Food and Beverage Industry Update September 2014

Member FINRA/SIPC

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

What We’re Seeing CONTENTS Market Update INDUSTRY VITAL SIGNS M&A activity in the food and beverage sector continued to carry momentum through the summer as several headline deals were announced in late August. HW&Co. anticipates an active marketplace for the EQUITY MARKET OVERVIEW remainder of the year as strategic and private equity buyers look to take advantage of current market M&A MARKET OVERVIEW conditions and aggressively pursue well positioned food & beverage companies. Activity remains strong DEBT MARKET OVERVIEW in the natural/organic food industry, as General Mills acquired Annie’s. Further strategic activity included NOTABLE M&A ACTIVITY Burger King and Tim Horton’s reaching an agreement to merge. HW&Co. continues to see new deal PUBLIC COMPARABLES activity, reinforcing the M&A market’s momentum. Equity markets are also ripe for food and beverage investing, with Shake Shack’s upcoming IPO on pace to receive a $1 billion+ valuation. EARNINGS CALENDAR 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 a portfolio company of selected assets to focuses on trends and metrics in the a portfolio company of a portfolio company of following areas: has acquired has been acquired by has been acquired by has been acquired by and has been acquired by • Agribusiness and • Baked and Prepared Goods • Beverages • Branded and Private Label • Dairy

a portfolio company of a portfolio company of • Distribution 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 General Mills Adds Organic Foods With Purchase of Annie’s CONTACTS General Mills is acquiring Annie’s for approximately $820 million. Annie’s investors will receive $46 a Glenn Gurtcheff | Managing Director share in cash, 37% above its closing price on September 8th. Annie’s posted sales of $204 million in its [email protected] +1 (612) 359-2702 most recent fiscal year. That compares with about $330 million in revenue for General Mills’ organic- product division, which also includes Muir Glen tomatoes and Larabar energy bars. Large packaged-food Tim Alexander | Managing Director companies are increasingly looking to natural and organic products to help spur growth. [email protected] Access to the full article here. +1 (612) 359-2716 Burger King and Tim Hortons to Merge Ryan Budlong | Director [email protected] On August 27th, Burger King and Tim Hortons announced their intention to merge, creating the 3rd largest +1 (612) 359-2722 QSR chain as measured by system-wide sales. The companies expect the transaction to be highly synergistic, as both chains are nearly 100% franchised. The merger will provide Burger King with more Brant Cash | Vice President [email protected] exposure to the increasingly popular breakfast daypart and assist in fueling growth outside of the United +1 (612) 359-2709 States. Amid heightened scrutiny of tax inversion deals, Burger King says the plan to have the new company’s headquarters in Canada is strictly about growth and has nothing to do with potential tax Ryan Freeman | Vice President savings. [email protected] +1 (612) 359-2703 Access to the investor presentation here. Matt Whebbe | Vice President Shake Shack Targeting $1 Billion IPO [email protected] Leonard Green & Partners, the private equity group that owns Shake Shack via its Union Hospitality +1 (612) 359-2727 Group holding, may seek a valuation for $1 billion or more for the upcoming offering. This valuation www.harriswilliams.com would represent a multiple of about 50x 2014 EPS, similar to recent restaurant IPOs. Access to the full article here. 2 of 16 Food and Beverage Industry Vital Signs

Commodity 250 Wheat: Price Indices1 67.1% 200 Soybeans: 24.2% 150 Crude Oil: 33.9% 100 Corn:

Commodity Price Index Commodity Price 15.4% 50 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Corn Soybeans Wheat Crude Oil

Protein Price 140 2,3 Indices 130 Beef: 120 32.4% Pork: 110 20.8% 100 Poultry: ProteinPrice Index 11.5% 90 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Beef Pork Poultry

Restaurant and 140 Grocery Store Sales Indices4 Restaurant: 120 24.1% Grocery: 15.0%

100 SalesIndex

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

Restaurant Grocery

Consumer Food 5.5 Price Index 4.0 Inflation2 2.5

Inflation(%) 1.0

-0.5 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14

3 of 16 Public Equity Market Overview

Stock Price % ChangeEV/EBITDA % Change Current Valuation Stats Net Debt / Key Trading Industry and Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA Statistics5 Protein Processing (2.2%) 29.9% (2.4%) (1.4%) 14.2x 13.7x 7.5x 1.9x Fruit and Vegetable 12.2% 8.0% 6.2% 16.8% 21.3x 26.5x 13.6x 3.0x Ingredients / Flavors (1.1%) 20.6% (3.7%) 7.4% 19.4x 27.3x 13.3x 1.1x

Inputs Agribusiness 3.8% 22.6% (0.1%) 33.6% 14.6x 16.5x 11.9x 1.1x Branded Processed Foods (3.5%) 8.8% 2.1% 1.4% 20.0x 23.4x 13.4x 2.1x Private Label Foods 1.1% 1.7% (6.3%) (6.7%) 20.2x 26.3x 14.0x 3.1x Natural / Organic Foods 1.3% 16.7% 1.2% 1.3% 24.4x 26.2x 14.3x 2.5x Baked Goods / Snack Foods 2.1% 22.9% (0.6%) 18.1% 18.8x 25.5x 12.2x 2.8x Dairy (4.1%) 9.8% 15.1% 18.0% 20.5x 23.5x 14.0x 2.2x Non-Alcoholic Beverages 5.2% 18.2% 6.1% 14.0% 20.0x 21.6x 14.0x 1.6x

Food and Beverage Alcoholic Beverages (1.1%) 12.3% 5.4% 3.1% 20.1x 22.9x 13.9x 2.8x Food Retail (2.3%) (7.0%) 0.7% 2.0% 19.8x 19.1x 6.9x 2.4x Grocery Distribution 1.0% 9.0% 0.7% 23.9% 23.2x 26.7x 10.1x 1.6x Foodservice (2.0%) (15.9%) 3.8% 20.3% 20.1x 27.8x 11.0x 3.3x Quick Service Restaurant (1.7%) 18.2% (1.5%) 10.9% 22.5x 28.4x 11.6x 2.6x Casual Dining Restaurant (9.0%) 4.7% (8.5%) 2.7% 19.3x 22.7x 11.1x 2.4x Fast Casual (5.2%) (5.8%) (2.9%) (8.5%) 36.6x 20.9x 11.4x 0.9x Pizza (2.3%) 21.4% (3.1%) 6.2% 22.8x 26.4x 14.4x 2.8x Beverage / Snack Retail 8.4% 8.5% 7.2% 0.2% 25.4x 31.3x 18.1x 1.7x

Consumer Consumer and Retail Family Restaurant 2.9% 5.2% 6.8% 20.1% 19.9x 19.2x 9.8x 2.1x

Overall Median (0.7%) 12.3% 0.2% 7.2% 20.1x 24.1x 12.2x 2.0x

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

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

Inputs Food and Beverage Consumer and Retail 4 of 16 Public Equity Market Overview

Gross Recent Equity Close Transaction Proceeds Offerings6 Date Filing Date Issuer Ticker Type ($mm) Use of Funds 09/05/14 09/05/14 Inventure Foods Inc SNAK Follow-On $38.2 Other

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 06/20/14 06/20/14 RiceBran Technologies RBIT Follow-On $7.5 Working Capital Paymnt on Borrowings 06/12/14 06/12/14 Russell Breweries Inc RB Follow-On $0.5 Working Capital Investment/Loan 06/02/14 06/02/14 Captiva Verde Industries Ltd VEG.H Follow-On $0.5 Working Capital

05/30/14 05/30/14 MamaMancini's Holdings Inc MMMB Follow-On $2.4 General Corp. Purp.

05/29/14 05/29/14 Thinspace Technologies Inc THNS Convertible $0.3 General Corp. Purp.

