www.harriswilliams.com

Member FINRA/SIPC

Food and Beverage Industry Update

February 2014

2 of 16

What We’re Seeing

CONTENTS

INDUSTRY VITAL SIGNS

EQUITY MARKET OVERVIEW

M&A MARKET OVERVIEW

DEBT MARKET OVERVIEW

NOTABLE M&A ACTIVITY

PUBLIC COMPARABLES

EARNINGS CALENDAR

GROUP OVERVIEW

Harris Williams & Co. is a leading

advisor to the food and beverage

market. Our significant experience

covers a broad range of end

markets, industries, and business

models. This particular report

focuses on trends and metrics in the

following areas:

• Agribusiness

• Baked and Prepared Goods

• Beverages

• Branded and Private Label

• Dairy

• Distribution

• Ingredients

• Meat and Protein

• Natural and Organic

• Processing

• Produce

• Restaurant and Retail

• Snacks

CONTACTS

Glenn Gurtcheff | Managing Director

ggurtcheff@harriswilliams.com

+1 (612) 359-2702

Tim Alexander | Managing Director

talexander@harriswilliams.com

+1 (612) 359-2716

Ryan Budlong | Director

rbudlong@harriswilliams.com

+1 (612) 359-2722

Brant Cash | Vice President

bcash@harriswilliams.com

+1 (612) 359-2709

www.harriswilliams.com

On February 4th, Sankaty Advisors announced the acquisition of Allens, a family-owned vegetable

processor, for $160 million. Access to the full article here.

Allens Inc. Acquired by Sankaty Advisors

What We’re Reading

On January 6th, Brynwood Partners announced the acquisition of Joseph’s Pasta, a Massachusetts maker

of frozen pastas, from Nestle. This is the third divestiture of Nestle’s in recent months as the company

announced the sale of Jenny Craig in November and its sale of the company’s 10% stake in Givaudan in

December. Access to the full article here.

Brynwood Partners to acquire Nestle Pasta Business

On January 16th, Apollo Global Management announced it had agreed to acquire CEC Entertainment,

which operates 577 Chuck E. Cheese restaurants, for $1.3 billion. The offer of $54 a share represents a

premium of 25% over CEC’s January 7th closing price of $48.43. Access to the full article here.

Apollo Global Management to Acquire CEC Entertainment

M&A activity in the food and beverage sector continues to maintain its momentum into 2014. We

recently attended the Fancy Food Show and talked with many entrepreneurs, large corporations, and

private equity owners about their strategic plans for the upcoming year. We have seen more business

owners become very serious about the prospect of using the strong capital markets to exit their

investments or attract growth capital this year. The large corporations are expecting the M&A market in

2014 to be active, and they will be active acquirers this year. The interest from strategic buyers in

addition to strong financing markets and private equity interest in the space will drive elevated M&A

activity in the food and beverage sector this year.

Our Food and Beverage team will be in attendance at Expo West next month. We look forward to seeing

many of you at the show!

Market Update

Food and Beverage Industry Update

February 2014

What We’ve Been Doing

Closed HW&Co. Transactions

a portfolio company of

has been acquired by

a portfolio company of

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

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has been acquired by

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and

a portfolio company of

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a portfolio company ofhas divested

selected assets to

and

has been acquired by

On January 13th, Suntory of Japan agreed to purchase Beam Inc., the U.S. distiller of iconic whiskey

brands including Jim Beam and Maker’s Mark, for $13.6 billion. Suntory is offering Jim Beam

shareholders $83.50 a share in cash, which represented a 25% premium to the January 10th share price.

Access to the full article here.

Suntory of Japan to Buy Beam Inc.

a portfolio company of

has been acquired by

a portfolio company of

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

has been acquired byhas been acquired by

and

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has been acquired by

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has been acquired by

a portfolio company ofhas divested

selected assets to

and

has been acquired by

has acquired

3 of 16

Food and Beverage Industry Vital Signs

Consumer Food

Price Index

Inflation2

Commodity

Price Indices1

50

100

150

200

250

Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

Co

mm

od

ity

Pri

ce I

nd

ex

Corn Wheat Soybeans Crude Oil

Protein Price

Indices2,3

Restaurant and

Grocery Store

Sales Indices4

80

100

120

140

160

Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13

Sa

les

Ind

ex

Restaurant Grocery

90

100

110

120

130

140

Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13

Pro

tein

Pri

ce I

nd

ex

Beef Pork Poultry

-0.5

1.0

2.5

4.0

5.5

Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13

Infl

ati

on

(%

)

Restaurant:

27.2%

Grocery:

11.3%

Beef:

25.3%

Pork:

22.2%

Poultry:

16.5%

Crude Oil:

36.6%

Wheat:

33.6%

Soybeans:

25.5%

Corn:

20.7%

Net Debt /

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

Protein Processing (3.8%) 20.7% (8.1%) 6.1% 12.3x 14.8x 7.9x 2.4x

Fruit and Vegetable (2.4%) 4.5% 3.2% 16.1% 14.6x 17.4x 9.8x 2.8x

Ingredients / Flavors 1.7% 22.9% (2.3%) 10.0% 18.3x 24.9x 12.6x 1.1x

Agribusiness (0.9%) 9.3% 4.3% 8.6% 12.9x 19.1x 10.2x 1.1x

Branded Processed Foods (4.0%) 12.4% 2.8% (7.9%) 19.0x 20.8x 13.3x 2.2x

Private Label Foods (13.7%) 7.2% 4.0% (4.9%) 19.3x 26.7x 12.5x 2.6x

Natural / Organic Foods (10.7%) 23.1% 5.1% (11.8%) 25.3x 29.7x 15.0x 2.2x

Baked Goods / Snack Foods (3.4%) 18.8% 0.3% 14.6% 20.3x 21.5x 11.2x 2.1x

Dairy (6.5%) (2.7%) (1.4%) 1.3% 17.4x 20.6x 11.9x 1.8x

Non-Alcoholic Beverages 2.7% 21.7% 2.3% 14.6% 18.0x 20.4x 11.7x 1.4x

Alcoholic Beverages (8.6%) 4.6% (4.5%) (3.4%) 18.0x 14.0x 12.4x 3.0x

Food Retail (13.9%) 17.2% (7.8%) 9.9% 13.7x 19.4x 6.2x 2.0x

Grocery Distribution (1.0%) 29.5% 5.1% 27.4% 17.3x 20.8x 9.6x 1.2x

Foodservice (6.2%) 10.8% (4.9%) 16.7% 22.6x 25.6x 9.5x 2.2x

Quick Service Restaurant (1.7%) 47.0% 4.9% 23.7% 21.1x 26.9x 11.3x 2.1x

Casual Dining Restaurant (10.9%) 23.8% (4.4%) 19.9% 19.0x 21.3x 9.6x 2.8x

Fast Casual (11.6%) 44.7% (6.8%) 46.4% 38.7x 22.5x 19.9x 2.4x

Pizza 18.9% 64.5% 15.5% 32.8% 25.0x 28.5x 15.0x 2.0x

Beverage / Snack Retail (14.0%) 25.4% (4.8%) 6.8% 27.7x 34.8x 17.3x 0.6x

Family Restaurant (8.2%) 18.0% (1.7%) 18.7% 19.0x 18.3x 9.1x 1.4x

O verall Median (5.8%) 18.3% (1.4%) 9.6% 18.8x 20.8x 11.2x 2.0x

Stock Price % ChangeEV/EBITDA % Change Current Valuation Stats

Fo

od

an

d B

ev

era

ge

Inp

uts

Co

nsu

mer a

nd

Reta

il

Key Trading

Statistics5

4 of 16

Public Equity Market Overview

Public

Company

Sector

Performance5

(One year change

in stock price)

Dairy

Fruit and Vegetable

Alcoholic Beverages

Private Label Foods

Agribusiness

Foodservice

Branded Processed Foods

S&P

Food Retail

Family Restaurant

Baked Goods / Snack Foods

Protein Processing

Non-Alcoholic Beverages

Ingredients / Flavors

Natural / Organic Foods

Casual Dining Restaurant

Beverage / Snack Retail

Grocery Distribution

Fast Casual

Quick Service Restaurant

Pizza

-10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

Inputs Food and Beverage Consumer and Retail

90

100

110

120

130

140

Feb-13 Apr-13 Jun-13 Sep-13 Nov-13 Feb-14

Restaurant Protein Processing/Dairy

Natural/Organic Beverage

Private Label Food Manufacturing S&P 500

Close

Date Filing Date Issuer Ticker

Transaction

Type

Gross

Proceeds

($mm) Use of Funds

02/03/14 02/03/14 American Brewing Co Inc NA IPO $2.4 General Corp. Purp.

