Food & Beverage Industry Update 2/20/2013

Member FINRA/SIPC

www.harriswilliams.com Food & Beverage Industry Update 2/20/2013

Key Trading Stock Price % Change EV/EBITDA % Change Current Valuation Stats Net Debt / Statistics1 Industry Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA Food and Beverage Branded Processed Foods 9.9% 24.8% (12.1%) (18.7%) 17.0x 21.2x 12.8x 2.0x Private Label Foods 11.0% 14.8% (4.2%) 6.2% 21.4x 28.6x 11.9x 3.0x Natural / Organic Foods 4.4% 19.2% (4.6%) 0.5% 22.6x 27.6x 13.7x 2.5x Baked Goods / Snack Foods 16.9% 28.0% 6.8% 3.4% 19.4x 20.7x 9.9x 2.0x Dairy 7.5% 15.4% 11.0% 6.7% 15.9x 18.2x 12.2x 1.4x Non-Alcholic Beverages 4.3% 7.0% 5.7% 2.9% 16.4x 18.6x 10.1x 1.8x Alcoholic Beverages 11.9% 23.4% 6.9% 19.4% 18.2x 20.4x 14.7x 3.2x Inputs Protein Processing 14.5% 8.7% 16.5% 34.0% 11.2x 15.4x 8.1x 1.7x Fruit and Vegetable 11.0% 14.4% 5.4% 10.0% 11.3x 13.4x 9.3x 4.3x Ingredients / Flavors 11.7% 26.8% 10.4% 16.3% 15.3x 21.7x 12.0x 1.4x Agribusiness 17.5% 11.7% 10.0% 35.4% 13.3x 15.1x 7.6x 2.1x Consumer Food Retail 6.4% 2.4% 4.6% (1.7%) 11.7x 13.7x 5.7x 2.4x Foodservice / Distribution 5.9% 14.6% 5.7% (0.1%) 14.7x 19.6x 8.0x 0.9x Quick Service Restaurant 15.5% 14.7% 7.6% 5.3% 19.8x 18.9x 10.0x 2.5x Casual Dining Restaurant 8.3% (1.3%) 4.4% (10.9%) 17.5x 21.6x 7.8x 1.6x Overall Median* 9.9% 14.1% 5.7% 2.0% 16.4x 19.7x 10.1x 2.0x *Quick-service restaurant and casual dining restaurant excluded from overall median calculation.

Announced Last 10 Deals Announced Quarterly M&A Activity

Food and 70 Beverage 1/0/1900Announced Target 0 JAB Holdings B.V.Buyer 2/14/2013 H. J. Heinz Company Berkshire Hathaway Inc.; 3G Capital 1 60 M&A 2/12/2013 Target Logistics Management LLC Algeco Scotsman 4 7 15 9 2/11/2013 Farmers Cooperative Dairy Limited Agropur Cooperative __ 7 8 7 7 50 3 6 2/7/2013 Forty Creek Distillery Magnotta Winery Corp. 5 5 2/6/2013 Romano's Macaroni Grill, Inc. Ignite Restaurant Group, Inc. 6 40 7 2/6/2013 Ark Restaurants Corp. Landry's, Inc. 5 2 7 4 6

1/31/2013 Kittling Ridge Ltd. Magnotta Winery Corp. 13 30 1/30/2013 Hostess Brands Snack Cake Brands Apollo Global Management 5 53 52 48 49 49 46 47 47 47 3 46 47

1/28/2013 Hostess Brands Drake's Brand McKee Foods Corporation Transactionsof Number 42 20 39 1/28/2013 Mimi's Café, LLC Le Duff America Inc. 35 36 36 34 33 34

25 25 22 LTM Deal Statistics 10

Aggregate Number Transaction Multiples

Value ($bn) of Deals EV / Revenue EV / EBITDA 0

Q307 Q208 Q308 Q408 Q309 Q409 Q410 Q111 Q112 Q212 Q108 Q109 Q209 Q110 Q210 Q310 Q211 Q311 Q411 Q312 Q412 $377.5 219 1.00x 9.8x Q407 Note: Transaction statistics based on publically available information. PEG Acquirer Strategic Acquirer

