Food for Thought 2014 11 M&a LTM 2014

November 2014Monthly Update

Food for Thought Overview, Analysis, and Trends in the Food and Food Retailing Industries

William Blair’s investment banking group combines signi�icant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and �inancing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth �inancing, �inancial restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. From 2010 - 2013, the investment banking group completed 250 merger-and-acquisition transactions worth more than $52 billion in value, involving parties in 27 countries and four continents, was an underwriter on over 20% of all U.S. initial public offerings and arranged more than $11.5 billion of debt �inancing.

About William Blair Investment Banking

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William Blair

Food For Thought Table of Contents

Table of Contents Selected Monthly M&A Activity – October ................................................................................................................................................................................... 1 Noteworthy M&A Activity – LTM ..................................................................................................................................................................................................... 5 Historical M&A Trends in the Food and Food Retailing Industries ................................................................................................................................... 8 Volume Trends .................................................................................................................................................................................................................................... 8 Participant Trends ............................................................................................................................................................................................................................. 9 Valuation Trends .............................................................................................................................................................................................................................. 10 Public Company Trading Statistics ................................................................................................................................................................................................ 11 Food Production Companies ....................................................................................................................................................................................................... 11 Food Ingredients Companies ...................................................................................................................................................................................................... 12 Beverage Production Companies .............................................................................................................................................................................................. 12 Food Retail Companies .................................................................................................................................................................................................................. 13 Convenience Store Companies ................................................................................................................................................................................................... 13 Same-Store Growth – Food & Convenience Retail .................................................................................................................................................................. 14 U.S. Public Equity Financing Summary – LTM .......................................................................................................................................................................... 15 IPOs ........................................................................................................................................................................................................................................................ 15 Follow-Ons .......................................................................................................................................................................................................................................... 15 Selected Upcoming Industry Events ............................................................................................................................................................................................. 16 General Market Update....................................................................................................................................................................................................................... 18 Quarterly Market Update – All Industries .................................................................................................................................................................................. 19 Domestic M&A Market Summary ................................................................................................................................................................................................... 19 U.S. Activity Trends .................................................................................................................................................................................................................... 19 U.S. Valuation Trends................................................................................................................................................................................................................. 20 U.S. Equity Capital Markets Summary ..................................................................................................................................................................................... 21 Debt Capital Markets Summary ...................................................................................................................................................................................................... 22 William Blair Food & Beverage and Food Convenience & Retail Investment Banking ........................................................................................... 23 Recent William Blair Consumer & Retail Transactions ........................................................................................................................................................ 25 William Blair Consumer & Retail Coverage ............................................................................................................................................................................... 26 Notes .......................................................................................................................................................................................................................................................... 27 Disclosures ............................................................................................................................................................................................................................................... 28

William Blair

Food For Thought Selected Monthly M&A Activity – October 1

Selected Monthly M&A Activity – October

Food & Beverage Producer Transactions

($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA10/31/14 Harrell Nut Co. Producer and distributor of pecans United States Archer Daniels Midland - - -10/31/14 FELDA IFFCO South China Producer of edible oils China Felda Global Ventures Holdings $96.7 - -10/31/14 Tomaszowska Spoldzielnia Mleczarska Producer and seller of dairy products Poland SM Mlekovita - - -10/31/14 True Health Manufacturer of health supplements and nutritional products United States Gold Rock Holdings - - -10/29/14 Petrokholod (11%) Producer of ice-cream Russian Federation Private Investor - - -10/29/14 Teasdale Quality Foods Producer and marketer of canned hominy and beans United States Snow Phipps Group - - -10/29/14 Janneau Manufacturer of spirits France Spirit France - - -10/29/14 Schirnhofer Gesellschaft Manufacturer and marketer of prepared meat products Austria Zielpunkt - - -10/28/14 Cedar River Foods Manufacturer of food and beverage products United States Glow Holdings - - -10/28/14 Conseil Interprofessionnel du Vin de Bordeaux (8%) Manufacturer of wine France Lidl Stiftung & Co. - - -10/27/14 High Country Shrimp Co. Producer and supplier of shrimp United States Alkame Holdings - - -10/27/14 Junior Alimentos Industria e Comercio Processer and marketer of convenience food products Brazil Kerry Group - - -10/24/14 Euro Gourmet Manufacturer and seller of gourmet food and beverage products United States Chefs' Warehouse - - -10/24/14 ProNatura Producer and distributor of organic fruit and vegetables France Naxicap Partners - - -10/24/14 Gloria Jean's Gourmet Coffees Producer of gourmet coffee United States Retail Food Group $158.4 - -10/23/14 Benson Park Manufacturer of poultry products United Kingdom Cranswick - - -10/23/14 De Chocolate Korea Co. Producer and distributor of coffee and related beverage products South Korea Hollys F&B Co. - - -10/22/14 Chocri Manufacturer and web-based retailer of made-to-order chocolates Germany Hans Riegelein & Sohn - - -10/22/14 Pfunda Tea (90%) Manufacturer of tea Rwanda McLeod Russel India $21.7 - -10/22/14 Freskaleche Manufacturer of dairy products Colombia Productos Naturales de la Sabana SA - Alqueria - - -10/21/14 Sociedad Agrícola e Industrial San Carlos Producer and seller of sugar and sugar products Ecuador Mayagüez - - -Note: Includes global change-of-control (unless otherwise indicated) transactions announced in October 2014Sources: Dealogic and Capital IQ

William Blair

Food For Thought 2 Selected Monthly M&A Activity – October

Food & Beverage Producer Transactions (cont.)

($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA10/21/14 Peresscol Producer of flavorings and seasonings Malaysia T Hasegawa Co. - - -10/20/14 Doux (25%) Producer and distributor of poultry France Abdullah Ali Almunajem Sons Co. - - -10/20/14 Senagral (49%) Manufacturer of dairy products France Agrial - - -10/20/14 Hainan Yedao Co. (11.2%) Manufacturer of food and beverage products China China Orient Capital Investment Group $679.0 6.19x -10/20/14 Betta Foods Australia Manufacturer of confectionery Australia Hilco Capital - - -10/20/14 Tanfield Food Company Manufacturer of gourmet convenience foods United Kingdom Symingtons - - -10/17/14 Gilbertson & Page Supplier of malt and related products Canada Rahr Corp - - -10/17/14 Bogorodskie Delikatesi (5.7%) Manufacturer and processer of meat and meat products Russian Federation Sangri Management Co. - - -10/16/14 Falbygdens Ostnederlag Manufacturer of cheese Sweden Arla Foods - - -10/16/14 Mercaoleo (50%) Producer of olive oil Spain Dcoop S. Coop - - -10/16/14 Iquique U.S. Producer and marketer of seafood products United States Kirin International $87.2 - -10/16/14 Pa.fi.al. Group Manufacturer of food dressings and sauces Italy La Doria $83.5 0.91x 8.0x10/16/14 Mars (20%) Manufacturer of bread and bakery products Kazakhstan Private Investor - - -10/15/14 Yarkhlad Producer and distributor of dairy products Russian Federation Ekologiya Gorod - - -10/15/14 Cebu Canning Corp. Processer of canned seafood Philippines Millennium Global Holdings - - -10/14/14 Savor Coffee Roaster and distributor of coffee United States American Diversified Holdings Corporation - - -10/14/14 Masada Bakery Operator of a bakery United States Nashville Bun Company - - -10/13/14 Akhtyrskiy Khlebozavod Manufacturer of bread and bakery products Russian Federation Investservis - - -10/10/14 Cosmo Enterprise (20%) Manufacturer of in-flight meals Japan Deutsche Lufthansa - - -10/10/14 Fletchers Bakeries Manufacturer of bread and bakery products United Kingdom Finsbury Food Group $90.5 - -10/10/14 Lotte Chilsung Beverage Co. (Coffee Business) Producer of coffee South Korea Lotte Food Co. $10.8 - -10/09/14 Just Water International (29.2%) Manufacturer of bottled water New Zealand Harvard Group $20.7 1.00x 3.7x10/09/14 Doma Manufacturer of mayonnaise, flavored sauces and dressings Slovak Republic Nordic Partners - - -Note: Includes global change-of-control (unless otherwise indicated) transactions announced in October 2014Sources: Dealogic and Capital IQ

