ticker 3/15/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage

Branded Processed Foods

Campbell Soup Company CPB $41.61 98.7% $13,073 $4,509 $416 $17,166 $8,103 $1,676 5.3% 2.3% 37.9% 20.7% 17.9x 2.12x 10.2x 1.97x 10.4x

ConAgra Foods, Inc. CAG 34.97 99.5% 14,473 3,777 477 17,773 13,773 1,484 6.9% 4.4% 23.5% 10.8% 22.1x 1.29x 12.0x 1.00x 7.6x

General Mills, Inc. GIS 46.24 99.0% 29,899 8,333 735 37,496 17,119 3,510 8.7% 5.2% 37.3% 20.5% 17.1x 2.19x 10.7x 2.15x 10.8x

The Hershey Company HSY 83.90 98.1% 18,801 1,907 728 19,980 6,644 1,403 9.3% 7.8% 43.7% 21.1% 29.1x 3.01x 14.2x 2.83x 12.8x

H. J. Heinz Company HNZ 72.50 99.7% 23,270 5,032 1,106 27,195 11,691 2,034 2.7% 4.4% 35.9% 17.4% 22.4x 2.33x 13.4x 2.25x 12.6x

Hormel Foods Corporation HRL 39.28 99.2% 10,404 250 888 9,766 8,307 848 3.7% 8.1% 16.1% 10.2% 21.0x 1.18x 11.5x 1.09x 10.1x

Kellogg Company K 62.20 99.6% 22,656 7,902 281 30,277 14,197 2,121 7.6% 4.1% 38.5% 14.9% 23.3x 2.13x 14.3x 1.99x 11.2x

Mondelez International, Inc. MDLZ 28.41 66.8% 50,521 19,486 4,584 65,423 35,015 5,352 (2.2%) (3.3%) 37.3% 15.3% 32.9x 1.87x 12.2x 1.79x 11.3x

McCormick & Company, Incorporated MKC 70.75 99.5% 9,383 1,172 96 10,460 4,014 683 8.6% 7.9% 40.3% 17.0% 23.2x 2.61x 15.3x 2.48x 14.2x

Nestlé S.A. NESN 72.60 99.2% 233,455 30,402 10,832 253,024 100,841 18,916 12.5% 4.8% 47.6% 18.8% 20.6x 2.51x 13.4x NA NA

The Hain Celestial Group, Inc. HAIN 58.15 78.9% 2,701 646 43 3,305 1,542 199 27.4% 15.7% 27.5% 12.9% 23.7x 2.14x 16.6x 1.75x 12.9x

The J. M. Smucker Company SJM 97.40 99.4% 10,447 2,069 439 12,077 5,913 1,210 10.4% 8.7% 34.0% 20.5% 20.4x 2.04x 10.0x 2.03x 9.6x

Mean 8.4% 5.8% 35.0% 16.7% 22.8x 2.12x 12.8x 1.94x 11.2x

Median 8.1% 5.0% 37.3% 17.2% 22.3x 2.14x 12.8x 1.99x 11.2x

Private Label Foods

Flowers Foods, Inc. FLO $28.87 97.7% $3,993 $122 $9 $4,106 $2,754 $295 (0.7%) 1.9% 48.0% 10.7% 29.8x 1.49x 13.9x 1.30x 11.2x

Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.77 92.4% 13,045 3,327 335 16,038 13,337 1,226 39.1% 14.4% 50.7% 9.2% NM 1.20x 13.1x 1.12x 11.3x

Snyder's-Lance, Inc. LNCE 25.14 92.8% 1,733 537 9 2,261 1,619 163 (1.0%) 20.8% 33.6% 10.0% 29.4x 1.40x 13.9x 1.26x 11.0x

Seneca Foods Corp. SENE.B 31.68 94.9% 354 270 13 611 1,276 87 2.9% (0.3%) 10.2% 6.8% NA 0.48x 7.1x NA NA

Treehouse Foods, Inc. THS 61.53 96.6% 2,227 900 94 3,033 2,182 293 6.4% 13.0% 21.3% 13.4% 25.8x 1.39x 10.4x 1.33x 9.4x

Mean 9.3% 10.0% 32.8% 10.0% 28.4x 1.19x 11.7x 1.26x 10.7x

Median 2.9% 13.0% 33.6% 10.0% 29.4x 1.39x 13.1x 1.28x 11.1x

Natural / Organic Foods

Amira Nature Foods Ltd. ANFI $8.04 78.5% $287 $149 $33 $403 $401 $47 55.9% NA 21.6% 11.8% 7.1x 1.01x 8.5x 0.92x 7.3x

Annie's, Inc. BNNY 40.05 82.0% 675 0 13 662 160 19 18.8% NA 38.6% 12.1% NM 4.13x 34.0x 3.41x 22.2x

Monster Beverage Corporation MNST 48.38 57.6% 8,009 0 320 7,690 2,061 567 21.0% 21.7% 51.7% 27.5% 25.9x 3.73x 13.6x 3.31x 11.7x

SunOpta Inc. TSX:SOY 6.77 91.3% 447 190 7 630 1,091 66 7.0% 10.0% 12.3% 6.1% 20.4x 0.58x 9.5x 0.55x 8.3x

The Hain Celestial Group, Inc. HAIN 58.15 78.9% 2,701 646 43 3,305 1,542 199 27.4% 15.7% 27.5% 12.9% 23.7x 2.14x 16.6x 1.75x 12.9x

United Natural Foods, Inc. UNFI 49.32 80.5% 2,431 175 8 2,598 5,587 210 14.8% 16.6% 17.1% 3.8% 24.8x 0.47x 12.4x 0.41x 10.5x

Whole Foods Market, Inc. WFM 87.06 85.5% 16,135 25 926 15,234 12,164 1,121 15.9% 14.0% 35.6% 9.2% 32.6x 1.25x 13.6x 1.12x 12.0x