05/21/14 05/21/14 Post Holdings Inc POST Convertible $250.0 General Corp. Purp. Acquisitions

130

Food and Beverage 120 Industry Stock 23.8% Performance5 19.8% 110 12.6%

8.2% 100 (4.3% )

(3.8% ) 90

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

Restaurant Protein Processing/Dairy Natural/Organic Beverage Private Label Food Manufacturing S&P 500

5 of 16 M&A Market Overview

Highlighted General Mills Acquires Annie’s Food and • General Mills will pay $46 cash per share for each Annie’s share, representing a Beverage M&A 37% premium. Transactions Enterprise Value: $821.4mm • Annie’s will be integrated into General Mills’ organic-product division, which did Revenue Multiple: 3.9x $330 million in revenue in its most recent fiscal year. EBITDA Multiple: 38.6x • The transaction is expected to be highly synergistic and should boost General Announced: September 8, 2014 Mills’ profit within the first year. Burger King and Tim Hortons to Merge • Burger King will pay C$65.50 cash and .8025 shares for each Tim Hortons share, representing a value of C$89.32 based on BKW’s closing as of August 22nd. Enterprise Value: $11.9bn • Post close, 3G Capital will own 51% of the new company, with Burger King Revenue Multiple: 3.8x shareholders owning 27% and Tim Hortons’ shareholders owning 22%. EBITDA Multiple: 15.4x • The offer price of C$89.32 per share is a 39% premium to Tim Hortons 30 day Announced: August 27, 2014 volume-weighted average share price. Coca-Cola Acquires Stake in Monster • The Coca-Cola Company will acquire a 16.7% percent stake in Monster for $2.15 billion in cash. Enterprise Value: $12.9bn • Coca-Cola can accumulate a maximum stake of 25% through open market Revenue Multiple: 5.5x transactions under the agreement. EBITDA Multiple: 18.8x • The stock up was 20% after announcement, despite some equity research analysts Announced: August 14, 2014 preferring a complete acquisition. North American Median Food and Bev. Transaction Multiples Announced Food and Bev. Transactions

Food and 16x 13.5x 1.75x $120 $110.2 300 $101.8 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 EVLTM EBITDA / Multiple 4x $24.0 $8.2 $20 2x 0.25x $9.3 50

0x 0.00x AggregateTransaction ($ 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 Aggregate Deal Value # of deals

Latest Deals Last 10 Deals Announced Private Equity Investments and Exits and Announced 50 46 43 1/0/1900Announced Target 0 JAB Holdings B.V.Buyer 45 Private Equity 38 9/8/2014 Annie's, Inc. General Mills, Inc. 40 36 36 5 34 34 Activity 32 9/2/2014 Harry & David Holdings, Inc. 1-800-Flowers.com Inc. 35 30 27 27 26 27 26 9/2/2014 ADM Global Chocolate Business Cargill, Incorporated 25 24 9/2/2014 Inko's LLC Braintrust Investments, LLC 25 21 18 20 17 9/2/2014 Manzen, LLC Big Red, Inc. 15 14 15 8/29/2014 SC Zaharul Liesti SA AGRANA Zucker GmbH 10 8/26/2014 CCA Industries, Inc., Mega-T Brand Casla Partners Numberof Investments 5 8/26/2014 Tim Hortons Inc. Burger King Worldwide, Inc. 0 8/26/2014 The Cook & Baker, LLC Portable Pantry LLC 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 8/25/2014 Rusty Taco, Inc. Buffalo Wild Wings Inc. Number of Investments Number of 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

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

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

$2 Spread LIBOR Average Over $0 L + 0 2007 2008 2009 2010 2011 2012 2013 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 Revolving Credit / Term Loan A Weighted-Average Institutional Institutional Pro Rata

Credit Statistics Average Secondary Spreads

6.0x L + 1000 2009 2010 2011 2012 2013

L + 800 4.0x L + 600

2.0x L + 400 EBITDA Multiple EBITDA L + 200

0.0x Spread LIBOR Average Over Debt/ Senior Debt/ EBITDA/ EBITDA - Capex/ L + 0 EBITDA EBITDA Cash Interest Cash Interest

Recent Debt Effective Date Borrower Name Description Tranche Amount Type Rating Spread 8 Offerings 09/01/14 Imperial Tobacco Group Plc Cigarettes USD 4,100,000,000 Term Loan N/A / Baa3 N/A 09/01/14 Imperial Tobacco Group Plc Cigarettes EUR 1,000,000,000 Revolver/Line >= 1 Yr. N/A / Baa3 N/A 09/01/14 Imperial Tobacco Group Plc Cigarettes USD 1,500,000,000 Term Loan N/A / Baa3 N/A 09/01/14 Imperial Tobacco Group Plc Cigarettes EUR 2,835,000,000 Revolver/Line >= 1 Yr. N/A / Baa3 N/A 09/01/14 Imperial Tobacco Group Plc Cigarettes GBP 500,000,000 Revolver/Line >= 1 Yr. N/A / Baa3 N/A 09/01/14 Imperial Tobacco Group Plc Cigarettes USD 1,500,000,000 Term Loan N/A / Baa3 N/A 08/29/14 Usina Santa Fé SA Raw cane sugar USD 52,500,000 Term Loan N/A / NR N/A 08/29/14 Vedan Enterprise Corp Food preparations TWD 3,500,000,000 Term Loan N/A / NR 90 08/29/14 WhiteWave Foods Fluid milk USD 1,000,000,000 Revolver/Line >= 1 Yr. N/A / NR 175 08/29/14 WhiteWave Foods Fluid milk USD 250,000,000 Term Loan A N/A / NR 175 08/29/14 WhiteWave Foods Fluid milk USD 750,000,000 Term Loan A N/A / NR 175 08/28/14 Fuller Smith & Turner Plc Malt beverages GBP 180,000,000 Undisclosed N/A / NR N/A 08/25/14 Formosa Oilseed Processing Co. Edible fats and oils TWD 400,000,000 Term Loan N/A / NR 71 08/25/14 Formosa Oilseed Processing Co. Edible fats and oils TWD 400,000,000 Revolver/Line >= 1 Yr. N/A / NR 76 08/25/14 Formosa Oilseed Processing Co. Edible fats and oils TWD 200,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A 08/22/14 AAA Oils & Fats Pte Ltd Edible fats and oils USD 585,000,000 Revolver/Line >= 1 Yr. N/A / NR 280

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

Median LTM Median LTM Trading Multiples Quarterly M&A Activity Trading 100 13.2x Multiples and 90 6 13.0x 12.7x12.8x 12.6x 12.6x 12.6x 80 Quarterly Food 12.3x 12.4x 12.4x 12.2x 10 12.0x 12.0x 12.1x 70 and Beverage 11.9x 12.0x 12.0x 11.8x 11.8x 11.9x 11.8x 5 11.9x M&A 11.6x 60 4 7 7 11.2x 11.2x 11.4x 7 9 13 50 6 7 8 10.9x 5 5 89 11.0x 6 8 40 7 10.5x 5 7 10

2 4 6 70 Median Trading Multiple Number of Transactions 30 13 5 53 52 52 49 48 10.0x 47 3 46 47 46 47 20 42 39 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

Sep-13

Feb-14

Apr-14

Dec-13

Mar-14

Aug-13

Nov-13 Aug-14 May-14 Strategic Acquirer Private Equity Acquirer Food Products, Processing, and Ingredients Retail and Restaurants

