www.harriswilliams.com

Member FINRA/SIPC

Food and Beverage Industry Update

May 2013

2 of 16

What We’re Seeing CONTENTS

INDUSTRY VITAL SIGNS

EQUITY MARKET OVERVIEW

M&A MARKET OVERVIEW

DEBT MARKET OVERVIEW

NOTABLE M&A ACTIVITY

PUBLIC COMPARABLES

EARNINGS CALENDAR

GROUP OVERVIEW

Harris Williams & Co. is a leading

advisor to the food and beverage

market. Our significant experience

covers a broad range of end

markets, industries, and business

models. This particular report

focuses on trends and metrics in the

following areas:

• Agribusiness

• Baked and Prepared Goods

• Beverages

• Branded & Private Label

• Dairy

• Distribution

• Ingredients

• Meat & Protein

• Natural & Organic

• Processing

• Produce

• Restaurant and Retail

• Snacks

CONTACTS

Glenn Gurtcheff | Managing Director

ggurtcheff@harriswilliams.com

+1 (612) 359-2702

Tim Alexander | Managing Director

talexander@harriswilliams.com

+1 (612) 359-2716

Ryan Budlong | Director

rbudlong@harriswilliams.com

+1 (612) 359-2722

Jeff Cleveland | Director

jcleveland@harriswilliams.com

+1 (612) 359-2703

Brant Cash | Vice President

bcash@harriswilliams.com

+1 (612) 359-2709

www.harriswilliams.com

In a recent article, The Wall Street Journal notes that world food prices have risen 2% over the last two

months driven by soaring dairy prices. Price levels are now only 9% below their all-time peak in February

2011. Access to the full article here.

World Food Prices in Fresh Climb

A recent article by The Wall Street Journal discusses investor appeal for high-end supermarket assets due

to increased innovation and opportunity for growth, characteristics that are typically unseen in an industry

driven by price competition. Access to the full article here.

2013: Year of the High-End Supermarket IPO

What We’re Reading

According to a New York Times DealBook article, Nelson Peltz’s Trian Fund Management has taken a

$2.7 billion stake in PepsiCo and Mondelez International. The stake raises questions about whether Peltz

will push for a spinoff of Pepsi’s Frito Lay division, a move that Peltz has made in the past with other

portfolio companies. Access to the full article here.

Trian Fund Said to Amass Large Stakes in PepsiCo and Mondelez

A recent New York Times article states that venture capitalists are increasingly deploying capital into food

and beverage businesses. Investors are seeing a transformation in the food industry, which is fragmented

in terms of impact on the environment, consumers’ health, livestock, etc. Access to the full article here.

Venture Capitalists Are Making Bigger Bets on Food Start-Ups

The M&A market remains healthy, and new transaction activity continues to increase through the second

quarter. Pitch activity for food and beverage companies is at its highest level since 2011. Sellers are

being encouraged by the rise in public market valuations and strong debt financing markets. All industry

segments tracked by HW&Co. have experienced a stock price increase over the last year (page 4) driven

by both earnings growth and multiple expansion. While activity is picking up on the sell-side, demand for

acquisitions from private equity and strategic buyers continues to outstrip the available supply of quality

assets and will support the expected increase in M&A activity in the second half of 2013.

M&A Activity Picking Up, Industry Valuations Increasing

Food and Beverage Industry Update

May 2013

What We’ve Been Doing

Closed HW&Co. Transactions

a portfolio company of

March 30, 2012

has been acquired by

undisclosed

has been acquired by

a portfolio company of

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

March 30, 2012

has been acquired by

undisclosed

has been acquired by

a portfolio company of

and

a portfolio company of

has been acquired byhas been acquired byhas been acquired by

and

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company ofhas divested

selected assets to

and

3 of 16

Food and Beverage Industry Vital Signs

Consumer Food

Price Index

Inflation2

Commodity

Price Indices1

40

100

160

220

280

Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13

Co

mm

od

ity

Pric

e I

nd

ex

Corn Wheat Soybeans Crude Oil

Protein Price

Indices2,3

Beef:

20.7%

Poultry

12.6%

Pork

10.7%

Restaurant and

Grocery Store

Sales Indices4

80

100

120

140

160

Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13

Sa

les

Ind

ex

Restaurant Grocery

85

100

115

130

145

Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13

Pro

tein

Pric

e I

nd

ex

Beef Pork Poultry

-0.5

1.0

2.5

4.0

5.5

Apr-09 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13

Infl

ati

on

(%

)

Restaurant:

28.4%

Grocery

7.9%

Crude Oil:

96.6%

Corn:

66.1%

Soybeans:

38.3%

Wheat:

32.2%

Key Trading

Statistics5

4 of 16

Public Equity Market Overview

Public

Company

Sector

Performance5

(One year change

in stock price)

Foodservice

Grocery Distribution

Private Label Foods

Natural / Organic Foods

Fruit and Vegetable

Family Restaurant

Non-Alcoholic Beverages

Protein Processing

Fast Casual

Agribusiness

S&P

Baked Goods / Snack Foods

Branded Processed Foods

Food Retail

Quick Service Restaurant

Casual Dining Restaurant

Alcoholic Beverages

Ingredients / Flavors

Pizza

Beverage / Snack Retail

Dairy

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0%

Inputs Food and Beverage Consumer and Retail

Net Debt /

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

Protein Processing 3.9% 24.9% 12.6% 47.6% 10.9x 17.1x 8.0x 1.9x

Fruit and Vegetable 12.2% 23.0% 6.7% (11.1%) 17.2x 13.0x 12.2x 3.0x

Ingredients / Flavors 9.4% 37.6% 6.7% 18.7% 17.7x 25.0x 12.6x 1.4x

Agribusiness 8.9% 28.3% 4.6% 38.6% 12.7x 17.6x 8.6x 2.9x

Branded Processed Foods 11.4% 31.7% (8.2%) (20.6%) 19.1x 24.6x 14.0x 1.9x

Private Label Foods 20.5% 12.7% (3.7%) 5.8% 21.0x 27.3x 12.9x 2.6x

Natural / Organic Foods 4.5% 22.1% (3.1%) 1.9% 23.3x 24.6x 14.5x 2.9x

Baked Goods / Snack Foods 13.1% 29.4% 7.1% 7.6% 19.8x 22.0x 10.2x 1.9x

Dairy 26.7% 45.6% 7.8% 2.5% 19.9x 27.7x 12.3x 1.8x

Non-Alcoholic Beverages 15.7% 23.0% 14.1% 10.5% 21.0x 21.7x 13.1x 1.6x

Alcoholic Beverages 8.1% 36.6% 11.9% 28.8% 19.2x 21.1x 13.5x 3.3x

Food Retail 11.8% 34.5% 13.0% 16.1% 13.1x 15.4x 6.2x 2.3x

Grocery Distribution 2.0% 9.5% 1.3% 11.6% 13.3x 16.6x 6.0x 1.5x

Foodservice 9.7% 1.9% 11.9% 2.2% 21.4x 24.7x 9.3x 3.7x

Quick Service Restaurant 13.2% 34.8% 8.5% 18.1% 20.8x 23.6x 11.5x 2.3x

Casual Dining Restaurant 22.9% 35.2% 17.1% 11.9% 19.8x 22.1x 9.8x 1.6x

Fast Casual 18.1% 28.2% 15.1% (1.6%) 33.9x 36.2x 15.4x 3.2x

Pizza 21.8% 42.1% 9.8% 16.3% 21.4x 23.7x 11.2x 2.0x

Beverage / Snack Retail 12.6% 33.8% 14.4% 11.8% 26.9x 38.0x 17.0x 3.0x

Family Restaurant (1.2%) 23.0% 5.2% 24.5% 18.0x 25.1x 8.3x 0.9x

Overall Median 12.0% 28.5% 8.5% 11.8% 19.2x 22.8x 11.2x 1.9x

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

Fo

od

an

d B

ev

era

ge

Inp

uts

Co

nsu

mer a

nd

Reta

il

80

90

100

110

120

130

140

May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13

Restaurant Protein Processing/Dairy

Natural/Organic Beverage

Private Label Food Manufacturing S&P 500

Close Date Filing Date Issuer Ticker

Transaction

Type

Gross

Proceeds

($mm) Use of Funds

05/17/13 03/18/13 Russell Breweries Inc RB Follow-On $0.5 General Corp. Purp.

