www.harriswilliams.com

Member FINRA/SIPC

Food and Beverage Industry Update

April 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

(612) 359-2702

Tim Alexander | Managing Director

talexander@harriswilliams.com

(612) 359-2716

Ryan Budlong | Director

rbudlong@harriswilliams.com

(612) 359-2722

Jeff Cleveland | Director

jcleveland@harriswilliams.com

(612) 359-2703

Brant Cash | Vice President

bcash@harriswilliams.com

(612) 359-2709

www.harriswilliams.com

A recent Wall Street Journal article noted Nestlé reported its weakest sales performance in more than

three years as a dramatic slowdown in the Swiss food giant's previously strong emerging markets business

was compounded by continuing weakness in Europe and the Americas. Access to the full article here.

Trouble Brewing for Nestlé in Emerging Markets

A recent article by Dealbook suggests the country’s largest brewer, Anheuser-Busch InBev, has agreed to

sell the United States rights to several foreign brands, including the top-selling Corona, in a deal that

regulators say will ensure competition in beer prices. Access to the full article here.

Antitrust Agreement in Merger of Brewers

What We’re Reading

The horse-meat storm that broke over Europe two months ago has been in one respect a tempest in a

horseshoe, because it posed no threat to human health. That is not a minor caveat in an industry where, in

the U.S. alone, tainted food kills 3,000 people each year and sickens 48 million. Access to the full article

here.

Horse-Meat Scandal Exposes Weakness in Global Food Chain

U.S. consumer prices fell in March for the first time in four months as the cost of gasoline tumbled,

allowing the Federal Reserve to maintain its monetary stimulus in hopes of speeding up economic growth.

Access to the full article here.

Lower Gasoline, Food Prices Subdue U.S. Consumer Inflation

After an active finish to 2012 and a slow start to 2013, HW&Co. has seen pitch activity increase

substantially across numerous consumer sectors, including food & beverage. Both strategic and private

equity buyers continue to voice a strong desire for leading food & beverage assets, especially companies

with the proven ability to defend against margin pressures.

Pitch Activity Picking Up in Q2

Food and Beverage Industry Update

April 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

undisclosed

June 13, 2011

undisclosed

August 18, 2011

a portfolio company of

has been acquired by

undisclosed

December 22, 2011

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

March 5, 2012

$180,000,000

a portfolio company of

March 30, 2012

has been acquired by

undisclosed

has been acquired by

a portfolio company of

May 12, 2011

and

undisclosed

a portfolio company of

has been acquired by

April 23, 2012

$70,000,000

has been acquired by

July 30, 2012

undisclosed

December 14, 2012

has been acquired by

undisclosed

and

a portfolio company of

December 26, 2012

has been acquired by

undisclosed

a portfolio company of

has been acquired by

October 16, 2012

a portfolio company of

undisclosed

December 27, 2012

has divested

selected assets to

undisclosed

An Investor Group

A Franchisee of

3 of 16

Food and Beverage Industry Vital Signs

Consumer Food

Price Index

Inflation2

Commodity

Price Indices1

40

100

160

220

280

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

Co

mm

od

ity

Pric

e In

dex

Corn Wheat Soybeans Crude Oil

Protein Price

Indices2,3

Beef:

21.6%

Pork

11.6%

Poultry

10.8%

Restaurant and

Grocery Store

Sales Indices4

80

100

120

140

160

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

Sa

les

Ind

ex

Restaurant Grocery

85

100

115

130

145

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

Pro

tein

Pric

e I

nd

ex

Beef Pork Poultry

-0.5

1.0

2.5

4.0

5.5

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

Infl

ati

on

(%

)

Restaurant:

20.7%

Grocery

15.1%

Crude Oil:

118.5%

Corn:

88.1%

Soybeans:

60.7%

Wheat:

34.2%

Key Trading

Statistics5

4 of 16

Public Equity Market Overview

Public

Company

Sector

Performance5

(One year change

in stock price)

Fast Casual

Foodservice

Grocery Distribution

Private Label Foods

Agribusiness

Food Retail

Fruit and Vegetable

S&P

Quick Service Restaurant

Family Restaurant

Protein Processing

Natural / Organic Foods

Non-Alcoholic Beverages

Casual Dining Restaurant

Ingredients / Flavors

Alcoholic Beverages

Beverage / Snack Retail

Branded Processed Foods

Baked Goods / Snack Foods

Pizza

Dairy

-20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

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 14.5% 14.9% 16.4% 40.8% 11.1x 15.7x 8.0x 1.8x

Fruit and Vegetable 3.7% 11.1% 0.7% (8.8%) 14.3x 11.2x 12.7x 3.0x

Ingredients / Flavors 12.2% 28.3% 7.5% 14.7% 15.3x 23.7x 12.1x 1.4x

Agribusiness 13.6% 7.3% 10.9% 22.0% 12.4x 15.3x 8.0x 2.3x

Branded Processed Foods 21.5% 35.2% (15.2%) (21.9%) 19.4x 23.6x 13.3x 2.3x

Private Label Foods 24.4% 6.0% (7.9%) 3.6% 20.7x 29.2x 13.9x 2.8x

Natural / Organic Foods 5.5% 16.4% (1.4%) 6.1% 21.9x 25.1x 12.7x 2.8x

Baked Goods / Snack Foods 18.4% 36.3% 9.0% 5.6% 20.8x 21.3x 9.8x 2.0x

Dairy 9.4% 50.3% 19.4% 9.0% 17.3x 26.4x 11.9x 1.7x

Non-Alcoholic Beverages 7.2% 17.4% 6.2% 1.5% 18.8x 22.2x 11.6x 1.6x

Alcoholic Beverages 14.4% 29.6% 11.5% 30.4% 19.4x 22.3x 13.8x 3.4x

Food Retail 14.6% 7.7% 8.3% 4.8% 12.9x 14.9x 5.7x 2.1x

Grocery Distribution 9.8% 3.7% 10.2% (1.4%) 12.8x 15.1x 5.3x 1.5x

Foodservice 12.2% (4.7%) 9.2% 0.5% 18.4x 22.4x 9.1x 3.7x

Quick Service Restaurant 20.1% 14.2% 8.7% 0.9% 21.3x 19.2x 11.2x 2.4x

Casual Dining Restaurant 18.7% 20.5% 12.1% 9.1% 18.8x 22.8x 9.0x 2.1x

Fast Casual 10.5% (9.8%) 0.7% (33.6%) 33.1x 35.2x 13.1x 3.1x

Pizza 16.4% 40.1% 8.1% 16.9% 20.9x 23.9x 10.9x 2.3x

Beverage / Snack Retail 23.0% 30.8% 24.3% 3.3% 27.2x 40.6x 17.2x 2.9x

Family Restaurant 8.7% 14.8% 8.9% 19.1% 16.3x 23.0x 7.9x 0.9x

Overall Median 14.3% 18.3% 8.7% 6.0% 18.4x 22.3x 10.4x 2.0x

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

Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-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

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.