Contacts Boston Cleveland London Minneapolis Philadelphia Richmond San Francisco Phone: +1 (617) 482-7501 Phone: +1 (216) 689-2400 Phone: +44 20 7518 8900 Phone: +1 (612) 359-2700 Phone: +1 (267) 675-5900 Phone: +1 (804) 648-0072 Phone: +1 (415) 288-4260 Fax: +1 (617) 482-7503 Fax: +1 (216) 689-2401 Fax: +44 20 7526 2187 Fax: +1 (612) 359-2701 Fax: +1 (267) 675-5901 Fax: +1 (804) 648-0073 Fax: +1 (415) 288-4269

For more information regarding our food and beverage experience, please contact Glenn Gurtcheff, Tim Alexander, Ryan Budlong, Brant Cash, or Jeff Cleveland at +1 (612) 359-2700.

2 of 13 Food & Beverage Industry Update 2/20/2013

Industry

. The USDA has released the USDA Agricultural Projections to 2022, projecting aggregate indicators of the sector over the next nine years. Link

. Berkshire Hathaway and 3G Capital have agreed to purchase Heinz for $28 billion, including the assumption of debt. This transaction is expected to close in the third quarter of 2013. Link

. Apollo Global Management and Metropoulos & Co. have agreed to acquire several Hostess snack brands and bakeries, including Twinkies, Ho Hos, Mini Muffins, and Suzy Qs. Link

. Ark Restaurants has received an unsolicited offer from Landry’s Inc. proposing an acquisition valued at $22.00 per share, a 22% premium to ARK’s current share price. Link

Recent Equity Transaction Gross Proceeds Close Date Filing Date Issuer Ticker Type ($mm) Use of Funds Offerings2 02/13/13 02/13/13 Olivia Inc NA Follow-On $0.1 Working Capital General Corp. Purp. 02/11/13 02/11/13 Z Trim Holdings Inc ZTHO Follow-On $10.0 Working Capital General Corp. Purp. 01/31/13 01/31/13 Sport Stix Inc NA IPO $1.0 Working Capital General Corp. Purp. 01/07/13 10/03/11 ConAgra Foods Inc CAG Follow-On $275.0 Working Capital General Corp. Purp. 01/10/13 11/29/12 Xylitol Canada Inc XYL Follow-On $2.0 Working Capital General Corp. Purp. NA 12/19/12 Pinnacle Foods Inc NA IPO $100.0 General Corp. Purp.

12/19/12 12/19/12 Feronia Inc FRN Follow-On $100.0 Working Capital General Corp. Purp. 11/09/12 11/9/2012 Crumbs Bake Shop Inc CRMB Follow-On $13.6 General Corp. Purp.

10/29/12 10/29/12 Brick Brewing Co Ltd BRB Follow-On $0.6 General Corp. Purp.

10/26/12 10/26/12 Vanity Events Holding Inc VAEV Convertible $0.2 General Corp. Purp.

10/25/12 08/07/12 The WhiteWave Foods Co WWAV IPO $391.0 General Purp., Working Cap., Debt Repayment 10/02/12 08/13/10 B&G Foods Inc BGS Follow-On $109.8 General Corp. Purp. & Acqusition Fin. 02/15/12 2/15/2012 AgriMarine Holdings Inc FSH.V Follow-On $10.0 Working Capital General Corp. Purp. 3 of 13 Food & Beverage Industry Update 2/20/2013

Food and Quarterly Loan Volume Average Spread on Food and Beverage Loans Beverage Loan $12 L + 600 Activity3 $10 L + 500

$8 L + 400

$6 L + 300

$4 L + 200

AverageSpread Over LIBOR L + 100 Loan VolumeLoan byQuarter ($ billions)in

$0 L + 0 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2006 2007 2008 2009 2010 2011 2012 Pro Rata Institutional Revolving Credit / Term Loan A Weighted-Average Institutional Credit Statistics Average Secondary Spreads

6.0x L + 1000

2007 2008 2009 2010 2011 2012 L + 800 4.0x L + 600

L + 400

2.0x EBITDA Multiple EBITDA

L + 200 AverageSpread Over LIBOR

0.0x L + 0 Debt/EBITDA Senior EBITDA/Cash EBITDA - Debt/EBITDA Interest Capex/Cash Interest