12/19/13 12/19/13 Tootie Pie Co Inc TOOT.Q Follow-On $0.5 General Corp. Purp.

12/17/13 12/17/13 Sunora Foods Inc SNF Follow-On $1.8 General Corp. Purp.

12/13/13 12/13/13 MamaMancini's Holdings Inc MMMB Follow-On $0.8 General Corp. Purp.

12/12/13 11/18/13 RiceBran Technologies RIBT Follow-On $9.0 General Corp. Purp.

12/12/13 12/12/13 Darling International Inc DAR Follow-On $760.0 Working Capital

General Corp. Purp.

12/11/13 11/26/13 Pinnacle Foods Inc PF Follow-On $523.0 General Corp. Purp.

12/10/13 12/10/13 Post Holdings Inc POST Convertible $300.0 Working Capital

Acquisitions

11/18/13 11/18/13 Z Trim Holdings Inc ZTHO Follow-On $1.4 General Corp. Purp.

11/13/13 11/13/13 Castle Brands Inc ROX Follow-On $6.0 General Corp. Purp.

11/12/13 11/12/13 Annies Inc BNNY Follow-On $122.0 General Corp. Purp.

11/08/13 11/08/13 Feronia Inc FRN Follow-On $24.9 General Corp. Purp.

11/04/13 11/04/13 Naturally Splendid Entrp Ltd NSP Follow-On $0.5 General Corp. Purp.

Recent Equity

Offerings6

5 of 16

Public Equity Market Overview

Food and

Beverage

Industry Stock

Performance5

25.0%

17.1%

16.5%

14.5%

11.6%

4.1%

Last 10 Deals Announced Private Equity Investments and Exits

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

Food and

Beverage M&A

Trends5

6 of 16

M&A Market Overview

Latest Deals

and Announced

Private Equity

Activity5

Highlighted

Food and

Beverage M&A

Transactions

36

27

46

21

14

32

25 26

38

6

15

27 26 27

17

34

18

36

43

5

0

5

10

15

20

25

30

35

40

45

50

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Num

be

r of

Inv

est

me

nts

Number of Investments Number of Exits

10.5x

9.9x

8.8x 8.3x 8.0x

11.3x

9.2x

7.6x

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

2007 2008 2009 2010 2011 2012 2013 2014

EV

/ LT

M S

ale

s Mu

ltiple

EV

/ L

TM

EB

ITD

A M

ultip

le

EV / LTM EBITDA EV / LTM Sales

$25.5

$110.2

$9.3

$67.2

$8.2

$24.0

$55.7

$17.3

0

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

2007 2008 2009 2010 2011 2012 2013 2014

Nu

mb

er o

f Tra

nsa

ctio

ns

Ag

gre

ga

te T

ran

sac

tio

n V

alu

e (

$ i

nb

illi

on

s)

Aggregate Deal Value # of deals

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

2/5/2014 Blue Point Brewing Company, Inc. Anheuser-Busch InBev SA/NV

2/3/2014 PowerBar, Inc. Post Holdings, Inc.

2/3/2014 Felda IFFCO, LLC Marathon Petroleum Corporation

2/3/2014 Salerno Dairy Products Limited Gay Lea Foods Co-operative Ltd.

2/3/2014 The Good Egg First Watch Restaurants, Inc.

1/31/2014 Oakhurst Dairy Inc. Dairy Farmers of America, Inc.

1/31/2014 Don Pablo's Operating Corp. Food Management Partners, Inc.

1/30/2014 Exetare Partnership, L.L.P. Christensen Farms and Feedlots, Inc.

1/29/2014 Gilster-Mary Lee Corpor. Pinnacle Foods Inc.

1/28/2014 Bofinger BBQ Smokehouse MMCN Investments Inc.

Anheuser-Busch InBev to Repurchase Oriental Brewery

• Anheuser-Busch InBev has announced its intent to re-acquire Oriental Brewery

from Kohlberg Kravis Roberts & Co.

• Oriental Brewery is a producer and marketer of branded spirits and was sold to

KKR from Anheuser-Busch in 2009 for $1.9 billion.

• The acquisition is anticipated to close in the first half of 2014, subject to approval.

Enterprise Value: $13.6bn

LTM EBITDA Multiple: 20.4x

Announced: January 13, 2014

Suntory of Japan to Acquire Beam, Inc.

• Suntory of Japan agreed to acquire Beam, Inc., the maker of iconic whiskey brands

Jim Beam and Makers Mark.

• The transaction will add numerous spirit brands for Suntory of Japan to a portfolio

that already includes Yamakazi Japanese Whiskey and Bowmore Scotch.

• The transaction is expected to close Q2 2014.

Sankaty Advisors Acquires Allens

• Sankaty Advisors agreed to purchase Allens for $160m.

• If approved, Allens will have to pay Seneca Foods Corp. a $4.5m break-up fee.

Seneca emerged as the “stalking-horse” bidder in the auction pledging to bid

$148m for Allens’ assets.

Enterprise Value: $160m

Announced: February 4, 2014

Enterprise Value: $5.8bn

Announced: January 20, 2014

Credit Statistics Average Secondary Spreads

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

Beverage Loan

Activity7

Recent Debt

Offerings8 Effective Date Borrower Name Description Tranche Amount Type Rating Spread

01/28/14 Whitbread Plc Malt beverages GBP 650,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

01/24/14 GoodHope Asia Holdings Ltd Vegetable oil mills 50,000,000 Revolver/Line >= 1 Yr. N/A / NR 300

01/24/14 GoodHope Asia Holdings Ltd Vegetable oil mills 200,000,000 Term Loan N/A / NR 300

01/24/14 GoodHope Asia Holdings Ltd Vegetable oil mills 150,000,000 Term Loan N/A / NR 350

01/15/14 North Atlantic Trading Co Tobacco stemming and redrying 170,000,000 Term Loan B N/A / NR 650

01/15/14 North Atlantic Trading Co Tobacco stemming and redrying 80,000,000 Term Loan N/A / NR 1025

01/15/14 North Atlantic Trading Co Tobacco stemming and redrying 40,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

01/13/14 Sigma Alimentos Frozen specialties 1,000,000,000 Delay Draw Term Loan N/A / Baa3 N/A

01/10/14 Kenko Mayonnaise Co Ltd Pickles, sauces, and salad dressings JPY 3,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A

01/06/14 Darling International Inc Animal and marine fats and oils 600,000,000 Term Loan B N/A / NR 250

01/06/14 Darling International Inc Animal and marine fats and oils EUR 600,000,000 Term Loan B N/A / NR 275

01/06/14 Darling International Inc Animal and marine fats and oils 1,000,000,000 Revolver/Line >= 1 Yr. N/A / NR 250

01/06/14 Darling International Inc Animal and marine fats and oils 350,000,000 Term Loan A N/A / NR 250

12/31/13 Blommer Chocolate Co Candy & other confectionery 245,000,000 Revolver/Line >= 1 Yr. N/A / NR 275

12/31/13 ConAgra Foods Inc Consumer foods 340,000,000 Term Loan N/A / Baa2 N/A

12/31/13 ConAgra Foods Inc Consumer foods 730,000,000 Revolver/Line >= 1 Yr. N/A / Baa2 N/A

7 of 16

Debt Market Overview

0.0x

2.0x

4.0x

6.0x

Debt/

EBITDA

Senior Debt/

EBITDA

EBITDA/

Cash Interest

EBITDA - Capex/

Cash Interest

EB

ITD

A M

ult

iple

2009 2010 2011 2012 2013

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000A

ver

age

Sp

read

Ov

er L

IBO

R

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2007 2008 2009 2010 2011 2012 2013

Av

erag

e S

pre

ad O

ver

LIB

OR

Revolving Credit / Term Loan A Weighted-Average Institutional

$0

$2

$4

$6

$8

$10

$12

$14

$16

4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

Loan

Volu

me

by

Quar

ter

($ i

n b

illi

on

s)