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.

Recent Equity

Offerings6

5 of 16

Public Equity Market Overview

Food and

Beverage

Industry Stock

Performance5

25.4%

22.0%

13.0%

9.5%

4.1%

(0.4% )

Last 10 Deals Announced PEG Investments and Exits

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

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

4/4/2013 Liberto, Inc. 4Cable TV, Inc.

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

4/2/2013 RBT-PRO LLC WONA Inc.

3/30/2013 MB Las Vegas Holdings LLC The Yucaipa Companies, LLC

3/29/2013 Java Express Inc. Sundance Strategies Inc.

3/23/2013 Freybe Gourmet Foods, Ltd. Premium Brands Holdings Corporation

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.

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: $27.4 billion

Revenue Multiple: 2.4x

EBITDA Multiple: 13.6x

Berkshire Hathaway and 3G Capital Management to acquire Heinz

• H.J. Heinz Company manufactures and markets food products for consumer retail,

foodservice, and institutional customers. The company is best known for its line of

branded condiments.

• The acquisition reflects 3G’s and Berkshire Hathaway’s belief that Heinz can be a

larger food and beverage platform.

Ent. Value: $410 million

Revenue Multiple: NA

EBITDA Multiple: NA

Apollo Global Management and Metropoulos & Co. acquire Hostess

• Private equity funds C. Dean Metropoulos & Co. and Apollo Global Management

have agreed to acquire certain snack cake brands and production facilities from

Hostess Brands, among them the well-known Twinkies brand.

• Jointly, the funds have significant experience with branded food and beverage and

retail assets such as Pabst Blue Ribbon, Chef Boyardee, and Diamond Foods, Inc.

Ent. Value: NA

Revenue Multiple: NA

EBITDA Multiple: NA

Tyson acquires Don Julio

• Don Julio Foods, Inc. produces and sells branded corn and flour tortilla products,

dips and salsas, and other snacks.

• The transaction is one of what Tyson Foods hopes will be a series of acquisitions

that will help the company shed its image as a commodity protein provider.

28

36

27

46

21

14

32

25 26

9

1315

27 26 27

17

34

18

36

7

0

5

10

15

20

25

30

35

40

45

50

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

YTD

Num

be

r of

Inv

est

me

nts

'

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

ale

s Mu

ltiple

EV

/ L

TM

EB

ITD

A M

ultip

le

EV / LTM EBITDA EV / LTM Sales

$12.0

$25.5

$110.2

$20.0

$55.9

$22.0 $24.0$29.9

0

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

2006 2007 2008 2009 2010 2011 2012 2013

YTD

Num

ber o

f Tra

nsa

ctio

ns

Ag

gre

gate

Tra

nsa

cti

on

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

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

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

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

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

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

04/18/13 Constellation Brands Inc Malt 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

03/29/13 Keystone Foods Sausages and other prepared meats 100,000,000 Term Loan NR / NR 225

03/28/13 Bay State Milling Co Flour and other grain mill products 160,000,000 Revolver/Line >= 1 Yr. NR / Aa3 225

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

Aver

age

Spre

ad O

ver

LIB

OR

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

10.6x 10.6x10.8x

10.7x

9.9x

10.2x 10.3x

10.7x10.8x

11.0x

11.3x

12.6x

12.2x

9.4x

9.1x9.3x 9.3x 9.3x

9.5x

8.9x 8.7x

9.0x9.2x

9.1x

9.5x9.6x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

Apr-

12

May

-12

Jun

-12

Jul-

12

Aug-1

2

Se

p-1

2

Oct-

12

Nov-1

2

Dec

-12

Jan-1

3

Fe

b-1

3

Ma

r-1

3

Apr-

13

Me

dia

n T

ra

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

46 47 47 48 47

35

25

36

22

34 36

46 47

25

33

49

34

42

53 5249

39

158 7 3 6

5

5

2

3

4

7

57

13

6

7

7

5

4 79

6

0

10

20

30

40

50

60

70

Q3

07

Q4

07

Q1

08

Q2

08

Q3

08

Q4

08

Q1

09

Q2

09

Q3

09

Q4

09

Q1

10

Q2

10

Q3

10

Q4

10

Q1

11

Q2

11

Q3

11

Q4

11

Q1

12

Q2

12

Q3

12

Q4

12

Nu

mb

er

of

Tra

nsa

ctio

ns

PEG Acquirer Strategic Acquirer

Enterprise Enterprise Value Private Equity

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

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

4/4/2013 Liberto, Inc. - 4Cable TV, 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 - - -

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

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 - -

3/6/2013 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. (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

Median LTM Trading Multiples

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

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 (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. - - - -

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 4/1/13 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 $28.96 97.7% $22,846 $2,360 $652 $24,554 $19,911 $2,391 13.9% 8.8% 24.2% 12.0% 26.3x 1.23x 10.3x NA NA

Campbell Soup Company CPB 45.75 97.9% 14,373 4,509 416 18,466 8,103 1,676 5.3% 2.3% 37.9% 20.7% 19.9x 2.28x 11.0x 2.12x 11.2x

ConAgra Foods, Inc. CAG 35.62 98.7% 14,742 10,676 724 24,693 14,228 1,442 8.3% 5.8% 23.5% 10.1% 30.2x 1.74x 17.1x 1.32x 9.8x

General Mills, Inc. GIS 48.68 96.4% 31,382 8,059 751 38,689 17,430 3,500 7.4% 5.7% 36.8% 20.1% 18.4x 2.22x 11.1x 2.12x 10.7x

