Food and Beverage Industry Update November 2013

Home , Amira Nature Foods, Belle Foods, Duvel Moortgat Brewery, Fresh Del Monte Produce, GPM Investments, VPS Convenience

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www.harriswilliams.com Food and Beverage Industry Update November 2013

What We’re Seeing CONTENTS Food & Beverage in the Marketplace INDUSTRY VITAL SIGNS After an active finish to 2012 and a slow start to 2013, HW&Co. has seen pitch activity increase EQUITY MARKET OVERVIEW substantially across the food & beverage sector in the back half of 2013. Both strategic and private equity M&A MARKET OVERVIEW buyers continue to covet high quality food & beverage assets, and we expect that M&A activity at the beginning of 2014 with be at a “normal” level. The combination of strong financing markets, growth DEBT MARKET OVERVIEW oriented strategic buyers, and private equity fund expirations is fueling the strengthening market for food NOTABLE M&A ACTIVITY & beverage transactions. PUBLIC COMPARABLES

What We’ve Been Doing EARNINGS CALENDAR Closed HW&Co. Transactions GROUP OVERVIEW Harris Williams & Co. is a leading advisor to the food and beverage a portfolio company of a portfolio company of a portfolio company of market. Our significant experience has divested a portfolio company of selected assets to covers a broad range of end has been acquired by has been acquired by has been acquired by markets, industries, and business has been acquired by and has been acquired by models. This particular report and focuses on trends and metrics in the following areas: • Agribusiness

• Baked and Prepared Goods a portfolio company of • Beverages a portfolio company of a portfolio company of a portfolio company of a portfolio company of a portfolio company of • Branded & Private Label and • Dairy has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by • Distribution • Ingredients • Meat & Protein What We’re Reading • Natural & Organic • Processing Duvel Moortgat Brewery acquires Boulevard Brewing Company • Produce Duvel Moortgat, the Belgian owners of Brewery Ommegang in Cooperstown, NY will purchase • Restaurant and Retail Boulevard Brewing Company of Kansas City, MO in a deal that will expand Boulevard’s distribution • Snacks capabilities and increase Duvel’s foothold in the burgeoning U.S. craft beer market. Access to the full article here. David Murdock Completes Acquisition of Dole Food Company CONTACTS Dole Food Company announced that David Murdock, Dole’s Chairman and Chief Executive Officer, has Glenn Gurtcheff | Managing Director completed his acquisition of Dole Food Company, Inc. The $13.50 per share purchase price represents a [email protected] total valuation of over $1.6 billion. Dole announced that its shares of common stock will cease to be +1 (612) 359-2702 traded on the NYSE effective at the close of business on November 1, 2013. Access to the full article Tim Alexander | Managing Director here. [email protected] McDonald’s and Kraft to Test Grocery Coffee Sales in 2014 +1 (612) 359-2716

McDonald’s Corp and Kraft Foods Group plan to sell McCafe branded coffee products at grocery stores Ryan Budlong | Director in test locations across the U.S. The test will include both packaged whole bean and ground coffee [email protected] +1 (612) 359-2722 options as well as “single-cup” products, which typically include K-cups for Green Mountain Coffee Roasters’ popular Keurig brewer. Kraft will handle the marketing and distribution of the McDonald’s Brant Cash | Vice President brand coffee. Access to the full article here. [email protected] +1 (612) 359-2709 Del Monte Foods Sells Consumer Products Division for $1.68 Billion Del Monte Foods has agreed to sell its long-held canned fruits and vegetables business to Del Monte www.harriswilliams.com Pacific, the Asian company that already sells food under the Del Monte brand in the Philippines and India. The deal allows Del Monte Foods to focus on its biggest business, pet foods, and gives Del Monte Pacific access to the United States food and beverage market. Access to the full article here. 2 of 16 Food and Beverage Industry Vital Signs

Commodity 280 Wheat: 60.9% Price Indices1 220 Crude Oil: 59.1%

160 Soybeans: 44.2%

100 Corn:

37.7% Commodity Price IndexPrice Commodity 40 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Corn Wheat Soybeans Crude Oil

Protein Price 145 Indices2,3 130 Beef: 24.1% 115 Pork: 22.8% 100 Poultry:

Protein Price Price IndexProtein 20.8% 85 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Beef Pork Poultry

Restaurant and 160 Grocery Store Sales Indices4 140 Restaurant: 31.5% 120 Grocery:

18.6% Sales Index Sales 100

80 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13

Restaurant Grocery

Consumer Food 5.5 Price Index 4.0 Inflation2 2.5

Inflation(%) 1.0

-0.5 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13

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 (2.6%) 19.1% (8.8%) 29.0% 12.7x 16.1x 7.9x 0.8x Fruit and Vegetable (10.8%) 13.1% 3.3% 22.0% 13.8x 13.9x 9.6x 2.8x

Ingredients / Flavors 0.4% 21.9% (3.1%) 7.4% 18.1x 23.3x 12.2x 1.3x Inputs Agribusiness 10.0% 30.6% 9.5% 16.4% 13.5x 19.3x 9.8x 0.8x Branded Processed Foods 0.9% 25.2% 2.2% (18.3%) 19.9x 23.2x 13.0x 2.4x Private Label Foods 2.2% 33.7% 0.5% (12.7%) 22.8x 30.9x 13.1x 2.6x Natural / Organic Foods 17.2% 36.6% (13.3%) (17.1%) 28.2x 33.0x 17.4x 2.7x Baked Goods / Snack Foods 5.0% 43.8% (0.9%) 32.4% 23.6x 25.1x 11.6x 1.9x Dairy (9.6%) 16.9% (0.7%) 12.5% 18.1x 23.7x 13.1x 2.0x Non-Alcoholic Beverages (0.2%) 20.4% (0.7%) 14.7% 18.5x 21.3x 11.8x 1.6x

Food and Beverage Alcoholic Beverages (2.1%) 17.4% (8.3%) 9.0% 19.4x 19.8x 12.0x 3.0x Food Retail 0.4% 43.2% 1.6% 19.8% 15.5x 19.3x 6.9x 2.0x Grocery Distribution 19.5% 45.2% 9.0% 33.6% 15.8x 21.7x 7.0x 1.3x Foodservice 4.7% 3.1% 1.6% 6.6% 18.0x 26.3x 8.7x 2.3x Quick Service Restaurant 2.8% 46.0% (2.2%) 18.9% 21.6x 29.5x 12.2x 2.2x Casual Dining Restaurant 3.2% 41.6% 6.2% 26.4% 20.7x 25.1x 10.8x 2.5x Fast Casual 5.5% 55.7% 4.6% 61.6% 44.2x 24.5x 18.4x 2.7x Pizza 8.4% 50.0% 4.6% 26.5% 23.6x 26.4x 12.5x 2.0x Beverage / Snack Retail 6.9% 53.2% 5.5% 14.8% 30.2x 35.6x 18.9x 2.6x

Consumer Consumer and Retail Family Restaurant 9.2% 32.1% 6.5% 31.8% 19.1x 21.8x 9.2x 0.9x

Overall Median 3.9% 33.7% 1.3% 17.5% 19.5x 22.9x 11.4x 1.9x

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

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

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 10/21/13 10/21/13 Castle Brands Inc ROX Convertible $2.1 General Corp. Purp.

10/16/13 10/16/13 MamaMancini's Holdings Inc MMMB Follow-On $0.8 General Corp. Purp.

10/03/13 08/29/13 Potbelly Corporation PBPB IPO $105.0 General Corp. Purp.

09/27/13 09/27/13 Naturally Splendid Entrp Ltd NSP Follow-On $0.5 General Corp. Purp.

09/20/13 09/16/13 The Chefs' Warehouse Inc CHEF Follow-On $108.7 General Corp. Purp.

09/19/13 09/19/13 Avidus Management Group Inc AVD Private Placement $0.5 Working Capital General Corp. Purp. 09/18/13 09/18/13 Z Trim Holdings Inc ZTHO Private Placement $1.0 General Corp. Purp.

09/12/13 09/12/13 Premium Brands Holdings Corp PBH Convertible $484.4 Debt Repayment General Corp. Purp. 09/03/13 09/03/13 Hain Celestial Group Inc HAIN Follow-On $290.2 General Corp. Purp.

