www.harriswilliams.com

Member FINRA/SIPC

Food & Beverage Industry Update

12/12/2012

Food & Beverage

Industry Update

12/12/2012

Boston

Phone: +1 (617) 482-7501

Fax: +1 (617) 482-7503

Cleveland

Phone: +1 (216) 689-2400

Fax: +1 (216) 689-2401

London

Phone: +44 20 7518 8900

Fax: +44 20 7526 2187

Minneapolis

Phone: +1 (612) 359-2700

Fax: +1 (612) 359-2701

Philadelphia

Phone: +1 (267) 675-5900

Fax: +1 (267) 675-5901

Richmond

Phone: +1 (804) 648-0072

Fax: +1 (804) 648-0073

San Francisco

Phone: +1 (415) 288-4260

Fax: +1 (415) 288-4269

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

12/7/2012 Agriventures USA, Inc. Rocket Farms, Inc.

12/6/2012 Chocolate Candy Creations, Inc. Energy Innovative Products, Inc.

12/2/2012 Morningstar Foods, LLC Saputo Cheese USA Inc.

11/30/2012 Associated Milk Producers, Inc. Treehouse Foods, Inc. (NYSE:THS)

11/28/2012 Stockade Brands, Inc. Ridley USA Inc.

11/26/2012 Ralcorp Holdings Inc. (NYSE:RAH) ConAgra Foods, Inc. (NYSE:CAG)

11/26/2012 Whitehall Specialties, Inc. Mason Wells

11/21/2012 Paradise Restaurant Group, LLC Luby's Inc. (NYSE:LUB)

11/20/2012 La Creme Inc. Common Plea Catering, Inc.

11/19/2012 The Balance Bar Company NBTY, Inc.

Net Debt /

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

Food and Beverage

Branded Processed Foods 3.6% 14.4% (0.8%) (13.7%) 16.2x 19.0x 11.0x 2.0x

Private Label Foods 5.5% 17.5% 1.3% 12.6% 20.8x 24.9x 11.3x 2.6x

Natural / Organic Foods (9.1%) 35.1% 13.8% (6.0%) 23.0x 29.0x 14.9x 1.8x

Baked Goods / Snack Foods 6.8% 20.4% (2.7%) 3.9% 17.5x 21.4x 8.8x 2.0x

Dairy 2.0% 17.0% 2.0% (3.1%) 16.6x 21.8x 11.4x 1.4x

Non-Alcholic Beverages (0.7%) 13.0% (1.7%) 8.2% 16.3x 19.2x 9.7x 1.8x

Alcoholic Beverages 2.7% 28.5% 13.2% 17.4% 17.6x 19.9x 15.3x 3.4x

Inputs

Protein Processing 9.7% (3.7%) 10.9% 21.1% 10.5x 12.4x 7.0x 1.9x

Fruit and Vegetable 5.5% 6.9% 2.1% (0.6%) 12.7x 13.1x 9.3x 4.5x

Ingredients / Flavors 5.9% 21.3% 4.5% 14.1% 14.1x 21.9x 11.2x 1.5x

Agribusiness (0.5%) 22.0% (1.2%) 30.5% 11.7x 15.2x 7.4x 2.1x

Consumer

Food Retail 2.4% 10.4% (1.1%) (1.5%) 10.0x 13.1x 5.6x 2.4x

Foodservice / Distribution (0.6%) 16.0% (2.7%) 0.8% 14.3x 18.8x 7.9x 0.8x

Fast Food 3.6% 18.6% (1.4%) 5.3% 18.4x 19.5x 9.7x 2.6x

Casual Dining (6.8%) 16.4% (10.3%) (2.7%) 16.2x 19.6x 7.7x 1.7x

Overall Median* 1.6% 16.3% 1.1% 2.7% 15.8x 19.7x 9.9x 2.0x

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

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

Quarterly M&A Activity Last 10 Deals Announced

LTM Deal Statistics

Key Trading

Statistics1

Announced

Food and

Beverage

M&A1

Contacts

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

Ryan Budlong, Brant Cash, or Jeff Cleveland at +1 (612) 359-2700.

Aggregate Number Transaction Multiples

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

$346.6 152 1.00x 9.6x

46 47 4748 47

35

25

36

22

3436

46 47

25

33

49

34

42

53 52

48

27

15

8 73 6

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13

6

7

7

5

4 7

9

2

0

10

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40

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07

Q1

08

Q2

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08

Q1

09

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09

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09

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09

Q1

10

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10

Q3

10

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10

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11

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11

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Q1

12

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12

Q3

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12

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

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mailto:ggurtcheff@harriswilliams.commailto:talexander@harriswilliams.commailto:rbudlong@harriswilliams.commailto:bcash@harriswilliams.commailto:jcleveland@harriswilliams.com

Food & Beverage

Industry Update

12/12/2012

The USDA reports that “fiscal 2013 agricultural exports are forecast at a record $145

billion, up $1.5 billion from the August forecast and $9.2 above fiscal 2012 exports.” Link

The New York Times’ Dealbook reports that Saputo has expanded its U.S. presence by

agreeing to buy the Morningstar division of Dean Foods for $1.45 billion. Link

According to Reuters, Hostess Brands Inc. was given permission by a bankruptcy judge to

begin shutting down operations and selling its brands. Link

ConAgra Foods has announced the purchase of Ralcorp. The transaction is valued at $6.8

billion, including the assumption of debt. Link

Industry

Recent Equity

Offerings2 Close Date Filing Date Issuer Ticker

Transaction

Type

Gross Proceeds

($mm) Use of Funds

10/29/12 10/29/12 Brick Brewing Co Ltd BRB Follow-On $0.6 General Corp. Purp.

10/26/12 10/26/12 Vanity Events Holding Inc VAEV Convertible $0.2 General Corp. Purp.

10/25/12 08/07/12 The WhiteWave Foods Co WWAV IPO $391.0 General Purp., Working

Cap., Debt Repayment

10/02/12 08/13/10 B&G Foods Inc BGS Follow-On $109.8 General Corp. Purp. &

Acqusition Fin.

09/27/12 09/27/12 Post Holdings Inc POST Follow-On $206.7 General Corp. Purp.

08/07/12 8/7/2012 Bloomin' Brands BLMN IPO $176.0 General Corp. Purp.

07/26/12 7/26/2012 Del Frisco's Restaurant Group DFRG IPO $75.4 General Corp. Purp.

07/24/12 7/24/2012 Feronia Inc FRN.V Follow-On $4.7 Working Capital

General Corp. Purp.

07/23/12 7/23/2012 Chuy's Holdings CHUY IPO $75.8 General Corp. Purp.

06/29/12 6/28/2012 Metcash Ltd. MTS Follow-On $326.3 Future Acquisitions

Eval. of Prospects

05/18/12 5/18/2012 S&W Seed Co. SANWU Follow-On $5.5 Working Capital

General Corp. Purp.

05/10/12 5/10/2012 Ignite Restaurant Group IRG IPO $81.2 General Corp. Purp.

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

General Corp. Purp.

