food & beverage industry update 07/05/2012

www.harriswilliams.com

Member FINRA/SIPC

Food & Beverage Industry Update 07/05/2012

Boston Phone: +1 (617) 482-7501

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Cleveland Phone: +1 (216) 689-2400 Fax: +1 (216) 689-2401

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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 Buyer

6/27/2012 H.C. Schau & Son Inc. Greencore Group plc

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

6/22/2012 J. Alexander's Corp. American Blue Ribbon Holdings

6/20/2012 Pacific Pure-Aid Company 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 Apple American Group

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

Food & Beverage Industry Update

07/05/2012

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

Food and BeverageBranded Processed Foods 0.6% 2.0% (0.7%) (8.4%) 15.0x 19.1x 10.5x 1.8xPrivate Label Foods 2.4% 7.5% 0.4% 5.5% 20.8x 29.3x 11.2x 2.4xNatural / Organic Foods 15.4% 50.2% (8.5%) (28.2%) 27.0x 38.3x 17.5x 2.4xBaked Goods / Snack Foods 6.4% 5.4% 2.9% 5.1% 18.7x 19.0x 8.8x 2.3xDairy (2.3%) (0.7%) 1.0% 4.8% 15.8x 16.6x 10.2x 1.4xNon-Alcholic Beverages (0.6%) 1.2% 2.1% 7.2% 16.0x 17.0x 10.3x 1.8xAlcoholic Beverages 2.5% 9.0% 6.1% 10.4% 16.0x 18.8x 11.4x 2.8xInputsProtein Processing (2.1%) (3.6%) 2.5% 29.1% 9.9x 10.7x 5.9x 1.3xFruit and Vegetable (5.7%) (12.0%) (1.4%) 8.7% 12.5x 14.3x 7.8x 4.7xIngredients / Flavors (3.1%) (4.7%) (1.4%) 12.1% 13.5x 17.0x 10.3x 1.6xAgribusiness (3.2%) (0.6%) 3.1% (15.3%) 11.9x 12.1x 7.3x 1.7xConsumerFood Retail (4.0%) (5.9%) (5.2%) (5.3%) 9.5x 14.4x 5.5x 2.4xFoodservice / Distribution 8.0% 12.1% (3.2%) 1.3% 14.1x 17.2x 7.8x 1.1xFast Food (6.6%) 10.8% (2.5%) (2.8%) 17.2x 18.1x 9.5x 2.7xCasual Dining (0.1%) 15.0% (3.6%) 4.3% 16.4x 18.5x 8.2x 1.0xOverall Median* 0.1% 0.9% 0.4% 3.8% 15.1x 17.5x 9.4x 2.1x*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 or *[email protected].

Aggregate Number Transaction MultiplesValue ($bn) of Deals EV / Revenue EV / EBITDA

$331.3 204 1.00x 9.3x

57

46 47 47 48 47

35

25

36

22

34 36

46 47

25

33

49

35

43

53 54

11

158 7 3 6

5

5

2

3

4

7

57

13

6

7

7

5

46

0

10

20

30

40

50

60

70

80

Q20

7

Q30

7

Q40

7

Q10

8

Q20

8

Q30

8

Q40

8

Q10

9

Q20

9

Q30

9

Q40

9

Q11

0

Q21

0

Q31

0

Q41

0

Q11

1

Q21

1

Q31

1

Q41

1

Q11

2

Q21

2

Num

ber

of T

rans

actio

ns__

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

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mailto:*[email protected]

Anheuser-Busch has agreed to buy the remaining shares of Grupo Modelo for $20.1 billion. The New York Times reported, “The deal will solidify Anheuser-Busch InBev’s position as the world’s biggest brewer.” Link

In a related move, Constellation Brands, Inc., which currently owns 50% of Crown Imports LLC, has signed a definitive agreement with Anheuser-Busch InBev to purchase the remaining 50% interest in Crown Imports from Grupo Modelo. Link

The Wall Street Journal reported that Burger King was relisted on the NYSE Wednesday, June 20, 2012 after a 20 month absence. Link

Starbucks has agreed to purchase San Francisco-based Bay Bread for $100 million in cash to bolster its food offerings. Link

According to a recent survey by KPMG LLP, 68% of Food & Beverage industry executives indicated they have significant cash on their balance sheets to be used for capital spending, mergers & acquisitions, and new technologies. Link

Industry

Recent Equity Offerings2 Close Date Filing Date Issuer Ticker

Transaction Type

Gross Proceeds ($mm) Use of Funds

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

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

03/27/12 12/1/2011 Annie's Inc BNNY IPO $95.0 Working CapitalGeneral Corp. Purp.

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

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

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

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

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

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

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

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

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

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

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07/05/2012

http://dealbook.nytimes.com/2012/06/29/the-beer-wars-heat-up-with-modelo-deal/

http://professional.wsj.com/article/TPHUGNEN0020120629e86t000bb.html

http://professional.wsj.com/article/SB10001424052702304898704577478421173743002.html?mg=reno64-wsjhttp://professional.wsj.com/article/SB10001424052702304898704577478421173743002.html?mg=reno64-wsj

http://dealbook.nytimes.com/2012/06/04/starbucks-makes-100-million-bet-on-baked-goods/

http://www.marketwatch.com/story/food-beverage-companies-will-invest-pent-up-cash-with-focus-on-new-products-ma-and-technology-to-fuel-growth-kpmg-survey-2012-06-12

Quarterly Loan Volume Average Spread on Food and Beverage Loans

Credit Statistics Average Secondary Spreads

$0

$2

$4

$6

$8

$10

$12

1Q06 3Q06 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12

Loa

n V

olum

e by

Qua

rter

($ in

bill

ions

)