08/20/13 08/20/13 Z Trim Holdings Inc ZTHO Private Placement $1.0 General Corp. Purp.

08/13/13 07/12/13 MamaMancini's Holdings Inc MMMB Follow-On $2.6 General Corp. Purp.

07/17/13 06/14/13 The WhiteWave Foods Co WWAV Follow-On $502.8 General Corp. Purp.

06/27/13 05/23/13 Noodles & Company NDLS IPO $89.7 General Corp. Purp.

160 57.8% Food and 150 Beverage 36.4% Industry Stock 140 31.7% Performance5 23.4% 130 19.9% 120 17.9%

110

100

80 Oct-12 Jan-13 Mar-13 Jun-13 Aug-13 Oct-13

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

5 of 16 M&A Market Overview

Highlighted Del Monte Foods Agrees to Sell Consumer Products Business To Del Monte Pacific Food and • Del Monte Foods has announced it is selling its consumer products business, which Beverage M&A includes canned Del Monte pineapple and Contadina tomatoes, to Del Monte

Transactions Pacific in Asia for $1.68 billion.

Announced: October 10, 2013 • Del Monte plans to shift its focus to its burgeoning pet products business, which Enterprise Value: $1.68 billion includes brands like Pup-Peroni, Meow Mix, and Milk-Bones. Revenue Multiple: 0.93x • Del Monte Pacific, which is publically traded in Singapore and the Philippines, will EBITDA Multiple: 9.4x benefit from owning a brand with significant market share in canned fruit,

vegetables, and broth in the U.S. Centre Partners Acquires Captain D’s from Sun Capital Partners • Sun Capital Partners has agreed to sell U.S. seafood restaurant chain Captain D’s to Centre Partners. • Headquartered in Nashville, Tennessee, Captain D’s is the highest average volume seafood quick service restaurant chain in the U.S. and owns, operates, and franchises 527 restaurants in 25 states and on military bases around the world. Closed: October 15, 2013 • Under Sun’s ownership, Captain D’s saw 27 periods of system-wide comp growth as a result of several new initiatives, including: restaurant redesign, menu overhaul, and increased food quality.

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

Food and 16x 1.75x $120 $110.2 300

Beverage M&A 14x 1.50x

$100 250 Number of Transactions of Number 5 Multiple / Sales LTM EV Trends 12x 11.0x 11.3x 10.5x 1.25x 9.9x $67.2 9.2x $80 200 10x 8.8x 8.3x 8.0x 1.00x 8x $60 $45.8 150 0.75x 6x $40 100 0.50x $25.5 $24.0 EVLTM EBITDA / Multiple 4x

$20 $12.0 50 2x 0.25x $9.3 $8.2

0x 0.00x AggregateTransaction ($ Value inbillions) $0 0 2006 2007 2008 2009 2010 2011 2012 2013 2006 2007 2008 2009 2010 2011 2012 2013 EV / LTM EBITDA EV / LTM Sales YTD Aggregate Deal Value # of deals YTD

Latest Deals Last 10 Deals Announced Private Equity Investments and Exits and Announced 50 46 Private Equity 1/0/1900Announced Target 0 JAB Holdings B.V.Buyer 45 11/6/2013 PetAg, Inc. PBI/Gordon Corporation 40 36 36 36 5 34 35 Activity 32 11/4/2013 Henderson Coffee Corporation Ronnoco Coffee Company 35 28 27 27 27 11/1/2013 JF Restaurants, LLC Chanticleer Holdings, Inc. 30 26 25 26 10/31/2013 Prime Restaurants Inc. Cara Operations Limited 25 21 18 20 17 10/26/2013 Shelby County Cookers LLC Monogram Food Solutions, LLC 15 13 14 15 10/25/2013 GardenChef Paul Company Nutroganics, Inc. 10 10/24/2013 Olivieri Foods Limited Ebro Foods SA Numberof Investments 5 10/22/2013 Jus-Made, LP Regus Advisors 0 10/17/2013 Alico Inc. 734 Agriculture 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 10/17/2013 Boulevard Brewing Duvel Moortgat USA Ltd. YTD 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

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

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

$2 Spread LIBOR Over Average $0 L + 0 2006 2007 2008 2009 2010 2011 2012 3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 Revolving Credit / Term Loan A Weighted-Average Institutional Institutional Pro Rata

Credit Statistics Average Secondary Spreads

6.0x L + 1000 2007 2008 2009 2010 2011 2012

L + 800 4.0x L + 600

2.0x L + 400 EBITDA Multiple EBITDA

L + 200 Average Spread Spread LIBOR Over Average 0.0x 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 10/25/13 Reynolds American Inc Cigarettes 1,350,000,000 Revolver/Line >= 1 Yr. N/A / NR 150 10/24/13 Cargill Inc Food preparations 1,875,000,000 364-Day Facility N/A / A2 N/A 10/24/13 Cargill Inc Food preparations 3,125,000,000 Revolver/Line >= 1 Yr. N/A / A2 N/A 10/24/13 Darling International Inc Animal and marine fats and oils 1,200,000,000 Term Loan B N/A / NR N/A 10/24/13 Darling International Inc Animal and marine fats and oils 1,300,000,000 Bridge Loan N/A / NR N/A 10/24/13 Darling International Inc Animal and marine fats and oils 1,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A 10/24/13 Darling International Inc Animal and marine fats and oils 350,000,000 Term Loan A N/A / NR N/A 10/22/13 Cott Corporation Bottled and canned soft drinks 300,000,000 Revolver/Line >= 1 Yr. N/A / NR 200 10/18/13 Mondelez International Cookies and crackers 4,500,000,000 Revolver/Line >= 1 Yr. N/A / Baa1 112.5 10/02/13 Campbell Foods Food preparations 65,000,000 Revolver/Line >= 1 Yr. N/A / NR 425 10/02/13 Campbell Foods Food preparations 65,000,000 Term Loan A N/A / NR 425 10/02/13 Campbell Foods Food preparations 190,000,000 Term Loan B N/A / NR 450 10/01/13 KLN Enterprises Inc Potato chips and similar snacks 30,000,000 Term Loan N/A / NR 200 10/01/13 KLN Enterprises Inc Potato chips and similar snacks 35,000,000 Other Loan N/A / NR 200 10/01/13 KLN Enterprises Inc Potato chips and similar snacks 35,000,000 Term Loan N/A / NR 200 09/30/13 Ajinomoto Co Inc Food preparations JPY 18,000,000,000 Term Loan B A-1+ / NR N/A

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

Median LTM Median LTM Trading Multiples Quarterly M&A Activity

13.0x 70 Trading 12.6x 12.4x 12.5x Multiples and 12.3x 12.1x 12.1x 60 Quarterly Food 12.0x 4 7 11.6x 7 9 13 50 8 7 6 7 8 and Beverage 11.3x 11.3x 3 5 11.2x 5 11.0x 5 M&A 11.0x 10.9x 6 10.6x 40 7 10.5x 10.5x 5 7 10 2 4 6 10.2x 10.4x 10.1x 13 10.0x 30 10.0x 5 9.7x 53 52 49 9.5x 47 47 48 47 3 46 47 48 46 47 MedianTrading Multiple 4 Numberof Transactions 42 9.2x 20 39 9.0x 9.1x 35 36 34 36 34 8.9x 33 33 9.0x 8.7x 25 25 10 22 20

8.0x 0

13 13

12 13

13 13

- -

Q407 Q108 Q208 Q109 Q209 Q309 Q110 Q210 Q310 Q211 Q311 Q411 Q212 Q312 Q412 Q313 Q413 Q308 Q408 Q409 Q410 Q111 Q112 Q113 Q213

