www.harriswilliams.com

Member FINRA/SIPC

Food & Beverage Industry Update

03/07/2012

Boston

Phone: +1 (617) 482-7501

Fax: +1 (617) 482-7503

Cleveland

Phone: +1 (216) 689-2400

Fax: +1 (216) 689-2401

London

Phone: +44 203 170 8838

Fax: +44 207 681 1907

Minneapolis

Phone: +1 (612) 359-2700

Fax: +1 (612) 359-2701

Philadelphia

Phone: +1 (267) 675-5900

Fax: +1 (267) 675-5901

Richmond

Phone: +1 (804) 648-0072

Fax: +1 (804) 648-0073

San Francisco

Phone: +1 (415) 288-4260

Fax: +1 (415) 288-4269

Announced Target Buyer1/0/1900 0 0

2/29/2012 Snopac Products, Inc. Icicle Seafoods, Inc.

2/29/2012 FoodShouldTasteGood, Inc. General Mills, Inc.

2/27/2012 Miller Milling Company Nisshin Flour Milling, Inc.

2/21/2012 Grote & Weigel, Inc. Rachael's Food Corporation

2/17/2012 Talbott Teas, LLC Jamba Juice Company

2/15/2012 Emporia Pet Food Products Cargill, Inc.

2/15/2012 The Wimble Company Kellogg Company

2/13/2012 The Guida-Seibert Dairy Company, Inc. Dairy Farmers of America

2/10/2012 Mona Lisa Food Products, Inc. Barry Callebaut AG

2/6/2012 Crispin Cider Co. Corp. MillerCoors LLC

Food & Beverage

Industry Update

03/07/2012

Net Debt /

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

Food and Beverage

Branded Processed Foods 4.7% 7.2% (4.8%) (7.2%) 15.3x 17.9x 10.6x 1.8x

Private Label Foods (0.9%) 16.1% 2.2% 1.6% 18.8x 24.2x 11.1x 3.1x

Natural / Organic Foods 18.9% 38.0% (16.0%) (10.9%) 22.3x 30.2x 15.1x 2.7x

Baked Goods / Snack Foods (0.9%) 9.6% (3.2%) 15.0% 17.7x 17.4x 8.3x 2.2x

Dairy 8.2% 3.3% (0.4%) 6.4% 15.2x 16.4x 9.8x 0.9x

Non-Alcholic Beverages 3.5% 7.2% 1.5% 3.9% 16.9x 18.7x 11.9x 1.6x

Alcoholic Beverages 6.3% 13.5% 5.1% 6.0% 15.4x 20.3x 11.2x 3.0x

Inputs

Protein Processing (1.3%) 13.8% 4.8% 43.0% 10.4x 9.9x 5.4x 1.3x

Fruit and Vegetable 7.4% (14.7%) 4.3% (6.0%) 10.7x 19.5x 7.2x 3.8x

Ingredients / Flavors 5.7% 7.8% 6.7% 19.7% 14.2x 17.4x 10.5x 1.7x

Agribusiness 8.9% (9.6%) 8.4% (28.6%) 11.8x 11.0x 6.8x 1.6x

Consumer

Food Retail (0.5%) 1.0% 0.0% 0.6% 15.6x 14.9x 5.6x 2.0x

Foodservice / Distribution 2.8% 3.7% 4.0% 0.8% 13.3x 18.1x 8.2x 1.2x

Fast Food 12.2% 16.8% 5.1% 11.1% 18.4x 22.1x 9.8x 2.6x

Casual Dining 13.9% 14.7% 10.2% 2.7% 15.9x 17.2x 7.9x 0.4x

Overall Median* 4.7% 6.7% 1.5% (0.5%) 15.2x 17.1x 9.0x 1.9x

*Fast Food and Casual Dining excluded from overall median calculation.

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

Quarterly M&A Activity Last 10 Deals Announced

LTM Deal Statistics

Key Trading

Statistics1

Announced

Food and

Beverage

M&A1

Contacts

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

Brant Cash, Jeff Cleveland, or Ryan Budlong at +1 (612) 359-2700 or *consumerteam@harriswilliams.com.

Aggregate Number Transaction Multiples

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

$326.6 176 0.85x 8.7x

5557

46 47 47 48 47

35

25

36

22

3436

46 47

25

33

49

35

43

33

1211

15

8 73 6

5

5

2

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4

7

57

13

6

7

7

5

0

0

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30

40

50

60

70

80

Q1

07

Q2

07

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

Nu

mb

er o

f T

ra

nsa

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s__

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

2 of 13

Del Monte Canada has been acquired by ConAgra Foods. Harris Williams & Co. acted as

the exclusive advisor to Del Monte Canada. Link

Icicle Seafoods, which is backed by Paine & Partners, has agreed to acquire Snopac

Products. The financial terms have not been announced. Link

General Mills announced the acquisition of Food Should Taste Good®, a rapidly-growing

natural snack foods company based in Needham Heights, Mass., on February 29, 2012.

Link

The New York Times reported the government is attempting to reduce childhood obesity by

restricting consumables stocked in school vending machines, as children consume up to

50% of their daily food intake at school. Link

TIME Healthland reported that as part of the growing national anti-obesity campaign, food

manufacturers will trim 1.5 trillion calories from products by 2015. Link

Industry

Recent Equity

Offerings2 Close Date Filing Date Issuer Ticker

Transaction

Type

Gross Proceeds

($mm) Use of Funds

02/22/12 2/22/2012 Attitude Drinks Inc ATTD.OB Convertible $1.0 Capex, Working Capital

Reduce Indebtedness

02/15/12 2/15/2012 AgriMarine Holdings Inc FSH.V Follow-On $10.0 Working Capital

General Corp. Purp.

01/26/12 01/26/12 Jones Soda Co JSDA Follow-On $3.2 General Corp. Purp.

11/22/11 01/20/12 Russell Breweries Inc RB Follow-On $0.8 General Corp. Purp.

11/15/11 01/16/12 Asantae Holdings Intl Inc JVA Follow-On $0.3 General Corp. Purp.

12/08/11 12/08/11 Pilgrim's Pride Corp PGODQ Follow-On $200.0 General Corp. Purp.

12/02/11 11/15/11 Asantae Holdings Intl Inc JVA Follow-On $0.3 General Corp. Purp.

12/02/11 12/02/11 Mountain Valley Spring Co WATR IPO $23.0 General Corp. Purp.

12/01/11 12/01/11 Annie's Inc BNNY IPO $100.0 General Corp. Purp.

11/22/11 11/22/11 Russell Breweries Inc RB Follow-On $0.5 General Corp. Purp.

11/16/11 11/16/11 Rogers Sugar Inc RSI Convertible $58.6 General Corp. Purp.

Reduce Indebtedness

09/30/11 09/30/11 Bollente Cos Inc ACBRD Follow-On $0.1 General Corp. Purp.

09/27/11 08/19/11 Coffee Holding Co Inc JVA Follow-On $2.0 General Corp. Purp.