Mean 23.0% 15.6% 29.2% 11.9% 22.4x 1.90x 15.5x 1.64x 12.1x

Median 18.8% 15.7% 27.5% 11.8% 24.2x 1.25x 13.6x 1.12x 11.7x

Baked Goods / Snack Foods

ARYZTA AG YZA $56.51 98.0% $3,845 $2,166 $719 $5,291 $5,928 $748 16.4% 12.0% 27.5% 12.6% NA 0.89x 7.1x NA NA

Associated British Foods plc ABF 28.59 99.3% 22,666 2,360 652 24,374 19,911 2,391 13.9% 8.8% 24.2% 12.0% 26.9x 1.22x 10.2x NA NA

Diamond Foods, Inc. DMND 16.34 57.8% 364 558 5 917 911 46 (9.6%) 15.6% 20.4% 5.0% NM 1.01x NA 1.09x 10.1x

Flowers Foods, Inc. FLO 28.87 97.7% 3,993 122 9 4,106 2,754 295 (0.7%) 1.9% 48.0% 10.7% 29.8x 1.49x 13.9x 1.30x 11.2x

George Weston Limited WN 71.18 95.9% 9,086 8,279 3,739 13,626 32,849 2,221 3.1% 2.6% 24.6% 6.8% 21.6x 0.41x 6.1x 0.51x 7.1x

Golden Enterprises Inc. GLDC 3.47 93.8% 41 7 1 46 138 7 2.2% 2.7% 48.5% 5.4% 18.3x 0.34x 6.2x NA NA

Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.77 92.4% 13,045 3,327 335 16,038 13,337 1,226 39.1% 14.4% 50.7% 9.2% NM 1.20x 13.1x 1.12x 11.3x

J&J Snack Foods Corp. JJSF 72.20 99.5% 1,357 1 81 1,277 850 123 11.6% 8.7% 30.4% 14.5% 23.2x 1.50x 10.4x 1.43x 9.5x

John B Sanfilippo & Son Inc. JBSS 19.59 94.6% 213 57 15 254 714 57 4.3% 9.2% 16.4% 7.9% 10.0x 0.36x 4.5x NA NA

Lancaster Colony Corporation LANC 74.06 94.5% 2,023 0 93 1,930 1,162 180 6.1% 3.2% 22.6% 15.5% 19.1x 1.66x 10.7x 1.60x 10.3x

Penford Corporation PENX 10.85 96.3% 134 89 0 223 365 24 9.4% 11.6% 12.4% 6.5% NM 0.61x 9.4x 0.58x 5.7x

Inventure Foods, Inc. SNAK 7.60 98.1% 146 19 0 165 185 16 14.1% 15.2% 19.9% 8.7% 20.7x 0.89x 10.3x 0.82x 9.5x

Mean 9.2% 8.8% 28.8% 9.6% 21.2x 0.97x 9.3x 1.06x 9.3x

Median 7.8% 9.0% 24.4% 8.9% 21.1x 0.95x 10.2x 1.11x 9.8x

EV / LTM EV / 2013ERevenue Growth LTM MarginsLast Twelve Months (LTM)

Food & Beverage

Industry Update

3/20/2013

Member FINRA/SIPC

Trading Statistics Detail (continued)1

6 of 13

Price at As a % of Market Cash & Enterprise P/E

($ in millions, except per share data) Ticker 3/15/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Dairy

Dean Foods Company DF $18.40 96.0% $3,421 $3,198 $79 $6,540 $11,462 $687 (1.5%) 1.0% 25.3% 6.0% 30.0x 0.57x 9.5x 0.61x 9.0x

Fromageries Bel ENXTPA:FBEL 279.61 99.3% 1,913 391 151 2,153 3,296 353 (8.2%) 1.7% 28.8% 10.7% 13.3x 0.65x 6.1x NA NA

Glanbia plc GL9 10.79 93.4% 3,180 862 364 3,678 2,923 285 (15.5%) 0.9% 8.6% 9.7% 20.6x 1.26x 12.9x NA NA

Danone BN 71.45 98.7% 43,730 0 0 43,730 27,515 4,740 9.6% 8.6% 100.0% 17.2% 19.9x 1.59x 9.2x NA NA

Lifeway Foods Inc. LWAY 13.67 97.6% 224 6 5 224 77 10 13.8% 12.6% 35.3% 12.5% NM 2.90x 23.1x 2.31x 19.0x

Saputo, Inc. TSX:SAP 49.47 96.9% 9,725 516 275 9,967 6,971 841 5.6% 7.4% 12.1% 12.1% 26.7x 1.43x 11.9x 1.15x 9.7x

Mean 0.6% 5.4% 35.0% 11.4% 22.1x 1.40x 12.1x 1.36x 12.6x

Median 2.0% 4.6% 27.1% 11.4% 20.6x 1.34x 10.7x 1.15x 9.7x

Non-Alcholic Beverages

A.G.Barr p.l.c. LSE:BAG $7.93 92.3% $911 $18 $0 $929 $382 $63 2.2% 6.1% 50.1% 16.5% 22.4x 2.43x 14.7x NA NA

Cott Corporation BCB 9.65 99.0% 920 604 179 1,345 2,251 209 (3.6%) 12.1% 12.9% 9.3% 19.9x 0.60x 6.4x 0.59x 5.9x

Dr Pepper Snapple Group, Inc. DPS 44.07 95.0% 8,974 2,804 377 11,401 5,995 1,310 1.6% 2.7% 58.3% 21.9% 15.0x 1.90x 8.7x 1.85x 8.6x

Green Mountain Coffee Roasters, Inc. GMCR 54.22 94.2% 8,068 422 99 8,392 4,040 805 24.9% 62.9% 33.5% 19.9% 23.8x 2.08x 10.4x 1.81x 8.9x

Monster Beverage Corporation MNST 48.38 57.6% 8,009 0 320 7,690 2,061 567 21.0% 21.7% 51.7% 27.5% 25.9x 3.73x 13.6x 3.31x 11.7x