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http://www.ers.usda.gov/media/960209/aes76.pdfhttp://dealbook.nytimes.com/2012/12/03/saputo-to-buy-dean-foods-morningstar-unit-for-1-45-billion/http://newsandinsight.thomsonreuters.com/Legal/News/2012/11_-_November/Twinkies_maker_Hostess_wins_court_OK_to_close/http://media.conagrafoods.com/phoenix.zhtml?c=97518&p=irol-newsArticle&ID=1761907&highlight=

Food & Beverage

Industry Update

12/12/2012

Quarterly Loan Volume Average Spread on Food and Beverage Loans

Credit Statistics Average Secondary Spreads

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

L + 600

2006 2007 2008 2009 2010 2011 2012YTD

Av

era

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IBO

R

Revolving Credit / Term Loan A Weighted-Average Institutional

Food and

Beverage Loan

Activity3

Recent Debt

Offerings4

Borrower Name Description Tranche Amount Type Rating Spread

12/18/12 ConAgra Foods Inc Consumer and commercial foods $1,500,000,000 Term Loan BBB / Baa2 175

12/18/12 ConAgra Foods Inc Consumer and commercial foods $4,500,000,000 Bridge Loan BBB / Baa2 175

12/14/12 B&G Foods Canned fruits and vegetables $225,000,000 Term Loan B B+ / B1 300

11/18/12 Brown-Forman Corp Wines, brandy, and brandy spirits $800,000,000 Revolver/Line >= 1 Yr. A- / A1 75

11/16/12 Peet's Coffee & Tea Inc Roasted coffee $275,000,000 Revolver/Line >= 1 Yr. NR / NR 200

11/15/12 OSI Group LLC Meat packing plants $575,000,000 Term Loan NR / NR 250

11/15/12 OSI Group LLC Meat packing plants $650,000,000 Revolver/Line >= 1 Yr. NR / NR N/A

11/13/12 Della Coletta Bioenergia SA Cane sugar refining $24,000,000 Term Loan NR / NR N/A

11/09/12 Whitehall Specialties Inc Cheese, natural and processed $94,000,000 Term Loan A NR / NR 475

11/09/12 Whitehall Specialties Inc Cheese, natural and processed $15,000,000 Revolver/Line >= 1 Yr. NR / NR 475

11/08/12 Milk Specialties Global Food preparations $35,000,000 Revolver/Line >= 1 Yr. NR / B2 N/A

11/08/12 Milk Specialties Global Food preparations $250,000,000 Term Loan B NR / B2 575

11/08/12 Milk Specialties Global Food preparations $30,000,000 Delay Draw Term Loan NR / B2 N/A

10/22/12 China Resources Snow Malt beverages $150,000,000 Term Loan NR / NR N/A

10/22/12 Corn Products Intl. Wet corn milling $1,000,000,000 Revolver/Line >= 1 Yr. BBB / Baa2 125

10/12/12 WhiteWave Foods Fluid milk $850,000,000 Revolver/Line >= 1 Yr. NR / NR 175

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4.0x

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Debt/EBITDA Senior

Debt/EBITDA

EBITDA/Cash

Interest

EBITDA -

Capex/Cash

Interest

EB

ITD

A M

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2007 2008 2009 2010 2011 YTD 2012

L + 0

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Food & Beverage

Industry Update

12/12/2012

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

($ in millions, except per share data) Ticker 12/7/12 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and Beverage

Branded Processed Foods

Campbell Soup Co. CPB $36.63 98.6% $11,517 $4,523 $370 $15,670 $7,882 $1,573 2.3% 1.5% 38.4% 20.0% 15.5x 1.99x 10.0x 1.82x 9.7x

ConAgra Foods, Inc. CAG 29.75 99.3% 12,124 3,313 117 15,321 13,469 1,428 6.9% 3.2% 23.2% 10.6% 19.7x 1.14x 10.7x 1.04x 8.3x

General Mills, Inc. GIS 40.94 99.7% 26,415 8,585 1,508 33,492 16,861 3,370 11.0% 4.7% 36.9% 20.0% 16.0x 1.99x 9.9x 1.86x 9.5x

The Hershey Company HSY 72.27 98.4% 16,131 1,991 466 17,656 6,460 1,380 7.7% 7.0% 43.3% 21.4% 25.5x 2.73x 12.8x 2.57x 11.6x

H. J. Heinz Company HNZ 58.25 99.0% 18,678 5,044 1,013 22,709 11,621 2,017 3.2% 5.2% 35.7% 17.4% 18.3x 1.95x 11.3x 1.89x 10.8x

Hormel Foods Corp. HRL 31.03 98.5% 8,157 250 760 7,647 8,231 845 4.3% 8.0% 16.2% 10.3% 16.2x 0.93x 9.0x 0.89x 8.4x

Kellogg Company K 55.97 99.1% 20,061 7,937 305 27,693 13,649 2,370 4.6% 2.7% 40.1% 17.4% 17.0x 2.03x 11.7x 1.83x 11.1x

Mondelez International, Inc. MDLZ 25.58 60.1% 45,458 30,001 3,964 71,495 53,976 8,999 1.0% 11.6% 35.5% 16.7% 13.9x 1.32x 7.9x 1.96x 11.9x

McCormick & Company, Incorporated MKC 64.20 96.7% 8,504 1,258 89 9,672 3,979 683 11.6% 7.8% 40.6% 17.2% 22.1x 2.43x 14.2x 2.30x 13.1x

Nestlé S.A. NESN 65.36 97.9% 202,221 26,204 10,363 218,062 91,652 17,056 (2.8%) (2.2%) 47.1% 18.6% 19.7x 2.38x 12.8x NA NA

The Hain Celestial Group, Inc. HAIN 58.20 78.9% 2,682 360 36 3,007 1,451 185 27.6% 10.8% 27.4% 12.7% 26.3x 2.07x 16.3x 1.60x 12.5x

The J. M. Smucker Company SJM 87.80 98.2% 9,523 2,069 204 11,389 5,821 1,167 11.9% 8.3% 33.6% 20.0% 20.3x 1.96x 9.8x 1.89x 9.2x

Mean 7.4% 5.7% 34.8% 16.8% 19.2x 1.91x 11.4x 1.79x 10.5x

Median 5.8% 6.1% 36.3% 17.4% 19.0x 1.99x 11.0x 1.86x 10.8x

Private Label Foods

Flowers Foods, Inc. FLO $23.61 97.6% $3,262 $122 $9 $3,376 $2,754 $295 2.3% 1.3% 48.0% 10.7% 26.8x 1.23x 11.4x 1.02x 9.1x

Snyder's-Lance, Inc. LNCE 24.25 89.5% 1,666 198 9 1,855 1,611 164 6.8% 21.3% 33.7% 10.2% 22.9x 1.15x 11.3x 1.04x 9.2x

Ralcorp Holdings Inc. RAH 89.17 99.2% 4,909 2,022 352 6,578 4,322 565 14.1% 15.3% 20.2% 13.1% NA 1.52x 11.6x 1.48x 10.2x

Seneca Foods Corp. SENE.B 30.55 97.4% 354 319 19 655 1,270 91 2.4% (0.8%) 10.7% 7.2% NA 0.52x 7.2x NA NA

Treehouse Foods, Inc. THS 52.65 79.0% 1,905 955 84 2,777 2,125 282 5.0% 12.2% 21.4% 13.3% 20.8x 1.31x 9.9x 1.24x 9.1x

Mean 13.2% 11.2% 30.8% 10.7% 30.0x 1.14x 10.5x 1.16x 9.9x

Median 5.9% 13.7% 27.5% 10.4% 24.9x 1.19x 11.3x 1.04x 9.2x

Natural / Organic Foods

Amira Nature Foods Ltd. ANFI $7.70 75.2% $275 $163 $4 $433 $360 $43 77.5% NA 20.5% 12.1% 6.6x 1.20x 10.0x 0.99x 7.8x

Annie's, Inc. BNNY 36.08 73.8% 618 0 15 603 155 21 20.3% NA 39.7% 13.5% NM 3.90x 29.0x 3.21x 20.5x