Hormel Foods Corporation HRL 40.72 97.7% 10,786 250 888 10,148 8,307 848 3.7% 8.1% 16.1% 10.2% 22.2x 1.22x 12.0x 1.13x 10.2x

Kellogg Company K 63.93 96.5% 23,286 7,902 281 30,907 14,197 2,121 7.6% 4.1% 38.5% 14.9% 24.8x 2.18x 14.6x 2.02x 11.5x

McCormick & Company, Incorporated MKC 72.71 98.7% 9,642 1,230 84 10,787 4,042 683 5.8% 7.7% 40.2% 16.9% 23.6x 2.67x 15.8x 2.53x 14.5x

Mondelez International, Inc. MDLZ 30.68 72.1% 54,558 19,486 4,584 69,460 35,015 5,352 (2.2%) (3.3%) 37.3% 15.3% 36.8x 1.98x 13.0x 1.90x 11.8x

Nestlé S.A. NESN 72.55 97.0% 231,389 30,402 10,832 250,959 100,841 18,916 12.5% 4.8% 47.6% 18.8% 19.7x 2.49x 13.3x NA NA

The Hain Celestial Group, Inc. HAIN 60.79 82.5% 2,824 646 43 3,427 1,542 199 27.4% 15.7% 27.5% 12.9% 25.3x 2.22x 17.2x 1.82x 13.3x

The Hershey Company HSY 87.03 96.0% 19,502 1,907 728 20,681 6,644 1,403 9.3% 7.8% 43.7% 21.1% 31.3x 3.11x 14.7x 2.93x 13.2x

The J. M. Smucker Company SJM 98.95 95.2% 10,613 2,069 439 12,243 5,913 1,210 10.4% 8.7% 34.0% 20.5% 21.9x 2.07x 10.1x 2.06x 9.7x

The WhiteWave Foods Company WWAV 16.91 88.2% 2,925 847 69 3,704 2,289 255 13.0% NA 35.1% 11.1% 23.4x 1.62x 14.5x 1.47x 13.2x

Mean 9.4% 6.4% 34.0% 15.7% 24.9x 2.08x 13.4x 1.95x 11.7x

Median 8.3% 6.7% 36.8% 15.3% 23.6x 2.18x 13.3x 2.02x 11.5x

Private Label Foods

Flowers Foods, Inc. FLO $32.80 98.9% $4,536 $122 $9 $4,649 $2,754 $295 (0.7%) 1.9% 48.0% 10.7% 32.9x 1.69x 15.8x 1.29x 10.9x

Snyder's-Lance, Inc. LNCE 25.06 92.5% 1,732 537 9 2,259 1,619 163 (1.0%) 20.8% 33.6% 10.0% 29.2x 1.40x 13.9x 1.26x 11.0x

Treehouse Foods, Inc. THS 63.07 96.5% 2,283 900 94 3,089 2,182 293 6.4% 13.0% 21.3% 13.4% 26.8x 1.42x 10.6x 1.36x 9.6x

Mean 1.6% 11.9% 34.3% 11.4% 29.6x 1.50x 13.4x 1.30x 10.5x

Median (0.7%) 13.0% 33.6% 10.7% 29.2x 1.42x 13.9x 1.29x 10.9x

Natural / Organic Foods

Amira Nature Foods Ltd. ANFI $7.96 77.7% $284 $149 $33 $400 $401 $47 55.9% NA 21.6% 11.8% 6.2x 1.00x 8.5x 0.89x 7.0x

Annie's, Inc. BNNY 38.84 79.5% 654 0 13 641 160 19 18.8% NA 38.6% 12.1% NM 4.00x 33.0x 3.31x 21.5x

SunOpta Inc. TSX:SOY 7.13 94.0% 472 190 7 654 1,091 66 7.0% 10.0% 12.3% 6.1% 22.4x 0.60x 9.9x 0.56x 8.4x

The Hain Celestial Group, Inc. HAIN 60.79 82.5% 2,824 646 43 3,427 1,542 199 27.4% 15.7% 27.5% 12.9% 25.3x 2.22x 17.2x 1.82x 13.3x

United Natural Foods, Inc. UNFI 48.37 79.0% 2,385 175 8 2,552 5,587 210 14.8% 16.6% 17.1% 3.8% 25.1x 0.46x 12.2x 0.40x 10.3x

Whole Foods Market, Inc. WFM 85.34 83.8% 15,816 25 926 14,915 12,164 1,121 15.9% 14.0% 35.6% 9.2% 32.5x 1.23x 13.3x 1.10x 11.7x

Mean 23.3% 14.1% 25.4% 9.3% 22.3x 1.58x 15.7x 1.35x 12.1x

Median 17.3% 14.8% 24.6% 10.5% 25.1x 1.11x 12.7x 1.00x 11.0x

Baked Goods / Snack Foods

ARYZTA AG SWX:ARYN $59.23 96.5% $3,845 $2,166 $719 $5,291 $5,928 $748 16.4% 12.0% 27.5% 12.6% 34.2x 0.89x 7.1x NA NA

Diamond Foods, Inc. DMND 16.20 65.3% 361 558 5 914 911 46 (9.6%) 15.6% 20.4% 5.0% NM 1.00x NA 1.09x 10.1x

Flowers Foods, Inc. FLO 32.80 98.9% 4,536 122 9 4,649 2,754 295 (0.7%) 1.9% 48.0% 10.7% 32.9x 1.69x 15.8x 1.29x 10.9x

George Weston Limited WN 73.77 100.0% 9,416 8,279 3,739 13,956 32,849 2,221 3.1% 2.6% 24.6% 6.8% 22.3x 0.42x 6.3x 0.43x 5.9x

Golden Enterprises Inc. GLDC 3.40 91.9% 40 8 1 47 137 7 1.3% 2.1% 48.5% 5.5% 19.8x 0.34x 6.2x NA NA

Grupo Bimbo, S.A.B. de C.V. BIMBO A 3.18 95.5% 14,937 3,514 350 18,101 14,181 1,312 47.9% 16.8% 0.0% 9.3% NM 1.28x 13.8x 1.24x 12.8x

Inventure Foods, Inc. SNAK 7.68 96.2% 148 19 0 167 185 16 14.1% 15.2% 19.9% 8.7% 19.0x 0.90x 10.4x 0.83x 9.6x