Recent Debt Borrower Name Description Tranche Amount Type Rating Spread Offerings4 02/08/13 Arios Holding AG Food preparations $20,000,000 Revolver/Line >= 1 Yr. NR / NR N/A 02/08/13 Arios Holding AG Food preparations $50,000,000 Term Loan NR / NR N/A 02/07/13 Cargill Inc Food preparations $745,500,000 Revolver/Line <= 1 Yr. A / A2 55 02/07/13 Cargill Inc Food preparations $504,500,000 Revolver/Line <= 1 Yr. A / A2 55 02/05/13 Chiquita Brands LLC Frozen fruits and vegetables $200,000,000 Revolver/Line >= 1 Yr. B / B1 200 02/05/13 Del Monte Corp Canned fruits and vegetables $2,689,000,000 Term Loan B NR / WR 300 01/28/13 Salm Partners LLC Sausages and other prepared meats $10,000,000 Revolver/Line >= 1 Yr. NR / NR 350 01/28/13 Salm Partners LLC Sausages and other prepared meats $19,000,000 Delay Draw Term Loan NR / NR 350 01/28/13 Salm Partners LLC Sausages and other prepared meats $24,000,000 Term Loan A NR / NR 350 01/23/13 FCJSC Heineken Breweries Malt beverages $1,000,000 Revolver/Line < 1 Yr. NR / NR N/A 01/23/13 FCJSC Heineken Breweries Malt beverages $4,000,000 Term Loan NR / NR N/A 12/31/12 Bama Companies Food service products $25,000,000 Term Loan NR / NR 325 12/31/12 Bama Companies Food service products $12,000,000 Revolver/Line >= 1 Yr. NR / NR 325 12/28/12 Dave's Killer Bread Bread, cake, and related products $27,000,000 Term Loan NR / NR 525 12/28/12 Dave's Killer Bread Bread, cake, and related products $5,000,000 Revolver/Line >= 1 Yr. NR / NR 525 12/28/12 Southern Eagle Distributing Malt beverages $165,000,000 Revolver/Line >= 1 Yr. NR / NR 200