3 of 13

Food & Beverage

Industry Update

03/07/2012

Quarterly Loan Volume Average Spread on Food and Beverage Loans

Credit Statistics* Average Secondary Spreads

$0

$2

$4

$6

$8

$10

$12

4Q05 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11

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Pro Rata Institutional

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

2005 2006 2007 2008 2009 2010 2011

Av

era

ge S

prea

d O

ver L

IBO

R

Revolving Credit / Term Loan A Weighted-Average Institutional

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

2005 2006 2007 2008 2009 2010 2011

Food and

Beverage Loan

Activity3

Recent Debt

Offerings4

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000A

vera

ge S

prea

d O

ver L

IBO

R

Borrower Name Description Tranche Amount Type Rating Spread

03/02/12 Kellogg Co Cereal breakfast foods $1,000,000,000 Bridge Loan BBB+ / Baa1 N/A

03/01/12 Bi-Lo LLC Grocery stores 700,000,000 Other Loan B / WR 200

03/01/12 Focus Brands Inc Retail bakeries 15,000,000 Revolver/Line >= 1 Yr. B / B1 N/A

03/01/12 Focus Brands Inc Retail bakeries 305,000,000 Term Loan B B / B1 500

03/01/12 Focus Brands Inc Retail bakeries 115,000,000 Term Loan B / B1 900

02/23/12 DS Waters LP Bottled and canned soft drinks 285,000,000 Term Loan B B / WR 900

02/23/12 DS Waters LP Bottled and canned soft drinks 55,000,000 Delay Draw Term Loan B / WR 900

02/23/12 DS Waters LP Bottled and canned soft drinks 105,000,000 Term Loan B / WR 950

02/23/12 DS Waters LP Bottled and canned soft drinks 20,000,000 Delay Draw Term Loan B / WR 950

02/23/12 DS Waters LP Bottled and canned soft drinks 70,000,000 Revolver/Line >= 1 Yr. B / WR N/A

02/13/12 Great Atlantic & Pacific Tea CoGrocery stores 350,000,000 Term Loan NR / WR 700

02/13/12 Great Atlantic & Pacific Tea CoGrocery stores 400,000,000 Revolver/Line >= 1 Yr. NR / WR N/A

02/12/12 C&S Wholesale Grocers Groceries, general line 800,000,000 Revolver/Line >= 1 Yr. NR / NR 150

02/06/12 Friona Industries LP Prepared feeds 350,000,000 Revolver/Line >= 1 Yr. NR / NR 225

02/02/12 Post Holdings Cereal breakfast foods 175,000,000 Revolver/Line >= 1 Yr. B+ / B1 200

02/02/12 Post Holdings Cereal breakfast foods 175,000,000 Term Loan A B+ / B1 200

02/02/12 DS Waters LP Bottled and canned soft drinks 390,000,000 Term Loan B / WR N/A

4 of 13

Food & Beverage

Industry Update

03/07/2012

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

($ in millions, except per share data) Ticker 3/2/12 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage

Branded Processed Foods

Campbell Soup Co. CPB $33.19 93.1% $10,579 $2,878 $322 $13,135 $7,693 $1,559 1.0% (1.2%) 39.5% 20.3% 14.3x 1.71x 8.4x 1.69x 8.8x

ConAgra Foods, Inc. CAG 26.14 95.6% 10,785 3,034 707 13,112 12,827 1,665 7.1% 1.4% 22.5% 13.0% 14.9x 1.02x 7.9x 0.97x 7.5x

General Mills, Inc. GIS 38.19 93.0% 24,619 7,930 509 32,040 15,752 3,039 7.0% 3.1% 37.1% 19.3% 16.3x 2.03x 10.5x 1.88x 9.4x

The Hershey Company HSY 61.33 98.3% 13,831 1,888 694 15,026 6,081 1,287 7.2% 5.8% 42.4% 21.2% 22.4x 2.47x 11.7x 2.31x 10.7x

H. J. Heinz Company HNZ 52.98 96.3% 16,948 5,028 883 21,093 11,488 1,987 9.0% 4.1% 35.9% 17.3% 17.7x 1.84x 10.6x 1.76x 9.9x

Hormel Foods Corp. HRL 28.39 93.1% 7,496 250 625 7,121 8,013 795 8.1% 5.5% 16.2% 9.9% 17.0x 0.89x 9.0x 0.84x 8.3x

Kellogg Company K 52.11 90.3% 18,612 6,032 460 24,184 13,198 2,406 6.5% 1.0% 41.6% 18.2% 15.4x 1.83x 10.1x 1.75x 10.0x

Kraft Foods Inc. KFT 38.25 97.9% 67,635 27,501 2,062 93,074 54,365 8,656 10.5% 10.3% 35.0% 15.9% 19.2x 1.71x 10.8x 1.67x 9.8x

McCormick & Co. Inc. MKC 50.80 97.3% 6,711 1,252 73 7,891 3,698 650 10.8% 5.2% 41.2% 17.6% 18.2x 2.13x 12.1x 1.99x 11.3x

Nestlé S.A. NESN 60.81 98.8% 188,005 25,511 8,272 205,243 121,736 19,202 32.8% 8.7% 56.7% 15.8% 20.7x 1.69x 10.7x NA NA

Sara Lee Corp. SLE 21.83 105.8% 12,914 2,447 2,751 12,610 9,020 1,159 18.4% (10.1%) 32.0% 12.8% NM 1.40x 10.9x 1.56x 10.1x

The Hain Celestial Group, Inc. HAIN 41.00 96.9% 1,818 451 24 2,245 1,258 148 26.5% 3.3% 27.8% 11.8% 30.2x 1.78x 15.1x 1.38x 11.9x

The J. M. Smucker Company SJM 76.35 93.8% 8,599 2,071 370 10,300 5,358 1,086 13.8% 17.8% 34.9% 20.3% 19.4x 1.92x 9.5x 1.79x 8.9x

Mean 12.2% 4.2% 35.6% 16.4% 18.8x 1.73x 10.6x 1.63x 9.7x

Median 9.0% 4.1% 35.9% 17.3% 17.9x 1.78x 10.6x 1.72x 9.8x

Private Label Foods

Flowers Foods, Inc. FLO $19.47 84.2% $2,648 $122 $9 $2,761 $2,754 $295 7.0% 4.5% 48.0% 10.7% 21.6x 1.00x 9.4x 0.93x 8.6x

Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.32 96.7% 10,920 3,385 284 14,021 9,592 1,059 1.1% 17.5% 51.2% 11.0% 26.2x 1.46x 13.2x 1.11x 9.6x

Snyder's-Lance, Inc. LNCE 22.08 92.2% 1,498 260 21 1,737 1,635 151 66.9% 24.2% 34.9% 9.2% 39.4x 1.06x 11.5x 1.08x 10.4x

Ralcorp Holdings Inc. RAH 74.30 81.3% 4,102 2,800 62 6,840 4,949 779 17.0% 16.3% 25.5% 15.7% NM 1.38x 8.8x 1.57x 10.4x

Seneca Foods Corp. SENE.B 23.90 80.2% 280 302 11 571 1,244 48 1.9% 0.3% 7.4% 3.9% NA 0.46x 11.8x 0.42x 8.6x

Treehouse Foods, Inc. THS 56.93 84.7% 2,045 905 3 2,947 2,050 278 12.8% 11.0% 23.1% 13.5% 22.2x 1.44x 10.6x 1.33x 9.4x

Mean 17.8% 12.3% 31.7% 10.7% 27.4x 1.13x 10.9x 1.07x 9.5x

Median 9.9% 13.7% 30.2% 10.9% 24.2x 1.22x 11.1x 1.10x 9.5x

Natural / Organic Foods

Monster Beverage Corporation MNST $58.59 101.1% $10,213 $0 $771 $9,442 $1,703 $473 30.6% 18.1% 52.5% 27.8% 38.3x 5.54x 20.0x 4.74x 16.9x

SunOpta Inc. TSX:SOY 5.16 60.8% 340 162 8 494 1,055 57 21.7% 1.1% 13.4% 5.4% 20.4x 0.47x 8.7x 0.42x 6.9x