Enterprise Enterprise Value Private Equity Recent North Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement American Food 9/8/2014 Annie's, Inc. - General Mills, Inc. $821.4 3.95x 38.6x 41.9x and Beverage 9/2/2014 Harry & David Holdings, Inc. Wasserstein & Co., LP 1-800-Flowers.com Inc. $101.8 0.27x 5.0x 8.4x P 9/2/2014 ADM Global Chocolate Business Archer-Daniels-Midland Company Cargill, Incorporated $440.0 - - - M&A5 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 - - - P 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 - - - - P 8/18/2014 The Marshall Retail Group, LLC ICV Partners Brentwood Associates, Inc. - - - - P 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 13.6x 51.6x P 8/11/2014 Continental Seasoning, Inc. - Newly Weds Foods, Inc. - - - - 8/8/2014 John Conti Coffee Co. Inc. - Canteen Service Co. of Kentuckiana, Inc. - - - - 8/7/2014 American Blanching Co., Inc. Ironwood Capital Nuts Distributor of America Inc. $128.0 - - - P 8/1/2014 Mighty Leaf Tea Company VMG Partners Peet's Coffee & Tea - - - - P 8/1/2014 Faribault Foods, Inc. - Arizona Canning Company, LLC - - - - 7/28/2014 M&M Meat Shops Ltd. - Searchlight Capital Partners - - - - P 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. - - - - P 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 - - - - P 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 - - P 7/7/2014 Truco Enterprises, LP Arbor Private Investment Company Insignia Capital Group, LLC - - - - P 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 7/3/2014 Apple & Eve, LLC ClearLight Partners LLC; Ares Capital Lassonde Industries Inc. $147.9 - 9.7x - P 7/3/2014 Romeo's NY Pizza - Cardiff International Inc. $1.0 - - - and Beverage 7/3/2014 Ker, Inc. - Third Lake Capital - - - - P M&A5 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 - - - (continued) 7/2/2014 Juicy Juice Business Nestle USA, Inc. Brynwood Partners - - - - P 6/30/2014 Sequoia Spring Water, Inc. - DS Services of America, Inc. - - - - 6/30/2014 Havana Manor LLC - Smoker Friendly International LLC - - - - 6/27/2014 Flagstone Foods Gryphon Investors; Prospect Capital Bay Valley Foods, LLC $1,322.9 1.83x 24.3x 33.7x P 6/25/2014 McAlister's Deli Located in Renaissance Center CAERUS Group Southern Deli Holdings LLC - - - - 6/25/2014 Uncorked LLC ------6/25/2014 Sierra Soups, Inc. and Meadow Lakes Dressings Inc. - Sierra Foods Co. Inc. - - - - 6/23/2014 Great Sandhills Terminal Ltd. - Canadian Wheat Board $23.9 0.46x 40.3x 138.1x 6/23/2014 Mr. B's Pub, Inc. ------6/23/2014 Furr's Restaurant Group, Inc. and Dynamic Foods Buffet Partners, L.P. Food Management Partners, Inc. - - - - 6/20/2014 Anodyne Coffeehouse - Bull Run Coffee Bar - - - - 6/20/2014 S.B. Restaurant Co. Inc. Ares Capital; KarpReilly LLC; Fidus Cerberus Business Finance, LLC - - - - P 6/19/2014 Great Harvest Franchising, Inc. ------6/17/2014 Première Moisson Inc. - Metro Inc. - - - - 6/16/2014 Central Garden & Pet Company, Pet Segment Central Garden & Pet Company Harbinger Group Inc. $750.0 0.85x - - 6/16/2014 ProBlend Ingredients, Inc. - Eurogerm USA, Inc. - - - - 6/16/2014 BB's Bagels & Bread LLC - Zi Pani - - - - 6/16/2014 Spot Coffee Orchard Park, LLC SPoT Coffee Buffalo Inc. - - - - - 6/16/2014 Corr Brands, Inc. - ID Global Corporation - - - - 6/13/2014 Diversified Food And Seasoning, Inc. Diversified Food And Seasoning, Inc. Popeyes Louisiana Kitchen, Inc. $43.0 - - - 6/13/2014 Michael Angelo's ------6/11/2014 Carlisle Corporation, 56 Wendy's Restaurants Carlisle Corporation NPC Quality Burgers, Inc. $58.2 0.76x - - 6/11/2014 The H.Wood Group - Hakkasan Ltd. - - - - 6/10/2014 Supreme Cattle Feeders L.L.C. Agri Beef Co. Green Plains Inc. - - - - 6/9/2014 Edgewood Bakery, Inc. - - $1.0 - - - 6/9/2014 Central Garden & Pet Company Spectrum Asset Management, Inc. Harbinger Group Inc. $1,020.0 0.62x 11.2x 19.8x P 6/6/2014 Fruitbud Juice LLC - Country Pure Foods, Inc. - - - - 6/5/2014 Ovale SEC - Nutri-Oeuf Inc. - - - - 6/5/2014 Carneros Interests Michael Mondavi Family Estate Kieu Hoang Winery, LLC - - - - 6/4/2014 S.S. of Kansas, Inc. - Kelly Capital Investments, L.L.C. - - - - 6/3/2014 Pronto Restaurant Rutabagas Inc. - - - - - 6/3/2014 Premier Food Services, Inc. - SMG - - - - 6/2/2014 LM Foods, LLC - Salt Creek Capital II, LLC - - - - P 6/1/2014 Yankie Creek Coffee House ------5/31/2014 U-Swirl, Inc., Three Company Owned Cafes U-Swirl, Inc. - - - - - 5/29/2014 The Hillshire Brands Company Soros Fund Management LLC Tyson Foods, Inc. $8,543.1 2.14x 15.8x 22.8x 5/29/2014 FoodCrafters Group Inc. - A.C. Simmonds and Sons Inc. - - - - 5/28/2014 Pavilion 117 BMOC Baristas Coffee Company Inc. - - - - 5/28/2014 Saint Cupcake LLC ------5/27/2014 Flynn Restaurant Group LLC Goldman Sachs, Merchant Banking DivisionTeachers' Private Capital - - - - P 5/27/2014 The Hillshire Brands Company Soros Fund Management LLC Pilgrim's Pride Corporation $7,298.7 1.83x 13.5x 19.5x 5/27/2014 Track Enterprises, Inc. - Ferris Coffee and Nut Company Inc. - - - - 5/27/2014 Canopy Management Wine Company - Vintage Wine Estates, Inc. - - - - 5/24/2014 Scottsboro Coca-Cola Bottling Company Coca-Cola Enterprises Inc. Coca-Cola Bottling Company UNITED - - - - 5/23/2014 Contessa Premium Foods, Inc. Main Street Capital Holdings, LLC; Sun CapitalRed Chamber Partners, Co. Inc.; Rosetta Capital Corporation$21.0 - - - P 5/23/2014 Moark, LLC Land O Lakes Inc. Southern California Egg Cooperative, Inc. - - - - 5/23/2014 Prime Select Seafoods, Inc. - Northern Fish Products, Inc. - - - - 5/22/2014 SoCal Eats LLC - Paraiso Culinary Ventures LLC $2.6 - - - 5/22/2014 Conopco Inc., North America Pasta Sauces Business Conopco, Inc. Mizkan Holdings Co., Ltd. $2,150.0 3.58x - - 5/21/2014 Wintercreek LLC - DS Services of America, Inc. - - - - 5/20/2014 Vegetable Juices Inc - Naturex Société Anonyme - - - - 5/20/2014 TGI Friday's Inc. Carlson Companies, Inc. Sentinel Capital Partners; Tri-Artisan - - - - P 5/20/2014 Next Generation Vending, LLC H.I.G. Capital, LLC Aramark - - - - P 5/16/2014 507 Restaurant Properties of Red Lobster Golden Gate Capital American Realty Capital Properties, Inc. $1,500.0 - - - P 5/15/2014 Red Lobster Seafood Co. Darden Restaurants, Inc. Golden Gate Capital $2,113.0 0.85x 9.2x - 5/14/2014 Jeff's Gourmet Pies, Inc. - David's Cookies, Inc. - - - -