Jul

Jan

Jun

Oct Oct

Feb Sep

Apr

Dec

Mar

Nov Aug May 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 11/6/2013 PetAg, Inc. - PBI/Gordon Corporation - - - - and Beverage 11/4/2013 Henderson Coffee Corporation - Ronnoco Coffee Company - - - - P 11/1/2013 JF Restaurants, LLC - Chanticleer Holdings, Inc. - - - - M&A5 10/31/2013 Prime Restaurants Inc. Fairfax Financial Holdings Cara Operations Limited - - - - P 10/26/2013 Shelby County Cookers LLC Westin, Inc. Monogram Food Solutions, LLC - - - - 10/25/2013 GardenChef Paul Company - Nutroganics, Inc. - - - - 10/24/2013 Olivieri Foods Limited Maple Leaf Foods Inc. Ebro Foods SA $115.1 1.14x - - 10/22/2013 Jus-Made, LP SBT Investments VI, LLC Regus Advisors - - - - P 10/17/2013 Alico Inc. Atlantic Blue Group, Inc. 734 Agriculture $299.9 2.95x 13.8x 24.0x P 10/17/2013 Boulevard Brewing - Duvel Moortgat USA Ltd. - - - - 10/16/2013 Fibred-Maryland, Inc. - International Fiber Corporation - - - - 10/16/2013 New York Pretzel , Inc. - J&J Snack Foods Corp. - - - - 10/16/2013 Chateau LaFayette Reneau - Glenora Wine Cellars, Inc. - - - - 10/15/2013 Captain D's, LLC Sun Capital Partners, Inc. Centre Partners - - - - P 10/15/2013 Budwey's Market Place, LLC - Olean Wholesale Grocery - - - - 10/10/2013 Qupe Wine Cellars - Terroir Selections - - - - 10/9/2013 Del Monte Consumer Products Business Del Monte Corporation Del Monte Pacific Ltd. $1,675.0 0.93x 9.4x - 10/7/2013 Rickland Orchards, LLC Natural Instincts LLC B&G Foods Inc. $57.5 - - - 10/4/2013 Desert Packaging Inc. - Acosta, Inc. - - - - 10/3/2013 Mid-Atlantic Convenience Stores, LLC Catterton Partners Corporation Sunoco, Inc. - - - - P 10/3/2013 Viansa Winery and Marketplace Laurus Capital Management, LLC Vintage Wine Estates, Inc. - - - - P 10/2/2013 Josie's Frozen Yogurt, LLC - U-SWIRL International, Inc. - - - - 10/1/2013 American Pride Seafoods LLC American Seafoods Group LLC High Liner Foods Inc. $50.0 0.18x - - 10/1/2013 Café Tolima Don Diego, LLC - New Colombia Resources, Inc. - - - - 9/30/2013 LaBella Sausage, LLC The Anderson Group LLC Premio Foods, Inc. - - - - P 9/26/2013 Trudeau Foods, LLC Arbor Private Investment Company United Natural Foods, Inc. - - - - P 9/24/2013 H&N Distribution, Inc. Management Associates Int'l RiceBran Technologies $5.0 - - - P 9/24/2013 Belle Foods, LLC C&S Wholesale Grocers, Inc. Associated Wholesale Grocers, Inc. $16.1 - - - 9/23/2013 Génétiporc, Inc. Aliments Breton Canada Inc. Genus plc $35.8 - - - 9/16/2013 Lightlife Foods, Inc. ConAgra Foods, Inc. Brynwood Partners - - - - P 9/15/2013 Dakota Growers Pasta Company, Inc. Viterra, Inc. Post Holdings, Inc. $370.0 - - - 9/11/2013 Sweetpea Baby Food Ltd. - One Earth Farms Corp. - - - - 9/10/2013 The Sugar Lab - 3D Systems Corp. - - - - 9/10/2013 Fresh & Easy Neighborhood Market Inc. Tesco PLC The Yucaipa Companies, LLC - - - - P 9/9/2013 Xtreme Technologies, Inc. - Pinacle Enterprise, Inc. $2.0 - - - 9/9/2013 United Supermarkets, L.L.C. - Cerberus Capital Management - - - - 9/7/2013 GOFoods Global, LLC - Youngevity Essential Life Sciences - - - - 9/6/2013 Wine On High - Taste Hospitality Group Ltd. - - - - 9/6/2013 West Coast Fishculture (Lois Lake) Ltd. - AgriMarine Industries Inc. - - - - 9/6/2013 Rockn' Joe Coffeehouse and Bistro - Ablak Holdings, LLC - - - - 8 of 16 Recent North American Food and Beverage M&A Activity

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

Recent North 9/5/2013 Cobscook Bay Company, LLC - Craig's All Natural, LLC - - - - American Food 9/4/2013 Dairy Maid Dairy, Inc. - Dairy Farmers of America, Inc. - - - - 9/3/2013 Golden Island Jerky Co - The Hillshire Brands Company - - - - and Beverage 9/3/2013 Red Lion Beef Corporation - Millstone Capital Advisors, LLC - - - - P M&A5 9/2/2013 Uplift Nutrition Inc Uplift Holdings, LLC Private Investors $0.1 - - - 9/2/2013 B-29 Energy Inc. - Puget Technologies,Inc $18.0 - - - (continued) 9/1/2013 Wild Wings Pizza & Things Inc. - Private Investors - - - -

9/1/2013 Greenwood Steak House - Private Investors - - - - 8/26/2013 American Roland Food Corp. - Vestar Capital Partners - - - - P 8/23/2013 Rothsay Ltd. Maple Leaf Foods Inc. Darling International Inc. $612.4 - 7.6x - 8/21/2013 Enray Inc. - The J. M. Smucker Company - - - - 8/16/2013 Juice Tyme, Inc. Encore Consumer Capital Highlander Partners, L.P. - - - - P 8/13/2013 American Roadside Burgers, Inc. - Chanticleer Holdings, Inc. $3.3 - - - 8/13/2013 The Wendy's Company, 30 Restaurants The Wendy's Company BB St. Louis - - - - 8/12/2013 Dole Food Company Inc. - David Murdock $1,340.0 0.31x 9.1x - 8/9/2013 YoFarm Yogurt Company Catterton Partners Corporation Danone - - - - P 8/7/2013 Associated Brands, Inc. TorQuest Partners, Inc. Treehouse Foods, Inc. $180.6 0.94x - - P 8/7/2013 4U2U Brands, LLC - Sun Orchard, Inc. - - - - 8/5/2013 T-Bird Nevada LLC - Bloomin' Brands, Inc. - - - - 8/5/2013 The Harris Soup Company Sun Capital Partners, Inc. Joshua Green Corporation - - - - P 7/31/2013 Gator Apple, 38 Applebee Restaurants Gator Apple LLC Doherty Enterprises, Inc. - - - - 7/30/2013 Fine Line Music Café - Entourage Events Group, Inc. - - - - 7/29/2013 Santa Cruz Nutritionals, Inc. Levine Leichtman Capital Partners RoundTable Healthcare Management - - - - P 7/25/2013 Monogram Food Solutions - Steidinger Meat Processing, Inc. - - - - 7/24/2013 DS Waters of America, Inc. Kelso & Company Crestview Partners, L.P. - - - - P 7/22/2013 Miller's Ale House, Inc. KarpReilly Roark Capital Group - - - - P 7/21/2013 Nash Finch Co. - Spartan Stores Inc. $739.0 0.20x 6.7x 10.2x 7/18/2013 Carmela's Pizza - Greenfield Farms Food, Inc. - - - - 7/16/2013 Sundown Foods USA, Inc. - A.V.O.D Kurutulmus - - - - 7/15/2013 Dining Express Delivery Inc. - Restaurants on the Run, Inc. - - - - 7/10/2013 Red Phoenix Extracts, Inc. - Acacia Diversified Holdings, Inc. $0.5 - - - 7/9/2013 Morris Hatchery Inc., Select Assets - Industrias Bachoco S.A.B. de C.V. - - - - 7/8/2013 Harris Teeter Supermarkets, Inc. - The Kroger Co. $2,487.5 0.54x 8.0x 14.7x 7/5/2013 Tri-Us LLC Highland Capital Partners PDK Energy Inc. - - - - P 7/3/2013 Old HB, Inc., Select Assets - Hackman Capital Acquisition Company $58.3 - - - P 7/2/2013 ZD Bottling, LLC - Flagship Food Group - - - - 7/2/2013 Black River Juice Company Ltd. - Ontario Fed. of Food Co-Operatives - - - - 7/2/2013 Aroostook Starch Co., LLC - Western Polymer Corp - - - - 7/1/2013 Bruce Bio Energy LP - Bruce Agra Dehy Inc. - - - - 6/27/2013 Tulocay & Company, Inc., Certain Brands - Robert Rothschild Farm, LLC - - - - 6/26/2013 Snapfinger Kudzu Interactive, Inc. EMN8, Inc. - - - - 6/25/2013 The New French Bakery Inc. - Arbor Private Investment Company - - - - P 6/24/2013 Cains Foods, L.P. - Treehouse Foods, Inc. $35.0 0.44x - - 6/20/2013 Value Foods Company, LLC, 13 Wendy's - NPC Quality Burgers, Inc. $11.0 0.70x - - 6/20/2013 Primera Foods Corporation E.S.I. Holding Corp. M.G. Waldbaum Company $35.7 - - - 6/20/2013 Cook's Dairy Farm Ltd. - Agropur Cooperative - - - - 6/20/2013 Value Foods Company - NPC Quality Burgers, Inc. $11.0 0.70x - - 6/19/2013 Austin Packaging Company - Bellisio Foods, Inc. $6.4 - - - P 6/18/2013 Heartland Food Corp. - Redberry Investments Corp. $19.6 - - - 6/18/2013 The Johnny Rockets Group, Inc. Red Zone Capital Sun Capital Partners, Inc. - - - - P 6/17/2013 Labriola, Inc. - C3 Capital - - - - P 6/13/2013 Long Grove Confectionery Co. - Baldi Candy Company - - - - 6/13/2013 RMH Foods, LLC - Sandridge Food Corporation - - - - 6/11/2013 American Restaurants, LLC - Focus Entertainment Holdings - - - - 6/7/2013 Robert's American Gourmet Food VMG Partners B&G Foods North America, Inc. $195.0 - - - P 6/7/2013 VPS Convenience Store Group - GPM Investments, LLC. - - - - P 6/6/2013 Esquires Coffee International, Inc. - Franchise Development Limited - - - - 6/1/2013 Circle Foods, LLC Claridge, Inc. Tyson Foods, Inc. (NYSE:TSN) - - - - P 5/28/2013 Smithfield Foods, Inc. - Shuanghui International $7,100.0 0.50x 9.2x 13.3x P 5/28/2013 Extreme Brandz, Extreme Pita, and PurBlendz - MTY Tiki Ming Enterprises, Inc. - - - - 5/23/2013 Plum Organics, Inc. Catterton Partners Corporation Campbell Soup Company - - - - P 5/21/2013 Natural Balance Pet Foods, Inc. VMG Partners Del Monte Corporation - - - - P