Monster Beverage Corporation MNST 52.78 62.9% 9,045 0 591 8,454 1,999 556 24.0% 21.8% 51.8% 27.8% 29.0x 4.23x 15.2x 3.63x 12.8x

SunOpta Inc. TSX:SOY 6.22 93.7% 410 165 4 572 1,126 64 11.6% 9.2% 12.6% 5.7% 30.5x 0.51x 8.9x 0.50x 6.8x

The Hain Celestial Group, Inc. HAIN 58.20 78.9% 2,682 360 36 3,007 1,451 185 27.6% 10.8% 27.4% 12.7% 26.3x 2.07x 16.3x 1.60x 12.5x

United Natural Foods, Inc. UNFI 52.71 86.0% 2,598 150 9 2,739 5,429 206 15.6% 16.0% 17.2% 3.8% 26.8x 0.50x 13.3x 0.44x 11.4x

Whole Foods Market, Inc. WFM 90.59 88.9% 16,807 24 1,220 15,611 11,699 1,066 15.7% 13.4% 35.5% 9.1% 36.0x 1.33x 14.6x 1.19x 12.7x

Mean 19.1% 14.2% 30.7% 12.1% 29.7x 2.09x 16.2x 1.76x 12.8x

Median 18.0% 13.4% 31.5% 10.9% 29.0x 1.70x 14.9x 1.40x 12.6x

Baked Goods / Snack Foods

ARYZTA AG YZA $49.49 92.2% $3,845 $1,963 $674 $5,134 $5,180 $665 (7.1%) 4.2% 28.1% 12.8% NA 0.99x 7.7x NA NA

Associated British Foods plc ABF 24.20 99.5% 18,796 2,360 652 20,504 19,911 2,391 13.9% 8.8% 24.2% 12.0% 21.4x 1.03x 8.6x NA NA

Diamond Foods, Inc. DMND 14.81 37.7% 327 605 3 929 981 40 1.5% 19.8% 18.3% 4.0% NM 0.95x NA 0.96x 10.9x

Flowers Foods, Inc. FLO 23.61 97.6% 3,262 122 9 3,376 2,754 295 2.3% 1.3% 48.0% 10.7% 26.8x 1.23x 11.4x 1.02x 9.1x

George Weston Limited WN 68.55 95.5% 8,787 8,363 3,558 13,592 33,437 2,184 7.4% 2.5% 24.6% 6.5% 18.2x 0.41x 6.2x 0.40x 5.4x

Golden Enterprises Inc. GLDC 3.34 89.1% 39 7 1 45 138 7 4.0% 3.3% 48.5% 5.3% 17.5x 0.33x 6.1x NA NA

Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.46 93.1% 11,436 3,321 337 14,420 13,162 1,275 48.3% 17.8% 50.7% 9.7% 49.4x 1.10x 11.3x 1.01x 11.8x

J&J Snack Foods Corp. JJSF 62.99 96.0% 1,181 1 155 1,026 831 116 11.7% 8.4% 30.1% 14.0% 22.0x 1.24x 8.8x 1.19x 8.0x

John B Sanfilippo & Son Inc. JBSS 18.50 94.1% 199 87 2 284 721 58 5.4% 9.7% 16.1% 8.0% 9.0x 0.39x 4.9x NA NA

Lancaster Colony Corporation LANC 71.72 91.5% 1,958 0 193 1,765 1,148 172 4.4% 3.3% 21.8% 14.9% 19.2x 1.54x 10.3x 1.47x 9.5x

Penford Corporation PENX 7.40 74.4% 91 92 0 183 361 24 14.6% 12.2% 12.2% 6.7% NM 0.51x 7.6x 0.49x 5.8x

Ralcorp Holdings Inc. RAH 89.17 99.2% 4,909 2,022 352 6,578 4,322 565 14.1% 15.3% 20.2% 13.1% NM 1.52x 11.6x 1.48x 10.2x

Inventure Foods, Inc. SNAK 6.54 84.5% 125 23 1 147 186 15 22.9% 15.5% 19.2% 7.9% 21.5x 0.79x 10.0x 0.74x 8.2x

Mean 12.5% 9.8% 27.8% 9.4% 22.8x 0.92x 8.8x 0.97x 8.8x

Median 9.5% 9.3% 23.0% 8.9% 21.4x 0.99x 8.8x 1.01x 9.1x

Last Twelve Months (LTM) EV / LTM EV / 2012ERevenue Growth LTM Margins

Trading Statistics Detail1

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Member FINRA/SIPC

Food & Beverage

Industry Update

12/12/2012

Member FINRA/SIPC

Trading Statistics Detail (continued)1

6 of 13

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

($ in millions, except per share data) Ticker 12/7/12 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Dairy

Dean Foods Company DF $17.11 89.3% $3,169 $3,556 $70 $6,656 $12,779 $855 (1.0%) 4.5% 24.6% 6.7% 25.8x 0.52x 7.8x 0.51x 7.9x

Fromageries Bel ENXTPA:FBEL 185.00 74.2% 1,621 391 151 1,861 3,296 353 (8.2%) 1.7% 28.8% 10.7% 12.1x 0.56x 5.3x NA NA

Glanbia plc GL9 10.11 95.7% 2,973 920 208 3,684 3,485 311 (2.9%) 6.3% 16.8% 8.9% 17.6x 1.06x 11.9x NA NA

Danone BN 64.62 90.9% 38,832 12,423 3,533 47,722 25,436 4,397 (4.7%) 6.4% 50.3% 17.3% 17.9x 1.88x 10.9x NA NA

Lifeway Foods Inc. LWAY 8.20 73.9% 134 6 5 135 77 10 13.8% 12.6% 35.3% 12.5% 32.0x 1.75x 13.9x 1.39x 11.4x

Saputo, Inc. TSX:SAP 49.35 96.8% 9,723 465 145 10,044 7,049 845 13.6% 8.6% 12.0% 12.0% 26.3x 1.42x 11.9x 1.19x 9.9x

Mean 1.8% 6.7% 28.0% 11.4% 22.0x 1.20x 10.3x 1.03x 9.7x

Median (2.0%) 6.4% 26.7% 11.4% 21.8x 1.24x 11.4x 1.19x 9.9x

Non-Alcholic Beverages

A.G.Barr p.l.c. LSE:BAG $7.67 97.4% $884 $18 $0 $902 $382 $63 2.2% 6.1% 50.1% 16.5% 20.3x 2.36x 14.3x NA NA

Cott Corporation BCB 8.30 93.7% 790 604 88 1,306 2,283 201 (1.4%) 13.0% 12.3% 8.8% 23.4x 0.57x 6.5x 0.56x 5.2x

Dr Pepper Snapple Group, Inc. DPS 45.51 98.8% 9,471 2,766 395 11,842 5,972 1,311 2.0% 2.5% 58.2% 22.0% 15.7x 1.98x 9.0x 1.93x 8.4x

Green Mountain Coffee Roasters Inc. GMCR 37.85 53.2% 5,619 541 58 6,101 3,859 751 45.6% 70.0% 32.9% 19.4% 16.9x 1.58x 8.1x 1.36x 7.0x

Monster Beverage Corporation MNST 52.78 62.9% 9,045 0 591 8,454 1,999 556 24.0% 21.8% 51.8% 27.8% 29.0x 4.23x 15.2x 3.63x 12.8x

Jones Soda Co. JSDA 0.30 33.7% 12 0 1 10 17 0 (2.4%) (15.7%) 26.7% 0.0% NM 0.60x NA NA NA

Lassonde Industries Inc. LAS.A 80.84 96.7% 565 313 9 869 1,030 122 69.5% 29.3% 26.7% 11.9% 13.9x 0.84x 7.1x NA NA

