Food and Beverage Industry Update November 2014

Member FINRA/SIPC

www.harriswilliams.com Food and Beverage Industry Update November 2014

What We’re Seeing CONTENTS Market Update INDUSTRY VITAL SIGNS Food and beverage M&A activity continued to be strong heading into the winter months, as both strategic and financial buyers are actively seeking out and paying healthy multiples for high quality assets. EQUITY MARKET OVERVIEW HW&Co. anticipates an active marketplace for the reminder of 2014 as buyers rush to take advantage of M&A MARKET OVERVIEW the robust credit market to get transactions done prior to year end. Over the past month, the market saw DEBT MARKET OVERVIEW notable activity from both strategic and private equity investors. On the strategic side, Pinnacle Foods NOTABLE M&A ACTIVITY announced it will acquire Garden Protein International, Cott will acquire DSS Group, Grupo Cutrale will PUBLIC COMPARABLES acquire Chiquita Brands, Ingredion will acquire Penford, and CEC Entertainment acquired Peter Piper Pizza. Several of these deals represent private equity exits. On the private equity side, Snow Phipps EARNINGS CALENDAR announced it had acquired Teasdale Foods, a portfolio company of Palladium Equity. GROUP OVERVIEW Harris Williams & Co. is a leading What We’ve Been Doing advisor to the food and beverage Closed HW&Co. Transactions market. Our significant experience covers a broad range of end markets, industries, and business models. This particular report has divested a portfolio company of selected assets to focuses on trends and metrics in the a portfolio company of a portfolio company of a portfolio company of following areas: has acquired has been acquired by has been acquired by and has been acquired by • Agribusiness has been acquired by and • Baked and Prepared Goods • Beverages • Branded and Private Label • Dairy

a portfolio company of • Distribution a portfolio company of a portfolio company of a portfolio company of a portfolio company of • Ingredients

has been acquired by • Meat and Protein has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by • Natural and Organic • Processing • Produce • Restaurant and Retail What We’re Reading • Snacks Pinnacle Foods to Acquire Garden Protein International CONTACTS Pinnacle Foods announced that it will acquire Garden Protein International, a producer and manufacturer Glenn Gurtcheff | Managing Director of plant-based, meat alternative food products for approximately $155 million. Garden Protein is among [email protected] +1 (612) 359-2702 the fastest growing plant-based protein brands, demonstrative of continuing trends such as vegetarianism and health and wellness. The transaction will diversify Pinnacle’s offerings and help build on its strength Tim Alexander | Managing Director in the freezer case. [email protected] Access to the full article here. +1 (612) 359-2716 Cott Corp. to Buy Water, Coffee Firm DSS for $1.25 Billion Ryan Budlong | Director [email protected] Cott announced that it will acquire DSS Group, a manufacturer and distributor of bottled water for +1 (415) 217-3409 approximately $1.25 billion. The transaction will expand Cott’s product offerings beyond carbonated beverages and juices and reduce its dependence on large retailers by opening up new distribution Brant Cash | Vice President channels, as Wal-Mart currently represents about a quarter of Cott’s sales. DSS Group plans to keep its [email protected] +1 (612) 359-2709 headquarters and management team in Atlanta after the transaction closes. Access to the full article here. Ryan Freeman | Vice President [email protected] Snow Phipps wins PE-backed Teasdale Foods +1 (612) 359-2703 Snow Phipps announced that it has acquired Teasdale Foods, a provider of private label, organic hominy and bean products. The transaction represents an exit for Palladium Equity Partners, after acquiring the Matt Whebbe | Vice President [email protected] company in 2011 and completing the acquisitions of Hoopeston Foods, Zateca Foods, and Greeley +1 (612) 359-2727 Trading Co. Teasdale is capitalizing on the continued growth in the both the organic and Hispanic food categories. HW&Co. acted as the exclusive financial advisor to Teasdale. www.harriswilliams.com Access to the full article here. 2 of 16 Food and Beverage Industry Vital Signs

200 Commodity Crude Oil: Price Indices1 5.4%

150 Wheat: (9.2%) Soybeans: 100 (17.0%) Corn:

Commodity PriceIndex (30.7%) 50 Oct-10 Apr-11 Oct-11 Apr-12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 Corn Soybeans Wheat Crude Oil

Protein Price 140 2,3 Indices 130 Beef: 43.9% 120 Pork: 21.8% 110 Poultry: 100 10.8% Protein Price Index Price Protein 90 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Beef Pork Poultry

Restaurant and 140 Grocery Store 4 Restaurant: Sales Indices 120 21.7% Grocery: 12.9% 100 Sales Index

80 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14

Restaurant Grocery

Consumer Food 5.5 Price Index 4.0 Inflation2

2.5

Inflation (%) Inflation 1.0

-0.5 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14

3 of 16 Public Equity Market Overview

Key Trading Stock Price % ChangeEV/EBITDA % Change Current Valuation Stats Net Debt / Statistics5 Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EB ITDA EB ITDA

Protein Processing 8.2% 25.0% (4.5%) (20.4%) 14.2x 14.8x 7.9x 1.7x Fruit and Vegetable 6.8% 35.1% 9.0% 46.7% 16.4x 21.8x 15.4x 3.3x Ingredients / Flavors 0.0% 12.7% 3.5% 3.3% 18.5x 28.9x 13.4x 1.4x Agribusiness 2.2% 7.8% (3.7%) 3.1% 14.4x 15.6x 10.2x 0.9x Branded Processed Foods 4.1% 3.3% (1.4%) 0.8% 20.9x 24.0x 13.7x 2.2x Private Label Foods 2.5% 7.1% (4.0%) (19.9%) 20.1x 29.7x 12.6x 1.9x Natural / Organic Foods 17.6% 14.9% (21.3%) 3.1% 25.1x 29.7x 13.9x 2.1x Baked Goods / Snack Foods 5.0% 11.1% (0.8%) 12.0% 21.3x 26.9x 11.6x 2.7x Dairy (4.3%) (2.4%) 2.8% 17.5% 19.8x 23.2x 13.5x 2.2x Non-Alcoholic Beverages 6.4% 18.9% 9.0% 13.8% 22.0x 23.8x 14.1x 1.6x

Food and BeverageAlcoholic Inputs Beverages 1.0% 5.1% 4.4% 3.8% 20.3x 24.1x 13.5x 3.0x Food Retail 2.9% (9.5%) 3.5% 0.3% 19.3x 22.9x 7.0x 2.3x Grocery Distribution 13.1% 5.4% 3.6% 15.0% 24.5x 30.5x 10.3x 1.6x Foodservice (9.7%) (34.4%) (5.2%) 4.0% 20.2x 26.6x 11.0x 3.5x Quick Service Restaurant 10.8% 15.0% 7.5% 8.7% 24.3x 25.1x 12.5x 2.4x Casual Dining Restaurant 16.4% 8.6% 10.2% (1.8%) 23.0x 27.2x 11.5x 1.5x Fast Casual 13.0% 10.4% 10.2% (0.6%) 39.3x 26.8x 13.9x 0.8x Pizza 22.5% 29.8% 13.7% 9.6% 26.7x 31.5x 16.3x 2.7x Beverage / Snack Retail 10.0% (0.7%) 26.9% (6.8%) 25.3x 30.8x 18.7x 1.6x

Consumer and Retail Family Restaurant 12.8% 5.8% 14.8% 15.3% 24.6x 21.9x 11.1x 2.2x

Overall Median 6.9% 7.7% 4.2% 3.9% 21.4x 25.0x 12.3x 1.9x

Public Fruit and Veget able Company Pizza Sector Protein Processing 5 Performance Non-Alcoholic Beverages (One year change in stock price) Quick Service Restaurant S& P Natural / Organic Foods Ingredients / Flavors Baked Goods / Snack Foods Fast Casual Casual Dining Restaurant Agribusiness Private Label Foods Family Restaurant Grocery Distribution Alcoholic Beverages Branded Processed Foods Beverage / Snack Retail Dairy Food Retail Foodservice

-40.0% -27.5% -15.0% -2.5% 10.0% 22.5% 35.0% 47.5%

Inputs Food and Beverage Consumer and Retail 4of16 Public Equity Market Overview

Recent Equity Gross Offerings6 Close Trans action Proceeds Date Filing Date Issuer Tick e r Type ($mm) Use of Funds 10/31/14 10/31/14 Calavo Growers Inc CVGW Follow-On $64.0 Secondary

10/28/14 10/28/14 RiceBran Technologies RBIT Follow-On $10.8 General Corp. Purp.