9 of 16 Trading Statistics Detail5

Food and Beverage Branded Processed Foods Associated British Foods plc ABF $22.51 99.2% $17,758 $1,166 $362 $18,562 $13,315 $1,615 11.5% 10.3% 8.1% 12.1% 29.5x 1.39x 11.5x 1.33x 11.2x Campbell Soup Company CPB 42.69 87.4% 13,384 4,477 334 17,527 8,052 1,532 12.2% 1.6% 37.3% 19.0% 19.5x 2.18x 11.4x 2.06x 10.6x ConAgra Foods, Inc. CAG 31.80 85.3% 13,416 9,727 203 22,939 16,391 1,992 20.8% 11.2% 21.7% 12.2% 20.1x 1.40x 11.5x 1.31x 9.4x General Mills, Inc. GIS 50.32 94.8% 31,916 8,245 759 39,402 18,096 3,437 7.3% 7.2% 35.5% 19.0% 18.9x 2.18x 11.5x 2.13x 10.7x Hormel Foods Corporation HRL 43.35 98.0% 11,441 250 329 11,362 8,599 871 5.3% 8.0% 16.0% 10.1% 23.2x 1.32x 13.0x 1.26x 11.2x Kellogg Company K 62.29 91.6% 22,576 7,402 300 29,678 14,854 2,177 8.8% 6.1% 37.3% 14.7% 24.0x 2.00x 13.6x 1.97x 10.9x McCormick & Company, Incorporated MKC 68.71 91.3% 9,072 1,379 158 10,293 4,099 685 3.0% 7.7% 40.2% 16.7% 22.6x 2.51x 15.0x 2.36x 13.7x Mondelez International, Inc. MDLZ 33.59 98.5% 59,813 18,106 2,694 75,225 35,160 4,910 32.4% (6.9%) 37.4% 14.0% 31.7x 2.14x 15.3x 2.06x 13.2x Nestlé S.A. NESN 65.45 93.5% 208,784 28,597 6,376 231,005 94,631 17,932 10.4% (2.0%) 48.1% 18.9% 19.3x 2.44x 12.9x 2.41x 12.7x The Hain Celestial Group, Inc. HAIN 81.89 94.8% 3,907 666 41 4,532 1,735 233 25.9% 24.9% 27.6% 13.4% 33.0x 2.61x 19.5x 2.22x 15.7x The Hershey Company HSY 99.21 97.9% 22,183 1,906 701 23,388 6,941 1,509 7.4% 7.4% 45.8% 21.7% 28.7x 3.37x 15.5x 3.16x 13.9x The J. M. Smucker Company SJM 111.01 96.8% 11,670 2,102 158 13,615 5,879 1,215 3.0% 8.5% 35.0% 20.7% 21.3x 2.32x 11.2x 2.30x 10.6x The WhiteWave Foods Company WWAV 20.10 97.4% 3,482 771 72 4,181 2,407 294 11.6% NA 35.7% 12.2% 33.7x 1.74x 14.2x 1.59x 13.8x Mean 12.3% 7.0% 32.7% 15.8% 25.0x 2.12x 13.6x 2.01x 12.1x Median 10.4% 7.6% 35.7% 14.7% 23.2x 2.18x 13.0x 2.06x 11.2x Private Label Foods Flowers Foods, Inc. FLO $24.90 97.0% $5,187 122 $9 $5,300 $3,496 $404 20.2% 10.6% 47.6% 11.6% 22.7x 1.52x 13.1x 1.32x 11.1x Snyder's-Lance, Inc. LNCE 29.45 90.6% 2,044 536 6 2,574 1,684 178 3.6% 22.2% 34.0% 10.6% 35.8x 1.53x 14.5x 1.42x 11.9x Treehouse Foods, Inc. THS 73.18 96.5% 2,662 815 36 3,441 2,197 305 3.9% 10.5% 21.9% 13.9% 30.9x 1.57x 11.3x 1.41x 9.9x Mean 9.2% 14.5% 34.5% 12.0% 29.8x 1.54x 13.0x 1.38x 11.0x Median 3.9% 10.6% 34.0% 11.6% 30.9x 1.53x 13.1x 1.41x 11.1x Natural / Organic Foods Amira Nature Foods Ltd. ANFI $13.93 93.8% $497 $140 $33 $605 $444 $56 29.6% NA 22.9% 12.5% 20.1x 1.36x 10.9x 1.18x 9.1x Annie's, Inc. BNNY 47.53 90.7% 803 0 2 801 175 21 18.9% NA 38.0% 12.0% NM 4.59x 38.2x 3.78x 25.4x SunOpta Inc. TSX:SOY 10.90 92.9% 723 196 6 912 1,143 64 9.8% 9.9% 11.7% 5.6% NM 0.80x 14.3x 0.74x 10.8x The Hain Celestial Group, Inc. HAIN 81.89 94.8% 3,907 666 41 4,532 1,735 233 25.9% 24.9% 27.6% 13.4% 33.0x 2.61x 19.5x 2.22x 15.7x United Natural Foods, Inc. UNFI 71.33 94.0% 3,529 165 11 3,682 6,064 230 15.8% 17.3% 16.9% 3.8% 33.0x 0.61x 16.0x 0.55x 14.0x Whole Foods Market, Inc. WFM 63.30 96.5% 23,580 27 989 22,618 12,852 1,212 15.3% 13.7% 35.8% 9.4% 43.8x 1.76x 18.7x 1.57x 16.4x Mean 19.2% 16.5% 25.5% 9.5% 32.5x 1.95x 19.6x 1.67x 15.2x Median 17.3% 15.5% 25.3% 10.7% 33.0x 1.56x 17.4x 1.38x 14.8x Baked Goods / Snack Foods ARYZTA AG SWX:ARYN $67.55 98.8% 5,952 $1,509 $627 $6,834 $4,504 $566 7.0% 14.4% 27.2% 12.6% 43.9x 1.52x 12.1x 1.44x 11.2x Diamond Foods, Inc. DMND 24.38 96.3% 545 591 6 1,130 864 62 (12.0%) 8.2% 23.8% 7.2% NM 1.31x NA 1.32x 10.3x Flowers Foods, Inc. FLO 24.90 97.0% 5,187 582 12 5,757 3,496 404 20.2% 10.6% 47.6% 11.6% 22.7x 1.65x 14.2x 1.44x 12.1x George Weston Limited WN 85.37 94.9% 10,918 8,116 3,485 15,549 33,177 2,407 1.9% 1.3% 24.6% 7.3% 25.0x 0.47x 6.5x 0.45x 5.4x Golden Enterprises Inc. GLDC 4.33 99.3% 51 8 1 57 138 6 0.1% 2.5% 48.5% 4.5% 39.4x 0.42x 9.3x NA NA Grupo Bimbo, S.A.B. de C.V. BIMBO A 43.42 91.4% 204,213 40,512 4,993 239,731 175,560 17,509 3.6% 14.6% 51.9% 10.0% NM 1.37x 13.7x 1.30x 12.0x Inventure Foods, Inc. SNAK 11.20 95.7% 218 35 1 252 200 16 7.6% 16.0% 18.4% 7.9% 31.9x 1.26x 16.0x 1.01x 11.4x J&J Snack Foods Corp. JJSF 84.80 96.7% 1,592 0 83 1,509 872 130 7.9% 8.7% 30.4% 14.9% 25.2x 1.73x 11.6x 1.67x 10.7x John B Sanfilippo & Son Inc. JBSS 24.68 93.9% 270 71 1 340 734 55 1.7% 8.0% 16.2% 7.5% 13.1x 0.46x 6.2x NA NA Lancaster Colony Corporation LANC 81.38 93.2% 2,220 0 133 2,087 1,161 179 1.1% 2.8% 22.7% 15.4% 21.0x 1.80x 11.7x 1.76x 10.9x Penford Corporation PENX 13.07 81.8% 162 84 0 246 460 25 (1.0%) 20.6% 10.6% 5.4% NM 0.54x 9.9x 0.50x 7.3x Mean 3.5% 9.8% 29.3% 9.5% 27.8x 1.14x 11.1x 1.21x 10.2x Median 1.9% 8.7% 24.6% 7.9% 25.1x 1.31x 11.6x 1.32x 10.9x