J&J Snack Foods Corp. JJSF 75.12 97.1% 1,412 1 81 1,332 850 123 11.6% 8.7% 30.4% 14.5% 24.3x 1.57x 10.8x 1.48x 10.1x

John B Sanfilippo & Son Inc. JBSS 19.91 94.4% 216 57 15 258 714 57 4.3% 9.2% 16.4% 7.9% 10.6x 0.36x 4.6x NA NA

Lancaster Colony Corporation LANC 77.22 96.3% 2,109 0 93 2,017 1,162 180 6.1% 3.2% 22.6% 15.5% 20.4x 1.74x 11.2x 1.68x 10.7x

Penford Corporation PENX 10.65 94.5% 132 94 0 226 368 24 6.5% 12.1% 12.7% 6.6% NM 0.61x 9.2x 0.58x 5.3x

Mean 9.2% 9.1% 24.6% 9.4% 22.9x 0.98x 9.5x 1.08x 9.4x

Median 6.1% 9.2% 22.6% 8.7% 21.3x 0.90x 9.8x 1.16x 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 4/1/13 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Dairy

Danone BN $69.82 91.2% $41,474 $12,555 $3,978 $50,051 $27,515 $4,648 9.6% 8.6% 50.1% 16.9% 21.2x 1.82x 10.8x NA NA

Dean Foods Company DF 18.36 95.8% 3,421 3,198 79 6,540 11,462 687 (1.5%) 1.0% 25.3% 6.0% 30.4x 0.57x 9.5x 0.62x 9.2x

Glanbia plc GL9 11.91 91.1% 3,511 862 364 4,008 2,923 285 (15.5%) 0.9% 8.6% 9.7% 24.0x 1.37x 14.1x NA NA

Lifeway Foods Inc. LWAY 13.90 99.3% 227 5 5 228 81 11 16.3% 14.7% 35.7% 13.8% 32.8x 2.81x 20.3x 2.20x 15.0x

Saputo, Inc. TSX:SAP 49.82 98.2% 9,795 516 275 10,036 6,971 841 5.6% 7.4% 12.1% 12.1% 26.4x 1.44x 11.9x 1.17x 9.8x

Mean 2.9% 6.5% 26.4% 11.7% 26.9x 1.60x 13.3x 1.33x 11.3x

Median 5.6% 7.4% 25.3% 12.1% 26.4x 1.44x 11.9x 1.17x 9.8x

Non-Alcoholic Beverages

A.G.Barr p.l.c. LSE:BAG $8.30 93.1% $954 $42 $1 $994 $375 $66 0.9% 5.2% 45.5% 17.6% 24.5x 2.65x 15.0x NA NA

Cott Corporation BCB 10.23 94.7% 976 604 179 1,400 2,251 209 (3.6%) 12.1% 12.9% 9.3% 22.1x 0.62x 6.7x 0.62x 6.2x

Dr Pepper Snapple Group, Inc. DPS 46.67 96.7% 9,519 2,804 377 11,946 5,995 1,310 1.6% 2.7% 58.3% 21.9% 16.2x 1.99x 9.1x 1.94x 9.0x

Green Mountain Coffee Roasters, Inc. GMCR 57.47 96.9% 8,552 422 99 8,876 4,040 805 24.9% 62.9% 33.5% 19.9% 23.8x 2.20x 11.0x 1.91x 9.4x

Lassonde Industries Inc. LAS.A 80.24 91.6% 561 302 24 838 1,026 116 37.1% 27.0% 27.3% 11.3% 13.8x 0.82x 7.2x NA NA

Monster Beverage Corporation MNST 47.66 56.8% 7,890 0 320 7,570 2,061 567 21.0% 21.7% 51.7% 27.5% 30.0x 3.67x 13.3x 3.26x 11.6x

National Beverage Corp. FIZZ 13.83 77.9% 641 60 18 682 660 81 7.1% 3.7% 32.2% 12.3% 14.1x 1.03x 8.4x NA NA

Pepsico, Inc. PEP 79.10 94.8% 123,516 29,400 7,011 145,905 65,645 12,023 (2.0%) 14.0% 52.4% 18.3% 21.2x 2.22x 12.1x 2.14x 11.1x

Starbucks Corporation SBUX 56.87 91.7% 42,613 550 2,460 40,703 13,663 2,460 12.1% 11.4% 56.5% 18.0% 31.4x 2.98x 16.5x 2.64x 12.7x

The Coca-Cola Company KO 40.45 94.6% 180,274 35,118 18,428 196,964 47,915 13,146 1.6% 15.2% 60.3% 27.4% 22.3x 4.11x 15.0x 4.01x 14.0x

Mean 10.1% 17.6% 43.0% 18.4% 22.0x 2.23x 11.4x 2.36x 10.6x

Median 4.4% 13.0% 48.6% 18.2% 22.2x 2.21x 11.6x 2.14x 11.1x

Alcoholic Beverages

Anheuser-Busch InBev SA/NV ENXTBR:ABI $99.36 95.8% $159,188 $44,341 $13,878 $189,651 $39,758 $15,353 1.8% 2.6% 58.6% 38.6% 22.5x 4.77x 12.4x 4.20x 10.8x

Brown-Forman Corporation BF.B 71.05 98.7% 15,399 1,261 387 16,274 2,792 919 2.2% 4.5% 68.7% 32.9% 26.5x 5.83x 17.7x 4.07x 16.0x

Constellation Brands Inc. STZ 47.30 95.5% 8,679 3,305 332 11,653 2,796 672 5.3% (6.0%) 39.9% 24.0% 23.0x 4.17x 17.3x 2.36x 8.6x

Corby Distilleries Limited CDL.A 19.21 98.7% 543 0 117 426 136 39 (12.5%) (4.6%) 61.1% 28.8% 22.1x 3.14x 10.9x 3.18x 9.8x

Diageo plc DGE 31.61 98.0% 79,335 13,739 1,151 91,923 17,950 5,976 13.1% 5.4% 60.9% 33.3% 19.5x 5.12x 15.4x 5.04x 14.8x

Heineken NV ENXTAM:HEIA 75.63 96.4% 44,063 17,579 1,382 60,261 23,953 4,701 7.7% 7.7% 37.4% 19.6% 11.0x 2.52x 12.8x NA NA