4 of 13 Food & Beverage Industry Update Trading Statistics Detail1 2/20/2013

Food and Beverage Branded Processed Foods Campbell Soup Co. CPB $38.72 95.5% $12,174 $2,940 $0 $15,114 $8,103 $1,524 5.3% 2.3% 37.2% 18.8% 16.6x 1.87x 9.9x NA NA ConAgra Foods, Inc. CAG 33.78 99.6% 13,980 3,777 477 17,281 13,773 1,484 6.9% 4.4% 23.5% 10.8% 21.3x 1.25x 11.6x 0.96x 7.3x General Mills, Inc. GIS 44.31 99.5% 28,651 8,333 735 36,249 17,119 3,510 8.7% 5.2% 37.3% 20.5% 16.4x 2.12x 10.3x 2.00x 10.1x The Hershey Company HSY 80.89 98.9% 18,055 1,907 728 19,233 6,644 1,389 9.3% 7.8% 43.1% 20.9% 28.0x 2.89x 13.8x 2.72x 12.3x H. J. Heinz Company HNZ 72.50 99.8% 23,248 5,044 1,013 27,278 11,621 2,017 3.2% 5.2% 35.7% 17.4% 22.8x 2.35x 13.5x 2.29x 12.9x Hormel Foods Corporation HRL 35.91 99.4% 9,466 250 760 8,957 8,231 845 4.3% 8.0% 16.2% 10.3% 19.3x 1.09x 10.6x 1.03x 9.8x Kellogg Company K 59.58 99.4% 21,508 7,902 281 29,129 14,197 2,085 7.6% 4.1% 38.3% 14.7% 22.3x 2.05x 14.0x 1.91x 10.9x Mondelez International, Inc. MDLZ 26.57 62.5% 47,217 19,425 4,475 62,167 35,015 5,103 (35.6%) (3.3%) 37.3% 14.6% 30.9x 1.78x 12.2x 1.69x 10.6x McCormick & Company, Incorporated MKC 64.39 96.2% 8,548 1,172 96 9,624 4,014 683 8.6% 7.9% 40.3% 17.0% 21.2x 2.40x 14.1x 2.28x 13.0x Nestlé S.A. NESN 68.27 97.4% 211,414 26,204 10,363 227,255 91,652 17,056 (2.8%) (2.2%) 47.1% 18.6% 20.3x 2.48x 13.3x NA NA The Hain Celestial Group, Inc. HAIN 60.57 82.2% 2,814 646 43 3,417 1,542 199 27.4% 15.7% 27.5% 12.9% 25.1x 2.22x 17.2x 1.81x 13.3x The J. M. Smucker Company SJM 92.16 99.5% 9,996 2,069 439 11,626 5,913 1,239 10.4% 8.7% 34.5% 20.9% 19.5x 1.97x 9.4x NA NA Mean 4.4% 5.3% 34.8% 16.4% 22.0x 2.04x 12.5x 1.85x 11.1x Median 7.2% 5.2% 37.2% 17.2% 21.2x 2.08x 12.8x 1.91x 10.9x Private Label Foods Flowers Foods, Inc. FLO $28.01 96.5% $3,870 $122 $9 $3,984 $2,754 $295 (0.7%) 1.9% 48.0% 10.7% 28.6x 1.45x 13.5x 1.13x 9.7x Snyder's-Lance, Inc. LNCE 25.53 94.2% 1,758 535 9 2,284 1,619 152 (1.0%) 20.8% 33.3% 9.4% 30.0x 1.41x 15.0x 1.28x 11.2x Seneca Foods Corp. SENE.B 30.01 97.4% 354 270 13 611 1,276 87 2.9% (0.3%) 10.2% 6.8% NA 0.48x 7.1x NA NA Treehouse Foods, Inc. THS 52.88 83.1% 1,913 955 84 2,785 2,125 282 5.0% 12.2% 21.4% 13.3% 21.1x 1.31x 9.9x 1.24x 9.1x Mean 10.9% 10.5% 32.7% 10.0% 26.6x 1.16x 11.5x 1.18x 10.6x Median 2.9% 12.2% 33.3% 9.7% 28.6x 1.31x 11.9x 1.18x 10.4x Natural / Organic Foods Amira Nature Foods Ltd. ANFI $6.87 67.1% $245 $163 $4 $404 $360 $43 77.5% NA 20.5% 12.1% 5.6x 1.12x 9.3x 0.92x 7.3x Annie's, Inc. BNNY 38.68 79.1% 671 0 13 658 160 19 18.8% NA 38.6% 12.1% NM 4.10x 33.8x 3.40x 21.7x Monster Beverage Corporation MNST 47.69 56.8% 8,173 0 591 7,582 1,999 556 24.0% 21.8% 51.8% 27.8% 26.2x 3.79x 13.6x 3.27x 11.6x SunOpta Inc. TSX:SOY 7.45 98.5% 492 165 4 653 1,126 64 11.6% 9.2% 12.6% 5.7% 37.9x 0.58x 10.2x 0.57x 7.7x The Hain Celestial Group, Inc. HAIN 60.57 82.2% 2,814 646 43 3,417 1,542 199 27.4% 15.7% 27.5% 12.9% 25.1x 2.22x 17.2x 1.81x 13.3x United Natural Foods, Inc. UNFI 54.63 89.2% 2,692 150 9 2,834 5,429 207 15.6% 16.0% 17.2% 3.8% 27.6x 0.52x 13.7x 0.46x 11.8x Whole Foods Market, Inc. WFM 87.50 85.9% 16,223 25 926 15,322 12,164 1,121 15.9% 14.0% 35.6% 9.2% 33.0x 1.26x 13.7x 1.12x 12.0x Mean 18.9% 15.3% 30.6% 11.9% 30.0x 2.08x 17.0x 1.77x 13.0x Median 17.3% 15.7% 31.5% 10.7% 27.6x 1.74x 13.7x 1.47x 11.9x Baked Goods / Snack Foods ARYZTA AG YZA $57.52 99.1% $3,845 $1,963 $674 $5,134 $5,180 $665 (7.1%) 4.2% 28.1% 12.8% NA 0.99x 7.7x NA NA Associated British Foods plc ABF 27.96 99.2% 22,061 2,360 652 23,769 19,911 2,391 13.9% 8.8% 24.2% 12.0% 25.6x 1.19x 9.9x NA NA Diamond Foods, Inc. DMND 16.38 57.9% 362 613 10 965 952 33 (4.9%) 19.7% 18.6% 3.5% NM 1.01x NA 1.06x 9.9x Flowers Foods, Inc. FLO 28.01 96.5% 3,870 122 9 3,984 2,754 295 (0.7%) 1.9% 48.0% 10.7% 28.6x 1.45x 13.5x 1.13x 9.7x George Weston Limited WN 71.86 97.7% 9,215 8,363 3,558 14,020 33,437 2,184 7.4% 2.5% 24.6% 6.5% 19.1x 0.42x 6.4x 0.42x 5.6x Golden Enterprises Inc. GLDC 3.54 95.7% 42 7 1 47 138 7 2.2% 2.7% 48.5% 5.4% 19.2x 0.34x 6.3x NA NA Grupo Bimbo, S.A.B. de C.V. BIMBO A 2.59 96.1% 12,187 3,321 337 15,171 13,162 1,275 48.3% 17.8% 50.7% 9.7% NM 1.15x 11.9x 1.06x 12.6x J&J Snack Foods Corp. JJSF 68.87 98.4% 1,295 1 81 1,214 850 123 11.6% 8.7% 30.4% 14.5% 22.1x 1.43x 9.9x 1.36x 9.0x John B Sanfilippo & Son Inc. JBSS 19.34 93.4% 210 57 15 251 714 57 4.3% 9.2% 16.4% 7.9% 9.9x 0.35x 4.4x NA NA Lancaster Colony Corporation LANC 73.60 93.9% 2,010 0 93 1,918 1,162 180 6.1% 3.2% 22.6% 15.5% 19.0x 1.65x 10.6x 1.59x 10.2x Penford Corporation PENX 8.61 76.4% 107 89 0 195 365 24 9.4% 11.6% 12.4% 6.5% NM 0.53x 8.2x 0.50x 4.9x Inventure Foods, Inc. SNAK 6.77 87.5% 129 23 1 152 186 15 22.9% 15.5% 19.2% 7.9% 22.7x 0.81x 10.3x 0.77x 8.5x Mean 11.0% 9.2% 28.7% 9.1% 20.8x 0.94x 9.2x 0.99x 8.8x Median 7.4% 8.8% 24.2% 7.9% 20.7x 1.01x 9.9x 1.06x 9.3x