Pro Rata Institutional

L + 0

L + 100

L + 200

L + 300

L + 400

L + 500

2006 2007 2008 2009 2010 2011 2012

Ave

rage

Spr

ead

Ove

r L

IBO

R

Revolving Credit / Term Loan A Weighted-Average Institutional

0.0x

2.0x

4.0x

6.0x

Debt/EBITDA Senior Debt/EBITDA

EBITDA/Cash Interest

EBITDA -Capex/Cash

Interest

EB

ITD

A M

ultip

le

2006 2007 2008 2009 2010 2011 1Q 2012

Food and Beverage Loan

Activity3

Recent Debt Offerings4

L + 0

L + 200

L + 400

L + 600

L + 800

L + 1000A

vera

ge S

prea

d O

ver

LIB

OR

Borrower Name Description Tranche Amount Type Rating Spread

07/01/12 Smart Balance Food preparations $40,000,000 Revolver/Line >= 1 Yr. NR / B1 N/A07/01/12 Smart Balance Food preparations $240,000,000 Term Loan B NR / B1 N/A06/29/12 Specialty Commodities Grain and field beans $80,000,000 Revolver/Line >= 1 Yr. NR 20006/22/12 Acosta Inc Groceries and related products $300,000,000 Term Loan B B+ / B2 42506/20/12 World's Finest Chocolates Chocolate and cocoa products $58,000,000 Revolver/Line >= 1 Yr. NR/NR 30006/18/12 Ferrara Candy Co Candy & confectionery $425,000,000 Term Loan B NR/NR 62506/18/12 Ferrara Candy Co Candy & confectionery $125,000,000 Revolver/Line >= 1 Yr. NR/NR 17506/15/12 Allens Inc Canned fruits and vegetables $130,000,000 Revolver/Line >= 1 Yr. NR/NR 17506/15/12 Allens Inc Canned fruits and vegetables $35,000,000 Term Loan A NR/NR 22506/08/12 Hearthside Food Solutions Miscellaneous food stores $30,000,000 Delay Draw Term Loan NR/NR 52506/08/12 Hearthside Food Solutions Miscellaneous food stores $30,000,000 Revolver/Line >= 1 Yr. NR/NR 52506/08/12 Hearthside Food Solutions Miscellaneous food stores $340,000,000 Term Loan B NR/NR 52506/08/12 Spartan Stores Inc Groceries and related products $200,000,000 Revolver/Line >= 1 Yr. NR/NR 17506/07/12 Grassland Dairy Products Dairy farms $110,000,000 Revolver/Line >= 1 Yr. NR/NR N/A06/07/12 Grassland Dairy Products Dairy farms $8,500,000 Term Loan NR/NR N/A05/21/12 Sara Lee Corp Sausages and other prepared meats $750,000,000 Revolver/Line >= 1 Yr. BBB/WR 125

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Price at As a % of Market Cash & Enterprise P/E($ in millions, except per share data) Ticker 6/29/12 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA

Food and BeverageBranded Processed FoodsCampbell Soup Co. CPB $33.38 95.3% $10,548 $2,849 $390 $13,007 $7,701 $1,519 0.9% (0.3%) 39.1% 19.7% 14.4x 1.69x 8.6x 1.67x 8.7xConAgra Foods, Inc. CAG 25.93 94.8% 10,770 2,937 103 13,604 13,263 1,267 7.8% 2.4% 21.5% 9.6% 23.2x 1.03x 10.7x 0.98x 7.7xGeneral Mills, Inc. GIS 38.54 93.9% 24,947 7,430 471 31,906 16,658 3,205 11.9% 4.6% 36.3% 19.2% 16.4x 1.92x 10.0x 1.81x 9.1xThe Hershey Company HSY 72.03 100.0% 16,110 1,993 567 17,536 6,249 1,363 7.2% 6.3% 42.8% 21.8% 24.8x 2.81x 12.9x 2.63x 12.1xH. J. Heinz Company HNZ 54.38 98.0% 17,420 5,029 1,356 21,094 11,649 2,018 8.8% 5.2% 35.5% 17.3% 19.1x 1.81x 10.5x 1.78x 10.0xHormel Foods Corp. HRL 30.42 99.7% 8,011 250 602 7,660 8,067 814 5.1% 5.7% 16.2% 10.1% 17.5x 0.95x 9.4x 0.90x 8.7xKellogg Company K 49.33 87.5% 17,634 5,847 404 23,077 13,153 2,338 4.7% 1.1% 41.1% 17.8% 14.6x 1.75x 9.9x 1.61x 9.8xKraft Foods Inc. KFT 38.62 96.6% 68,473 28,679 1,956 95,196 54,885 8,763 8.8% 10.3% 34.7% 16.0% 19.3x 1.73x 10.9x 1.69x 10.0xMcCormick & Company, Incorporated MKC 60.65 100.0% 8,039 1,272 61 9,250 3,922 666 14.0% 7.4% 40.5% 17.0% 21.5x 2.36x 13.9x 2.23x 12.7xNestlé S.A. NESN 59.67 98.3% 184,783 24,182 9,328 199,637 89,622 16,724 1.5% (6.2%) 47.3% 18.7% 19.1x 2.23x 11.9x NA NASan Leon Energy Plc SLE 0.13 27.6% 159 10 35 135 1 22 70.1% NA 45.5% 1642.5% 6.0x 99.76x 6.1x NA NAThe Hain Celestial Group, Inc. HAIN 55.04 95.9% 2,462 431 41 2,851 1,333 162 25.6% 5.3% 27.7% 12.2% 36.7x 2.14x 17.6x 1.81x 14.8xThe J. M. Smucker Company SJM 75.52 92.1% 8,340 2,071 230 10,181 5,526 1,122 14.5% 13.7% 34.2% 20.3% 18.6x 1.84x 9.1x 1.73x 8.5x

Mean 13.9% 4.6% 35.6% 141.7% 19.3x 9.39x 10.9x 1.71x 10.2xMedian 8.8% 5.2% 36.3% 17.8% 19.1x 1.84x 10.5x 1.73x 9.8x

Private Label FoodsFlowers Foods, Inc. FLO $23.23 98.0% $3,157 $122 $9 $3,270 $2,754 $295 6.7% 2.7% 48.0% 10.7% 26.5x 1.19x 11.1x 1.04x 9.2xGrupo Bimbo, S.A.B. de C.V. BIMBO A 2.44 98.8% 11,466 3,342 298 14,510 11,332 1,129 14.1% 20.6% 50.9% 10.0% 32.2x 1.28x 12.9x 1.18x 11.1xSnyder's-Lance, Inc. LNCE 25.23 93.1% 1,718 253 22 1,949 1,639 148 43.0% 23.5% 34.0% 9.0% 41.3x 1.19x 13.2x 1.19x 11.1xRalcorp Holdings Inc. RAH 66.74 74.3% 3,685 1,981 355 5,311 5,101 782 14.9% 14.0% 25.1% 15.3% NM 1.04x 6.8x 1.20x 8.2xSeneca Foods Corp. SENE.B 27.00 92.3% 0 234 9 225 1,262 48 5.6% (0.5%) 7.4% 3.8% NA 0.18x 4.7x 0.16x 3.1xTreehouse Foods, Inc. THS 62.29 92.6% 2,239 933 67 3,105 2,080 277 8.7% 11.6% 22.5% 13.3% 23.8x 1.49x 11.2x 1.37x 9.6x