Kirin Holdings Company, Limited TSE:2503 15.73 89.8% 14,214 9,711 970 22,955 22,031 3,017 (18.2%) (1.4%) 41.7% 13.7% 28.1x 1.04x 7.6x NA NA

Pernod-Ricard SA RI 125.04 94.9% 32,952 13,299 1,158 45,094 11,218 3,042 8.3% 4.9% 62.1% 27.1% 21.3x 4.02x 14.8x NA NA

SABMiller plc LSE:SAB 52.77 97.1% 88,105 18,621 781 105,945 17,120 5,432 7.5% 9.7% 69.0% 31.7% 19.7x 6.19x 19.5x NA NA

Sapporo Holdings Ltd. TSE:2501 4.07 92.1% 1,499 2,709 98 4,111 4,963 444 (15.9%) 8.3% 36.4% 9.0% 30.7x 0.83x 9.2x NA NA

Mean (0.1%) 3.1% 53.6% 25.9% 22.4x 3.76x 13.8x 3.77x 12.0x

Median 3.8% 4.7% 59.8% 27.9% 22.3x 4.09x 13.8x 4.07x 10.8x

Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $42.71 89.6% $1,027 $68 $187 $907 $1,237 $110 14.5% 11.1% 16.4% 8.9% 11.0x 0.73x 8.2x 0.69x 6.1x

JBS S.A. BOVESPA:JBSS3 3.34 81.2% 9,519 10,002 2,628 16,893 36,952 2,076 11.4% 22.7% 11.5% 5.6% 24.8x 0.46x 8.1x NA NA

Sanderson Farms, Inc. SAFM 54.44 91.9% 1,253 161 24 1,390 2,464 156 19.1% 10.6% 7.1% 6.3% 24.1x 0.56x 8.9x 0.55x 6.7x

Seaboard Corp. SEB 2,770.00 94.4% 3,318 185 398 3,105 6,189 400 7.7% 19.8% 9.1% 6.5% 11.5x 0.50x 7.8x 0.47x NA

Smithfield Foods, Inc. SFD 26.03 95.2% 3,612 2,364 139 5,837 13,110 808 0.8% 5.6% 10.6% 6.2% 16.7x 0.45x 7.2x 0.44x 6.7x

Tyson Foods, Inc. TSN 24.65 98.2% 8,739 2,426 951 10,214 33,351 1,779 1.1% 7.5% 6.6% 5.3% 14.7x 0.31x 5.7x 0.29x 5.4x

Mean 9.1% 12.9% 10.2% 6.5% 17.1x 0.50x 7.7x 0.49x 6.3x

Median 9.6% 10.9% 9.8% 6.3% 15.7x 0.48x 8.0x 0.47x 6.4x

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 4/1/13 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 $29.75 96.1% $442 $50 $9 $483 $573 $35 4.5% 18.9% 10.8% 6.1% 24.4x 0.84x 13.7x 0.75x 11.0x

Chiquita Brands International Inc. CQB 7.54 85.5% 350 606 53 903 3,078 71 (1.9%) (3.9%) 11.2% 2.3% NM 0.29x 12.7x 0.29x 6.3x

Dole Food Company Inc. DOLE 10.69 70.4% 946 1,694 92 2,548 4,247 123 (11.1%) (14.4%) 8.7% 2.9% NM 0.60x 20.7x 0.61x 17.6x

Fresh Del Monte Produce Inc. FDP 26.86 96.7% 1,552 126 48 1,630 3,421 235 (4.7%) (0.7%) 10.0% 6.9% 10.9x 0.48x 6.9x 0.49x 7.5x

Seneca Foods Corp. SENE.A 32.23 92.1% 350 270 13 608 1,276 87 2.9% (0.3%) 10.2% 6.8% 11.2x 0.48x 7.0x NA NA

Mean (2.1%) (0.1%) 10.2% 5.0% 15.5x 0.54x 12.2x 0.53x 10.6x

Median (1.9%) (0.7%) 10.2% 6.1% 11.2x 0.48x 12.7x 0.55x 9.2x

Ingredients / Flavors

Givaudan SA SWX:GIVN $1,232.19 93.6% $11,219 $1,661 $489 $12,391 $4,650 $839 11.0% 6.7% 42.2% 18.0% 25.6x 2.66x 14.8x NA NA

International Flavors & Fragrances Inc. IFF 75.48 97.5% 6,152 1,031 325 6,858 2,821 565 1.2% 6.6% 41.7% 20.0% 24.3x 2.43x 12.1x 2.31x 11.0x

Kerry Group plc ISE:KRZ 59.79 97.7% 10,503 1,994 284 12,212 7,711 882 11.9% 6.0% 100.0% 11.4% 29.3x 1.58x 13.8x NA NA

Sensient Technologies Corporation SXT 38.02 96.5% 1,902 328 0 2,229 1,459 229 0.8% 5.8% 31.9% 15.7% 16.3x 1.53x 9.7x 1.46x 8.0x

Symrise AG XTRA:SY1 39.76 94.8% 4,698 737 156 5,279 2,287 437 11.2% 5.4% 40.4% 19.1% 23.1x 2.31x 12.1x NA NA

Tate & Lyle plc TATE 12.95 97.2% 6,038 1,387 676 6,749 5,125 724 12.6% (2.4%) 38.6% 14.1% 15.5x 1.32x 9.3x NA NA

Mean 8.1% 4.7% 49.1% 16.4% 22.4x 1.97x 12.0x 1.88x 9.5x

Median 11.1% 5.9% 41.0% 16.9% 23.7x 1.95x 12.1x 1.88x 9.5x

Agribusiness

Archer Daniels Midland Company ADM $33.69 98.3% $22,195 $9,540 $2,290 $29,445 $90,559 $2,827 2.7% 13.3% 4.0% 3.1% 15.5x 0.33x 10.4x 0.33x 9.2x

Bunge Limited BG 73.51 90.8% 10,773 8,897 3,722 15,948 60,991 1,585 8.7% 13.3% 4.2% 2.6% 27.2x 0.26x 10.1x 0.24x 7.0x

CF Industries Holdings, Inc. CF 190.02 81.4% 11,972 1,605 2,279 11,298 6,104 3,328 0.1% 32.8% 51.0% 54.5% 6.3x 1.85x 3.4x 1.88x 3.7x