Lassonde Industries Inc. LAS.A 79.44 97.3% 555 313 9 859 1,030 122 69.5% 29.3% 26.7% 11.9% 14.4x 0.83x 7.0x NA NA

National Beverage Corp. FIZZ 13.95 78.6% 646 60 18 688 660 81 7.1% 3.7% 32.2% 12.3% 14.0x 1.04x 8.4x NA NA

Pepsico, Inc. PEP 77.04 99.5% 118,856 28,359 6,619 140,596 65,492 12,091 (1.5%) 14.8% 52.2% 18.5% 19.5x 2.15x 11.6x 2.06x 10.7x

Starbucks Corporation SBUX 57.66 93.0% 43,205 550 2,460 41,295 13,663 2,460 12.1% 11.4% 56.5% 18.0% 30.6x 3.02x 16.8x 2.68x 12.9x

The Coca-Cola Company KO 38.83 95.5% 173,054 32,616 16,558 189,112 48,017 13,198 3.2% 15.7% 60.3% 27.5% 19.7x 3.94x 14.3x 3.87x 13.4x

Mean 11.9% 15.1% 42.0% 18.3% 20.5x 2.04x 11.2x 2.31x 10.3x

Median 3.2% 12.1% 50.1% 18.2% 19.8x 2.08x 11.0x 2.06x 10.7x

Alcoholic Beverages

Anheuser-Busch InBev SA/NV ENXTBR:ABI $95.45 98.5% $152,913 $44,341 $13,878 $183,376 $39,758 $15,353 1.8% 2.6% 58.6% 38.6% 22.0x 4.61x 11.9x 4.19x 10.8x

Brown-Forman Corporation BF.B 68.85 97.0% 14,965 1,261 387 15,839 2,792 919 2.2% 4.5% 68.7% 32.9% 25.2x 5.67x 17.2x 3.97x 15.3x

Constellation Brands Inc. STZ 45.75 99.6% 8,396 4,051 204 12,243 2,728 667 (0.5%) (7.0%) 40.3% 24.4% 21.1x 4.49x 18.4x 2.43x 13.1x

Corby Distilleries Limited CDL.A 18.93 97.5% 535 0 117 418 136 39 (12.5%) (4.6%) 61.1% 28.8% 21.7x 3.08x 10.7x 3.12x 9.6x

Diageo plc DGE 30.44 99.5% 76,390 13,739 1,151 88,978 17,950 5,976 13.1% 5.4% 60.9% 33.3% 20.0x 4.96x 14.9x 5.00x 14.7x

Kirin Holdings Company, Limited TSE:2503 15.83 99.8% 15,254 10,138 970 24,422 23,000 3,150 (14.6%) (1.4%) 41.7% 13.7% 25.3x 1.06x 7.8x NA NA

Pernod-Ricard SA RI 130.79 99.6% 34,468 13,299 1,158 46,610 11,218 3,042 8.3% 4.9% 62.1% 27.1% 22.5x 4.16x 15.3x NA NA

SABMiller plc LSE:SAB 52.95 99.6% 84,559 18,621 781 102,399 17,120 5,432 7.5% 9.7% 69.0% 31.7% 20.2x 5.98x 18.9x NA NA

Sapporo Holdings Ltd. TSE:2501 3.91 96.9% 1,582 2,711 103 4,190 5,181 464 (12.2%) 8.3% 36.4% 9.0% 27.0x 0.81x 9.0x NA NA

Mean (0.8%) 2.5% 55.4% 26.6% 22.8x 3.87x 13.8x 3.74x 12.7x

Median 1.8% 4.5% 60.9% 28.8% 22.0x 4.49x 14.9x 3.97x 13.1x

Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $42.26 88.7% $1,016 $70 $163 $923 $1,181 $113 12.3% 9.5% 17.0% 9.6% 11.8x 0.78x 8.2x 0.71x 5.5x

Sanderson Farms, Inc. SAFM 54.24 97.1% 1,248 161 24 1,385 2,464 156 19.1% 10.6% 7.1% 6.3% 22.5x 0.56x 8.9x 0.55x 6.7x

Seaboard Corp. SEB 2,830.00 98.0% 3,390 185 398 3,177 6,189 400 7.7% 19.8% 9.1% 6.5% 11.9x 0.51x 7.9x 0.48x NA

Smithfield Foods, Inc. SFD 26.38 98.7% 3,661 2,364 139 5,885 13,110 808 0.8% 5.6% 10.6% 6.2% 17.3x 0.45x 7.3x 0.44x 6.8x

Tyson Foods, Inc. TSN 24.41 99.7% 8,654 2,426 951 10,129 33,351 1,779 1.1% 7.5% 6.6% 5.3% 14.8x 0.30x 5.7x 0.29x 5.4x

Mean 8.8% 12.6% 10.3% 6.6% 17.9x 0.52x 7.8x 0.49x 6.1x

Median 9.6% 10.0% 9.8% 6.3% 16.1x 0.50x 8.1x 0.48x 6.1x

EV / 2013ELTM MarginsLast Twelve Months (LTM) EV / LTMRevenue Growth

Food & Beverage

Industry Update

3/20/2013

Member FINRA/SIPC

7 of 13

Trading Statistics Detail (continued)1

Price at As a % of Market Cash & Enterprise P/E

($ in millions, except per share data) Ticker 3/15/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Fruit and Vegetable

Calavo Growers Inc. CVGW $29.05 96.3% $431 $50 $9 $472 $573 $35 4.5% 18.9% 10.8% 6.1% 24.8x 0.82x 13.4x 0.74x 10.7x

Chiquita Brands International Inc. CQB 7.23 74.2% 335 587 37 885 3,078 58 (2.0%) (3.9%) 10.9% 1.9% NM 0.29x 15.3x 0.28x 6.1x