William Blair

Food For Thought Selected Monthly M&A Activity – October 3


($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA10/08/14 Bakalland (17.5%) Manufacturer and distributor of dried fruits and nuts Poland Innova Capital;EMP Investments $43.5 0.67x -10/08/14 Liaoning Huishan Dairy Group (50%) Producer of milk and related dairy products China Koninklijke FrieslandCampina $227.9 - -10/07/14 Salov Manufacturer of cooking oils Italy Bright Food Co. - - -10/07/14 Atlantic Trading Co. Manufacturer and distributor of seafood United States High Liner Foods - - -10/07/14 Cadaico Catalunya Distributor of food and beverage products Spain Pomona - - -10/06/14 Belvedere (7.3%) Producer and marketer of alcoholic beverages France Diana Holding - Groupe Zniber $362.7 0.54x NMF10/06/14 Premia Foods (Ice-Cream and Frozen Goods Business) Producer of ice-cream and frozen food Estonia Food Union $33.9 - -10/06/14 Trentinalatte Producer of yogurt Italy Livia International Ventures & Investment Activities - - -10/06/14 Broderna Nilsson Delikatesser Wholesaler of meat Sweden Scandza - - -10/03/14 Cremolatti Producer of ice-cream Peru Alimentos Trendy $10.0 - -10/03/14 Mondelez Argentina (Pasta Division) Manufacturer of pasta Argentina Molinos Rio de la Plata $17.0 - -10/02/14 Anastasia Confections Manufacturer and marketer of sweets and chocolates United States BBX Capital - - -10/02/14 Bay Hill Seafood Distributor of seafood products United States Private Investor (Justin Conrad) - - -10/01/14 Free House Wine & Spirits Producer and distributor of wine Canada Icon Fine Wine & Spirits - - -10/01/14 Kinmon Shuzou Manufacturer and seller of Japanese sake Japan Private Investor (Hirohisa Nishiide) - - -10/01/14 Angie's Artisan Treats Manufacturer and distributor of popcorn and other flavored snack foods United States TPG Capital - - -Note: Includes global change-of-control (unless otherwise indicated) transactions announced in October 2014Sources: Dealogic and Capital IQ

William Blair

Food For Thought 4 Selected Monthly M&A Activity – October

Food & Convenience Retail Transactions

($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA10/31/14 Maruetsu Operator of a chain of supermarkets Japan Kasumi $685.6 0.23x 7.5x10/27/14 Bimart Hypermarket

(3 hypermarkets in Central Russia) Operator of hypermarkets Russia Lenta - - -10/24/14 C.D.E.B. Trgovacko Drustvo Operator of a chain of supermarkets Bosnia and Herzegovina Bingo Export Import $37.9 - -10/24/14 JA Tomikawa Operator of a chain of supermarkets Japan JA Biratoricho - - -10/22/14 Koa Trading Co. Wholesaler of groceries United States Y. Hata & Co. - - -10/15/14 RS Service Wholesaler of general line groceries Russian Federation Alnasmash - - -10/15/14 Agrotorg-Samara Operator of a chain of grocery stores Russian Federation X5 Retail Group - - -10/10/14 Simply Fresh & Local (20%) Operator of retail stores that sell groceries and other items United Kingdom Bibby Line Group - - -10/08/14 Jibi Handel Operator of a chain of grocery stores Germany J. Buenting Beteiligungs - - -10/07/14 Kaiser's Tengelmann Operator of a chain of food retail stores Germany Edeka Zentrale & Co. - - -10/06/14 ICA Norway Operator of a chain of grocery stores Norway Coop Norge Handel $387.2 0.18x -10/03/14 Migros Ticaret Operator of a chain of supermarkets Turkey Anadolu Endüstri Holding $2,705.4 0.79x 13.1xNote: Includes global change-of-control (unless otherwise indicated) transactions announced in October 2014Sources: Dealogic and Capital IQ

William Blair

Food For Thought Noteworthy M&A Activity – LTM 5

Noteworthy M&A Activity – LTM

Food & Beverage Producer Transactions

($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA10/20/14 Hainan Yedao Co. (11.2%) Manufacturer of food and beverage products China China Orient Capital Investment Group $679.0 6.19x - 10/06/14 Belvedere (7.3%) Producer and marketer of alcoholic beverages France Diana Holding - Groupe Zniber $362.7 0.54x NMF09/10/14 Windsor Quality Food Company Producer and marketer of frozen foods and appetizers United States Ajinomoto North America $800.0 1.19x -09/08/14 Annie's Producer of natural and organic foods United States General Mills $821.2 3.95x NMF09/02/14 Archer Daniels Midland Company (Global Chocolate

Business) Producer of chocolate United States Cargill $440.0 - -08/21/14 Ebro Foods (2%) Manufacturer of pasta, rice, and ready-to-eat food Spain Empresas Comerciales e Industriales Valencianas $3,589.8 1.37x 9.5x08/15/14 Vietnam Dairy Products (2%) Manufacturer of dairy products Vietnam Fraser & Neave $4,534.6 2.90x 14.1x08/11/14 Chiquita Brands International Producer and distributor of fruit and other fresh produce United States Sucocitrico Cutrale;Banco Safra, Investment Arm $1,193.1 0.39x 13.6x08/11/14 Treasury Wine Estates Producer and distributor of wine Australia TPG Capital $3,323.0 2.00x 14.2x07/14/14 Russell Stover Candies Manufacturer and marketer of sweets and chocolates United States Chocoladefabriken Lindt & Spruengli $1,400.0 - - 07/07/14 WILD Flavors Manufacturer of food ingredients and preservatives Switzerland Archer Daniels Midland Europoort $3,096.5 2.28x - 06/30/14 CytoSport Manufacturer of nutritional supplements United States Hormel Foods Corporation $470.0 - -06/30/14 Flagstone Foods Producer and distributor of dried fruits and nuts United States Treehouse Foods $860.0 - -05/29/14 Hillshire Brands Co. Manufacturer of consumer food and beverage products United States Tyson Foods $8,533.5 2.10x 15.3x05/22/14 Conopco (North America Pasta Sauces Business) Producer of pasta sauce United States Mizkan Holdings $2,150.0 3.60x -05/21/14 Tnuva Food Industries Producer and distributor of dairy and frozen food products Israel Bright Food (Group) $1,711.2 - -05/20/14 Treasury Wine Estates Producer and distributor of wine Australia KKR & Co. $3,188.3 1.90x NMF05/12/14 Pinnacle Foods Manufacturer of convenience food products United States Hillshire Brands $6,729.2 2.70x 15.2x04/27/14 Goodman Fielder Manufacturer and distributor of food ingredients Australia First Pacific Company $1,698.4 0.84x 8.8x04/25/14 Deoleo Producer of cooking oils Spain CVC Capital Partners $1,261.8 1.16x 12.5x04/17/14 MFI Holding Corporation Processer and distributor of commercial food products United States Post Holdings $2,499.5 - -04/15/14 United Spirits Manufacturer and seller of alcoholic beverages India Diageo $1.895.8 4.88x NMF04/14/14 DIANA Provider of organic and natural foods France Symrise $1,796.2 2.88x 14.0xNote: Includes global change-of-control (unless otherwise indicated) transactions announced in the last twelve monthsSources: Dealogic and Capital IQ

William Blair

Food For Thought 6 Noteworthy M&A Activity – LTM


($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA03/17/14 Hearthside Food Solutions Manufacturer of consumer baked foods and snacks

United States Goldman Sachs Group, Merchant Banking Division; Vestar Capital Partners $1,100.0 1.10x -03/14/14 Olam International Supplier of food ingredients such as coffee, cocoa and cashew nuts

Singapore Temasek Holdings; Kewalram Singapore $11,546.7 0.73x 13.0x03/10/14 Cloverhill Pastry-Vend Producer of baked goods primarily sold through vending machines

United States Aryzta $673.1 - -03/03/14 Nuova Castelli Producer and distributor of dairy and canned tuna fish products

Italy Charterhouse Capital Partners $516.6 1.29x 10.1x02/28/14 Sokolow Processer of packaged meats such as canned hams, kielbasa and pre-packaged sliced meats Poland Danish Crown $492.6 - -02/20/14 Shree Renuka Sugars (26%) Manufacturer of sugar India Wilmar International $1,331.2 0.79x 11.9x02/12/14 Canada Bread Co. Manufacturer of flour based products Canada Grupo Bimbo $1,487.6 1.06x 12.6x01/20/14 Oriental Brewery Co. Brewer and marketer of beer South Korea Anheuser-Busch InBev $5,800.0 - -01/13/14 Tilda Provider of basmati and specialty rice products United Kingdom Hain Celestial Group $357.7 - - 01/13/14 Beam Manufacturer and seller of distilled spirits United States Suntory Holdings $15,816.6 6.27x 20.4x12/19/13 Shanghai Jinsihou Food Manufacturer and marketer of sweets and chocolates China Hershey Netherlands $584.0 - -12/09/13 Industrias Bachoco (10%) Producer and distributor of poultry Mexico GBM Grupo Bursatil Mexicano $1,588.8 0.51x 5.7x11/21/13 TSB Sugar Holdings (22%) Producers of sugar South Africa RCL Foods $393.8 - -11/14/13 Campofrio Food Group International producer of meat products Spain Sigma Alimentos $1,583.9 0.61x 8.5x11/14/13 Roxas Holdings Manufacturer of sugar Philippines First Pacific $358.1 14.08x NMF11/07/13 Grieg Seafood (26%) Provider of seafood Norway Marine Harvest $642.0 1.80x 13.1x11/01/13 Bega Cheese (6%) Manufacturer of dairy products Australia Fonterra Cooperative Group $795.3 0.83x 19.1xNote: Includes global change-of-control (unless otherwise indicated) transactions announced in the last twelve monthsSources: Dealogic and Capital IQ