9 of 16 Trading Statistics Detail5

Food and Beverage Branded Processed Foods Associated British Foods plc ABF $44.51 85.1% $35,152 $1,907 $521 $36,538 $22,096 $2,679 14.8% 8.7% 24.4% 12.1% 36.6x 1.65x 13.6x 1.62x 13.4x Campbell Soup Company CPB 43.39 93.0% 13,621 3,912 239 17,294 8,139 1,407 9.8% 2.2% 35.7% 17.3% 19.6x 2.12x 12.3x 2.05x 10.4x ConAgra Foods, Inc. CAG 32.67 95.3% 13,868 8,994 192 22,669 17,703 2,403 14.8% 12.6% 21.0% 13.6% 45.5x 1.28x 9.4x 1.39x 10.3x General Mills, Inc. GIS 53.51 96.2% 32,775 8,786 867 40,694 17,910 3,481 0.8% 6.4% 35.6% 19.4% 18.7x 2.27x 11.7x 2.19x 11.2x Hormel Foods Corporation HRL 50.85 100.0% 13,397 250 531 13,116 9,096 1,031 5.8% 5.0% 16.8% 11.3% 23.0x 1.44x 12.7x 1.36x 11.2x Kellogg Company K 64.44 92.7% 23,206 7,527 290 30,443 14,644 3,805 (1.4%) 4.3% 43.7% 26.0% 12.8x 2.08x 8.0x 2.03x 11.0x McCormick & Company, Incorporated MKC 69.13 94.3% 8,978 1,325 91 10,212 4,213 718 3.8% 7.0% 40.7% 17.0% 23.1x 2.42x 14.2x 2.36x 13.5x Mondelez International, Inc. MDLZ 35.32 89.3% 59,546 18,576 2,290 75,832 35,037 5,651 (0.3%) (12.4%) 36.9% 16.1% 32.1x 2.16x 13.4x 2.13x 12.7x Nestlé S.A. NESN 76.89 97.6% 245,312 26,355 4,244 267,422 101,648 18,950 4.3% 2.6% 47.8% 18.6% 23.8x 2.63x 14.1x 2.57x 13.4x The Hain Celestial Group, Inc. HAIN 97.79 98.9% 4,924 868 124 5,668 2,154 289 24.2% 24.8% 26.5% 13.4% 34.6x 2.63x 19.6x 2.05x 15.2x The Hershey Company HSY 91.94 84.6% 20,395 1,993 660 21,728 7,260 1,579 6.2% 7.0% 45.5% 21.8% 24.8x 2.99x 13.8x 2.82x 12.4x The J. M. Smucker Company SJM 101.97 90.3% 10,382 2,351 149 12,584 5,584 1,184 (5.0%) 4.0% 36.3% 21.2% 19.1x 2.25x 10.6x 2.16x 9.9x The WhiteWave Foods Company WWAV 35.72 100.0% 6,221 1,365 66 7,519 2,986 332 24.0% 24.8% 34.3% 11.1% NM 2.52x 22.6x 2.13x 16.7x Mean 7.8% 7.5% 34.2% 16.9% 26.1x 2.19x 13.6x 2.07x 12.4x Median 5.8% 6.4% 35.7% 17.0% 23.4x 2.25x 13.4x 2.13x 12.4x Private Label Foods Flowers Foods, Inc. FLO $19.16 74.6% $4,015 826 9 $4,832 $3,759 $419 7.5% 12.9% 47.6% 11.2% 23.9x 1.29x 11.5x 1.22x 10.1x Snyder's-Lance, Inc. LNCE 27.86 91.3% 1,957 705 18 2,643 1,797 187 14.9% 10.7% 33.9% 10.4% 26.3x 1.47x 14.1x 1.61x 13.7x Treehouse Foods, Inc. THS 81.56 98.0% 3,431 1,021 26 4,425 2,474 317 12.6% 8.1% 21.5% 12.8% 37.6x 1.79x 14.0x 1.27x 9.9x Mean 11.7% 10.5% 34.3% 11.5% 29.3x 1.52x 13.2x 1.37x 11.2x Median 12.6% 10.7% 33.9% 11.2% 26.3x 1.47x 14.0x 1.27x 10.1x Natural / Organic Foods Amira Nature Foods Ltd. ANFI $18.95 75.8% $681 $185 $38 $828 $576 $82 29.8% 88.8% 24.2% 14.3% 14.7x 1.44x 10.0x 1.24x 9.0x Annie's, Inc. BNNY 33.51 64.0% 573 0 2 571 208 21 19.2% 20.8% 34.6% 10.2% 45.4x 2.75x 26.8x 2.28x 16.8x SunOpta Inc. TSX:SOY 12.79 91.7% 856 174 7 1,024 1,260 67 10.2% 9.2% 11.2% 5.3% NM 0.81x 15.3x 0.76x 10.8x The Hain Celestial Group, Inc. HAIN 97.79 98.9% 4,924 868 124 5,668 2,154 289 24.2% 24.8% 26.5% 13.4% 34.6x 2.63x 19.6x 2.05x 15.2x United Natural Foods, Inc. UNFI 64.40 80.9% 3,198 302 17 3,483 6,672 262 15.7% 15.2% 16.8% 3.9% 26.2x 0.52x 13.3x 0.47x 11.8x Whole Foods Market, Inc. WFM 38.81 59.2% 14,020 62 796 13,286 13,914 1,301 8.3% 12.2% 35.6% 9.4% 25.2x 0.95x 10.2x 0.86x 9.5x Mean 17.9% 28.5% 24.8% 9.4% 29.2x 1.52x 15.9x 1.28x 12.2x Median 17.5% 18.0% 25.4% 9.8% 26.2x 1.20x 14.3x 1.05x 11.3x Baked Goods / Snack Foods ARYZTA AG SWX:ARYN $87.99 90.8% $7,754 $2,153 $795 $9,112 $6,126 $782 3.3% 8.4% 27.2% 12.8% NM 1.49x 11.7x 1.36x 10.1x Diamond Foods, Inc. DMND 27.43 77.1% 861 654 7 1,508 846 84 (4.8%) (2.4%) 25.1% 9.9% NM 1.78x 18.0x 1.69x 13.2x Flowers Foods, Inc. FLO 19.16 74.6% 4,015 826 9 4,832 3,759 419 7.5% 12.9% 47.6% 11.2% 23.9x 1.29x 11.5x 1.22x 10.1x George Weston Limited WN 79.13 97.6% 10,136 13,207 2,162 21,181 33,595 1,757 3.0% 0.5% 23.6% 5.2% NM 0.63x 12.1x 0.51x 5.8x Golden Enterprises Inc. GLDC 4.55 92.9% 53 8 1 60 136 7 (1.1%) 1.2% 48.7% 4.9% NM 0.44x 9.1x NA NA Grupo Bimbo, S.A.B. de C.V. BIMBO A 3.13 92.7% 14,724 4,693 467 18,949 13,799 1,491 3.5% 10.6% 53.0% 10.8% 39.5x 1.37x 12.7x 1.24x 11.6x Inventure Foods, Inc. SNAK 11.16 77.0% 218 79 1 296 253 23 31.4% 19.5% 18.2% 9.0% 30.0x 1.17x 13.0x 0.98x 10.1x J&J Snack Foods Corp. JJSF 96.14 96.1% 1,793 1 68 1,725 904 142 3.7% 7.6% 31.1% 15.7% 25.5x 1.91x 12.2x 1.82x 11.3x John B Sanfilippo & Son Inc. JBSS 31.82 100.0% 352 82 2 432 779 59 6.0% 4.9% 15.8% 7.6% 13.3x 0.55x 7.3x NA NA Lancaster Colony Corporation LANC 87.49 87.7% 2,392 0 212 2,180 1,041 174 2.7% (1.5%) 23.9% 16.7% 23.8x 2.09x 12.5x 2.04x 12.2x Penford Corporation PENX 14.12 93.0% 179 85 0 264 452 21 (1.7%) 15.3% 10.0% 4.6% 44.5x 0.58x 12.6x 0.55x 8.1x Mean 4.9% 7.0% 29.5% 9.9% 28.6x 1.21x 12.1x 1.27x 10.3x Median 3.3% 7.6% 25.1% 9.9% 25.5x 1.29x 12.2x 1.24x 10.1x