Dole Food Company Inc. DOLE 10.59 69.7% 937 1,694 92 2,540 4,247 123 (11.1%) (14.4%) 8.7% 2.9% NM 0.60x 20.6x 0.62x 16.9x

Fresh Del Monte Produce Inc. FDP 27.45 98.8% 1,586 126 48 1,664 3,421 235 (4.7%) (0.7%) 10.0% 6.9% 11.2x 0.49x 7.1x 0.51x 8.9x

Seneca Foods Corp. SENE.A 31.76 93.7% 337 270 13 595 1,276 87 2.9% (0.3%) 10.2% 6.8% 10.5x 0.47x 6.9x NA NA

Mean (2.1%) (0.1%) 10.1% 4.9% 15.5x 0.53x 12.7x 0.54x 10.7x

Median (2.0%) (0.7%) 10.2% 6.1% 11.2x 0.49x 13.4x 0.56x 9.8x

Ingredients / Flavors

Givaudan SA SWX:GIVN $1,304.57 99.8% $11,895 $1,661 $489 $13,067 $4,650 $839 11.0% 6.7% 42.2% 18.0% 27.4x 2.81x 15.6x NA NA

International Flavors & Fragrances Inc. IFF 76.14 99.8% 6,205 1,031 325 6,912 2,821 565 1.2% 6.6% 41.7% 20.0% 24.5x 2.45x 12.2x 2.33x 11.1x

Kerry Group plc ISE:KRZ 56.07 98.3% 9,848 1,994 284 11,558 7,711 882 11.9% 6.0% 100.0% 11.4% 28.6x 1.50x 13.1x NA NA

Sensient Technologies Corporation SXT 38.40 97.8% 1,920 354 15 2,259 1,459 240 2.0% 6.7% 31.7% 16.4% 15.4x 1.55x 9.4x 1.48x 8.6x

Symrise AG XTRA:SY1 39.57 99.7% 4,661 788 157 5,291 2,179 420 3.2% 3.4% 40.3% 19.3% 23.2x 2.43x 12.6x NA NA

Tate & Lyle plc TATE 12.38 97.0% 5,771 1,387 676 6,482 5,125 724 12.6% (2.4%) 38.6% 14.1% 15.2x 1.26x 9.0x NA NA

Mean 7.0% 4.5% 49.1% 16.6% 22.4x 2.00x 12.0x 1.91x 9.8x

Median 7.1% 6.3% 41.0% 17.2% 23.9x 1.99x 12.4x 1.91x 9.8x

Agribusiness

Archer Daniels Midland Company ADM $33.00 97.1% $21,734 $9,540 $2,290 $28,984 $90,559 $2,827 2.7% 13.3% 4.0% 3.1% 15.7x 0.32x 10.3x 0.32x 9.1x

The Andersons, Inc. ANDE 50.94 98.9% 944 469 138 1,274 5,272 161 15.2% 20.3% 6.8% 3.1% 12.2x 0.24x 7.9x 0.23x 7.2x

Bunge Limited BG 76.24 94.1% 11,173 8,897 3,722 16,348 60,991 1,585 8.7% 13.3% 4.2% 2.6% 30.0x 0.27x 10.3x 0.26x 7.7x

CF Industries Holdings, Inc. CF 203.89 87.3% 12,846 1,605 2,279 12,172 6,104 3,328 0.1% 32.8% 51.0% 54.5% 7.1x 1.99x 3.7x 2.09x 4.1x

Darling International Inc. DAR 18.73 99.1% 2,206 250 103 2,353 1,701 317 (5.3%) 41.7% 27.6% 18.6% 16.5x 1.38x 7.4x 1.37x 7.1x

Monsanto Company MON 104.24 99.3% 55,764 2,080 4,917 52,927 14,004 4,102 12.7% 9.2% 52.5% 29.3% 24.6x 3.78x 12.9x 3.51x 12.1x

The Mosaic Company MOS 62.69 98.8% 26,687 1,033 3,421 24,298 10,051 2,844 (10.0%) 17.9% 27.6% 28.3% 14.4x 2.42x 8.5x 2.31x 7.4x

Omega Protein Corp. OME 10.09 99.9% 201 28 56 172 236 36 (6.4%) 12.6% 17.8% 15.3% NM 0.73x 4.8x 0.67x 3.7x

Mean 2.8% 20.4% 24.3% 18.9% 17.2x 1.26x 7.4x 1.22x 6.6x

Median 2.7% 17.9% 26.9% 15.4% 15.7x 0.73x 7.9x 0.67x 7.2x

Consumer

Food Retail

Arden Group Inc. ARDN.A $99.50 87.4% $306 $1 $18 $289 $439 $38 2.2% 0.6% 43.6% 8.8% 16.5x 0.66x 7.5x NA NA

Costco Wholesale Corporation COST 101.75 96.0% 44,324 4,870 5,651 43,543 103,128 3,869 10.4% 11.6% 12.5% 3.8% 22.8x 0.42x 11.3x 0.40x 10.3x

Etablissements Delhaize Freres DELB 54.09 99.1% 5,457 4,162 1,351 8,268 29,978 1,918 9.3% 1.6% 24.5% 6.4% 33.1x 0.28x 4.3x 0.28x 4.6x

Ingles Markets, Incorporated IMKT.A 21.15 99.1% 513 877 9 1,381 3,724 218 3.3% 4.2% 22.2% 5.9% 11.8x 0.37x 6.3x 0.36x 6.1x

J. Sainsbury plc LSE:SBRY 5.52 99.4% 10,335 4,642 888 14,089 36,696 2,273 7.8% 6.0% 5.4% 6.2% 11.3x 0.38x 6.2x NA NA

Koninklijke Ahold N.V. ENXTAM:AH 15.07 99.5% 15,733 4,291 2,496 17,528 43,409 2,985 10.4% 2.8% 26.0% 6.9% 14.9x 0.40x 5.9x NA NA

The Kroger Co. KR 31.62 99.4% 16,253 8,879 238 24,894 96,751 4,415 7.1% 8.1% 20.6% 4.6% 11.4x 0.26x 5.6x 0.25x 5.8x