Darling International Inc. DAR 17.65 93.4% 2,086 250 103 2,233 1,701 317 (5.3%) 41.7% 27.6% 18.6% 15.1x 1.31x 7.0x 1.31x 7.0x

Monsanto Company MON 105.79 98.6% 56,593 2,206 4,695 54,104 14,728 4,402 12.9% 11.6% 52.4% 29.9% 22.1x 3.67x 12.3x 3.46x 11.7x

Omega Protein Corp. OME 10.34 92.2% 206 28 56 177 236 36 (6.4%) 12.6% 17.8% 15.3% 47.8x 0.75x 4.9x 0.69x 3.8x

The Andersons, Inc. ANDE 53.53 97.7% 992 469 138 1,322 5,272 161 15.2% 20.3% 6.8% 3.1% 12.3x 0.25x 8.2x 0.23x 7.3x

The Mosaic Company MOS 59.26 93.4% 25,230 1,073 3,323 22,980 10,102 2,961 (9.4%) 15.9% 28.0% 29.3% 12.9x 2.27x 7.8x 2.18x 7.1x

Mean 2.3% 20.2% 24.0% 19.6% 19.9x 1.34x 8.0x 1.29x 7.1x

Median 1.4% 14.6% 22.7% 17.0% 15.3x 1.03x 8.0x 1.00x 7.1x

Consumer and Retail

Food Retail

Arden Group Inc. ARDN.A $100.15 87.9% $308 $1 $18 $291 $439 $38 2.2% 0.6% 43.6% 8.8% 16.0x 0.66x 7.6x NA NA

Costco Wholesale Corporation COST 105.81 98.2% 46,172 4,871 5,651 45,392 103,128 3,873 10.4% 11.6% 12.5% 3.8% 23.4x 0.44x 11.7x 0.41x 10.7x

Establishments Delhaize Freres DELB 54.74 96.7% 5,522 4,162 1,351 8,333 29,978 1,871 9.3% 1.6% 24.5% 6.2% 37.4x 0.28x 4.5x 0.28x 4.6x

Ingles Markets, Incorporated IMKT.A 20.98 96.0% 509 877 9 1,377 3,724 218 3.3% 4.2% 22.2% 5.9% 11.6x 0.37x 6.3x 0.36x 6.1x

J. Sainsbury plc LSE:SBRY 5.77 97.2% 10,857 4,642 888 14,610 36,696 2,273 7.8% 6.0% 5.4% 6.2% 11.7x 0.40x 6.4x NA NA

Koninklijke Ahold N.V. ENXTAM:AH 15.38 95.9% 15,945 4,291 2,496 17,740 43,409 2,985 10.4% 2.8% 26.0% 6.9% 14.9x 0.41x 5.9x NA NA

Natural Grocers by Vitamin Cottage NGVC 22.14 85.2% 496 16 11 501 357 24 29.5% NA 29.5% 6.7% NM 1.40x 20.9x 1.17x 15.3x

Roundy's, Inc. RNDY 6.56 52.5% 299 697 73 923 3,891 193 1.3% (4.1%) 26.6% 5.0% NM 0.24x 4.8x 0.23x 4.9x

Safeway Inc. SWY 25.70 95.2% 6,158 5,574 396 11,335 44,207 2,238 1.3% 2.7% 27.6% 5.1% 11.7x 0.26x 5.1x 0.25x 5.2x

SUPERVALU Inc. SVU 4.88 74.1% 1,042 6,718 155 7,605 34,773 1,638 (4.8%) (6.3%) 22.3% 4.7% NM 0.22x 4.6x 0.23x 6.2x

The Kroger Co. KR 32.54 96.0% 16,726 8,879 238 25,367 96,751 4,434 7.1% 8.1% 21.1% 4.6% 12.2x 0.26x 5.7x 0.25x 5.9x

The Pantry, Inc. PTRY 12.75 77.9% 301 954 24 1,230 7,357 215 (1.1%) 4.3% 11.1% 2.9% NM 0.17x 5.7x 0.15x 5.2x

Village Super Market Inc. VLGE.A 33.24 86.8% 458 43 107 395 1,457 72 6.6% 6.0% 27.1% 4.9% 21.5x 0.27x 5.5x 0.26x NA

Weis Markets, Inc. WMK 40.30 87.7% 1,084 0 104 980 2,701 178 (1.9%) 2.4% 27.5% 6.6% 13.2x 0.36x 5.5x 0.36x NA

Whole Foods Market, Inc. WFM 85.34 83.8% 15,816 25 926 14,915 12,164 1,121 15.9% 14.0% 35.6% 9.2% 32.5x 1.23x 13.3x 1.10x 11.7x

Mean 6.5% 3.9% 24.2% 5.8% 18.7x 0.46x 7.6x 0.42x 7.6x

Median 6.6% 3.5% 26.0% 5.9% 14.9x 0.36x 5.7x 0.27x 6.0x

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 4/1/13 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 $75.33 94.5% $47 $23 $0 $70 $812 $15 4.8% 8.2% 9.7% 1.9% 7.4x 0.09x 4.5x NA NA

Core-Mark Holding Company, Inc. CORE 51.01 95.1% 587 109 19 677 6,905 84 12.0% 11.2% 6.9% 1.2% 17.8x 0.10x 8.1x 0.07x 6.0x

Nash Finch Co. NAFC 19.50 72.7% 239 373 1 611 4,821 115 (0.7%) (2.6%) 8.2% 2.4% NM 0.13x 5.3x 0.13x 5.9x

Spartan Stores Inc. SPTN 17.67 94.3% 384 171 9 546 2,630 102 1.5% 0.7% 20.8% 3.9% 12.3x 0.21x 5.3x 0.20x 5.4x

United Natural Foods, Inc. UNFI 48.37 79.0% 2,385 175 8 2,552 5,587 210 14.8% 16.6% 17.1% 3.8% 25.1x 0.46x 12.2x 0.40x 10.3x

Mean 6.5% 6.8% 12.5% 2.6% 15.7x 0.20x 7.1x 0.20x 6.9x

Median 4.8% 8.2% 9.7% 2.4% 15.1x 0.13x 5.3x 0.16x 5.9x

Foodservice

Colabor Group Inc. TSX:GCL 7.37 85.8% 200 158 0 357 1,472 39 13.9% 9.2% 2.7% 2.7% NM 0.24x 9.1x 0.25x 8.8x