William Blair

Food For Thought Noteworthy M&A Activity – LTM 7

Food & Convenience Retail Transactions

($ in millions) Date Target (Unit Sold)/ Target Enterprise Enterprise Value/LTM Announced Target Business Description Nation Buyer Value Sales EBITDA10/31/14 Maruetsu Operator of a chain of supermarkets Japan Kasumi $685.6 0.23x 7.5x10/03/14 Migros Ticaret Operator of a chain of supermarkets Turkey Anadolu Endüstri Holding $2,705.4 0.79x 13.1x09/30/14 Seijo Ishii Co. Operator of a chain of supermarkets Japan Lawson $501.4 1.01x 9.7x09/16/14 Grocery Outlet Inc. Operator of a chain of grocery stores United States Hellman & Friedman - - -08/11/14 Kinsho Store Co. Operator of a chain of supermarkets Japan Kintetsu Corporation $645.3 1.13x -07/02/14 Grupo El Árbol Distribución y Supermercados Supermarkets operator Spain Distribuidora Internacional de Alimentación $205.9 0.18x - 06/03/14 DIA France Operator of a chain of supermarkets France Carrefour $816.9 - -05/07/14 Roundy's (18 Rainbow Stores) Operator of 18 retail stores United States SuperValu $65.0 - -04/28/14 Susser Holdings Corporation Operator of a chain of convenience stores United States Energy Transfer Partners $2,320.3 0.37x 14.4x04/11/14 SPAR Group Operator of a chain of grocery and retail stores South Africa Allan Gray $2,059.8 0.45x 13.0x04/07/14 Carrefour Operator of a chain of supermarkets France Motier $1786.3 0.36x 12.2x03/11/14 SPAR Ceska Obchodni Spolecnost Operator of a chain of supermarkets

Czech Republic Albert (Ahold) $266.2 0.36x -03/10/14 Eataly Operator of a chain of food retail stores

Italy Tamburi Investment Partners $832.7 - -03/06/14 Safeway Operator of a chain of stores offering a selection of food and general merchandise

United States Albertsons (Cerberus Capital Management) $8,198.9 - 13.5x03/04/14 Wumart Stores Operator of a retail chain of superstores

China Wumei Holdings $559.8 0.20x 4.4x02/13/14 Sobeys (29 stores) Operator of a chain of grocery stores Canada Overwaitea Food Group;Federated Co-operatives $391.0 - -02/11/14 Walmart Chile Operator of a chain of supermarkets Chile Inversiones Australes Tres Limitada $7,575.8 1.36x 15.1x01/31/14 Izumiya Co. Operator of retail stores that sell groceries and other items Japan H2O Retailing Corporation $1,099.2 0.33x 11.6x12/20/13 Arden Group Operator of supermarkets in Southern California United States TPG Capital $364.0 0.80x 9.9x11/22/13 Wal-Mart Chile (25%) Operator of supermarkets in Chile Chile Inversiones Australes Tres (Wal-Mart Stores) $7,515.1 1.30x 21.6xNote: Includes global change-of-control (unless otherwise indicated) transactions announced in the last twelve monthsSources: Dealogic and Capital IQ

William Blair

Food For Thought 8 Historical M&A Trends in the Food and Food Retailing Industries

Historical M&A Trends in the Food and Food Retailing Industries

Volume Trends

U.S. Monthly Announced M&A Activity

11/13 12/13 01/14 2/14 03/14 04/14 05/14 06/14 07/14 08/14 09/14 10/14Food & Beverage Production 8 14 13 15 12 17 16 12 12 13 14 14Food Retail & Convenience 6 6 4 7 3 2 1 1 0 1 1 1U.S. Yearly Announced M&A Activity

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTDFood & Beverage Production 98 128 101 145 127 106 79 109 127 161 147 138Food Retail & Convenience 61 53 65 87 96 64 48 20 32 24 42 21Total Deal Value $7.9 $13.5 $11.5 $29.1 $33.3 $93.3 $20.5 $39.0 $13.9 $36.0 $43.2 $55.0 Global Yearly Announced M&A Activity

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTDFood & Beverage Production 859 799 870 996 1,104 1,042 948 969 906 814 768 643Food Retail & Convenience 135 174 179 197 221 269 211 230 177 165 158 113Total Deal Value $41.7 $61.1 $97.8 $94.9 $132.3 $140.5 $72.0 $94.2 $125.4 $127.4 $109.7 $118.6 Note: Data represents announced transactions including U.S.-based targets onlySources: Dealogic and Capital IQ as of October 31, 2014

Food & Beverage Production Food Retail & Convenience14 20 17 22 15 19 17 13 12 14 15 15

0102030Number of Deals

Food & Beverage Production Food Retail & Convenience Total Deal Value

159 181 166 232 223 170 127 129 159 185 189 159$0$40$80$120

0100200300Deal ValueNumber

of Deals ($ in billions)

Food & Beverage Production Food Retail & Convenience Total Deal Value

994 973 1,049 1,193 1,325 1,311 1,159 1,199 1,083 979 926 756$0$50$100$150$200

05001,0001,500Deal ValueNumber

of Deals ($ in billions)

William Blair

Food For Thought Historical M&A Trends in the Food and Food Retailing Industries 9

Participant Trends

Breakdown of Acquirers by Type

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTDPrivate 43.0% 46.8% 44.1% 43.4% 51.9% 47.2% 50.0% 52.8% 49.5% 53.2% 56.0% 48.6% 44.7%Public 25.6% 24.0% 27.7% 28.0% 19.6% 21.6% 20.3% 17.4% 18.1% 15.6% 19.5% 25.8% 24.8%Private Equity 11.0% 11.0% 9.2% 10.1% 13.8% 17.2% 13.1% 13.0% 13.2% 12.2% 7.2% 13.6% 12.8%Foreign 20.3% 18.2% 19.0% 18.5% 14.6% 14.0% 16.7% 16.8% 19.1% 19.0% 17.3% 12.0% 17.7% Breakdown of Sellers by Type

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTDPrivate 50.0% 30.1% 46.4% 53.1% 50.5% 57.2% 46.3% 53.0% 49.7% 47.1% 53.4% 55.2% 53.2%Public 2.5% 3.3% 6.4% 5.6% 2.0% 1.7% 3.7% 5.1% 6.1% 4.8% 2.5% 4.9% 9.2%Private Equity 4.2% 17.1% 7.9% 9.1% 12.4% 8.1% 8.0% 8.5% 14.0% 5.3% 8.1% 7.8% 7.8%Divestiture 43.2% 49.6% 39.3% 32.2% 35.1% 32.9% 42.0% 33.3% 30.2% 42.8% 36.0% 32.1% 29.8%Note: Data represents announced transactions including U.S.-based targets onlySources: Dealogic and Capital IQ as of October 31, 2014

0%10%20%30%40%50%60%Percent of Deals

0%10%20%30%40%50%60%70%Percent of Deals

William Blair

Food For Thought 10 Historical M&A Trends in the Food and Food Retailing Industries

Valuation Trends

Average EBITDA Multiples for Food Transactions(1)

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTDAverage EV/EBITDA Multiple 8.6x 8.4x 9.1x 11.4x 9.9x 12.0x 10.4x 9.3x 8.2x 11.8x 13.2x 13.0x 12.4xNumber of Disclosed Deals 20 25 20 14 28 23 20 14 11 7 12 22 30 Average EBITDA Multiples for Beverage Transactions(2)

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTDAverage EV/EBITDA Multiple 9.5x 11.8x 14.1x 12.0x 13.5x 13.4x 17.3x 11.7x 10.9x 9.8x 13.6x 14.5x 11.6xNumber of Disclosed Deals 15 9 16 12 15 5 4 9 1 3 6 4 10(1) Excludes Food & Convenience retail transactions (2) Includes alcoholic and nonalcoholic beverages Note: Data represents global transactions announced in the respective sectors Note: Transactions with multiples that are not meaningful are categorized as undisclosed Sources: Dealogic and William Blair as of October 31, 2014