10 of 16 Trading Statistics Detail (continued)5

Dairy Danone BN $70.88 92.7% $42,504 $16,239 $4,208 $54,535 $28,348 $4,304 1.7% 2.0% 47.2% 15.2% 29.9x 1.92x 12.7x 1.88x 11.5x Dean Foods Company DF 15.72 79.1% 1,474 986 60 2,401 9,231 247 0.2% (9.7%) 18.4% 2.7% 4.2x 0.26x 9.7x 0.26x 9.3x Glanbia plc GL9 14.89 94.2% 4,398 762 121 5,040 3,317 288 8.6% 0.3% 29.0% 8.7% 22.8x 1.52x 17.5x 1.47x 15.5x Lifeway Foods Inc. LWAY 14.09 81.9% 230 9 6 234 109 7 22.4% 18.8% 25.7% 6.3% NM 2.15x 33.9x 1.84x 17.0x Saputo Inc. TSX:SAP 60.46 95.1% 11,840 1,931 45 13,726 9,076 982 23.1% 12.1% 10.8% 10.8% 24.2x 1.51x 14.0x 1.45x 12.8x Mean 11.2% 4.7% 26.2% 8.7% 20.3x 1.47x 17.5x 1.38x 13.2x Median 8.6% 2.0% 25.7% 8.7% 23.5x 1.52x 14.0x 1.47x 12.8x

Non-Alcoholic Beverages A.G.Barr p.l.c. LSE:BAG $10.22 91.7% $1,180 $25 $21 $1,184 $419 $75 11.7% 6.0% 45.7% 17.8% 26.4x 2.82x 15.8x 2.66x 14.3x Cott Corporation BCB 7.54 86.9% 706 656 91 1,271 2,051 183 (5.5%) (2.2%) 11.9% 8.9% NM 0.62x 6.9x 0.60x 6.6x Dr Pepper Snapple Group, Inc. DPS 62.31 100.0% 12,158 2,622 150 14,630 6,035 1,447 0.5% 1.4% 59.4% 24.0% 16.8x 2.42x 10.1x 2.40x 10.3x Keurig Green Mountain, Inc. GMCR 129.34 94.5% 21,008 278 1,204 20,082 4,559 1,144 7.1% 25.4% 38.2% 25.1% 36.8x 4.40x 17.6x 3.98x 16.6x Lassonde Industries Inc. LAS.A 115.09 96.4% 804 253 16 1,041 991 111 1.2% 19.6% 27.5% 11.2% 19.0x 1.05x 9.4x NA NA Monster Beverage Corporation MNST 89.91 94.7% 15,032 0 827 14,205 2,355 687 10.6% 15.7% 53.1% 29.2% 37.3x 6.03x 20.7x 5.39x 18.0x National Beverage Corp. FIZZ 18.44 82.8% 854 30 30 855 641 76 (3.2%) 2.2% 33.9% 11.9% 20.4x 1.33x 11.2x 1.32x NA Pepsico, Inc. PEP 91.86 98.2% 138,414 32,848 11,299 159,963 66,544 12,657 0.8% 2.1% 53.4% 19.0% 20.9x 2.40x 12.6x 2.34x 12.0x Starbucks Corporation SBUX 77.67 94.1% 58,346 2,048 1,196 59,198 16,081 3,340 11.3% 11.8% 57.9% 20.8% NM 3.68x 17.7x 3.32x 14.1x The Coca-Cola Company KO 41.78 98.1% 183,244 40,247 21,612 201,879 46,220 13,092 (2.9%) 3.1% 61.0% 28.3% 22.3x 4.37x 15.4x 4.24x 14.9x Mean 3.2% 8.5% 44.2% 19.6% 25.0x 2.91x 13.8x 2.92x 13.4x Median 1.0% 4.5% 49.4% 19.9% 21.6x 2.62x 14.0x 2.66x 14.2x Alcoholic Beverages Anheuser-Busch InBev SA/NV ENXTBR:ABI $111.77 99.0% $179,601 $55,511 $8,845 $226,267 $46,245 $17,790 14.7% 7.0% 60.2% 38.5% 21.3x 4.89x 12.7x 4.54x 11.2x Brown-Forman Corporation BF.B 90.67 93.3% 19,246 1,011 460 19,797 3,010 1,028 4.9% 4.3% 69.6% 34.2% 29.8x 6.58x 19.3x 4.61x 17.4x Constellation Brands Inc. STZ 86.41 91.2% 16,641 7,209 382 23,467 5,720 1,630 101.8% 21.6% 42.4% 28.5% 8.0x 4.10x 14.4x 3.85x 13.0x Diageo plc DGE 29.38 85.0% 73,796 16,258 1,064 88,990 17,546 5,824 2.1% 4.3% 60.9% 33.2% 19.0x 5.07x 15.3x 4.89x 14.6x Heineken NV ENXTAM:HEIA 76.62 100.0% 44,054 15,585 1,147 58,492 24,785 5,192 0.6% 4.1% 38.6% 20.9% 24.4x 2.36x 11.3x 2.24x 9.7x Kirin Holdings Company, Limited TSE:2503 13.26 86.5% 12,115 7,630 421 19,324 21,109 2,665 8.8% 6.6% 43.0% 12.6% 32.3x 0.92x 7.3x 0.89x 6.8x Pernod-Ricard SA RI 117.04 93.5% 30,810 12,773 899 42,683 10,877 3,068 (2.4%) 0.5% 62.7% 28.2% 20.0x 3.92x 13.9x 3.93x 13.7x SABMiller plc LSE:SAB 55.31 96.4% 88,783 17,077 2,131 103,729 16,704 5,445 (3.9%) 3.3% 69.6% 32.6% 26.5x 6.21x 19.1x 5.91x 15.7x Sapporo Holdings Ltd. TSE:2501 4.15 91.2% 1,617 2,513 105 4,025 4,942 422 (2.0%) 8.4% 35.3% 8.5% NM 0.81x 9.5x 0.79x 9.6x Mean 13.8% 6.7% 53.6% 26.4% 22.7x 3.87x 13.6x 3.52x 12.4x Median 2.1% 4.3% 60.2% 28.5% 22.9x 4.10x 13.9x 3.93x 13.0x Inputs Protein Processing Cal-Maine Foods, Inc. CALM $81.04 98.9% $1,960 $61 $209 $1,812 $1,441 $188 11.9% 15.2% 21.0% 13.0% 17.4x 1.26x 9.7x 1.21x 8.3x JBS S.A. BOVESPA:JBSS3 4.10 94.3% 11,874 15,879 4,670 23,083 48,452 3,478 29.9% 9.5% 13.6% 7.2% 41.2x 0.48x 6.6x 0.45x 6.5x Sanderson Farms, Inc. SAFM 91.26 87.8% 2,105 20 139 1,986 2,741 374 5.3% 12.1% 16.1% 13.6% 10.2x 0.72x 5.3x 0.72x 4.4x Seaboard Corp. SEB 2,860.50 91.7% 3,350 131 447 3,033 6,578 380 1.6% 8.3% 8.4% 5.8% 13.7x 0.46x 8.0x 0.45x NA Tyson Foods, Inc. TSN 38.32 86.6% 14,392 1,825 589 15,628 36,369 2,097 7.6% 5.1% 7.4% 5.8% 13.5x 0.43x 7.5x 0.39x 5.2x Mean 11.2% 10.0% 13.3% 9.1% 19.2x 0.67x 7.4x 0.64x 6.1x Median 7.6% 9.5% 13.6% 7.2% 13.7x 0.48x 7.5x 0.45x 5.8x