05/14/13 05/14/13 MyCause Beverages Inc N/A IPO $1.0 General Corp. Purp. /

Working Capital

05/10/13 NA Crumbs Bake Shop Inc CRMB Convertible $7.0 General Corp. Purp.

03/27/13 12/19/12 Pinnacle Foods Inc PF IPO $580.0 General Corp. Purp.

03/21/13 12/19/12 Feronia Inc FRN Follow-On $100.0 Working Capital

General Corp. Purp.

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.

Recent Equity

Offerings6

5 of 16

Public Equity Market Overview

Food and

Beverage

Industry Stock

Performance5

35.7%

28.5%

26.7%

21.4%

12.3%

5.9%

Last 10 Deals Announced PEG Investments and Exits

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

5/16/2013 Goosecross Cellars Golden Equity Investments

5/15/2013 Panther Creek Cellars LLC Bacchus Capital Management

5/15/2013 Adia Nutrition, Inc., Production Assets Livewire Ergogenics, Inc.

5/14/2013 Overhill Farms, Inc. Bellisio Foods, Inc.

5/14/2013 Golden Guernsey Dairy, LLC Lifeway Foods Inc.

5/14/2013 Yamhela Vineyard in Yamhill Precept Wine

5/13/2013 Nurture, Inc. dba Happy Family Danone

5/10/2013 Florida Chemical Company, Inc. Flotek Industries Inc.

5/10/2013 Additional Willamette Valley Property Jackson Family Wines, Inc.

5/9/2013 CTI Foods, Inc. THL; Goldman Sachs Group

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

Food and

Beverage M&A

Trends5

6 of 16

M&A Market Overview

Latest Deals

and Announced

Private Equity

Activity5

Highlighted

Food and

Beverage M&A

Transactions

Ent. Value: $87.6 million

Revenue Multiple: 0.4x

EBITDA Multiple: 13.1x

Bellisio Foods Agrees to Acquire Overhill Farms

• Overhill Farms, a manufacturer of prepared frozen food products, agreed to be

acquired by Bellisio, a portfolio company of Centre Partners.

• The acquisition will strengthen Bellisio’s reach in the frozen entrée business.

• Bellisio is gaining both a strong brand and west coast manufacturing facilities that

will unlock significant synergies, broaden their product suite, and improve

customer service.

Ent. Value: NA

Revenue Multiple: NA

EBITDA Multiple: NA

Danone to Acquire U.S. baby food maker Happy Family

• Happy Family Brands produces organic baby and toddler meals in the U.S.

• The acquisition is part of Danone’s effort to expand its fast-growing baby food

division, which experienced revenue growth of approximately 15% last year.

• Danone is also hoping to leverage Happy Family’s strong social network of

“mommy-bloggers.”

Ent. Value: $9.8 Billion

Revenue Multiple: 2.8x

EBITDA Multiple: 19.7x

Benckiser to Buy D.E. Master Blenders

• D.E. Master Blenders produces and sells coffee and tea products for retail and out

of home markets in Europe, Brazil, Australia, and elsewhere.

• With the acquisition of Master Blenders, Joh. A. Benckiser plans to compete with

companies such as Nestle and Mondelez in the global tea and coffee industry and

does not anticipate combining the business with its retail coffee and tea operations.

28

36

27

46

21

14

32

25 26

141315

27 26 27

17

34

18

36

11

0

5

10

15

20

25

30

35

40

45

50

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

YTD

Nu

mb

er o

f In

ves

tmen

ts

Number of Investments Number of Exits

11.0x 10.5x

9.9x 8.8x

8.3x 8.0x

11.3x 11.0x

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

2006 2007 2008 2009 2010 2011 2012 2013

YTD

EV

/ LT

M S

ales Mu

ltiple

EV

/ L

TM

EB

ITD

A M

ult

iple

EV / LTM EBITDA EV / LTM Sales

$12.0

$25.5

$110.2

$83.8

$49.4

$30.2$24.0

$30.3

0

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

2006 2007 2008 2009 2010 2011 2012 2013

YTD

Nu

mb

er of T

ransactio

ns

Ag

gre

gat

e T

ran

sact

ion

Val

ue

($ i

n b

illi

on

s)

Aggregate Deal Value # of deals

Credit Statistics Average Secondary Spreads

Quarterly Loan Volume Average Spread on Food and Beverage Loans Food and

Beverage Loan

Activity7

Recent Debt

Offerings8

Effective Date Borrower Name Description Tranche Amount Type Rating Spread

05/09/13 Arctic Glacier Inc Ice cream and frozen desserts 40,000,000 Revolver/Line >= 1 Yr. NR / NR N/A

05/09/13 Arctic Glacier Inc Ice cream and frozen desserts 260,000,000 Term Loan B NR / NR N/A

04/18/13 Constellation Brands Inc Alcoholic beverages 575,000,000 Term Loan A BB+ / Ba1 200

04/18/13 Constellation Brands Inc Alcoholic beverages 300,000,000 Term Loan A BB+ / Ba1 200

04/18/13 Constellation Brands Inc Alcoholic beverages 516,000,000 Term Loan A BB+ / Ba1 200

04/18/13 Constellation Brands Inc Alcoholic beverages 850,000,000 Revolver/Line >= 1 Yr. BB+ / Ba1 200

04/18/13 Constellation Brands Inc Alcoholic beverages 247,000,000 Term Loan A BB+ / Ba1 225

04/18/13 Constellation Brands Inc Alcoholic beverages 1,200,000,000 Term Loan B BB+ / Ba1 N/A

04/16/13 Pinnacle Foods Group Inc Food preparations 150,000,000 Revolver/Line >= 1 Yr. NR / NR N/A

04/16/13 Pinnacle Foods Group Inc Food preparations 1,480,000,000 Term Loan G NR / NR 250

04/09/13 Flowers Foods Inc Bread, cake, and related products 300,000,000 Term Loan A BBB- / Baa2 125

04/01/13 Uni-President China Frozen fruits and vegetables 100,000,000 Term Loan NR / NR 115

03/29/13 Butterball LLC Poultry processing 225,000,000 Revolver/Line >= 1 Yr. NR / NR 225

03/29/13 Butterball LLC Poultry processing 50,000,000 Term Loan A NR / NR 225

03/29/13 Butterball LLC Poultry processing 150,000,000 Term Loan A NR / NR 250

03/29/13 Keystone Foods Sausages and other prepared meats 500,000,000 Revolver/Line >= 1 Yr. NR / NR 200

7 of 16

Debt Market Overview

0.0x

2.0x

4.0x

6.0x

Debt/EBITDA

Senior Debt/EBITDA

EBITDA/Cash Interest

EBITDA -Capex/

Cash Interest

EB

ITD

A M

ult

iple

2007 2008 2009 2010 2011 2012

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000A

ver

age

Sp

read

Ov

er L

IBO

R

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2006 2007 2008 2009 2010 2011 2012

Av

era

ge S

pre

ad O

ver L

IBO

R

Revolving Credit / Term Loan A Weighted-Average Institutional

$0

$2

$4

$6

$8

$10

$12

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

Loan

Volu

me

by

Quar

ter

($ i

n b

illi

on

s)