Average EV/EBITDA Multiple Number of Disclosed Deals

8.6x 8.4x 9.1x 11.4x 9.9x 12.0x 10.4x 9.3x 8.2x11.8x 13.2x 13.0x 12.4x

0510152025303540

0.0x5.0x

10.0x15.0x20.0xEV/EBITDA Multiple

Average EV/EBITDA Multiple Number of Disclosed Deals

9.5x11.8x 14.1x 12.0x 13.5x 13.4x

17.3x11.7x 10.9x 9.8x

13.6x 14.5x 11.6x

05101520

0.0x5.0x

10.0x15.0x20.0x25.0xEV/EBITDA Multiple

William Blair

Food For Thought Public Company Trading Statistics 11

Public Company Trading Statistics

Food Production Companies ($ in millions) % Change Forward Enterprise Value/LTM

Company Market Cap MTD YTD P/E PEG Enterprise Value Sales EBITDA Nestlé $233,373.3 (0.4%) (0.3%) 17.5x 380.1% $257,258.3 2.54x 13.6x Unilever $114,197.8 (4.1%) (2.2%) 16.9x 168.9% $127,682.6 1.93x 11.5x Mondelez International $59,444.4 2.9% (0.1%) 17.8x 165.1% $75,869.4 2.17x 14.3x Danone $40,724.4 1.5% (5.7%) 16.5x 190.2% $52,800.5 1.86x 12.3x Associated British Foods $34,697.5 1.4% 8.7% 25.2x 260.1% $36,585.8 1.74x 14.3x General Mills $31,370.7 3.0% 4.1% 17.3x 221.0% $41,289.0 2.32x 12.5x Kellogg Company $23,033.5 3.8% 4.7% 15.1x 193.1% $30,318.5 2.08x 8.1x The Hershey Company $21,183.6 0.5% (1.4%) 21.2x 249.3% $23,129.2 3.14x 14.4x Tyson Foods $15,154.0 2.5% 20.6% 13.6x 160.4% $16,406.0 0.45x 7.8x ConAgra Foods $14,592.8 4.0% 1.9% 14.9x 223.4% $23,059.3 1.30x 9.8x Hormel Foods Corporation $14,202.9 4.9% 19.3% 24.1x 283.5% $13,930.2 1.53x 13.5x Campbell Soup Company $13,882.3 3.4% 2.1% 17.3x 288.0% $17,648.3 2.13x 11.3x Grupo Bimbo $13,745.8 0.8% (4.9%) 24.5x 54.5% $18,098.0 1.32x 12.1x JBS $13,011.8 20.5% 21.1% 12.1x NA $24,786.4 0.51x 7.1x Saputo $11,093.4 1.1% 24.5% 9.0x 90.2% $13,038.9 1.44x 13.4x The J. M. Smucker Company $10,589.0 5.1% 0.4% 16.6x 214.2% $12,777.9 2.29x 10.8x George Weston $10,455.9 3.4% 11.9% 15.0x 149.6% $28,769.2 0.86x 16.4x McCormick & Company $9,128.0 5.7% 2.6% 21.4x 259.6% $10,412.1 2.46x 14.3x ARYZTA $7,498.2 (1.2%) 10.7% 14.6x 49.5% $9,835.3 1.53x 11.1x Pilgrim's Pride Corporation $7,359.0 (7.0%) 74.8% 39.5x NA $6,995.9 0.82x 6.0x The Hain Celestial Group $5,456.4 5.8% 19.2% 31.5x 212.8% $6,200.6 2.69x 22.0x Flowers Foods $3,981.3 3.5% (11.5%) 16.1x 151.0% $4,798.9 1.28x 11.4x Treehouse Foods $3,583.0 5.8% 23.6% 21.2x 199.0% $4,577.1 1.69x 13.5x Lancaster Colony Corporation $2,501.6 7.3% 3.8% 22.3x 202.9% $2,274.1 2.16x 13.2x Cal-Maine Foods $2,123.7 (1.7%) 45.8% 9.1x NA $1,972.2 1.33x 9.1x Snyder's-Lance $2,092.5 12.4% 3.9% 21.2x 141.0% $2,778.1 1.53x 14.4x Sanderson Farms $1,937.5 (4.5%) 16.1% 9.2x NA $1,818.2 0.66x 4.9x J&J Snack Foods Corp. $1,921.0 10.1% 16.3% 27.0x 300.4% $1,853.8 2.02x 12.8x Fresh Del Monte Produce $1,809.9 0.7% 13.5% 13.4x 267.6% $1,952.3 0.50x 8.4x Tootsie Roll Industries $1,748.0 5.9% (6.1%) NA NA $1,661.0 3.07x 16.4x Post Holdings $1,680.9 13.0% (23.9%) 40.8x 510.1% $5,183.3 3.12x 21.1x B&G Foods $1,580.9 6.9% (13.1%) 16.4x NA $2,620.3 3.19x 14.0x Dean Foods Company $1,379.4 11.0% (14.4%) 13.8x 186.6% $2,306.0 0.25x 10.4x Diamond Foods $946.0 5.4% 16.7% 35.3x 321.1% $1,599.1 1.85x 19.6x Lotus Bakeries $909.9 (0.8%) 18.5% 18.8x 187.7% $987.6 2.12x 12.4x Calavo Growers $765.1 7.5% 60.4% 30.1x 262.1% $793.1 1.03x 19.0x Chiquita Brands International $678.9 1.6% 23.3% 13.0x 325.0% $1,261.5 0.41x 12.6x Boulder Brands $541.7 (34.8%) (44.0%) 15.5x 88.3% $826.2 1.61x 12.1x John B Sanfilippo & Son $411.1 14.8% 50.5% NA NA $468.2 0.58x 8.2x Seneca Foods Corp. $297.6 (6.0%) (15.7%) NA NA $635.2 0.48x 18.2x Inventure Foods $258.6 2.2% (0.2%) 19.2x 140.7% $346.8 1.28x 15.3x Bridgford Foods Corp. $75.2 4.8% (13.9%) NA NA $74.3 0.56x NMF Golden Enterprises $52.6 (3.9%) 9.3% NA NA $58.6 0.43x 9.2x

Mean 2.8% 8.6% 19.6x 215.1% $20,645.1 1.59x 12.7x

Median 3.4% 4.1% 17.3x 202.9% $5,183.3 1.53x 12.6x Note: Data as of October 31, 2014 Sources: FactSet Research Systems, Bloomberg, and Capital IQ; data is sometimes based on reported results and includes estimates

William Blair

Food For Thought 12 Public Company Trading Statistics

Food Ingredients Companies ($ in millions) % Change Forward Enterprise Value/LTM

Company Market Cap MTD YTD P/E PEG Enterprise Value Sales EBITDA Givaudan $15,331.5 4.2% 16.4% 20.5x 171.2% $16,533.3 3.38x 16.5x Kerry Group $11,933.2 (3.6%) (2.4%) 16.2x 142.9% $13,476.7 1.70x 14.2x International Flavors & Fragrances $8,047.1 3.4% 15.3% 18.0x 256.9% $8,657.9 2.83x 13.1x Symrise $7,296.7 5.6% 21.8% 20.9x 157.2% $7,350.2 2.92x 14.1x Barry Callebaut $5,738.6 (5.8%) (16.7%) 17.9x 81.9% $7,670.2 1.20x 13.9x Sensient Technologies Corporation $2,853.6 13.0% 22.0% 18.1x 190.8% $3,269.4 2.24x 12.2x Frutarom Industries $1,449.3 (2.0%) 18.2% 16.4x NA $1,640.8 2.16x 12.3x T. Hasegawa Co. $632.0 (0.3%) 10.4% 16.8x NA $427.1 0.95x 5.7x Takasago International Corporation $466.4 (0.8%) (16.5%) 11.6x NA $812.2 0.62x 9.1x

Mean 1.5% 7.6% 17.4x 166.8% $6,648.6 2.00x 12.3x

Median (0.3%) 15.3% 17.9x 164.2% $7,350.2 2.16x 13.1x Beverage Production Companies ($ in millions)

% Change Forward Enterprise Value/LTM

Company Market Cap MTD YTD P/E PEG Enterprise Value Sales EBITDA The Coca-Cola Company $183,439.1 (1.8%) 1.4% 18.7x 227.5% $201,758.1 4.37x 15.4x Anheuser-Busch InBev $177,339.3 (0.8%) 3.7% 18.5x 148.1% $224,005.3 4.79x 12.4x Pepsico $143,928.6 3.3% 16.0% 19.6x 239.0% $163,743.6 2.45x 12.8x SABMiller $90,560.1 1.4% 9.7% 20.0x 156.9% $106,669.1 6.39x 19.6x Diageo $73,653.7 1.5% (11.3%) 17.2x 167.0% $90,159.3 5.14x 15.5x Keurig Green Mountain $24,647.6 16.6% 100.9% 39.6x 219.5% $23,734.4 5.21x 20.7x Brown-Forman Corporation $19,534.4 2.7% 22.6% 25.9x NA $20,085.4 6.67x 19.5x Constellation Brands $17,650.9 5.0% 30.1% 20.3x 152.1% $24,744.2 4.22x 14.6x Monster Beverage Corporation $16,866.3 10.0% 48.9% 34.1x 243.7% $16,039.3 6.68x 22.3x Molson Coors Brewing Company $13,778.6 (0.1%) 32.5% 17.2x 224.3% $16,956.2 4.04x 20.5x Dr Pepper Snapple Group $13,462.8 7.7% 42.1% 18.8x 255.1% $15,737.8 2.59x 10.8x Coca-Cola Enterprises $10,479.2 (2.3%) (1.8%) 13.4x 149.6% $14,409.2 1.72x 10.0x The WhiteWave Foods Company $6,483.5 2.5% 62.3% 32.4x 185.2% $7,782.1 2.43x 21.8x Boston Beer Co. $3,252.9 12.3% 3.0% 34.2x NA $3,196.3 3.59x 18.0x National Beverage Corp. $1,164.1 28.8% 24.6% NA NA $1,146.9 1.78x 14.4x Coca-Cola Bottling Co. $838.5 21.2% 23.6% 24.7x NA $1,402.2 0.82x 11.2x Cott Corporation $567.5 (12.0%) (24.8%) 12.9x NA $1,135.5 0.56x 6.5x Farmer Brothers Co. $466.5 0.7% 25.4% 28.8x 144.1% $441.7 0.83x 14.0x Lifeway Foods $270.5 19.3% 3.6% 31.8x 198.9% $274.0 2.38x NMF Jones Soda Co. $17.6 (0.4%) (6.2%) NA NA $17.1 1.29x NMF