The Hain Celestial Group, Inc. HAIN 41.00 96.9% 1,818 451 24 2,245 1,258 148 26.5% 3.3% 27.8% 11.8% 30.2x 1.78x 15.1x 1.38x 11.9x

United Natural Foods, Inc. UNFI 44.72 90.8% 2,180 234 17 2,397 4,694 175 19.6% 10.3% 18.1% 3.7% 29.4x 0.51x 13.7x 0.45x 11.7x

Whole Foods Market, Inc. WFM 82.81 100.4% 15,102 19 849 14,272 10,495 893 12.0% 9.6% 35.0% 8.5% 39.9x 1.36x 16.0x 1.18x 13.8x

Mean 22.1% 8.5% 29.4% 11.4% 31.7x 1.93x 14.7x 1.64x 12.2x

Median 21.7% 9.6% 27.8% 8.5% 30.2x 1.36x 15.1x 1.18x 11.9x

Baked Goods / Snack Foods

ARYZTA AG YZA $48.66 95.5% $0 $2,202 $694 $1,508 $5,579 $698 42.1% 10.4% 28.4% 12.5% NA 0.27x 2.2x NA NA

Associated British Foods plc ABF 18.98 96.9% 14,955 2,569 539 16,985 17,482 1,927 10.0% 5.8% 24.6% 11.0% 17.4x 0.97x 8.8x NA NA

Diamond Foods, Inc. DMND 24.79 25.8% 547 532 3 1,075 966 139 42.0% 22.0% 26.0% 14.4% 11.2x 1.11x 7.7x 0.73x 4.9x

Flowers Foods, Inc. FLO 19.47 84.2% 2,648 122 9 2,761 2,754 295 7.0% 4.5% 48.0% 10.7% 21.6x 1.00x 9.4x 0.93x 8.6x

George Weston Limited WN 64.07 85.5% 8,213 7,994 3,673 12,534 31,847 2,332 (1.0%) 6.8% 24.6% 7.3% 13.9x 0.39x 5.4x 0.37x 5.0x

Golden Enterprises Inc. GLDC 3.28 84.1% 38 8 2 44 135 8 5.8% 5.0% 47.2% 5.7% 14.9x 0.33x 5.8x NA NA

Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.32 96.7% 10,920 3,385 284 14,021 9,592 1,059 1.1% 17.5% 51.2% 11.0% 26.2x 1.46x 13.2x 1.11x 9.6x

J&J Snack Foods Corp. JJSF 49.41 88.9% 928 1 103 826 761 104 8.2% 6.0% 30.2% 13.7% 17.4x 1.09x 7.9x 1.02x NA

John B Sanfilippo & Son Inc. JBSS 10.74 81.4% 115 81 4 192 684 41 9.4% 7.9% 13.8% 5.9% 13.9x 0.28x 4.7x NA NA

Lancaster Colony Corporation LANC 63.96 88.8% 1,743 0 162 1,581 1,095 156 1.4% 2.4% 21.1% 14.2% 17.4x 1.44x 10.2x 1.40x 9.5x

Penford Corporation PENX 5.94 81.7% 67 62 0 129 334 20 28.7% 17.8% 10.9% 6.0% NM 0.39x 6.4x 0.38x 4.2x

Ralcorp Holdings Inc. RAH 74.30 81.3% 4,102 2,800 62 6,840 4,949 779 17.0% 16.3% 25.5% 15.7% NM 1.38x 8.8x 1.57x 10.4x

Inventure Foods, Inc. SNAK 4.30 87.8% 78 28 1 105 162 10 21.1% 12.8% 18.6% 6.0% 28.7x 0.65x 10.7x 0.60x 6.6x

Mean 12.6% 10.4% 28.5% 10.2% 18.3x 0.87x 8.3x 0.90x 7.3x

Median 8.8% 7.3% 25.0% 10.9% 17.4x 0.99x 8.3x 0.93x 7.6x

EV / LTM EV / 2011ERevenue Growth LTM MarginsLast Twelve Months (LTM)

Food & Beverage

Industry Update

03/07/2012 Trading Statistics Detail1

5 of 13

Member FINRA/SIPC

Member FINRA/SIPC

Trading Statistics Detail (continued)1

6 of 13

Food & Beverage

Industry Update

03/07/2012

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

($ in millions, except per share data) Ticker 3/2/12 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Dairy

Dean Foods Company DF $12.40 89.2% $2,285 $3,868 $115 $6,038 $13,055 $720 7.7% 1.8% 23.1% 5.5% NM 0.46x 8.4x 0.47x 7.5x

Fromageries Bel FBEL 184.00 72.3% 1,662 603 163 2,102 3,590 375 26.7% 2.4% 29.0% 10.4% 15.6x 0.59x 5.6x NA NA

Glanbia plc GL9 7.80 100.0% 2,294 1,048 219 3,122 3,590 298 48.4% 0.1% 17.0% 8.3% 13.9x 0.87x 10.5x NA NA

Danone BN 67.26 95.9% 40,393 0 0 40,393 25,096 4,465 12.5% 6.9% 100.0% 17.8% NA 1.61x 9.0x NA NA

Lifeway Foods Inc. LWAY 8.98 75.5% 148 8 3 152 68 8 25.7% 15.5% 34.3% 11.8% 49.6x 2.24x 19.0x 1.88x 15.2x

Saputo, Inc. TSX:SAP 41.06 100.0% 8,180 536 104 8,611 6,621 813 11.5% 13.2% 12.3% 12.3% 17.3x 1.30x 10.6x 1.22x 9.7x

Mean 22.1% 6.7% 35.9% 11.0% 24.1x 1.18x 10.5x 1.19x 10.8x

Median 19.1% 4.7% 26.1% 11.1% 16.4x 1.09x 9.8x 1.22x 9.7x

Non-Alcholic Beverages

AG Barr plc LSE:BAG $18.70 82.4% $716 $33 $8 $741 $374 $67 10.4% 7.2% 51.0% 17.9% 19.1x 1.98x 11.1x NA NA

Cott Corporation BCB 6.52 74.3% 620 606 101 1,124 2,335 199 29.5% 12.3% 11.8% 8.5% 15.8x 0.48x 5.6x 0.47x 5.1x

Dr Pepper Snapple Group, Inc. DPS 37.80 87.6% 8,016 2,708 709 10,015 5,903 1,235 4.7% 1.1% 57.9% 20.9% 13.8x 1.70x 8.1x 1.65x 7.7x

Green Mountain Coffee Roasters Inc. GMCR 68.29 58.9% 10,575 488 84 10,979 3,235 626 104.0% 78.3% 33.9% 19.3% 35.2x 3.39x 17.5x 2.36x 12.1x

Monster Beverage Corporation MNST 58.59 101.1% 10,213 0 771 9,442 1,703 473 30.6% 18.1% 52.5% 27.8% 38.3x 5.54x 20.0x 4.74x 16.9x

Jones Soda Co. JSDA 0.52 33.8% 17 0 3 14 17 (7) (8.4%) (21.7%) 24.2% NM NM 0.81x NM NA NA

Lassonde Industries Inc. LAS.A 68.50 87.4% 479 332 2 809 608 68 16.2% 9.0% 14.2% 11.2% 13.7x 1.33x 11.9x 0.86x 6.4x

National Beverage Corp. FIZZ 15.58 87.7% 721 0 22 699 611 77 2.3% 2.5% 35.8% 12.6% 16.8x 1.14x 9.1x 1.11x 8.4x

Pepsico, Inc. PEP 62.52 87.0% 98,197 26,773 4,425 120,545 66,504 13,112 15.0% 15.4% 52.6% 19.7% 15.5x 1.81x 9.2x 1.78x 9.6x