10 of 16 Trading Statistics Detail (continued)5

Dairy Danone BN $54.31 89.8% $31,831 $11,091 $2,709 $40,213 $21,452 $3,557 6.9% 10.7% 49.7% 16.6% 18.1x 1.87x 11.3x 1.82x 11.0x Dean Foods Company DF 19.55 46.4% 1,837 1,240 585 2,492 11,400 658 15.4% (0.8%) 24.5% 5.8% 41.3x 0.22x 3.8x 0.28x 5.7x Glanbia plc GL9 10.34 91.9% 3,045 518 73 3,490 2,350 204 29.8% 7.8% 36.4% 8.7% 23.7x 1.48x 17.1x 1.41x 15.2x Lifeway Foods Inc. LWAY 14.57 72.9% 239 5 8 236 89 12 19.4% 17.4% 35.3% 14.0% 38.2x 2.65x 19.0x 2.39x 18.7x Saputo, Inc. TSX:SAP 51.82 94.9% 10,069 1,727 28 11,768 7,773 900 11.2% 10.2% 11.6% 11.6% 20.6x 1.51x 13.1x 1.33x 11.4x Mean 16.6% 9.1% 31.5% 11.3% 28.4x 1.55x 12.9x 1.45x 12.4x Median 15.4% 10.2% 35.3% 11.6% 23.7x 1.51x 13.1x 1.41x 11.4x