Pro Rata Institutional

10.5x

10.8x10.9x

10.1x10.2x 10.2x

10.5x10.6x

11.0x

11.3x

12.6x

12.2x

12.9x

9.1x9.2x 9.2x 9.3x

9.5x

8.9x8.7x

9.0x9.2x

9.1x

9.5x

9.7x

10.1x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

May

-12

Jun-1

2

Jul-

12

Au

g-1

2

Sep

-12

Oct

-12

Nov-1

2

Dec

-12

Jan

-13

Feb

-13

Mar

-13

Apr-

13

May

-13

Med

ian

Tra

din

g M

ult

iple

Food Products, Processing, and Ingredients Retail and Restaurants

8 of 16

Recent North

American Food

and Beverage

M&A5

Recent North American Food

and Beverage M&A Activity

Quarterly M&A Activity Median LTM

Trading

Multiples and

Quarterly Food

and Beverage

M&A5

Enterprise Enterprise Value Private Equity

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

5/16/2013 Goosecross Cellars - Golden Equity Investments - - - - P

5/15/2013 Panther Creek Cellars LLC - Bacchus Capital Management - - - - P

5/15/2013 Adia Nutrition, Inc., Production Assets Adia Nutrition, Inc Livewire Ergogenics, Inc. - - - -

5/14/2013 Overhill Farms, Inc. Lord, Abbett & Co.; Greenwood Inv. Bellisio Foods, Inc. $86.9 0.44x 12.0x 22.5x P

5/14/2013 Golden Guernsey Dairy, LLC OpenGate Capital Lifeway Foods Inc. $7.4 - - - P

5/14/2013 Yamhela Vineyard in Yamhill - Precept Wine - - - -

5/13/2013 Nurture, Inc. dba Happy Family - Danone - - - -

5/10/2013 Florida Chemical Company, Inc. - Flotek Industries Inc. $102.2 1.00x 10.3x 11.5x

5/10/2013 Additional Willamette Valley Property - Jackson Family Wines, Inc. - - - -

5/9/2013 CTI Foods, Inc. Littlejohn & Co. LLC THL; Goldman Sachs Group - - - - P

5/9/2013 Hearthside Granola and Snacks Business Hearthside Food Solutions, LLC Attune Foods, Inc. $158.0 - - -

5/6/2013 DeMet's Candy Company, TrueNorth DeMet's Candy Company B&G Foods Inc. - - - -

5/6/2013 Matilija Water and Coffee Delivery Business Matilija Pure Water Systems DS Waters of America, Inc. - - - -

5/6/2013 Tru Meals-Diet Gourmet - Snap Kitchen LLC - - - -

5/5/2013 Voda Technologies, Inc. - Novus Acquisition & Development Corp. - - - -

5/1/2013 Nestlé USA, Inc., Bit-O-Honey Confectionery Brand Nestle USA, Inc. Pearson's Candy Company - - - -

4/30/2013 R.E.H Fish Farm Ltd - Vertical Designs Ltd. - - - -

4/30/2013 Healthy & Tasty Ventures, LLC - Grillit, Inc. - - - -

4/30/2013 Two Willamette Valley Vineyards Rabo AgriFinance, Inc. NW Wine Company, LLC $3.9 - - -

4/29/2013 Silk City LLC - Herr Foods Inc. - - - -

4/25/2013 Willamette Berry Processing Business Willamette Valley Fruit Company, LLC Inventure Foods, Inc. - - - -

4/25/2013 Mekonza Corp. - Latteno Food Corp. - - - -

4/23/2013 The Hunt Club LLC - The Bros. Houligan - - - -

4/23/2013 Brasserie Mcauslan Inc. - Les Brasseurs RJ, Inc. - - - -

4/23/2013 Blue Smoke, Inc. - National Fruit Product Company, Inc. - - - -

4/22/2013 Burger King Restaurants Of Canada Inc. Burger King Worldwide, Inc. Redberry Investments Corp. - - - -

4/16/2013 Tokyo Inc. dba Tokyo Joes - Gridiron Capital, LLC - - - - P

4/16/2013 Six Quick Service Restaurants in East Texas - Indigo Group LLC, Investment Arm - - - -

4/16/2013 Dominex Natural Foods, LLC - Westin, Inc. - - - -

4/11/2013 Caviness Beef Packers San Angelo, Ltd. - Caviness Beef Packers, LTD. - - - -

4/9/2013 Eppa Wine Company - Deutsch Family Wine & Spirits - - - -

4/5/2013 Olympia Granola, Inc. - Harvest Granola LLC - - - -

4/4/2013 XL Foods Inc. Beef Packing Plants XL Foods Inc. JBS USA Holdings, Inc. - - - -

4/4/2013 XL Foods Inc., Two Beef Packing Plants XL Foods Inc. JBS USA Holdings, Inc. - - - -

4/2/2013 RBT-PRO LLC RiceBran Technologies WONA Inc. $2.4 - - -

4/2/2013 RBT-PRO LLC RiceBran Technologies WONA Inc. $2.4 - - -

3/31/2013 Joseph's Restaurant & Catering - - - - - -

3/30/2013 MB Las Vegas Holdings LLC Morgans Hotel Group Co. The Yucaipa Companies, LLC $6.5 - - - P

3/29/2013 Bob Evans Farms, Inc., Headquarters Building Bob Evans Farms, Inc. New Mill Capital LLC $2.4 - - - P

3/29/2013 Java Express Inc. Noel Investments, Ltd.; Bombay InvestmentsSundance Strategies Inc. - - - - P

Median LTM Trading Multiples

55 57

46 47 47 48 47

35

25

36

22

34 36

46 47

25

33

49

34

42

53 5249

3936

12 11

158 7 3 6

5

5

2

3

47

57

13

6

7

7

5

4 79

6 8

0

10

20

30

40

50

60

70

80

Q1

07

Q2

07

Q3

07

Q4

07

Q108

Q208

Q308

Q408

Q109

Q2

09

Q3

09

Q4

09

Q1

10

Q2

10

Q3

10

Q4

10

Q1

11

Q2

11

Q311

Q411

Q112

Q212

Q312

Q4

12

Q1

13

Nu

mb

er o

f T

ran

sact

ions

Strategic Acquirer PEG Acquirer

Recent North

American Food

and Beverage

M&A5

(continued)

9 of 16

Recent North American Food

and Beverage M&A Activity

Enterprise Enterprise Value Private Equity

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

3/29/2013 Java Express Inc. Noel Investments Sundance Strategies Inc. - - - - P

3/23/2013 Freybe Gourmet Foods, Ltd. - Premium Brands Holdings Corporation $58.7 0.77x - -

3/23/2013 Freybe Gourmet Foods, Ltd. - Premium Brands Holdings Corporation $58.7 0.77x - -

3/22/2013 Crawfordsville, LLC Natural Pork Production II, LLP Amvc Crawfordsville, LLC $10.5 - - -

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 Management $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. $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

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 - - - -

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

10 of 16

Member FINRA/SIPC

Trading Statistics Detail5

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

($ in millions, except per share data) Ticker 5/17/13 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

Associated British Foods plc ABF $28.62 92.4% $22,579 $2,335 $327 $24,587 $19,252 $2,409 4.5% 9.3% 23.9% 12.5% 25.1x 1.28x 10.2x 1.20x 9.7x

Campbell Soup Company CPB 47.63 97.5% 14,964 2,944 453 17,455 8,376 1,631 8.8% 2.9% 36.4% 19.5% 19.7x 2.08x 10.7x 1.98x 10.1x

ConAgra Foods, Inc. CAG 35.92 98.9% 14,972 10,676 724 24,924 14,228 1,442 8.3% 5.8% 23.5% 10.1% 29.8x 1.75x 17.3x 1.33x 9.9x