10/23/14 10/23/14 Innovative Food Holdings Inc IVFH Follow-On $13.0 Secondary

09/30/14 09/30/14 Xylitol Canada Inc XYL Follow-On $1.5 Prod Dev / R&D General Corp. Purp. 09/18/14 09/18/14 KonaRed Corp N/A Follow-On $14.0 Secondary

09/11/14 06/16/14 Inventure Foods Inc SNAK Follow-On $46.2 Secondary

09/08/14 09/08/14 Pinnacle Foods Inc PF Follow-On $484.5 General Corp. Purp.

08/04/14 08/04/14 Youngevity International Inc YGYI Convertible $4.4 General Corp. Purp.

07/30/14 07/30/14 Tyson Foods Inc TSN Convertible $1,500.0 Acquisition Fin. Pay Fees & Expenses 07/30/14 07/30/14 Tyson Foods Inc TSN Follow-On $900.0 Acquisition Fin. Pay Fees & Expenses 07/28/14 07/28/14 Avidus Management Group Inc AVD Follow-On $0.7 Future Acquisitions General Corp. Purp. 07/18/14 07/18/14 United Natural Foods Inc UNFI Follow-On $7.0 Secondary

07/17/14 07/17/14 TreeHouse Foods Inc THS Follow-On $373.8 Future Acquisitions Pay Fees & Expenses

Food and 140 Beverage Industry Stock 130 Performance5 37.7%

120 13.9%

8.3% 110 6.7%

(0.1% ) 100 (14.7%)

80 Nov-13 Jan-14 Apr-14 Jun-14 Sep-14 Nov-14

Restaurant Protein Processing/Dairy Natural/Organic

Beverage Private Label Food Manufacturing S&P 500

5 of 16 M&A Market Overview

Highlighted Cott Acquires DSS Group Food and • Cott Corp. will pay $1.25 billion to acquire DSS Group Inc., the parent company of Beverage M&A DS Services of America Inc. Transactions Enterprise Value: $1.25bn • The deal will give Cott access to DSS’ 2,100 customer routes and the potential to Revenue Multiple: 0.6x cross-sell carbonated beverage and juice products. EBITDA Multiple: 7.1x • DSS had been considering an IPO at a similar valuation to the acquisition, about Announced: November 6, 2014 7.5x to 8.0x EBITDA. Grupo Cutrale and Banco Safra Acquire Chiquita Brands • Grupo Cutrale and Banco Safra will pay $14.50 per share of Chiquita Brands, representing a deal value of $1.28 billion including the assumption of debt. Enterprise Value: $1.28bn • The deal comes after Chiquita Brands failed to reach an agreement to acquire Revenue Multiple: 0.4x Fyffes, the Irish produce company, after months of merger discussions. EBITDA Multiple: 12.4x • Grupo Cutrale is seeking to expand into new regions and products in the midst of Announced: October 26, 2014 declining global orange juice consumption. Ingredion Acquires Penford • Ingredion will pay $19.00 per share of Penford, representing a deal value of $340 million including the assumption of debt. Enterprise Value: $340.0mm • The transaction will expand the companies’ product portfolio, geographic reach, Revenue Multiple: 0.8x and customer base. EBITDA Multiple: 12.0x • Ingredion expects the deal to be highly synergistic, saying that the adjusted Announced: October 15, 2014 multiple paid is 7.0x and projecting first year accretion of 15 cents per share. North American Median Food and Bev. Transaction Multiples Announced Food and Bev. Transactions

Food and 16x 13.5x 1.75x $120 $110.2 300 $105.5 Beverage M&A 14x 1.50x $100 250 Number of Transactions of Number 5 Multiple Sales / LTM EV Trends 12x 11.3x 10.5x 1.25x 9.9x 9.2x $80 200 10x 8.8x 8.0x 1.00x 8.3x $67.2 $55.7 8x $60 150 0.75x 6x $40 100 0.50x $25.5 EV / LTM EBITDA Multiple 4x $24.0 $8.2 $20 2x 0.25x $9.3 50

0x 0.00x Aggregate Transaction Value ($ inbillions) $0 0 2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014 EV / LTM EBITDA EV / LTM Sales Ag gregate Deal Valu e # of deals

Latest Deals Last 10 Deals Announced Private Equity Investments and Exits

and Announced 50 46 45 43 Announced Target ,Buyer 45 Private Equity 38 40 36 36 5 11/14/2014 Garden Protein International, Inc. Pinnacle Foods Inc. (NYSE:PF) 34 Activity s 35 32 11/12/2014 Poppy's Teas LLC Lexaria Corp. (OTCPK:LXRP) nt e 27 27 27 28 11/12/2014 Puget Technologies,Inc Qest Acquisition Corporation tm30 26 25 26 es v 25 21 11/10/2014 De Sousa Wine Cellars Corporation Oakwest Corporation Limited In f 17 18 o 20 11/10/2014 Dahl's Foods Inc. Associated Wholesale Grocers, Inc. r 15 14 be 15 11/10/2014 The Alpine Beer Company Green Flash Brewing Co. m u 10 11/7/2014 Nature's Pantry, Inc. Natural Grocers by Vitamin Cottage, Inc N 5 11/7/2014 Van Houtte Café Franchise Network MTY Food Group Inc. (TSX:MTY) 0 11/7/2014 Henry's Foods, Inc. Crosby's Markets, Inc. 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 11/6/2014 DSS Group, Inc. Cott Corporation (TSX:BCB) Nu mb er o f Inv es tm ents Nu mb er o f Exits 6 of 16 Debt Market Overview

Food and Quarterly Loan Volume Average Spread on Food and Beverage Loans Beverage Loan $16 Activity7 L + 600 $14 $12 L + 500 $10 L + 400

$8 L + 300 ($ ($ in billions) $6

Loan Volume by Quarter Quarter by Volume Loan L + 200 $4 L + 100

$2 Average SpreadLIBOR Over $0 L + 0 2007 2008 2009 2010 2011 2012 2013 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14 Revo lvin g Cred it / Ter m Lo an A Weighted-Average Institutional Institutional Pro Rata

Credit Statistics Average Secondary Spreads

6.0x 2010 2011 2012 2013 2014 L + 1000

L + 800 4.0x L + 600

2.0x L + 400 EBITDA Multiple EBITDA L + 200 0.0x De bt/ Senior Debt/ EBITDA/ EBITDA - Average SpreadLIBOR Over EBITDA EBITDA Cash Interest Capex/ L + 0 Cash Interest

Recent Debt Effective Date Borrower Name Description Tranche Amount Type Rating Spread Offerings8 11/14/14 Louis Dreyfus Suisse SA Vegetable oil mills USD 300,000,000 Revolver/Line >= 1 Yr. N/A / NR 90 11/14/14 Louis Dreyfus Suisse SA Vegetable oil mills USD 300,000,000 Revolver/Line >= 1 Yr. N/A / NR 100 11/10/14 PT Charoen Pokphand Indonesia TbPrepared feeds USD 125,000,000 Term Loan N/A / NR 170 11/10/14 PT Charoen Pokphand Indonesia TbPrepared feeds USD 225,000,000 Revolver/Line >= 1 Yr. N/A / NR 175 11/07/14 Top Food Industry Corp Food preparations TWD 300,000,000 Revolver/Line >= 1 Yr. N/A / NR 150 11/07/14 Top Food Industry Corp Food preparations TWD 400,000,000 Term Loan N/A / NR 48 11/07/14 Top Food Industry Corp Food preparations USD 10,000,000 Standby Letter of Credit N/A / NR N/A 11/05/14 Ferrarini Spa Food preparations EUR 10,000,000 Term Loan N/A / NR N/A 11/05/14 Ferrarini Spa Food preparations EUR 32,500,000 Term Loan N/A / NR N/A 11/05/14 Link Snacks Inc Food preparations USD 195,000,000 Revolver/Line >= 1 Yr. N/A / NR 250 11/05/14 Nagatanien Co Ltd Dehydrated fruits, vegetables, soups JPY 6,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A 11/04/14 Yildiz Holding AS Food preparations GBP 800,000,000 Undisclosed N/A / NR N/A 10/31/14 Showa Sangyo Co Ltd Flour and other grain mill products JPY 7,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A 10/30/14 Buffalo Rock Co Inc Bottled and canned soft drinks USD 170,000,000 Revolver/Line >= 1 Yr. N/A / NR 225 10/30/14 Buffalo Rock Co Inc Bottled and canned soft drinks USD 40,000,000 Term Loan N/A / NR 225 10/30/14 Charoen Pokphand Group Co Ltd Poultry slaughtering and processing USD 150,000,000 Term Loan N/A / NR 150