National Beverage Corp. FIZZ 14.98 84.4% 694 0 49 645 651 81 6.6% 3.3% 32.4% 12.4% 14.8x 0.99x 8.0x NA NA

Pepsico, Inc. PEP 70.26 95.4% 108,682 27,943 5,711 130,914 65,696 12,586 1.9% 15.5% 52.3% 19.2% 18.7x 1.99x 10.4x 1.95x 10.2x

Starbucks Corporation SBUX 53.64 86.5% 39,887 550 2,037 38,399 13,300 2,382 13.7% 10.8% 56.3% 17.9% 29.6x 2.89x 16.1x 2.57x 12.7x

The Coca-Cola Company KO 37.71 92.7% 169,135 32,741 18,084 183,792 47,602 13,012 3.5% 15.9% 60.4% 27.3% 19.7x 3.86x 14.1x 3.69x 13.0x

Mean 15.0% 15.7% 41.8% 16.7% 20.2x 1.99x 10.9x 2.24x 9.9x

Median 3.5% 13.0% 50.1% 17.9% 19.2x 1.98x 9.7x 1.95x 10.2x

Alcoholic Beverages

Anheuser-Busch InBev SA/NV ENXTBR:ABI $87.49 95.3% $139,976 $39,843 $3,793 $176,026 $39,345 $15,281 1.8% 4.6% 58.4% 38.8% 19.3x 4.47x 11.5x 3.83x 10.0x

Brown-Forman Corporation BF.B 68.57 96.6% 14,470 512 369 14,614 2,747 889 0.3% 4.6% 67.8% 32.4% 25.3x 5.32x 16.4x 3.71x 14.8x

Constellation Brands Inc. STZ 36.00 97.3% 6,559 4,045 182 10,422 2,662 646 (11.5%) (8.1%) 40.1% 24.3% 16.1x 3.91x 16.1x 3.67x 8.6x

Corby Distilleries Limited CDL.A 17.90 95.5% 507 0 115 392 141 40 (10.0%) (2.8%) 59.9% 28.1% 11.5x 2.79x 9.9x 2.78x 8.7x

Diageo plc DGE 30.13 99.2% 75,496 13,895 1,688 87,703 16,880 5,534 6.1% 3.8% 60.7% 32.8% 24.2x 5.20x 15.8x 4.77x 14.0x

Kirin Holdings Company, Limited TSE:2503 12.57 95.4% 12,078 12,363 1,253 23,188 25,831 3,316 (6.2%) (2.2%) 41.5% 12.8% NM 0.90x 7.0x NA NA

Pernod-Ricard SA RI 114.31 97.1% 30,122 12,900 1,018 42,004 10,414 2,748 (6.2%) 1.0% 61.4% 26.4% 20.5x 4.03x 15.3x NA NA

SABMiller plc LSE:SAB 44.91 96.8% 71,671 18,621 781 89,511 17,120 5,432 7.5% 9.7% 69.0% 31.7% 16.3x 5.23x 16.5x NA NA

Sapporo Holdings Ltd. TSE:2501 3.13 81.1% 1,212 2,879 121 3,970 5,879 491 5.5% 7.4% 36.6% 8.4% 31.7x 0.68x 8.1x NA NA

Mean (1.4%) 2.0% 55.1% 26.2% 20.6x 3.61x 13.0x 3.75x 11.2x

Median 0.3% 3.8% 59.9% 28.1% 19.9x 4.03x 15.3x 3.71x 10.0x

Inputs

Protein Processing

Cal-Maine Foods, Inc. CALM $45.55 96.9% $1,090 $73 $209 $954 $1,142 $128 14.7% 7.9% 18.5% 11.2% 11.3x 0.84x 7.5x 0.76x 6.8x

Sanderson Farms, Inc. SAFM 48.40 86.6% 1,112 157 27 1,242 2,298 110 18.0% 8.9% 5.5% 4.8% NM 0.54x 11.3x 0.51x 10.7x

Seaboard Corp. SEB 2,405.74 92.6% 2,887 218 469 2,636 5,865 401 5.7% 15.7% 9.5% 6.8% 10.2x 0.45x 6.6x 0.42x NA

Smithfield Foods, Inc. SFD 22.93 91.3% 3,180 2,351 124 5,407 13,005 873 2.3% 3.9% 11.1% 6.7% 15.4x 0.42x 6.2x 0.40x 6.0x

Tyson Foods Inc. TSN 19.63 93.2% 7,043 2,432 1,071 8,404 33,278 1,747 3.1% 7.6% 6.5% 5.2% 12.4x 0.25x 4.8x 0.24x 5.0x

Mean 8.8% 10.5% 10.4% 6.8% 14.9x 0.49x 7.3x 0.47x 7.1x

Median 7.4% 8.4% 10.3% 6.2% 12.4x 0.44x 7.0x 0.42x 6.4x

EV / 2012ELTM MarginsLast Twelve Months (LTM) EV / LTMRevenue Growth

Food & Beverage

Industry Update

12/12/2012

Member FINRA/SIPC

7 of 13

Trading Statistics Detail (continued)1

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

($ in millions, except per share data) Ticker 12/7/12 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Fruit and Vegetable

Calavo Growers Inc. CVGW $24.60 81.3% $364 $39 $5 $398 $557 $33 15.4% 15.9% 10.2% 5.9% 25.1x 0.71x 12.2x 0.64x 9.1x

Chiquita Brands International Inc. CQB 7.41 70.1% 343 587 37 893 3,063 77 (4.0%) (3.7%) 11.3% 2.5% NM 0.29x 11.6x 0.29x 6.7x

Dole Food Company Inc. DOLE 11.75 77.4% 1,031 1,690 82 2,639 6,838 285 (5.6%) (0.3%) 10.6% 4.2% 14.8x 0.39x 9.3x 0.41x 7.9x

Fresh Del Monte Produce Inc. FDP 26.00 99.5% 1,511 28 40 1,499 3,425 219 (5.5%) (0.3%) 9.8% 6.4% 11.3x 0.44x 6.9x 0.43x 6.0x

Seneca Foods Corp. SENE.A 30.43 96.1% 326 319 19 627 1,270 91 2.4% (0.8%) 10.7% 7.2% 9.5x 0.49x 6.9x NA NA

Mean 0.5% 2.2% 10.5% 5.2% 15.2x 0.46x 9.4x 0.45x 7.4x

Median (4.0%) (0.3%) 10.6% 5.9% 13.1x 0.44x 9.3x 0.42x 7.3x

Ingredients / Flavors

Givaudan AG SWX:GIVN $1,009.84 97.2% $9,126 $1,892 $311 $10,707 $4,259 $809 (11.4%) 5.1% 42.1% 19.0% 25.9x 2.51x 13.2x NA NA

Kerry Group plc ISE:KRZ 52.68 97.6% 9,251 2,116 291 11,077 7,059 801 (6.3%) 2.4% 45.0% 11.4% 21.9x 1.57x 13.8x NA NA

International Flavors & Fragrances Inc. IFF 64.74 97.8% 5,281 904 98 6,087 2,785 556 0.4% 6.9% 40.7% 19.9% 25.5x 2.19x 11.0x 2.09x 10.0x

Symrise AG XTRA:SY1 34.54 95.5% 4,058 788 157 4,688 2,179 420 3.2% 3.4% 40.3% 19.3% 20.4x 2.15x 11.2x NA NA

Sensient Technologies Corporation SXT 35.56 86.6% 1,770 345 12 2,102 1,443 242 0.9% 6.8% 31.9% 16.8% 14.4x 1.46x 8.7x 1.38x 7.8x