Natural / Organic FoodsAnnie's, Inc. BNNY $41.86 93.0% $714 $13 $1 $726 $141 $20 NA NA 39.2% 14.2% NM 5.14x 36.2x NA NAMonster Beverage Corporation MNST 71.20 84.8% 12,546 0 811 11,735 1,801 510 26.7% 19.1% 52.7% 28.3% 43.1x 6.51x 23.0x 5.28x 17.9xSunOpta Inc. TSX:SOY 5.61 83.5% 369 196 4 562 1,096 55 16.3% 2.6% 12.2% 5.1% 38.3x 0.51x 10.1x 0.48x 7.2xThe Hain Celestial Group, Inc. HAIN 55.04 95.9% 2,462 431 41 2,851 1,333 162 25.6% 5.3% 27.7% 12.2% 36.7x 2.14x 17.6x 1.81x 14.8xUnited Natural Foods, Inc. UNFI 54.86 99.7% 2,682 210 14 2,878 5,051 190 15.9% 12.9% 17.8% 3.8% 32.2x 0.57x 15.1x 0.51x 12.8xWhole Foods Market, Inc. WFM 95.32 98.0% 17,497 19 1,057 16,459 10,815 945 12.5% 10.8% 35.2% 8.7% 43.2x 1.52x 17.4x 1.31x 14.5x


Baked Goods / Snack FoodsARYZTA AG YZA $49.43 100.0% $3,845 $2,177 $678 $5,344 $5,094 $644 5.9% 8.6% 28.9% 12.6% NA 1.05x 8.3x NA NAAssociated British Foods plc ABF 20.11 99.4% 15,842 3,014 539 18,317 18,417 2,019 7.2% 13.3% 23.7% 11.0% 18.4x 0.99x 9.1x NA NADiamond Foods, Inc. DMND 17.84 18.6% 395 532 3 923 966 139 42.0% 22.0% 26.0% 14.4% 8.0x 0.96x 6.6x 0.89x 6.6xFlowers Foods, Inc. FLO 23.23 98.0% 3,157 122 9 3,270 2,754 295 6.7% 2.7% 48.0% 10.7% 26.5x 1.19x 11.1x 1.04x 9.2xGeorge Weston Limited WN 56.71 80.6% 7,269 8,147 3,357 12,058 32,474 2,245 (0.2%) 7.6% 24.5% 6.9% 12.2x 0.37x 5.4x 0.37x 5.0xGolden Enterprises Inc. GLDC 3.45 88.5% 40 8 1 47 135 8 3.8% 4.3% 47.2% 5.9% 14.9x 0.35x 5.9x NA NAGrupo Bimbo, S.A.B. de C.V. BIMBO A 2.44 98.8% 11,466 3,342 298 14,510 11,332 1,129 14.1% 20.6% 50.9% 10.0% 32.2x 1.28x 12.9x 1.18x 11.1xJ&J Snack Foods Corp. JJSF 59.10 99.4% 1,115 1 94 1,021 788 107 11.2% 6.9% 29.8% 13.6% 20.2x 1.30x 9.6x 1.22x 8.2xJohn B Sanfilippo & Son Inc. JBSS 17.85 99.1% 191 124 3 313 700 50 7.8% 8.3% 15.2% 7.2% 12.5x 0.45x 6.2x NA NALancaster Colony Corporation LANC 71.21 98.3% 1,943 0 168 1,775 1,113 154 2.9% 2.5% 20.9% 13.9% 19.6x 1.59x 11.5x 1.54x 10.4xPenford Corporation PENX 8.97 90.2% 102 78 1 180 346 21 27.4% 24.2% 11.3% 6.1% NM 0.52x 8.5x 0.48x 5.4xRalcorp Holdings Inc. RAH 66.74 74.3% 3,685 1,981 355 5,311 5,101 782 14.9% 14.0% 25.1% 15.3% NM 1.04x 6.8x 1.20x 8.2xInventure Foods, Inc. SNAK 6.30 93.5% 116 25 1 140 173 10 24.0% 14.0% 18.3% 6.0% 39.0x 0.81x 13.5x 0.74x 8.3x


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


07/05/2012 Trading Statistics Detail1

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Trading Statistics Detail (continued)1

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07/05/2012


DairyDean Foods Company DF $17.03 99.7% $3,142 $3,911 $130 $6,923 $13,220 $774 8.3% 3.1% 23.1% 5.9% NM 0.52x 8.9x 0.53x 7.9xFromageries Bel FBEL 228.81 93.6% 1,566 436 185 1,817 3,283 346 1.3% 2.0% 28.4% 10.5% 12.9x 0.55x 5.3x NA NAGlanbia plc GL9 7.40 95.8% 2,175 929 303 2,801 3,470 276 19.4% 3.7% 16.4% 7.9% 15.4x 0.81x 10.2x NA NADanone BN 62.13 89.2% 37,378 11,732 2,781 46,329 25,096 4,418 10.0% 5.7% 50.6% 17.6% 17.7x 1.85x 10.5x NA NALifeway Foods Inc. LWAY 10.37 87.1% 170 6 3 173 72 7 18.3% 15.3% 32.3% 9.3% NM 2.40x 25.7x 1.93x 15.9xSaputo, Inc. TSX:SAP 41.50 100.0% 8,265 548 144 8,668 6,944 838 12.4% 14.6% 12.1% 12.1% 22.8x 1.25x 10.3x 1.26x 10.1x