Institutional Pro Rata

8 of 16

Recent North

American Food

and Beverage

M&A5

Recent North American Food

and Beverage M&A Activity

Quarterly M&A Activity Median LTM

Trading

Multiples and

Quarterly Food

and Beverage

M&A5

Median LTM Trading Multiples

47 48 47

35

25

36

22

34 36

46 47

25

33

49

34

42

53 5248

3933

46 4753

39

7 3 6

5

5

2

3

4

7

57

13

6

7

7

5

4 79

6

10

138

7

5

0

10

20

30

40

50

60

70

Q10

8

Q20

8

Q30

8

Q4

08

Q10

9

Q20

9

Q30

9

Q40

9

Q1

10

Q21

0

Q31

0

Q41

0

Q1

11

Q21

1

Q31

1

Q41

1

Q11

2

Q2

12

Q31

2

Q41

2

Q11

3

Q2

13

Q31

3

Q41

3

Q11

4

Num

be

r of

Tra

nsa

ction

s

Strategic Acquirer Private Equity Acquirer

Enterprise Enterprise Value Private Equity

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

2/5/2014 Blue Point Brewing Company, Inc. - Anheuser-Busch InBev SA/NV - - - -

2/4/2014 Allens, Inc. - Sankaty Advisors $148.0 - - - P

2/3/2014 PowerBar, Inc. Nestle USA, Inc. Post Holdings, Inc. - - - -

2/3/2014 Felda IFFCO, LLC - Marathon Petroleum Corporation - - - -

2/3/2014 Salerno Dairy Products Limited - Gay Lea Foods Co-operative Ltd. - - - -

2/3/2014 The Good Egg - First Watch Restaurants, Inc. - - - -

1/31/2014 Oakhurst Dairy Inc. - Dairy Farmers of America, Inc. - - - -

1/31/2014 Don Pablo's Operating Corp. Rita Restaurant Corp. Food Management Partners, Inc. - - - -

1/30/2014 Exetare Partnership, L.L.P. - Christensen Farms and Feedlots, Inc. - - - -

1/29/2014 Gilster-Mary Lee Corpor. - Pinnacle Foods Inc. $16.5 - - -

1/28/2014 Bofinger BBQ Smokehouse - MMCN Investments Inc. - - - - P

1/27/2014 Uncle Charley's Sausage Co. - Tecum Capital Management - - - - P

1/27/2014 Peligroso Spirits Company, LLC - Diageo North America Inc. - - - -

1/24/2014 Checkers Drive-In Restaurants, Inc. Wellspring Capital Management LLC Sentinel Capital Partners, L.L.C. - - - - P

1/24/2014 Bi-Wise Market, Inc. - Associated Grocers of New England, Inc. - - - -

1/24/2014 Clear Creek Distillery LLC - Hood River Distillers, Inc. - - - -

1/22/2014 Les Aliments Lebel Foods Inc. - Scotsburn Co-operative Services Ltd. - - - -

1/22/2014 SunWise Foods, LLC - J.S.B. Industries, Inc. - - - -

1/21/2014 Shangri La Tea Company Inc. - LaRue Distributing, Inc. - - - -

1/20/2014 Paradise on Wings Franchise Group, LLC - American Restaurant Concepts, Inc. $1.6 - - -

1/18/2014 Artinian, Inc. - Tyson Foods, Inc. - - - -

1/17/2014 Yogli Mogli, LLC - U-Swirl, Inc. $2.4 - - -

1/17/2014 CherryBerry Enterprises, LLC - U-Swirl, Inc. $7.1 - - -

1/17/2014 Scotsburn Co-Operative Services - Saputo, Inc. $55.7 0.38x 7.6x -

1/17/2014 David's Supermarkets, Inc. - Brookshire Brothers, Ltd. - - - -

1/16/2014 Fernbrook Springs Bottled Water Company - Ice River Springs Water Co. Inc. - - - -

1/15/2014 CEC Entertainment Inc. (NYSE:CEC) - Apollo Global Management, LLC $1,295.4 1.58x 7.6x 14.1x

1/15/2014 Brand Vitamin Discounters LLC - The Professional Supplement Center - - - -

1/15/2014 Performance Pet Nutrition, LLC Encore Consumer Capital Nestle Purina PetCare Company - - - - P

1/15/2014 Advanced Ag, LLC - Wilbur-Ellis Company - - - -

1/14/2014 CLIC International Inc. Desjardins Business Capital Alliance Grain Traders Inc. - - - -

1/13/2014 Williams & Bennett - BBX Sweet Holdings - - - -

1/13/2014 Enlightened Hospitality Group Inc. - Hakkasan Ltd. - - - -

1/13/2014 New Carbon Company, LLC PNC Riverarch Capital Roch Capital - - - - P

1/12/2014 Beam, Inc. Fidelity Management Suntory Holdings Limited $15,816.6 6.27x 20.4x 24.1x P

1/10/2014 Fronteras Mexican Grill & Cantina - American Restaurant Holdings, Inc. - - - -

1/10/2014 Picnic Pros, Inc. - M Culinary Concepts, LLC - - - -

1/10/2014 Dixie Donuts - Daylight Donut Flour Company, LLC - - - -

1/9/2014 PJ United, Inc. The Halifax Group TPG Growth - - - - P

1/8/2014 HeartHealth4Me - Patient Home Monitoring Corp. $0.2 - - -

11.0x

11.7x

12.6x

12.2x

11.9x12.1x

12.5x

11.2x

11.5x

11.8x12.0x

12.2x

12.0x

9.2x 9.1x

9.5x

9.7x10.0x

10.1x10.4x

10.5x

10.9x

11.2x

11.9x

12.3x

11.8x

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

Jan

-13

Feb

-13

Mar-

13

Ap

r-1

3

May-1

3

Jun-1

3

Jul-

13

Au

g-1

3

Sep

-13

Oct-

13

No

v-1

3

Dec

-13

Jan

-14

Med

ian

Tra

din

g M

ultip

le

Food Products, Processing, and Ingredients Retail and Restaurants

Recent North

American Food

and Beverage

M&A5

(continued)

9 of 16

Recent North American Food

and Beverage M&A Activity

Enterprise Enterprise Value Private Equity

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

1/2/2014 Natural American Foods, Inc. - Peak Rock Capital - - - - P

12/30/2013 New England Tea & Coffee Co., Inc. - Reily Foods Company, Inc. - - - -

12/27/2013 DeMet's Candy Company Brynwood Partners Yildiz Holding A.S. $221.0 - - - P

12/23/2013 Phil's Fresh Foods, LLC Revelry Brands GFA Brands, Inc. $48.0 - - - P

12/20/2013 Arden Group Inc. - TPG Capital, L.P. $364.0 0.80x 9.9x 11.4x P

12/18/2013 Premium Wine Group Southport Lane Premium Beverage Group, Inc. - - - -

12/18/2013 Austaco, LTD. - Tacala LLC - - - -

12/17/2013 Dulcinea Farms, LLC Syngenta AG Pacific Trellis Fruit LLC - - - -

12/16/2013 The Bailey Company, L.L.L.P. - United States Beef Corporation - - - -

12/13/2013 Merica Corp., Inc. - Applied Vaccines Therapeutics, LLC - - - -

12/13/2013 Splash Water Inc. - DS Waters of America, Inc. - - - -

12/12/2013 Bruce's Yams Bruce Foods Corporation Mccall Farms, Inc. - - - -

12/11/2013 Hagelin & Company Inc. - Frutarom USA, Inc. $52.4 2.17x - -

12/11/2013 Allen Brothers, Inc. - The Chefs' Warehouse, Inc. $29.9 - 7.0x -

12/10/2013 Synergy Strips Worldwide Inc. - Homie Recipes, Inc. - - - -

12/10/2013 Hoffmans Chocolate, LLC - BBX Capital Corporation - - - -

12/9/2013 LATITUDE 1 - Specialty Commodities Incorporated - - - -

12/8/2013 Natural Selection Foods, LLC GarMark Advisors; Stockwell Capital The WhiteWave Foods Company $600.0 1.30x 8.0x - P

12/8/2013 US Foods, Inc. Clayton, Dubilier & Rice; KKR Sysco Corporation $8,256.5 0.37x 10.5x 20.3x P

12/7/2013 Golden Boy Foods Ltd. Tricor Pacific Capital, Inc. Post Holdings, Inc. $300.6 1.95x 9.1x - P

12/6/2013 Driftwood Dairy Holding Corporation - Vietnam Dairy Products $10.0 0.10x - -

12/6/2013 Northern Beef Packers, LP - White Oak Global Advisors LLC $44.3 - - - P