Non-Alcoholic Beverages A.G.Barr p.l.c. LSE:BAG $5.22 88.7% $603 $30 $14 $619 $245 $43 10.9% 4.2% 45.9% 17.7% 25.4x 2.53x 14.3x 2.48x 13.4x Cott Corporation BCB 8.97 78.3% 845 606 126 1,326 2,130 196 (6.7%) 8.6% 12.1% 9.2% 26.9x 0.62x 6.8x 0.63x 6.5x Dr Pepper Snapple Group, Inc. DPS 47.43 94.2% 9,516 2,540 132 11,924 6,018 1,285 0.8% 2.6% 58.1% 21.4% 15.3x 1.98x 9.3x 1.96x 8.9x Green Mountain Coffee Roasters, Inc. GMCR 62.68 69.9% 9,448 324 352 9,420 4,258 962 17.5% 53.0% 36.6% 22.6% 22.2x 2.21x 9.8x 2.06x 8.3x Lassonde Industries Inc. LAS.A 94.25 99.2% 659 307 3 962 1,032 117 6.3% 25.2% 27.9% 11.3% 14.6x 0.93x 8.3x NA NA Monster Beverage Corporation MNST 56.69 85.7% 9,490 0 432 9,058 2,129 558 10.2% 21.0% 51.9% 26.2% 30.9x 4.26x 16.2x 3.81x 13.9x National Beverage Corp. FIZZ 18.70 98.1% 866 45 29 882 652 79 1.4% 3.0% 33.4% 12.1% 19.6x 1.35x 11.2x NA NA Pepsico, Inc. PEP 84.56 97.1% 129,681 29,549 9,559 149,671 66,251 12,127 0.8% 7.7% 52.7% 18.3% 19.8x 2.26x 12.3x 2.19x 11.1x Starbucks Corporation SBUX 80.37 98.5% 60,390 1,299 3,234 58,456 14,892 2,863 12.0% 11.6% 57.1% 19.2% 35.6x 3.93x 20.4x 3.50x 15.8x The Coca-Cola Company KO 39.61 91.2% 174,915 36,210 20,506 190,619 47,269 13,059 (0.7%) 13.7% 60.4% 27.6% 20.5x 4.03x 14.6x 3.97x 13.8x Mean 5.2% 15.1% 43.6% 18.6% 23.1x 2.41x 12.3x 2.57x 11.5x Median 3.9% 10.1% 48.9% 18.8% 21.3x 2.24x 11.8x 2.34x 12.3x Alcoholic Beverages Anheuser-Busch InBev SA/NV ENXTBR:ABI $75.59 95.0% $121,220 $50,350 $6,920 $164,650 $41,771 $16,166 6.2% 5.0% 58.7% 38.7% 12.3x 3.94x 10.2x 3.50x 8.8x Brown-Forman Corporation BF.B 73.09 97.5% 15,542 1,003 217 16,328 2,869 939 4.3% 5.2% 68.6% 32.7% 27.0x 5.69x 17.4x 4.07x 15.7x Constellation Brands Inc. STZ 65.60 99.4% 12,404 7,320 121 19,603 3,596 904 35.1% 2.4% 39.6% 25.1% 7.1x 5.45x 21.7x 3.41x 12.3x Corby Distilleries Limited CDL.A 20.50 93.2% 580 0 108 472 133 41 (9.5%) (6.5%) 62.6% 31.1% 21.4x 3.56x 11.4x 3.33x 10.3x Diageo plc DGE 19.80 57.3% 49,683 10,380 1,772 58,291 11,433 3,855 10.2% 6.8% 61.1% 33.7% 20.2x 5.10x 15.1x 4.85x 14.2x Heineken NV ENXTAM:HEIA 50.32 62.0% 38,994 18,167 1,037 56,124 25,546 5,080 14.9% 7.9% 37.7% 19.9% 10.3x 2.20x 11.0x 2.82x 12.8x Kirin Holdings Company, Limited TSE:2503 1,425.00 100.0% 13,668 8,439 503 21,604 19,531 3,092 (26.1%) 1.0% 49.1% 15.8% 13.4x 1.11x 7.0x 0.01x 0.1x Pernod-Ricard SA RI 87.57 64.3% 23,053 9,280 597 31,736 8,575 2,468 5.9% 7.4% 62.4% 28.8% 19.5x 3.70x 12.9x 3.76x 13.1x SABMiller plc LSE:SAB 32.47 54.9% 51,813 18,689 2,196 68,306 17,458 5,443 4.5% 7.1% 69.0% 31.2% 24.2x 3.91x 12.5x 3.23x 10.3x Sapporo Holdings Ltd. TSE:2501 437.00 100.0% 1,731 2,637 102 4,266 5,079 468 (15.9%) 9.4% 36.0% 9.2% 20.2x 0.84x 9.1x 0.01x 0.1x Mean 2.9% 4.6% 54.5% 26.6% 17.5x 3.55x 12.8x 2.90x 9.8x Median 5.2% 6.0% 59.9% 30.0% 19.8x 3.81x 12.0x 3.37x 11.3x Inputs Protein Processing Cal-Maine Foods, Inc. CALM $50.04 94.6% $1,206 $62 $164 $1,104 $1,335 $119 16.9% 13.5% 16.1% 8.9% 24.7x 0.83x 9.3x 0.82x 6.3x JBS S.A. BOVESPA:JBSS3 8.11 93.8% 23,256 24,423 7,203 40,476 82,676 5,106 23.4% 24.6% 12.0% 6.2% 23.9x 0.49x 7.9x 0.39x 6.4x Sanderson Farms, Inc. SAFM 65.63 86.9% 1,510 88 63 1,535 2,604 211 13.4% 11.8% 9.2% 8.1% 16.0x 0.59x 7.3x 0.58x 4.4x Seaboard Corp. SEB 2,755.00 93.4% 3,281 176 320 3,138 6,642 314 13.3% 17.1% 7.3% 4.7% 16.1x 0.47x 10.0x 0.47x NA Tyson Foods, Inc. TSN 27.71 85.5% 9,760 2,407 1,024 11,143 34,018 1,771 2.6% 6.4% 6.6% 5.2% 13.2x 0.33x 6.3x 0.31x 5.3x Mean 13.9% 14.7% 10.2% 6.6% 18.8x 0.54x 8.2x 0.52x 5.6x Median 13.4% 13.5% 9.2% 6.2% 16.1x 0.49x 7.9x 0.47x 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 / 2013E ($ in millions, except per share data) Ticker 11/1/13 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 $29.19 89.6% $453 $41 $6 $488 $642 $34 15.3% 20.0% 9.4% 5.2% 25.0x 0.76x 14.5x 0.67x 10.5x Chiquita Brands International Inc. CQB 10.56 77.2% 491 602 67 1,026 3,038 104 (1.1%) (3.7%) 11.9% 3.4% NM 0.34x 9.9x 0.33x 6.5x Fresh Del Monte Produce Inc. FDP 26.62 86.4% 1,494 100 31 1,563 3,581 192 4.5% (0.3%) 8.3% 5.4% 13.9x 0.44x 8.1x 0.44x 8.1x Seneca Foods Corp. SENE.A 29.40 80.9% 316 329 18 628 1,296 67 2.4% 2.0% 8.7% 5.2% 12.4x 0.48x 9.3x NA NA Mean 5.3% 4.5% 9.6% 4.8% 17.1x 0.50x 10.5x 0.48x 8.4x Median 3.5% 0.9% 9.1% 5.2% 13.9x 0.46x 9.6x 0.44x 8.1x Ingredients / Flavors Givaudan SA SWX:GIVN $1,285.00 93.9% $11,807 $1,661 $444 $13,024 $4,356 $850 7.9% 1.5% 43.3% 19.5% 24.7x 2.99x 15.3x 2.91x 13.1x International Flavors & Fragrances Inc. IFF 82.87 97.5% 6,773 934 343 7,364 2,908 604 4.4% 4.1% 43.2% 20.8% 19.1x 2.53x 12.2x 2.44x 11.1x Kerry Group plc ISE:KRZ 47.06 96.9% 8,270 1,572 263 9,578 5,882 690 5.6% 8.0% 43.0% 11.7% 29.3x 1.63x 13.9x 1.61x 12.8x Sensient Technologies Corporation SXT 51.27 96.1% 2,566 335 24 2,876 1,473 250 2.0% 4.2% 32.0% 17.0% 22.9x 1.95x 11.5x 1.89x 10.3x Symrise AG XTRA:SY1 31.15 87.2% 3,681 661 109 4,232 1,798 344 9.4% 6.8% 41.1% 19.1% 23.7x 2.35x 12.3x 2.21x 10.8x Tate & Lyle plc TATE 7.88 88.5% 3,673 906 456 4,123 3,256 457 5.4% 2.0% 36.5% 14.0% 14.3x 1.27x 9.0x 1.22x 8.7x Mean 5.8% 4.4% 39.9% 17.0% 22.3x 2.12x 12.4x 2.05x 11.1x Median 5.5% 4.2% 42.1% 18.1% 23.3x 2.15x 12.2x 2.05x 11.0x Agribusiness Archer Daniels Midland Company ADM $40.90 98.0% $26,961 $6,884 $3,494 $30,351 $90,582 $2,818 0.0% 9.7% 4.1% 3.1% 18.3x 0.34x 10.8x 0.33x 7.4x Bunge Limited BG 82.44 98.8% 12,139 10,571 6,083 16,627 62,012 1,585 6.0% 12.6% 4.0% 2.6% NM 0.27x 10.5x 0.28x 7.4x CF Industries Holdings, Inc. CF 214.94 92.1% 12,312 3,098 2,286 13,124 5,630 2,834 (11.2%) 20.3% 45.9% 50.3% 8.2x 2.33x 4.6x 2.65x 5.8x Darling International Inc. DAR 23.22 97.0% 2,745 250 134 2,862 1,747 312 2.1% 39.9% 27.0% 17.8% 22.2x 1.64x 9.2x 1.59x 5.8x Monsanto Company MON 105.15 96.2% 55,292 2,112 3,782 53,622 14,861 4,186 10.0% 12.3% 51.5% 28.2% 22.6x 3.61x 12.8x 3.37x 11.3x Omega Protein Corporation OME 9.50 84.7% 196 31 21 205 238 46 (0.8%) 13.8% 21.7% 19.5% 30.0x 0.86x 4.4x 0.86x 3.8x The Andersons, Inc. ANDE 74.09 97.7% 1,372 504 76 1,801 5,658 157 20.7% 22.9% 6.2% 2.8% 19.3x 0.32x 11.5x 0.32x 8.2x The Mosaic Company MOS 46.10 71.3% 19,630 1,079 3,697 17,012 9,974 2,917 (10.2%) 13.8% 27.7% 29.2% 10.6x 1.71x 5.8x 1.97x 7.7x Mean 2.1% 18.2% 23.5% 19.2% 18.7x 1.38x 8.7x 1.42x 7.2x Median 1.1% 13.8% 24.4% 18.6% 19.3x 1.25x 9.8x 1.23x 7.4x Consumer and Retail Food Retail Arden Group Inc. ARDN.A $129.93 94.8% $399 $1 $26 $374 $449 $39 3.4% 2.1% 43.6% 8.7% 19.6x 0.83x 9.6x NA NA Costco Wholesale Corporation COST 119.62 99.4% 52,264 5,194 6,124 51,334 105,156 3,999 6.1% 10.5% 12.6% 3.8% 26.0x 0.49x 12.8x 0.45x 11.5x Establishments Delhaize Freres DELB 46.42 87.0% 4,688 2,922 1,004 6,606 22,882 1,452 7.6% 4.5% 24.5% 6.3% 19.1x 0.29x 4.5x 0.30x 4.7x Fairway Group Holdings Corp. FWM 24.23 83.9% 1,003 256 70 1,188 693 (4) 25.0% NA 32.7% NM NM 1.71x NM 1.40x 19.0x Ingles Markets, Incorporated IMKT.A 26.05 88.8% 593 935 5 1,523 3,775 220 4.2% 3.9% 22.1% 5.8% 34.3x 0.40x 6.9x 0.39x 6.6x J. Sainsbury plc LSE:SBRY 3.94 97.7% 7,469 2,851 589 9,731 23,303 1,399 4.5% 5.3% 5.5% 6.0% 12.3x 0.42x 7.0x 0.40x 6.9x Koninklijke Ahold N.V. ENXTAM:AH 14.00 99.3% 13,977 3,155 4,018 13,114 33,319 2,184 5.6% 5.1% 26.1% 6.6% 19.3x 0.39x 6.0x 0.39x 5.8x Natural Grocers by Vitamin Cottage NGVC 38.34 89.5% 860 16 7 869 405 28 28.1% NA 29.3% 6.9% NM 2.14x 31.0x 1.72x 22.2x Roundy's, Inc. RNDY 9.17 92.9% 429 690 76 1,044 3,919 180 1.0% (6.2%) 26.5% 4.6% NM 0.27x 5.8x 0.26x 5.9x Safeway Inc. SWY 35.16 95.3% 8,677 5,568 485 13,761 44,168 2,168 11.9% 2.6% 27.6% 4.9% 14.6x 0.31x 6.3x 0.36x 8.8x Sprouts Farmers Market, Inc. SFM 45.34 91.7% 6,639 802 66 7,376 2,185 178 97.6% NA 29.5% 8.1% NM 3.38x 41.5x 2.84x 35.6x SUPERVALU Inc. SVU 6.97 79.6% 1,809 3,135 81 4,863 17,098 682 144.9% (23.8%) 14.6% 4.0% NM 0.28x 7.1x 0.28x 6.4x The Kroger Co. KR 42.70 97.4% 22,222 7,896 440 29,678 98,725 4,582 6.4% 7.4% 21.1% 4.6% 14.1x 0.30x 6.5x 0.29x 6.6x The Pantry, Inc. PTRY 13.56 90.8% 319 948 44 1,223 7,075 207 (5.4%) 3.1% 11.4% 2.9% NM 0.17x 5.9x 0.16x 5.3x Village Super Market Inc. VLGE.A 36.33 91.5% 489 43 110 423 1,476 65 3.8% 5.4% 26.9% 4.4% 19.4x 0.29x 6.6x 0.28x NA Weis Markets, Inc. WMK 50.03 92.4% 1,346 0 112 1,234 2,701 178 (1.6%) 0.9% 27.3% 6.6% 17.0x 0.46x 6.9x 0.44x NA Whole Foods Market, Inc. WFM 63.30 96.5% 23,580 27 989 22,618 12,852 1,212 15.3% 13.7% 35.8% 9.4% 43.8x 1.76x 18.7x 1.57x 16.4x Mean 21.1% 2.5% 24.5% 5.9% 21.8x 0.82x 11.4x 0.72x 11.5x Median 6.1% 4.2% 26.5% 5.9% 19.3x 0.40x 6.9x 0.39x 6.8x