General Mills, Inc. GIS 50.36 98.8% 32,465 8,059 751 39,772 17,430 3,500 7.4% 5.7% 36.8% 20.1% 18.1x 2.28x 11.4x 2.18x 11.0x

Hormel Foods Corporation HRL 42.70 98.9% 11,310 250 888 10,672 8,307 848 3.7% 8.1% 16.1% 10.2% 22.9x 1.28x 12.6x 1.19x 10.9x

Kellogg Company K 65.66 98.2% 24,148 7,556 252 31,452 14,618 2,134 11.1% 4.7% 37.7% 14.6% 25.7x 2.15x 14.7x 2.06x 11.6x

McCormick & Company, Incorporated MKC 74.68 99.6% 9,850 1,230 84 10,995 4,042 683 5.8% 7.7% 40.2% 16.9% 24.3x 2.72x 16.1x 2.58x 14.8x

Mondelez International, Inc. MDLZ 31.50 74.0% 56,210 18,555 2,888 71,877 35,092 5,120 10.0% (5.1%) 37.4% 14.6% 31.3x 2.05x 14.0x 1.96x 12.3x

Nestlé S.A. NESN 68.80 95.2% 219,426 30,402 10,832 238,996 100,841 18,916 12.5% 4.8% 47.6% 18.8% 20.2x 2.37x 12.6x 2.41x 12.7x

The Hain Celestial Group, Inc. HAIN 66.86 90.7% 3,159 649 27 3,781 1,622 212 25.0% 19.4% 27.5% 13.1% 24.6x 2.33x 17.8x 1.93x 14.2x

The Hershey Company HSY 90.10 97.9% 20,158 1,893 730 21,321 6,740 1,438 7.9% 7.2% 44.3% 21.3% 28.7x 3.16x 14.8x 2.98x 13.3x

The J. M. Smucker Company SJM 102.58 97.5% 11,003 2,069 439 12,632 5,913 1,210 10.4% 8.7% 34.0% 20.5% 21.7x 2.14x 10.4x 2.13x 10.0x

The WhiteWave Foods Company WWAV 19.19 98.0% 3,320 806 57 4,069 2,346 249 12.2% NA 35.4% 10.6% 28.4x 1.73x 16.3x 1.59x 14.0x

Mean 9.8% 6.6% 33.9% 15.6% 24.7x 2.10x 13.8x 1.96x 11.9x

Median 8.8% 6.5% 36.4% 14.6% 24.6x 2.14x 14.0x 1.98x 11.6x

Private Label Foods

Flowers Foods, Inc. FLO $33.74 93.1% $4,664 $122 $9 $4,777 $3,279 $371 14.3% 8.2% 47.4% 11.3% 21.9x 1.46x 12.9x 1.26x 10.3x

Snyder's-Lance, Inc. LNCE 26.72 99.7% 1,848 543 12 2,378 1,644 179 0.3% 21.2% 34.0% 10.9% 29.0x 1.45x 13.3x 1.32x 11.0x

Treehouse Foods, Inc. THS 65.85 97.7% 2,387 864 99 3,151 2,198 299 5.7% 12.3% 21.4% 13.6% 27.3x 1.43x 10.5x 1.38x 9.6x

Mean 6.7% 13.9% 34.3% 11.9% 26.1x 1.45x 12.2x 1.32x 10.3x

Median 5.7% 12.3% 34.0% 11.3% 27.3x 1.45x 12.9x 1.32x 10.3x

Natural / Organic Foods

Amira Nature Foods Ltd. ANFI $8.93 87.2% $318 $149 $33 $435 $401 $47 55.9% NA 21.6% 11.8% 8.3x 1.08x 9.2x 0.97x 7.7x

Annie's, Inc. BNNY 40.15 82.2% 676 0 13 664 160 19 18.8% NA 38.6% 12.1% NM 4.14x 34.1x 3.43x 22.2x

SunOpta Inc. TSX:SOY 7.16 92.8% 474 207 7 674 1,115 64 7.8% 9.7% 12.0% 5.7% 22.4x 0.60x 10.5x 0.56x 8.1x

The Hain Celestial Group, Inc. HAIN 66.86 90.7% 3,159 649 27 3,781 1,622 212 25.0% 19.4% 27.5% 13.1% 24.6x 2.33x 17.8x 1.93x 14.2x

United Natural Foods, Inc. UNFI 53.92 88.0% 2,658 175 8 2,825 5,587 210 14.8% 16.6% 17.1% 3.8% 27.4x 0.51x 13.5x 0.45x 11.5x

Whole Foods Market, Inc. WFM 103.77 99.4% 19,244 27 1,078 18,193 12,521 1,169 15.8% 14.0% 35.6% 9.3% 37.9x 1.45x 15.6x 1.30x 13.9x

Mean 23.0% 14.9% 25.4% 9.3% 24.1x 1.69x 16.8x 1.44x 12.9x

Median 17.3% 15.3% 24.5% 10.6% 24.6x 1.27x 14.5x 1.14x 12.7x

Baked Goods / Snack Foods

ARYZTA AG SWX:ARYN $60.22 96.8% $3,845 $2,166 $719 $5,291 $5,928 $748 16.4% 12.0% 27.5% 12.6% 34.5x 0.89x 7.1x 0.89x 6.9x

Diamond Foods, Inc. DMND 16.70 67.3% 372 558 5 925 911 46 (9.6%) 15.6% 20.4% 5.0% NM 1.02x NA 1.08x 10.1x

Flowers Foods, Inc. FLO 33.74 93.1% 4,664 122 9 4,777 3,279 371 14.3% 8.2% 47.4% 11.3% 21.9x 1.46x 12.9x 1.26x 10.3x

George Weston Limited WN 82.50 100.0% 10,530 8,091 3,316 15,305 32,288 2,288 (0.6%) 0.8% 24.6% 7.1% 22.9x 0.47x 6.7x 0.46x 6.2x

Golden Enterprises Inc. GLDC 3.46 93.5% 41 8 1 47 137 7 1.3% 2.1% 48.5% 5.5% 20.9x 0.35x 6.3x NA NA

Grupo Bimbo, S.A.B. de C.V. BIMBO A 3.05 89.3% 14,341 3,514 350 17,505 14,181 1,312 25.0% 14.6% 51.0% 9.3% NM 1.23x 13.3x 1.20x 12.1x

Inventure Foods, Inc. SNAK 7.60 92.5% 146 17 5 159 187 15 8.2% 15.0% 19.5% 8.1% 22.2x 0.85x 10.5x 0.77x 8.9x

J&J Snack Foods Corp. JJSF 80.05 99.0% 1,506 1 106 1,400 861 127 9.3% 8.8% 30.4% 14.7% 24.1x 1.63x 11.1x 1.56x 10.1x

John B Sanfilippo & Son Inc. JBSS 19.90 94.3% 219 98 2 315 724 56 3.3% 9.7% 16.3% 7.7% 10.8x 0.43x 5.6x NA NA

Lancaster Colony Corporation LANC 83.26 99.5% 2,274 0 101 2,174 1,171 185 5.1% 3.3% 22.8% 15.8% 20.7x 1.86x 11.8x 1.79x 11.4x

Penford Corporation PENX 11.76 98.9% 146 94 0 240 368 24 6.5% 12.1% 12.7% 6.6% NM 0.65x 9.8x 0.62x 5.6x

Mean 7.2% 9.3% 29.2% 9.4% 22.2x 0.99x 9.5x 1.07x 9.1x

Median 6.5% 9.7% 24.6% 8.1% 22.0x 0.89x 10.2x 1.08x 10.1x

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

Member FINRA/SIPC

11 of 16

Trading Statistics Detail (continued)5

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

($ in millions, except per share data) Ticker 5/17/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Dairy