Mean 5.8% 20.3% 23.8x 193.6% $46,671.9 3.40x 15.6x

Median 2.6% 19.3% 20.2x 192.1% $15,888.6 3.09x 15.0x Note: Data as of October 31, 2014 Sources: FactSet Research Systems, Bloomberg, and Capital IQ; data is sometimes based on reported results and includes estimates

William Blair

Food For Thought Public Company Trading Statistics 13

Food Retail Companies ($ in millions) % Change Forward Enterprise Value/LTM

Company Market Cap MTD YTD P/E PEG Enterprise Value Sales EBITDA The Kroger Co. $27,358.7 7.1% 40.9% 15.8x 175.3% $38,335.7 0.37x 8.1x Whole Foods Market $14,207.8 3.2% (32.0%) 24.9x 138.8% $13,473.8 0.95x 10.2x Safeway $8,035.2 1.6% 7.0% 29.2x 317.1% $9,437.7 0.26x 6.2x Sprouts Farmers Market $4,379.8 0.1% (24.3%) 34.5x NA $4,628.1 1.63x 18.9x United Natural Foods $3,393.3 10.7% (9.8%) 25.5x 166.9% $3,826.4 0.56x 14.7x SUPERVALU $2,253.4 (3.5%) 18.4% 12.9x NA $4,920.4 0.29x 6.1x The Fresh Market $1,777.5 5.1% (9.4%) 20.2x 101.9% $1,796.7 1.09x 10.4x Weis Markets $1,200.7 14.4% (15.1%) NA NA $1,113.9 0.41x 7.0x Smart & Final Stores(1) $1,048.1 2.2% 22.9% 20.2x NA $1,687.7 0.51x 11.1x SpartanNash Company $845.4 15.2% (7.7%) 11.5x 114.7% $1,422.7 0.19x 7.1x Ingles Markets $612.2 13.6% (0.7%) 13.1x 116.1% $1,517.5 0.40x 7.1x Natural Grocers by Vitamin Cottage $407.1 11.2% (57.3%) 27.9x 105.4% $420.2 0.84x 10.7x Village Super Market $390.0 21.8% (10.5%) NA NA $358.8 0.24x 6.9x Roundy's $162.3 12.7% (65.8%) 8.5x 32.2% $837.1 0.20x 5.9x Fairway Group Holdings $129.9 (20.1%) (83.5%) NMF NA $337.2 0.42x 11.4x

Mean 6.4% (15.1%) 20.4x 140.9% $5,607.6 0.56x 9.5x

Median 7.1% (9.8%) 20.2x 116.1% $1,687.7 0.41x 8.1x Convenience Store Companies ($ in millions)

% Change Forward Enterprise Value/LTM

Company Market Cap MTD YTD P/E PEG Enterprise Value Sales EBITDA Alimentation Couche-Tard $19,317.4 5.8% 35.3% 22.5x NA $21,253.6 0.56x 13.1x Casey's General Stores $3,162.4 14.2% 16.5% 20.4x 183.5% $3,899.6 0.53x 10.3x The Pantry $604.2 27.4% 53.6% 113.2x 1028.8% $1,490.8 0.22x 7.4x

Mean 15.8% 35.1% 52.0x 606.2% $8,881.3 0.44x 10.3x

Median 14.2% 35.3% 22.5x 606.2% $3,899.6 0.53x 10.3x (1) Company had an initial public offering in 2014 – performance over pricingNote: Data as of October 31, 2014 Sources: FactSet Research Systems, Bloomberg, and Capital IQ; data is sometimes based on reported results and includes estimates

William Blair

Food For Thought 14 Same-Store Growth – Food & Convenience Retail

Same-Store Growth – Food & Convenience Retail

Grocery Stores & Supermarkets

Sprouts Farmers Market 9.0%Smart & Final Stores 6.6%Publix Super Markets 5.0%Kroger(1) 4.8%Natural Grocers by Vitamin Cottage 3.1%Whole Foods Market 3.1%The Fresh Market 2.9%Weis Markets 2.6%Ingles Markets 2.1%Safeway(1) 1.8%Village Super Market 0.9%SpartanNash 0.4%

SUPERVALU 0.4%

Roundy's (2.7%)

Fairway Group Holdings (3.9%) Convenience Stores Casey's General Stores 5.7%Alimentation Couche-Tard 4.4%The Pantry 2.5%(1) Excludes fuel sales Note: Bolded companies reflect recently announced same-store sales data (announced in October/November 2014) Note: Data represents growth in the most recent reported fiscal quarter over the year-ago period Sources: Company filings and Capital IQ as of October 31, 2014

William Blair

Food For Thought U.S. Public Equity Financing Summary – LTM 15

U.S. Public Equity Financing Summary – LTM

IPOs ($ in millions) At Filing At Pricing Pricing & Performance - % Change Offer/

Initial Filing Date

Offer Date Ticker Issuer

Shares/ ADS Exc. Ovl.

Filing Range

Deal Value at Midpoint

Shares/ADS Inc. Ovl.

Offer Price

Deal Value

Market Value

Relative to Range 1 Day 1 Month 3 Months Current

06/20/14 09/23/14 SFS Smart & Final Stores 13.5 $12.00 - $14.00 175.5 15.5 $12.00 $186.0 $852.7 In Range 4.2% 9.2% 0.0% 22.9% Mean 4.2% 9.2% 0.0% 22.9%

Median 4.2% 9.2% 0.0% 22.9%

Follow-Ons

($ in millions) Pricing Performance - % Change

% Shares Offered Last Trade Before

Pricing Date Ticker Issuer Business Description

Shares/ ADS Offered (mm)

Offer Price

Deal Value (mm) Primary Secondary

Filing/ Offer

Offer/ Offer

Offer/ Current

09/11/14 SNAK Inventure Foods Manufacturer and marketer of natural snack food products 3.6 $12.85 $46.2 0% 100% (9.7%) (4.6%) 3.0% 09/08/14 PF Pinnacle Foods Manufacturer and marketer of convenience food products 15.0 $31.90 $478.5 0% 100% 6.0% 6.0% 6.0% 08/12/14 SFM Sprouts Farmers Market Specialty retailer of natural and organic food 15.0 $30.00 $450.0 0% 100% 5.6% 8.5% (3.0%) 07/30/14 TSN Tyson Foods Producer and distributor of chicken and related food products 23.8 $37.80 $900.0 100% 0% 5.4% 3.6% 12.3% 07/16/14 THS Treehouse Foods Manufacturer and distributor of food and beverage products 4.3 $75.50 $325.0 100% 0% 4.0% 2.2% 12.8% 05/21/14 POST Post Holdings Manufacturer and marketer of convenience food products 5.5 $47.70 $262.4 100% 0% (1.6%) (2.5%) (21.4%) 03/27/14 SFM Sprouts Farmers Market Specialty retailer of natural and organic food 15.0 $33.75 $506.3 0% 100% 12.5% 4.5% (13.7%) 03/12/14 POST Post Holdings Manufacturer and marketer of convenience food products 5.0 $55.00 $275.0 100% 0% 8.1% (0.1%) (31.8%) 02/03/14 RNDY Roundy's Operator of a supermarket chain in the Midwest 8.8 $7.00 $61.9 33% 67% 25.9% 21.1% (51.9%) 12/11/13 PF Pinnacle Foods Manufacturer and marketer of convenience food products 17.0 $26.75 $454.8 0% 100% (5.7%) (1.0%) 26.4% 11/25/13 SFM Sprouts Farmers Market Specialty retailer of natural and organic food 17.0 $37.00 $629.0 0% 100% (23.0%) (2.3%) (21.3%) 11/12/13 BNNY Annie's Producer of natural and organic foods 2.5 $47.95 $119.9 0% 100% (3.0%) (1.7%) (100.0%) Mean 2.0% 2.8% (18.5%)

Median 4.7% 1.1% (8.5%) Sources: Dealogic and FactSet Research Systems Note: LTM as of October 31, 2014

William Blair

Food For Thought 16 Selected Upcoming Industry Events

Selected Upcoming Industry Events

Date Event Location

November 2014 11-12 Kosherfest Secaucus, NJ 16-18 PLMA's Private Label Trade Show Rosemont, IL 16-19 Outlook Leadership 2013 (CSP) Scottsdale, AZ

December 2014 4-7 SOHO Expo Orlando, FL

January 2015 11-13 Winter Fancy Food Show San Francisco, CA 12-14 NW Food Manufacturing & Packaging Exposition Portland, OR 14-15 MarcabyBolognaFiere Bologna, Italy 18-20 Retail Industry Leaders Association – The Leadership Forum Amelia Island, FL 24-27 FMI’s Midwinter Executive Conference Miami Beach, FL 27-29 International Production & Processing Expo Atlanta, GA

