Food and Beverage Industry Update October 2014

Member FINRA/SIPC

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

What We’re Seeing CONTENTS Market Update INDUSTRY VITAL SIGNS M&A activity in the food and beverage sector remained strong through the end of the summer with several deals announced during the month of September. HW&Co. anticipates an active marketplace for EQUITY MARKET OVERVIEW the remainder of the year as strategic and private equity buyers continue to take advantage of current M&A MARKET OVERVIEW market conditions and aggressively pursue well positioned food & beverage companies. Over the past DEBT MARKET OVERVIEW month, the market saw notable activity from both strategic and private equity investors. On the strategic NOTABLE M&A ACTIVITY side, Ajinomoto North America acquired Windsor Foods, while sponsor investments included JAB PUBLIC COMPARABLES Holdings’ acquisition of Einstein Noah Restaurant Group. Activity also remained strong in the “better-for- you” segment, as WhiteWave Foods acquired So Delicious® Dairy Free, a producer of dairy-free frozen EARNINGS CALENDAR desserts, beverages, and creamers. 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 JAB Increases Premium Consumer Holdings with Acquisition of Einstein Noah CONTACTS JAB Holdings is acquiring Einstein Noah Restaurant Group for approximately $470 million. Einstein Glenn Gurtcheff | Managing Director Noah’s investors will receive $20.25 a share, 51% above its closing price on September 26th. Through the [email protected] +1 (612) 359-2702 transaction, Einstein Noah seeks to revitalize its brand, enhance its national footprint, and solidify market leadership in the fresh-baked bagels industry. JAB Holdings has a distinguished track record of investing Tim Alexander | Managing Director in related consumer concepts, including Caribou Coffee and Peet’s Tea & Coffee. [email protected] Access to the full article here. +1 (612) 359-2716 WhiteWave Foods Broadens Plant-Based Platform with Purchase of So Delicious Ryan Budlong | Director [email protected] th On September 17 , The WhiteWave Foods Company announced its agreement to acquire So Delicious® +1 (415) 217-3409 Dairy Free from Wasserstein & Co. for approximately $195 million. The acquisition provides WhiteWave with further penetration of its core market of plant-based food and beverages, along with the #1 plant- Brant Cash | Vice President based frozen dessert brand in the US. Following the acquisition of Earthbound Farms, this transaction [email protected] +1 (612) 359-2709 marks WhiteWave’s second expansion in the non-GMO category. Access to the full article here. Ryan Freeman | Vice President [email protected] Ajinomoto Expands Frozen Foods Footprint With Purchase of Windsor Foods +1 (612) 359-2703 On September 10th, Ajinomoto North America, Inc. announced the acquisition of Windsor Foods for approximately $800 million. The acquisition will enable Ajinomoto to combine its global strength in food Matt Whebbe | Vice President [email protected] manufacturing with Windsor’s strong market position and distribution network throughout the US. +1 (612) 359-2727 Following the transaction, Ajinomoto will solidify its leading position in the Asian/Ethnic frozen foods category in the US. Like other Japanese firms, Ajinomoto is looking abroad as the domestic market www.harriswilliams.com shrinks due to an aging population and a slowing economy. Access to the investor presentation here. 2 of 16 Food and Beverage Industry Vital Signs

200 Commodity C r u d e O i l : Price Indices1 31.8%

150 Soyb ean s: 14.1% W h eat : 100 7.0% C or n : Commodity Price Index Commodity Price 0.5% 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: 41.2% 120 Pork: 19.7% 110 Poultry:

100 11.7% ProteinPrice Index 90 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Beef Pork Poultry

Restaurant and 140 Grocery Store 4 Restaurant: Sales Indices 120 20.2% Grocery: 17.3%

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 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Aug-13 Feb-14 Aug-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/EBITDA EBITDA

Protein Processing 5.0% 38.8% (15.6%) (12.6%) 14.4x 14.5x 7.2x 1.9x Fruit and Vegetable 16.6% 9.7% 10.2% 15.1% 21.6x 23.5x 13.6x 3.0x Ingredients / Flavors (5.1%) 16.3% (7.2%) 4.6% 18.1x 26.7x 13.5x 1.1x

Inputs Agribusiness (1.6%) 14.2% (9.9%) 26.4% 13.7x 15.1x 11.6x 1.1x Branded Processed Foods (5.1%) 7.1% 2.0% 3.0% 19.3x 23.2x 13.0x 2.2x Private Label Foods (2.8%) (7.9%) (8.8%) (12.2%) 20.1x 25.1x 13.4x 3.1x Natural / Organic Foods 3.5% 11.4% 3.7% 11.6% 23.5x 24.3x 14.7x 2.5x Baked Goods / Snack Foods (0.6%) 12.4% 2.6% 7.8% 21.8x 24.9x 11.9x 2.8x Dairy (1.8%) 9.1% 6.0% 21.7% 18.1x 22.7x 13.9x 2.2x Non-Alcoholic Beverages 2.1% 15.5% 0.8% 12.6% 20.1x 21.8x 13.7x 1.7x

Food and Beverage Alcoholic Beverages (1.8%) 10.0% (6.2%) (1.0%) 19.4x 24.5x 12.6x 2.7x Food Retail (6.5%) (16.2%) (5.1%) (5.2%) 19.0x 17.9x 6.5x 2.3x Grocery Distribution (1.9%) (3.6%) 1.2% 18.5% 20.5x 26.4x 9.8x 1.9x Foodservice 0.1% (10.6%) 1.8% 19.9% 19.3x 25.5x 10.6x 3.3x Quick Service Restaurant (2.0%) 12.4% (1.0%) 3.6% 23.2x 29.4x 11.9x 2.6x Casual Dining Restaurant (11.4%) (0.6%) (12.6%) (6.9%) 19.4x 22.7x 10.5x 1.9x Fast Casual 8.3% 15.9% 2.4% 11.0% 38.2x 25.8x 12.0x 0.9x Pizza 0.5% 12.9% (3.2%) (0.6%) 22.7x 26.9x 14.4x 2.8x Beverage / Snack Retail 6.0% (2.3%) 4.9% (6.3%) 24.4x 31.7x 17.5x 1.7x

Consumer Consumer and Retail Family Restaurant 0.9% (2.6%) 6.2% 9.6% 20.7x 20.1x 9.7x 2.1x

Overall Median (1.5%) 8.3% (1.4%) 5.9% 20.1x 23.4x 11.8x 2.1x

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

-25.0% -12.5% 0.0% 12.5% 25.0% 37.5% 50.0%

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

Recent Equity Gross Offerings6 Close Transaction Proceeds Date Filing Date Issuer Ticker Type ($mm) Use of Funds 09/11/14 06/16/14 Inventure Foods Inc SNAK Follow-On $46.2 Secondary

09/09/14 09/09/14 Performance Food Group Co - IPO $100.0 Secondary General Corp. Purp. 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 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.