Danone BN $74.51 96.7% $44,332 $12,555 $3,978 $52,909 $27,515 $4,648 9.6% 8.6% 50.1% 16.9% 21.2x 1.92x 11.4x 1.85x 11.0x

Dean Foods Company DF 20.95 99.5% 3,908 1,860 76 5,692 11,471 683 0.1% 0.3% 25.2% 6.0% 42.4x 0.50x 8.3x 0.63x 12.8x

Glanbia plc GL9 14.21 97.9% 4,184 862 364 4,681 2,923 269 (15.5%) 0.9% 32.4% 9.2% 25.9x 1.60x 17.4x 1.54x 16.5x

Lifeway Foods Inc. LWAY 17.46 97.2% 285 5 5 286 86 13 19.8% 16.2% 36.5% 15.1% 43.1x 3.31x 21.9x 2.41x 16.9x

Saputo, Inc. TSX:SAP 51.17 99.6% 10,069 516 275 10,310 6,971 841 5.6% 7.4% 12.1% 12.1% 27.7x 1.48x 12.3x 1.21x 10.1x

Mean 3.9% 6.7% 31.3% 11.8% 32.1x 1.76x 14.3x 1.53x 13.5x

Median 5.6% 7.4% 32.4% 12.1% 27.7x 1.60x 12.3x 1.54x 12.8x

Non-Alcoholic Beverages

A.G.Barr p.l.c. LSE:BAG $8.67 97.8% $1,003 $42 $1 $1,044 $375 $66 7.3% 5.2% 45.5% 17.6% 26.1x 2.78x 15.8x 2.74x 14.8x

Cott Corporation BCB 8.91 80.1% 849 603 93 1,360 2,232 204 (4.0%) 11.9% 12.7% 9.1% 20.2x 0.61x 6.7x 0.60x 6.3x

Dr Pepper Snapple Group, Inc. DPS 49.25 97.8% 10,050 2,797 220 12,627 6,013 1,312 1.3% 2.9% 58.3% 21.8% 16.1x 2.10x 9.6x 2.04x 9.4x

Green Mountain Coffee Roasters, Inc. GMCR 79.61 97.4% 11,877 358 221 12,014 4,160 882 19.8% 57.6% 35.0% 21.2% 30.8x 2.89x 13.6x 2.57x 11.4x

Lassonde Industries Inc. LAS.A 86.15 98.3% 602 299 4 897 1,012 114 17.3% 24.5% 27.5% 11.3% 13.8x 0.89x 7.8x NA NA

Monster Beverage Corporation MNST 56.91 72.0% 9,445 0 345 9,100 2,090 548 16.0% 22.5% 51.5% 26.2% 30.9x 4.35x 16.6x 3.91x 14.3x

National Beverage Corp. FIZZ 15.68 88.3% 726 60 18 768 660 81 7.1% 3.7% 32.2% 12.3% 17.4x 1.16x 9.4x NA NA

Pepsico, Inc. PEP 83.80 98.8% 129,590 29,400 7,011 151,979 65,645 12,000 (2.0%) 14.0% 52.4% 18.3% 21.2x 2.32x 12.7x 2.23x 11.6x

Starbucks Corporation SBUX 64.13 99.3% 48,014 550 1,698 46,866 14,023 2,590 11.3% 11.6% 56.8% 18.5% 32.6x 3.34x 18.1x 2.97x 14.2x

The Coca-Cola Company KO 42.97 98.9% 191,378 35,125 18,438 208,065 47,915 13,148 1.6% 15.2% 60.3% 27.4% 22.2x 4.34x 15.8x 4.24x 14.8x

Mean 7.6% 16.9% 43.2% 18.4% 23.1x 2.48x 12.6x 2.66x 12.1x

Median 7.2% 12.9% 48.5% 18.4% 21.7x 2.55x 13.1x 2.65x 12.9x

Alcoholic Beverages

Anheuser-Busch InBev SA/NV ENXTBR:ABI $96.17 93.7% $154,104 $44,341 $13,878 $184,567 $39,595 $15,217 0.6% 2.4% 58.3% 38.4% 20.3x 4.66x 12.1x 3.95x 10.2x

Brown-Forman Corporation BF.B 72.88 98.1% 15,682 1,261 387 16,556 2,792 919 2.2% 4.5% 68.7% 32.9% 26.6x 5.93x 18.0x 4.14x 16.3x

Constellation Brands Inc. STZ 52.21 98.5% 9,690 3,336 335 12,691 2,796 683 5.3% (6.0%) 39.9% 24.4% 24.7x 4.54x 18.6x 2.57x 9.3x

Corby Distilleries Limited CDL.A 20.12 97.5% 568 0 96 472 129 37 (16.3%) (6.6%) 61.8% 28.9% 23.8x 3.65x 12.6x 3.49x 10.5x

Diageo plc DGE 30.78 96.0% 76,946 13,739 1,151 89,534 17,950 5,976 13.1% 5.4% 60.9% 33.3% 20.2x 4.99x 15.0x 4.93x 14.5x

Heineken NV ENXTAM:HEIA 73.28 94.4% 42,402 17,404 1,382 58,424 23,715 4,655 6.6% 7.7% 37.4% 19.6% 11.1x 2.46x 12.6x 2.22x 10.0x

Kirin Holdings Company, Limited TSE:2503 17.86 97.9% 17,243 8,614 772 25,085 18,491 2,920 (26.7%) (5.4%) 49.0% 15.8% 15.8x 1.36x 8.6x 1.12x 8.3x

Pernod-Ricard SA RI 119.02 91.2% 31,367 13,299 1,158 43,509 11,218 3,042 8.3% 4.9% 62.1% 27.1% 21.4x 3.88x 14.3x 3.75x 13.1x

SABMiller plc LSE:SAB 54.62 97.9% 87,523 18,621 781 105,363 17,120 5,432 7.5% 9.7% 69.0% 31.7% 20.7x 6.15x 19.4x 4.78x 15.6x

Sapporo Holdings Ltd. TSE:2501 4.20 94.9% 1,655 2,557 97 4,115 4,838 444 (16.7%) 9.0% 36.2% 9.2% 25.9x 0.85x 9.3x 0.83x 9.9x

Mean (1.6%) 2.6% 54.3% 26.1% 21.0x 3.85x 14.0x 3.18x 11.8x

Median 3.8% 4.7% 59.6% 28.0% 21.1x 4.21x 13.5x 3.62x 10.3x

Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $44.60 93.6% $1,075 $68 $187 $955 $1,237 $110 14.5% 11.1% 16.4% 8.9% 11.7x 0.77x 8.7x 0.72x 6.5x

JBS S.A. BOVESPA:JBSS3 3.38 87.8% 9,685 10,472 2,726 17,431 39,137 2,188 13.0% 22.8% 11.5% 5.6% 23.6x 0.45x 8.0x 0.42x 5.8x

Sanderson Farms, Inc. SAFM 64.65 98.3% 1,488 161 24 1,625 2,464 156 19.1% 10.6% 7.1% 6.3% 27.7x 0.66x 10.4x 0.63x 6.5x

Seaboard Corp. SEB 2,690.00 91.7% 3,220 193 435 2,978 6,300 372 9.6% 19.4% 8.5% 5.9% 12.5x 0.47x 8.0x 0.46x NA

Smithfield Foods, Inc. SFD 25.82 94.5% 3,583 2,364 139 5,808 13,110 808 0.8% 5.6% 10.6% 6.2% 16.9x 0.44x 7.2x 0.43x 6.8x