Non-Alcholic BeveragesAG Barr plc LSE:BAG $6.26 90.3% $718 $24 $13 $729 $372 $65 5.6% 14.9% 50.6% 17.5% 16.4x 1.96x 11.2x NA NACott Corporation BCB 8.16 98.2% 777 605 32 1,350 2,324 200 17.7% 12.7% 11.6% 8.6% 21.4x 0.58x 6.7x 0.58x 6.2xDr Pepper Snapple Group, Inc. DPS 43.75 99.7% 9,268 2,699 203 11,764 5,934 1,245 3.8% 1.5% 57.5% 21.0% 16.0x 1.98x 9.4x 1.93x 8.6xGreen Mountain Coffee Roasters Inc. GMCR 21.78 18.8% 3,384 450 146 3,688 3,472 665 81.7% 75.4% 33.6% 19.2% 10.5x 1.06x 5.5x 0.85x 4.3xMonster Beverage Corporation MNST 71.20 84.8% 12,546 0 811 11,735 1,801 510 26.7% 19.1% 52.7% 28.3% 43.1x 6.51x 23.0x 5.28x 17.9xLassonde Industries Inc. LAS.A 67.65 87.9% 473 337 2 808 862 98 53.0% 28.3% 26.6% 11.3% 14.1x 0.94x 8.3x 0.80x 6.7xNational Beverage Corp. FIZZ 14.94 84.1% 691 0 20 671 616 77 3.0% 2.3% 34.9% 12.5% 15.9x 1.09x 8.7x 1.06x 8.1xPepsico, Inc. PEP 70.66 99.9% 110,510 27,710 3,813 134,407 66,995 13,086 10.9% 15.8% 52.2% 19.5% 17.5x 2.01x 10.3x 2.00x 10.6xPeet's Coffee & Tea, Inc. PEET 60.04 77.4% 796 0 51 745 378 46 10.9% 9.3% 18.5% 12.1% NM 1.97x 16.3x 1.80x 13.2xStarbucks Corporation SBUX 53.32 86.0% 40,443 550 2,234 38,759 12,596 2,184 12.6% 7.9% 56.4% 17.3% 30.8x 3.08x 17.8x 2.71x 13.5xThe Coca-Cola Company KO 78.19 100.0% 176,393 31,117 15,779 191,731 47,162 12,965 23.7% 14.1% 60.5% 27.5% 20.8x 4.07x 14.8x 3.93x 13.9x


Alcoholic BeveragesAnheuser-Busch InBev SA/NV ENXTBR:ABI $77.71 99.6% $124,194 $40,165 $5,423 $158,936 $39,375 $15,339 6.5% 12.8% 57.9% 39.0% 20.1x 4.04x 10.4x 3.89x 9.8xAsahi Group Holdings, Ltd. TSE:2502 21.38 91.9% 9,959 5,581 476 15,064 18,685 2,116 42.0% 15.3% 38.0% 11.3% 15.1x 0.81x 7.1x NA NABrown-Forman Corporation BF.B 96.85 98.9% 13,664 510 338 13,836 2,723 839 5.3% 3.2% 65.9% 30.8% 27.2x 5.08x 16.5x 3.63x 15.2xConstellation Brands Inc. STZ 27.06 98.6% 4,789 3,421 69 8,140 2,654 651 (16.5%) (8.9%) 40.1% 24.5% 12.4x 3.07x 12.5x 2.94x 8.4xCorby Distilleries Ltd. CDL.A 16.32 90.3% 459 0 107 352 154 44 (7.4%) 4.9% 56.9% 28.3% 10.2x 2.29x 8.1x 2.46x 7.7xDiageo plc DGE 25.75 99.2% 64,532 14,949 1,745 77,737 16,146 4,765 4.5% 0.1% 60.2% 29.5% 24.8x 4.81x 16.3x 4.47x 13.5xKirin Holdings Company, Limited TSE:2503 11.71 81.1% 11,262 13,923 1,023 24,163 26,024 3,500 (3.0%) (4.1%) 41.5% 13.4% NM 0.93x 6.9x NA NAPernod-Ricard SA RI 106.81 99.7% 28,090 13,413 1,163 40,341 10,361 2,910 2.0% 1.5% 61.1% 28.1% 18.9x 3.89x 13.9x NA NASABMiller plc LSE:SAB 40.08 95.0% 63,603 19,226 746 82,083 16,713 6,586 12.5% 1.2% 32.3% 39.4% 15.5x 4.91x 12.5x NA NASapporo Holdings Ltd. TSE:2501 3.20 75.7% 1,254 2,907 122 4,039 5,987 573 28.8% 5.8% 37.3% 9.6% 18.8x 0.67x 7.0x NA NA


InputsProtein ProcessingCal-Maine Foods, Inc. CALM $39.10 92.2% $934 $79 $226 $787 $1,080 $126 17.2% 4.3% 19.2% 11.7% 15.7x 0.73x 6.2x 0.70x 6.2xJBS S.A. BOVESPA:JBSS3 2.97 70.9% 8,815 10,250 2,825 16,240 34,629 1,586 (1.6%) 33.2% 10.6% 4.6% NM 0.47x 10.2x NA NASanderson Farms, Inc. SAFM 45.82 82.0% 1,052 189 8 1,234 2,184 (25) 13.4% 7.8% NM NM NM 0.57x NM 0.52x 5.5xSeaboard Corp. SEB 2,132.98 78.9% 2,572 212 413 2,372 5,750 405 19.0% 11.1% 9.6% 7.0% 8.3x 0.41x 5.9x 0.41x NASmithfield Foods, Inc. SFD 21.63 86.1% 3,348 1,964 324 4,988 13,094 1,015 7.3% 1.6% 12.0% 7.8% 9.8x 0.38x 4.9x 0.37x 5.2xTyson Foods Inc. TSN 18.83 89.4% 6,883 2,220 723 8,380 33,248 1,559 9.0% 7.3% 5.9% 4.7% 11.6x 0.25x 5.4x 0.24x 4.3x