12/5/2013 Vasari, Llc - Eagle Merchant Partners - - - - P

12/4/2013 BikeCaffe Franchising, Inc. - Jammin Java Corp. $0.1 - - -

12/1/2013 Cook Street Coffee LLC - Jumpin' Jacks Beans LLC - - - -

11/27/2013 Koffee Korner Inc. - Cardax Pharmaceuticals, Inc. - - - -

11/25/2013 Celis Beers Craftbev International Vino.Com L.L.C. - - - -

11/25/2013 Golden West Baking Co Inc. - C.H. Guenther & Son, Inc. - - - -

11/22/2013 GNP Company - The Maschhoffs, LLC - - - - P

11/22/2013 Damafro Inc. Fonds régional de solidarité Agropur Cooperative - - - -

11/19/2013 CKE Inc. Apollo Global Management Roark Capital Group - - - - P

11/18/2013 Keg Restaurants, Ltd. - Fairfax Financial Holdings Limited - - - - P

11/14/2013 Girkin Development, LLC - TravelCenters of America LLC $67.0 - - -

11/14/2013 Tops Holding Corp. Morgan Stanley Private Equity Management - - - - P

11/12/2013 New Leaf Community Markets, Inc. - New Seasons Market, Inc. - - - -

11/9/2013 City Ice Company - Reddy Ice Corporation - - - -

11/6/2013 PetAg, Inc. - PBI/Gordon Corporation - - - -

11/4/2013 Henderson Coffee Corporation - Ronnoco Coffee Company - - - - P

11/1/2013 JF Restaurants, LLC - Chanticleer Holdings, Inc. - - - -

10/31/2013 Prime Restaurants Inc. Fairfax Financial Holdings Cara Operations Limited - - - - P

10/26/2013 Shelby County Cookers LLC Westin, Inc. Monogram Food Solutions, LLC - - - -

10/25/2013 GardenChef Paul Company - Nutroganics, Inc. - - - -

10/24/2013 Olivieri Foods Limited Maple Leaf Foods Inc. Ebro Foods SA $115.1 1.14x - -

10/22/2013 Jus-Made, LP SBT Investments VI, LLC Regus Advisors - - - - P

10/17/2013 Alico Inc. Atlantic Blue Group, Inc. 734 Agriculture $299.9 2.95x 13.8x 24.0x P

10/17/2013 Boulevard Brewing - Duvel Moortgat USA Ltd. - - - -

10/16/2013 Fibred-Maryland, Inc. - International Fiber Corporation - - - -

10/16/2013 New York Pretzel , Inc. - J&J Snack Foods Corp. - - - -

10/16/2013 Chateau LaFayette Reneau - Glenora Wine Cellars, Inc. - - - -

10/15/2013 Captain D's, LLC Sun Capital Partners, Inc. Centre Partners - - - - P

10/15/2013 Budwey's Market Place, LLC - Olean Wholesale Grocery - - - -

10/10/2013 Qupe Wine Cellars - Terroir Selections - - - -

10/9/2013 Del Monte Consumer Products Business Del Monte Corporation Del Monte Pacific Ltd. $1,675.0 0.93x 9.4x -

10/7/2013 Rickland Orchards, LLC Natural Instincts LLC B&G Foods Inc. $57.5 - - -

10/4/2013 Desert Packaging Inc. - Acosta, Inc. - - - -

10/3/2013 Mid-Atlantic Convenience Stores, LLC Catterton Partners Corporation Sunoco, Inc. - - - - P

10/3/2013 Viansa Winery and Marketplace Laurus Capital Management, LLC Vintage Wine Estates, Inc. - - - - P

10/2/2013 Josie's Frozen Yogurt, LLC - U-SWIRL International, Inc. - - - -

10/1/2013 American Pride Seafoods LLC American Seafoods Group LLC High Liner Foods Inc. $50.0 0.18x - -

10/1/2013 Café Tolima Don Diego, LLC - New Colombia Resources, Inc. - - - -

9/30/2013 LaBella Sausage, LLC The Anderson Group LLC Premio Foods, Inc. - - - - P

9/26/2013 Trudeau Foods, LLC Arbor Private Investment Company United Natural Foods, Inc. - - - - P

10 of 16

Member FINRA/SIPC

Trading Statistics Detail5

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

($ in millions, except per share data) Ticker 2/5/14 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage

Branded Processed Foods

Associated British Foods plc ABF $47.00 98.2% $37,112 $1,850 $576 $38,386 $21,130 $2,564 6.1% 10.0% 24.2% 12.1% 38.2x 1.82x 15.0x 1.70x 14.2x

Campbell Soup Company CPB 39.84 81.6% 12,550 4,838 324 17,064 8,012 1,424 11.0% 1.6% 36.7% 17.8% 19.8x 2.13x 12.0x 2.03x 10.6x

ConAgra Foods, Inc. CAG 30.72 82.4% 12,915 9,636 197 22,354 17,373 2,152 25.3% 13.2% 21.3% 12.4% 19.1x 1.29x 10.4x 1.29x 8.9x

General Mills, Inc. GIS 47.36 89.2% 29,578 8,645 774 37,449 18,090 3,476 5.7% 7.1% 35.6% 19.2% 17.6x 2.07x 10.8x 2.03x 10.2x

Hormel Foods Corporation HRL 43.10 92.2% 11,364 250 434 11,180 8,752 918 6.3% 6.6% 16.1% 10.5% 22.1x 1.28x 12.2x 1.23x 10.5x

Kellogg Company K 57.37 84.4% 20,779 7,358 273 27,864 14,792 3,369 4.2% 6.1% 41.3% 22.8% 11.6x 1.88x 8.3x 1.83x 10.1x

McCormick & Company, Incorporated MKC 63.44 84.3% 8,319 1,233 75 9,477 4,123 701 2.7% 7.3% 40.4% 17.0% 21.8x 2.30x 13.5x 2.19x 12.8x

Mondelez International, Inc. MDLZ 32.09 89.0% 56,279 19,960 3,925 72,314 35,306 5,117 63.1% (8.5%) 37.3% 14.5% 20.8x 2.05x 14.1x 1.99x 12.4x

Nestlé S.A. NESN 71.91 92.4% 229,394 30,216 6,737 252,873 99,988 18,947 10.6% 1.0% 48.1% 18.9% 19.7x 2.53x 13.3x 2.42x 12.6x

The Hain Celestial Group, Inc. HAIN 85.44 86.5% 4,121 628 68 4,681 1,932 255 25.3% 24.8% 26.7% 13.2% 30.7x 2.42x 18.4x 2.03x 13.6x

The Hershey Company HSY 100.71 99.3% 22,518 1,962 1,119 23,362 7,146 1,564 7.6% 8.0% 45.9% 21.9% 27.9x 3.27x 14.9x 3.06x 13.5x

The J. M. Smucker Company SJM 92.82 80.9% 9,759 2,242 169 11,832 5,810 1,216 (0.2%) 8.1% 35.6% 20.9% 17.5x 2.04x 9.7x 2.03x 9.3x

The WhiteWave Foods Company WWAV 23.51 94.2% 4,077 772 87 4,762 2,471 315 11.2% NA 35.7% 12.7% 42.0x 1.93x 15.1x 1.55x 13.4x

Mean 13.8% 7.1% 34.2% 16.5% 23.8x 2.08x 12.9x 1.95x 11.7x

Median 7.6% 7.2% 35.7% 17.0% 20.8x 2.05x 13.3x 2.03x 12.4x

Private Label Foods

Flowers Foods, Inc. FLO $19.79 77.1% $4,127 924 9 $5,042 $3,751 $405 23.1% 13.4% 47.4% 10.8% 18.2x 1.34x 12.5x 1.22x 10.1x

Snyder's-Lance, Inc. LNCE 25.66 79.0% 1,793 546 17 2,322 1,730 186 7.4% 23.2% 34.4% 10.7% 28.2x 1.34x 12.5x 1.27x 10.5x

Treehouse Foods, Inc. THS 63.96 84.3% 2,329 910 116 3,123 2,226 303 4.8% 9.1% 21.7% 13.6% 26.7x 1.40x 10.3x 1.24x 8.9x

Mean 11.8% 15.2% 34.5% 11.7% 24.3x 1.36x 11.8x 1.24x 9.8x

Median 7.4% 13.4% 34.4% 10.8% 26.7x 1.34x 12.5x 1.24x 10.1x

Natural / Organic Foods

Amira Nature Foods Ltd. ANFI $19.01 93.2% $678 $149 $46 $781 $473 $61 31.2% NA 23.2% 12.9% 21.9x 1.65x 12.8x 1.46x 10.4x

Annie's, Inc. BNNY 41.57 79.4% 703 0 11 692 187 24 20.6% 25.9% 37.7% 12.9% NM 3.71x 28.6x 3.08x 20.4x

SunOpta Inc. TSX:SOY 9.11 85.1% 606 192 7 791 1,167 61 9.7% 10.4% 11.3% 5.2% NM 0.68x 13.0x 0.63x 9.9x