Sysco Corporation SYY 35.24 98.9% 20,650 3,105 321 23,434 43,434 2,590 5.9% 6.7% 18.0% 6.0% 19.1x 0.54x 9.0x 0.51x 9.3x

The Chefs' Warehouse, Inc. CHEF 17.71 68.2% 370 125 0 495 480 33 19.9% NA 26.0% 6.9% 25.6x 1.03x 14.9x 0.80x 10.8x

Mean 13.2% 8.0% 15.6% 5.2% 22.4x 0.60x 11.0x 0.52x 9.6x

Median 13.9% 8.0% 18.0% 6.0% 22.4x 0.54x 9.1x 0.51x 9.3x

Quick Service Restaurant

AFC Enterprises Inc. AFCE $35.81 97.4% $857 $73 $17 $912 $179 $55 16.3% 6.5% 68.8% 30.9% 26.8x 5.10x 16.5x 4.59x 14.9x

Burger King Worldwide, Inc. BKW 19.36 95.8% 6,782 3,049 547 9,285 1,966 639 (15.8%) (7.8%) 41.6% 32.5% NM 4.72x 14.5x 7.80x 13.9x

Jack in the Box Inc. JACK 34.37 95.5% 1,496 396 10 1,882 1,553 222 6.7% (13.2%) 23.2% 14.3% 21.4x 1.21x 8.5x 1.20x 8.0x

McDonald's Corp. MCD 99.05 95.5% 99,327 13,633 2,340 110,619 27,626 9,842 0.7% 5.9% 39.0% 35.6% 18.5x 4.00x 11.2x 3.83x 10.4x

Sonic Corp. SONC 12.86 98.0% 715 484 42 1,157 538 133 (1.7%) (3.8%) 52.9% 24.8% 19.0x 2.15x 8.7x 2.12x 8.6x

The Wendy's Company WEN 5.72 96.2% 2,248 1,458 453 3,252 2,505 328 3.0% 0.9% 24.9% 13.1% NM 1.30x 9.9x 1.26x 9.2x

Yum! Brands, Inc. YUM 71.17 95.2% 32,078 2,942 776 34,244 13,633 2,872 8.0% 8.0% 26.8% 21.1% 19.2x 2.51x 11.9x 2.49x 12.5x

Mean 2.4% (0.5%) 39.6% 24.6% 21.0x 3.00x 11.6x 3.33x 11.1x

Median 3.0% 0.9% 39.0% 24.8% 19.2x 2.51x 11.2x 2.49x 10.4x

Casual Dining Restaurant

BJ's Restaurants, Inc. BJRI $32.73 66.5% $921 $0 $33 $888 $708 $84 14.1% 18.4% 19.4% 11.8% 29.5x 1.25x 10.6x 1.11x 9.3x

Bloomin' Brands, Inc. BLMN 17.75 81.8% 2,161 1,494 262 3,394 3,988 341 3.8% NA 16.8% 8.6% 47.5x 0.85x 10.0x 0.81x 7.9x

Brinker International, Inc. EAT 37.25 94.5% 2,637 712 93 3,255 2,844 376 2.1% (0.9%) 18.4% 13.2% 18.8x 1.14x 8.7x 1.12x 7.7x

Buffalo Wild Wings Inc. BWLD 86.79 93.2% 1,617 0 31 1,586 1,041 153 32.6% 24.5% 24.2% 14.7% 30.3x 1.52x 10.3x 1.25x 8.6x

Chuy's Holdings, Inc. CHUY 31.41 89.8% 510 5 6 509 173 22 32.2% NA 20.9% 12.7% NM 2.95x 23.1x 2.50x 19.5x

Darden Restaurants, Inc. DRI 50.90 87.9% 6,607 2,772 107 9,273 8,319 1,063 5.0% 4.8% 22.6% 12.8% 14.9x 1.11x 8.7x 1.03x 8.4x

Del Frisco's Restaurant Group, Inc. DFRG 16.89 88.9% 402 0 11 391 232 38 17.0% 19.7% 26.3% 16.2% 22.8x 1.68x 10.4x 1.41x 8.8x

DineEquity, Inc. DIN 69.36 88.5% 1,330 1,397 65 2,662 850 282 (21.0%) (15.6%) 48.2% 33.2% 10.4x 3.13x 9.4x 4.16x 10.6x

Ignite Restaurant Group, Inc. IRG 14.94 75.2% 383 45 7 421 465 45 14.8% NA 34.1% 9.8% 44.2x 0.91x 9.3x 0.64x 7.8x

Red Robin Gourmet Burgers Inc. RRGB 45.06 96.0% 632 136 22 746 977 101 6.8% 5.1% 22.0% 10.3% 23.2x 0.76x 7.4x 0.73x 7.1x

Ruby Tuesday, Inc. RT 7.79 83.0% 471 306 32 745 1,307 90 0.0% 2.9% 18.0% 6.9% NM 0.57x 8.3x 0.59x 7.2x

Ruth's Hospitality Group Inc. RUTH 9.55 94.6% 340 45 8 377 399 45 7.9% 5.5% 21.4% 11.3% NM 0.95x 8.3x 0.91x 8.3x

Texas Roadhouse, Inc. TXRH 19.94 97.2% 1,382 56 82 1,356 1,263 164 13.9% 10.3% 34.2% 13.0% 19.8x 1.07x 8.3x 0.95x 7.7x

The Cheesecake Factory Incorporated CAKE 37.99 98.2% 1,979 55 84 1,950 1,809 223 2.9% 4.1% 43.0% 12.3% 21.2x 1.08x 8.8x 1.02x 8.0x

Mean 9.4% 7.2% 26.4% 13.3% 25.7x 1.36x 10.1x 1.30x 9.1x

Median 7.3% 5.1% 22.3% 12.5% 22.8x 1.10x 9.0x 1.03x 8.1x

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 4/1/13 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 $321.06 72.7% $9,935 $0 $508 $9,428 $2,817 $566 17.4% 21.4% 37.4% 20.1% 39.7x 3.35x 16.7x 2.86x 14.1x