Peet's Coffee & Tea, Inc. PEET 64.60 92.3% 849 0 35 814 372 49 11.4% 9.3% 19.4% 13.1% 48.6x 2.19x 16.7x 1.99x 15.2x

Starbucks Corporation SBUX 48.89 99.0% 36,834 550 2,273 35,110 12,186 2,140 11.4% 6.0% 56.9% 17.6% 29.3x 2.88x 16.4x 2.57x 12.9x

The Coca-Cola Company KO 69.18 96.4% 156,568 28,568 14,035 171,101 46,542 12,847 32.5% 13.4% 60.9% 27.6% 18.7x 3.68x 13.3x 3.56x 12.3x

Mean 21.6% 12.6% 39.3% 17.8% 24.1x 2.25x 12.6x 2.11x 10.6x

Median 13.2% 9.2% 43.4% 17.9% 18.7x 1.90x 11.9x 1.89x 10.9x

Alcoholic Beverages

Anheuser-Busch InBev ENXTBR:ABI $66.81 98.4% $106,543 $47,914 $4,827 $149,630 $38,645 $14,470 7.0% 23.1% 56.5% 37.4% 22.1x 3.87x 10.3x 3.74x 9.3x

Asahi Group Holdings, Ltd. TSE:2502 21.95 98.3% 10,219 4,785 207 14,797 17,943 2,111 38.6% 13.9% 38.0% 11.8% 15.1x 0.82x 7.0x 0.83x 7.7x

Brown-Forman Corporation BF.B 81.11 96.3% 11,483 760 381 11,862 2,737 874 10.9% 1.3% 66.1% 31.9% 20.3x 4.33x 13.6x 3.18x 13.2x

Constellation Brands Inc. STZ 22.23 95.9% 4,494 3,147 56 7,586 2,742 634 (17.6%) (10.3%) 39.1% 23.1% 7.5x 2.77x 12.0x 2.77x 8.3x

Corby Distilleries Ltd. CDL.A 16.20 86.5% 456 0 156 300 154 43 (4.9%) 4.4% 55.0% 28.0% 10.2x 1.95x 7.0x 2.10x 7.2x

Diageo plc DGE 23.84 103.4% 59,362 14,949 1,745 72,567 16,146 4,765 4.5% 0.1% 60.2% 29.5% 22.7x 4.49x 15.2x 4.14x 12.5x

Kirin Holdings Company, Limited TSE:2503 11.90 98.9% 11,444 13,066 991 23,518 25,414 3,504 (5.3%) (3.5%) 41.2% 13.8% NM 0.93x 6.7x NA NA

Pernod-Ricard SA RI 102.78 102.5% 27,029 13,413 1,163 39,280 10,361 2,910 2.0% 1.5% 61.1% 28.1% 17.5x 3.79x 13.5x NA NA

SABMiller plc LSE:SAB 40.93 102.6% 65,144 7,930 954 72,120 15,931 4,840 9.3% (2.8%) 67.7% 30.4% 24.1x 4.53x 14.9x NA NA

Sapporo Holdings Ltd. TSE:2501 3.72 98.7% 1,455 2,529 113 3,872 5,570 570 16.1% 3.1% 36.9% 10.2% 37.5x 0.70x 6.8x NA NA

Mean 6.1% 3.1% 52.2% 24.4% 19.7x 2.82x 10.7x 2.79x 9.7x

Median 5.8% 1.4% 55.7% 28.1% 20.3x 3.28x 11.2x 2.97x 8.8x

Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $39.18 98.0% $935 $82 $200 $817 $1,051 $130 14.5% 3.1% 19.8% 12.4% 13.9x 0.78x 6.3x 0.73x 6.8x

JBS S.A. BOVESPA:JBSS3 4.83 100.0% 14,316 10,371 3,009 21,678 32,094 1,634 12.5% 31.2% 11.2% 5.1% NM 0.68x 13.3x NA NA

Sanderson Farms, Inc. SAFM 51.10 96.0% 1,137 300 4 1,433 2,068 (93) 7.0% 5.7% NM NM NM 0.69x NM 0.63x 6.4x

Seaboard Corp. SEB 1,860.22 68.8% 2,249 173 395 2,028 5,747 436 31.0% 10.4% 11.7% 7.6% 6.5x 0.35x 4.7x NA NA

Smithfield Foods Inc. SFD 23.55 93.8% 3,791 2,163 136 5,817 12,709 1,169 8.7% 1.2% 13.8% 9.2% 7.8x 0.46x 5.0x 0.43x 5.5x

Tyson Foods Inc. TSN 19.43 92.3% 7,169 2,215 857 8,527 32,980 1,565 12.1% 7.0% 5.9% 4.7% 12.1x 0.26x 5.4x 0.25x 4.5x

Mean 14.3% 9.8% 12.5% 7.8% 10.1x 0.54x 6.9x 0.51x 5.8x

Median 12.3% 6.4% 11.7% 7.6% 9.9x 0.57x 5.4x 0.53x 5.9x

EV / 2011ELTM MarginsLast Twelve Months (LTM) EV / LTMRevenue Growth

Member FINRA/SIPC

7 of 13

Food & Beverage

Industry Update

03/07/2012 Trading Statistics Detail (continued)1

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

($ in millions, except per share data) Ticker 3/2/12 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 $27.00 89.3% $399 $42 $3 $438 $523 $23 31.2% 13.1% 8.2% 4.4% 36.0x 0.84x 19.1x 0.72x 9.8x

Chiquita Brands International Inc. CQB 9.40 57.7% 431 572 45 958 3,139 140 (2.7%) (4.5%) 14.3% 4.5% 7.6x 0.31x 6.9x 0.31x 6.5x

Dole Food Company Inc. DOLE 9.42 64.2% 835 1,613 191 2,257 7,245 327 5.5% (1.4%) 10.5% 4.5% NM 0.31x 6.9x 0.31x 6.1x

Fresh Del Monte Produce Inc. FDP 22.46 78.5% 1,298 216 47 1,467 3,590 203 1.0% 0.6% 8.9% 5.6% 14.4x 0.41x 7.2x 0.40x 5.8x

Seneca Foods Corp. SENE.A 23.43 78.2% 298 302 11 588 1,244 48 1.9% 0.3% 7.4% 3.9% 24.5x 0.47x 12.2x 0.43x 8.9x

Mean 7.4% 1.6% 9.8% 4.6% 20.6x 0.47x 10.4x 0.43x 7.4x

Median 1.9% 0.3% 8.9% 4.5% 19.5x 0.41x 7.2x 0.40x 6.5x

Ingredients / Flavors

Givaudan AG SWX:GIVN $939.72 88.2% $8,541 $2,138 $698 $9,981 $4,189 $791 (7.7%) 2.9% 42.6% 18.9% 31.2x 2.38x 12.6x NA NA

Kerry Group plc ISE:KRZ 42.87 99.0% 7,525 2,091 309 9,307 6,888 781 5.3% 0.6% 100.0% 11.3% 15.8x 1.35x 11.9x NA NA

International Flavors & Fragrances Inc. IFF 56.88 85.8% 4,603 895 88 5,410 2,788 516 6.3% 5.3% 39.6% 18.5% 17.4x 1.94x 10.5x 1.87x 9.4x

Symrise AG XTRA:SY1 28.71 95.5% 3,392 866 170 4,088 2,112 418 1.5% 5.0% 41.6% 19.8% 20.8x 1.94x 9.8x NA NA

Sensient Technologies Corporation SXT 36.26 88.3% 1,816 335 23 2,129 1,431 237 7.7% 4.5% 31.4% 16.6% 15.0x 1.49x 9.0x 1.44x 8.5x