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

Member FINRA/SIPC

7 of 13


07/05/2012 Trading Statistics Detail (continued)1


Fruit and VegetableCalavo Growers Inc. CVGW $25.58 84.6% $378 $55 $5 $428 $569 $28 31.7% 17.8% 9.1% 4.9% 32.8x 0.75x 15.2x 0.72x 10.0xChiquita Brands International Inc. CQB 5.00 37.4% 230 571 41 759 3,108 111 (4.2%) (4.0%) 13.2% 3.6% 10.6x 0.24x 6.9x 0.25x 7.6xDole Food Company Inc. DOLE 8.78 60.2% 771 1,693 106 2,358 7,164 321 2.7% (1.5%) 10.5% 4.5% 14.3x 0.33x 7.3x 0.33x 6.3xFresh Del Monte Produce Inc. FDP 23.47 84.6% 1,357 171 28 1,500 3,514 192 (2.0%) (0.0%) 8.8% 5.5% 13.8x 0.43x 7.8x 0.43x 7.0xSeneca Foods Corp. SENE.A 26.90 90.3% 315 234 9 540 1,262 48 5.6% (0.5%) 7.4% 3.8% 29.2x 0.43x 11.3x 0.39x 7.4x

Mean 6.8% 2.4% 9.8% 4.4% 20.2x 0.44x 9.7x 0.42x 7.7xMedian 2.7% (0.5%) 9.1% 4.5% 14.3x 0.43x 7.8x 0.39x 7.4x

Ingredients / FlavorsGivaudan AG SWX:GIVN $980.77 99.0% $8,914 $2,138 $698 $10,355 $4,189 $791 (7.7%) 2.9% 42.6% 18.9% 33.7x 2.47x 13.1x NA NAKerry Group plc ISE:KRZ 43.86 97.0% 7,703 2,091 309 9,485 6,888 775 3.6% 1.0% 42.3% 11.3% 16.8x 1.38x 12.2x NA NAInternational Flavors & Fragrances Inc. IFF 54.80 84.0% 4,442 871 77 5,236 2,784 540 3.8% 5.8% 39.2% 19.4% 17.0x 1.88x 9.7x 1.81x 9.0xSymrise AG XTRA:SY1 30.41 96.4% 3,594 781 144 4,231 2,132 411 (5.9%) 6.5% 41.0% 19.3% 19.2x 1.98x 10.3x NA NASensient Technologies Corporation SXT 36.73 89.4% 1,834 359 13 2,179 1,447 240 6.1% 5.6% 31.6% 16.6% 14.9x 1.51x 9.1x 1.43x 8.4x

Mean (0.0%) 4.4% 39.3% 17.1% 20.3x 1.84x 10.9x 1.62x 8.7xMedian 3.6% 5.6% 41.0% 18.9% 17.0x 1.88x 10.3x 1.62x 8.7x

AgribusinessAgrium Inc. NYSE:AGU $88.47 94.6% $0 $2,418 $1,752 $666 $16,145 $2,570 36.3% 14.8% 27.3% 15.9% NA 0.04x 0.3x 0.04x 0.3xArcher Daniels Midland Company ADM 29.52 86.9% 19,440 10,330 1,246 28,524 89,233 3,140 21.4% 6.2% 4.4% 3.5% 14.8x 0.32x 9.1x 0.32x 7.0xThe Andersons, Inc. ANDE 42.66 82.8% 785 616 52 1,349 4,712 168 28.3% 10.7% 7.6% 3.6% 8.3x 0.29x 8.0x 0.28x 7.0xBunge Limited BG 62.74 85.4% 9,155 5,244 1,378 13,021 59,995 1,524 26.2% 6.8% 4.4% 2.5% 12.1x 0.22x 8.5x 0.20x 6.9xCF Industries Holdings, Inc. CF 193.74 95.3% 12,717 1,618 1,713 12,621 6,452 3,348 39.1% 17.9% 47.8% 51.9% 8.2x 1.96x 3.8x 2.08x 4.0xDarling International Inc. DAR 16.49 88.1% 1,939 250 28 2,162 1,744 359 74.1% 33.2% 28.8% 20.6% 12.8x 1.24x 6.0x 1.26x 6.0xMonsanto Co. MON 82.78 98.6% 44,118 2,172 1,927 44,363 13,653 3,950 19.0% 4.7% 52.3% 28.9% 20.7x 3.25x 11.2x 3.09x 10.9xThe Mosaic Company MOS 54.76 73.7% 23,298 1,093 3,202 21,190 11,148 3,213 24.7% (2.9%) 29.0% 28.8% 11.7x 1.90x 6.6x 1.99x 6.3xOmega Protein Corp. OME 7.36 51.4% 144 30 47 128 219 40 13.9% 8.4% 21.9% 18.2% 4.9x 0.58x 3.2x 0.64x 3.7xViterra, Inc. TSX:VT 15.83 99.4% 5,886 1,411 202 7,095 14,170 726 44.2% 34.5% 11.3% 5.1% 20.7x 0.50x 9.8x 0.60x 11.1x


ConsumerFood RetailArden Group Inc. ARDN.A $87.21 89.5% $268 $1 $69 $200 $433 $30 3.8% (2.7%) 43.0% 7.0% 18.8x 0.46x 6.6x NA NACostco Wholesale Corporation COST 95.00 99.9% 41,073 1,373 5,976 36,470 95,097 3,460 12.1% 9.6% 12.4% 3.6% 26.5x 0.38x 10.5x 0.35x 9.3xEtablissements Delhaize Freres DELB 36.61 55.0% 3,687 4,142 711 7,118 28,732 2,009 (3.2%) 3.3% 25.2% 7.0% 8.6x 0.25x 3.5x 0.25x 4.1xIngles Markets Inc. IMKT.A 16.03 86.6% 389 833 4 1,218 3,617 204 4.7% 3.4% 22.1% 5.6% 9.6x 0.34x 6.0x 0.33x 5.6xJ. Sainsbury plc LSE:SBRY 4.73 89.7% 8,888 4,520 1,272 12,135 35,284 2,200 3.1% 8.8% 5.4% 6.2% 9.6x 0.34x 5.5x NA NAKoninklijke Ahold N.V. ENXTAM:AH 12.39 88.3% 12,859 4,293 3,068 14,084 40,616 2,771 (6.5%) 5.2% 26.1% 6.8% 10.7x 0.35x 5.1x NA NAThe Kroger Co. KR 23.19 89.7% 12,631 8,143 511 20,263 91,978 3,911 8.5% 6.7% 21.2% 4.3% NA 0.22x 5.2x 0.21x 4.8xPantry Inc. PTRY 14.70 76.2% 343 1,112 113 1,342 7,597 232 14.0% (3.2%) 11.2% 3.1% 34.1x 0.18x 5.8x 0.16x 5.7xSafeway Inc. SWY 18.15 74.8% 4,363 6,678 181 10,860 43,861 2,299 5.7% 0.4% 28.0% 5.2% 10.2x 0.25x 4.7x 0.24x 4.9xSUPERVALU Inc. SVU 5.18 53.3% 1,107 6,256 157 7,206 36,100 1,827 (3.8%) (6.8%) 22.7% 5.1% NM 0.20x 3.9x 0.20x 4.0xVillage Super Market Inc. VLGE.A 32.58 96.1% 446 44 91 399 1,397 75 7.8% 5.3% 27.3% 5.4% 14.4x 0.29x 5.3x 0.27x NAWeis Markets, Inc. WMK 44.52 97.0% 1,197 0 129 1,069 2,755 174 5.3% 4.2% 26.9% 6.3% 15.6x 0.39x 6.1x 0.37x NAWhole Foods Market, Inc. WFM 95.32 98.0% 17,497 19 1,057 16,459 10,815 945 12.5% 10.8% 35.2% 8.7% 43.2x 1.52x 17.4x 1.31x 14.5x