Tyson Foods, Inc. TSN 24.95 98.9% 8,853 2,416 809 10,460 33,502 1,697 0.8% 6.9% 6.4% 5.1% 17.3x 0.31x 6.2x 0.30x 5.3x

Mean 9.6% 12.7% 10.1% 6.3% 18.3x 0.52x 8.1x 0.49x 6.2x

Median 11.3% 10.9% 9.5% 6.0% 17.1x 0.46x 8.0x 0.45x 6.5x

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

Member FINRA/SIPC

12 of 16

Trading Statistics Detail (continued)5

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

($ in millions, except per share data) Ticker 5/17/13 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 $30.46 98.4% $452 $50 $9 $493 $573 $35 4.5% 18.9% 10.8% 6.1% 26.8x 0.86x 14.0x 0.75x 11.4x

Chiquita Brands International Inc. CQB 9.65 96.5% 448 613 52 1,010 3,059 83 (1.6%) (3.8%) 11.2% 2.7% NM 0.33x 12.2x 0.33x 6.9x

Dole Food Company Inc. DOLE 11.14 73.3% 986 1,640 101 2,524 4,214 128 0.8% (14.7%) 9.1% 3.0% NM 0.60x 19.7x 0.59x 18.4x

Fresh Del Monte Produce Inc. FDP 27.24 98.1% 1,556 151 26 1,682 3,442 221 (2.0%) (1.1%) 9.6% 6.4% 13.0x 0.49x 7.6x 0.48x 8.0x

Seneca Foods Corp. SENE.A 35.80 99.3% 385 270 13 642 1,276 87 2.9% (0.3%) 10.2% 6.8% 11.9x 0.50x 7.4x NA NA

Mean 0.9% (0.2%) 10.2% 5.0% 17.2x 0.56x 12.2x 0.54x 11.2x

Median 0.8% (1.1%) 10.2% 6.1% 13.0x 0.50x 12.2x 0.54x 9.7x

Ingredients / Flavors

Givaudan SA SWX:GIVN $1,296.81 97.7% $11,808 $1,661 $489 $12,980 $4,650 $839 11.0% 6.7% 42.2% 18.0% 28.1x 2.79x 15.5x 2.83x 13.4x

International Flavors & Fragrances Inc. IFF 82.42 99.7% 6,717 1,017 300 7,434 2,839 582 2.0% 5.5% 42.4% 20.5% 25.7x 2.62x 12.8x 2.50x 11.8x

Kerry Group plc ISE:KRZ 56.42 93.1% 9,913 1,978 284 11,607 7,711 886 11.9% 6.0% 42.7% 11.5% 29.3x 1.51x 13.1x 1.50x 12.5x

Sensient Technologies Corporation SXT 40.95 99.1% 2,049 360 19 2,390 1,459 243 0.8% 5.8% 31.9% 16.7% 17.6x 1.64x 9.8x 1.56x 8.6x

Symrise AG XTRA:SY1 41.31 89.9% 4,882 737 156 5,463 2,287 437 11.2% 5.4% 40.4% 19.1% 24.2x 2.39x 12.5x 2.28x 11.1x

Tate & Lyle plc TATE 12.90 95.9% 6,016 1,387 676 6,727 5,125 724 12.6% (2.4%) 38.6% 14.1% 15.5x 1.31x 9.3x 1.31x 9.3x

Mean 8.3% 4.5% 39.7% 16.7% 23.4x 2.04x 12.2x 2.00x 11.1x

Median 11.1% 5.6% 41.3% 17.4% 25.0x 2.01x 12.6x 1.92x 11.4x

Agribusiness

Archer Daniels Midland Company ADM $35.00 99.9% $23,066 $8,863 $1,631 $30,298 $91,131 $2,554 2.1% 13.4% 3.7% 2.8% 18.4x 0.33x 11.9x 0.32x 8.7x

Bunge Limited BG 72.07 89.0% 10,599 10,629 5,343 15,885 62,867 1,740 10.7% 13.4% 4.3% 2.8% 24.7x 0.25x 9.1x 0.24x 7.1x

CF Industries Holdings, Inc. CF 190.52 81.6% 11,296 1,605 2,210 10,690 5,913 3,304 (8.3%) 34.5% 52.0% 55.9% 6.4x 1.81x 3.2x 1.80x 3.7x

Darling International Inc. DAR 18.99 94.5% 2,245 250 122 2,373 1,760 324 0.9% 41.0% 27.3% 18.4% 16.7x 1.35x 7.3x 1.39x 7.6x

Monsanto Company MON 108.38 99.1% 57,858 2,206 4,695 55,369 14,728 4,402 12.9% 11.6% 52.4% 29.9% 22.8x 3.76x 12.6x 3.54x 11.9x

Omega Protein Corp. OME 10.60 94.6% 211 32 36 207 243 40 3.0% 13.4% 18.6% 16.3% 43.8x 0.85x 5.2x 0.78x 4.0x

The Andersons, Inc. ANDE 54.84 99.3% 1,016 748 58 1,705 5,407 157 14.8% 21.0% 6.5% 2.9% 14.0x 0.32x 10.9x 0.31x 8.9x

The Mosaic Company MOS 60.75 94.0% 25,865 1,073 3,323 23,614 10,102 2,961 (9.4%) 15.9% 28.0% 29.3% 13.5x 2.34x 8.0x 2.24x 7.3x

Mean 3.3% 20.5% 24.1% 19.8% 20.0x 1.38x 8.5x 1.33x 7.4x

Median 2.6% 14.7% 23.0% 17.4% 17.6x 1.10x 8.6x 1.08x 7.5x

Consumer and Retail

Food Retail

Arden Group Inc. ARDN.A $100.80 88.5% $310 $1 $27 $284 $445 $39 3.0% 1.4% 43.6% 8.8% 15.4x 0.64x 7.2x NA NA

Costco Wholesale Corporation COST 113.05 99.9% 49,332 4,871 5,651 48,552 103,128 3,873 10.4% 11.6% 12.5% 3.8% 25.4x 0.47x 12.5x 0.44x 11.4x

Establishments Delhaize Freres DELB 63.61 98.3% 6,418 4,017 1,539 8,896 29,234 1,858 2.0% 2.9% 24.5% 6.4% 26.7x 0.30x 4.8x 0.30x 4.9x

Ingles Markets, Incorporated IMKT.A 21.56 98.5% 523 860 12 1,371 3,761 220 4.0% 4.1% 22.1% 5.8% 11.4x 0.36x 6.2x 0.35x 6.0x

J. Sainsbury plc LSE:SBRY 5.74 95.0% 10,858 4,313 782 14,390 35,257 2,117 (0.1%) 5.6% 5.5% 6.0% 11.7x 0.41x 6.8x 0.39x 6.7x

Koninklijke Ahold N.V. ENXTAM:AH 16.03 98.7% 16,513 4,291 2,496 18,308 43,409 2,985 10.4% 2.8% 26.0% 6.9% 16.2x 0.42x 6.1x 0.42x 6.2x

Natural Grocers by Vitamin Cottage NGVC 29.50 97.4% 661 16 11 666 379 26 27.4% NA 29.4% 6.8% NM 1.76x 25.7x 1.53x 18.3x

Roundy's, Inc. RNDY 7.49 68.2% 350 692 65 977 3,936 189 1.9% (6.2%) 26.4% 4.8% NM 0.25x 5.2x 0.24x 5.3x

Safeway Inc. SWY 25.15 88.5% 6,064 6,172 357 11,879 44,198 2,214 0.8% 2.6% 27.6% 5.0% 9.7x 0.27x 5.4x 0.26x 5.5x

SUPERVALU Inc. SVU 6.95 97.7% 1,787 2,889 72 4,604 17,097 516 (1.4%) (25.0%) 13.9% 3.0% NM 0.27x 8.9x 0.27x 6.2x