February 2015 1-6 NAFDMA Convention Nashville, TN 4-6 Convenience Retailing University Dallas, TX 8-11 N.G.A. 2015 Annual Convention and Supermarket Synergy Showcase Las Vegas, NV 15-18 IFA’s Annual International Franchise Convention Las Vegas, NV 16-19 NCA State of the Industry Conference Miami, FL 21-25 AFFI Frozen Food Convention Anaheim, CA 22-24 AMI Foundation Annual Meat Conference Nashville, TN 22-25 RILA Supply Chain Conference Orlando, FL 24-26 Snack, Beverage & Grocery EPPS Jacksonville, FL

March 2015 2-4 FMI Annual Business Conference Chicago, IL 5-8 Natural Products Expo West Anaheim, CA 9-12 FMI Asset Protection Conference Memphis, TN 15-17 Seafood Expo North America & Seafood Processing North America Boston, MA 22-25 Restaurant Leadership Conference Scottsdale, AZ 22-26 NACS Global Forum Singapore 22-26 AFFI Annual Food and Beverage Environmental Conference Point Clear, Ala 28-1 American Bakers Association Annual Convention Orlando, FL

April 2015 12-15 Grocery Manufacturers Association Science Forum National Harbor, MD14-16 NACS State of the Industry Summit Chicago, IL 15-16 NGA Day in Washington (NGA, FMI and FIAE) Washington, DC TBD FMI’s FutureConnect Orlando, FL

William Blair

Food For Thought Selected Upcoming Industry Events 17

Date Event Location

May 2015 3-6 RILA Asset Protection Conference Orlando, FL 3-6 FMI’s 2015 Financial Executive Conference and Internal Auditing Conference (Co-Located) New Orleans, LA 16-19 NRA Restaurant Hotel Motel Show Chicago, IL 19-20 PLMA’s Annual “World of Private-Label” Amsterdam 19-21 NCA Sweets & Snacks Expo Chicago, IL 31-Jun 2 AFFI Food Logistics Forum Incline Village, NV 31-Jun 4 NGA Leadership Development Program (Cornell) Ithaca, NY TBD CSP Leadership and Crisis Prevention Forum TBD TBD The Tech Event (NACS and PCATS) TBD

June 2015 7-9 International Dairy Deli Bakery Association Annual Convention "Dairy-Deli-Bake" Atlanta, GA 7-11 NGA Leadership Development Program (USC) Los Angeles, CA 7-12 Insight NACS Future of Convenience London, UK 9-11 FMI Connect Chicago, IL 9-11 United Fresh 2014 Chicago, IL 22-24 Foodservice at Retail Expo 2014 Nashville, TN 28-29 TRA Marketplace (formerly Southwest Foodservice Expo) Dallas, TX 28-30 NASFT – Summer International Fancy Food & Confection Show New York, NY

July 2015 20-23 NBJ Summit Dana Point, CA 26-28 The International Foods Planning TBD 27-29 Center Store Grocery, Snack & Beverage Planning TBD

August 2015 22-25 NACDS Total Store Expo Denver, CO

September 2015 1-2 Food Evolution Summit Phoenix, AZ 15-18 RILA Retail Sustainability Conference Austin, TX 17-19 All Things Organic - BioFach America Baltimore, MD 17-20 Natural Products Expo East Baltimore, MD 20-22 MUFSO Conference Dallas, TX 20-23 Candy Annual Planning Chandler, AZ 28-29 Canadian Federation of Independent Grocers-Grocery Innovations Toronto, Canada

October 2015 10-13 National Frozen and Refrigerated Foods Convention Dallas, TX 13-15 Shopper Marketing Expo Minneapolis, MN 18-20 Consumer Goods Forum: Future Leaders Congress Rio De Janeiro, Brazil

William Blair

Food For Thought 18 General Market Update

General Market Update

Percentage Change

As of 10/31/14 Month-to-Date Year-to-Date

Equity Market Indices Dow Jones Industrial Average $17,390.52 2.0% 4.9%

Nasdaq Composite $4,630.74 3.1% 10.9% S&P 500 $2,018.05 2.3% 9.2% S&P Food Products Index $478.79 2.3% 6.5% S&P Food & Staples Retail Index $342.16 4.5% 7.7% S&P Restaurants Index $799.12 0.2% (0.7%) WB Corporate Finance Indices(1) Food Index $810.99 1.9% 11.4% Ingredients Index $894.59 2.1% 16.4% Beverage Index $4,193.72 1.2% 8.1% Food Retail Index $837.46 5.4% 4.0% Convenience Store Index $20,915.83 8.8% 41.2% Currencies Dollar to Canadian Dollar $1.13 0.9% 6.1% Dollar to Euro $0.80 0.8% 10.0% Dollar to Peso $13.48 0.4% 2.9% Dollar to Pound $0.63 1.3% 3.5% Commodities(2) Coffee Beans (Cents and 1/100 of a Cent Up to 2 Decimal Places) $1.88 (2.8%) 69.8% Corn (Cents per Bushel) $3.77 17.5% (10.7%) Milk (Cents per 2,000 lbs.) $0.24 (1.1%) 23.0% Cocoa (Dollars per Metric Ton) $2,899.00 (12.2%) 7.0% Oil (Dollars per Barrel) $80.54 (11.6%) (18.2%) Soybean Oil (Cents per Bushel) $0.35 7.5% (11.1%) World Sugar (Cents and 1/100 of a Cent up to 2 Decimal Places) $0.16 (2.5%) (2.3%) Wheat (Cents per Bushel) $5.33 11.5% (12.0%) Yield (%) 52-Week Range

As of 10/31/14

52-Week Low Latest

52-Week High

INTEREST RATES 10-Year Treasury 2.3% 2.1% 3.0% 30-Year Treasury 3.1% 2.9% 3.9% 3-Month LIBOR 0.2% 0.2% 0.2% Fed Funds Effective Rate 0.1% 0.1% 0.1% Prime Rate 3.3% 3.3% 3.3% (1) WB Corporate Finance indices are determined by FactSet Research Systems, as of October 31, 2014. Data is based on a weighted average by market capitalization calculation. (2) Commodities represent futures prices Source: FactSet Research Systems as of October 31, 2014 WB Corporate Finance Food Index includes: ARYZTA, Associated British Foods, B&G Foods, Bridgford Foods, Calavo Growers, Cal-Maine Foods, Campbell Soup, Chiquita Brands International, ConAgra Foods, Danone, Dean Foods, Diamond Foods, Dole Food Company, Flowers Foods, Fresh Del Monte Produce, General Mills, George Weston Limited, Golden Enterprises, Grupo Bimbo, Hormel Foods, Inventure Foods, J&J Snack Foods, JBS, John B Sanfilippo & Son, Kellogg Company, Kraft Foods, Lancaster Colony Corporation, McCormick & Co., Nestlé, Overhill Farms, Pilgrim’s Corp., Post Holdings, Sanderson Farms, Saputo, Seneca Foods, Nestlé, Ralcorp Holdings, Reddy Ice Holdings, Sanderson Farms, Saputo, Sara Lee, Seneca Foods, Smart Balance, Smithfield Foods, Snyder’s-Lance, The Hain Celestial Group, The Hershey Company, The J. M. Smucker Company, Tootsie Roll Industries, Treehouse Foods, Tyson Foods, Unilever WB Corporate Finance Beverage Index includes: Anheuser-Busch InBev, Boston Beer Co., Brown-Forman Corporation, Coca-Cola Bottling Co. Consolidated, Coca-Cola Enterprises, Constellation Brands, Cott Corporation, Diageo, Dr Pepper Snapple Group, Farmer Brothers Co., Green Mountain Coffee Roasters, Jones Soda Co., Lifeway Foods, Molson Coors Brewing Company, Monster Beverage Corporation, National Beverage, Pepsico, SABMiller, The Coca-Cola Company WB Corporate Finance Ingredients Index includes: Barry Callebaut, Frutarom Industries, Givaudan, International Flavors & Fragrances, Kerry Group, Sensient Technologies Corporation, Symrise, T. Hasegawa Co., Takasago International WB Corporate Finance Food Retail Index includes: Arden Group (Gelson’s), Fairway Group Holdings, Harris Teeter Supermarkets, Ingles Markets, Nash Finch, Roundy’s, Safeway, Smart & Final Stores, Spartan Stores, SUPERVALU, The Fresh Market, The Kroger Co., United Natural Foods, Village Super Market, Vitamin Cottage Natural Food Markets, Weis Markets, Whole Foods Market WB Corporate Finance Convenience Store Index includes: Alimentation Couche-Tard, Casey’s General Stores, Pantry

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0%

Quarterly Market Update – All Industries

William Blair

Food For Thought 19 Domestic M&A Market Summary

Domestic M&A Market Summary

U.S. Activity Trends

M&A Activity

Number of Deals 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 LTM>$750M 147 233 281 362 460 228 156 287 262 312 312 377Middle Market 4,239 4,527 4,453 4,548 4,537 4,766 4,144 6,224 5,360 5,155 4,203 3,920Undisclosed 4,406 5,174 5,353 7,510 8,343 6,494 5,075 6,238 7,775 9,167 7,574 8,182Deal Value $688 $992 $1,297 $1,647 $1,750 $1,075 $886 $1,048 $1,174 $1,104 $1,294 $1,829