Mean (2.6%) 4.9% 40.0% 17.3% 21.6x 1.98x 11.6x 1.73x 8.9x

Median 0.4% 5.1% 40.7% 19.0% 21.9x 2.15x 11.2x 1.73x 8.9x

Agribusiness

Archer Daniels Midland Company ADM $27.18 80.0% $17,900 $10,493 $1,742 $26,651 $88,944 $2,689 3.7% 12.2% 3.9% 3.0% 18.9x 0.30x 9.9x 0.29x 7.4x

The Andersons, Inc. ANDE 41.50 80.6% 764 621 80 1,304 4,889 161 10.3% 19.3% 7.2% 3.3% 9.0x 0.27x 8.1x 0.25x 7.5x

Bunge Limited BG 72.89 99.2% 10,650 7,932 788 17,794 62,274 1,655 13.2% 13.6% 4.5% 2.7% 12.2x 0.29x 10.8x 0.26x 7.7x

CF Industries Holdings, Inc. CF 212.31 93.1% 13,348 1,605 2,221 12,732 6,341 3,562 12.9% 25.9% 52.4% 56.2% 7.7x 2.01x 3.6x 2.07x 3.9x

Darling International Inc. DAR 16.96 90.1% 1,997 250 88 2,160 1,707 326 7.1% 42.0% 27.8% 19.1% 15.2x 1.27x 6.6x 1.25x 6.1x

Monsanto Company MON 90.69 97.5% 48,483 2,074 3,465 47,092 13,504 3,841 14.2% 4.9% 52.2% 28.4% 24.0x 3.49x 12.3x 3.23x 11.2x

The Mosaic Company MOS 53.60 86.5% 22,815 1,029 3,595 20,249 10,530 3,052 (2.8%) 12.3% 28.3% 29.0% 12.8x 1.92x 6.6x 1.87x 6.2x

Omega Protein Corp. OME 6.23 67.4% 123 28 41 110 225 32 4.6% 11.7% 17.7% 14.2% 24.5x 0.49x 3.4x 0.48x 3.1x

Viterra, Inc. TSX:VT 16.38 99.5% 6,092 1,260 591 6,761 14,228 775 32.6% 30.4% 11.5% 5.4% 21.9x 0.48x 8.7x 0.52x 9.0x

Mean 10.9% 19.2% 23.3% 17.7% 16.2x 1.06x 7.0x 1.03x 6.2x

Median 11.6% 16.5% 22.5% 14.9% 15.2x 0.48x 7.4x 0.50x 6.8x

Consumer

Food Retail

Arden Group Inc. ARDN.A $87.60 76.9% $269 $1 $76 $194 $438 $36 3.0% (0.9%) 43.5% 8.1% 15.8x 0.44x 5.5x NA NA

Costco Wholesale Corporation COST 98.56 93.0% 42,620 1,565 4,854 39,331 99,137 3,667 11.5% 11.5% 12.4% 3.7% 25.4x 0.40x 10.7x 0.37x 9.5x

Etablissements Delhaize Freres DELB 36.89 60.8% 3,720 3,962 618 7,064 29,061 1,915 4.3% (1.0%) 24.8% 6.6% 7.8x 0.24x 3.7x 0.23x 3.8x

Ingles Markets Inc. IMKT.A 16.87 91.2% 409 835 5 1,240 3,709 212 4.2% 4.5% 22.1% 5.7% 9.4x 0.33x 5.8x 0.33x 5.4x

J. Sainsbury plc LSE:SBRY 5.49 94.4% 10,360 4,642 888 14,113 36,696 2,273 7.8% 6.0% 5.4% 6.2% 10.6x 0.38x 6.2x NA NA

Koninklijke Ahold N.V. ENXTAM:AH 13.12 91.7% 13,641 4,326 2,121 15,846 42,137 2,847 4.1% 1.4% 26.0% 6.8% 11.6x 0.38x 5.6x NA NA

The Kroger Co. KR 26.81 98.9% 13,775 8,860 435 22,200 94,004 4,166 5.6% 7.6% 21.1% 4.4% 20.2x 0.24x 5.3x 0.22x 5.2x

Pantry Inc. PTRY 12.98 79.3% 302 1,110 180 1,233 7,477 222 6.3% (1.3%) 11.2% 3.0% NM 0.16x 5.6x 0.15x 5.4x

Safeway Inc. SWY 17.94 77.5% 4,298 6,434 267 10,465 44,037 2,234 2.8% 1.6% 27.7% 5.1% 9.2x 0.24x 4.7x 0.23x 4.9x

SUPERVALU Inc. SVU 2.66 31.0% 568 6,549 148 6,969 35,187 1,661 (4.6%) (6.6%) 22.4% 4.7% NM 0.20x 4.2x 0.21x 4.7x

Village Super Market Inc. VLGE.A 36.20 94.5% 498 45 102 441 1,438 73 7.7% 5.6% 27.2% 5.0% 22.8x 0.31x 6.1x 0.29x NA

Weis Markets, Inc. WMK 38.60 84.0% 1,038 0 118 921 2,745 174 2.5% 3.7% 27.1% 6.3% 13.1x 0.34x 5.3x 0.33x NA

Whole Foods Market, Inc. WFM 90.59 88.9% 16,807 24 1,220 15,611 11,699 1,066 15.7% 13.4% 35.5% 9.1% 36.0x 1.33x 14.6x 1.19x 12.7x

Mean 5.5% 3.5% 23.6% 5.8% 16.5x 0.38x 6.4x 0.36x 6.5x

Median 4.3% 3.7% 24.8% 5.7% 13.1x 0.33x 5.6x 0.26x 5.3x

LTM Margins EV / LTM EV / 2012ELast Twelve Months (LTM) Revenue Growth

Food & Beverage

Industry Update

12/12/2012

Member FINRA/SIPC

8 of 13

Trading Statistics Detail (continued)1

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

($ in millions, except per share data) Ticker 12/7/12 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Foodservice / Distribution

Core-Mark Holding Company, Inc. CORE $47.25 93.5% $544 $22 $13 $553 $6,832 $76 15.4% 11.9% 6.8% 1.1% 18.8x 0.08x 7.3x 0.06x 5.5x

Nash Finch Co. NAFC 21.02 68.8% 258 389 1 646 4,784 125 (0.7%) (2.6%) 8.1% 2.6% NM 0.13x 5.2x 0.13x 5.5x

Sysco Corporation SYY 31.83 99.8% 18,710 3,019 550 21,179 42,881 2,503 6.8% 5.9% 18.0% 5.8% 16.9x 0.49x 8.5x 0.47x 8.6x

United Natural Foods, Inc. UNFI 52.71 86.0% 2,598 150 9 2,739 5,429 206 15.6% 16.0% 17.2% 3.8% 26.8x 0.50x 13.3x 0.44x 11.4x

Mean 9.3% 7.8% 12.5% 3.3% 20.8x 0.30x 8.5x 0.28x 7.7x

Median 11.1% 8.9% 12.6% 3.2% 18.8x 0.31x 7.9x 0.29x 7.0x

Fast Food

Domino's Pizza, Inc. DPZ $41.77 98.0% $2,371 $1,567 $35 $3,904 $1,641 $310 0.6% 6.2% 29.6% 18.9% 23.4x 2.38x 12.6x 2.25x 12.5x

Jack in the Box Inc. JACK 27.70 94.0% 1,189 421 8 1,601 1,545 206 (7.1%) (14.5%) 22.2% 13.3% 19.8x 1.04x 7.8x 1.01x 7.1x