The Kroger Co. KR 35.42 99.9% 18,421 8,879 238 27,062 96,751 4,434 7.1% 8.1% 21.1% 4.6% 12.6x 0.28x 6.1x 0.27x 6.2x

The Pantry, Inc. PTRY 13.01 79.5% 306 958 9 1,255 7,208 216 (5.1%) 3.9% 11.4% 3.0% NM 0.17x 5.8x 0.16x 5.2x

Village Super Market Inc. VLGE.A 37.33 96.9% 515 43 107 452 1,457 72 6.6% 6.0% 27.1% 4.9% 25.8x 0.31x 6.3x 0.30x NA

Weis Markets, Inc. WMK 42.48 92.4% 1,143 0 103 1,040 2,723 180 (1.2%) 1.9% 27.6% 6.6% 13.8x 0.38x 5.8x 0.37x NA

Whole Foods Market, Inc. WFM 103.77 99.4% 19,244 27 1,078 18,193 12,521 1,169 15.8% 14.0% 35.6% 9.3% 37.9x 1.45x 15.6x 1.30x 13.9x

Mean 5.4% 2.4% 23.6% 5.7% 18.8x 0.52x 8.6x 0.47x 8.0x

Median 3.0% 3.4% 26.0% 5.8% 15.4x 0.36x 6.2x 0.33x 6.2x

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

Member FINRA/SIPC

13 of 16

Trading Statistics Detail (continued)5

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

($ in millions, except per share data) Ticker 5/17/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Grocery Distribution

AMCON Distributing Co. DIT $74.70 93.7% $47 $23 $0 $70 $812 $15 4.8% 8.2% 9.7% 1.9% 8.0x 0.09x 4.5x NA NA

Core-Mark Holding Company, Inc. CORE 57.96 98.6% 665 54 19 701 6,979 84 7.5% 10.6% 6.9% 1.2% 20.3x 0.10x 8.4x 0.07x 6.3x

Nash Finch Co. NAFC 21.55 94.0% 265 398 1 661 4,845 111 0.4% (2.7%) 8.4% 2.3% NM 0.14x 6.0x 0.14x 6.2x

Spartan Stores Inc. SPTN 17.17 91.6% 373 171 9 535 2,630 102 1.5% 0.7% 20.8% 3.9% 12.8x 0.20x 5.2x 0.20x 5.3x

United Natural Foods, Inc. UNFI 53.92 88.0% 2,658 175 8 2,825 5,587 210 14.8% 16.6% 17.1% 3.8% 27.4x 0.51x 13.5x 0.45x 11.5x

Mean 5.8% 6.7% 12.6% 2.6% 17.2x 0.21x 7.5x 0.21x 7.3x

Median 4.8% 8.2% 9.7% 2.3% 16.6x 0.14x 6.0x 0.17x 6.2x

Foodservice

Colabor Group Inc. TSX:GCL 4.10 47.8% 111 166 0 277 1,430 35 4.2% 8.5% 2.5% 2.5% NM 0.19x 7.9x 0.19x 8.0x

Sysco Corporation SYY 35.14 98.7% 20,855 2,798 336 23,318 43,856 2,501 5.0% 6.8% 17.9% 5.7% 20.4x 0.53x 9.3x 0.50x 9.3x

The Chefs' Warehouse, Inc. CHEF 20.91 99.2% 443 133 1 575 522 35 25.5% NA 25.7% 6.8% 29.0x 1.10x 16.3x 0.85x 11.6x

Mean 11.6% 7.7% 15.4% 5.0% 24.7x 0.61x 11.2x 0.52x 9.6x

Median 5.0% 7.7% 17.9% 5.7% 24.7x 0.53x 9.3x 0.50x 9.3x

Quick Service Restaurant

AFC Enterprises Inc. AFCE $33.64 91.5% $816 $73 $17 $871 $179 $55 16.3% 6.5% 68.8% 30.9% 27.2x 4.87x 15.8x 4.38x 14.2x

Burger King Worldwide, Inc. BKW 18.59 92.0% 6,521 3,047 599 8,969 1,724 648 (26.7%) (11.7%) 46.9% 37.6% 48.6x 5.20x 13.8x 7.90x 13.3x

Jack in the Box Inc. JACK 36.95 95.4% 1,644 391 10 2,024 1,542 224 17.1% (12.8%) 23.3% 14.5% 24.8x 1.31x 9.0x 1.28x 8.3x

McDonald's Corp. MCD 101.54 97.9% 101,799 12,798 1,869 112,727 27,626 9,839 0.7% 5.9% 39.0% 35.6% 18.9x 4.08x 11.5x 3.90x 10.6x

Sonic Corp. SONC 13.11 96.5% 736 484 42 1,177 538 133 (1.7%) (3.8%) 52.9% 24.8% 20.0x 2.19x 8.8x 2.16x 8.8x

The Wendy's Company WEN 6.04 97.6% 2,376 1,456 429 3,403 2,516 343 3.0% (8.7%) 25.0% 13.6% NM 1.35x 9.9x 1.32x 9.4x

Yum! Brands, Inc. YUM 70.16 93.9% 31,561 2,945 762 33,744 13,425 2,800 3.7% 7.0% 26.6% 20.9% 22.4x 2.51x 12.1x 2.43x 11.7x

Mean 1.8% (2.5%) 40.4% 25.4% 27.0x 3.08x 11.6x 3.34x 10.9x

Median 3.0% (3.8%) 39.0% 24.8% 23.6x 2.51x 11.5x 2.43x 10.6x

Casual Dining Restaurant

BJ's Restaurants, Inc. BJRI $37.49 80.8% $1,056 $0 $40 $1,015 $729 $85 13.3% 17.8% 19.2% 11.6% 36.0x 1.39x 12.0x 1.22x 10.0x

Bloomin' Brands, Inc. BLMN 21.74 96.6% 2,678 1,465 217 3,925 4,024 346 3.3% NA 16.7% 8.6% 40.0x 0.98x 11.4x 0.92x 8.8x

Brinker International, Inc. EAT 41.40 99.7% 2,921 705 86 3,540 2,844 390 1.2% (0.2%) 18.8% 13.7% 19.3x 1.24x 9.1x 1.21x 8.1x

Buffalo Wild Wings Inc. BWLD 95.02 98.7% 1,782 5 15 1,772 1,094 153 28.2% 25.0% 23.3% 14.0% 32.8x 1.62x 11.6x 1.33x 8.8x

Chuy's Holdings, Inc. CHUY 33.35 95.3% 541 5 3 543 182 22 31.0% NA 20.8% 12.3% NM 2.99x 24.3x 2.53x 19.8x

Darden Restaurants, Inc. DRI 53.43 92.2% 6,936 2,772 107 9,601 8,319 1,063 5.0% 4.8% 22.6% 12.8% 16.3x 1.15x 9.0x 1.07x 8.7x

Del Frisco's Restaurant Group, Inc. DFRG 18.12 93.5% 431 0 10 421 239 37 14.9% 18.9% 25.8% 15.6% 30.3x 1.76x 11.3x 1.49x 9.1x

DineEquity, Inc. DIN 71.00 90.6% 1,374 1,394 117 2,650 768 272 (24.8%) (18.1%) 51.5% 35.5% 12.0x 3.45x 9.7x 4.15x 10.2x

Ignite Restaurant Group, Inc. IRG 19.42 96.3% 498 45 8 535 480 46 13.9% NA 34.4% 9.6% NM 1.12x 11.6x 0.60x 8.5x

Red Robin Gourmet Burgers Inc. RRGB 49.43 98.4% 699 99 17 781 984 96 6.1% 5.2% 22.1% 9.7% 26.9x 0.79x 8.2x 0.75x 7.1x