Middle-Market M&A Activity

Number of Deals 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 LTM$250M-$750M 314 402 424 536 627 417 269 457 475 467 512 538 $50M-$250M 1,065 1,218 1,265 1,294 1,333 1,195 791 1,138 1,148 1,151 1,095 1,097 <$50M 2,860 2,907 2,764 2,718 2,577 3,154 3,084 4,629 3,737 3,537 2,596 2,285 Deal Value $292 $351 $364 $421 $466 $355 $239 $370 $383 $380 $387 $391

Private-Equity Activity

Number of Deals 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 LTM >$750M 33 61 84 106 149 64 34 94 88 95 88 113Middle Market 626 906 859 998 826 788 742 869 698 660 507 550Undisclosed 541 679 869 1,143 1,341 969 686 1,013 1,249 1336 1154 1429Deal Value $120.4 $224.6 $287.6 $523.7 $644.3 $243.7 $149.3 $272.3 $268.6 $264.5 $282.6 $371.7Note: Year-to-date as of September 30, 2014 Sources: Dealogic and William Blair’s mergers-and-acquisitions market analysis. Data represents announced deals only

8,792 9,934 10,087 12,420 13,340 11,488 9,375 12,749 13,397 14,634 12,089 12,479$0$600$1,200$1,800

06,00012,00018,000Deal Value($ in billions)Number of Deals Undisclosed Middle Market >$750M Deal Value

4,239 4,527 4,453 4,548 4,537 4,766 4,144 6,224 5,360 5,155 4,203 3,920$0$200$400$600

010,000

Deal Value($ in millions)Number of Deals <$50M $50-250M $250 -750M Deal Value

1,200 1,646 1,812 2,247 2,316 1,821 1,462 1,976 2,035 2,091 1,749 2,092$0$400$800

05,000

Deal Value($ in billions)Number of Deals Undisclosed Middle Market >$750M Deal Value

William Blair

Food For Thought Domestic M&A Market Summary 20

U.S. Valuation Trends

Median EV/EBITDA Multiples

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 LTMMiddle Market 7.5x 7.4x 8.7x 10.1x 10.0x 9.5x 7.9x 6.4x 9.3x 10.0x 9.1x 9.9x 10.2x Overall Market 7.9x 8.0x 9.1x 10.3x 11.0x 11.2x 9.0x 7.4x 9.9x 10.8x 9.6x 10.0x 11.1x Median EV/EBITDA Middle-Market Multiples

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 LTM< $50M 4.1x 7.1x 6.4x 7.2x 10.2x 7.8x 4.9x 3.9x 8.8x 9.0x 6.8x 8.1x 7.8x$50M-$250M 7.5x 6.9x 8.7x 11.3x 9.5x 10.4x 9.1x 7.1x 9.3x 10.0x 9.2x 11.3x 10.9x$250M-$750M 9.7x 9.2x 9.1x 10.0x 11.0x 9.4x 8.3x 7.9x 9.7x 10.7x 10.2x 12.9x 11.5x Average Acquisition Premiums

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 LTM1-Week Premium 36% 32% 28% 26% 26% 27% 36% 38% 34% 36% 36% 23% 29%4-Week Premium 38% 40% 32% 31% 31% 29% 37% 41% 38% 39% 39% 30% 32%Notes: Data limited to a range of 1 to 100 and LTM is as of September 30, 2014Sources: Dealogic and William Blair’s mergers-and-acquisitions market analysis. Data represents announced deals only

3.0x6.0x9.0x12.0x15.0x Middle Market Overall Market

0.0x4.0x8.0x12.0x16.0x < $50M $50M-$250M $250M-$750M

20%30%40%50% 1-Week Premium 4-Week Premium

William Blair

Food For Thought 21 Domestic M&A Market Summary

U.S. Equity Capital Markets Summary

Historical IPO Issuance

Historical Follow-On Issuance

Note: Excludes follow-on offerings for CLEFs, REITs, and SPACs IPO Pricings by Sector – Last 4 Quarters: 243 Total Deals Follow-on Pricings by Sector – Last 4 Quarters:

694 Total Deals

Sources: Dealogic and William Blair’s mergers-and-acquisitions market analysis

54139 95 105

175119

187

28 35 13 19 39 25 20 21 21 50 48 56 63 70 54050100150200

2009 2010 2011 2012 2013 2013YTD 2014YTD 1Q 11 2Q 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

564 506 399 470657

464 501135 128 50 86 130 98 115 127 152 139 173 193 198 183 120

0100200300400500600700

2009 2010 2011 2012 2013 2013YTD 2014YTD 1Q 11 2Q 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

14 2226

9426

61 Business ServicesConsumerFinancialHealthcareIndustrialTechnology

68 4866

174205

133 Business ServicesConsumerFinancialHealthcareIndustrialTechnology

William Blair

Food For Thought Debt Capital Markets Summary 22

Debt Capital Markets Summary

Average Equity Contribution

Quarterly LBO Debt Multiples – Less Than $50 Million EBITDA

Quarterly LBO Debt Multiples – Greater Than $50 Million EBITDA

Sources: Dealogic and Standard & Poor’s as of September 30, 2014

36% 41% 38% 40% 35% 34% 32% 40% 46% 45% 41% 41% 46% 49%31% 37% 32% 32% 30% 29% 30% 38% 47% 40% 37% 37% 33% 39%

0%10%20%30%40%50%60%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD

Less than $50 million EBITDA More than $50 million EBITDA

Total Debt/EBITDA Senior Debt/EBITDA

3.6x 3.8x3.7x

4.0x 4.2x 4.2x 4.9x 4.8x 4.4x 3.4x 3.8x 4.4x 5.0x 5.1x

3.0x3.8x 3.7x

2.2x4.0x 3.8x 4.5x 4.8x

3.3x 3.1x 3.7x 3.2x5.0x 5.1x

2.0x3.0x4.0x5.0x6.0x7.0x

2.0x3.0x4.0x5.0x6.0x7.0x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Total Debt/EBITDA Senior Debt/EBITDA

4.1x 4.5x 4.4x 4.8x 4.9x 5.0x 5.7x6.8x

4.0x 4.8x 5.3x 4.3x 5.1x 5.5x

3.1x 2.6x2.6x 2.9x 2.9x 3.5x

4.4x

6.6x

3.1x 3.9x5.3x

4.0x 4.9x 5.5x

2.0x3.0x4.0x5.0x6.0x7.0x

2.0x3.0x4.0x5.0x6.0x7.0x

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

William Blair

Food For Thought 23 William Blair Food & Beverage and Food Convenience & Retail Investment Banking

William Blair Food & Beverage and Food Convenience & Retail Investment Banking

Food & Beverage Production

Jim Bertram is the global head of the firm’s consumer and retail investment banking group. Before joining William Blair in 2006, he was the co-head of Banc of America Securities’ global consumer products investment banking practice. In this role, he assisted domestic and international consumer products manufacturers and distributors in executing mergers and acquisitions and raising debt and equity capital through both public and private market transactions. Before joining Banc of America Securities, he was responsible for leading Deutsche Bank Alex. Brown’s food-and-beverage investment banking activity. Before working at Deutsche Bank Alex. Brown, he was vice president in the corporate finance department at George K. Baum & Company, an investment and merchant banking firm where he advised clients in executing public equity offerings, mergers and acquisitions, and private debt placements. Mr. Bertram began his career in investment banking at Salomon Brothers. Mr. Bertram graduated with highest honors from the University of Illinois with a B.S. in finance. [email protected] +1 312 364 5426

Brent Smith is a managing director in the consumer and retail group. Since joining William Blair in 2000, Mr. Smith has also been a member of the firm’s mergers-and-acquisitions practice and currently heads William Blair’s consumer M&A effort. Over this period, he has worked on a range of public and private M&A, primarily in the consumer and industrial sectors, totaling more than $18 billion in aggregate transaction value. Mr. Smith’s financial advisory experience includes sell-side and buy-side transactions, corporate divestitures, take-private transactions, strategic options studies, valuations, fairness opinions, and special committee situations. Mr. Smith is a member of William Blair’s Fairness Opinion Committee. Before joining William Blair, Mr. Smith worked at both Lehman Brothers and Heitman Financial. Mr. Smith holds an M.B.A. with honors from the University of Chicago and a B.B.A. with high distinction from the University of Michigan. [email protected] +1 312 364 5392

Adam Filkin joined William Blair in 2007 and is a managing director in the consumer and retail investment banking group. Mr. Filkin has extensive transaction experience across numerous consumer verticals, including food, consumer products, and personal care. He joined William Blair from Banc of America Securities, the investment banking arm of Bank of America. Mr. Filkin spent three years at Banc of America, serving as an associate in the consumer and retail practice. Before joining Banc of America, Mr. Filkin was a manager at A.T. Kearney, focusing on growth strategies and operational improvement studies for consumer and retail companies. He has more than 10 years of experience working with consumer and retail companies. Mr. Filkin holds an M.B.A. with a concentration in finance from the University of Chicago and holds a B.S.E. in chemical engineering from the University of Michigan. [email protected] +1 312 364 8077

William Blair

Food For Thought William Blair Food & Beverage and Food Convenience & Retail Investment Banking 24