The Pantry, Inc. PTRY 12.49 76.3% 295 954 24 1,224 7,357 215 (1.1%) 4.3% 11.1% 2.9% NM 0.17x 5.7x 0.15x 5.2x

Safeway Inc. SWY 24.91 98.7% 5,968 5,574 396 11,146 44,207 2,238 1.3% 2.7% 27.6% 5.1% 10.9x 0.25x 5.0x 0.25x 5.1x

SUPERVALU Inc. SVU 4.40 64.9% 939 6,718 155 7,502 34,773 1,638 (4.8%) (6.3%) 22.3% 4.7% NM 0.22x 4.6x 0.22x 5.1x

Village Super Market Inc. VLGE.A 33.20 86.7% 458 43 107 395 1,457 72 6.6% 6.0% 27.1% 4.9% 22.3x 0.27x 5.5x 0.26x NA

Weis Markets, Inc. WMK 41.65 90.6% 1,120 0 104 1,016 2,701 178 (1.9%) 2.4% 27.5% 6.6% 13.4x 0.38x 5.7x 0.36x NA

Whole Foods Market, Inc. WFM 87.06 85.5% 16,135 25 926 15,234 12,164 1,121 15.9% 14.0% 35.6% 9.2% 32.6x 1.25x 13.6x 1.12x 12.0x

Mean 5.1% 4.5% 23.5% 5.8% 18.3x 0.41x 6.7x 0.36x 6.8x

Median 6.6% 4.2% 24.5% 5.9% 14.9x 0.37x 5.7x 0.27x 5.5x

EV / 2013ELast Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM

Food & Beverage

Industry Update

3/20/2013

Member FINRA/SIPC

8 of 13

Trading Statistics Detail (continued)1

Price at As a % of Market Cash & Enterprise P/E

($ in millions, except per share data) Ticker 3/15/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Foodservice / Distribution

Core-Mark Holding Company, Inc. CORE $49.61 95.7% $571 $109 $19 $661 $6,905 $84 12.0% 11.2% 6.9% 1.2% 16.8x 0.10x 7.9x 0.07x 6.0x

Nash Finch Co. NAFC 19.98 68.9% 245 373 1 617 4,821 115 (0.7%) (2.6%) 8.2% 2.4% NM 0.13x 5.4x 0.13x 6.2x

Sysco Corporation SYY 33.86 99.9% 19,842 3,105 321 22,626 43,434 2,590 5.9% 6.7% 18.0% 6.0% 18.6x 0.52x 8.7x 0.49x 9.0x

United Natural Foods, Inc. UNFI 49.32 80.5% 2,431 175 8 2,598 5,587 210 14.8% 16.6% 17.1% 3.8% 24.8x 0.47x 12.4x 0.41x 10.5x

Mean 8.0% 8.0% 12.5% 3.3% 20.1x 0.30x 8.6x 0.27x 7.9x

Median 9.0% 9.0% 12.6% 3.1% 18.6x 0.30x 8.3x 0.27x 7.6x

Quick Service Restaurant

Domino's Pizza, Inc. DPZ $49.82 99.3% $2,812 $1,561 $55 $4,318 $1,678 $306 1.6% 6.1% 29.9% 18.2% 26.2x 2.57x 14.1x 2.44x 13.2x

Jack in the Box Inc. JACK 33.48 98.2% 1,457 396 10 1,843 1,553 222 6.7% (13.2%) 23.2% 14.3% 20.2x 1.19x 8.3x 1.18x 7.8x

McDonald's Corp. MCD 99.67 100.0% 99,948 13,633 2,340 111,240 27,567 9,850 2.1% 6.6% 39.2% 35.7% 18.4x 4.04x 11.3x 3.86x 10.6x

Sonic Corp. SONC 11.60 98.7% 645 509 43 1,111 541 132 (0.7%) (6.3%) 52.8% 24.4% 19.1x 2.05x 8.4x 2.03x 8.3x

The Wendy's Company WEN 5.52 92.8% 2,169 1,458 453 3,173 2,505 328 3.0% 0.9% 24.9% 13.1% NM 1.27x 9.7x 1.23x 9.0x

Yum! Brands, Inc. YUM 70.20 93.9% 31,641 2,942 776 33,807 13,633 2,872 8.0% 8.0% 26.8% 21.1% 20.4x 2.48x 11.8x 2.44x 12.0x

Mean 3.4% 0.3% 32.8% 21.1% 20.9x 2.27x 10.6x 2.20x 10.2x

Median 2.6% 3.5% 28.3% 19.7% 20.2x 2.27x 10.5x 2.23x 9.8x

Casual Dining Restaurant

Biglari Holdings Inc. BH $385.12 91.5% $552 $260 $338 $474 $740 $63 3.3% 4.6% 23.2% 8.6% 29.6x 0.64x 7.5x NA NA

Bob Evans Farms, Inc. BOBE 40.40 89.1% 1,126 190 4 1,312 1,669 193 0.5% (0.9%) 37.7% 11.6% 21.6x 0.79x 6.8x 0.96x 7.0x

Brinker International, Inc. EAT 35.30 97.4% 2,499 712 93 3,117 2,844 376 2.1% (0.9%) 18.4% 13.2% 17.5x 1.10x 8.3x 1.08x 7.3x

Buffalo Wild Wings Inc. BWLD 84.85 89.5% 1,581 0 31 1,550 1,041 153 32.6% 24.5% 24.2% 14.7% 27.7x 1.49x 10.1x 1.23x 8.4x

Chipotle Mexican Grill, Inc. CMG 321.35 72.6% 9,972 4 473 9,503 2,731 545 20.3% 21.6% 37.6% 20.0% 36.6x 3.48x 17.4x 3.01x 15.3x