Ruby Tuesday, Inc. RT 9.70 98.6% 576 306 32 850 1,307 90 0.0% 2.9% 18.0% 6.9% NM 0.65x 9.5x 0.67x 8.2x

Ruth's Hospitality Group Inc. RUTH 11.70 97.3% 419 43 6 456 406 48 9.0% 5.6% 21.9% 11.9% 20.9x 1.12x 9.5x 1.10x 9.5x

Texas Roadhouse, Inc. TXRH 24.20 99.2% 1,691 55 95 1,651 1,298 168 12.9% 10.7% 34.1% 13.0% 22.1x 1.27x 9.8x 1.12x 9.0x

The Cheesecake Factory Incorporated CAKE 40.75 99.1% 2,100 56 87 2,070 1,836 231 3.5% 4.4% 43.1% 12.6% 21.6x 1.13x 9.0x 1.07x 8.3x

Mean 8.4% 7.0% 26.6% 13.4% 25.3x 1.48x 11.1x 1.37x 9.6x

Median 7.5% 5.2% 22.3% 12.4% 22.1x 1.20x 9.8x 1.11x 8.8x

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

14 of 16

Trading Statistics Detail (continued)5

Member FINRA/SIPC

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

($ in millions, except per share data) Ticker 5/17/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Fast Casual

Chipotle Mexican Grill, Inc. CMG $375.16 89.4% $11,596 $0 $508 $11,089 $2,817 $566 17.4% 21.4% 37.4% 20.1% 40.9x 3.94x 19.6x 3.37x 16.6x

Fiesta Restaurant Group, Inc. FRGI 31.44 97.7% 743 204 6 941 517 61 6.5% NA 24.1% 11.8% NM 1.82x 15.4x 1.66x 13.1x

Panera Bread Co. PNRA 186.60 97.7% 5,500 0 323 5,177 2,193 386 15.5% 16.2% 35.6% 17.6% 31.4x 2.36x 13.4x 2.07x 11.5x

Mean 13.1% 18.8% 32.3% 16.5% 36.2x 2.71x 16.1x 2.36x 13.7x

Median 15.5% 18.8% 35.6% 17.6% 36.2x 2.36x 15.4x 2.07x 13.1x

Pizza

CEC Entertainment Inc. CEC $39.12 98.8% $679 $366 $21 $1,024 $812 $170 0.1% (0.2%) 27.6% 20.9% 15.7x 1.26x 6.0x 1.21x 5.8x

Domino's Pizza, Inc. DPZ 57.57 97.6% 3,238 1,555 75 4,718 1,711 307 3.9% 5.4% 30.2% 17.9% 26.5x 2.76x 15.4x 2.62x 13.9x

Papa John's International Inc. PZZA 65.71 98.3% 1,432 109 25 1,516 1,367 136 10.5% 8.1% 30.7% 9.9% 23.7x 1.11x 11.2x 1.05x 10.4x

Mean 4.8% 4.4% 29.5% 16.3% 22.0x 1.71x 10.9x 1.63x 10.1x

Median 3.9% 5.4% 30.2% 17.9% 23.7x 1.26x 11.2x 1.21x 10.4x

Beverage / Snack Retail

Dunkin' Brands Group, Inc. DNKN $42.04 98.2% $4,481 $1,841 $179 $6,144 $668 $313 4.1% NA 79.1% 46.9% 44.2x 9.20x 19.6x 8.58x 16.4x

Jamba, Inc. JMBA 2.83 92.2% 236 0 23 213 231 13 8.2% (7.7%) 37.7% 5.5% NM 0.92x 16.8x 0.84x 9.8x

Krispy Kreme Doughnuts, Inc. KKD 13.09 85.4% 857 26 66 816 436 48 8.1% 7.9% 16.8% 11.0% 43.4x 1.87x 17.0x 1.77x 14.5x

Starbucks Corporation SBUX 64.13 99.3% 48,014 550 1,698 46,866 14,023 2,590 11.3% 11.6% 56.8% 18.5% 32.6x 3.34x 18.1x 2.97x 14.2x

Tim Hortons Inc. THI 56.37 98.6% 8,632 523 73 9,081 3,078 728 4.8% 8.1% 24.2% 23.7% 22.3x 2.95x 12.5x 2.82x 11.6x

Mean 7.3% 5.0% 42.9% 21.1% 35.6x 3.66x 16.8x 3.39x 13.3x

Median 8.1% 8.0% 37.7% 18.5% 38.0x 2.95x 17.0x 2.82x 14.2x

Family Restaurant

Bob Evans Farms, Inc. BOBE $45.65 98.8% $1,273 $190 $4 $1,458 $1,669 $193 0.5% (0.9%) 37.7% 11.6% NM 0.87x 7.5x 1.07x 7.8x

Denny's Corporation DENN 5.92 96.6% 543 186 10 719 476 79 (10.1%) (6.4%) 37.7% 16.6% 25.1x 1.51x 9.1x 1.55x 8.9x

Frisch's Restaurants, Inc. FRS 16.90 50.4% 86 18 3 100 202 21 57.9% (11.6%) 8.6% 10.3% 13.8x 0.50x 4.8x 0.49x NA

Luby's, Inc. LUB 7.31 84.7% 206 26 3 229 358 25 0.7% 13.5% 37.8% 7.1% 35.0x 0.64x 9.0x 0.58x NA

Mean 12.3% (1.3%) 30.4% 11.4% 24.6x 0.88x 7.6x 0.92x 8.4x

Median 0.6% (3.6%) 37.7% 11.0% 25.1x 0.76x 8.3x 0.82x 8.4x

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

Earnings

Release

Calendar5

15 of 16

Food and Beverage Earnings Release Calendar

May 2013Date Company

5/23/2013 SABMiller plc (LSE:SAB)

5/23/2013 Hormel Foods Corporation (NYSE:HRL)

5/28/2013 United Natural Foods, Inc. (NasdaqGS:UNFI)

5/30/2013 Costco Wholesale Corporation (NasdaqGS:COST)

5/30/2013 Sanderson Farms, Inc. (NasdaqGS:SAFM)

5/31/2013 JBS S.A. (BOVESPA:JBSS3)

June 2013Date Company

6/4/2013 Koninklijke Ahold N.V. (ENXTAM:AH)

6/5/2013 Brown-Forman Corporation (NYSE:BF.B)

6/5/2013 Saputo, Inc. (TSX:SAP)

6/6/2013 The J. M. Smucker Company (NYSE:SJM)

6/10/2013 Diamond Foods, Inc. (NasdaqGS:DMND)

6/26/2013 General Mills, Inc. (NYSE:GIS)

6/26/2013 Monsanto Company (NYSE:MON)

6/27/2013 ConAgra Foods, Inc. (NYSE:CAG)

July 2013Date Company

7/10/2013 Yum! Brands, Inc. (NYSE:YUM)

7/11/2013 Associated British Foods plc (LSE:ABF)

7/16/2013 The Mosaic Company (NYSE:MOS)

7/16/2013 The Coca-Cola Company (NYSE:KO)

7/18/2013 Safeway Inc. (NYSE:SWY)

7/23/2013 Domino's Pizza, Inc. (NYSE:DPZ)

7/24/2013 The Cheesecake Factory Incorporated (NasdaqGS:CAKE)

7/25/2013 Bunge Limited (NYSE:BG)

7/25/2013 Starbucks Corporation (NasdaqGS:SBUX)

7/29/2013 Danone (ENXTPA:BN)

7/30/2013 George Weston Limited (TSX:WN)

Sources:

1. IMF

2. U.S. Bureau of Labor Statistics

3. Unweighted Average

4. U.S. Census Bureau

5. Capital IQ

6. Thomson Financial

7. S&P

8. Reuters

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