12 of 16 Trading Statistics Detail (continued)5

Grocery Distribution AMCON Distributing Co. DIT $81.50 96.4% $51 $33 $0 $84 $816 $15 1.1% 7.6% 9.6% 1.9% 8.9x 0.10x 5.6x NA NA Core-Mark Holding Company, Inc. CORE 70.30 96.2% 810 88 20 878 7,190 87 6.9% 11.1% 6.9% 1.2% 23.6x 0.12x 10.1x 0.09x 7.4x Nash Finch Co. NAFC 28.55 96.8% 352 433 1 783 4,946 112 2.4% (1.6%) 8.5% 2.3% NM 0.16x 7.0x 0.16x 7.8x Spartan Stores Inc. SPTN 23.70 95.6% 518 142 6 655 2,645 107 0.3% 1.6% 21.0% 4.0% 19.8x 0.25x 6.1x 0.24x 6.0x United Natural Foods, Inc. UNFI 71.33 94.0% 3,529 165 11 3,682 6,064 230 15.8% 17.3% 16.9% 3.8% 33.0x 0.61x 16.0x 0.55x 14.0x Mean 5.3% 7.2% 12.6% 2.6% 21.3x 0.25x 9.0x 0.26x 8.8x Median 2.4% 7.6% 9.6% 2.3% 21.7x 0.16x 7.0x 0.20x 7.6x Foodservice Colabor Group Inc. TSX:GCL $4.71 54.6% $128 $165 $0 $293 $1,447 $34 0.9% 10.6% 2.4% 2.4% NM 0.20x 8.6x 0.20x 7.5x Sysco Corporation SYY 32.56 90.3% 19,005 3,130 360 21,776 45,039 2,490 5.0% 5.9% 17.5% 5.5% 20.5x 0.48x 8.7x 0.47x 9.1x The Chefs' Warehouse, Inc. CHEF 23.20 91.0% 580 148 55 674 623 41 37.1% 32.0% 25.6% 6.6% 32.1x 1.08x 16.4x 0.93x 12.2x Mean 14.3% 16.2% 15.2% 4.8% 26.3x 0.59x 11.2x 0.53x 9.6x Median 5.0% 10.6% 17.5% 5.5% 26.3x 0.48x 8.7x 0.47x 9.1x Quick Service Restaurant AFC Enterprises Inc. AFCE $43.48 96.4% $1,038 $68 $15 $1,091 $195 $61 18.6% 11.0% 68.2% 31.5% 31.4x 5.60x 17.8x 4.87x 15.3x Burger King Worldwide, Inc. BKW 21.00 96.6% 7,376 3,044 764 9,656 1,281 638 (40.3%) (18.9%) 63.0% 49.8% 35.2x 7.54x 15.1x 8.91x 13.7x Jack in the Box Inc. JACK 40.69 95.5% 1,762 380 10 2,133 1,537 228 35.5% (12.3%) 23.5% 14.9% 25.8x 1.39x 9.3x 1.46x 8.3x McDonald's Corp. MCD 97.24 93.8% 96,757 13,488 2,544 107,700 27,965 10,068 1.9% 5.5% 38.9% 36.0% 17.6x 3.85x 10.7x 3.70x 10.1x Sonic Corp. SONC 19.21 98.5% 1,080 474 78 1,476 543 131 (0.2%) (0.5%) 52.6% 24.2% 29.8x 2.72x 11.2x 2.66x 10.4x The Wendy's Company WEN 8.73 95.6% 3,434 1,471 494 4,410 2,520 354 2.2% (5.6%) 25.5% 14.1% NM 1.75x 12.4x 1.88x 12.1x Yum! Brands, Inc. YUM 68.48 91.1% 30,496 2,932 753 32,675 13,058 2,687 (3.9%) 5.4% 26.2% 20.6% 29.3x 2.50x 12.2x 2.28x 10.7x Mean 2.0% (2.2%) 42.6% 27.3% 28.2x 3.62x 12.7x 3.68x 11.5x Median 1.9% (0.5%) 38.9% 24.2% 29.5x 2.72x 12.2x 2.66x 10.7x Casual Dining Restaurant BJ's Restaurants, Inc. BJRI $26.72 65.2% $753 $0 $35 $719 $760 $82 9.3% 15.5% 18.5% 10.8% 28.3x 0.95x 8.7x 0.84x 8.0x Bloomin' Brands, Inc. BLMN 25.16 94.2% 3,125 1,464 222 4,366 4,062 362 3.6% NA 16.8% 8.9% 26.0x 1.07x 12.1x 1.02x 9.6x Brinker International, Inc. EAT 44.59 99.1% 2,953 841 56 3,738 2,847 406 0.4% 0.3% 19.0% 14.3% 19.5x 1.31x 9.2x 1.28x 8.6x Buffalo Wild Wings Inc. BWLD 142.75 98.5% 2,681 0 44 2,637 1,229 179 28.4% 27.4% 23.3% 14.6% 40.5x 2.15x 14.7x 1.83x 11.7x Chuy's Holdings, Inc. CHUY 36.88 83.7% 602 5 4 602 200 25 25.8% 42.4% 20.4% 12.5% NM 3.01x 24.0x 2.56x 19.7x Darden Restaurants, Inc. DRI 51.48 93.2% 6,722 2,760 109 9,373 8,676 997 7.2% 6.5% 21.5% 11.5% 18.4x 1.08x 9.4x 1.02x 8.7x Del Frisco's Restaurant Group, Inc. DFRG 18.14 77.7% 432 0 9 423 255 39 14.2% 16.9% 25.3% 15.2% 29.0x 1.66x 10.9x 1.38x 8.9x DineEquity, Inc. DIN 80.81 96.9% 1,538 1,389 96 2,831 641 264 (31.3%) (22.7%) 59.9% 41.2% 21.6x 4.42x 10.7x 4.33x 10.4x Ignite Restaurant Group, Inc. IRG 14.98 70.4% 384 105 1 488 588 42 34.3% 29.1% 32.9% 7.1% NM 0.83x 11.7x 0.55x 10.3x Red Robin Gourmet Burgers Inc. RRGB 75.50 96.0% 1,081 90 18 1,153 1,016 101 7.8% 6.0% 22.7% 9.9% 34.9x 1.14x 11.4x 1.06x 9.8x Ruby Tuesday, Inc. RT 5.89 59.5% 354 275 36 593 1,213 74 (7.3%) 0.5% 16.8% 6.1% NM 0.49x 8.0x 0.51x 8.0x Ruth's Hospitality Group Inc. RUTH 12.52 91.0% 439 40 6 473 415 50 8.6% 6.1% 22.8% 12.0% 18.7x 1.14x 9.5x 1.11x 9.2x Texas Roadhouse, Inc. TXRH 27.21 93.6% 1,919 54 87 1,886 1,356 166 10.2% 11.1% 33.6% 12.3% 24.9x 1.39x 11.3x 1.22x 9.7x The Cheesecake Factory Incorporated CAKE 47.40 98.8% 2,485 60 131 2,413 1,868 234 2.5% 4.4% 43.3% 12.5% 25.1x 1.29x 10.3x 1.22x 9.3x Mean 8.1% 11.0% 26.9% 13.5% 26.1x 1.57x 11.6x 1.42x 10.1x Median 8.2% 6.5% 22.7% 12.1% 25.1x 1.22x 10.8x 1.17x 9.4x