Darden Restaurants, Inc. DRI 49.37 85.2% 6,386 2,933 61 9,258 8,220 1,103 6.2% 4.8% 23.2% 13.4% 13.9x 1.13x 8.4x 1.05x 8.4x

Panera Bread Co. PNRA 162.27 92.6% 4,802 7 297 4,511 2,130 374 16.9% 16.3% 23.5% 17.6% 27.2x 2.12x 12.1x 1.85x 10.3x

The Cheesecake Factory Incorporated CAKE 36.14 99.7% 1,882 55 84 1,854 1,809 223 2.9% 4.1% 43.0% 12.3% 20.3x 1.02x 8.3x 0.97x 7.6x

Mean 10.6% 9.3% 28.9% 13.9% 24.3x 1.47x 9.9x 1.45x 9.2x

Median 4.7% 4.7% 23.9% 13.3% 24.4x 1.11x 8.4x 1.08x 8.4x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2013E

Food & Beverage

Industry Update

3/20/2013

Food and

Beverage

Industry Stock

Performance1

Commodity

Price Indices5

0

50

100

150

200

250

300

Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13

Ind

ex

Corn Wheat Soybeans Crude Oil

9 of 13

50

100

150

200

250

Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13

Ind

ex

Dow Jones Beverage Index Dow Jones Food Products Index S&P 500 Index

Crude Oil:

157.8%

Corn:

85.4%

Soybeans:

57.2%

Wheat:

41.9%

S&P 500:

107.0%

Beverage:

88.6%

Food:

84.3%

Food & Beverage

Industry Update

3/20/2013

Median Food and Bev. Transaction Multiples Announced Food and Bev. Transactions North American

Food and

Beverage M&A

Trends1

Recent North

American Food

and Beverage

M&A1

14.3x

11.0x 10.5x

9.9x

8.8x 8.3x 8.0x

11.3x

0.00x

0.25x

0.50x

0.75x

1.00x

1.25x

1.50x

1.75x

0x

2x

4x

6x

8x

10x

12x

14x

16x

2005 2006 2007 2008 2009 2010 2011 2012

EV

/ LT

M S

ale

s Mu

ltiple

__

EV

/ L

TM

EB

ITD

A M

ult

iple

__

EV / LTM EBITDA EV / LTM Sales

$4.5

$12.0

$25.5

$110.2

$20.5

$55.4

$22.1 $24.0

0

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

2005 2006 2007 2008 2009 2010 2011 2012

Nu

mb

er o

f Tra

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ns_

_

Ag

greg

ate

Tra

nsa

cti

on

Va

lue (

$ i

n b

illi

on

s)

Aggregate Deal Value # of deals

Enterprise Enterprise Value Private Equity

Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

3/11/2013 Randall Foods Inc. Distribution Assets - Harvest Meat Company, Inc. - - - - P

3/6/2013 Sanese Services, Inc. - AVI Foodsystems, Inc. - - - -

3/5/2013 ConAgra Food Ingredients Business ConAgra Foods, Inc. Horizon Milling G.P. - - - -

3/4/2013 COMBAT Energy Products, LLC - ProTek Capital, Inc. - - - - P

3/4/2013 Aquaspring Water Company - DS Waters of America, Inc. - - - -

3/1/2013 Selected F&B Assets from HM Capital HM Capital CPP Investment Board & Kainos - - - - P

2/28/2013 Hostess Beefsteak Rye Brand Hostess Brands, Inc. Grupo Bimbo, S.A.B. de C.V. $31.9 - - -

2/27/2013 Big Train, Inc. Nautic Partners, LLC Kerry Group plc - - - - P

2/20/2013 Dream Dining Corporation Mitsui & Co. Global Investment Ltd Toridoll.corporation - - - - P

2/20/2013 Awrey Bakeries, LLC Hilco Equity Partners Minnie Marie Bakers, Inc. - - - - P

2/19/2013 Beretta Farms Inc. - One Earth Farms Corp. - - - -

2/15/2013 Don Julio Foods, Inc. - Tyson, Inc. - - - -

2/14/2013 T. Lauzon Ltd Groupe Lauzon Inc. Colabor Group Inc. $12.6 - - -

2/14/2013 Agri Star Meat David's Kosher Brand Agri Star Meat & Poultry, LLC Best Chicago Meat Company - - - -

2/14/2013 H. J. Heinz Company - Berkshire Hathaway Inc.; 3G Capital $27,354.7 2.35x 13.6x 16.4x P

2/12/2013 Target Logistics Management LLC - Algeco Scotsman $625.0 - 11.0x -

2/11/2013 Farmers Cooperative Dairy Limited - Agropur Cooperative - - - -

2/7/2013 Forty Creek Distillery - Magnotta Winery Corp. - - - -

2/6/2013 Romano's Macaroni Grill, Inc. Golden Gate Capital Ignite Restaurant Group, Inc. $55.0 - - - P

2/6/2013 Ark Restaurants Corp. - Landry's, Inc. $71.6 0.52x 5.1x 7.3x

1/31/2013 Kittling Ridge Ltd. - Magnotta Winery Corp. - - - -

1/30/2013 Hostess Brands Snack Cake Brands Hostess Brands, Inc. Apollo Global & Metropoulos $410.0 - - - P

1/28/2013 Hostess Brands Drake's Brand Hostess Brands, Inc. McKee Foods Corporation $27.5 - - -

1/28/2013 Mimi's Café, LLC Bob Evans Farms, Inc. Le Duff America Inc. $50.0 - - -

1/25/2013 Emge Foods, LLC - Peer Foods Group, Inc. - - - -

1/23/2013 Zacky Farms, LLC - Pitman Family Farms $32.1 - - -

1/21/2013 Beam, Inc., Collection of Brands Beam, Inc. Luxco Corporation $65.0 2.17x - -

1/15/2013 Classe Catering, LTD. - Mazzone Management Group Ltd. - - - - P

1/14/2013 Yogurtini, LLC and YHI, Inc. - Rocky Mountain Chocolate Factory $2.2 - - -