Food and 130 Beverage Industry Stock Performance5 120 21.3%

14.9% 110 11.1%

7.2% 100 (9.1% )

(11.7% ) 90

80 Oct-13 Dec-13 Feb-14 May-14 Jul-14 Oct-14

Restaurant Protein Processing/Dairy Natural/Organic

Beverage Private Label Food Manufacturing S&P 500

5 of 16 M&A Market Overview

Highlighted JAB Holding Company Acquires Einstein Noah Food and • Owner of Caribou Coffee and Peet’s Coffee & Tea, JAB Holding Company, will Beverage M&A pay $20.25 per share of Einstein Noah, representing a 51 % premium. Transactions Enterprise Value: $466.8 mm • The takeover is the latest change for Einstein Noah, which has been working to Revenue Multiple: 1.1x revitalize its menu, marketing, and the design of its stores. EBITDA Multiple: 10.3x • Post close, Caribou Coffee CEO, Michael Tattersfield, will be named chairman of Announced: September 29, 2014 the Einstein group. WhiteWave Foods Acquires So Delicious • The WhiteWave Foods Company will acquire So Delicious Dairy Free from Wasserstein & Co. for approximately $195 million. Enterprise Value: $195.0 mm • So Delicious will build upon WhiteWave’s portfolio of Silk and Alpro branded Revenue Multiple: 1.7x products, expanding its plant-based food and beverage offerings. EBITDA Multiple: NA • The transaction is expected to be accretive to WhiteWave’s earnings in the first 12 Announced: September 17, 2014 months after closing. Ajinomoto North America Acquires Windsor Foods • Ajinomoto North America will pay $800 million to acquire Windsor Foods. • Representing its biggest acquisition to date, Ajinomoto seeks to expand in North Enterprise Value: $800.0 mm America to offset slowing growth in Japan. Revenue Multiple: 1.2x • Ajinomoto aims to boost sales of its frozen foods business in North America to EBITDA Multiple: NA about $1 billion by 2020. Announced: September 10, 2014 North American Median Food and Bev. Transaction Multiples Announced Food and Bev. Transactions Food and 16x 13.5x 1.75x $120 $110.2 300 $103.6 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 38 9/29/2014 Einstein Noah Restaurant Group, Inc. BDT Capital Partners; JAB Beech Inc. 40 36 36 5 34 Activity 32 9/29/2014 Mountaire Farms Statesville Breeder Mountaire Farms, Inc. 35 27 27 27 9/26/2014 Rivertown Brewing Company, LLC Individuals 30 26 25 26 26 9/26/2014 Daily's Foods, Inc. Triumph Foods, LLC 25 21 18 20 17 9/26/2014 Crunchies Food Company, LLC Family Trust and DD Revocable Trust 15 14 15 9/25/2014 Fasta Pasta Restaurant Concept SCS Direct Inc. 10 9/25/2014 English Bay Batter (Vancouver), Inc. Kilmer Van Nostrand Co. Limited Numberof Investments 5 9/23/2014 P&G, European Pet Food Business Spectrum Brands Holdings, Inc. 0 9/19/2014 Shine Coffee LLC Short Leash, LLC 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 9/19/2014 Tea Station Chinese Bistro, Inc. Individuals 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 MultipleEBITDA L + 200 0.0x Debt/ Senior Debt/ EBITDA/ EBITDA - Spread LIBOR Average Over EBITDA EBITDA Cash Interest Capex/ L + 0 Cash Interest

Recent Debt Effective Date Borrower Name Description Tranche Amount Type Rating Spread Offerings8 09/30/14 Amalgamated Sugar Company LLC Beet sugar USD 130,000,000 Revolver/Line >= 1 Yr. N/A / NR 135 09/10/14 Awashimado Co Ltd Candy & other confectionery products JPY 4,000,000,000 Term Loan N/A / NR N/A 09/12/14 Charoen Pokphand Group Co Ltd Poultry slaughtering and processing USD 150,000,000 Undisclosed N/A / NR 150 09/18/14 Frieden Co Ltd Poultry slaughtering and processing JPY 1,200,000,000 Term Loan N/A / NR N/A 09/19/14 JTM Foods Frozen bakery products, except bread USD 50,000,000 Term Loan N/A / NR 450 09/19/14 JTM Foods Frozen bakery products, except bread USD 7,500,000 Revolver/Line >= 1 Yr. N/A / NR 450 09/30/14 Kettle Cuisine LLC Food preparations USD 5,000,000 Revolver/Line >= 1 Yr. N/A / NR 435 09/30/14 Kettle Cuisine LLC Food preparations USD 48,000,000 Term Loan A N/A / NR 435 09/25/14 Kinjirushi Co Ltd Food preparations JPY 1,665,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A 09/30/14 Lakeview Farms Fluid milk USD 11,000,000 Revolver/Line >= 1 Yr. N/A / NR 550 09/30/14 Lakeview Farms Fluid milk USD 34,500,000 Term Loan N/A / NR 550 09/30/14 Mafco World Wide Flavoring extracts and syrups USD 50,000,000 Revolver/Line >= 1 Yr. N/A / NR 550 09/30/14 Mafco World Wide Flavoring extracts and syrups USD 365,000,000 Term Loan B N/A / NR 550 09/30/14 Mafco World Wide Flavoring extracts and syrups USD 75,000,000 Term Loan N/A / NR 950 09/25/14 Marusan-Ai Co Ltd Food preparations JPY 2,000,000,000 Revolver/Line >= 1 Yr. N/A / NR N/A 09/25/14 Marusan-Ai Co Ltd Food preparations JPY 1,000,000,000 Term Loan N/A / 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 100 Trading 13.2x 13.3x 90 6 Multiples and 13.0x 12.7x 12.8x 12.6x 12.6x 12.6x 12.4x 80 Quarterly Food 12.3x 12.4x 12.2x 10 12.1x 12.2x and Beverage 12.0x11.9x 12.0x 12.0x 70 12.0x 11.8x 11.8x 11.9x 5 11.8x 11.9x M&A 11.6x 60 7 7 11.2x 11.4x 4 7 7 9 13 8 50 6 5 10.9x 5 89 11.0x 6 8 40 7 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