7 of 16 Recent North American Food and Beverage M&A Activity

Median LTM Median LTM Trading Multiples Quarterly M&A Activity

13.4x 100 Trading 13.2x13.3x 90 6 Multiples and 13.0x 12.8x 12.9x 12.6x 12.6x 12.6x 12.6x 80 Quarterly Food 12.3x 12.4x 12.4x 12.2x 12.1x 12.2x 10 and Beverage 12.0x11.9x 12.0x 70 11.8x 11.9x 12.0x 5 12.0x 11.7x 11.8x 11.9x 10 M&A 60 11.4x 4 7 7 11.2x 13 7 7 9 8 50 6 5 5 89 11.0x 6 40 7 5 7 10 2 4 6 70 Median Trading Multiple Number of Transactions 30 13 58 5 53 52 52 49 48 10.0x 47 3 46 47 46 47 20 42 39 35 36 34 36 33 34 33 25 25 10 22

9.0x 0 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Jul-14 Jan-14 Jun-14 Oct-13 Oct-14 Feb-14 Sep-14 Apr-14 Dec-13 Mar-14 Nov-13 Aug-14 May-14 Stra tegi c Acq uir er Priv ate Eq uity Acq uirer Food Products, Processing, and Ingredients Retail and Restaurants

Recent North Ente rprise Ente rprise Value Private Equity Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

American Food 11/14/2014 Garden Protein International, Inc. TSG Consumer Partners Pinnacle Foods Inc. $154.8 - - -  and Beverage 11/12/2014 Poppy's Teas LLC - Lexaria Corp. $0.1 - - - 11/12/2014 Puget Technologies,Inc Allanwater Enterprises Corp. Qest Acquisition Corporation - - - - 5 M&A 11/10/2014 De Sousa Wine Cellars Corporation Diamond Estates Wines & Spirits Inc. Oakwest Corporation Limited $1.6 - - - 11/10/2014 Dahl's Foods Inc. - Associated Wholesale Grocers, Inc. - - - - 11/10/2014 The Alpine Beer Company - Green Flash Brewing Co. - - - - 11/7/2014 Nature's Pantry, Inc. - Natural Grocers by Vitamin Cottage, Inc. - - - - 11/7/2014 Van Houtte Café Franchise Network Keurig Canada Inc. MTY Food Group Inc. - - - - 11/7/2014 Henry's Foods, Inc. - Crosby's Markets, Inc. - - - - 11/6/2014 DSS Group, Inc. Crestview Partners, L.P. Cott Corporation $1,246.5 - - -  11/6/2014 McAlister's Deli of Georgetown - The Saxton Group, Inc. - - - - 11/5/2014 10 Barrel Brewing Company - Anheuser-Busch Companies, LLC - - - - 11/3/2014 Best Maid Cookie Co., Inc. - Arbor Private Investment Company - - - -  11/3/2014 Howard and Associates, Inc. - Acosta, Inc. - - - - 10/31/2014 McArthur's Bakery & Cafe - Live to Venture Holdings, LLC $3.5 - - - 10/31/2014 Harrell Nut Company - Golden Peanut and Tree Nuts - - - - 10/31/2014 Maui Beverages, Inc. Thirsty Ventures, Inc. Lyons-Magnus, Inc. - - - - 10/28/2014 Teasdale Foods Inc. Palladium Equity Partners Snow Phipps Group, LLC - - - -  10/28/2014 Crunchies Food Company, LLC - Chaucer Foods, Ltd. - - - - 10/26/2014 High Country Shrimp Company - Alkame Holdings, Inc. $0.0 - - - 10/24/2014 Gloria Jean's Gourmet Coffees Corp. - Retail Food Group Limited $158.4 - - - 10/23/2014 Café de Coral Holdings Limited, North America Café de Coral Holdings Limited MTY Food Group Inc. $7.0 - - - 10/21/2014 The Filling Station - Messenger Coffee Co. - - - - 10/16/2014 Peter Piper, Inc. Acon Investments, L.L.C. CEC Entertainment Inc. - - - -  10/15/2014 Hewitt's Dairy Limited - Gay Lea Foods Co-operative Ltd. - - - - 10/14/2014 Penford Corporation Equity Group Investments Ingredion Incorporated $339.1 0.75x 16.2x 42.1x  10/14/2014 Masada Bakery, Inc. - Nashville Bun Company, LLC - - - - 10/14/2014 Savor Coffee Inc. - American Diversified Holdings Corp. - - - - 10/13/2014 The Chocolate Gecko - Uncle Sam's All American Chocolate - - - - 10/10/2014 Crunchies Food Company, LLC - Chaucer Foods, Ltd. $3.8 - - - 10/8/2014 The Toffee Box, LLC - BBX Sweet Holdings - - - - 10/8/2014 Heinold Feed Company and Farmers Pellet Mill - Belstra Milling Co., Inc. - - - - 10/3/2014 Merisant Company, Inc. MSD Capital, L.P. Flavors Holdings Inc. - - - -  10/2/2014 Anastasia Confections, Inc. - BBX Sweet Holdings - - - - 10/1/2014 SALOV S.p.A. - ShangHai YiMin NO.1 Foods Co.,Ltd. - - - - 9/29/2014 Einstein Noah Restaurant Group, Inc. GreenLight Capital BDT Capital Partners; JAB Beech Inc. $463.1 1.05x 10.3x 16.9x  9/29/2014 Mountaire Farms Statesville Breeder - Mountaire Farms, Inc. - - - - 9/26/2014 Rivertown Brewing Company, LLC - Individuals - - - - 9/26/2014 Daily's Foods, Inc. Seaboard Foods LLC Triumph Foods, LLC $145.0 - - - 9/26/2014 Crunchies Food Company, LLC - Family Trust and DD Revocable Trust $3.1 - - - 8 of 16 Recent North American Food and Beverage M&A Activity

Enterprise Enterprise Value Private Equity Recent North Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement

American Food 9/25/2014 English Bay Batter (Vancouver), Inc. - Kilmer Van Nostrand Co. Limited - - - - and Beverage 9/23/2014 P&G, European Pet Food Business The Procter & Gamble Company Spectrum Brands Holdings, Inc. - - - - 9/19/2014 Shine Coffee LLC - Short Leash, LLC - - - - M&A5 9/19/2014 Tea Station Chinese Bistro, Inc. - Individuals $0.8 - - - 9/18/2014 Guilliams Vineyards - Kieu Hoang Winery, LLC - - - - (continued) 9/18/2014 Pabst Brewing Company, Inc. C. Dean Metropoulos & Co. TSG Consumer Partners - - - - 9/17/2014 Hispanic Specialty Brands, LLC - Dream Foods International, LLC - - - - 9/17/2014 Turtle Mountain, LLC Wasserstein & Co., LP The WhiteWave Foods Company $195.0 1.70x - -  9/16/2014 Grocery Outlet Inc. Berkshire Partners; Prospect Capital Hellman & Friedman LLC - - - -  9/15/2014 Pine Mountain Springs, Inc. - DS Services of America, Inc. - - - - 9/15/2014 Rockside Vineyards LLC - Wyandotte Winery LLC - - - - 9/15/2014 981,000-Bushel Grain Facility in Silica - Gavilon Grain, LLC - - - - 9/12/2014 The Isopure Company, LLC Encore Consumer Capital Glanbia plc $153.0 2.05x - -  9/10/2014 Windsor Quality Food Company, Ltd - Ajinomoto North America, Inc. $800.0 1.19x - - 9/9/2014 The Burger Company LLC - American Roadside Burgers, Inc. $0.6 - - - 9/8/2014 Annie's, Inc. - General Mills, Inc. $821.4 3.95x 38.6x 41.9x 9/2/2014 Harry & David Holdings, Inc. Wasserstein & Co., LP 1-800-Flowers.com Inc. $101.8 0.27x 5.0x 8.4x  9/2/2014 ADM Global Chocolate Business Archer-Daniels-Midland Company Cargill, Incorporated $440.0 - - - 9/2/2014 Inko's LLC - Braintrust Investments, LLC - - - - 9/2/2014 Manzen, LLC Manchester Consolidated Corp. Big Red, Inc. - - - - 8/29/2014 SC Zaharul Liesti SA Lemarco SA AGRANA Zucker GmbH - - - - 8/26/2014 CCA Industries, Inc., Mega-T Brand CCA Industries Inc. Casla Partners $2.3 - - -  8/26/2014 Tim Hortons Inc. - Burger King Worldwide, Inc. $13,351.0 4.35x 17.4x 21.5x 8/26/2014 The Cook & Baker, LLC - Portable Pantry LLC - - - - 8/25/2014 Rusty Taco, Inc. - Buffalo Wild Wings Inc. - - - - 8/21/2014 HDOS Enterprises - Global Franchise Group, LLC - - - - 8/20/2014 Nice N Easy Grocery Shoppes, Inc. - CST Brands, Inc. - - - - 8/20/2014 McCain Foods, N. American Frozen Pizza Business McCain Foods Limited Dr. Oetker GmbH - - - - 8/19/2014 Lodi Olive Oil Company, LLC - Coldani Olive Ranch LLC - - - - 8/18/2014 Drake Enterprises Incorporated, Certain Assets Drake Enterprises Incorporated Papa Murphy's Company Stores, Inc. $3.4 - - - 8/18/2014 Cookie Commissary LLC - The Riverside Company - - - -  8/18/2014 The Marshall Retail Group, LLC ICV Partners Brentwood Associates, Inc. - - - -  8/14/2014 Coca-Cola Company, Worldwide Energy Business The Coca-Cola Company Monster Beverage Corporation $12,900.0 5.50x 18.8x - 8/13/2014 Casa Noble Tequila Casa Noble Holdings LLC Constellation Brands Inc. - - - - 8/11/2014 Chiquita Brands International Inc. BlackRock, Inc. Sucocitrico Cutrale Ltda $1,193.1 0.39x 12.4x 51.6x  8/11/2014 Continental Seasoning, Inc. - Newly Weds Foods, Inc. - - - - 8/8/2014 John Conti Coffee Co. Inc. - Canteen Service Co. of Kentuckiana, Inc. - - - - 8/1/2014 Faribault Foods, Inc. - Arizona Canning Company, LLC - - - - 7/28/2014 M&M Meat Shops Ltd. - Searchlight Capital Partners - - - -  7/24/2014 Market Basket - Arthur DeMoulas - - - - 7/22/2014 Davisco Foods Intl. Davisco Foods Intl. Agropur Cooperative - - - - 7/21/2014 Helen Grace Chocolates, Inc. - BBX Sweet Holdings - - - - 7/17/2014 Hain Pure Protein Corporation Pegasus Capital Advisors The Hain Celestial Group, Inc. - - - -  7/15/2014 Gamila Products, LLC - Seventh Generation, Inc. - - - - 7/14/2014 Russell Stover Candies, Inc. - Chocoladefabriken Lindt & Spruengli - - - - 7/14/2014 Bistro AIX, LLC - Ovinte Partners - - - - 7/11/2014 Crumbs Bake Shop, Inc. Crumbs Bake Shop, Inc. Fischer Enterprises, Marcus Lemonis - - - - 7/11/2014 Slim-Fast Brand Unilever Kainos Capital - - - -  7/10/2014 Avión Spirits LLC Avión Tequila LLC Pernod Ricard USA, LLC - - - - 7/8/2014 Café Dépôt, Sushiman Inc., Muffin Plus, Fabrika - MTY Tiki Ming Enterprises, Inc. $13.9 - - - 7/8/2014 Maurice Cooper et Cie., LLC Maurice Cooper et Cie., LLC Heaven Hill Distilleries, Inc. - - - - 7/7/2014 Wild Flavors GmbH Kholberg Kravis Roberts & Co. Archer Daniels Midland $2,276.4 2.30x - -  7/7/2014 Truco Enterprises, LP Arbor Private Investment Company Insignia Capital Group, LLC - - - -  7/7/2014 King's Command Foods, Inc. - American Prepared Foods LLC - - - - 7/3/2014 Apple & Eve, LLC ClearLight Partners LLC; Ares Capital Lassonde Industries Inc. $147.9 - 9.7x -  7/3/2014 Romeo's NY Pizza - Cardiff International Inc. $1.0 - - - 7/3/2014 Ker, Inc. - Third Lake Capital - - - -  7/3/2014 Allan Candy Company Ltd, Ju Ju Candies The Allan Candy Company Limited Weaver Nut Company, Inc. - - - - 7/3/2014 SoCal Eats LLC - - $1.8 - - - 7/2/2014 Juicy Juice Business Nestle USA, Inc. Brynwood Partners - - - -  6/30/2014 Sequoia Spring Water, Inc. - DS Services of America, Inc. - - - -

9 of 16 Trading Statistics Detail5

Member FINRA/SIPC Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins P/E EV / LTM EV / 2014E ($ in millions, except per share data) Ticker 11/14/14 52-wk High Cap Debt Equi v. Value (EV) Revenue EB ITDA 1 Year 3 Years Gros s EB ITDA Multiple Revenue EB ITDA Revenue EB ITDA