5 of 13 Food & Beverage Industry Update Trading Statistics Detail (continued)1 2/20/2013

Dairy Dean Foods Company DF $16.53 86.2% $3,062 $3,103 $79 $6,086 $11,462 $438 (12.2%) 1.0% 25.4% 3.8% 11.9x 0.53x 13.9x 0.54x 8.4x Fromageries Bel ENXTPA:FBEL $249.32 98.4% 1,706 391 151 1,946 3,296 353 (8.2%) 1.7% 28.8% 10.7% 12.3x 0.59x 5.5x NA NA Glanbia plc GL9 10.87 95.9% 3,202 920 208 3,914 3,485 311 (2.9%) 6.3% 16.8% 8.9% 18.4x 1.12x 12.6x NA NA Danone BN 67.16 91.6% 40,799 12,423 3,533 49,689 25,436 4,397 (4.7%) 6.4% 50.3% 17.3% 18.0x 1.95x 11.3x NA NA Lifeway Foods Inc. LWAY 10.41 93.8% 170 6 5 171 77 10 13.8% 12.6% 35.3% 12.5% 40.8x 2.21x 17.6x 1.76x 14.5x Saputo, Inc. TSX:SAP 49.15 96.8% 9,693 516 275 9,934 6,971 841 5.3% 7.4% 12.1% 12.1% 26.1x 1.43x 11.8x 1.13x 9.5x Mean (1.5%) 5.9% 28.1% 10.9% 21.2x 1.31x 12.1x 1.14x 10.8x Median (3.8%) 6.4% 27.1% 11.4% 18.2x 1.27x 12.2x 1.13x 9.5x