Mean 2.6% 3.7% 51.0% 17.0% 20.1x 1.82x 10.8x 1.66x 9.0x

Median 5.3% 4.5% 41.6% 18.5% 17.4x 1.94x 10.5x 1.66x 9.0x

Agribusiness

Agrium Inc. NYSE:AGU $85.23 86.0% $13,451 $2,363 $1,346 $14,468 $15,470 $2,583 47.1% 15.5% 28.0% 16.7% NA 0.94x 5.6x 0.93x 5.9x

Archer Daniels Midland Company ADM 31.64 83.2% 20,934 9,198 1,458 28,674 88,155 3,287 28.5% 4.0% 4.7% 3.7% 14.0x 0.33x 8.7x 0.31x 7.9x

The Andersons, Inc. ANDE 43.72 85.3% 805 345 20 1,129 4,576 166 34.8% 9.5% 7.7% 3.6% 8.6x 0.25x 6.8x 0.24x 6.0x

Bunge Limited BG 67.16 88.2% 9,785 4,083 885 12,983 58,743 1,701 28.5% 3.8% 4.6% 2.9% 11.1x 0.22x 7.6x 0.21x 6.8x

CF Industries Holdings, Inc. CF 188.25 96.3% 12,326 1,618 1,212 12,732 6,098 3,177 53.8% 15.9% 47.5% 52.1% 8.6x 2.09x 4.0x 2.18x 4.2x

Corn Products International Inc. CPO 57.35 96.4% 4,370 1,949 401 5,918 6,219 796 42.4% 16.4% 18.1% 12.8% 10.8x 0.95x 7.4x 0.86x 6.5x

Darling International Inc. DAR 16.91 86.2% 1,983 280 39 2,224 1,797 394 147.9% 30.6% 29.5% 21.9% 11.5x 1.24x 5.7x 1.31x 6.8x

Monsanto Co. MON 80.73 96.2% 43,218 2,139 3,236 42,121 12,425 3,292 17.1% 1.3% 51.1% 26.5% 25.4x 3.39x 12.8x 3.20x 11.2x

The Mosaic Company MOS 57.48 66.5% 24,678 1,551 3,628 22,601 11,173 3,630 32.1% (4.8%) 32.0% 32.5% 11.0x 2.02x 6.2x 2.10x 6.8x

Omega Protein Corp. OME 8.55 57.2% 166 32 51 147 216 57 28.6% 5.8% 29.2% 26.6% 4.0x 0.68x 2.6x 0.71x 3.5x

Viterra, Inc. TSX:VT 10.85 87.3% 4,032 1,218 299 4,951 11,839 705 46.1% 28.4% 12.7% 6.0% 15.1x 0.42x 7.0x 0.44x 7.3x

Mean 46.1% 11.5% 24.1% 18.7% 12.0x 1.14x 6.8x 1.14x 6.6x

Median 34.8% 9.5% 28.0% 16.7% 11.0x 0.94x 6.8x 0.86x 6.8x

Consumer

Food Retail

Arden Group Inc. ARDN.A $86.88 89.1% $267 $1 $60 $209 $425 $33 1.7% (3.7%) 43.6% 7.9% 14.9x 0.49x 6.2x 0.49x NA

Costco Wholesale Corporation COST 86.23 97.2% 37,504 2,280 5,785 33,999 93,396 3,380 13.9% 8.6% 12.4% 3.6% 25.1x 0.36x 10.1x 0.33x 8.8x

Etablissements Delhaize Freres DELB 54.65 68.1% 5,504 4,568 783 9,290 27,865 2,095 0.1% 2.7% 25.5% 7.5% 7.4x 0.33x 4.4x 0.31x 4.4x

Ingles Markets Inc. IMKT.A 17.38 85.0% 422 882 10 1,295 3,605 206 5.4% 3.4% 22.2% 5.7% 10.1x 0.36x 6.3x 0.36x 6.0x

J. Sainsbury plc LSE:SBRY 4.67 77.2% 8,768 3,976 569 12,175 34,047 2,026 4.7% 1.2% 5.4% 6.0% 9.4x 0.36x 6.0x NA NA

Koninklijke Ahold N.V. ENXTAM:AH 13.28 91.0% 13,842 4,816 3,612 15,046 40,467 2,807 (1.1%) 5.6% 26.2% 6.9% 12.5x 0.37x 5.4x NA NA

The Kroger Co. KR 24.08 93.2% 13,840 8,164 188 21,817 90,374 2,916 10.0% 5.9% 20.9% 3.2% 23.8x 0.24x 7.5x NA NA

Ruddick Corp. RDK 39.65 86.2% 1,955 325 266 2,013 4,373 328 6.9% 2.9% 29.5% 7.5% 18.9x 0.46x 6.1x 0.43x 5.7x

Pantry Inc. PTRY 12.01 57.6% 279 1,161 151 1,289 7,439 243 15.5% (4.9%) 11.7% 3.3% 14.2x 0.17x 5.3x 0.16x 6.0x

Safeway Inc. SWY 21.67 85.2% 5,808 5,410 786 10,432 43,630 2,328 6.3% (0.4%) 28.2% 5.3% 14.5x 0.24x 4.5x 0.24x 4.7x

SUPERVALU Inc. SVU 6.43 54.6% 1,365 6,900 196 8,069 36,529 1,895 (4.1%) (6.1%) 22.7% 5.2% NM 0.22x 4.3x 0.23x 4.5x

Village Super Market Inc. VLGE.A 28.12 83.0% 385 44 89 339 1,334 62 5.4% 4.9% 27.1% 4.7% 16.2x 0.25x 5.5x 0.24x NA

Winn-Dixie Stores Inc. WINN 9.48 94.0% 536 64 130 471 6,977 113 0.5% (1.7%) 27.8% 1.6% NM 0.07x 4.2x 0.07x 3.5x

Weis Markets, Inc. WMK 41.96 93.6% 1,129 0 149 979 2,753 176 5.0% 4.4% 4.3% 6.4% 14.9x 0.36x 5.6x NA NA

Whole Foods Market, Inc. WFM 82.81 100.4% 15,102 19 849 14,272 10,495 893 12.0% 9.6% 35.0% 8.5% 39.9x 1.36x 16.0x 1.18x 13.8x

Mean 5.5% 2.2% 22.8% 5.6% 17.1x 0.38x 6.5x 0.37x 6.4x

Median 5.4% 2.9% 25.5% 5.7% 14.9x 0.36x 5.6x 0.31x 5.7x

EV / 2011ELast Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM

Member FINRA/SIPC

8 of 13

Food & Beverage

Industry Update

03/07/2012 Trading Statistics Detail (continued)1

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

($ in millions, except per share data) Ticker 3/2/12 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Foodservice / Distribution

Core-Mark Holding Company, Inc. CORE $39.43 92.3% $447 $46 $20 $472 $5,922 $59 10.1% 9.7% 7.1% 1.0% 21.0x 0.08x 8.0x 0.05x 5.2x

Nash Finch Co. NAFC 27.96 62.2% 341 297 1 638 4,807 119 (3.7%) 1.2% 7.9% 2.5% 10.2x 0.13x 5.4x 0.14x 4.4x

Sysco Corp. SYY 29.35 89.6% 17,157 2,858 337 19,678 41,018 2,330 6.7% 2.7% 18.3% 5.7% 15.1x 0.48x 8.4x 0.45x 8.3x

United Natural Foods, Inc. UNFI 44.72 90.8% 2,180 234 17 2,397 4,694 175 19.6% 10.3% 18.1% 3.7% 29.4x 0.51x 13.7x 0.45x 11.7x