Food and Beverage Branded Proces s ed Foods Associated British Foods plc ABF $47.88 97.0% $37,762 $1,566 $842 $38,486 $21,010 $2,555 (3.2%) 5.9% 24.3% 12.2% 31.7x 1.83x 15.1x 1.82x 15.4x Campbell Soup Company CPB 43.75 93.7% 13,750 4,021 243 17,528 8,268 1,561 2.7% 5.0% 35.1% 18.9% 18.8x 2.12x 11.2x 2.13x 11.1x ConAgra Foods, Inc. CAG 34.73 99.4% 14,754 8,491 141 23,105 17,688 2,363 11.7% 12.0% 20.6% 13.4% NM 1.31x 9.8x 1.43x 10.3x General Mills, Inc. GIS 50.82 91.3% 30,682 9,320 841 39,161 17,805 3,314 (1.6%) 5.4% 34.8% 18.6% 18.9x 2.20x 11.8x 2.14x 10.9x Hormel Foods Corporation HRL 54.50 98.4% 14,358 250 531 14,077 9,096 1,031 5.8% 5.0% 16.8% 11.3% 25.0x 1.55x 13.7x 1.45x 12.0x Kellogg Company K 63.81 91.8% 22,655 7,712 426 29,941 14,567 3,755 (1.9%) 3.8% 43.2% 25.8% 13.3x 2.06x 8.0x 2.02x 10.8x McCormick & Company, Incorporated MKC 72.54 98.5% 9,367 1,368 101 10,634 4,240 728 3.4% 5.9% 40.7% 17.2% 22.8x 2.51x 14.6x 2.44x 14.2x Mondelez International, Inc. MDLZ 38.16 96.5% 64,106 17,911 1,813 80,204 34,902 5,323 (1.1%) (13.2%) 37.1% 15.3% 36.0x 2.30x 15.1x 2.35x 14.1x Nestlé S.A. NESN 74.20 98.9% 236,766 26,355 4,244 258,877 101,648 18,950 4.3% 2.6% 47.8% 18.6% 24.0x 2.55x 13.7x 2.62x 13.7x The Hain Celestial Group, Inc. HAIN 108.27 99.0% 5,463 887 93 6,258 2,307 282 24.6% 26.6% 24.9% 12.2% 41.3x 2.71x 22.2x 2.23x 16.2x The Hershey Company HSY 96.06 88.4% 21,217 2,462 580 23,098 7,368 1,603 6.2% 7.1% 44.9% 21.8% 26.1x 3.13x 14.4x 2.91x 12.9x The J. M. Smucker Company SJM 100.23 91.3% 10,205 2,351 162 12,394 5,584 1,184 (5.0%) 4.0% 36.3% 21.2% 18.7x 2.22x 10.5x 2.22x 10.2x The WhiteWave Foods Company WWAV 36.56 94.6% 6,374 1,555 226 7,704 3,205 366 29.7% 20.7% 34.0% 11.4% NM 2.40x 21.1x 2.06x 16.0x Mean 5.8% 7.0% 33.9% 16.8% 25.1x 2.22x 13.9x 2.14x 12.9x Median 3.4% 5.4% 35.1% 17.2% 24.0x 2.22x 13.7x 2.14x 12.9x Private Label Foods Flowers Foods, Inc. FLO $18.67 83.2% $3,919 817 8 $4,728 $3,730 $426 2.0% 11.5% 47.9% 11.4% 21.4x 1.27x 11.1x 1.24x 10.5x Snyder's-Lance, Inc. LNCE 29.58 97.3% 2,079 452 113 2,417 1,821 192 18.1% 6.5% 33.6% 10.6% 29.7x 1.33x 12.6x 1.43x 12.1x Treehouse Foods, Inc. THS 82.50 94.9% 3,492 1,563 31 5,023 2,703 340 21.4% 10.1% 21.4% 12.6% 40.5x 1.86x 14.8x 1.40x 11.0x Mean 13.8% 9.4% 34.3% 11.5% 30.6x 1.48x 12.8x 1.36x 11.2x Median 18.1% 10.1% 33.6% 11.4% 29.7x 1.33x 12.6x 1.40x 11.0x Natural / Organic Foods Amira Nature Foods Ltd. ANFI $16.00 64.0% $575 $187 $41 $721 $576 $82 29.8% 88.8% 24.4% 14.3% 14.8x 1.25x 8.7x 1.03x 7.0x Annie's, Inc. BNNY 0.00 #DIV/0! 0 0 2 (2) 208 21 19.2% 20.8% 34.6% 10.2% NA NM NM NM NM SunOpta Inc. TSX:SOY 12.28 85.6% 823 151 7 967 1,276 70 9.3% 8.2% 11.6% 5.5% NM 0.76x 13.9x 0.71x 10.3x The Hain Celestial Group, Inc. HAIN 108.27 99.0% 5,463 887 93 6,258 2,307 282 24.6% 26.6% 24.9% 12.2% 41.3x 2.71x 22.2x 2.23x 16.2x United Natural Foods, Inc. UNFI 73.69 92.5% 3,676 449 16 4,109 6,794 261 12.0% 14.5% 16.6% 3.8% 29.2x 0.60x 15.7x 0.50x 13.0x Whole Foods Market, Inc. WFM 47.11 78.9% 16,978 62 743 16,297 14,194 1,322 9.9% 12.0% 37.2% 9.3% 30.2x 1.15x 12.3x 1.04x 11.4x Mean 17.5% 28.5% 24.9% 9.2% 28.9x 1.29x 14.6x 1.10x 11.6x Median 15.6% 17.6% 24.6% 9.8% 29.7x 1.15x 13.9x 1.03x 11.4x Baked Goods / Snack Foods ARYZTA AG SWX:ARYN $80.80 87.8% $7,124 $3,150 $930 $9,344 $6,436 $888 7.7% 4.9% 27.8% 13.8% NM 1.45x 10.5x 1.40x 9.7x Diamond Foods, Inc. DMND 30.11 84.6% 945 658 5 1,598 865 82 0.1% (3.6%) 24.1% 9.4% NM 1.85x 19.6x 1.73x 13.4x Flowers Foods, Inc. FLO 18.67 83.2% 3,919 817 8 4,728 3,730 426 2.0% 11.5% 47.9% 11.4% 21.4x 1.27x 11.1x 1.24x 10.5x George Weston Limited WN 84.29 99.9% 10,797 13,207 2,162 21,842 33,595 1,757 3.0% 0.5% 23.6% 5.2% NM 0.65x 12.4x 0.54x 6.4x Golden Enterprises Inc. GLDC 4.08 83.3% 48 7 1 54 135 6 (2.1%) 0.6% 48.7% 4.7% NM 0.40x 8.5x NA NA Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.81 88.0% 13,207 4,499 268 17,438 13,730 1,498 3.3% 15.7% 53.2% 10.9% 33.4x 1.27x 11.6x 1.17x 10.8x Inventure Foods, Inc. SNAK 13.65 94.1% 267 89 1 355 271 23 35.2% 21.4% 18.0% 8.4% 29.7x 1.31x 15.7x 1.17x 12.1x J&J Snack Foods Corp. JJSF 102.75 97.9% 1,918 1 92 1,826 919 145 6.0% 7.3% 31.3% 15.8% 26.9x 1.99x 12.6x 1.91x 11.8x John B Sanfilippo & Son Inc. JBSS 37.91 98.9% 420 59 2 477 807 57 10.0% 5.7% 15.4% 7.1% 16.6x 0.59x 8.4x 0.56x NA Lancaster Colony Corporation LANC 92.49 92.7% 2,529 0 228 2,301 1,053 172 8.4% (1.4%) 23.6% 16.3% 25.4x 0.72x 13.4x 2.12x 13.2x Penford Corporation PENX 18.84 98.7% 241 77 0 318 444 28 (5.0%) 5.9% 12.2% 6.4% 31.4x 11.3x 0.65x 9.0x Mean 6.2% 6.2% 29.6% 9.9% 26.4x 1.15x 12.3x 1.25x 10.8x Median 3.3% 5.7% 24.1% 9.4% 26.9x 1.27x 11.6x 1.20x 10.8x

10 of 16 Trading Statistics Detail (continued)5

Dairy Danone BN $67.80 94.6% $40,632 $16,239 $4,208 $52,663 $28,348 $4,304 1.7% 2.0% 47.2% 15.2% 30.1x 1.86x 12.2x 1.92x 11.8x Dean Foods Company DF 16.61 88.8% 1,558 978 30 2,506 9,404 220 2.5% (10.0%) 17.8% 2.3% NM 0.27x 11.4x 0.27x 8.0x Glanbia plc GL9 14.23 95.2% 4,204 762 121 4,845 3,317 288 8.6% 0.3% 29.0% 8.7% 22.1x 1.46x 16.8x 1.47x 15.1x Lifeway Foods Inc. LWAY 16.77 97.9% 274 9 6 277 115 7 25.0% 19.2% 25.4% 6.2% NM 2.41x 39.1x 1.96x 18.2x Saputo Inc. TSX:SAP 29.18 95.3% 11,401 1,811 45 13,167 9,080 974 13.1% 13.5% 10.7% 10.7% 23.2x 1.45x 13.5x 1.42x 12.7x Mean 10.2% 5.0% 26.0% 8.6% 25.1x 1.49x 18.6x 1.41x 13.2x Median 8.6% 2.0% 25.4% 8.7% 23.2x 1.46x 13.5x 1.47x 12.7x