1/14/2013 Arrowhead Water Products - Ice River Springs Water Co. $1.7 0.39x - -

1/11/2013 The Longaberger Company - Computer Vision Systems Laboratories - - - -

1/11/2013 Certain Hostess Bread Brands Hostess Brands, Inc. Flowers Foods, Inc. (NYSE:FLO) $390.0 0.39x - -

1/11/2013 Phelps Industries, LLC - Wafra Partners LLC - - - - P

1/11/2013 Goldco, LLC - PNC Riverarch Capital - - - - P

1/10/2013 Attune Foods, Inc. - Post Foods, LLC - - - -

1/9/2013 Old Dominion Peanut Company Spring Capital Partners, L.P. Hammond's Candies - - - - P

1/8/2013 Cooper Spirits International Cooper Spirits International, LLC Bacardi Limited - - - -

1/7/2013 Organic Avenue, LLC - Kohlberg Kravis Roberts & Co. - - - - P

1/4/2013 Carmela's Pizzeria - Greenfield Farms Food, Inc. - - - -

1/3/2013 TC Global, Inc. - Baristas Coffee Company Inc. $9.2 - - -

1/3/2013 Agricon Global Corporation - Africa Farmlands, Inc. - - - -

1/2/2013 Skippy Peanut Butter Unilever United States, Inc. Hormel Foods Corporation $700.0 1.89x - -

1/2/2013 Gusto Packing Company, Inc. - Butterball, LLC - - - -

12/28/2012 Wilmar Oils & Fats Gavilon JV HoldCo, LLC WONA Inc. $14.8 - - -

12/27/2012 Tacala LLC - Altamont Capital Partners - - - - P

10 of 13

Food & Beverage

Industry Update

3/20/2013

Recent North

American Food

and Beverage

M&A1

(continued)

11 of 13

Enterprise Enterprise Value Private Equity

Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

12/27/2012 Villa Veneto Corporation - Nonni's Foods LLC - - - -

12/26/2012 Pacific Island Restaurants, Inc. Brentwood Associates, Inc. Nimes Capital, LLC - - - - P

12/26/2012 Carlyle Cocoa Co, LLC - GCB America Inc. $7.1 - - -

12/19/2012 Ry-Con Specialty Foods, Inc. - Panos Brands, LLC - - - -

12/19/2012 Colorado Bean Company - Sun Garden-Gangi Canning Company - - - -

12/18/2012 Rocky Mountain Chocolate Factory - - $79.4 2.20x 11.5x 13.2x

12/17/2012 Caribou Coffe Company, Inc. - Joh. A. Benckiser GmbH $310.0 0.90x 9.5x 16.8x

12/17/2012 Bell American Inc. - Flynn Restaurant Group LLC - - - -

12/17/2012 Verity, LLC - Aqualiv Technologies, Inc. $4.9 - - -

12/17/2012 Wise Foods, Inc. Palladium Equity Partners, LLC Arca Continental, S. A. B. de C. V. - - - - P

12/14/2012 Laughing Planet Cafe LLC - - - - - -

12/11/2012 Appert's, Inc. - Sysco Corporation (NYSE:SYY) - - - -

12/10/2012 Southern California Pizza Company, LLC Sentinel Capital Partners Sterling Investment Partners - - - - P

12/10/2012 Sun Country Foods, Inc. Brynwood Partners Continental Mills, Inc. - - - - P

12/7/2012 Agriventures USA, Inc. The Riverside Company Rocket Farms, Inc. - - - - P

12/6/2012 Chocolate Candy Creations, Inc. - Energy Innovative Products, Inc. - - - -

12/2/2012 Morningstar Foods, LLC Suiza Dairy Group, LLC Saputo Cheese USA Inc. $1,450.0 0.89x 9.3x -

11/30/2012 Associated Milk Producers, Inc. Associated Milk Producers, Inc. Treehouse Foods, Inc. (NYSE:THS) - - - -

11/28/2012 Stockade Brands, Inc. - Ridley USA Inc. - - - -

11/26/2012 Ralcorp Holdings Inc. (NYSE:RAH) - ConAgra Foods, Inc. (NYSE:CAG) $6,733.8 1.56x 11.9x 18.4x

11/26/2012 Whitehall Specialties, Inc. - Mason Wells - - - - P

11/21/2012 Paradise Restaurant Group, LLC - Luby's Inc. (NYSE:LUB) $11.0 0.22x - -

11/20/2012 La Creme Inc. - Common Plea Catering, Inc. - - - -

11/19/2012 The Balance Bar Company Brynwood Partners NBTY, Inc. $78.0 - - - P

11/16/2012 Hydrive Energy LLC Dr Pepper Snapple Group, Inc. Big Red, Inc. - - - -

11/15/2012 Schiff Nutrition International Inc. (NYSE:SHF) TPG Capital, L.P. Reckitt Benckiser LLC $1,433.0 5.01x 33.4x 39.8x P

11/14/2012 Teavana Holdings, Inc. - Starbucks Corporation $619.7 2.40x 12.2x 15.1x

11/13/2012 El Burrito Mexican Food Products, Inc. - House Foods America Corporation - - - -

11/8/2012 Fortitech, Inc. Trilantic Capital Management LLC Royal DSM N.V. $634.0 - - - P

11/5/2012 Diversified Marketing Solutions LLC - Continental Mills, Inc. - - - -

11/2/2012 Abstract International, Inc. - Solanbridge Group, Inc. - - - -

11/2/2012 Katadyn North America Foods, LLC - Katadyn North America, Inc. - - - -

11/1/2012 Sweet Ovations LLC Vision Capital LLP Zentis GmbH & Co. KG - - - - P

11/1/2012 The Puratone Corporation Matrix Asset Management Inc. Maple Leaf Foods Inc. (TSX:MFI) $42.1 - - -

10/26/2012 North American Breweries, Inc. KPS Capital Partners, LP Cerveceria Costa Rica S.A. $388.0 - - - P