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

Member FINRA/SIPC

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07/05/2012 Trading Statistics Detail (continued)1


Foodservice / DistributionCore-Mark Holding Company, Inc. CORE $48.14 99.9% $549 $9 $17 $541 $6,494 $76 16.1% 12.1% 7.0% 1.2% 19.2x 0.08x 7.1x 0.06x 5.2xNash Finch Co. NAFC 21.48 55.4% 263 316 1 578 4,766 120 (3.0%) (0.0%) 7.8% 2.5% 8.3x 0.12x 4.8x 0.12x 4.7xSysco Corp. SYY 29.81 93.9% 17,462 2,872 354 19,979 41,761 2,345 6.4% 3.7% 18.1% 5.6% 15.3x 0.48x 8.5x 0.46x 8.3xUnited Natural Foods, Inc. UNFI 54.86 99.7% 2,682 210 14 2,878 5,051 190 15.9% 12.9% 17.8% 3.8% 32.2x 0.57x 15.1x 0.51x 12.8x


Fast FoodDomino's Pizza, Inc. DPZ $30.91 73.2% $1,790 $1,579 $215 $3,154 $1,648 $300 4.3% 5.4% 28.7% 18.2% 18.9x 1.91x 10.5x 1.88x 10.4xJack in the Box Inc. JACK 27.88 99.7% 1,233 483 11 1,704 2,183 194 (3.3%) (4.8%) 15.0% 8.9% 17.2x 0.78x 8.8x 0.78x 7.7xMcDonald's Corp. MCD 88.53 86.6% 89,968 12,780 2,310 100,438 27,441 9,882 11.7% 6.1% 39.6% 36.0% 16.5x 3.66x 10.2x 3.57x 9.8xSonic Corp. SONC 10.02 88.4% 607 499 42 1,065 544 129 (1.1%) (10.6%) 52.0% 23.7% 18.1x 1.96x 8.3x 1.97x 7.9xThe Wendy's Company WEN 4.72 84.0% 1,842 1,352 418 2,776 2,442 316 2.9% 0.8% 25.0% 13.0% NM 1.14x 8.8x 1.10x 8.4xYum! Brands, Inc. YUM 64.42 86.5% 29,669 3,325 1,104 31,890 12,944 2,725 13.3% 5.2% 26.7% 21.1% 20.4x 2.46x 11.7x 2.27x 10.7x


Casual DiningBiglari Holdings Inc. BH $386.39 89.5% $554 $240 $255 $540 $729 $82 4.9% 6.5% 24.2% 11.3% 15.8x 0.74x 6.6x NA NABob Evans Farms Inc. BOBE 40.20 97.9% 1,129 136 36 1,229 1,654 196 (1.3%) (1.9%) 36.8% 11.8% 16.4x 0.74x 6.3x 0.73x 5.8xBrinker International Inc. EAT 31.87 96.7% 2,402 582 73 2,912 2,810 356 0.8% (8.0%) 17.7% 12.7% 18.0x 1.04x 8.2x 1.01x 7.9xBuffalo Wild Wings Inc. BWLD 86.64 91.4% 1,608 0 71 1,537 853 134 32.7% 23.2% 26.3% 15.7% 29.8x 1.80x 11.5x 1.42x 9.1xChipotle Mexican Grill, Inc. CMG 379.95 85.9% 12,046 4 465 11,585 2,401 460 24.0% 20.2% 37.3% 19.2% NM 4.83x 25.2x 4.02x 20.0xDarden Restaurants, Inc. DRI 50.63 90.7% 6,514 2,121 71 8,564 7,999 1,089 6.6% 3.5% 22.9% 13.6% 14.1x 1.07x 7.9x 1.01x 7.3xPanera Bread Co. PNRA 139.44 84.0% 4,146 0 221 3,925 1,899 317 18.6% 13.0% 34.9% 16.7% 28.7x 2.07x 12.4x 1.82x 10.6xP.F. Chang's China Bistro, Inc. PFCB 51.47 99.6% 1,095 1 56 1,041 1,240 124 (0.8%) 1.0% 15.9% 10.0% 43.1x 0.84x 8.4x 0.81x 8.1xThe Cheesecake Factory Incorporated CAKE 31.96 93.8% 1,694 55 41 1,708 1,775 208 6.1% 3.4% 42.3% 11.7% 19.1x 0.96x 8.2x 0.92x 7.4x


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

Food and Beverage

Industry Stock Performance1

Commodity Price Indices5

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Corn Wheat Soybeans Crude Oil

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

Beverage:45.5%

Food:17.2%

S&P 500:6.0%

Corn:10.4%

Soybeans:6.5%

Crude Oil:(15.2%)

Wheat:(19.6%)

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

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Aggregate Deal Value # of deals

Enterprise Enterprise Value Private EquityAnnounced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