Non-Alcoholic Beverages A.G.Barr p.l.c. LSE:BAG $9.11 86.7% $1,052 $25 $19 $1,058 $443 $81 17.9% 5.8% 46.2% 18.3% 21.8x 2.39x 13.1x 2.49x 13.3x Cott Corporation BCB 6.71 80.2% 624 609 47 1,185 2,043 176 (4.1%) (4.1%) 11.8% 8.6% NM 0.58x 6.7x 0.57x 6.9x Dr Pepper Snapple Group, Inc. DPS 70.10 98.0% 13,628 2,555 280 15,903 6,075 1,460 0.9% 1.2% 59.5% 24.0% 19.7x 2.62x 10.9x 2.58x 10.9x Keurig Green Mountain, Inc. GMCR 154.27 98.3% 25,057 278 1,204 24,131 4,559 1,144 7.1% 25.4% 38.2% 25.1% 41.6x 5.29x 21.1x 4.58x 19.4x Lassonde Industries Inc. LAS.A 117.48 100.0% 821 374 0 1,194 1,000 105 (0.3%) 18.1% 27.3% 10.5% 20.4x 1.19x 11.4x NA NA Monster Beverage Corporation MNST 107.92 98.5% 18,091 0 996 17,095 2,400 721 10.2% 14.2% 53.5% 30.0% 43.2x 7.12x 23.7x 6.23x 20.0x National Beverage Corp. FIZZ 26.29 96.2% 1,218 25 37 1,206 643 80 (1.2%) 2.1% 34.0% 12.4% 26.6x 1.87x 15.1x 1.84x NA Pepsico, Inc. PEP 97.72 98.7% 146,248 32,742 12,906 166,084 66,853 12,787 0.9% 1.2% 53.5% 19.1% 21.6x 2.48x 13.0x 2.48x 12.6x Starbucks Corporation SBUX 78.12 94.8% 58,457 2,048 1,844 58,662 16,448 3,541 10.4% 12.0% 58.3% 21.5% 28.8x 3.57x 16.6x 3.06x 13.2x The Coca-Cola Company KO 42.73 95.2% 187,162 41,817 23,738 205,241 46,166 13,132 (2.3%) 0.1% 61.3% 28.4% 23.8x 4.45x 15.6x 4.43x 15.9x Mean 4.0% 7.6% 44.4% 19.8% 27.5x 3.16x 14.7x 3.14x 14.0x Median 0.9% 4.0% 49.9% 20.3% 23.8x 2.55x 14.1x 2.58x 13.3x Alcoholic Beverages Anheuser-Busch InBev SA/NV ENXTBR:ABI $110.30 98.0% $177,237 $55,511 $8,845 $223,903 $46,756 $18,010 11.9% 6.6% 60.2% 38.5% 20.2x 4.79x 12.4x 4.57x 11.3x Brown-Forman Corporation BF.B 93.34 96.1% 19,793 1,011 460 20,344 3,010 1,028 4.9% 4.3% 69.6% 34.2% 30.1x 6.76x 19.8x 5.22x 18.1x Constellation Brands Inc. STZ 92.88 97.7% 17,941 7,202 108 25,034 5,865 1,699 63.1% 24.9% 43.2% 29.0% 24.1x 4.27x 14.7x 4.05x 13.5x Diageo plc DGE 29.50 92.3% 73,902 16,258 1,064 89,096 17,546 5,824 2.1% 4.3% 60.9% 33.2% 20.4x 5.08x 15.3x 5.20x 15.5x Heineken NV ENXTAM:HEIA 75.68 97.9% 43,518 14,741 1,147 57,112 23,863 4,999 (3.2%) 4.1% 38.6% 20.9% 25.7x 2.39x 11.4x 2.32x 10.0x Kirin Holdings Company, Limited TSE:2503 12.58 92.0% 11,492 7,138 482 18,148 18,743 2,291 (5.3%) 7.0% 42.7% 12.2% NM 0.97x 7.9x 0.95x 7.5x Pernod-Ricard SA RI 113.28 98.0% 29,821 12,175 653 41,342 10,877 3,068 (2.4%) 0.5% 62.8% 28.2% 23.8x 3.80x 13.5x 3.98x 13.7x SABMiller plc LSE:SAB 54.67 90.6% 87,810 16,581 3,015 101,376 16,967 5,839 (0.9%) 2.1% 70.8% 34.4% 25.2x 5.97x 17.4x 5.26x 14.6x Sapporo Holdings Ltd. TSE:2501 4.33 100.0% 1,688 2,162 99 3,752 4,458 367 (13.8%) 6.6% 35.1% 8.2% NM 0.84x 10.2x 0.82x 10.0x Mean 6.3% 6.7% 53.8% 26.5% 24.2x 3.87x 13.6x 3.60x 12.7x Median (0.9%) 4.3% 60.2% 29.0% 24.1x 4.27x 13.5x 4.05x 13.5x Inputs Protein Processing Cal-Maine Foods, Inc. CALM $41.68 86.3% $2,017 $58 $211 $1,864 $1,478 $218 10.8% 14.1% 22.9% 14.7% 15.7x 1.26x 8.6x 1.22x 8.2x JBS S.A. BOVESPA:JBSS3 4.24 91.0% 12,276 15,659 5,126 22,809 46,208 3,813 17.4% 13.1% 15.0% 8.3% 20.4x 0.49x 6.0x 0.48x 6.3x Sanderson Farms, Inc. SAFM 83.72 80.6% 1,932 20 139 1,812 2,741 375 5.3% 12.1% 16.1% 13.7% 9.6x 0.66x 4.8x 0.65x 3.8x Seaboard Corp. SEB 3,415.00 92.3% 3,999 35 465 3,568 6,553 442 (1.3%) 5.7% 9.3% 6.7% 12.5x 0.54x 8.1x 0.54x NA Tyson Foods, Inc. TSN 40.66 91.9% 15,270 1,825 589 16,506 36,369 2,097 7.6% 5.1% 7.4% 5.8% 14.8x 0.45x 7.9x 0.40x 5.4x Mean 7.9% 10.0% 14.1% 9.8% 14.6x 0.68x 7.1x 0.66x 5.9x Median 7.6% 12.1% 15.0% 8.3% 14.8x 0.54x 7.9x 0.54x 5.9x

11 of 16 Trading Statistics Detail (continued)5

Fruit and Vegetable Calav o Gro wers In c. CVGW $45.87 92.8% $793 $38 $9 $821 $772 $42 20.3% 17.0% 9.3% 5.4% 21.8x 1.06x 19.6x 0.96x 15.1x Chiquita Brands International Inc. CQB 14.44 99.8% 680 640 45 1,275 3,074 101 0.9% (1.2%) 10.4% 3.3% NM 0.41x 12.7x 0.42x 7.6x Fresh Del Monte Produce Inc. FDP 33.56 99.1% 1,888 140 37 1,990 3,878 233 8.3% 2.3% 8.7% 6.0% NM 0.51x 8.6x 0.51x 8.1x Seneca Foods Corp. SENE.A 26.74 77.0% 295 349 14 630 1,324 35 2.1% 2.2% 6.2% 2.6% NM 0.48x 18.1x NA NA Mean 7.9% 5.1% 8.6% 4.3% 21.8x 0.62x 14.7x 0.63x 10.2x Median 5.2% 2.2% 9.0% 4.3% 21.8x 0.49x 15.4x 0.51x 8.1x Ingredients / Flavors Giv au d an SA SW X:GIVN $1,690.71 99.3% $15,564 $1,603 $401 $16,766 $4,887 $1,001 6.2% 0.6% 45.9% 20.5% 28.9x 3.43x 16.7x 3.57x 15.1x International Flavors & Fragrances Inc. IFF 98.14 92.7% 7,947 944 405 8,486 3,058 660 5.1% 3.3% 44.4% 21.6% 20.9x 2.78x 12.9x 2.70x 11.8x Kerry Group plc ISE:KRZ 66.46 91.8% 11,684 1,861 317 13,228 7,914 952 3.5% 1.7% 43.2% 12.0% NM 1.67x 13.9x 1.77x 13.3x Sensient Technologies Corporation SXT 59.21 97.4% 2,851 461 26 3,286 1,461 269 (0.5%) 0.7% 33.9% 18.4% 35.2x 2.25x 12.2x 2.23x 11.6x Symrise AG XTRA:SY1 58.96 98.9% 7,654 1,818 266 9,206 2,473 527 0.6% 5.4% 43.5% 21.3% 29.9x 3.72x 17.5x 3.11x 14.3x Tate & Lyle plc TATE 10.07 78.0% 4,709 1,291 527 5,473 4,592 608 (5.5%) 0.5% 26.2% 13.2% 16.5x 1.19x 9.0x 1.29x 9.1x Mean 1.6% 2.0% 39.5% 17.8% 26.3x 2.51x 13.7x 2.45x 12.5x Median 2.0% 1.2% 43.3% 19.4% 28.9x 2.51x 13.4x 2.47x 12.6x Agribusiness Archer-Daniels-Midland Company ADM $51.35 98.1% $33,059 $5,545 $4,887 $33,717 $84,450 $3,650 (6.8%) (1.4%) 5.3% 4.3% 17.7x 0.40x 9.2x 0.40x 7.8x Bunge Limited BG 88.58 99.0% 12,849 6,885 3,380 16,354 60,305 1,757 (2.8%) 3.1% 4.6% 2.9% 21.6x 0.27x 9.3x 0.27x 7.2x CF Industries Holdings, Inc. CF 266.11 91.7% 13,235 4,592 2,651 15,176 4,853 2,151 (13.8%) (4.8%) 39.7% 44.3% 9.6x 3.13x 7.1x 3.43x 7.1x Darling Ingredients Inc. DAR 18.81 86.1% 3,098 2,283 193 5,188 3,323 462 93.2% 27.8% 25.2% 13.9% NM 1.56x 11.2x 1.36x 8.8x Monsanto Company MON 118.97 92.4% 57,590 7,761 2,289 63,062 15,855 4,812 6.7% 10.3% 54.3% 30.4% 22.9x 3.98x 13.1x 3.88x 12.4x Omega Protein Corporation OME 14.72 92.5% 310 22 40 293 289 92 21.5% 13.1% 34.0% 32.0% 8.2x 1.01x 3.2x 0.83x 4.9x The Andersons, Inc. ANDE 54.45 77.9% 1,556 367 327 1,595 4,853 144 (14.9%) 3.1% 8.1% 3.0% 13.5x 0.33x 11.1x 0.34x 6.7x The Mosaic Company MOS 45.15 88.1% 16,765 3,816 2,971 17,610 8,007 1,443 (20.7%) (9.6%) 13.9% 18.0% NM 2.20x 12.2x 1.86x 7.5x Mean 7.8% 5.2% 23.1% 18.6% 15.6x 1.61x 9.6x 1.54x 7.8x Median (4.8%) 3.1% 19.5% 16.0% 15.6x 1.29x 10.2x 1.09x 7.3x Consumer and Retail Food Retail Costco Wholesale Corporation COST 138.48 99.7% 60,621 5,286 7,315 58,592 112,640 4,249 7.1% 8.2% 12.6% 3.8% 29.8x 0.52x 13.8x 0.48x 12.7x Establishments Delhaize Freres DELB 72.07 99.4% 7,324 3,434 1,769 8,988 26,898 1,491 (5.3%) (1.2%) 24.0% 5.5% 24.8x 0.33x 6.0x 0.33x 5.3x Fairway Group Holdings Corp. FWM 2.30 10.3% 100 257 37 319 798 29 11.5% NA 31.5% 3.7% NM 0.40x 10.8x 0.38x 7.1x Ingles Markets, Incorporated IMKT.A 27.63 98.1% 629 909 4 1,534 3,820 214 0.8% 2.9% 21.9% 5.6% 12.7x 0.40x 7.2x 0.39x 7.0x J. Sainsbury plc LSE:SBRY 4.23 65.2% 8,079 4,981 2,304 10,756 38,904 2,256 1.2% 4.5% 6.2% 5.8% NM 0.28x 4.8x 0.29x 5.4x Koninklijke Ahold N.V. ENXTAM:AH 17.34 89.7% 14,401 3,993 2,219 16,175 40,299 2,676 (9.7%) (0.1%) 26.5% 6.6% 16.1x 0.40x 6.0x 0.38x 5.9x Nat u ral Gro cers b y Vit amin Co t t ag e NGVC 19.05 42.7% 428 20 7 441 500 39 23.4% 30.1% 29.2% 7.9% 34.2x 0.88x 11.2x 0.74x 9.7x Roundy's, Inc. RNDY 3.47 31.7% 167 657 47 777 4,229 142 21.5% 3.4% 26.8% 3.3% NM 0.18x 5.5x 0.19x 6.0x Safeway Inc. SWY 34.85 86.6% 8,033 2,817 1,415 9,435 36,542 1,516 6.1% (5.2%) 27.2% 4.1% NM 0.26x 6.2x 0.25x NA Sprouts Farmers Market, Inc. SFM 30.75 71.3% 4,652 385 118 4,918 2,841 244 23.1% NA 29.9% 8.6% 49.5x 1.73x 20.1x 1.45x 16.4x SUPERVALU Inc. SVU 9.00 92.0% 2,350 2,746 88 5,008 17,219 805 0.5% (22.4%) 14.8% 4.7% 16.0x 0.29x 6.2x 0.28x 6.7x The Kroger Co. KR 57.71 98.1% 28,341 11,200 248 39,293 103,963 4,704 5.5% 6.1% 21.2% 4.5% 18.9x 0.38x 8.4x 0.35x 7.7x The Pantry, Inc. PTRY 25.63 92.5% 601 937 50 1,488 6,825 202 (3.5%) (1.0%) 11.9% 3.0% NM 0.22x 7.4x 0.20x 6.6x Village Super Market Inc. VLGE.A 26.04 67.0% 366 46 77 335 1,519 52 2.9% 5.3% 26.9% 3.4% NM 0.22x 6.4x 0.22x NA Weis Markets, Inc. WMK 44.50 82.3% 1,197 0 94 1,102 2,749 160 1.8% 0.9% 27.0% 5.8% 21.0x 0.40x 6.9x 0.39x NA Whole Foods Market, Inc. WFM 47.11 78.9% 16,978 62 743 16,297 14,194 1,322 9.9% 12.0% 37.2% 9.3% 30.2x 1.15x 12.3x 1.04x 11.4x Mean 6.0% 3.1% 23.4% 5.4% 25.3x 0.50x 8.7x 0.46x 8.3x Median 4.2% 3.1% 26.6% 5.1% 22.9x 0.39x 7.0x 0.37x 7.0x