McDonald's Corp. MCD 88.48 86.6% 88,832 13,264 2,188 99,908 27,438 9,780 3.9% 7.1% 39.4% 35.6% 16.8x 3.64x 10.2x 3.51x 9.7x

Sonic Corp. SONC 10.28 94.0% 584 513 53 1,045 544 132 (0.4%) (8.3%) 52.5% 24.2% 17.3x 1.92x 7.9x 1.91x 7.8x

The Wendy's Company WEN 4.71 85.6% 1,842 1,457 454 2,846 2,490 310 3.8% (11.4%) 24.9% 12.5% NM 1.14x 9.2x 1.10x 8.2x

Yum! Brands, Inc. YUM 66.30 88.7% 29,955 3,021 942 32,034 13,591 2,839 12.5% 7.8% 26.8% 20.9% 19.5x 2.36x 11.3x 2.26x 10.3x

Mean 2.2% (2.2%) 32.5% 20.9% 19.4x 2.08x 9.8x 2.01x 9.3x

Median 2.2% (1.1%) 28.2% 19.9% 19.5x 2.14x 9.7x 2.08x 8.9x

Casual Dining

Biglari Holdings Inc. BH $358.16 83.0% $514 $248 $330 $432 $740 $71 4.4% 5.6% 26.4% 9.6% 21.8x 0.58x 6.1x NA NA

Bob Evans Farms, Inc. BOBE 40.16 96.4% 1,128 198 5 1,321 1,662 199 0.2% (1.3%) 37.5% 11.9% 17.3x 0.79x 6.7x 0.78x 5.9x

Brinker International, Inc. EAT 30.58 84.4% 2,237 698 64 2,871 2,836 371 2.2% (1.7%) 18.4% 13.1% 15.7x 1.01x 7.7x 0.99x 6.9x

Buffalo Wild Wings Inc. BWLD 74.26 78.3% 1,381 0 84 1,297 957 143 31.5% 22.9% 24.8% 14.9% 25.2x 1.36x 9.1x 1.08x 7.2x

Chipotle Mexican Grill, Inc. CMG 268.61 60.7% 8,460 4 574 7,890 2,629 534 22.0% 21.2% 38.0% 20.3% 31.7x 3.00x 14.8x 2.63x 13.3x

Darden Restaurants, Inc. DRI 46.66 80.5% 6,001 2,154 52 8,103 8,092 1,100 6.0% 4.1% 23.3% 13.6% 12.8x 1.00x 7.4x 0.92x 7.1x

Panera Bread Co. PNRA 158.47 90.4% 4,714 0 290 4,424 2,054 350 17.1% 15.2% 35.4% 17.1% 29.1x 2.15x 12.6x 1.89x 10.6x

The Cheesecake Factory Incorporated CAKE 33.09 91.3% 1,738 56 56 1,738 1,822 225 7.4% 4.4% 42.9% 12.4% 17.3x 0.95x 7.7x 0.91x 7.2x

Mean 11.3% 8.8% 30.8% 14.1% 21.4x 1.36x 9.0x 1.31x 8.3x

Median 6.7% 5.0% 30.9% 13.3% 19.6x 1.01x 7.7x 0.99x 7.2x

Last Twelve Months (LTM) Revenue Growth LTM Margins EV / LTM EV / 2012E

Food & Beverage

Industry Update

12/12/2012

Food and

Beverage

Industry Stock

Performance1

Commodity

Price Indices5

0

50

100

150

200

250

Nov-08 May-09 Nov-09 May-10 Nov-10 May-11 Nov-11 May-12 Nov-12

Ind

ex

Corn Wheat Soybeans Crude Oil

Corn:

95.7%

Crude Oil:

87.2%

Soybeans:

61.9%

Wheat:

59.1%

9 of 13

50

70

90

110

130

150

170

Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12

Ind

ex

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

Beverage:

61.3%

S&P 500:

55.9%

Food:

52.8%

Corn:

95.7%

Crude Oil:

87.2%

Soybeans:

61.9%

Wheat:

59.1%

Food & Beverage

Industry Update

12/12/2012

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

Food and

Beverage M&A

Trends1

Recent North

American Food

and Beverage

M&A1

14.3x

11.0x 10.5x

9.9x

8.4x 8.5x 8.3x 8.8x

0.00x

0.25x

0.50x

0.75x

1.00x

1.25x

1.50x

1.75x

0x

2x

4x

6x

8x

10x

12x

14x

16x

2005 2006 2007 2008 2009 2010 2011 YTD

2012

EV

/ LT

M S

ale

s Mu

ltiple

__

EV

/ L

TM

EB

ITD

A M

ult

iple

__

EV / LTM EBITDA EV / LTM Sales

$4.5 $12.0

$25.5

$110.2

$20.4

$59.2

$18.3 $13.3

0

50

100

150

200

250

300

$0

$20

$40

$60

$80

$100

$120

2005 2006 2007 2008 2009 2010 2011 YTD

2012

Nu

mb

er o

f Tra

nsa

ctio

ns_

_

Ag

greg

ate

Tra

nsa

cti

on

Va

lue (

$ i

n b

illi

on

s)

Aggregate Deal Value # of deals

Enterprise Enterprise Value Private Equity

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

12/7/2012 Agriventures USA, Inc. The Riverside Company Rocket Farms, Inc. - - - - P

12/6/2012 Chocolate Candy Creations, Inc. - Energy Innovative Products, Inc. - - - -

12/2/2012 Morningstar Foods, LLC Suiza Dairy Group, LLC Saputo Cheese USA Inc. $1,450.0 0.89x 9.3x -

11/30/2012 Associated Milk Producers, Inc. Associated Milk Producers, Inc. Treehouse Foods, Inc. (NYSE:THS) - - - -

11/28/2012 Stockade Brands, Inc. - Ridley USA Inc. - - - -

11/26/2012 Ralcorp Holdings Inc. (NYSE:RAH) - ConAgra Foods, Inc. (NYSE:CAG) $6,733.8 1.56x 11.9x 18.4x

11/26/2012 Whitehall Specialties, Inc. - Mason Wells - - - - P

11/21/2012 Paradise Restaurant Group, LLC - Luby's Inc. (NYSE:LUB) $11.0 0.22x - -

11/20/2012 La Creme Inc. - Common Plea Catering, Inc. - - - -

11/19/2012 The Balance Bar Company Brynwood Partners NBTY, Inc. $78.0 - - - P

11/16/2012 Hydrive Energy LLC Dr Pepper Snapple Group, Inc. Big Red, Inc. - - - -

11/15/2012 Schiff Nutrition International Inc. (NYSE:SHF) TPG Capital, L.P. Reckitt Benckiser LLC $1,433.0 5.01x 33.4x 39.8x P

11/13/2012 El Burrito Mexican Food Products, Inc. - House Foods America Corporation - - - -

11/8/2012 Fortitech, Inc. Trilantic Capital Management LLC Royal DSM N.V. $634.0 - - - P

11/5/2012 Diversified Marketing Solutions LLC - Continental Mills, Inc. - - - -

11/2/2012 Abstract International, Inc. - Solanbridge Group, Inc. - - - -

11/2/2012 Katadyn North America Foods, LLC - Katadyn North America, Inc. - - - -

11/1/2012 Sweet Ovations LLC Vision Capital LLP Zentis GmbH & Co. KG - - - - P

11/1/2012 The Puratone Corporation Matrix Asset Management Inc. Maple Leaf Foods Inc. (TSX:MFI) $42.1 - - -