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 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 - - - - 6/7/2012 GT Beverage Company, Inc. MKM Capital Advisors, LLC Bazi International, Inc. - - - - 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 - - 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. - - - -5/22/2012 Kangaroo Brands, Inc., Pita Chips Business Kangaroo Brands, Inc. ConAgra Foods, Inc. - - - -5/22/2012 Lactalis American Group, Inc. Groupe Lactalis S.A. Parmalat SpA $904.0 0.92x 10.8x -5/18/2012 Ocean Nutrition Canada Limited Clearwater Fine Foods Incorporated Royal DSM N.V. $529.9 2.84x - - 5/18/2012 Sawyer Cellars, Inc. - Foley Family Wines, Inc. - - - -5/15/2012 InnovAsian Cuisine Enterprises, L.L.C. - Nichirei Foods Inc. $16.2 0.38x - -5/14/2012 US Salt LLC Inergy, L.P. Inergy Midstream LLC $192.2 - - -5/11/2012 Dianne's Fine Desserts, Inc. H. J. Heinz Company Superior Capital Partners L.L.C. - - - - 5/10/2012 Artisan Specialty Foods, Inc. - Innovative Food Holdings, Inc. $1.5 - - -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 Krispy Kreme Doughnuts, Inc. - Not Disclosed $394.1 0.97x 11.0x 14.6x5/7/2012 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 - - - 5/3/2012 Cheesecake.com - GourmetGiftBaskets.com - - - -5/2/2012 North American Tea & Coffee, Inc. - Associated Brands, LP - - - -5/1/2012 Imperial Sugar Co. Grasvenor Limited Louis Dreyfus Commodities $148.2 0.18x - -5/1/2012 P.F. Chang's China Bistro, Inc. BlackRock, Inc. Centerbridge Partners, L.P. $1,039.5 0.84x 8.4x 24.3x 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. - - - - 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 - 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. - - - - 4/16/2012 Burger King Corporation, 96 Restaurants Burger King Corporation Not Disclosed - - - -

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Recent North American Food

and Beverage M&A1

(continued)

Enterprise Enterprise Value Private EquityAnnounced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

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 - - - - 4/10/2012 Fearman's Pork Inc. Sun Capital Partners, Inc. Sofina Foods Inc. - - - - 4/9/2012 Fortified Nutrition Limited - Grand Valley Fortifiers Limited - - - -4/4/2012 Huddle House, Inc. Ares Capital Management Sentinel Capital Partners - - - - 4/4/2012 MCN Bioproducts, Inc. Foragen Technologies Mgmt. Bunge Limited - - - -3/30/2012 Kenwood Vineyards, Inc. F. Korbel & Bros. Banfi Products Corporation - - - -3/30/2012 Sparta Imports, Inc. - US Foods, Inc. - - - -3/29/2012 Smart Diet Rx, Inc. - Worldwide Food Services - - - -3/28/2012 The Great Alaskan Bean Company - Harborside Incorporated - - - -3/28/2012 Bareman Dairy Inc. - Meijer, Inc. - - - -3/23/2012 Santa Maria Foods, Inc. Wind Point Partners Sofina Foods Inc. - - - - 3/22/2012 The Krystal Company, Inc. Port Royal Holdings, Inc. Argonne Capital Group, LLC - - - - 3/22/2012 Cagle's Inc., Substantially All Assets Cagle's Inc. JCG Foods LLC $37.0 - - -3/20/2012 Naturally Fresh, Inc. - Treehouse Foods, Inc. $25.0 0.31x - -3/20/2012 Original Uncle Dougie's, LLC - Schafer Condon Carter, Inc. - - - -3/13/2012 Pezzi King Vineyards, LLC - Wilson Artisan Wineries - - - -3/12/2012 Cass-Clay Creamery, Inc. Associated Milk Producers, Inc. Kemps LLC - - - -3/9/2012 Sunrise Foods, LLC - Albertville Quality Foods, Inc. - - - -3/8/2012 Little Crow Foods, Inc. - Gilster-Mary Lee Corporation - - - -3/8/2012 Little Crow Foods, Inc., CoCo Wheats brand Little Crow Foods, Inc. MOM Brands Company - - - -3/6/2012 North Atlantic Fish Co., Inc. - Channel Fish Processing Co., Inc. - - - -3/5/2012 Genesis Ltd. - Kemin Industries, Inc. - - - -3/5/2012 Beveragette Ventures, LLC - GelStat Corp. - - - -3/1/2012 Procter & Gamble Co., NutriStar Business Procter & Gamble Co. Albion Laboratories, Inc. - - - -3/1/2012 Passport Food Group, Inc. - Wedbush Capital Partners - - - - 3/1/2012 Le Maître Saladier Inc. - Groupe St-Hubert Inc. - - - -2/29/2012 Cuizina Food Company, LLC - Joshua Green Corporation - - - - 2/29/2012 Snopac Products, Inc. - Icicle Seafoods, Inc. - - - -2/29/2012 FoodShouldTasteGood, Inc. - General Mills, Inc. - - - -2/27/2012 Miller Milling Company - Nisshin Flour Milling, Inc. $122.9 0.99x - -2/21/2012 Grote & Weigel, Inc. - Rachael's Food Corporation - - - -2/17/2012 Talbott Teas, LLC - Jamba Juice Company - - - -2/15/2012 Emporia Pet Food Products Emporia Pet Products, Inc. Cargill, Inc. - - - -2/15/2012 The Wimble Company Procter & Gamble Co. Kellogg Company $2,695.0 1.85x 11.1x 13.7x2/13/2012 The Guida-Seibert Dairy Company, Inc. - Dairy Farmers of America - - - -2/10/2012 Mona Lisa Food Products, Inc. - Barry Callebaut AG - - - -2/6/2012 Crispin Cider Co. Corp. - MillerCoors LLC - - - -2/3/2012 The Standard Companies, Inc. William B. Reily and Company, Inc. DS Waters of America, Inc. - - - -2/1/2012 5 Star Frozen Foods, Inc. - Bernatellos Pizza, Inc. - - - -2/1/2012 Zizzaz, LLC - Tracksoft Systems, Inc. $1.0 - - -1/31/2012 Silver Springs Citrus, Inc. Toyota Tsusho America, Inc. Sapporo International, Inc. $47.1 - - -1/26/2012 Smart Lunches - Not Disclosed - - - -1/20/2012 Seatrade International Company, Inc. - American Holdco, Inc. - - - -1/18/2012 Kosama Holdings, LLC - Snap Fitness, Inc. - - - -1/17/2012 Peterbrook Chocolate Co. - Hickory Foods, Inc. - - - -1/17/2012 Del Monte Canada, Inc. Penfund; Sun Capital Partners ConAgra Foods, Inc. - - - - 1/17/2012 Marnap Industries, Inc. - Flavorchem Corp. - - - -1/17/2012 V.I.S. Inc. - Nonni's Foods, LLC - - - -1/17/2012 Beverage House, Inc. The Edgewater Funds MB-Holding GmbH & Co. - - - - 1/16/2012 Good Harbor Fillet Company, LLC Creo Capital Partners, LLC American Seafoods Int'l - - - - 1/16/2012 Groundwork Coffee Company - Groundwork Coffee Co. - - - -1/11/2012 Sonoma Creamery, LLC Monterey Gourmet Foods Estate Cheese Group - - - -12/28/2011 DHL Sorting Facility - SweetWater Brewing Co. - - - -12/21/2011 Regal Confections, Inc. - Desjardins Venture Capital - - - - 12/20/2011 River Road Vineyards, LLC - The Republic of Tea, Inc. - - - -12/20/2011 Park Poultry, Inc. - Not Disclosed - - - -12/19/2011 San Rallo Pasta Company Mitsui Foods, Inc. Rosina Food Products, Inc. - - - -12/11/2011 Advanced Nutritional Solutions, LLC - Bella Petrella's Holdings, Inc. $0.1 - - -12/8/2011 Brookside Foods, Ltd. - Hershey Co. - - - -12/8/2011 Gourmet Kitchen's, Inc. - Taylor Fresh Foods, Inc. - - - -12/5/2011 Go Pure Foods Inc., Ancient Grain Bar Go Pure Foods, Inc. Biscuits Leclerc Ltd. - - - -12/5/2011 National Beef Packing Co., LLC U.S. Premium Beef Products Leucadia National Corp. $1,482.6 0.22x 4.6x 5.4x12/2/2011 Deep Rock Water Company - DS Waters of America - - - -12/1/2011 Cape Cod Chowder Company, Inc. - Blount Fine Foods - - - -11/29/2011 Kettleman Bagels & Bakery, Inc. - Einstein Noah Restaurants $5.0 - - -11/29/2011 Quaker Oats, Kretschmer Wheat Germ Brand The Quaker Oats Company Brynwood Partners - - - - 11/29/2011 Monsoon and CareOne Energy Brands Universal Brands Corporation Premier Beverage Group $0.5 - - -11/28/2011 Springfield Brewing Company Paul Mueller Co. Front Row Property $3.0 - - -11/23/2011 Bellisio Foods, Inc. Jeno Paulucci and Family Centre Partners Management - - - - 11/21/2011 Holy Brew Brewing Company - Lost Rhino Brewing Co. - - - -11/17/2011 Icelandic Group Plc, US and Asian Operations Icelandic Group Plc. High Liner Foods, Inc. $230.6 0.86x 9.3x -11/11/2011 National Pretzel Company, Inc. Brookstone Holdings, Inc. ConAgra Foods, Inc. - - - -11/10/2011 Evolution Fresh, Inc. Fireman Capital Partners Starbucks Corporation $30.0 - - -