The Hain Celestial Group, Inc. HAIN 85.44 86.5% 4,121 628 68 4,681 1,932 255 25.3% 24.8% 26.7% 13.2% 30.7x 2.42x 18.4x 2.03x 13.6x

United Natural Foods, Inc. UNFI 66.53 86.6% 3,301 263 9 3,554 6,256 240 15.2% 16.8% 16.9% 3.8% 28.8x 0.57x 14.8x 0.51x 12.9x

Whole Foods Market, Inc. WFM 52.96 80.7% 19,717 27 1,023 18,721 12,917 1,234 10.4% 12.8% 35.8% 9.6% 36.0x 1.45x 15.2x 1.29x 13.4x

Mean 18.8% 18.1% 25.3% 9.6% 29.3x 1.75x 17.1x 1.50x 13.4x

Median 17.9% 16.8% 24.9% 11.2% 29.7x 1.55x 15.0x 1.37x 13.2x

Baked Goods / Snack Foods

ARYZTA AG SWX:ARYN $77.27 92.8% $6,809 $2,002 $832 $7,980 $5,977 $752 15.4% 15.0% 27.2% 12.6% 46.3x 1.33x 10.6x 1.25x 9.6x

Diamond Foods, Inc. DMND 24.14 90.5% 543 606 10 1,138 840 40 (11.8%) 3.7% 24.4% 4.8% NM 1.35x 28.2x 1.32x 9.9x

Flowers Foods, Inc. FLO 19.79 77.1% 4,127 924 9 5,042 3,751 405 23.1% 13.4% 47.4% 10.8% 18.2x 1.34x 12.5x 1.22x 10.1x

George Weston Limited WN 68.03 83.6% 8,701 10,391 3,940 15,152 32,400 2,344 (3.1%) 0.9% 24.5% 7.2% 21.5x 0.47x 6.5x 0.49x 5.6x

Golden Enterprises Inc. GLDC 4.01 92.0% 47 7 1 53 138 6 0.3% 2.8% 48.5% 4.0% NM 0.38x 9.5x NA NA

Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.59 72.2% 12,193 3,080 380 14,894 13,346 1,331 1.4% 12.9% 51.9% 10.0% NM 1.12x 11.2x 1.10x 12.1x

Inventure Foods, Inc. SNAK 11.81 85.9% 229 35 1 263 200 16 7.6% 16.0% 18.4% 7.9% 33.8x 1.31x 16.6x 1.00x 10.9x

J&J Snack Foods Corp. JJSF 86.36 88.3% 1,614 1 106 1,509 880 134 3.6% 7.8% 30.6% 15.3% 24.5x 1.72x 11.2x 1.64x 10.2x

John B Sanfilippo & Son Inc. JBSS 21.77 82.8% 238 69 10 297 743 54 4.1% 5.9% 16.0% 7.3% 11.0x 0.40x 5.5x NA NA

Lancaster Colony Corporation LANC 85.51 95.1% 2,333 0 176 2,157 1,170 186 0.7% 2.7% 23.0% 15.9% 21.0x 1.84x 11.6x 1.98x 11.3x

Penford Corporation PENX 11.07 69.3% 138 74 0 212 458 20 3.5% 20.9% 9.3% 4.4% NM 0.46x 10.5x 0.44x 6.7x

Mean 4.1% 9.3% 29.2% 9.1% 25.2x 1.07x 12.2x 1.16x 9.6x

Median 3.5% 7.8% 24.5% 7.9% 21.5x 1.31x 11.2x 1.22x 10.1x

Last Twelve Months (LTM) EV / LTM EV / 2013ERevenue Growth LTM Margins

Member FINRA/SIPC

11 of 16

Trading Statistics Detail (continued)5

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

($ in millions, except per share data) Ticker 2/5/14 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Dairy

Danone BN $66.08 80.4% $38,730 $14,418 $3,522 $49,627 $27,887 $4,624 9.6% 12.8% 49.7% 16.6% 16.9x 1.78x 10.7x 1.67x 10.2x

Dean Foods Company DF 14.84 35.2% 1,401 1,032 361 2,072 11,364 629 30.6% (1.7%) 24.0% 5.5% 3.0x 0.18x 3.3x 0.23x 5.2x

Glanbia plc GL9 14.51 92.7% 4,273 673 95 4,851 3,055 265 26.6% 6.5% 36.4% 8.7% 24.4x 1.59x 18.3x 1.44x 15.9x

Lifeway Foods Inc. LWAY 14.00 70.0% 229 10 4 235 92 13 19.0% 19.4% 34.0% 13.6% 35.0x 2.55x 18.7x 2.17x 16.6x

Saputo, Inc. TSX:SAP 46.78 94.7% 9,090 1,675 34 10,731 8,027 900 13.9% 12.2% 13.7% 11.2% 20.6x 1.34x 11.9x 1.28x 11.4x

Mean 19.9% 9.8% 31.6% 11.1% 20.0x 1.49x 12.6x 1.36x 11.9x

Median 19.0% 12.2% 34.0% 11.2% 20.6x 1.59x 11.9x 1.44x 11.4x

Non-Alcoholic Beverages

A.G.Barr p.l.c. LSE:BAG $10.07 98.5% $1,162 $46 $22 $1,187 $376 $66 8.4% 3.5% 45.9% 17.7% 30.1x 3.16x 17.9x 2.88x 15.7x

Cott Corporation BCB 7.96 76.9% 750 606 126 1,231 2,130 196 (6.7%) 8.6% 12.1% 9.2% 26.9x 0.58x 6.3x 0.58x 6.1x

Dr Pepper Snapple Group, Inc. DPS 47.57 94.4% 9,545 2,540 132 11,953 6,018 1,285 0.8% 2.6% 58.1% 21.4% 15.4x 1.99x 9.3x 1.97x 8.9x

Green Mountain Coffee Roasters, Inc. GMCR 80.88 90.2% 12,037 260 349 11,949 4,406 1,042 9.1% 40.6% 37.8% 23.7% 24.0x 2.71x 11.5x 2.45x 9.9x

Lassonde Industries Inc. LAS.A 104.10 97.3% 727 276 14 989 1,003 113 (2.6%) 24.3% 27.9% 11.2% 17.6x 0.99x 8.8x NA NA

Monster Beverage Corporation MNST 66.65 94.6% 11,175 0 603 10,573 2,177 580 8.9% 19.5% 52.3% 26.6% 35.2x 4.86x 18.2x 4.34x 15.8x

National Beverage Corp. FIZZ 19.63 89.3% 909 40 27 922 653 79 0.2% 3.0% 34.0% 12.2% 20.4x 1.41x 11.6x 1.40x NA

Pepsico, Inc. PEP 79.42 91.2% 121,799 29,549 9,559 141,789 66,251 12,127 0.8% 7.7% 52.7% 18.3% 18.6x 2.14x 11.7x 2.09x 10.6x

Starbucks Corporation SBUX 70.49 85.4% 53,283 2,048 1,703 53,628 15,339 3,052 12.3% 11.9% 57.3% 19.9% NM 3.50x 17.6x 3.14x 13.9x

The Coca-Cola Company KO 37.61 86.6% 166,083 36,210 20,506 181,787 47,269 13,059 (0.7%) 13.7% 60.4% 27.6% 19.5x 3.85x 13.9x 3.79x 13.1x

Mean 3.0% 13.5% 43.8% 18.8% 23.1x 2.52x 12.7x 2.52x 11.8x

Median 0.8% 10.3% 49.1% 19.1% 20.4x 2.43x 11.7x 2.45x 11.9x

Alcoholic Beverages

Anheuser-Busch InBev SA/NV ENXTBR:ABI $94.13 86.9% $151,012 $50,350 $6,920 $194,442 $41,771 $16,166 6.2% 5.0% 58.7% 38.7% 11.4x 4.65x 12.0x 4.17x 10.5x

Brown-Forman Corporation BF.B 75.85 93.9% 16,103 1,004 192 16,915 2,926 991 6.5% 5.8% 69.0% 33.9% 26.3x 5.78x 17.1x 4.38x 16.0x

Constellation Brands Inc. STZ 75.47 92.5% 14,348 7,176 70 21,455 4,272 1,119 56.6% 8.7% 40.3% 26.2% 7.7x 5.02x 19.2x 3.64x 12.8x

Diageo plc DGE 28.98 82.5% 72,563 16,107 1,476 87,194 18,869 6,552 7.7% 8.8% 61.6% 34.7% 17.3x 4.62x 13.3x 4.60x 13.3x