11 of 16 Trading Statistics Detail (continued)5

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 9/8/14 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA Fruit and Vegetable Calavo Growers Inc. CVGW $38.65 97.9% $609 $52 $20 $641 $749 $40 24.7% 20.1% 9.2% 5.3% 25.3x 0.86x 16.1x 0.78x 13.2x Chiquita Brands International Inc. CQB 13.60 95.1% 639 637 55 1,221 3,059 87 0.7% (1.5%) 10.5% 2.9% NM 0.40x 14.0x 0.40x 8.1x Fresh Del Monte Produce Inc. FDP 33.03 100.0% 1,833 182 48 1,967 3,855 210 9.9% 2.1% 8.2% 5.5% NM 0.51x 9.4x 0.50x 8.1x Seneca Foods Corp. SENE.A 30.11 86.7% 326 228 11 543 1,348 41 5.5% 3.0% 6.5% 3.0% 27.7x 0.40x 13.2x NA NA Mean 10.2% 5.9% 8.6% 4.2% 26.5x 0.54x 13.2x 0.56x 9.8x Median 7.7% 2.6% 8.7% 4.2% 26.5x 0.46x 13.6x 0.50x 8.1x Ingredients / Flavors Givaudan SA SWX:GIVN $1,653.65 97.7% $15,223 $1,603 $401 $16,425 $4,887 $1,001 6.2% 0.6% 45.9% 20.5% 27.3x 3.36x 16.4x 3.34x 14.1x International Flavors & Fragrances Inc. IFF 101.34 95.7% 8,225 936 329 8,832 3,026 653 5.3% 3.5% 44.5% 21.6% 21.9x 2.92x 13.5x 2.80x 12.3x Kerry Group plc ISE:KRZ 73.03 95.4% 12,838 1,861 317 14,382 7,914 952 3.5% 1.7% 43.2% 12.0% NM 1.82x 15.1x 1.80x 13.6x Sensient Technologies Corporation SXT 55.32 96.5% 2,667 495 28 3,134 1,466 268 (0.3%) 1.4% 33.5% 18.3% 32.2x 2.14x 11.7x 2.12x 10.9x Symrise AG XTRA:SY1 52.30 94.3% 6,789 716 673 6,833 2,516 523 7.6% 3.0% 43.0% 20.8% 27.3x 2.72x 13.1x 2.29x 10.6x Tate & Lyle plc TATE 11.02 80.5% 5,150 1,305 772 5,684 5,245 737 0.3% 8.9% 37.7% 14.0% 13.1x 1.08x 7.7x 1.21x 8.1x Mean 3.8% 3.2% 41.3% 17.9% 24.4x 2.34x 12.9x 2.26x 11.6x Median 4.4% 2.3% 43.1% 19.4% 27.3x 2.43x 13.3x 2.20x 11.6x Agribusiness Archer Daniels Midland Company ADM $50.53 100.0% $32,618 $5,622 $1,996 $36,244 $87,726 $3,371 (3.6%) 0.8% 4.8% 3.8% 19.8x 0.41x 10.8x 0.42x 8.5x Bunge Limited BG 85.62 100.0% 12,492 8,731 3,607 17,616 61,325 1,731 (4.0%) 6.3% 4.4% 2.8% NM 0.29x 10.2x 0.28x 7.7x CF Industries Holdings, Inc. CF 253.08 94.5% 12,571 4,592 2,194 14,969 5,029 2,244 (14.7%) (0.7%) 40.0% 44.6% 9.0x 2.98x 6.7x 3.38x 7.1x Darling Ingredients Inc. DAR 19.44 81.2% 3,201 2,371 144 5,428 2,793 416 59.9% 28.8% 25.8% 14.9% NM 1.94x 13.0x 1.36x 8.8x Monsanto Company MON 114.67 89.0% 60,155 3,211 1,817 61,549 15,427 4,611 4.5% 10.4% 53.6% 29.9% 23.7x 3.99x 13.3x 3.80x 11.9x Omega Protein Corporation OME 15.20 99.5% 321 22 40 303 289 92 21.5% 13.1% 34.0% 32.0% 8.4x 1.05x 3.3x 1.07x 4.8x The Andersons, Inc. ANDE 69.38 100.0% 1,943 417 47 2,313 5,081 137 (10.2%) 6.5% 7.5% 2.7% 16.5x 0.46x 16.9x 0.47x 9.4x The Mosaic Company MOS 47.14 92.0% 17,661 3,026 2,367 18,320 7,665 1,357 (23.7%) (8.3%) 14.1% 17.7% NM 2.39x 13.5x 1.85x 7.3x Mean 3.7% 7.1% 23.0% 18.6% 15.5x 1.69x 11.0x 1.58x 8.2x Median (3.8%) 6.4% 20.0% 16.3% 16.5x 1.50x 11.9x 1.22x 8.1x Consumer and Retail Food Retail Costco Wholesale Corporation COST 126.60 100.0% 55,488 4,985 7,275 53,198 109,604 4,086 4.5% 8.9% 12.6% 3.7% 27.1x 0.49x 13.0x 0.45x 11.8x Establishments Delhaize Freres DELB 69.35 95.7% 7,047 3,532 1,685 8,894 28,955 1,621 5.8% (1.2%) 24.0% 5.6% NM 0.31x 5.5x 0.32x 5.1x Fairway Group Holdings Corp. FWM 4.36 16.7% 189 257 49 397 787 14 13.6% NA 31.9% 1.8% NM 0.50x 28.3x 0.48x 8.2x Ingles Markets, Incorporated IMKT.A 25.99 89.3% 592 909 4 1,497 3,820 214 0.8% 2.9% 21.9% 5.6% 11.6x 0.39x 7.0x 0.38x 6.8x J. Sainsbury plc LSE:SBRY 4.71 66.3% 9,001 4,735 2,646 11,090 39,799 2,411 12.9% 5.2% 5.8% 6.1% 8.2x 0.28x 4.6x 0.27x 4.7x Koninklijke Ahold N.V. ENXTAM:AH 16.63 81.3% 14,039 4,116 2,753 15,401 43,571 2,847 0.9% 1.1% 26.6% 6.5% 15.4x 0.35x 5.4x 0.35x 5.5x Natural Grocers by Vitamin Cottage NGVC 18.83 42.2% 423 20 7 436 500 39 23.4% 30.1% 29.2% 7.9% 33.9x 0.87x 11.1x 0.73x 9.7x Roundy's, Inc. RNDY 3.61 32.9% 174 711 36 849 4,081 141 10.6% 2.7% 26.6% 3.5% NM 0.21x 6.0x 0.21x 7.0x Safeway Inc. SWY 34.65 86.1% 7,983 3,814 2,304 9,494 36,333 1,511 4.2% (4.8%) 27.1% 4.2% NM 0.26x 6.3x 0.26x 7.2x Sprouts Farmers Market, Inc. SFM 31.48 63.7% 4,736 433 184 4,985 2,708 228 23.9% NA 30.0% 8.4% NM 1.84x 21.8x 1.54x 18.0x SUPERVALU Inc. SVU 9.68 99.0% 2,524 2,762 90 5,196 17,148 825 0.1% (22.7%) 14.9% 4.8% 16.0x 0.30x 6.3x 0.29x 6.8x The Kroger Co. KR 52.17 100.0% 25,507 11,316 265 36,558 101,339 4,598 3.9% 6.1% 21.3% 4.5% 17.1x 0.36x 8.0x 0.33x 7.1x The Pantry, Inc. PTRY 21.25 98.2% 498 937 50 1,385 6,825 202 (3.5%) (1.0%) 11.9% 3.0% NM 0.20x 6.9x 0.18x 6.2x Village Super Market Inc. VLGE.A 23.70 59.7% 333 43 73 303 1,498 51 1.9% 4.9% 26.8% 3.4% 44.4x 0.20x 5.9x 0.20x NA Weis Markets, Inc. WMK 43.38 80.1% 1,167 0 87 1,080 2,727 155 0.7% 1.1% 27.1% 5.7% 21.1x 0.40x 7.0x 0.39x NA Whole Foods Market, Inc. WFM 38.81 59.2% 14,020 62 796 13,286 13,914 1,301 8.3% 12.2% 35.6% 9.4% 25.2x 0.95x 10.2x 0.86x 9.5x Mean 7.0% 3.2% 23.3% 5.2% 22.0x 0.50x 9.6x 0.45x 8.1x Median 4.3% 2.8% 26.6% 5.2% 19.1x 0.36x 6.9x 0.34x 7.1x