Fiesta Restaurant Group, Inc. FRGI 26.18 96.3% 619 204 16 807 510 62 7.3% NA 24.2% 12.1% NM 1.58x 13.1x 1.46x 11.8x

Panera Bread Co. PNRA 166.66 89.8% 4,932 7 297 4,641 2,130 374 16.9% 16.3% 23.5% 17.6% 30.8x 2.18x 12.4x 1.90x 10.6x

Mean 13.9% 18.9% 28.3% 16.6% 35.2x 2.37x 14.1x 2.07x 12.2x

Median 16.9% 18.9% 24.2% 17.6% 35.2x 2.18x 13.1x 1.90x 11.8x

Pizza

CEC Entertainment Inc. CEC $32.59 82.8% $565 $412 $20 $958 $803 $169 (2.2%) (0.6%) 27.6% 21.0% 12.8x 1.19x 5.7x 1.17x 5.8x

Domino's Pizza, Inc. DPZ 50.84 96.1% 2,870 1,561 55 4,376 1,678 306 1.6% 6.1% 29.9% 18.2% 26.5x 2.61x 14.3x 2.47x 13.4x

Papa John's International Inc. PZZA 61.57 98.7% 1,383 88 16 1,455 1,343 133 10.2% 7.6% 31.0% 9.9% 23.9x 1.08x 10.9x 1.03x 10.2x

Mean 3.2% 4.4% 29.5% 16.4% 21.1x 1.63x 10.3x 1.56x 9.8x

Median 1.6% 6.1% 29.9% 18.2% 23.9x 1.19x 10.9x 1.17x 10.2x

Beverage / Snack Retail

Dunkin' Brands Group, Inc. DNKN $36.72 91.8% $3,902 $1,860 $253 $5,510 $658 $305 4.8% NA 78.8% 46.3% 40.6x 8.37x 18.1x 7.77x 14.7x

Jamba, Inc. JMBA 2.89 94.1% 238 0 31 207 229 13 1.0% (8.8%) 22.9% 5.5% NM 0.90x 16.3x 0.85x 10.8x

Krispy Kreme Doughnuts, Inc. KKD 14.23 92.8% 928 26 66 888 436 48 8.1% 7.9% 16.8% 11.0% 46.7x 2.04x 18.5x 1.92x 15.8x

Tim Hortons Inc. THI 53.73 95.3% 8,242 534 121 8,656 3,135 734 11.7% 10.6% 24.3% 23.4% 21.0x 2.76x 11.8x 2.71x 11.1x

Mean 6.4% 3.2% 35.7% 21.6% 36.1x 3.52x 16.2x 3.31x 13.1x

Median 6.4% 7.9% 23.6% 17.2% 40.6x 2.40x 17.2x 2.32x 12.9x

Family Restaurant

Bob Evans Farms, Inc. BOBE $41.96 92.5% $1,170 $190 $4 $1,355 $1,669 $193 0.5% (0.9%) 37.7% 11.6% 21.8x 0.81x 7.0x 1.00x 7.2x

Denny's Corporation DENN 5.64 96.2% 521 190 14 698 488 80 (9.3%) (7.0%) 37.3% 16.4% 24.2x 1.43x 8.7x 1.52x 8.8x

Frisch's Restaurants, Inc. FRS 17.97 53.6% 91 18 3 106 202 21 57.9% (11.6%) 8.6% 10.3% 13.2x 0.52x 5.1x 0.51x NA

Luby's, Inc. LUB 7.19 83.3% 203 26 3 226 358 25 0.7% 13.5% 37.8% 7.1% 30.8x 0.63x 8.9x 0.57x NA

Mean 12.5% (1.5%) 30.4% 11.3% 22.5x 0.85x 7.4x 0.90x 8.0x

Median 0.6% (4.0%) 37.5% 11.0% 23.0x 0.72x 7.9x 0.78x 8.0x

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

April 2013

Date Company

4/23/2013 Associated British Foods plc (LSE:ABF)

4/23/2013 Panera Bread Co. (NasdaqGS:PNRA)

4/23/2013 Yum! Brands, Inc. (NYSE:YUM)

4/24/2013 Dr Pepper Snapple Group, Inc. (NYSE:DPS)

4/24/2013 The Cheesecake Factory Incorporated (NasdaqGS:CAKE)

4/25/2013 Lancaster Colony Corporation (NasdaqGS:LANC)

4/25/2013 The Hershey Company (NYSE:HSY)

4/25/2013 Starbucks Corporation (NasdaqGS:SBUX)

4/29/2013 J&J Snack Foods Corp. (NasdaqGS:JJSF)

4/29/2013 Buffalo Wild Wings Inc. (NasdaqGS:BWLD)

4/30/2013 Archer Daniels Midland Company (NYSE:ADM)

4/30/2013 Domino's Pizza, Inc. (NYSE:DPZ)

4/30/2013 Fresh Del Monte Produce Inc. (NYSE:FDP)

May 2013

Date Company

5/1/2013 Cott Corporation (TSX:BCB)

5/2/2013 Harris Teeter Supermarkets, Inc. (NYSE:HTSI)

5/2/2013 Kellogg Company (NYSE:K)

5/2/2013 The Hain Celestial Group, Inc. (NasdaqGS:HAIN)

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

5/7/2013 Snyder's-Lance, Inc. (NasdaqGS:LNCE)

5/7/2013 Mondelez International, Inc. (NasdaqGS:MDLZ)

5/7/2013 SunOpta Inc. (TSX:SOY)

5/7/2013 Whole Foods Market, Inc. (NasdaqGS:WFM)

5/8/2013 JBS S.A. (BOVESPA:JBSS3)

5/8/2013 Sapporo Holdings Ltd. (TSE:2501)

5/8/2013 The Wendy's Company (NasdaqGS:WEN)

5/8/2013 Green Mountain Coffee Roasters, Inc. (NasdaqGS:GMCR)

5/9/2013 Treehouse Foods, Inc. (NYSE:THS)

5/13/2013 Jack in the Box Inc. (NasdaqGS:JACK)

5/16/2013 Flowers Foods, Inc. (NYSE:FLO)

5/20/2013 Campbell Soup Co. (NYSE:CPB)

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

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

June 2013

Date Company

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

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

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

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

Earnings

Release

Calendar5

15 of 16

Food and Beverage Earnings Release Calendar

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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