10/26/2012 North American Breweries, Inc. KPS Capital Partners, LP Cerveceria Costa Rica S.A. $388.0 - - - P

10/25/2012 J. Christopher's Restaurant, LLC J. Christopher's Restaurant, LLC First Watch Restaurants, Inc. - - - -

10/23/2012 Vermont Hard Cider Company, LLC - C&C Group plc (ISE:GCC) $305.0 - - -

10/23/2012 Take and Bake, Inc. Fresh Harvest Products, Inc. Better For You Foods LLC - - - -

10/18/2012 Feed-Rite Inc. Ridley Inc. (TSX:RCL) Masterfeeds Inc. - - - -

10/18/2012 Columbus Manufacturing, Inc. Endeavour Capital, Inc. Arbor Private Investment Company - - - - P

10/3/2012 Feihe International, Inc. Sequoia Capital Morgan Stanley PE Asia Ltd $260.8 0.90x 11.7x 17.1x P

10/2/2012 Mamaki of Hawaii, Inc. - UMED Holdings, Inc. - - - -

10/2/2012 Nealanders International Inc. Birch Hill Equity Partners Management Caldic B.V. - - - - P

9/28/2012 Century Concepts, Inc. - TriMark South - - - -

9/28/2012 To Go Brands, Inc. - MedPodium Health Products, Inc. $2.0 - - -

9/25/2012 Texas Steakhouses & Saloons Boddie-Noell Enterprises Inc. Charlie Brown's Steakhouse - - - -

9/25/2012 Centerplate, Inc. Kohlberg & Company, L.L.C. Olympus Partners - - - - P

9/24/2012 No Limits, LLC - K-MAC Enterprises, Inc. - - - -

9/20/2012 Watson's Baby Bar - Carson Wrapped Hershey's Chocolates - - - -

9/19/2012 Chipita America, Inc. Chipita America, Inc. B&G Foods North America, Inc. $62.5 - - -

9/18/2012 Decas Botanical Synergies Inc. Decas Cranberry Products, Inc. Naturex, Inc. - - - -

9/14/2012 Tyson Refrigerated Processed Meats, Inc. Tyson Refrigerated Processed Meats Pita Pal Industries, Inc. - - - -

9/12/2012 Snows Lake Vineyard LLC - E. &. J. Gallo Winery, Inc. - - - -

9/11/2012 Brasserie Montmartre - Not Disclosed - - - -

9/11/2012 Big O Wine Company - Ste. Michelle Wine Estates Ltd. - - - -

9/7/2012 The Sands Regent Affinity Gaming, LLC. Not Disclosed $19.2 - - -

9/6/2012 Hoopeston Foods, Inc. - Sun Garden-Gangi Canning Company - - - -

9/6/2012 Hinsdale Farms, Ltd. - Monogram Food Solutions, LLC - - - -

9/6/2012 Chicory Cafe - Not Disclosed - - - -

9/4/2012 GPB International, LLC GPB International, LLC Claridge Ventures, Inc $1.3 - - - P

9/4/2012 Garden of the Gods Gourmet Inc. - Pinery Enterprises, LLC - - - -

9/3/2012 Snack Factory, LLC VMG Tax-Exempt, L.P. Snyder's-Lance, Inc. $340.0 - - - P

8/31/2012 Fazoli's Restaurant at 1398 Conant - SBW Capital Partners LLC - - - - P

8/31/2012 Millennium Foods, LLC - Kerry Group plc - - - -

8/29/2012 Pure Treats Inc. Champion Freeze Dry LP 4186770 Canada Inc. - - - -

8/27/2012 T. J. Harkins Basic Commodity Brokers Co. - Bay State Milling Company - - - -

10 of 13

Food & Beverage

Industry Update

12/12/2012

Recent North

American Food

and Beverage

M&A1

(continued)

Enterprise Enterprise Value Private Equity

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

8/27/2012 Shearer's Foods, Inc. Prospect Capital Corporation Wind Point Partners; Mistral Equity $500.0 - - - P

8/27/2012 El Loco Taco, Inc. - Not Disclosed - - - -

8/27/2012 RCM Smith, Inc. - American Food Styles, LLC - - - -

8/25/2012 Green Hills Inn Inc. - Dans Restaurant, Inc. - - - -

8/25/2012 The Bachman Company - UTZ Quality Foods, Inc. - - - -

8/22/2012 Kingston Tobacco Co., LLC - Kolstad Enterprises, LLC - - - -

8/22/2012 The Red Cap Garage and Aura - Project Ecological Development - - - -

8/21/2012 Back to Nature Foods Company Kraft Foods Inc. Brynwood Partners - - - - P

8/14/2012 Kettle Creations, LLC - BEF Foods, Inc. $50.0 - - -

8/13/2012 Michael's Finer Meats & Seafoods, Inc. Sorenson Capital The Chefs' Warehouse $54.3 0.68x - - P

8/10/2012 Courtside Cellars, LLC - E. &. J. Gallo Winery, Inc. - - - -

8/8/2012 Seapak QCI Processing Limited - Haida Enterprise Corporation - - - -

8/7/2012 Crushpad, Inc. Foley Family Wines, Inc. Castlegate Capital Advisors, LLC $0.7 - - - P

8/7/2012 Bagel Factory, Inc. - Cremonini S.p.A. $3.1 - - -

8/2/2012 Pastorino Dairy - Maracay Homes, LLC $2.3 - - -

7/30/2012 P.F. Chang's Frozen Menu Business Unit Unilever United States, Inc. ConAgra Foods, Inc. (NYSE:CAG) $267.0 0.89x - -

7/30/2012 Streamline Foods, Inc. - Tate & Lyle Canada Ltd. - - - -

7/26/2012 Mr. Souvlaki Limited - MTY Tiki Ming Enterprises, Inc. $1.0 0.23x - -

7/25/2012 Ray's Station Weibel, Inc. Vintage Wine Estates, Inc. - - - -

7/24/2012 Los Diablos International, Inc. - Trinchero Family Estates - - - -

7/24/2012 Healds Valley Farms, Inc. Healds Valley Farms Holdings AG Paramount Citrus, Inc. - - - -

7/21/2012 Peet's Coffee & Tea, Inc. Franklin Advisers, Inc. JAB Holdings B.V. $956.1 2.53x 21.0x 34.4x P

7/18/2012 Pilgrim's Corp., Commercial Egg Operations Pilgrim's Corp. Cal-Maine Foods, Inc. - - - -

7/12/2012 Yard House USA, Inc. TSG Consumer Partners Darden Restaurants, Inc. $585.0 2.23x 20.2x - P

7/12/2012 AFA Foods, TX Beef Processing Plant AFA Foods, Inc. Cargill, Incorporated $14.1 - - -

7/12/2012 AFA Foods, PN Beef Processing Plant AFA Foods, Inc. CTI Foods, Inc. $18.8 - - -

7/11/2012 Arby's Restaurant Group, 51 Locations Arby's Restaurant Group, Inc. Sun Holdings, LLC - - - - P

7/9/2012 Smoothie King Franchises, Inc. - SK USA, Inc. - - - -

7/9/2012 Wm. Bolthouse Farms, Inc. Madison Dearborn Partners Campbell Investment Company $1,550.0 2.25x - 16.9x P

7/6/2012 Blue Moose of Boulder, Inc. - Sartori Inspirations - - - -

7/6/2012 Cilion, Inc. - Aemetis Advanced Fuels Keyes, Inc. $37.3 - - -

6/30/2012 Alpine Cheese Company - Tine SA - - - -

6/29/2012 Solis Brands, Inc. - The Jel Sert Company - - - -

6/27/2012 H.C. Schau & Son Inc. - Greencore Group plc $19.3 0.60x - -

6/25/2012 The Brass Tap Inc. - Family Sports Concepts, Inc. - - - -

6/22/2012 J. Alexander's Corp. Dimensional Fund Advisors LP American Blue Ribbon Holdings $80.9 0.51x 7.4x 16.3x P