Mean 8.2% 6.0% 12.8% 3.2% 18.9x 0.30x 8.9x 0.27x 7.4x

Median 8.4% 6.2% 13.0% 3.1% 18.1x 0.31x 8.2x 0.29x 6.8x

Fast Food

Domino's Pizza, Inc. DPZ $37.85 95.1% $2,186 $1,451 $50 $3,586 $1,652 $283 5.2% 5.1% 28.5% 17.1% 22.1x 2.17x 12.7x 2.11x 11.8x

Jack in the Box Inc. JACK 22.84 92.9% 1,007 497 14 1,490 2,181 182 (4.4%) (4.9%) 14.4% 8.4% 18.2x 0.68x 8.2x 0.67x 6.9x

McDonald's Corp. MCD 99.50 97.3% 101,346 12,514 2,345 111,516 27,006 9,708 12.2% 4.7% 39.6% 35.9% 18.9x 4.13x 11.5x 3.93x 10.7x

Sonic Corp. SONC 8.07 68.0% 489 528 27 990 545 125 0.3% (12.0%) 51.5% 23.0% 28.8x 1.82x 7.9x 1.79x 7.9x

The Wendy's Company WEN 5.00 88.9% 1,960 1,357 489 2,828 2,431 346 (28.8%) 10.1% 25.3% 14.3% NM 1.16x 8.2x 1.12x 8.4x

Yum! Brands, Inc. YUM 66.24 99.4% 30,498 3,317 1,208 32,607 12,626 2,618 11.3% 3.8% 26.5% 20.7% 24.2x 2.58x 12.5x 2.38x 11.1x

Mean (0.7%) 1.1% 31.0% 19.9% 22.4x 2.09x 10.1x 2.00x 9.5x

Median 2.7% 4.2% 27.5% 18.9% 22.1x 1.99x 9.8x 1.95x 9.5x

Casual Dining

Biglari Holdings Inc. BH $410.01 88.2% $588 $248 $234 $601 $717 $82 4.9% 5.8% 23.8% 11.5% 16.2x 0.84x 7.3x NA NA

Bob Evans Farms Inc. BOBE 36.09 90.9% 1,052 136 48 1,139 1,660 196 (2.4%) (1.9%) 35.6% 11.8% 15.8x 0.69x 5.8x 0.68x 5.7x

Brinker International Inc. NYSE:EAT 27.30 95.5% 2,144 589 76 2,657 2,785 352 0.1% (10.7%) 17.6% 12.7% 16.4x 0.95x 7.5x 0.94x 7.0x

Buffalo Wild Wings Inc. BWLD 86.76 97.3% 1,594 0 60 1,534 784 125 27.9% 22.9% 27.0% 15.9% 31.8x 1.96x 12.3x 1.46x 9.6x

Chipotle Mexican Grill, Inc. CMG 394.39 99.9% 12,321 4 456 11,868 2,270 431 23.6% 19.4% 37.0% 19.0% NM 5.23x 27.5x 4.32x 21.9x

Darden Restaurants, Inc. DRI 49.76 92.5% 6,391 2,347 50 8,688 7,741 1,026 6.5% 3.0% 23.0% 13.3% 15.2x 1.12x 8.5x 1.05x 7.6x

Panera Bread Co. PNRA 155.89 96.9% 4,952 0 223 4,730 1,822 300 18.1% 11.9% 34.9% 16.5% 34.3x 2.60x 15.8x 2.26x 13.3x

P.F. Chang's China Bistro, Inc. PFCB 38.08 71.3% 805 1 50 757 1,239 133 (0.3%) 1.1% 16.4% 10.7% 28.0x 0.61x 5.7x 0.59x 6.1x

The Cheesecake Factory Incorporated CAKE 29.37 86.2% 1,594 54 20 1,628 1,758 205 5.9% 3.0% 42.2% 11.7% 17.9x 0.93x 7.9x 0.89x 7.4x

Mean 9.4% 6.1% 28.6% 13.7% 21.9x 1.66x 10.9x 1.52x 9.8x

Median 5.9% 3.0% 27.0% 12.7% 17.2x 0.95x 7.9x 1.00x 7.5x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2011E

Food and

Beverage

Industry Stock

Performance1

Commodity

Price Indices5

0

50

100

150

200

Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12

Ind

ex

Corn Wheat Soybeans Crude Oil

Corn:

24.1%

Crude Oil:

14.0%

Soybeans:

(13.1%)

Wheat:

(35.3%)

9 of 13

Food & Beverage

Industry Update

03/07/2012

40

60

80

100

120

140

160

Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12

Ind

ex

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

Beverage:

21.3%

Food:

12.4%

S&P 500:

2.9%

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

Food and

Beverage M&A

Trends1

Recent North

American Food

and Beverage

M&A1

14.3x

11.0x 10.5x

9.9x

8.8x 8.3x 8.0x

11.1x

0.00x

0.25x

0.50x

0.75x

1.00x

1.25x

1.50x

1.75x

0x

2x

4x

6x

8x

10x

12x

14x

16x

2005 2006 2007 2008 2009 2010 2011 2012

EV

/ LT

M S

ale

s Mu

ltiple_

_

EV

/ L

TM

EB

ITD

A M

ult

iple

__

EV / LTM EBITDA EV / LTM Sales

$4.5 $12.0

$25.5

$110.2

$9.3

$67.2

$8.3

$2.9

0

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

2005 2006 2007 2008 2009 2010 2011 2012

Nu

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er o

f Tra

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Ag

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$ i

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s)

Aggregate Deal Value # of deals

Enterprise Enterprise Value Private Equity

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

2/29/2012 Snopac Products, Inc. - Icicle Seafoods, Inc. - - - -

2/29/2012 FoodShouldTasteGood, Inc. - General Mills, Inc. - - - -

2/27/2012 Miller Milling Company - Nisshin Flour Milling, Inc. $122.9 0.99x - -

2/21/2012 Grote & Weigel, Inc. - Rachael's Food Corporation - - - -

2/17/2012 Talbott Teas, LLC - Jamba Juice Company - - - -

2/15/2012 Emporia Pet Food Products Emporia Pet Products, Inc. Cargill, Inc. - - - -

2/15/2012 The Wimble Company Procter & Gamble Co. Kellogg Company $2,695.0 1.85x 11.1x 13.7x

2/13/2012 The Guida-Seibert Dairy Company, Inc. - Dairy Farmers of America - - - -

2/10/2012 Mona Lisa Food Products, Inc. - Barry Callebaut AG - - - -

2/6/2012 Crispin Cider Co. Corp. - MillerCoors LLC - - - -

2/3/2012 The Standard Companies, Inc. William B. Reily and Company, Inc. DS Waters of America, Inc. - - - -

2/1/2012 5 Star Frozen Foods, Inc. - Bernatellos Pizza, Inc. - - - -

2/1/2012 Zizzaz, LLC - Tracksoft Systems, Inc. $1.0 - - -

1/31/2012 Silver Springs Citrus, Inc. Toyota Tsusho America, Inc. Sapporo International, Inc. $47.1 - - -

1/26/2012 Smart Lunches - Not Disclosed - - - -

1/20/2012 Seatrade International Company, Inc. - American Holdco, Inc. - - - -

1/18/2012 Kosama Holdings, LLC - Snap Fitness, Inc. - - - -

1/17/2012 Peterbrook Chocolate Co. - Hickory Foods, Inc. - - - -

1/17/2012 Del Monte Canada, Inc. Penfund; Sun Capital Partners ConAgra Foods, Inc. - - - - P