Heineken NV ENXTAM:HEIA 61.18 74.7% 35,369 18,343 1,037 52,674 25,793 5,129 16.0% 7.9% 37.7% 19.9% 9.3x 2.04x 10.3x 2.06x 8.9x

Kirin Holdings Company, Limited TSE:2503 13.36 72.8% 12,360 7,969 665 19,663 19,075 2,989 (30.2%) 1.6% 49.5% 15.7% 11.2x 1.03x 6.6x 0.88x 6.6x

Pernod-Ricard SA RI 108.10 78.6% 28,458 12,064 776 39,746 11,147 3,208 3.3% 6.3% 62.4% 28.8% 18.3x 3.57x 12.4x 3.51x 12.3x

SABMiller plc LSE:SAB 43.38 72.1% 69,304 17,699 1,286 85,717 17,191 5,504 (13.8%) 5.7% 70.4% 32.0% 20.8x 4.99x 15.6x 4.06x 12.4x

Sapporo Holdings Ltd. TSE:2501 3.55 76.5% 1,380 2,404 96 3,688 4,982 486 (19.9%) 9.3% 35.9% 9.8% 14.0x 0.74x 7.6x 0.73x 8.7x

Mean 3.6% 6.6% 53.9% 26.6% 15.1x 3.60x 12.7x 3.11x 11.3x

Median 6.2% 6.3% 58.7% 28.8% 14.0x 4.62x 12.4x 3.64x 12.3x

Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $49.85 81.3% $1,202 $59 $162 $1,099 $1,360 $139 15.2% 14.0% 17.5% 10.2% 19.6x 0.81x 7.9x 0.83x 6.3x

JBS S.A. BOVESPA:JBSS3 3.24 85.1% 9,279 13,594 3,521 19,352 39,345 2,377 12.9% 11.3% 12.1% 6.0% 26.2x 0.49x 8.1x 0.42x 6.5x

Sanderson Farms, Inc. SAFM 70.55 91.5% 1,627 40 86 1,582 2,683 268 12.4% 11.7% 11.4% 10.0% 12.4x 0.59x 5.9x 0.63x 5.5x

Seaboard Corp. SEB 2,521.57 85.5% 3,003 176 320 2,860 6,642 314 13.3% 17.1% 7.3% 4.7% 14.8x 0.43x 9.1x 0.43x NA

Tyson Foods, Inc. TSN 35.59 93.0% 12,111 1,942 826 13,227 34,769 1,996 5.1% 5.7% 7.2% 5.7% 14.0x 0.38x 6.6x 0.37x 6.1x

Mean 11.8% 12.0% 11.1% 7.3% 17.4x 0.54x 7.5x 0.54x 6.1x

Median 12.9% 11.7% 11.4% 6.0% 14.8x 0.49x 7.9x 0.43x 6.2x

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

Member FINRA/SIPC

12 of 16

Trading Statistics Detail (continued)5

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

($ in millions, except per share data) Ticker 2/5/14 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 $28.79 87.6% $453 $47 $8 $492 $691 $34 25.5% 20.2% 8.8% 4.9% 24.7x 0.71x 14.6x 0.64x 10.7x

Chiquita Brands International Inc. CQB 10.02 73.3% 469 622 72 1,020 3,047 124 (0.5%) (3.0%) 12.2% 4.1% NM 0.33x 8.2x 0.33x 6.7x

Fresh Del Monte Produce Inc. FDP 25.74 83.5% 1,444 100 31 1,514 3,581 192 4.5% (0.3%) 8.3% 5.4% 13.5x 0.42x 7.9x 0.42x 8.0x

Seneca Foods Corp. SENE.A 29.12 80.2% 315 273 18 570 1,321 50 3.9% 2.7% 7.5% 3.8% 17.4x 0.43x 11.4x NA NA

Mean 8.3% 4.9% 9.2% 4.5% 18.5x 0.47x 10.5x 0.46x 8.4x

Median 4.2% 1.2% 8.5% 4.5% 17.4x 0.43x 9.8x 0.42x 8.0x

Ingredients / Flavors

Givaudan SA SWX:GIVN $1,455.82 95.6% $13,377 $1,492 $678 $14,191 $4,906 $972 5.5% 2.6% 44.7% 19.8% 25.4x 2.89x 14.6x 2.86x 12.6x

International Flavors & Fragrances Inc. IFF 84.65 93.7% 6,900 934 344 7,489 2,908 606 4.4% 4.1% 43.4% 20.8% 19.4x 2.58x 12.4x 2.46x 11.3x

Kerry Group plc ISE:KRZ 68.53 95.9% 12,041 2,043 342 13,742 7,646 897 8.3% 10.0% 43.0% 11.7% 32.2x 1.80x 15.3x 1.70x 13.5x

Sensient Technologies Corporation SXT 46.74 87.6% 2,340 355 24 2,671 1,473 250 2.0% 4.2% 32.0% 17.0% 20.7x 1.81x 10.7x 1.76x 9.7x

Symrise AG XTRA:SY1 46.66 96.0% 5,514 802 162 6,154 2,459 481 12.8% 5.7% 41.6% 19.6% 24.5x 2.50x 12.8x 2.42x 11.6x

Tate & Lyle plc TATE 12.32 84.8% 5,704 1,329 727 6,306 5,443 720 6.2% 12.4% 38.5% 13.2% 27.7x 1.16x 8.8x 1.16x 8.0x

Mean 6.6% 6.5% 40.5% 17.0% 25.0x 2.12x 12.4x 2.06x 11.1x

Median 5.9% 5.0% 42.3% 18.3% 24.9x 2.16x 12.6x 2.09x 11.4x

Agribusiness

Archer Daniels Midland Company ADM $38.66 87.9% $25,437 $6,870 $3,554 $28,753 $89,804 $3,039 NA 6.9% 4.3% 3.4% 19.1x 0.32x 9.5x 0.32x 7.2x

Bunge Limited BG 74.26 88.2% 10,953 10,681 1,630 20,004 62,012 1,563 7.4% 12.6% 4.0% 2.5% NM 0.32x 12.8x 0.33x 8.8x

CF Industries Holdings, Inc. CF 227.75 91.4% 13,053 3,098 2,286 13,865 5,630 2,830 (11.2%) 20.3% 45.9% 50.3% 8.6x 2.46x 4.9x 2.88x 6.4x

Darling International Inc. DAR 19.17 80.0% 3,033 250 8 3,275 1,720 299 0.7% 38.5% 26.9% 17.4% 24.7x 1.90x 10.9x 0.93x 5.8x

Monsanto Company MON 107.15 91.2% 56,244 3,319 4,714 54,849 15,065 4,253 7.6% 12.4% 51.9% 28.2% 23.1x 3.64x 12.9x 3.40x 11.5x

Omega Protein Corporation OME 10.26 67.2% 212 25 35 202 241 62 (4.1%) 12.9% 28.0% 25.6% 10.7x 0.84x 3.3x 0.87x 3.4x

The Andersons, Inc. ANDE 77.44 82.9% 1,434 425 134 1,725 5,701 141 16.6% 21.8% 6.1% 2.5% 19.6x 0.30x 12.2x 0.31x 7.3x

The Mosaic Company MOS 44.86 69.4% 19,109 1,079 3,697 16,492 9,974 2,917 (10.2%) 13.8% 27.7% 29.2% 10.1x 1.65x 5.7x 1.98x 8.0x

Mean 1.0% 17.4% 24.4% 19.9% 16.6x 1.43x 9.0x 1.38x 7.3x

Median 0.7% 13.4% 27.3% 21.5% 19.1x 1.24x 10.2x 0.90x 7.2x

Consumer and Retail

Food Retail

Arden Group Inc. ARDN.A $126.25 92.2% $388 $1 $26 $363 $453 $37 3.5% 2.7% 43.5% 8.1% 20.4x 0.80x 9.9x NA NA

Costco Wholesale Corporation COST 110.51 87.6% 48,594 4,987 6,439 47,142 106,458 4,046 5.2% 10.0% 12.6% 3.8% 23.8x 0.44x 11.7x 0.41x 10.5x

Establishments Delhaize Freres DELB 61.85 85.2% 6,261 3,856 1,505 8,612 30,928 1,865 13.1% 3.6% 24.4% 6.0% NM 0.28x 4.6x 0.30x 4.6x

Fairway Group Holdings Corp. FWM 11.14 38.6% 461 256 59 659 716 (2) 22.0% NA 32.7% NM NM 0.92x NM 0.76x 10.0x