12 of 16 Trading Statistics Detail (continued)5

Grocery Distribution AMCON Distributing Co. DIT $86.00 92.5% $53 $19 $0 $72 $849 $12 2.9% 6.6% 9.0% 1.4% 12.7x 0.08x 6.1x NA NA Core-Mark Holding Company, Inc. CORE 58.80 94.7% 1,359 65 24 1,400 8,056 104 8.0% 10.8% 7.0% 1.3% 31.8x 0.17x 13.5x 0.13x 10.5x SpartanNash Company SPTN 23.30 90.5% 874 557 8 1,422 7,355 201 NA 40.8% 14.8% 2.7% 33.3x 0.19x 7.1x 0.18x 6.1x United Natural Foods, Inc. UNFI 73.69 92.5% 3,676 449 16 4,109 6,794 261 12.0% 14.5% 16.6% 3.8% 29.2x 0.60x 15.7x 0.50x 13.0x Mean 7.7% 18.2% 11.8% 2.3% 26.8x 0.26x 10.6x 0.27x 9.9x Median 8.0% 12.6% 11.9% 2.1% 30.5x 0.18x 10.3x 0.18x 10.5x Foodservice Colabor Group Inc. TSX:GCL $3.03 62.2% $83 $170 $0 $253 $1,312 $28 (5.9%) 2.1% 2.2% 2.1% NM 0.19x 9.0x 0.19x 6.8x Sysco Corporation SYY 38.58 88.9% 22,681 3,040 385 25,335 47,248 2,309 4.9% 5.6% 17.6% 4.9% 24.6x 0.54x 11.0x 0.51x 10.3x The Chefs' Warehouse, Inc. CHEF 15.75 52.5% 395 145 5 534 802 40 28.7% 28.7% 24.7% 5.0% 28.6x 0.67x 13.3x 0.59x 11.1x Mean 9.3% 12.1% 14.8% 4.0% 26.6x 0.47x 11.1x 0.43x 9.4x Median 4.9% 5.6% 17.6% 4.9% 26.6x 0.54x 11.0x 0.51x 10.3x Quick Service Restaurant Burger King Worldwide, Inc. BKW 32.29 94.4% 11,365 3,017 1,037 13,346 1,046 708 (18.6%) (23.5%) 79.1% 67.6% NM 12.76x 18.9x 11.99x 17.3x Jack in the Box Inc. JACK 71.75 97.3% 2,800 535 10 3,326 1,477 266 (1.6%) (13.1%) 25.8% 18.0% 30.4x 2.25x 12.5x 2.22x 12.0x McDonald's Corp. MCD 96.21 92.7% 93,632 15,130 3,233 105,529 27,962 9,917 (0.0%) 1.9% 38.4% 35.5% 18.9x 3.77x 10.6x 3.81x 10.5x Sonic Corp. SONC 25.09 96.7% 1,330 464 36 1,759 552 141 1.8% 0.4% 53.6% 25.5% 29.5x 3.18x 12.5x 3.02x 11.3x The Wendy's Company WEN 8.52 83.0% 3,112 1,447 342 4,216 2,152 336 (14.8%) (3.6%) 30.2% 15.6% 25.1x 1.96x 12.6x 2.16x 10.5x Yu m! Bran d s , In c. YUM 74.78 89.5% 32,716 3,387 1,011 35,092 13,461 2,930 3.1% 3.7% 26.6% 21.8% 23.4x 2.61x 12.0x 2.44x 11.5x Mean (5.0%) (5.7%) 42.3% 30.7% 25.5x 4.42x 13.2x 4.27x 12.2x Median (0.8%) (1.6%) 34.3% 23.6% 25.1x 2.90x 12.5x 2.73x 11.4x Casual Dining Restaurant BJ's Restaurants, Inc. BJRI $46.03 95.8% $1,201 $32 $24 $1,208 $831 $84 9.4% 12.6% 17.1% 10.1% NM 1.45x 14.3x 1.33x 11.8x Bloomin' Brands, Inc. BLMN 22.00 80.7% 2,765 1,414 145 4,034 4,385 426 7.5% 6.5% 16.3% 9.7% 21.8x 0.92x 9.5x 0.87x 8.3x Brinker International, Inc. EAT 54.53 98.3% 3,466 893 64 4,295 2,932 431 3.0% 1.9% 19.3% 14.7% 23.4x 1.47x 10.0x 1.41x 9.1x Buffalo Wild Wings Inc. BWLD 162.67 97.0% 3,079 0 100 2,978 1,449 236 17.9% 25.8% 25.0% 16.3% 32.6x 2.06x 12.6x 1.72x 11.0x Chuy's Holdings, Inc. CHUY 21.77 50.2% 358 9 3 363 234 26 16.9% 23.6% 18.5% 11.1% 31.5x 1.55x 13.9x 1.30x 10.8x Darden Restaurants, Inc. DRI 55.90 98.3% 7,415 1,635 414 8,636 6,350 639 17.2% (6.0%) 20.2% 10.1% NM 1.36x 13.5x 1.28x 11.1x Del Frisco's Restaurant Group, Inc. DFRG 23.18 78.3% 543 6 1 548 293 41 15.0% 16.8% 24.4% 14.0% 35.1x 1.87x 13.3x 1.61x 11.0x DineEquity, Inc. DIN 94.61 98.3% 1,793 1,365 133 3,026 648 272 1.1% (17.0%) 60.2% 41.9% 23.7x 4.67x 11.1x 4.59x 11.1x Ignite Restaurant Group, Inc. IRG 6.83 41.9% 179 163 33 309 847 24 23.3% 28.5% 29.9% 2.8% NM 0.36x 13.0x 0.37x 8.0x Red Robin Gourmet Burgers Inc. RRGB 68.51 83.3% 960 156 20 1,096 1,106 115 8.9% 7.1% 22.7% 10.4% 28.1x 0.99x 9.5x 0.87x 8.3x Ruby Tuesday, Inc. RT 7.69 93.6% 476 258 57 677 1,160 69 (4.4%) (3.5%) 16.7% 5.9% NM 0.58x 9.8x 0.59x 10.5x Ruth's Hospitality Group Inc. RUTH 12.37 80.8% 437 30 3 464 418 49 2.9% 4.8% 21.6% 11.8% 33.4x 1.11x 9.4x 1.06x 8.4x Texas Roadhouse, Inc. TXRH 31.86 97.2% 2,211 53 59 2,204 1,554 186 14.6% 13.0% 33.0% 12.0% 26.3x 1.42x 11.8x 1.29x 10.4x The Cheesecake Factory Incorporated CAKE 47.40 95.3% 2,262 102 22 2,341 1,952 233 4.5% 4.8% 43.0% 12.0% 22.6x 1.20x 10.0x 1.12x 9.1x Mean 9.8% 8.5% 26.3% 13.1% 27.9x 1.50x 11.6x 1.39x 9.9x Median 9.1% 6.8% 22.1% 11.5% 27.2x 1.39x 11.5x 1.29x 10.4x