1/17/2012 Marnap Industries, Inc. - Flavorchem Corp. - - - -

1/17/2012 V.I.S. Inc. - Nonni's Foods, LLC - - - -

1/17/2012 Beverage House, Inc. The Edgewater Funds MB-Holding GmbH & Co. - - - - P

1/16/2012 Good Harbor Fillet Company, LLC Creo Capital Partners, LLC American Seafoods Int'l - - - - P

1/16/2012 Groundwork Coffee Company - Groundwork Coffee Co. - - - -

1/11/2012 Sonoma Creamery, LLC Monterey Gourmet Foods Estate Cheese Group - - - -

1/10/2012 Grands Amis, Inc. - Estate Crush LLC - - - -

1/9/2012 Global SeaFarms Group, Inc. - FRV Media, Inc. - - - -

1/4/2012 The Saint Louis Brewery, Inc. - Sage Capital, LLC - - - - P

1/4/2012 Southern California Brewing Company, Inc. - A&S Brewing Collaborative LLC - - - -

1/4/2012 Mac & Massey, LLC High Street Capital; Patriot Capital Batory Foods, Inc. - - - - P

1/3/2012 Tea Forté, Inc. - Sara Lee Corp. - - - -

1/3/2012 C.J. Vitner Company, Inc. - Snak King Corp. - - - -

12/29/2011 Blue Pacific Flavors & Fragrances, Inc. - Wilmar Europe Trading B.V. $12.0 - - -

12/28/2011 DHL Sorting Facility - SweetWater Brewing Co. - - - -

12/21/2011 Regal Confections, Inc. - Desjardins Venture Capital - - - - P

12/20/2011 River Road Vineyards, LLC - The Republic of Tea, Inc. - - - -

12/20/2011 Park Poultry, Inc. - Not Disclosed - - - -

12/19/2011 San Rallo Pasta Company Mitsui Foods, Inc. Rosina Food Products, Inc. - - - -

12/18/2011 Westway Group, Inc. Westway Holdings Corporation Undisclosed Fund $299.7 0.78x 6.2x 13.7x P

12/16/2011 Louisiana Sugar Refining, LLC Imperial Sugar Co. Cargill, Incorporated $46.4 - - - P

12/15/2011 Westway Feed Products, LLC Westway Group, Inc. E D & F Man Holdings Ltd. - - - -

12/13/2011 Baker's Ice Company, Inc. - Home City Ice Company, Inc. - - - -

12/11/2011 Advanced Nutritional Solutions, LLC - Bella Petrella's Holdings, Inc. $0.1 - - -

12/8/2011 Brookside Foods, Ltd. - Hershey Co. - - - -

12/8/2011 Gourmet Kitchen's, Inc. - Taylor Fresh Foods, Inc. - - - -

12/5/2011 Go Pure Foods Inc., Ancient Grain Bar Go Pure Foods, Inc. Biscuits Leclerc Ltd. - - - -

12/5/2011 National Beef Packing Co., LLC U.S. Premium Beef Products Leucadia National Corp. $1,482.6 0.22x 4.6x 5.4x

12/2/2011 Deep Rock Water Company - DS Waters of America - - - -

12/1/2011 Cape Cod Chowder Company, Inc. - Blount Fine Foods - - - -

11/29/2011 Kettleman Bagels & Bakery, Inc. - Einstein Noah Restaurants $5.0 - - -

11/29/2011 Quaker Oats, Kretschmer Wheat Germ Brand The Quaker Oats Company Brynwood Partners - - - - P

10 of 13

Food & Beverage

Industry Update

03/07/2012

Recent North

American Food

and Beverage

M&A1

(continued)

Enterprise Enterprise Value Private Equity

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

11/29/2011 Monsoon and CareOne Energy Brands Universal Brands Corporation Premier Beverage Group $0.5 - - -

11/28/2011 Springfield Brewing Company Paul Mueller Co. Front Row Property $3.0 - - -

11/23/2011 Bellisio Foods, Inc. Jeno Paulucci and Family Centre Partners Management - - - - P

11/21/2011 Holy Brew Brewing Company - Lost Rhino Brewing Co. - - - -

11/17/2011 Icelandic Group Plc, US and Asian Operations Icelandic Group Plc. High Liner Foods, Inc. $230.6 0.86x 9.3x -

11/11/2011 National Pretzel Company, Inc. Brookstone Holdings, Inc. ConAgra Foods, Inc. - - - -

11/10/2011 Evolution Fresh, Inc. Fireman Capital Partners Starbucks Corporation $30.0 - - - P

11/9/2011 Michel-Schlumberger Partners, L.P. - KSSM, LLC - - - -

11/8/2011 Hornsby's Pubdrafts Ltd. E. &. J. Gallo Winery, Inc. C&C Group plc $27.5 2.35x - -

11/7/2011 Provvista Specialty Foods, Inc. - Chefs' Warehouse Holdings, LLC - - - -

11/7/2011 SUN PAC Foods, Ltd. - Liquibrands, Inc. - - - -

11/3/2011 Victor L. Robilio Company, Inc. - Glazer's Wholesale Drug Company, Inc. - - - -

11/2/2011 Creston Bean Processing, LLC DeBruce Grain, Inc. CHS, Inc. - - - -

11/2/2011 Thiel Cheese & Ingredients, LLC Facilitator Capital Fund Irish Dairy Board $50.0 1.00x - -

11/2/2011 Lockwood Vineyard - Boisset Family Estates - - - -

11/1/2011 Milk Specialties Company Stonehenge Partners; Paragon Capital HM Capital Partners, LLC - - - - P

10/28/2011 O.K. Industries, Inc. - Industrias Bachoco S.A.B. de C.V. $95.0 0.16x - -

10/28/2011 Alberto-Culver Company, Culver Specialty Brands Alberto-Culver Company B&G Foods, Inc. $325.0 3.61x - -

10/28/2011 Zappia Vending Service, Inc. - Next Generation Vending, LLC - - - -

10/24/2011 North American Foodservice Beverage Business Sara Lee Corp. The J. M. Smucker Company $400.0 1.40x - -

10/20/2011 Catherine's for Lamb - Billie's Soap and Spa Products - - - -

10/20/2011 Capone Family Secret, Inc. - Elite Management Services, Inc. - - - -

10/17/2011 Island Estates Plaza David A. Mack Properties, LLC Publix Super Markets, Inc. $8.1 - - -

10/14/2011 Mountain Mudd Espresso, LLC CHS, Inc. Cafe International, LLC - - - -

10/7/2011 Sethness Greenleaf, Inc. - Synergy Flavors, Inc. - - - -

10/5/2011 Europe's Best, Inc. - Hain-Celestial Canada - - - -

10/4/2011 Eating with the Seasons, LLC - Full Circle Farm, Inc. - - - -

10/2/2011 Coast Seafoods Company - Pacific Sea Food Co., Inc. - - - -

9/27/2011 Gladder's Gourmet Cookies, Inc. - DGG Group, LLC - - - - P

9/27/2011 Corby Distilleries Ltd. and Facility in Montréal Corby Distilleries Ltd. Sazerac Company, Inc. $32.3 - - -

9/21/2011 Paramount Distillers, Inc. - Luxco Corporation - - - -

9/21/2011 Sensus, LLC - Synergy Flavors, Inc. - - - -

9/20/2011 Teasdale Quality Foods - Palladium Equity Partners - - - - P

9/15/2011 Mossy Bayou, Inc. - Louisiana Food Company - - - -

9/13/2011 Flavor Systems International, Inc. - Frutarom Industries Ltd. $45.3 2.46x 10.8x -