Sep-14

Apr-14

Dec-13

Mar-14

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

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

American Food 9/29/2014 Einstein Noah Restaurant Group, Inc. GreenLight Capital BDT Capital Partners; JAB Beech Inc. $463.1 1.05x 10.3x 16.9x P and Beverage 9/29/2014 Mountaire Farms Statesville Breeder - Mountaire Farms, Inc. - - - - 9/26/2014 Rivertown Brewing Company, LLC - Individuals - - - - 5 M&A 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 - - - 9/25/2014 Fasta Pasta Restaurant Concept - SCS Direct Inc. - - - - 9/25/2014 English Bay Batter (Vancouver), Inc. - Kilmer Van Nostrand Co. Limited - - - - 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 - - - - 9/19/2014 Tea Station Chinese Bistro, Inc. - Individuals $0.8 - - - 9/18/2014 Guilliams Vineyards - Kieu Hoang Winery, LLC - - - - 9/18/2014 Pabst Brewing Company, Inc. C. Dean Metropoulos & Co. TSG Consumer Partners; Oasis Beverages - - - - 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 - - P 9/16/2014 Grocery Outlet Inc. Berkshire Partners; Prospect Capital Hellman & Friedman LLC - - - - P 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 - - P 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 P 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 - - - 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 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 8/11/2014 Continental Seasoning, Inc. - Newly Weds Foods, Inc. - - - - 8/8/2014 John Conti Coffee Co. Inc. - Canteen Service Co. of Kentuckiana, Inc. - - - - and Beverage 8/7/2014 American Blanching Co., Inc. Ironwood Capital Nuts Distributor of America Inc. $128.0 - - - P M&A5 8/1/2014 Mighty Leaf Tea Company VMG Partners Peet's Coffee & Tea - - - - P 8/1/2014 Faribault Foods, Inc. - Arizona Canning Company, LLC - - - - (continued) 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 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 - P 7/3/2014 Romeo's NY Pizza - Cardiff International Inc. $1.0 - - - 7/3/2014 Ker, Inc. - Third Lake Capital - - - - P 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 - - - - 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 - - - - 6/17/2014 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 - - - - 6/3/2014 Cowboys Saloon Davie, LLC - Bg Capital Group, Ltd. - - - - 6/2/2014 FOC Acquisition LLC Flagship Food Group LLC House of Raeford Farms, Inc. - - - - 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. - - - - -