Ingles Markets, Incorporated IMKT.A 22.41 76.4% 510 925 5 1,430 3,749 209 0.4% 3.1% 22.0% 5.6% 28.2x 0.38x 6.8x 0.37x 6.7x

J. Sainsbury plc LSE:SBRY 5.69 81.5% 10,799 4,703 973 14,528 38,440 2,328 4.8% 5.7% 5.6% 6.1% 10.6x 0.38x 6.2x 0.36x 6.2x

Koninklijke Ahold N.V. ENXTAM:AH 16.99 88.1% 16,498 4,169 5,291 15,376 44,989 2,891 6.8% 3.2% 26.2% 6.4% 18.3x 0.34x 5.3x 0.34x 5.1x

Natural Grocers by Vitamin Cottage NGVC 37.58 87.7% 845 20 7 857 455 35 27.4% NA 29.3% 7.7% NM 1.88x 24.6x 1.52x 19.0x

Roundy's, Inc. RNDY 7.55 68.9% 340 690 78 952 3,930 173 1.4% (5.8%) 26.5% 4.4% NM 0.24x 5.5x 0.22x 5.8x

Safeway Inc. SWY 30.46 82.6% 7,518 5,568 485 12,601 44,168 2,168 11.9% 2.6% 27.6% 4.9% 12.7x 0.29x 5.8x 0.34x 8.0x

Sprouts Farmers Market, Inc. SFM 34.91 70.6% 5,148 472 92 5,529 2,309 198 83.1% NA 29.8% 8.6% NM 2.39x 27.9x 2.03x 24.5x

SUPERVALU Inc. SVU 5.52 63.0% 1,433 3,016 72 4,377 17,059 730 530.2% (23.5%) 14.9% 4.3% NM 0.26x 6.0x 0.26x 5.7x

The Kroger Co. KR 35.45 80.8% 18,311 8,273 344 26,240 99,423 4,535 5.8% 7.2% 21.2% 4.6% 11.9x 0.26x 5.8x 0.26x 5.6x

The Pantry, Inc. PTRY 13.20 74.9% 310 942 33 1,219 6,911 199 (6.1%) 2.4% 11.7% 2.9% NM 0.18x 6.1x 0.16x 5.5x

Village Super Market Inc. VLGE.A 26.13 65.8% 362 44 87 318 1,475 62 2.6% 5.2% 26.8% 4.2% 27.8x 0.22x 5.2x 0.21x NA

Weis Markets, Inc. WMK 46.34 85.6% 1,246 0 102 1,145 2,701 177 (1.6%) 0.9% 27.9% 6.6% 16.0x 0.42x 6.5x 0.42x NA

Whole Foods Market, Inc. WFM 52.96 80.7% 19,717 27 1,023 18,721 12,917 1,234 10.4% 12.8% 35.8% 9.6% 36.0x 1.45x 15.2x 1.29x 13.4x

Mean 42.4% 2.2% 24.6% 5.8% 20.6x 0.65x 9.6x 0.58x 9.3x

Median 5.8% 3.2% 26.5% 5.8% 19.4x 0.38x 6.2x 0.35x 6.4x

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

Member FINRA/SIPC

13 of 16

Trading Statistics Detail (continued)5

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

($ in millions, except per share data) Ticker 2/5/14 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Grocery Distribution

AMCON Distributing Co. DIT $85.80 98.0% $52 $34 $0 $86 $829 $13 1.8% 7.0% 9.4% 1.6% 11.3x 0.10x 6.5x NA NA

Core-Mark Holding Company, Inc. CORE 73.62 92.9% 848 72 16 904 7,460 90 9.2% 11.5% 6.9% 1.2% 23.6x 0.12x 10.1x 0.09x 7.6x

Spartan Stores Inc. SPTN 21.60 83.9% 829 142 6 965 2,645 107 0.3% 1.6% 21.0% 4.0% 18.0x 0.37x 9.1x 0.36x 8.9x

United Natural Foods, Inc. UNFI 66.53 86.6% 3,301 263 9 3,554 6,256 240 15.2% 16.8% 16.9% 3.8% 28.8x 0.57x 14.8x 0.51x 12.9x

Mean 6.6% 9.2% 13.6% 2.7% 20.4x 0.29x 10.1x 0.32x 9.8x

Median 5.5% 9.3% 13.2% 2.7% 20.8x 0.24x 9.6x 0.36x 8.9x

Foodservice

Colabor Group Inc. TSX:GCL $4.37 61.2% $118 $159 $0 $278 $1,394 $33 (5.0%) 10.4% 2.4% 2.4% NM 0.20x 8.4x 0.21x 8.8x

Sysco Corporation SYY 34.76 80.1% 20,333 3,206 451 23,089 45,480 2,424 4.7% 5.8% 17.4% 5.3% 21.1x 0.51x 9.5x 0.49x 9.3x

The Chefs' Warehouse, Inc. CHEF 22.65 75.5% 567 148 55 660 623 42 37.1% 32.0% 25.6% 6.7% 30.2x 1.06x 15.8x 0.86x 12.9x

Mean 12.3% 16.0% 15.1% 4.8% 25.6x 0.59x 11.2x 0.52x 10.4x

Median 4.7% 10.4% 17.4% 5.3% 25.6x 0.51x 9.5x 0.49x 9.3x

Quick Service Restaurant

Burger King Worldwide, Inc. BKW 24.46 99.1% 8,591 3,044 764 10,871 1,281 638 (40.3%) (18.9%) 63.0% 49.8% 40.8x 8.49x 17.0x 10.20x 15.5x

Jack in the Box Inc. JACK 49.53 95.5% 2,128 370 10 2,489 1,490 241 (1.3%) (7.8%) 24.7% 16.2% 26.9x 1.67x 10.3x 1.73x 9.5x

McDonald's Corp. MCD 93.58 90.2% 93,115 13,488 2,544 104,058 28,106 10,086 2.0% 5.3% 38.8% 35.9% 16.9x 3.70x 10.3x 3.57x 9.8x

Sonic Corp. SONC 17.16 79.9% 969 471 96 1,344 543 132 0.3% (0.0%) 52.8% 24.3% 25.6x 2.47x 10.2x 2.44x 9.3x

The Wendy's Company WEN 8.87 93.3% 3,485 1,472 513 4,443 2,525 362 1.4% (2.1%) 26.0% 14.3% NM 1.76x 12.3x 2.07x 12.0x

Yum! Brands, Inc. YUM 70.54 89.7% 31,414 2,989 573 33,830 13,084 2,724 (4.0%) 4.9% 26.2% 20.8% 29.9x 2.59x 12.4x 2.34x 10.9x

Mean (7.0%) (3.1%) 38.6% 26.9% 28.0x 3.45x 12.1x 3.73x 11.2x

Median (0.5%) (1.1%) 32.5% 22.6% 26.9x 2.53x 11.3x 2.39x 10.3x

Casual Dining Restaurant

BJ's Restaurants, Inc. BJRI $27.70 67.6% $782 $0 $30 $751 $760 $83 9.3% 15.5% 18.5% 10.9% 29.2x 0.99x 9.1x 0.89x 8.8x

Bloomin' Brands, Inc. BLMN 22.21 81.4% 2,765 1,461 184 4,042 4,077 406 3.3% NA 16.5% 10.0% 16.9x 0.99x 9.9x 0.91x 8.6x

Brinker International, Inc. EAT 47.42 93.5% 3,184 834 63 3,955 2,861 410 0.6% 0.9% 19.0% 14.3% 20.1x 1.38x 9.6x 1.33x 8.9x

Buffalo Wild Wings Inc. BWLD 127.12 83.3% 2,390 0 65 2,325 1,267 189 21.7% 27.4% 23.7% 14.9% 33.5x 1.84x 12.3x 1.57x 9.8x

Chuy's Holdings, Inc. CHUY 34.42 78.1% 564 4 3 565 200 25 25.8% 42.4% 20.4% 12.6% NM 2.82x 22.4x 2.40x 18.5x

Darden Restaurants, Inc. DRI 47.32 85.6% 6,211 2,873 85 8,999 8,766 982 6.6% 6.4% 21.1% 11.2% 17.4x 1.03x 9.2x 1.00x 9.0x

Del Frisco's Restaurant Group, Inc. DFRG 22.30 91.9% 529 0 9 520 255 39 14.2% 16.9% 25.3% 15.2% 35.1x 2.04x 13.4x 1.72x 11.2x

DineEquity, Inc. DIN 75.06 87.5% 1,428 1,389 96 2,722 641 264 (31.3%) (22.7%) 59.9% 41.2% 20.1x 4.24x 10.3x 4.17x 9.9x