10/25/2012 J. Christopher's Restaurant, LLC J. Christopher's Restaurant, LLC First Watch Restaurants, Inc. - - - -

10/23/2012 Vermont Hard Cider Company, LLC - C&C Group plc (ISE:GCC) $305.0 - - -

10/23/2012 Take and Bake, Inc. Fresh Harvest Products, Inc. Better For You Foods LLC - - - -

10/18/2012 Feed-Rite Inc. Ridley Inc. (TSX:RCL) Masterfeeds Inc. - - - -

10/18/2012 Columbus Manufacturing, Inc. Endeavour Capital, Inc. Arbor Private Investment Company - - - - P

10/3/2012 Feihe International, Inc. Sequoia Capital Morgan Stanley PE Asia Ltd $260.8 0.90x 11.7x 17.1x P

10/2/2012 Mamaki of Hawaii, Inc. - UMED Holdings, Inc. - - - -

10/2/2012 Nealanders International Inc. Birch Hill Equity Partners Management Caldic B.V. - - - - P

9/28/2012 Century Concepts, Inc. - TriMark South - - - -

9/28/2012 To Go Brands, Inc. - MedPodium Health Products, Inc. $2.0 - - -

9/25/2012 Texas Steakhouses & Saloons Boddie-Noell Enterprises Inc. Charlie Brown's Steakhouse - - - -

9/25/2012 Centerplate, Inc. Kohlberg & Company, L.L.C. Olympus Partners - - - - P

9/24/2012 No Limits, LLC - K-MAC Enterprises, Inc. - - - -

9/20/2012 Watson's Baby Bar - Carson Wrapped Hershey's Chocolates - - - -

9/19/2012 Chipita America, Inc. Chipita America, Inc. B&G Foods North America, Inc. $62.5 - - -

9/18/2012 Decas Botanical Synergies Inc. Decas Cranberry Products, Inc. Naturex, Inc. - - - -

9/14/2012 Tyson Refrigerated Processed Meats, Inc. Tyson Refrigerated Processed Meats Pita Pal Industries, Inc. - - - -

9/12/2012 Snows Lake Vineyard LLC - E. &. J. Gallo Winery, Inc. - - - -

9/11/2012 Brasserie Montmartre - Not Disclosed - - - -

9/11/2012 Big O Wine Company - Ste. Michelle Wine Estates Ltd. - - - -

9/7/2012 The Sands Regent Affinity Gaming, LLC. Not Disclosed $19.2 - - -

9/6/2012 Hoopeston Foods, Inc. - Sun Garden-Gangi Canning Company - - - -

9/6/2012 Hinsdale Farms, Ltd. - Monogram Food Solutions, LLC - - - -

9/6/2012 Chicory Cafe - Not Disclosed - - - -

9/4/2012 GPB International, LLC GPB International, LLC Claridge Ventures, Inc $1.3 - - - P

9/4/2012 Garden of the Gods Gourmet Inc. - Pinery Enterprises, LLC - - - -

9/3/2012 Snack Factory, LLC VMG Tax-Exempt, L.P. Snyder's-Lance, Inc. $340.0 - - - P

8/31/2012 Fazoli's Restaurant at 1398 Conant - SBW Capital Partners LLC - - - - P

8/31/2012 Millennium Foods, LLC - Kerry Group plc - - - -

Food & Beverage

Industry Update

3/20/2013

Median LTM Trading Multiples PEG Investments and Exits Median LTM

Trading

Multiples and

Announced

Private Equity

Activity1

Earnings Call

Calendar1

16

28

36

27

46

21

14

32

2524

7

13

15

2726

27

17

34

18

35

0

5

10

15

20

25

30

35

40

45

50

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012N

um

ber o

f In

vest

men

ts'

Number of Investments Number of Exits

12 of 13

10.6x10.7x

10.6x 10.6x

10.8x10.7x

9.9x

10.2x 10.3x

10.7x10.8x

11.0x

11.4x

12.2x

9.4x 9.4x 9.4x

9.1x9.3x 9.3x 9.3x

9.5x

8.9x8.7x

9.0x

9.2x9.1x

9.4x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

Media

n T

radin

g M

ult

iple

Processing and Ingredients Retail and Restaurants

March 2013

Date Company Description

3/20/2013 General Mills, Inc. (NYSE:GIS) Earnings Release Date

3/21/2013 Colabor Group Inc. (TSX:GCL) Earnings Release Date

3/22/2013 Darden Restaurants, Inc. (NYSE:DRI) Earnings Call

3/26/2013 Walgreen Co. (NYSE:WAG) Earnings Release Date

3/27/2013 Naturex SA (ENXTPA:NRX) Earnings Release Date

3/28/2013 Hilton Food Group plc (LSE:HFG) Earnings Release Date

April 2013

Date Company Description

4/3/2013 ConAgra Foods (NYSE:CAG) Earnings Call

4/11/2013 Rite Aid Corporation (NYSE:RAD) Earnings Release Date

4/12/2013 Lotus Bakeries NV (ENXTBR:LOTB) Earnings Release Date

4/17/2013 Tesco PLC (LSE:TSCO) Earnings Release Date

4/23/2013 Associated British Foods (LSE:ABF) Earnings Release Date

4/25/2013 Bunge Limited (NYSE:BG) Earnings Release Date

May 2013

Date Company Description

5/1/2013 Kerry Group (ISE:KRZ) Earnings Call

5/2/2013 Harris Teeter Supermarkets (NYSE:HTSI) Earnings Release Date

5/6/2013 Tyson Foods Inc. (NYSE:TSN) Earnings Call

5/7/2013 Molson Coors Brewing Company (NYSE:TAP) Earnings Call

5/30/2013 Tate & Lyle (LSE:TATE) Earnings Release Date

Food & Beverage

Industry Update

3/20/2013

Sources:

1. Capital IQ

2. Thomson Financial

3. S&P

4. Reuters

5. IMF

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