9 of 16 Trading Statistics Detail5

Food and Beverage Branded Processed Foods Associated British Foods plc ABF $41.99 80.2% $33,155 $1,907 $521 $34,541 $22,096 $2,679 14.8% 8.7% 24.4% 12.1% 36.6x 1.56x 12.9x 1.53x 12.7x Campbell Soup Company CPB 42.10 90.2% 13,266 3,912 239 16,939 8,268 1,561 2.7% 5.0% 35.7% 18.9% 19.6x 2.05x 10.9x 2.01x 10.2x ConAgra Foods, Inc. CAG 32.60 95.1% 14,053 8,994 192 22,855 17,688 2,363 11.7% 12.0% 21.0% 13.4% 45.5x 1.29x 9.7x 1.40x 10.3x General Mills, Inc. GIS 50.01 89.9% 30,175 8,786 867 38,094 17,805 3,314 (1.6%) 5.4% 35.6% 18.6% 18.7x 2.14x 11.5x 2.05x 10.5x Hormel Foods Corporation HRL 51.68 100.0% 13,452 250 531 13,171 9,096 1,031 5.8% 5.0% 16.8% 11.3% 23.0x 1.45x 12.8x 1.37x 11.3x Kellogg Company K 60.63 87.2% 21,841 7,527 290 29,078 14,644 3,805 (1.4%) 4.3% 43.7% 26.0% 12.8x 1.99x 7.6x 1.94x 10.5x McCormick & Company, Incorporated MKC 67.52 92.1% 8,534 1,325 91 9,768 4,240 732 3.4% 5.9% 40.7% 17.3% 23.1x 2.30x 13.3x 2.26x 12.9x Mondelez International, Inc. MDLZ 33.73 85.3% 56,899 18,576 2,290 73,185 35,037 5,651 (0.3%) (12.4%) 36.9% 16.1% 32.1x 2.09x 13.0x 2.06x 12.3x Nestlé S.A. NESN 72.23 91.7% 230,471 26,355 4,244 252,581 101,648 18,950 4.3% 2.6% 47.8% 18.6% 23.8x 2.48x 13.3x 2.43x 12.7x The Hain Celestial Group, Inc. HAIN 102.67 100.0% 5,861 868 124 6,606 2,154 289 24.2% 24.8% 26.5% 13.4% 34.6x 3.07x 22.8x 2.39x 17.7x The Hershey Company HSY 93.98 86.5% 20,925 1,993 660 22,258 7,260 1,579 6.2% 7.0% 45.5% 21.8% 24.8x 3.07x 14.1x 2.89x 12.7x The J. M. Smucker Company SJM 97.65 86.5% 9,967 2,351 149 12,169 5,584 1,184 (5.0%) 4.0% 36.3% 21.2% 19.1x 2.18x 10.3x 2.08x 9.6x The WhiteWave Foods Company WWAV 35.58 100.0% 6,182 1,365 66 7,481 2,986 332 24.0% 24.8% 34.3% 11.1% NM 2.51x 22.5x 2.11x 16.6x Mean 6.8% 7.5% 34.2% 16.9% 26.1x 2.17x 13.4x 2.04x 12.3x Median 4.3% 5.4% 35.7% 17.3% 23.4x 2.14x 12.9x 2.06x 12.3x Private Label Foods Flowers Foods, Inc. FLO $17.96 70.0% $3,820 826 9 $4,638 $3,759 $419 7.5% 12.9% 47.6% 11.2% 23.9x 1.23x 11.1x 1.17x 9.7x Snyder's-Lance, Inc. LNCE 26.16 85.7% 1,828 705 18 2,514 1,797 187 14.9% 10.7% 33.9% 10.4% 26.3x 1.40x 13.4x 1.53x 13.0x Treehouse Foods, Inc. THS 81.70 98.2% 3,386 1,021 26 4,380 2,474 317 12.6% 8.1% 21.5% 12.8% 37.6x 1.77x 13.8x 1.26x 9.8x Mean 11.7% 10.5% 34.3% 11.5% 29.3x 1.47x 12.8x 1.32x 10.8x Median 12.6% 10.7% 33.9% 11.2% 26.3x 1.40x 13.4x 1.26x 9.8x Natural / Organic Foods Amira Nature Foods Ltd. ANFI $14.71 58.8% $532 $185 $38 $678 $576 $82 29.8% 88.8% 24.2% 14.3% 14.7x 1.18x 8.2x 1.02x 7.4x Annie's, Inc. BNNY 45.95 87.7% 785 0 2 783 208 21 19.2% 20.8% 34.6% 10.2% 45.4x 3.76x 36.8x 3.13x 23.0x SunOpta Inc. TSX:SOY 12.61 90.4% 828 174 7 996 1,260 67 10.2% 9.2% 11.2% 5.3% NM 0.79x 14.9x 0.74x 10.5x The Hain Celestial Group, Inc. HAIN 102.67 100.0% 5,861 868 124 6,606 2,154 289 24.2% 24.8% 26.5% 13.4% 34.6x 3.07x 22.8x 2.39x 17.7x United Natural Foods, Inc. UNFI 61.29 77.0% 2,998 302 17 3,283 6,794 263 12.0% 14.5% 16.8% 3.9% 26.2x 0.48x 12.5x 0.44x 11.1x Whole Foods Market, Inc. WFM 37.64 57.4% 13,673 62 796 12,939 13,914 1,301 8.3% 12.2% 35.6% 9.4% 25.2x 0.93x 9.9x 0.84x 9.3x Mean 17.3% 28.4% 24.8% 9.4% 29.2x 1.70x 17.5x 1.43x 13.2x Median 15.6% 17.6% 25.4% 9.8% 26.2x 1.05x 13.7x 0.93x 10.8x Baked Goods / Snack Foods ARYZTA AG SWX:ARYN $83.49 86.1% $7,357 $2,153 $795 $8,715 $6,436 $891 7.7% 4.9% 27.2% 13.8% NM 1.35x 9.8x 1.30x 9.7x Diamond Foods, Inc. DMND 28.37 79.7% 910 654 7 1,557 865 46 0.1% (3.6%) 25.1% 5.3% NM 1.80x 34.0x 1.75x 13.6x Flowers Foods, Inc. FLO 17.96 70.0% 3,820 826 9 4,638 3,759 419 7.5% 12.9% 47.6% 11.2% 23.9x 1.23x 11.1x 1.17x 9.7x George Weston Limited WN 78.88 97.3% 10,072 13,207 2,162 21,117 33,595 1,757 3.0% 0.5% 23.6% 5.2% NM 0.63x 12.0x 0.51x 5.8x Golden Enterprises Inc. GLDC 4.62 94.3% 53 8 1 60 135 6 (2.1%) 0.6% 48.7% 4.8% NM 0.45x 9.3x NA NA Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.89 85.6% 13,462 4,693 467 17,688 13,799 1,491 3.5% 10.6% 53.0% 10.8% 39.5x 1.28x 11.9x 1.16x 10.9x Inventure Foods, Inc. SNAK 12.93 89.2% 251 79 1 329 253 23 31.4% 19.5% 18.2% 9.0% 30.0x 1.30x 14.4x 1.09x 11.2x J&J Snack Foods Corp. JJSF 93.62 93.6% 1,726 1 68 1,659 904 142 3.7% 7.6% 31.1% 15.7% 25.5x 1.84x 11.7x 1.75x 10.8x John B Sanfilippo & Son Inc. JBSS 31.62 100.0% 350 82 2 430 779 59 6.0% 4.9% 15.8% 7.6% 13.3x 0.55x 7.3x NA NA Lancaster Colony Corporation LANC 84.22 84.4% 2,287 0 212 2,075 1,041 174 2.7% (1.5%) 23.9% 16.7% 23.8x 1.99x 11.9x 1.94x 11.7x Penford Corporation PENX 12.41 81.8% 162 85 0 247 452 21 (1.7%) 15.3% 10.0% 4.6% 44.5x 0.55x 11.8x 0.52x 7.5x Mean 5.6% 6.5% 29.5% 9.5% 28.6x 1.18x 13.2x 1.24x 10.1x Median 3.5% 4.9% 25.1% 9.0% 25.5x 1.28x 11.8x 1.17x 10.8x

10 of 16 Trading Statistics Detail (continued)5

Dairy Danone BN $65.23 85.3% $39,112 $16,239 $4,208 $51,142 $28,348 $4,304 1.7% 2.0% 47.2% 15.2% 29.9x 1.80x 11.9x 1.77x 10.8x Dean Foods Company DF 12.78 64.3% 1,222 986 60 2,148 9,231 247 0.2% (9.7%) 18.4% 2.7% 4.2x 0.23x 8.7x 0.23x 8.3x Glanbia plc GL9 14.29 90.4% 4,222 762 121 4,863 3,317 288 8.6% 0.3% 29.0% 8.7% 22.8x 1.47x 16.9x 1.42x 15.0x Lifeway Foods Inc. LWAY 14.16 82.3% 225 9 6 228 109 7 22.4% 18.8% 25.7% 6.3% NM 2.10x 33.1x 1.80x 16.6x Saputo Inc. TSX:SAP 28.79 45.3% 11,246 1,931 45 13,133 9,076 982 23.1% 12.1% 10.8% 10.8% 24.2x 1.45x 13.4x 1.39x 12.3x Mean 11.2% 4.7% 26.2% 8.7% 20.3x 1.41x 16.8x 1.32x 12.6x Median 8.6% 2.0% 25.7% 8.7% 23.5x 1.47x 13.4x 1.42x 12.3x