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Median LTM Trading Multiples PEG Investments and Exits Median LTM Trading

Multiples and Announced

Private Equity Activity1

Earnings Call Calendar1

16

28

36

27

46

21

14

32

25

10

7

1315

27 26 27

17

34

19

16

0

5

10

15

20

25

30

35

40

45

50

2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD 2012

Num

ber o

f Inv

estm

ents

'

Number of Investments Number of Exits

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9.7x 9.7x

9.2x

10.1x10.2x

10.5x 10.4x 10.5x

10.8x10.6x

10.5x10.7x

9.3x9.1x

8.2x

8.7x 8.8x9.0x 9.2x

9.4x 9.4x 9.4x

9.1x9.2x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

11.0x

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

Med

ian

Trad

ing

Mul

tiple

Processing and Ingredients Retail and Restaurants

July 2012Date Company Description

7/12/2012 Associated British Foods plc (LSE:ABF) Earnings Release Date7/16/2012 The Mosaic Company (NYSE:MOS) Earnings Release Date7/18/2012 Yum! Brands, Inc. (NYSE:YUM) Earnings Release Date7/25/2012 The Cheesecake Factory Incorporated (NasdaqGS:CAKE) Earnings Call7/26/2012 Bunge Limited (NYSE:BG) Earnings Release Date7/26/2012 Starbucks Corporation (NasdaqGS:SBUX) Earnings Call7/27/2012 Grupo Bimbo, S.A.B. de C.V. (BMV:BIMBO A) Earnings Call

August 2012Date Company Description

8/2/2012 Kellogg Company (NYSE:K) Earnings Call8/6/2012 Tyson Foods Inc. (NYSE:TSN) Earnings Call8/7/2012 Molson Coors Brewing Company (NYSE:TAP) Earnings Call8/7/2012 Premier Foods plc (LSE:PFD) Earnings Release Date8/8/2012 Del Monte Pacific Ltd. (SGX:D03) Earnings Release Date8/9/2012 Nestlé S.A. (SWX:NESN) Earnings Release Date8/23/2012 Hormel Foods Corp. (NYSE:HRL) Earnings Call

September 2012 Date Company Description

9/4/2012 Campbell Soup Co. (NYSE:CPB) Earnings Release Date9/4/2012 Spirit Pub Company plc (LSE:SPRT) Earnings Release Date9/6/2012 Wm. Morrison Supermarkets plc (LSE:MRW) Earnings Release Date9/7/2012 Rosinter Restaurants Holding (MICEX:ROST) Earnings Release Date9/18/2012 Cracker Barrel Old Country Store, Inc. (NasdaqGS:CBRL) Earnings Call9/21/2012 Darden Restaurants, Inc. (NYSE:DRI) Earnings Release Date

Sources: 1. Capital IQ 2. Thomson Financial 3. S&P 4. Reuters 5. IMF Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services. Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Services Authority (FRN #540892). Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD-PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT +1 (804) 648-0072. The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent. Copyright© 2012 Harris Williams & Co., all rights reserved.

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