Food & Convenience Retail

Tim Carroll joined William Blair in 2002 and serves as a managing director in the consumer and retail investment banking group. He joined William Blair from Andersen Corporate Finance LLC, the investment banking arm of Andersen. Mr. Carroll spent four years at Andersen, serving as a national director and managing director/co-head of the products and business services industry team. Before joining Andersen, he was a founder and principal of Wyndam Capital, a broker-dealer serving middle-market companies, and a founder and principal of a $120 million private-equity fund. Mr. Carroll has served on the board of directors for seven privately held businesses and has more than 27 years of investment banking experience, 7 years of commercial banking experience, and 2 years of commercial real estate experience. Mr. Carroll graduated with a B.S. in business finance from Indiana University. [email protected] +1 312 364 8532

Michael Siska is a managing director in the consumer and retail investment banking group at William Blair. He originally joined the firm in 2002 and then rejoined in 2006 after attaining his M.B.A. at the University of Chicago. Before joining William Blair, Mr. Siska worked in private equity for Allstate Private Equity in Chicago and 3i Group in London. He also spent five years in the products and business services industry group at Andersen Corporate Finance LLC, the investment banking arm of Andersen. He focuses on specialty retail, food retail, restaurants, and consumer services. Mr. Siska earned an M.B.A. from the University of Chicago and a B.S., with honors, from the University of Illinois at Urbana-Champaign. [email protected] +1 312 364 5393 Europe

Alex Matthes is a managing director at William Blair. Before he joined William Blair in 2013, Mr. Matthes worked in Commerzbank’s M&A advisory team with a focus on consumer and retail. Before joining Dresdner Kleinwort in 2006 as vice president, he worked in the M&A department of Lazard as analyst and associate since 2000. Mr. Matthes studied business administration at the universities of Frankfurt and Cologne and obtained a master’s degree in business administration (Diplom Kaufmann) in 2000. [email protected] +49 69 509527 612

Beth Pickens is a managing director and head of European consumer banking. She joined William Blair in 2000and has been located in William Blair’s London office since 2001. Ms. Pickens specializes in advising international consumer growth companies across consumer products, personal care, and consumer services. She is also an angel investor in early-stage consumer companies, including Bonobos.com and DefySupply.com. Ms. Pickens holds a master’s degree in business administration from the University of Chicago Graduate School of Business and a bachelor’s degree in finance from the University of Illinois at Urbana-Champaign. She also completed studies at the Université de Paris IV-Sorbonne. A Chicago native, she lives in London with her husband and children. [email protected] +44 20 7868 4479

William Blair

Food For Thought 25 Recent William Blair Consumer & Retail Transactions

Recent William Blair Consumer & Retail Transactions

$105,000,000Follow-on OfferingNovember 2014

Not DisclosedGrowth Equity RecapitalizationOctober 2014

Not Disclosedhas been acquired by

Monomoy Capital PartnersOctober 2014$85,000,000

Senior Credit FacilitySeptember 2014

$53,117,980Follow-on OfferingSeptember 2014

Not Disclosedhas a strategic investment from

Standard Chartered Private EquityAugust 2014

$156,543,750Follow-on OfferingAugust 2014

$123,214,290Initial Public OfferingJuly 2014

$89,125,000Follow-on OfferingJuly 2014


$171,646,263Follow-on Offering June 2014

$202,000,000has been acquired by

Snyder’s LanceJune 2014CAD$170,000,000

has been acquired by TreeHouse Foods, Inc. May 2014

Not Disclosedhas been acquired byMilner Milling, Inc.May 2014

$64,166,663Initial Public OfferingMay 2014

$100,624,980Initial Public OfferingApril 2014

$61,300,000has been acquired by

The HainCelestial GroupApril 2014


Bregal PartnersMarch 2014


Greencore GroupFebruary 2014


ADKM, Inc. (DBA Harry's) January 2014

Not Disclosedhas been recapitalized by

TZP GroupDecember 2013$51,500,000

has divested Mervin Manufacturing Inc. toAltamont Capital

PartnersNovember 2013

$290,950,000Initial Public OfferingNovember 2013

$230,000,000Initial Public OfferingNovember 2013

$59,400,000has divested certain assets in Charlotte to

Publix Super MarketsOctober 2013

$120,750,000Initial Public OfferingOctober 2013

$45,755,000 Credit Tenant LeaseOctober 2013

$775,500,000Follow-on OfferingSeptember 2013

$147,857,145Initial Public OfferingAugust 2013


€122,000,000 a portfolio company of Gilde Equity Management has been acquired by

Gilde Buy Out PartnersJune 2013

William Blair

Food For Thought William Blair Consumer & Retail Coverage 26

William Blair Consumer & Retail Coverage Mark Miller, CFA +1 312 364 8498 Broad Assortment and Hardlines, E-commerce, Health, Beauty, and Convenience

Sharon Zackfia, CFA +1 312 364 5386 Apparel and Accessories, Leisure, Restaurants

Company Ticker Company Ticker Amazon.com AMZN BJ’s Restaurants BJRI Blue Nile NILE Bloomin’ Brands BLMN Cabela’s CAB CarMax KMX Costco Wholesale Corporation COST Carnival Corporation CCL CVS Caremark Corporation CVS Cheesecake Factory (The) CAKE Dick’s Sporting Goods DKS Chipotle Mexican Grill CMG Fairway Group Holdings FWM Dunkin’ Brands Group DNKN Fresh Market (The) TFM El Pollo Loco Holdings LOCO GNC Holdings GNC Harley-Davidson HOG JD.com JD Life Time Fitness LTM MercadoLibre MELI Lululemon Athletica LULU Natural Grocers by Vitamin Cottage NGVC Panera Bread PNRA Sportsman’s Warehouse Holdings SPWH Papa Murphy’s Holdings FRSH Target Corporation TGT Potbelly PBPB Tractor Supply Company TSCO Royal Caribbean Cruises RCL Vitamin Shoppe VSI Sonic Corp. SONC Walgreen Co. WAG Starbucks Corporation SBUX Wal-Mart Stores WMT Tilly’s TLYS Wayfair Inc. W Tumi Holdings TUMI Whole Foods Market WFM Under Armour UA Zulily ZU Urban Outfitters URBN Zoe’s Kitchen ZOES Zumiez ZUMZ Jon Andersen, CFA +1 312 364 8697 Consumer Products

Daniel Hofkin, Analyst +1 312 364 8965 Hardlines, Specialty Retail AptarGroup ATR Advance Auto Parts AAP Boulder Brands BDBD AutoZone AZO Church & Dwight CHD Bed Bath & Beyond BBBY Colgate-Palmolive Company CL Luxottica Group LUX Fox Factory Holding FOXF Mattress Firm Holding Corp. MFRM Inventure Foods SNAK O’Reilly Automotive ORLY J&J Snack Foods JJSF PetSmart PETM J.M. Smucker Company (The) SJM Regis Corporation RGS Jarden Corporation JAH Restoration Hardware Holdings RH Kellogg Company K Ross Stores ROST Keurig Green Mountain GMCR Steiner Leisure STNR Mead Johnson Nutrition Company MJN TJX Companies (The) TJX Perrigo Company PRGO Ulta Salon, Cosmetics & Fragrance ULTA Prestige Brands Holdings PBH Williams-Sonoma WSM Procter & Gamble Company (The) PG Scotts Miracle-Gro Company (The) SMG SodaStream International SODA Tempur Sealy International TPX TreeHouse Foods THS

Amy Noblin, Analyst +1 415 248 2874 Apparel and Accessories Abercrombie & Fitch ANF Nordstrom JWNCoach COH Tiffany & Co. TIFDSW DSW Tumi Holdings TUMIFrancesca’s Holdings FRAN Vera Bradley VRAMichael Kors Holdings KORS Vince Holding Corp VNCE

William Blair

Food For Thought 27 Notes

Notes

William Blair

William Blair is a trade name for William Blair & Company, L.L.C. and William Blair International, Limited. William Blair & Company, L.L.C., is a Delaware company and is regulated by the Securities and Exchange Commission, The Financial Industry Regulatory Authority, and other principal exchanges. William Blair International Limited is authorised and regulated by the Financial Services Authority ("FSA") in the United Kingdom. William Blair & Company® only offers products and services where it is permitted to do so. Some of these products and services are only offered to persons or institutions situated within the United States and are not offered to persons or institutions outside of the United States. This material has been approved for distribution in the United Kingdom by William Blair International Limited, and is directed only at, professional clients and eligible counterparties (as defined in COBS 3.5 and 3.6 of the FSA Handbook). This advertisement is not intended to be investment advice. William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com November 20, 2014 Food For Thought Disclosures 28

Disclosures

November 2014Monthly Update

Food for Thought Overview, Analysis, and Trends in the Food and Food Retailing Industries

William Blair’s investment banking group combines signi�icant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and �inancing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth �inancing, �inancial restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. From 2010 - 2013, the investment banking group completed 250 merger-and-acquisition transactions worth more than $52 billion in value, involving parties in 27 countries and four continents, was an underwriter on over 20% of all U.S. initial public offerings and arranged more than $11.5 billion of debt �inancing.

About William Blair Investment Banking

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Food for Thought 2014 11 M&a LTM 2014

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