13 of 16 Trading Statistics Detail (continued)5

Fast Casual Chipotle Mexican Grill, Inc. CMG $527.60 98.3% $16,326 $0 $532 $15,794 $3,070 $605 16.8% 20.8% 37.2% 19.7% NM 5.15x 26.1x 4.41x 21.5x Einstein Noah Restaurant Group, Inc. BAGL 17.40 95.1% 303 117 6 414 431 46 (0.1%) 1.7% 20.6% 10.7% 24.2x 0.96x 9.0x 0.93x 7.5x Fiesta Restaurant Group, Inc. FRGI 41.56 96.8% 983 204 7 1,179 529 64 7.3% NA 24.1% 12.1% NM 2.23x 18.4x 2.03x 15.8x Noodles & Company NDLS 43.92 84.5% 1,291 0 1 1,291 326 37 17.3% 36.0% 20.9% 11.2% NM 3.97x 35.3x 3.38x 26.9x Potbelly Corporation PBPB 26.54 78.3% 743 15 22 737 290 28 17.3% 36.0% 30.8% 9.7% 25.6x 2.54x 26.3x 2.30x 20.8x Panera Bread Company PNRA 163.86 84.1% 4,586 0 194 4,392 2,295 408 11.7% 15.7% 35.5% 17.8% 25.3x 1.91x 10.8x 1.71x 9.9x Mean 11.7% 22.1% 28.2% 13.5% 25.0x 2.79x 21.0x 2.46x 17.1x Median 14.2% 20.8% 27.5% 11.7% 25.3x 2.38x 22.2x 2.16x 18.3x Pizza CEC Entertainment Inc. CEC $45.53 95.3% $772 $370 $21 $1,121 $821 $171 2.1% (0.0%) 27.7% 20.9% 16.2x 1.37x 6.5x 1.32x 6.4x Domino's Pizza, Inc. DPZ 66.89 95.7% 3,727 1,543 32 5,237 1,775 319 8.2% 4.5% 30.3% 18.0% 28.5x 2.95x 16.4x 2.83x 14.6x Papa John's International Inc. PZZA 75.05 96.6% 1,631 133 28 1,736 1,398 139 10.8% 8.5% 30.7% 9.9% 26.4x 1.24x 12.5x 1.19x 11.8x Mean 7.0% 4.3% 29.5% 16.3% 23.7x 1.85x 11.8x 1.78x 10.9x Median 8.2% 4.5% 30.3% 18.0% 26.4x 1.37x 12.5x 1.32x 11.8x Beverage / Snack Retail Dunkin' Brands Group, Inc. DNKN $47.51 96.2% $5,053 $1,828 $210 $6,671 $692 $352 4.1% 8.8% 79.0% 50.9% 37.1x 9.64x 18.9x 8.97x 17.2x Jamba, Inc. JMBA 11.15 63.7% 190 0 33 158 232 13 5.2% (6.5%) 37.7% 5.7% NM 0.68x 11.9x 0.68x 8.8x Krispy Kreme Doughnuts, Inc. KKD 24.10 97.0% 1,586 1 60 1,527 459 54 11.5% 9.4% 17.4% 11.8% NM 3.33x 28.2x 3.11x 22.7x Starbucks Corporation SBUX 80.37 98.5% 60,390 1,299 3,234 58,456 14,892 2,863 12.0% 11.6% 57.1% 19.2% 35.6x 3.93x 20.4x 3.50x 15.8x Tim Hortons Inc. THI 62.56 97.5% 9,446 545 87 9,904 3,145 763 4.4% 8.0% 24.6% 24.3% 23.3x 3.15x 13.0x 3.01x 12.1x Mean 7.4% 6.2% 43.2% 22.4% 32.0x 4.14x 18.5x 3.85x 15.3x Median 5.2% 8.8% 37.7% 19.2% 35.6x 3.33x 18.9x 3.11x 15.8x Family Restaurant Bob Evans Farms, Inc. BOBE $55.99 93.0% $1,527 $215 $6 $1,737 $1,615 $182 2.7% (1.9%) 37.6% 11.3% NM 1.08x 9.5x 1.25x 9.1x Denny's Corporation DENN 6.38 96.4% 569 175 6 738 464 76 (7.6%) (5.7%) 37.5% 16.4% 21.8x 1.59x 9.7x 1.57x 9.2x Frisch's Restaurants, Inc. FRS 23.92 94.1% 122 15 4 132 204 22 (0.0%) (11.7%) 8.9% 11.0% 15.3x 0.65x 5.9x 0.64x NA Luby's, Inc. LUB 7.29 79.3% 206 20 2 224 372 25 4.3% 15.6% 37.6% 6.9% 32.3x 0.60x 8.8x NA 7.3x Mean (0.2%) (0.9%) 30.4% 11.4% 23.1x 0.98x 8.5x 1.15x 8.6x Median 1.3% (3.8%) 37.5% 11.1% 21.8x 0.86x 9.2x 1.25x 9.1x

14 of 16 Food and Beverage Earnings Release Calendar

Earnings November 2013 Release Date Company Calendar5 11/11/2013 Campofrio Food Group, S.A. (CATS:CFG) 11/11/2013 Amira Nature Foods Ltd. (NYSE:ANFI) 11/13/2013 Carlsberg A/S (CPSE:CARL B) 11/13/2013 JBS S.A. (BOVESPA:JBSS3) 11/18/2013 Tyson Foods Inc. (NYSE:TSN) 11/19/2013 Campbell Soup Company (NYSE:CPB) 11/20/2013 Green Mountain Coffee Roasters (NasdaqGS:GMCR) 11/21/2013 SABMiller plc (LSE:SAB) 11/26/2013 Hormel Foods Corp. (NYSE:HRL)

December 2013 Date Company 12/3/2013 Bob Evans Farms, Inc. (NasdaqGS:BOBE) 12/4/2013 Brown-Forman Corporation (NYSE: BF.B) 12/5/2013 The Kroger Co. (NYSE:KR) 12/11/2013 Costco Wholesale Corporation (NasdaqGS:COST) 12/18/2013 General Mills, Inc. (NYSE:GIS) 12/19/2013 ConAgra Foods, Inc. (NYSE:CAG) 12/19/2013 Darden Restaurants, Inc. (NYSE:DRI)

January 2014 Date Company 1/13/2014 Suedzucker AG (DB:SZU) 1/22/2014 Brinker International (NYSE:EAT) 1/23/2013 Starbucks Corporation (NasdaqGS:SBUX) 1/23/2014 Unilever plc (LSE:ULVR) 1/31/2014 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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