12 of 16 Trading Statistics Detail (continued)5

Grocery Distribution AMCON Distributing Co. DIT $84.97 91.4% $51 $25 $0 $76 $834 $11 2.2% 7.8% 9.2% 1.4% 13.7x 0.09x 6.7x NA NA Core-Mark Holding Company, Inc. CORE 51.70 100.0% 1,193 43 16 1,220 7,942 100 10.5% 11.5% 6.9% 1.3% 27.3x 0.15x 12.2x 0.11x 9.9x SpartanNash Company SPTN 21.60 83.9% 815 584 6 1,392 6,175 174 78.3% 33.6% 15.5% 2.8% 47.6x 0.23x 8.0x NA NA United Natural Foods, Inc. UNFI 64.40 80.9% 3,198 302 17 3,483 6,672 262 15.7% 15.2% 16.8% 3.9% 26.2x 0.52x 13.3x 0.47x 11.8x Mean 26.7% 17.0% 12.1% 2.3% 28.7x 0.25x 10.0x 0.29x 10.8x Median 13.1% 13.4% 12.3% 2.1% 26.7x 0.19x 10.1x 0.29x 10.8x Foodservice Colabor Group Inc. TSX:GCL $3.52 69.7% $95 $173 $0 $268 $1,313 $28 (8.1%) 4.2% 2.2% 2.1% NM 0.20x 9.5x 0.20x 7.6x Sysco Corporation SYY 38.75 89.3% 22,737 2,760 413 25,084 46,517 2,277 4.7% 5.8% 17.6% 4.9% 23.9x 0.54x 11.0x 0.51x 10.3x The Chefs' Warehouse, Inc. CHEF 18.58 62.0% 466 146 15 597 764 40 32.5% 28.7% 25.1% 5.3% 31.8x 0.78x 14.8x 0.67x 12.3x Mean 9.7% 12.9% 15.0% 4.1% 27.8x 0.51x 11.8x 0.46x 10.1x Median 4.7% 5.8% 17.6% 4.9% 27.8x 0.54x 11.0x 0.51x 10.3x Quick Service Restaurant Burger King Worldwide, Inc. BKW 32.31 95.1% 11,372 3,024 905 13,491 1,042 672 (28.9%) (23.5%) 78.5% 64.5% 41.3x 12.94x 20.1x 12.33x 17.8x Jack in the Box Inc. JACK 61.78 98.2% 2,411 535 10 2,936 1,477 266 (1.6%) (13.1%) 25.8% 18.0% 25.2x 1.99x 11.0x 1.96x 10.6x McDonald's Corp. MCD 92.50 89.1% 90,828 15,431 3,671 102,588 28,299 10,149 1.8% 3.5% 38.7% 35.9% 17.0x 3.63x 10.1x 3.58x 9.8x Sonic Corp. SONC 21.87 92.1% 1,183 467 35 1,615 547 135 2.4% (0.1%) 53.3% 24.7% 29.0x 2.95x 11.9x 2.85x 10.7x The Wendy's Company WEN 8.02 78.1% 2,943 1,454 372 4,026 2,280 339 (9.5%) (1.5%) 28.6% 14.9% 30.9x 1.77x 11.9x 2.03x 10.1x Yum! Brands, Inc. YUM 72.34 86.6% 31,804 3,165 831 34,138 13,573 2,989 3.1% 5.2% 27.0% 22.0% 27.7x 2.52x 11.4x 2.31x 10.1x Mean (5.4%) (4.9%) 42.0% 30.0% 28.5x 4.30x 12.7x 4.18x 11.5x Median 0.1% (0.8%) 33.7% 23.4% 28.4x 2.73x 11.6x 2.58x 10.3x Casual Dining Restaurant BJ's Restaurants, Inc. BJRI $36.78 99.1% $1,035 $0 $30 $1,004 $813 $78 8.8% 13.3% 16.8% 9.6% NM 1.24x 12.9x 1.13x 11.0x Bloomin' Brands, Inc. BLMN 16.96 62.2% 2,130 1,404 156 3,379 4,287 417 5.5% 6.0% 16.2% 9.7% 13.9x 0.79x 8.1x 0.74x 7.2x Brinker International, Inc. EAT 50.44 91.0% 3,259 860 58 4,062 2,905 424 2.1% 1.7% 19.3% 14.6% 21.8x 1.40x 9.6x 1.35x 8.8x Buffalo Wild Wings Inc. BWLD 147.63 88.1% 2,793 0 101 2,692 1,391 227 19.9% 26.9% 25.1% 16.3% 31.0x 1.94x 11.8x 1.67x 10.3x Chuy's Holdings, Inc. CHUY 27.60 63.6% 454 8 4 457 223 26 16.5% 25.1% 18.8% 11.4% 40.7x 2.04x 17.9x 1.71x 13.8x Darden Restaurants, Inc. DRI 48.03 87.5% 6,368 2,756 100 9,024 6,286 643 6.2% (5.7%) 20.6% 10.2% 34.5x 1.44x 14.0x 1.35x 11.9x Del Frisco's Restaurant Group, Inc. DFRG 22.60 76.3% 532 0 12 520 286 41 14.8% 20.6% 24.7% 14.5% 38.3x 1.82x 12.5x 1.59x 10.3x DineEquity, Inc. DIN 82.77 96.5% 1,644 1,373 100 2,916 647 272 (7.1%) (18.7%) 60.6% 42.0% 21.2x 4.51x 10.7x 4.54x 10.8x Ignite Restaurant Group, Inc. IRG 7.00 40.0% 183 119 1 301 859 24 46.1% 31.1% 29.8% 2.8% NM 0.35x 12.4x 0.36x 9.7x Red Robin Gourmet Burgers Inc. RRGB 53.73 61.9% 771 137 61 847 1,069 109 7.1% 6.3% 23.1% 10.2% 23.6x 0.79x 7.8x 0.68x 6.6x Ruby Tuesday, Inc. RT 6.25 76.0% 386 259 51 594 1,169 52 (6.6%) (2.5%) 15.6% 4.5% NM 0.51x 11.4x 0.52x 10.0x Ruth's Hospitality Group Inc. RUTH 11.36 74.2% 405 22 3 424 413 49 1.9% 4.5% 21.8% 11.8% 16.9x 1.03x 8.7x 0.96x 7.5x Texas Roadhouse, Inc. TXRH 26.81 92.2% 1,864 53 77 1,839 1,503 181 13.0% 12.6% 33.1% 12.0% 22.7x 1.22x 10.2x 1.12x 8.8x The Cheesecake Factory Incorporated CAKE 45.25 91.0% 2,162 97 26 2,234 1,923 238 3.8% 4.5% 43.3% 12.4% 21.3x 1.16x 9.4x 1.09x 8.5x Mean 9.4% 9.0% 26.3% 13.0% 26.0x 1.44x 11.2x 1.34x 9.7x Median 6.6% 6.1% 22.4% 11.6% 22.7x 1.23x 11.1x 1.13x 9.9x