Non-Alcoholic Beverages A.G.Barr p.l.c. LSE:BAG $9.72 87.2% $1,122 $25 $21 $1,126 $443 $81 17.9% 5.8% 45.7% 18.3% 26.4x 2.54x 13.9x 2.53x 13.6x Cott Corporation BCB 6.87 79.2% 641 656 91 1,206 2,051 183 (5.5%) (2.2%) 11.9% 8.9% NM 0.59x 6.6x 0.57x 6.2x Dr Pepper Snapple Group, Inc. DPS 63.76 100.0% 12,404 2,622 150 14,876 6,035 1,447 0.5% 1.4% 59.4% 24.0% 16.8x 2.46x 10.3x 2.44x 10.5x Keurig Green Mountain, Inc. GMCR 129.51 94.6% 20,839 278 1,204 19,913 4,559 1,144 7.1% 25.4% 38.2% 25.1% 36.8x 4.37x 17.4x 3.95x 16.5x Lassonde Industries Inc. LAS.A 111.94 93.8% 781 253 16 1,018 991 111 1.2% 19.6% 27.5% 11.2% 19.0x 1.03x 9.2x NA NA Monster Beverage Corporation MNST 90.53 95.4% 15,136 0 827 14,309 2,355 687 10.6% 15.7% 53.1% 29.2% 37.3x 6.08x 20.8x 5.43x 18.2x National Beverage Corp. FIZZ 19.25 86.5% 877 30 30 877 643 80 (1.2%) 2.1% 33.9% 12.4% 20.4x 1.36x 11.0x 1.36x NA Pepsico, Inc. PEP 92.50 98.9% 139,604 32,848 11,299 161,153 66,544 12,657 0.8% 2.1% 53.4% 19.0% 20.9x 2.42x 12.7x 2.36x 12.1x Starbucks Corporation SBUX 74.15 89.9% 56,047 2,048 1,196 56,899 16,081 3,340 11.3% 11.8% 57.9% 20.8% NM 3.54x 17.0x 3.19x 13.5x The Coca-Cola Company KO 42.66 100.0% 187,454 40,247 21,612 206,089 46,220 13,092 (2.9%) 3.1% 61.0% 28.3% 22.3x 4.46x 15.7x 4.32x 15.2x Mean 4.0% 8.5% 44.2% 19.7% 25.0x 2.88x 13.5x 2.90x 13.2x Median 1.0% 4.5% 49.4% 19.9% 21.6x 2.50x 13.3x 2.53x 13.6x Alcoholic Beverages Anheuser-Busch InBev SA/NV ENXTBR:ABI $106.34 94.2% $170,872 $55,511 $8,845 $217,538 $46,245 $17,790 14.7% 7.0% 60.2% 38.5% 21.3x 4.70x 12.2x 4.36x 10.8x Brown-Forman Corporation BF.B 88.17 90.8% 18,808 1,011 460 19,359 3,010 1,028 4.9% 4.3% 69.6% 34.2% 29.8x 6.43x 18.8x 4.50x 17.1x Constellation Brands Inc. STZ 84.96 89.6% 16,451 7,209 382 23,277 5,865 1,704 63.1% 24.9% 42.4% 29.0% 8.0x 3.97x 13.7x 3.82x 12.9x Diageo plc DGE 28.35 82.0% 70,961 16,258 1,064 86,155 17,546 5,824 2.1% 4.3% 60.9% 33.2% 19.0x 4.91x 14.8x 4.73x 14.1x Heineken NV ENXTAM:HEIA 72.98 95.6% 41,960 15,585 1,147 56,399 24,177 5,065 (1.9%) 4.1% 38.6% 20.9% 24.4x 2.33x 11.1x 2.16x 9.3x Kirin Holdings Company, Limited TSE:2503 13.10 85.4% 11,966 7,630 421 19,175 20,411 2,577 5.2% 6.6% 43.0% 12.6% 32.3x 0.94x 7.4x 0.88x 6.8x Pernod-Ricard SA RI 110.56 88.4% 29,104 12,773 899 40,978 10,877 3,068 (2.4%) 0.5% 62.7% 28.2% 20.0x 3.77x 13.4x 3.77x 13.1x SABMiller plc LSE:SAB 53.80 93.8% 86,415 17,077 2,131 101,361 16,704 5,445 (3.9%) 3.3% 69.6% 32.6% 26.5x 6.07x 18.6x 5.77x 15.3x Sapporo Holdings Ltd. TSE:2501 3.87 85.1% 1,509 2,513 105 3,917 4,779 408 (5.3%) 8.4% 35.3% 8.5% NM 0.82x 9.6x 0.76x 9.4x Mean 8.5% 7.1% 53.6% 26.4% 22.7x 3.77x 13.3x 3.42x 12.1x Median 2.1% 4.3% 60.2% 29.0% 22.9x 3.97x 13.4x 3.82x 12.9x Inputs Protein Processing Cal-Maine Foods, Inc. CALM $89.34 100.0% $2,124 $61 $209 $1,976 $1,478 $218 10.8% 14.1% 21.0% 14.7% 17.4x 1.34x 9.1x 1.32x 9.0x JBS S.A. BOVESPA:JBSS3 3.79 87.1% 10,724 15,879 4,670 21,933 48,452 3,478 29.9% 9.5% 13.6% 7.2% 41.2x 0.45x 6.3x 0.43x 6.2x Sanderson Farms, Inc. SAFM 89.52 86.2% 2,016 20 139 1,897 2,741 374 5.3% 12.1% 16.1% 13.6% 10.2x 0.69x 5.1x 0.69x 4.2x Seaboard Corp. SEB 2,610.00 83.7% 3,052 131 447 2,735 6,578 380 1.6% 8.3% 8.4% 5.8% 13.7x 0.42x 7.2x 0.41x NA Tyson Foods, Inc. TSN 40.99 92.7% 15,019 1,825 589 16,255 36,369 2,097 7.6% 5.1% 7.4% 5.8% 13.5x 0.45x 7.8x 0.41x 5.4x Mean 11.0% 9.8% 13.3% 9.4% 19.2x 0.67x 7.1x 0.65x 6.2x Median 7.6% 9.5% 13.6% 7.2% 13.7x 0.45x 7.2x 0.43x 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 10/2/14 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 $44.22 100.0% $689 $52 $20 $722 $772 $42 20.3% 17.0% 9.2% 5.4% 25.3x 0.93x 17.2x 0.87x 14.9x Chiquita Brands International Inc. CQB 14.05 98.3% 655 637 55 1,238 3,059 87 0.7% (1.5%) 10.5% 2.9% NM 0.40x 14.2x 0.41x 8.2x Fresh Del Monte Produce Inc. FDP 32.33 100.0% 1,763 182 48 1,897 3,855 210 9.9% 2.1% 8.2% 5.5% NM 0.49x 9.0x 0.48x 7.8x Seneca Foods Corp. SENE.A 29.48 84.9% 315 228 11 532 1,348 41 5.5% 3.0% 6.5% 3.0% 27.7x 0.39x 13.0x NA NA Mean 9.1% 5.2% 8.6% 4.2% 26.5x 0.56x 13.4x 0.59x 10.3x Median 7.7% 2.6% 8.7% 4.2% 26.5x 0.45x 