6/20/2012 Pacific Pure-Aid Company Givaudan AG DIANA Group SA - - - -

6/12/2012 Ramal West Vineyard - Jackson Family Wines, Inc. - - - -

6/11/2012 Trimcare Holdings, LLC - Cannabis Science, Inc. - - - -

6/8/2012 Kim & Scott's Gourmet Pretzels, Inc. - J&J Snack Foods Corp. - - - -

6/7/2012 Cabin Fever Maple Flavored Whisky - Diageo plc - - - -

6/7/2012 Amrest LLC, 98 Applebee Restaurants Amrest LLC Apple American Group $100.0 - - -

6/7/2012 Arctic Glacier Income Fund Arctic Glacier Income Fund H.I.G. Capital, LLC - - - - P

6/7/2012 GT Beverage Company, Inc. MKM Capital Advisors, LLC Bazi International, Inc. - - - - P

6/5/2012 30 Wendy's Restaurants in Austin, Texas Pisces Foods, L.P. Wendy's International, Inc. $19.9 - - -

6/4/2012 Kona Blue Water Farms, LLC - Blue Ocean Mariculture - - - -

6/4/2012 Flavors From Florida, Inc. Agrana Fruit US, Inc. SensoryEffects Flavor Company - - - -

6/4/2012 51 Front Wine Bar & Bistro - Not Disclosed - - - -

6/3/2012 Aunt Sam's Uptown Eatery, Inc. - Not Disclosed - - - -

5/31/2012 Lepage Bakeries, Inc. - Flowers Foods, Inc. $320.0 1.93x - -

5/31/2012 Udi's Healthy Foods, LLC Hubson Acquisition, LLC Smart Balance, Inc $125.0 2.05x - -

5/25/2012 Oasis Foods Company - AarhusKarlshamn AB - - - -

5/24/2012 Purity Life Health Products Limited SunOpta Inc. Banyan Capital Partners $14.3 0.25x - - P

5/23/2012 Petri Baking Products, Inc. - Ralcorp Holdings, Inc. - - - -

5/23/2012 The Golden West Fruit Company, Inc. - Sweet Ovations LLC - - - -

5/23/2012 Ferrara Pan Candy Company, Inc. - Farley's & Sathers Candy Co. - - - -

5/9/2012 Asantae Holdings International Inc. - Two Kings LLC - - - -

5/8/2012 RCF Kitchens Indiana, LLC - Sugar Creek Packing Co., Inc. $13.0 - - -

5/7/2012 Manos Beverages, Inc. - Active Health Foods, Inc. - - - -

5/7/2012 Hofmann Sausage Co., Inc. - Oneida Indian Nation - - - -

5/7/2012 Saxbys Coffee Worldwide, LLC Plexus Capital Meridian Venture Partners $2.0 - - - P

4/30/2012 Nashville Building - Not Disclosed $1.9 - - -

4/24/2012 Catalina Products, LLC - Coopers Brewery Limited - - - -

4/23/2012 GreenLine Foods, Inc. The Riverside Company Apio, Inc. - - - - P

4/23/2012 Wellfleet Shellfish Company, LLC - Wellfleet Harbor Seafood Co. - - - -

4/23/2012 White Rock Distilleries, Inc. White Rock Distilleries, Inc. Beam, Inc. $605.0 - - -

4/17/2012 Odom's Tennessee Pride Sausage, Inc. - ConAgra Foods, Inc. - - - -

4/17/2012 Marketfare Foods, Inc. New York Life Capital, Swander Pace Greencore Group plc $36.0 0.55x 6.3x - P

4/17/2012 Cargill, Global Juice Blends Business Cargill, Incorporated WILD Flavors GmbH - - - -

4/16/2012 Pet Appeal, Inc. Highland Capital Partners Merrick Pet Care, Inc. - - - - P

4/16/2012 Burger King Corporation, 96 Restaurants Burger King Corporation Not Disclosed - - - -

4/16/2012 Lindley Food Service Company - TrustHouse Services Group, Inc. - - - -

4/13/2012 Cal-Tex Citrus Juice, LP - Country Pure Foods, Inc. - - - -

4/12/2012 Waurika Farms - Not Disclosed $11.0 - - -

4/11/2012 Dippin' Dots, Inc. - Not Disclosed $12.7 - - -

4/10/2012 Qualy Pak Specialty Foods, Inc. - CounterPoint Capital Partners, LLC - - - - P

4/10/2012 Fearman's Pork Inc. Sun Capital Partners, Inc. Sofina Foods Inc. - - - - P

11 of 13

Food & Beverage

Industry Update

12/12/2012

Median LTM Trading Multiples PEG Investments and Exits Median LTM

Trading

Multiples and

Announced

Private Equity

Activity1

Earnings Call

Calendar1

16

28

36

27

46

21

14

32

25

22

7

13

15

2726

27

17

34

18

32

0

5

10

15

20

25

30

35

40

45

50

2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD 2012

Nu

mb

er o

f In

vest

men

ts'

Number of Investments Number of Exits

12 of 13

10.9x10.8x

10.5x10.6x

10.8x10.6x

10.6x

10.9x 10.9x

10.1x

10.4x 10.3x

10.6x

8.8x

9.0x9.2x

9.4x 9.4x 9.4x

9.1x

9.2x 9.3x 9.3x9.4x

8.9x8.8x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

Med

ian

Tra

din

g M

ult

iple

Processing and Ingredients Retail and Restaurants

December 2012

Date Company Description

12/12/2012 Costco Wholesale Corporation (NasdaqGS:COST) Earnings Call

12/18/2012 Sanderson Farms, Inc. (NasdaqGS:SAFM) Earnings Call

12/19/2012 General Mills, Inc. (NYSE:GIS) Earnings Call

12/20/2012 ConAgra Foods, Inc. (NYSE:CAG) Earnings Release Date

12/20/2012 Rite Aid Corporation (NYSE:RAD) Earnings Release Date

12/21/2012 Walgreen Co. (NYSE:WAG) Earnings Call

January 2013

Date Company Description

1/2/2013 The Mosaic Company (NYSE:MOS) Earnings Release Date

1/18/2013 Monsanto Company (NYSE:MON) Earnings Release Date

1/22/2013 Brinker International, Inc. (NYSE:EAT) Earnings Release Date

1/24/2013 Starbucks Corporation (NasdaqGS:SBUX) Earnings Call

1/31/2013 Diageo plc (LSE:DGE) Earnings Release Date

1/31/2013 Harris Teeter Supermarkets, Inc. (NYSE:HTSI) Earnings Release Date

February 2013

Date Company Description

2/1/2013 Tyson Foods Inc. (NYSE:TSN) Earnings Call

2/13/2013 Heineken NV (ENXTAM:HEIA) Earnings Call

2/14/2013 Molson Coors Brewing Company (NYSE:TAP) Earnings Call

2/15/2013 Campbell Soup Co. (NYSE:CPB) Earnings Call

2/21/2013 Safeway Inc. (NYSE:SWY) Earnings Call

2/28/2013 British American Tobacco plc (LSE:BATS) Earnings Release Date

Food & Beverage

Industry Update

12/12/2012

Sources:

1. Capital IQ

2. Thomson Financial

3. S&P

4. Reuters

5. IMF

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