13 of 16 Trading Statistics Detail (continued)5

Fas t Cas ual Chipotle Mexican Grill, Inc. CMG $669.80 96.0% $20,772 $0 $790 $19,983 $3,883 $764 26.5% 21.7% 37.8% 19.7% NM 5.15x 26.2x 4.30x 20.4x Einstein Noah Restaurant Group, Inc. BAGL 20.23 98.0% 365 101 1 465 445 47 3.2% 2.4% 20.5% 10.5% 28.6x 1.04x 10.0x NA NA Fiesta Restaurant Group, Inc. FRGI 56.98 95.3% 1,502 69 2 1,569 591 79 9.1% 8.1% 25.2% 13.4% NM 2.65x 19.9x 2.35x 16.8x Noodles & Company NDLS 23.48 54.1% 699 22 2 719 387 43 17.3% 36.0% 20.2% 11.2% NM 1.86x 16.6x 1.56x 13.2x Potbelly Corporation PBPB 13.41 44.0% 388 1 69 320 317 32 17.3% 36.0% 30.3% 10.0% NM 1.01x 10.1x 0.91x 9.8x Panera Bread Company PNRA 169.76 87.9% 4,578 100 146 4,532 2,518 406 9.7% 12.8% 34.4% 16.1% 25.0x 1.80x 11.2x 1.67x 11.0x Mean 13.9% 19.5% 28.1% 13.5% 26.8x 2.25x 15.6x 2.16x 14.2x Median 13.5% 17.2% 27.8% 12.3% 26.8x 1.83x 13.9x 1.67x 13.2x Pizza Domino's Pizza, Inc. DPZ 91.46 98.9% 5,031 1,524 31 6,524 1,917 364 8.0% 5.6% 30.1% 19.0% 32.8x 3.40x 17.9x 3.20x 16.0x Papa John's International Inc. PZZA 50.01 90.9% 2,008 225 17 2,216 1,561 151 10.0% 9.2% 33.5% 9.7% 30.3x 1.42x 14.7x 1.34x 12.6x Mean 9.0% 7.4% 31.8% 14.3% 31.5x 2.41x 16.3x 2.27x 14.3x Median 9.0% 7.4% 31.8% 14.3% 31.5x 2.41x 16.3x 2.27x 14.3x Beverage / Snack Retail Dunkin' Brands Group, Inc. DNKN $47.90 90.3% $5,010 $1,817 $156 $6,671 $739 $358 6.7% 6.6% 78.8% 48.4% 30.9x 9.03x 18.7x 8.45x 16.4x Jamba, Inc. JMBA 12.83 85.8% 223 0 30 193 218 6 (4.9%) (0.9%) 36.2% 3.0% NM 0.88x 29.8x 0.99x 10.7x Krispy Kreme Doughnuts, Inc. KKD 20.18 75.8% 1,300 6 36 1,270 469 60 2.3% 6.9% 18.6% 12.8% 38.7x 2.71x 21.2x 2.42x 16.8x Starbucks Corporation SBUX 78.12 94.8% 58,457 2,048 1,844 58,662 16,448 3,541 10.4% 12.0% 58.3% 21.5% 28.8x 3.57x 16.6x 3.06x 13.2x Tim Hortons Inc. THI 81.67 98.5% 10,827 1,290 105 12,013 3,093 761 0.6% 5.7% 24.8% 24.6% 30.7x 3.88x 15.8x 3.69x 14.8x Mean 3.0% 6.1% 43.3% 22.1% 32.3x 4.01x 20.4x 3.72x 14.4x Median 2.3% 6.6% 36.2% 21.5% 30.8x 3.57x 18.7x 3.06x 14.8x Family Res taurant Bob Evans Farms, Inc. BOBE $52.98 93.1% $1,250 $463 $4 $1,709 $1,325 $118 (0.8%) (7.4%) 35.2% 8.9% NM 1.29x 14.5x 1.23x 10.4x Denny's Corporation DENN 8.91 97.0% 755 172 1 925 458 77 (1.4%) (5.6%) 37.6% 16.9% 29.9x 2.02x 11.9x 1.95x 10.5x Frisch's Restaurants, Inc. FRS 27.71 89.7% 142 6 3 145 211 21 3.0% 7.4% 10.5% 10.2% 14.0x 0.69x 6.8x 0.68x NA Luby's , Inc. LUB 4.85 53.0% 138 42 3 177 394 17 1.0% 4.2% 31.2% 4.4% NM 0.45x 10.3x 0.44x NA Mean 0.5% (0.4%) 28.6% 10.1% 21.9x 1.11x 10.9x 1.07x 10.5x Median 0.1% (0.7%) 33.2% 9.5% 21.9x 0.99x 11.1x 0.95x 10.5x

14 of 16 Food and Beverage Earnings Release Calendar

Earnings November 2014 Release Date Company Calendar5 11/17/2014 Tyson Foods, Inc. (NYSE:TSN) 11/18/2014 Omega Protein Corporation (NYSE:OME) 11/19/2014 The J. M. Smucker Company (NYSE:SJM) 11/19/2014 Keurig Green Mountain, Inc. (NasdaqGS:GMCR) 11/25/2014 Campbell Soup Company (NYSE:CPB) 11/25/2014 Hormel Foods Corporation (NYSE:HRL)

December 2014 Date Company 12/11/2014 Costco Wholesale Corporation (NasdaqGS:COST) 12/18/2014 ConAgra Foods, Inc. (NYSE:CAG) 12/23/2014 Walgreen Co. (NYSE:WAG)

January 2015 Date Company 1/30/2015 Tyson Foods, Inc. (NYSE:TSN)

February 2015 Date Company 2/3/2015 Archer-Daniels-Midland Company (NYSE:ADM) 2/10/2015 Molson Coors Brewing Company (NYSE:TAP) 2/19/2015 Wal-Mart Stores Inc. (NYSE:WMT) 2/25/2015 Campbell Soup Company (NYSE:CPB)

15 of 16 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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