13.6x 0.48x 8.2x Ingredients / Flavors Givaudan SA SWX:GIVN $1,573.41 92.9% $14,484 $1,603 $401 $15,686 $4,887 $1,001 6.2% 0.6% 45.9% 20.5% 27.3x 3.21x 15.7x 3.19x 13.5x International Flavors & Fragrances Inc. IFF 94.04 88.9% 7,640 936 329 8,247 3,026 653 5.3% 3.5% 44.5% 21.6% 21.9x 2.73x 12.6x 2.61x 11.5x Kerry Group plc ISE:KRZ 68.42 89.4% 12,029 1,861 317 13,572 7,914 952 3.5% 1.7% 43.2% 12.0% NM 1.71x 14.3x 1.70x 12.9x Sensient Technologies Corporation SXT 51.06 89.0% 2,465 495 28 2,932 1,466 268 (0.3%) 1.4% 33.5% 18.3% 32.2x 2.00x 11.0x 1.98x 10.2x Symrise AG XTRA:SY1 52.86 95.3% 6,862 716 673 6,905 2,516 523 7.6% 3.0% 43.0% 20.8% 27.3x 2.75x 13.2x 2.31x 10.7x Tate & Lyle plc TATE 9.44 68.9% 4,411 1,305 772 4,944 5,245 737 0.3% 8.9% 37.7% 14.0% 13.1x 0.94x 6.7x 1.05x 7.1x Mean 3.8% 3.2% 41.3% 17.9% 24.4x 2.22x 12.2x 2.14x 11.0x Median 4.4% 2.3% 43.1% 19.4% 27.3x 2.36x 12.9x 2.15x 11.1x Agribusiness Archer Daniels Midland Company ADM $50.70 100.0% $32,534 $5,622 $1,996 $36,160 $87,726 $3,371 (3.6%) 0.8% 4.8% 3.8% 19.8x 0.41x 10.7x 0.42x 8.5x Bunge Limited BG 82.25 97.6% 12,082 8,731 3,607 17,206 61,325 1,731 (4.0%) 6.3% 4.4% 2.8% NM 0.28x 9.9x 0.27x 7.5x CF Industries Holdings, Inc. CF 275.00 100.0% 13,374 4,592 2,194 15,772 5,029 2,244 (14.7%) (0.7%) 40.0% 44.6% 9.0x 3.14x 7.0x 3.56x 7.4x Darling Ingredients Inc. DAR 18.53 77.4% 3,007 2,371 144 5,234 2,793 416 59.9% 28.8% 25.8% 14.9% NM 1.87x 12.6x 1.31x 8.5x Monsanto Company MON 110.15 85.5% 58,115 3,211 1,817 59,509 15,427 4,611 4.5% 10.4% 53.6% 29.9% 23.7x 3.86x 12.9x 3.67x 11.5x Omega Protein Corporation OME 12.73 83.3% 258 22 40 241 289 92 21.5% 13.1% 34.0% 32.0% 8.4x 0.83x 2.6x 0.85x 3.8x The Andersons, Inc. ANDE 59.25 88.4% 1,712 417 47 2,082 5,081 137 (10.2%) 6.5% 7.5% 2.7% 16.5x 0.41x 15.2x 0.42x 8.5x The Mosaic Company MOS 42.47 82.9% 16,196 3,026 2,367 16,856 7,665 1,357 (23.7%) (8.3%) 14.1% 17.7% NM 2.20x 12.4x 1.71x 6.7x Mean 3.7% 7.1% 23.0% 18.6% 15.5x 1.63x 10.4x 1.53x 7.8x Median (3.8%) 6.4% 20.0% 16.3% 16.5x 1.35x 11.6x 1.08x 8.0x Consumer and Retail Food Retail Costco Wholesale Corporation COST 125.91 99.8% 54,682 4,985 7,275 52,392 109,604 4,086 4.5% 8.9% 12.6% 3.7% 27.1x 0.48x 12.8x 0.44x 11.6x Establishments Delhaize Freres DELB 67.65 93.4% 6,874 3,532 1,685 8,721 28,955 1,621 5.8% (1.2%) 24.0% 5.6% NM 0.30x 5.4x 0.31x 5.0x Fairway Group Holdings Corp. FWM 3.73 14.3% 160 257 49 367 787 14 13.6% NA 31.9% 1.8% NM 0.47x 26.2x 0.44x 7.6x Ingles Markets, Incorporated IMKT.A 23.93 82.2% 533 909 4 1,438 3,820 214 0.8% 2.9% 21.9% 5.6% 11.6x 0.38x 6.7x 0.37x 6.6x J. Sainsbury plc LSE:SBRY 3.62 51.1% 6,992 4,735 2,646 9,081 39,799 2,411 12.9% 5.2% 5.8% 6.1% 8.2x 0.23x 3.8x 0.22x 3.9x Koninklijke Ahold N.V. ENXTAM:AH 15.70 76.8% 13,181 4,116 2,753 14,543 43,571 2,847 0.9% 1.1% 26.6% 6.5% 15.4x 0.33x 5.1x 0.34x 5.2x Natural Grocers by Vitamin Cottage NGVC 16.17 36.3% 366 20 7 379 500 39 23.4% 30.1% 29.2% 7.9% 33.9x 0.76x 9.7x 0.64x 8.4x Roundy's, Inc. RNDY 3.02 27.5% 135 711 36 810 4,081 141 10.6% 2.7% 26.6% 3.5% NM 0.20x 5.7x 0.20x 6.7x Safeway Inc. SWY 34.23 85.0% 7,875 3,814 2,304 9,386 36,333 1,511 4.2% (4.8%) 27.1% 4.2% NM 0.26x 6.2x 0.25x 7.1x Sprouts Farmers Market, Inc. SFM 29.31 59.3% 4,326 433 184 4,574 2,708 228 23.9% NA 30.0% 8.4% NM 1.69x 20.0x 1.41x 16.5x SUPERVALU Inc. SVU 8.85 90.5% 2,253 2,762 90 4,925 17,148 825 0.1% (22.7%) 14.9% 4.8% 16.0x 0.29x 6.0x 0.28x 6.4x The Kroger Co. KR 51.53 100.0% 25,340 11,316 265 36,391 103,963 4,704 5.5% 6.1% 21.3% 4.5% 17.1x 0.35x 7.7x 0.33x 7.1x The Pantry, Inc. PTRY 20.96 96.9% 476 937 50 1,363 6,825 202 (3.5%) (1.0%) 11.9% 3.0% NM 0.20x 6.7x 0.18x 6.1x Village Super Market Inc. VLGE.A 22.83 57.5% 313 43 73 282 1,498 51 1.9% 4.9% 26.8% 3.4% 44.4x 0.19x 5.5x 0.18x NA Weis Markets, Inc. WMK 39.05 72.1% 1,043 0 87 956 2,727 155 0.7% 1.1% 27.1% 5.7% 21.1x 0.35x 6.2x 0.34x NA Whole Foods Market, Inc. WFM 37.64 57.4% 13,673 62 796 12,939 13,914 1,301 8.3% 12.2% 35.6% 9.4% 25.2x 0.93x 9.9x 0.84x 9.3x Mean 7.1% 3.2% 23.3% 5.2% 22.0x 0.46x 9.0x 0.42x 7.7x Median 5.0% 2.8% 26.6% 5.2% 19.1x 0.34x 6.5x 0.33x 6.9x