Non-Alcholic Beverages A.G.Barr p.l.c. LSE:BAG $7.79 88.5% $899 $18 $0 $917 $382 $63 2.2% 6.1% 50.1% 16.5% 21.3x 2.40x 14.5x NA NA Cott Corporation BCB 8.63 94.3% 823 604 179 1,248 2,251 209 (3.6%) 12.1% 12.9% 9.3% 17.4x 0.55x 6.0x 0.53x 5.5x Dr Pepper Snapple Group, Inc. DPS 42.80 92.3% 8,787 2,804 366 11,225 5,995 1,332 1.6% 2.7% 58.3% 22.2% 14.5x 1.87x 8.4x 1.82x 8.5x Green Mountain Coffee Roasters, Inc. GMCR 45.56 64.0% 6,780 422 99 7,104 4,040 805 24.9% 62.9% 33.5% 19.9% 19.7x 1.76x 8.8x 1.53x 7.5x Monster Beverage Corporation MNST 47.69 56.8% 8,173 0 591 7,582 1,999 556 24.0% 21.8% 51.8% 27.8% 26.2x 3.79x 13.6x 3.27x 11.6x Lassonde Industries Inc. LAS.A 81.18 98.5% 567 313 9 871 1,030 122 69.5% 29.3% 26.7% 11.9% 14.3x 0.85x 7.1x NA NA National Beverage Corp. FIZZ 13.36 75.3% 619 0 49 570 651 81 6.6% 3.3% 32.4% 12.4% 13.5x 0.88x 7.1x NA NA Pepsico, Inc. PEP 72.28 98.1% 111,807 28,359 6,619 133,547 65,492 11,801 (1.5%) 14.8% 52.2% 18.0% 18.4x 2.04x 11.3x 1.96x 10.2x Starbucks Corporation SBUX 55.55 89.6% 41,624 550 2,460 39,714 13,663 2,460 12.1% 11.4% 56.5% 18.0% 29.9x 2.91x 16.1x 2.58x 12.4x The Coca-Cola Company KO 36.84 90.6% 165,233 32,610 16,551 181,292 48,017 13,174 3.2% 15.7% 60.3% 27.4% 18.7x 3.78x 13.8x 3.69x 12.7x Mean 12.4% 15.0% 41.9% 18.4% 19.4x 1.94x 10.7x 2.20x 9.8x Median 3.2% 12.1% 50.1% 18.0% 18.6x 1.87x 10.1x 1.96x 10.2x Alcoholic Beverages Anheuser-Busch InBev SA/NV ENXTBR:ABI $92.78 97.9% $148,485 $40,667 $3,793 $185,359 $39,345 $15,281 1.8% 4.6% 58.4% 38.8% 19.7x 4.71x 12.1x 4.13x 10.8x Brown-Forman Corporation BF.B 64.33 90.6% 13,867 512 369 14,010 2,747 889 0.3% 4.6% 67.8% 32.4% 24.8x 5.10x 15.8x 3.55x 14.1x Constellation Brands Inc. STZ 43.75 99.0% 8,026 4,051 204 11,873 2,728 667 (0.5%) (7.0%) 40.3% 24.4% 19.6x 4.35x 17.8x 2.36x 11.9x Corby Distilleries Limited CDL.A 18.95 98.5% 536 0 117 419 136 39 (12.5%) (4.6%) 61.1% 28.8% 21.2x 3.09x 10.7x 2.97x 9.1x Diageo plc DGE 29.93 99.6% 75,086 13,739 1,151 87,675 17,950 5,976 13.1% 5.4% 60.9% 33.3% 19.1x 4.88x 14.7x 4.75x 14.0x Kirin Holdings Company, Limited TSE:2503 12.58 94.9% 12,097 10,352 970 21,479 23,485 3,177 (12.8%) (1.4%) 41.7% 13.5% NM 0.91x 6.8x NA NA Pernod-Ricard SA RI 128.03 98.5% 33,735 12,900 1,018 45,617 10,414 2,748 (6.2%) 1.0% 61.4% 26.4% 22.2x 4.38x 16.6x NA NA SABMiller plc LSE:SAB 49.63 99.2% 79,231 18,621 781 97,071 17,120 5,432 7.5% 9.7% 69.0% 31.7% 18.7x 5.67x 17.9x NA NA Sapporo Holdings Ltd. TSE:2501 3.22 96.8% 1,262 2,768 105 3,925 5,290 474 (10.4%) 8.3% 36.4% 9.0% 21.8x 0.74x 8.3x NA NA Mean (2.2%) 2.3% 55.2% 26.5% 20.9x 3.76x 13.4x 3.55x 12.0x Median (0.5%) 4.6% 60.9% 28.8% 20.4x 4.38x 14.7x 3.55x 11.9x Inputs Protein Processing Cal-Maine Foods, Inc. CALM $42.54 89.3% $1,022 $70 $163 $930 $1,181 $113 12.3% 9.5% 17.0% 9.6% 11.7x 0.79x 8.2x 0.72x 5.5x Sanderson Farms, Inc. SAFM 53.06 95.0% 1,222 161 28 1,355 2,386 156 20.6% 10.1% 7.3% 6.6% 22.6x 0.57x 8.7x 0.55x 10.0x Seaboard Corp. SEB 2,849.00 99.7% 3,419 218 469 3,168 5,865 401 5.7% 15.7% 9.5% 6.8% 12.0x 0.54x 7.9x 0.50x NA Smithfield Foods, Inc. SFD 23.47 96.9% 3,255 2,351 124 5,482 13,005 873 2.3% 3.9% 11.1% 6.7% 15.9x 0.42x 6.3x 0.41x 6.0x Tyson Foods, Inc. TSN 24.22 99.9% 8,587 2,426 951 10,062 33,351 1,779 1.1% 7.5% 6.6% 5.3% 14.8x 0.30x 5.7x 0.29x 5.3x Mean 8.5% 11.0% 10.5% 6.8% 18.1x 0.52x 7.6x 0.49x 6.7x Median 7.4% 9.8% 10.3% 6.6% 15.4x 0.53x 8.1x 0.50x 5.8x