Ignite Restaurant Group, Inc. IRG 12.40 58.3% 318 127 1 444 687 28 51.3% 30.7% 31.2% 4.1% NM 0.65x 15.8x 0.50x 10.7x

Red Robin Gourmet Burgers Inc. RRGB 62.27 71.7% 893 91 18 966 1,016 106 7.8% 6.0% 22.7% 10.4% 28.3x 0.95x 9.2x 0.88x 8.2x

Ruby Tuesday, Inc. RT 5.17 52.2% 312 273 24 561 1,189 61 (9.0%) (0.7%) 15.9% 5.1% NM 0.47x 9.2x 0.48x 8.9x

Ruth's Hospitality Group Inc. RUTH 12.17 79.5% 433 37 5 465 415 50 8.7% 6.1% 22.8% 12.1% 18.4x 1.12x 9.3x 1.09x 9.0x

Texas Roadhouse, Inc. TXRH 23.22 79.9% 1,638 54 87 1,605 1,356 166 10.2% 11.1% 33.6% 12.3% 21.3x 1.18x 9.6x 1.04x 8.3x

The Cheesecake Factory Incorporated CAKE 43.49 87.4% 2,209 64 83 2,190 1,868 235 2.5% 4.4% 43.3% 12.6% 23.0x 1.17x 9.3x 1.11x 8.6x

Mean 8.7% 11.1% 26.7% 13.3% 23.9x 1.49x 11.3x 1.36x 9.9x

Median 8.3% 6.4% 22.7% 12.2% 21.3x 1.15x 9.6x 1.06x 8.9x

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

14 of 16

Trading Statistics Detail (continued)5

Member FINRA/SIPC

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

($ in millions, except per share data) Ticker 2/5/14 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Fast Casual

Chipotle Mexican Grill, Inc. CMG $542.43 95.3% $16,833 $0 $578 $16,255 $3,215 $636 17.7% 20.5% 37.4% 19.8% NM 5.06x 25.6x 4.31x 21.1x

Einstein Noah Restaurant Group, Inc. BAGL 14.40 78.7% 253 117 6 364 431 46 (0.1%) 1.7% 20.6% 10.7% 19.7x 0.84x 7.9x 0.82x 6.6x

Fiesta Restaurant Group, Inc. FRGI 40.58 76.5% 1,058 204 6 1,256 542 65 8.3% NA 24.2% 12.0% NM 2.32x 19.3x 2.11x 16.2x

Noodles & Company NDLS 36.62 70.5% 1,082 2 1 1,083 337 39 17.3% 36.0% 21.6% 11.6% NM 3.21x 27.6x 2.74x 21.6x

Potbelly Corporation PBPB 21.51 63.5% 627 15 25 617 298 30 17.3% 36.0% 30.9% 10.1% NM 2.07x 20.5x 1.87x 16.4x

Panera Bread Company PNRA 167.40 85.9% 4,685 0 194 4,491 2,295 408 11.7% 15.7% 35.5% 17.8% 25.3x 1.96x 11.0x 1.75x 10.2x

Mean 12.0% 22.0% 28.4% 13.7% 22.5x 2.58x 18.7x 2.27x 15.4x

Median 14.5% 20.5% 27.6% 11.8% 22.5x 2.19x 19.9x 1.99x 16.3x

Pizza

CEC Entertainment Inc. CEC $54.00 97.9% $916 $370 $21 $1,265 $821 $171 2.1% (0.0%) 27.7% 20.9% 19.8x 1.54x 7.4x 1.49x 7.2x

Domino's Pizza, Inc. DPZ 67.17 91.5% 3,743 1,543 32 5,253 1,775 319 8.2% 4.5% 30.3% 18.0% 28.5x 2.96x 16.5x 2.82x 14.6x

Papa John's International Inc. PZZA 46.22 93.7% 1,992 120 14 2,098 1,418 140 10.7% 8.4% 30.6% 9.8% 30.7x 1.48x 15.0x 1.41x 13.9x

Mean 7.0% 4.3% 29.5% 16.2% 26.3x 1.99x 13.0x 1.91x 11.9x

Median 8.2% 4.5% 30.3% 18.0% 28.5x 1.54x 15.0x 1.49x 13.9x

Beverage / Snack Retail

Dunkin' Brands Group, Inc. DNKN $47.30 95.6% $5,046 $1,824 $257 $6,612 $714 $336 8.5% 7.3% 78.2% 47.1% 34.8x 9.26x 19.7x 8.71x 16.5x

Jamba, Inc. JMBA 12.29 70.2% 210 0 29 182 228 11 (0.4%) (5.6%) 37.0% 4.7% NM 0.80x 17.0x 0.79x 10.5x

Krispy Kreme Doughnuts, Inc. KKD 16.34 61.4% 1,078 2 67 1,013 466 58 11.0% 9.3% 18.2% 12.5% 48.0x 2.18x 17.3x 2.05x 15.0x

Starbucks Corporation SBUX 70.49 85.4% 53,283 2,048 1,703 53,628 15,339 3,052 12.3% 11.9% 57.3% 19.9% NM 3.50x 17.6x 3.14x 13.9x

Tim Hortons Inc. THI 51.26 88.3% 7,539 529 44 8,025 3,074 754 (2.0%) 7.1% 25.3% 24.5% 20.5x 2.61x 10.6x 2.67x 10.6x

Mean 5.9% 6.0% 43.2% 21.8% 34.4x 3.67x 16.4x 3.47x 13.3x

Median 8.5% 7.3% 37.0% 19.9% 34.8x 2.61x 17.3x 2.67x 13.9x

Family Restaurant

Bob Evans Farms, Inc. BOBE $49.16 81.6% $1,302 $319 $5 $1,616 $1,618 $172 8.2% (1.7%) 37.1% 10.7% NM 1.00x 9.4x 1.17x 9.0x

Denny's Corporation DENN 6.31 84.0% 563 175 6 732 464 76 (7.6%) (5.7%) 37.5% 16.4% 21.7x 1.58x 9.6x 1.57x 9.1x

Frisch's Restaurants, Inc. FRS 24.25 87.4% 123 12 1 134 205 22 1.0% (11.9%) 8.8% 11.0% 14.9x 0.65x 6.0x 0.64x NA

Luby's, Inc. LUB 6.13 66.7% 174 24 2 196 398 22 13.7% 14.2% 31.1% 5.6% NM 0.49x 8.7x 0.50x NA

Mean 3.8% (1.3%) 28.6% 10.9% 18.3x 0.93x 8.4x 0.97x 9.1x

Median 4.6% (3.7%) 34.1% 10.8% 18.3x 0.83x 9.1x 0.90x 9.1x

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

Earnings

Release

Calendar5

15 of 16

Food and Beverage Earnings Release Calendar

February 2014

Date Company

2/3/2014 Sysco Corporation (NYSE:SYY)

2/4/2014 Archer Daniels Midland Company (NYSE:ADM)

2/4/2014 Givaudan AG (SWX:GIVN)

2/5/2014 Marine Harvest ASA (OB:MHG)

2/14/2014 Grieg Seafood ASA (OB:GSF)

2/26/2014 Papa John's International Inc. (NasdaqGS:PZZA)

2/27/2014 Maple Leaf Foods Inc. (TSX:MFI)

March 2014

Date Company

3/5/2014 Brown-Forman Corporation (NYSE:BF.B)

3/6/2014 Costco Wholesale Corporation (NasdaqGS:COST)

3/6/2014 The Kroger Co. (NYSE:KR)

3/10/2014 ARYZTA AG (SWX:ARYN)

3/19/2014 Danone (ENXTPA:BN)

3/19/2014 General Mills, Inc. (NYSE:GIS)

3/21/2014 Darden Restaurants, Inc. (NYSE:DRI)

April 2014

Date Company

4/10/2014 Rite Aid Corporation (NYSE:RAD)

4/17/2014 Philip Morris International, Inc. (NYSE:PM)

4/17/2014 Diageo plc (LSE:DGE)

4/23/2014 Safeway Inc. (NYSE:SWY)

4/24/2014 Unilever plc (LSE:ULVR)

4/25/2014 Kikkoman Corp. (TSE:2801)

4/29/2014 Archer Daniels Midland Company (NYSE:ADM)

Sources:

1. IMF

2. U.S. Bureau of Labor Statistics

3. Unweighted Average

4. U.S. Census Bureau

5. Capital IQ

6. Thomson Financial

7. S&P

8. Reuters

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