12 of 16 Trading Statistics Detail (continued)5

Grocery Distribution AMCON Distributing Co. DIT $83.00 89.3% $51 $25 $0 $76 $834 $11 2.2% 7.8% 9.2% 1.4% 13.7x 0.09x 6.6x NA NA Core-Mark Holding Company, Inc. CORE 52.63 100.0% 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 19.45 75.6% 725 584 6 1,303 6,175 174 78.3% 33.6% 15.5% 2.8% 47.6x 0.21x 7.5x NA NA United Natural Foods, Inc. UNFI 61.29 77.0% 2,998 302 17 3,283 6,794 263 12.0% 14.5% 16.8% 3.9% 26.2x 0.48x 12.5x 0.44x 11.1x Mean 25.8% 16.8% 12.1% 2.3% 28.7x 0.23x 9.7x 0.28x 10.5x Median 11.3% 13.0% 12.3% 2.1% 26.7x 0.18x 9.8x 0.28x 10.5x Foodservice Colabor Group Inc. TSX:GCL $3.45 68.3% $91 $173 $0 $263 $1,313 $28 (8.1%) 4.2% 2.2% 2.1% NM 0.20x 9.3x 0.20x 7.5x Sysco Corporation SYY 37.18 85.7% 21,704 2,760 413 24,051 46,517 2,277 4.7% 5.8% 17.6% 4.9% 23.9x 0.52x 10.6x 0.49x 9.9x The Chefs' Warehouse, Inc. CHEF 16.25 54.2% 395 146 15 526 764 40 32.5% 28.7% 25.1% 5.3% 31.8x 0.69x 13.0x 0.59x 10.8x Mean 9.7% 12.9% 15.0% 4.1% 27.8x 0.47x 11.0x 0.43x 9.4x Median 4.7% 5.8% 17.6% 4.9% 27.8x 0.52x 10.6x 0.49x 9.9x Quick Service Restaurant Burger King Worldwide, Inc. BKW 29.51 86.9% 10,429 3,024 905 12,548 1,042 672 (28.9%) (23.5%) 78.5% 64.5% 41.3x 12.04x 18.7x 11.47x 16.6x Jack in the Box Inc. JACK 67.50 100.0% 2,617 535 10 3,142 1,477 266 (1.6%) (13.1%) 25.8% 18.0% 25.2x 2.13x 11.8x 2.10x 11.3x McDonald's Corp. MCD 94.20 90.8% 92,488 15,431 3,671 104,248 28,299 10,149 1.8% 3.5% 38.7% 35.9% 17.0x 3.68x 10.3x 3.63x 9.9x Sonic Corp. SONC 22.42 94.4% 1,198 467 35 1,631 547 135 2.4% (0.1%) 53.3% 24.7% 29.0x 2.98x 12.1x 2.88x 10.8x The Wendy's Company WEN 8.10 78.9% 2,976 1,454 372 4,059 2,280 339 (9.5%) (1.5%) 28.6% 14.9% 30.9x 1.78x 12.0x 2.04x 10.1x Yum! Brands, Inc. YUM 71.54 85.6% 31,439 3,165 831 33,773 13,573 2,989 3.1% 5.2% 27.0% 22.0% 27.7x 2.49x 11.3x 2.29x 10.0x Mean (5.4%) (4.9%) 42.0% 30.0% 28.5x 4.18x 12.7x 4.07x 11.5x Median 0.1% (0.8%) 33.7% 23.4% 28.4x 2.73x 11.9x 2.58x 10.5x Casual Dining Restaurant BJ's Restaurants, Inc. BJRI $35.78 96.4% $982 $0 $30 $952 $813 $78 8.8% 13.3% 16.8% 9.6% NM 1.17x 12.2x 1.07x 10.5x Bloomin' Brands, Inc. BLMN 18.18 66.7% 2,276 1,404 156 3,524 4,287 417 5.5% 6.0% 16.2% 9.7% 13.9x 0.82x 8.5x 0.77x 7.5x Brinker International, Inc. EAT 51.52 92.9% 3,240 860 58 4,042 2,905 424 2.1% 1.7% 19.3% 14.6% 21.8x 1.39x 9.5x 1.34x 8.7x Buffalo Wild Wings Inc. BWLD 134.69 80.3% 2,496 0 101 2,395 1,391 227 19.9% 26.9% 25.1% 16.3% 31.0x 1.72x 10.5x 1.48x 9.2x Chuy's Holdings, Inc. CHUY 31.28 72.1% 512 8 4 515 223 26 16.5% 25.1% 18.8% 11.4% 40.7x 2.30x 20.2x 1.93x 15.6x Darden Restaurants, Inc. DRI 51.40 93.6% 6,755 2,756 100 9,411 6,350 639 17.2% (6.0%) 20.6% 10.1% 34.5x 1.48x 14.7x 1.41x 12.4x Del Frisco's Restaurant Group, Inc. DFRG 19.64 66.3% 446 0 12 434 286 41 14.8% 20.6% 24.7% 14.5% 38.3x 1.52x 10.4x 1.33x 8.6x DineEquity, Inc. DIN 81.53 95.1% 1,607 1,373 100 2,879 647 272 (7.1%) (18.7%) 60.6% 42.0% 21.2x 4.45x 10.6x 4.48x 10.7x Ignite Restaurant Group, Inc. IRG 6.01 34.3% 156 119 1 274 859 24 46.1% 31.1% 29.8% 2.8% NM 0.32x 11.3x 0.32x 8.8x Red Robin Gourmet Burgers Inc. RRGB 55.17 63.5% 781 137 61 857 1,069 109 7.1% 6.3% 23.1% 10.2% 23.6x 0.80x 7.8x 0.69x 6.7x Ruby Tuesday, Inc. RT 6.05 73.6% 364 259 51 572 1,169 52 (6.6%) (2.5%) 15.6% 4.5% NM 0.49x 11.0x 0.50x 9.6x Ruth's Hospitality Group Inc. RUTH 11.21 73.2% 392 22 3 411 413 49 1.9% 4.5% 21.8% 11.8% 16.9x 1.00x 8.5x 0.93x 7.3x Texas Roadhouse, Inc. TXRH 27.79 95.6% 1,906 53 77 1,882 1,503 181 13.0% 12.6% 33.1% 12.0% 22.7x 1.25x 10.4x 1.15x 9.0x The Cheesecake Factory Incorporated CAKE 45.35 91.2% 2,149 97 26 2,221 1,923 238 3.8% 4.5% 43.3% 12.4% 21.3x 1.16x 9.3x 1.08x 8.5x Mean 10.2% 9.0% 26.3% 13.0% 26.0x 1.42x 11.1x 1.32x 9.5x Median 8.0% 6.1% 22.4% 11.6% 22.7x 1.21x 10.5x 1.11x 8.9x