9/2/2011 First Colony Coffee & Tea Company - Tidewater Coffee, Inc. - - - -

9/1/2011 Alberta Ltd. TriWest Capital Partners Milo-Food & Agricultural - - - - P

8/25/2011 Casa de Oro Foods, LLC Kansas Venture Capital Gruma S.A.B. de CV $20.0 0.69x - - P

8/24/2011 Lucini Italia Company, LLC - Molinos USA, Corp. $178.6 - - -

8/22/2011 Pearson's Candy Company - Brynwood Partners - - - - P

8/17/2011 Mary of Puddin Hill, Inc. - Legends Food Corporation - - - -

8/15/2011 Dean Foods Company, Dairy-Processing Dean Foods Company OpenGate Capital - - - - P

8/12/2011 Clearwater Seafoods Income Fund - Cooke Aquaculture, Inc. - - - -

8/12/2011 The C.F. Sauer Company Inc., Margarine Assets The C.F. Sauer Company, Inc. Bunge North America, Inc. - - - -

8/10/2011 TRAC Microbiology, Inc. - Covance, Inc. - - - -

8/9/2011 George Greer Co., Inc. - Snyder's-Lance, Inc. - - - -

8/9/2011 Sara Lee Corp., Dough Business Sara Lee Corp. Ralcorp Holdings, Inc. $545.0 - - -

8/8/2011 MD Drinks, Inc. - Sunsweet Growers, Inc. - - - -

8/8/2011 Progressive Holdings, LLC - Xylitol Canada, Inc. $0.4 - - -

8/5/2011 Juice Heads, Inc. - SunOpta $2.5 0.25x - -

8/4/2011 Piller Sausages & Delicatessens Ltd. - Premium Brands Holdings Corporation $115.9 0.63x - -

8/4/2011 MaMa Rosa's, LLC InvestAmerica Investment Advisors Huntsman Gay Global Capital, LLC - - - - P

8/3/2011 Landmark Vineyards - FIJI Water Company, LLC - - - -

8/3/2011 Glutino Food Group Claridge, Inc. Smart Balance, Inc. $65.9 1.18x - - P

8/3/2011 English River Pellets, Inc. - Archer Daniels Midland Company - - - -

7/28/2011 Harim USA Ltd. - Harim Holdings Co., Ltd. $17.5 - - -

7/11/2011 MacPhail Family Wines - The Hess Collection Winery - - - -

7/7/2011 White Stone Meat Packing Company - J&R Natural Meats - - - -

7/6/2011 Vaughan Foods, Inc. Hillson Financial Management, Inc. Reser's Fine Foods, Inc. $27.0 0.28x 17.3x - P

7/6/2011 Rupari Food Services, Inc. - Wind Point Partners - - - - P

7/2/2011 Minardi Baking Co., Inc. - Anthony and Sons - - - -

6/23/2011 Pelican Brands - Paddington Corp. - - - -

6/20/2011 Buff Water, Inc. - The Kiley Group, Inc. - - - -

6/17/2011 Clement Pappas & Co., Inc. - Lassonde Industries, Inc. $481.5 1.23x 8.0x -

6/13/2011 Naumes Concentrates, Inc. - Sun-Rype Products Ltd. - - - -

6/9/2011 Allen Family Foods, Inc. - Seaford Milling Company - - - -

6/6/2011 Cattleman's Choice Loomix, LLC - ADM Alliance Nutrition - - - -

6/6/2011 Stumptown Coffee Roasters, Inc. - TSG Consumer Partners - - - - P

6/6/2011 WheyUp, LLC - Shadow Beverages - - - -

6/2/2011 White Apron, Inc. Arbor Private Investment Company U.S. Foodservice, Inc. - - - - P

6/1/2011 Barber Foods, Inc. - AdvancePierre Foods - - - -

6/1/2011 Wenner Bread Products, Inc. - Frontenac Company - - - - P

5/27/2011 Quality Foods Cooperative, Inc. - H.T. Hackney Company - - - -

5/26/2011 Renaissance Food Group, LLC The Really Cool Food Company Calavo Growers, Inc. - - - -

5/26/2011 International Mineral Technologies, LLC TETRA Technologies, Inc. Agrium, Inc. - - - -

5/20/2011 Great Western Meats, Inc. - U.S. Foodservice, Inc. - - - -

5/19/2011 Pita King Bakery Ltd. - Kronos Products, Inc. - - - -

11 of 13

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Industry Update

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Median LTM Trading Multiples PEG Investments and Exits Median LTM

Trading

Multiples and

Announced

Private Equity

Activity1

Earnings Call

Calendar1

16

28

36

27

46

21

14

32

25

0

7

13

15

2726

27

17

34

19

5

0

5

10

15

20

25

30

35

40

45

50

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Nu

mb

er o

f In

vest

men

ts'

Number of Investments Number of Exits

12 of 13

Food & Beverage

Industry Update

03/07/2012

9.8x10.0x

10.3x 10.3x

10.0x

9.7x 9.7x

9.2x

10.1x10.2x

10.5x 10.4x

8.9x

9.2x 9.2x

9.6x9.4x 9.4x

9.1x

8.3x

8.8x 8.8x

9.1x9.2x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

2/28/11 3/31/11 4/29/11 5/31/11 6/30/11 7/29/11 8/31/11 9/30/11 10/31/11 11/30/11 12/30/11 1/31/12

Med

ian

Tra

din

g M

ult

iple

Processing and Ingredients Retail and Restaurants

March 2012

Date Company Description

3/8/2012 Core-Mark Holding Company, Inc. (NasdaqGS:CORE) Earnings Call

3/8/2012 Anheuser-Busch InBev (ENXTBR:ABI) Earnings Call

3/8/2012 Etablissements Delhaize Freres S.A. (ENXTBR:DELB) Earnings Call

3/8/2012 Smithfield Foods Inc. (NYSE:SFD) Earnings Call

3/8/2012 Viterra, Inc. (TSX:VT) Earnings Call

3/8/2012 Jones Soda Co. (NasdaqCM:JSDA) Earnings Call

3/12/2012 ARYZTA AG (ISE:YZA) Earnings Release Date

3/14/2012 Symrise AG (XTRA:SY1) Earnings Call

3/21/2012 General Mills, Inc. (NYSE:GIS) Earnings Call

3/22/2012 ConAgra Foods, Inc. (NYSE:CAG) Earnings Release Date

3/23/2012 Darden Restaurants, Inc. (NYSE:DRI) Earnings Release Date

3/26/2012 AG Barr plc (LSE:BAG) Earnings Release Date

3/27/2012 McCormick & Co. Inc. (NYSE:MKC) Earnings Call

3/29/2012 The Mosaic Company (NYSE:MOS) Earnings Call

3/29/2012 JBS S.A. (BOVESPA:JBSS3) Earnings Call

April 2012

Date Company Description

4/4/2012 Monsanto Co. (NYSE:MON) Earnings Release Date

4/20/2012 Nestlé S.A. (SWX:NESN) Earnings Call

4/23/2012 Brinker International Inc. (NYSE:EAT) Earnings Call

4/24/2012 Associated British Foods plc (LSE:ABF) Earnings Release Date

4/25/2012 The Cheesecake Factory Incorporated (NasdaqGS:CAKE) Earnings Call

4/26/2012 Pernod-Ricard SA (ENXTPA:RI) Earnings Release Date

4/26/2012 Kellogg Company (NYSE:K) Earnings Call

4/26/2012 Bunge Limited (NYSE:BG) Earnings Release Date

Sources:

1. Capital IQ

2. Thomson Financial

3. S&P

4. Reuters

5. IMF

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Food & Beverage

Industry Update

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