13 of 16 Trading Statistics Detail (continued)5

Fast Casual Chipotle Mexican Grill, Inc. CMG $678.37 97.2% $21,040 $0 $805 $20,235 $3,625 $691 23.2% 21.1% 37.3% 19.1% NM 5.58x 29.3x 4.57x 21.5x Einstein Noah Restaurant Group, Inc. BAGL 14.03 76.6% 252 102 4 350 442 45 2.7% 2.4% 20.3% 10.2% 19.5x 0.79x 7.8x 0.75x 6.7x Fiesta Restaurant Group, Inc. FRGI 48.68 91.7% 1,281 69 4 1,346 576 74 8.9% 9.5% 25.0% 12.9% NM 2.34x 18.2x 2.07x 15.1x Noodles & Company NDLS 17.70 35.6% 527 10 1 536 369 42 17.3% 36.0% 20.9% 11.5% NM 1.45x 12.6x 1.21x 10.4x Potbelly Corporation PBPB 12.42 36.6% 366 1 71 297 310 30 17.3% 36.0% 30.3% 9.7% NM 0.96x 9.9x 0.87x 9.6x Panera Bread Company PNRA 155.74 80.6% 4,215 100 185 4,130 2,471 408 9.7% 13.9% 34.7% 16.5% 22.3x 1.67x 10.1x 1.56x 9.7x Mean 13.2% 19.8% 28.1% 13.3% 20.9x 2.13x 14.6x 1.84x 12.2x Median 13.5% 17.5% 27.7% 12.2% 20.9x 1.56x 11.4x 1.38x 10.1x Pizza Domino's Pizza, Inc. DPZ 76.06 94.4% 4,192 1,524 15 5,701 1,875 354 7.2% 5.4% 30.1% 18.9% 28.0x 3.04x 16.1x 2.87x 14.6x Papa John's International Inc. PZZA 40.24 73.2% 1,647 210 20 1,837 1,516 145 8.5% 9.2% 33.1% 9.6% 24.9x 1.21x 12.6x 1.14x 11.0x Mean 7.8% 7.3% 31.6% 14.2% 26.4x 2.13x 14.4x 2.01x 12.8x Median 7.8% 7.3% 31.6% 14.2% 26.4x 2.13x 14.4x 2.01x 12.8x Beverage / Snack Retail Dunkin' Brands Group, Inc. DNKN $46.36 87.4% $4,861 $1,816 $176 $6,500 $732 $347 8.1% 7.1% 78.3% 47.4% 31.3x 8.88x 18.7x 8.31x 16.2x Jamba, Inc. JMBA 14.75 98.7% 254 0 32 222 222 11 (5.0%) (1.7%) 37.4% 4.9% NM 1.00x 20.5x 1.01x 10.3x Krispy Kreme Doughnuts, Inc. KKD 17.67 66.4% 1,135 2 44 1,093 461 60 3.0% 7.2% 18.8% 13.1% 33.8x 2.37x 18.1x 2.17x 15.6x Starbucks Corporation SBUX 77.67 94.1% 58,346 2,048 1,196 59,198 16,081 3,340 11.3% 11.8% 57.9% 20.8% NM 3.68x 17.7x 3.32x 14.1x Tim Hortons Inc. THI 81.40 98.5% 10,796 1,360 24 12,132 3,152 771 5.6% 4.4% 24.6% 24.5% 29.4x 3.85x 15.7x 3.76x 14.9x Mean 4.6% 5.8% 43.4% 22.1% 31.5x 3.96x 18.2x 3.72x 14.2x Median 5.6% 7.1% 37.4% 20.8% 31.3x 3.68x 18.1x 3.32x 14.9x Family Restaurant Bob Evans Farms, Inc. BOBE $44.52 73.9% $1,050 $463 $4 $1,509 $1,325 $118 (0.8%) (7.4%) 35.2% 8.9% NM 1.14x 12.8x 1.07x 9.4x Denny's Corporation DENN 7.01 93.3% 595 180 1 774 458 76 (2.1%) (5.8%) 37.2% 16.5% 24.6x 1.69x 10.2x 1.64x 9.1x Frisch's Restaurants, Inc. FRS 26.25 94.6% 134 9 2 141 209 21 2.7% 1.2% 10.5% 10.2% 13.8x 0.67x 6.6x 0.67x NA Luby's, Inc. LUB 5.21 56.9% 148 36 2 182 401 20 8.4% 8.2% 31.3% 4.9% NM 0.45x 9.3x 0.45x NA Mean 2.0% (0.9%) 28.5% 10.1% 19.2x 0.99x 9.7x 0.96x 9.2x Median 0.9% (2.3%) 33.3% 9.6% 19.2x 0.91x 9.8x 0.87x 9.2x

14 of 16 Food and Beverage Earnings Release Calendar

September 2014 Date Company Earnings 9/8/2014 Campbell Soup Company (NYSE:CPB) Release 9/9/2014 Toho Co., Ltd. (TSE:8142) Calendar5 9/9/2014 Hilton Food Group plc (LSE:HFG) 9/11/2014 The Kroger Co. (NYSE:KR) 9/12/2014 Del Monte Pacific Limited (SGX:D03) 9/17/2014 United Natural Foods, Inc. (NasdaqGS:UNFI) 9/18/2014 ConAgra Foods, Inc. (NYSE:CAG) 9/18/2014 Rite Aid Corporation (NYSE:RAD) 9/22/2014 Finsbury Food Group plc (AIM:FIF)

October 2014 Date Company 10/8/2014 Safeway Inc. (NYSE:SWY) 10/8/2014 Costco Wholesale Corporation (NasdaqGS:COST) 10/9/2014 Pepsico, Inc. (NYSE:PEP) 10/16/2014 Philip Morris International, Inc. (NYSE:PM) 10/16/2014 Diageo plc (LSE:DGE) 10/23/2014 Unilever plc (LSE:ULVR) 10/29/2014 Kraft Foods Group, Inc. (NasdaqGS:KRFT) 10/30/2014 Kellogg Company (NYSE:K) 10/30/2014 Bunge Limited (NYSE:BG) 10/30/2014 Maple Leaf Foods Inc. (TSX:MFI) 10/31/2014 Anheuser-Busch InBev (ENXTBR:ABI)

November 2014 Date Company 11/3/2014 Sysco Corporation (NYSE:SYY) 11/4/2014 Archer Daniels Midland Company (NYSE:ADM) 11/4/2014 Treehouse Foods, Inc. (NYSE:THS) 11/5/2014 Coca-Cola Bottling Co. Consolidated (NasdaqGS:COKE) 11/5/2014 SunOpta Inc. (TSX:SOY) 11/6/2014 Boulder Brands, Inc. (NasdaqGS:BDBD) 11/6/2014 Flowers Foods, Inc. (NYSE:FLO) 11/6/2014 Kerry Group (ISE:KRZ) 11/6/2014 Whole Foods Market, Inc. (NasdaqGS:WFM) 11/6/2014 Ajinomoto Co., Inc. (TSE:2802) 11/6/2014 Coca-Cola HBC AG (LSE:CCH) 11/6/2014 Dairy Crest Group plc (LSE:DCG) 11/6/2014 Tate & Lyle plc (LSE:TATE) 11/6/2014 Molson Coors Brewing Company (NYSE:TAP) 11/7/2014 Annie's, Inc. (NYSE:BNNY) 11/10/2014 ARIAKE JAPAN Co., Ltd. (TSE:2815) 11/13/2014 SABMiller plc (LSE:SAB) 11/17/2014 Tyson Foods, Inc. (NYSE:TSN)

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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