13 of 16 Trading Statistics Detail (continued)5

Fast Casual Chipotle Mexican Grill, Inc. CMG $663.01 95.0% $20,539 $0 $805 $19,735 $3,625 $691 23.2% 21.1% 37.3% 19.1% NM 5.44x 28.6x 4.46x 20.9x Einstein Noah Restaurant Group, Inc. BAGL 20.20 100.0% 364 102 4 462 442 45 2.7% 2.4% 20.3% 10.2% 19.5x 1.04x 10.3x 1.00x 8.9x Fiesta Restaurant Group, Inc. FRGI 49.35 93.0% 1,288 69 4 1,353 576 74 8.9% 9.5% 25.0% 12.9% NM 2.35x 18.3x 2.08x 15.2x Noodles & Company NDLS 19.17 38.5% 559 10 1 568 369 42 17.3% 36.0% 20.9% 11.5% NM 1.54x 13.4x 1.28x 11.0x Potbelly Corporation PBPB 11.53 34.0% 338 1 71 268 310 30 17.3% 36.0% 30.3% 9.7% NM 0.86x 8.9x 0.79x 8.7x Panera Bread Company PNRA 165.34 85.6% 4,451 100 185 4,366 2,471 408 9.7% 13.9% 34.7% 16.5% 22.3x 1.77x 10.7x 1.65x 10.3x Mean 13.2% 19.8% 28.1% 13.3% 20.9x 2.17x 15.0x 1.88x 12.5x Median 13.5% 17.5% 27.7% 12.2% 20.9x 1.65x 12.0x 1.47x 10.7x Pizza Domino's Pizza, Inc. DPZ 77.37 96.0% 4,250 1,524 15 5,759 1,875 354 7.2% 5.4% 30.1% 18.9% 28.0x 3.07x 16.3x 2.90x 14.8x Papa John's International Inc. PZZA 40.65 73.9% 1,634 210 20 1,824 1,516 145 8.5% 9.2% 33.1% 9.6% 24.9x 1.20x 12.5x 1.13x 10.9x Mean 7.8% 7.3% 31.6% 14.2% 26.4x 2.14x 14.4x 2.02x 12.9x Median 7.8% 7.3% 31.6% 14.2% 26.4x 2.14x 14.4x 2.02x 12.9x Beverage / Snack Retail Dunkin' Brands Group, Inc. DNKN $43.68 82.3% $4,661 $1,816 $176 $6,301 $732 $347 8.1% 7.1% 78.3% 47.4% 31.3x 8.60x 18.2x 8.05x 15.7x Jamba, Inc. JMBA 13.83 92.5% 238 0 32 205 222 11 (5.0%) (1.7%) 37.4% 4.9% NM 0.93x 19.0x 0.94x 9.6x Krispy Kreme Doughnuts, Inc. KKD 16.79 63.0% 1,080 2 44 1,038 469 60 2.3% 6.9% 18.8% 12.8% 33.8x 2.21x 17.3x 2.06x 14.8x Starbucks Corporation SBUX 74.15 89.9% 56,047 2,048 1,196 56,899 16,081 3,340 11.3% 11.8% 57.9% 20.8% NM 3.54x 17.0x 3.19x 13.5x Tim Hortons Inc. THI 78.58 95.1% 10,419 1,360 24 11,756 3,152 771 5.6% 4.4% 24.6% 24.5% 29.4x 3.73x 15.2x 3.65x 14.4x Mean 4.5% 5.7% 43.4% 22.0% 31.5x 3.80x 17.4x 3.58x 13.6x Median 5.6% 6.9% 37.4% 20.8% 31.3x 3.54x 17.3x 3.19x 14.4x Family Restaurant Bob Evans Farms, Inc. BOBE $46.18 76.7% $1,088 $463 $4 $1,547 $1,325 $118 (0.8%) (7.4%) 35.2% 8.9% NM 1.17x 13.1x 1.10x 9.6x Denny's Corporation DENN 7.10 94.5% 589 180 1 768 458 76 (2.1%) (5.8%) 37.2% 16.5% 24.6x 1.68x 10.2x 1.63x 9.0x Frisch's Restaurants, Inc. FRS 28.35 100.0% 144 9 2 151 209 21 2.7% 1.2% 10.5% 10.2% 13.8x 0.72x 7.1x 0.72x NA Luby's, Inc. LUB 5.20 56.8% 145 36 2 179 401 20 8.4% 8.2% 31.3% 4.9% NM 0.45x 9.2x 0.44x NA Mean 2.0% (0.9%) 28.5% 10.1% 19.2x 1.00x 9.9x 0.97x 9.3x Median 0.9% (2.3%) 33.3% 9.6% 19.2x 0.95x 9.7x 0.91x 9.3x

14 of 16 Food and Beverage Earnings Release Calendar

Earnings October 2014 Release Date Company Calendar5 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) 10/21/2014 The Coca-Cola Company (NYSE:KO) 10/23/2014 Dr Pepper Snapple Group, Inc. (NYSE:DPS) 10/23/2014 Unilever plc (LSE:ULVR) 10/29/2014 Kraft Foods Group, Inc. (NasdaqGS:KRFT) 10/30/2014 Pilgrim's Pride Corporation (NasdaqGS:PPC) 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 Sapporo Holdings Ltd. (TSE:2501) 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) 11/10/2014 Carlsberg A/S (CPSE:CARL B) 11/13/2014 SABMiller plc (LSE:SAB) 11/17/2014 Tyson Foods, Inc. (NYSE:TSN) 11/19/2014 The J. M. Smucker Company (NYSE:SJM)

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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