6 of 13 Food & Beverage Industry Update Trading Statistics Detail (continued)1 2/20/2013

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 2/15/13 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 $27.14 89.7% $402 $39 $7 $434 $551 $34 5.5% 16.9% 11.0% 6.2% 23.6x 0.79x 12.8x 0.71x 10.2x Chiquita Brands International Inc. CQB 7.01 66.3% 325 587 37 875 3,063 77 (4.0%) (3.7%) 11.3% 2.5% NM 0.29x 11.4x 0.28x 6.2x Dole Food Company Inc. DOLE 11.99 78.9% 1,052 1,690 82 2,660 6,838 285 (5.6%) (0.3%) 10.6% 4.2% 15.0x 0.39x 9.3x 0.48x 10.2x Fresh Del Monte Produce Inc. FDP 27.25 99.1% 1,583 28 40 1,571 3,425 219 (5.5%) (0.3%) 9.8% 6.4% 11.9x 0.46x 7.2x 0.44x 6.4x Seneca Foods Corp. SENE.A 31.47 96.0% 337 270 13 594 1,276 87 2.9% (0.3%) 10.2% 6.8% 10.6x 0.47x 6.9x NA NA Mean (1.4%) 2.5% 10.6% 5.2% 15.3x 0.48x 9.5x 0.48x 8.2x Median (4.0%) (0.3%) 10.6% 6.2% 13.4x 0.46x 9.3x 0.46x 8.3x Ingredients / Flavors Givaudan SA SWX:GIVN $1,190.91 98.7% $10,844 $1,661 $489 $12,016 $4,650 $839 11.0% 6.7% 42.2% 18.0% 24.5x 2.58x 14.3x NA NA International Flavors & Fragrances Inc. IFF 73.80 99.1% 6,020 1,031 324 6,726 2,821 565 1.2% 6.6% 41.7% 20.0% 23.9x 2.38x 11.9x 2.26x 10.8x Kerry Group plc ISE:KRZ 53.73 96.5% 9,436 2,116 291 11,262 7,059 801 (6.3%) 2.4% 45.0% 11.4% 21.9x 1.60x 14.1x NA NA Sensient Technologies Corporation SXT 37.11 94.5% 1,847 334 15 2,166 1,459 240 2.0% 6.7% 31.7% 16.4% 14.9x 1.48x 9.0x 1.42x 8.1x Symrise AG XTRA:SY1 37.56 98.8% 4,439 788 157 5,069 2,179 420 3.2% 3.4% 40.3% 19.3% 21.5x 2.33x 12.1x NA NA Tate & Lyle plc TATE 12.43 96.1% 5,796 1,387 676 6,507 5,125 724 12.6% (2.4%) 38.6% 14.1% 14.6x 1.27x 9.0x NA NA Mean 3.9% 3.9% 39.9% 16.5% 20.2x 1.94x 11.7x 1.84x 9.5x Median 2.6% 5.0% 41.0% 17.2% 21.7x 1.96x 12.0x 1.84x 9.5x Agribusiness Archer Daniels Midland Company ADM $31.40 92.4% $20,679 $9,540 $2,290 $27,929 $90,559 $2,827 2.7% 13.3% 4.0% 3.1% 15.1x 0.31x 9.9x 0.31x 8.7x The Andersons, Inc. ANDE 47.86 92.9% 881 467 138 1,209 5,272 158 15.2% 20.3% 6.8% 3.0% 11.3x 0.23x 7.6x 0.22x 6.7x Bunge Limited BG 73.99 91.4% 10,811 5,849 571 16,089 60,991 1,580 3.8% 13.3% 4.2% 2.6% 29.5x 0.26x 10.2x 0.24x 7.1x CF Industries Holdings, Inc. CF 217.86 93.3% 13,697 1,646 2,221 13,121 6,341 3,562 12.9% 25.9% 52.4% 56.2% 7.8x 2.07x 3.7x 2.13x 4.0x Darling International Inc. DAR 16.79 89.2% 1,977 250 88 2,140 1,707 326 7.1% 42.0% 27.8% 19.1% 15.1x 1.25x 6.6x 1.25x 6.3x Monsanto Company MON 102.00 97.9% 54,566 2,080 4,917 51,729 14,004 4,102 12.7% 9.2% 52.5% 29.3% 24.5x 3.69x 12.6x 3.42x 11.8x The Mosaic Company MOS 61.98 97.7% 26,384 1,033 3,421 23,996 10,051 2,844 (10.0%) 17.9% 27.6% 28.3% 14.4x 2.39x 8.4x 2.28x 7.3x Omega Protein Corp. OME 7.85 86.3% 155 28 41 142 225 32 4.6% 11.7% 17.7% 14.2% 31.3x 0.63x 4.4x 0.61x 4.0x Mean 6.9% 19.3% 24.5% 19.0% 18.6x 1.21x 7.1x 1.17x 6.3x Median 7.1% 17.9% 27.2% 15.6% 15.1x 0.63x 7.6x 0.61x 6.7x Consumer Food Retail Arden Group Inc. ARDN.A $92.38 81.1% $284 $1 $76 $209 $438 $36 3.0% (0.9%) 43.5% 8.1% 16.5x 0.48x 5.9x NA NA Costco Wholesale Corporation COST 102.02 96.3% 44,444 1,379 5,576 40,247 101,224 3,771 10.9% 11.9% 12.5% 3.7% 24.8x 0.40x 10.7x 0.37x 9.7x Etablissements Delhaize Freres DELB 48.33 82.9% 4,873 3,962 618 8,217 29,061 1,915 4.3% (1.0%) 24.8% 6.6% 9.9x 0.28x 4.3x 0.27x 4.4x Ingles Markets, Incorporated IMKT.A 19.35 98.0% 469 877 9 1,337 3,724 218 3.3% 4.2% 22.2% 5.9% 10.6x 0.36x 6.1x 0.35x 5.9x J. Sainsbury plc LSE:SBRY 5.21 92.7% 9,805 4,642 888 13,559 36,696 2,273 7.8% 6.0% 5.4% 6.2% 10.4x 0.37x 6.0x NA NA Koninklijke Ahold N.V. ENXTAM:AH 14.54 97.1% 15,096 4,326 2,121 17,301 42,137 2,847 4.1% 1.4% 26.0% 6.8% 12.5x 0.41x 6.1x NA NA The Kroger Co. KR 28.24 98.1% 14,641 8,891 435 23,097 94,003 4,166 5.8% 7.6% 21.1% 4.4% 21.4x 0.25x 5.5x 0.23x 5.4x The Pantry, Inc. PTRY 12.42 75.9% 293 954 24 1,223 7,357 215 (1.1%) 4.3% 11.1% 2.9% NM 0.17x 5.7x 0.15x 5.1x Safeway Inc. SWY 20.87 90.1% 5,000 6,434 267 11,167 44,037 2,234 2.8% 1.6% 27.7% 5.1% 10.7x 0.25x 5.0x 0.25x 5.2x SUPERVALU Inc. SVU 3.86 53.6% 824 6,718 155 7,387 34,773 1,638 (4.8%) (6.3%) 22.3% 4.7% NM 0.21x 4.5x 0.22x 5.1x Village Super Market Inc. VLGE.A 33.39 87.2% 460 45 102 402 1,438 73 7.7% 5.6% 27.2% 5.0% 22.1x 0.28x 5.5x 0.26x NA Weis Markets, Inc. WMK 40.55 88.2% 1,091 0 118 973 2,745 174 2.5% 3.7% 27.1% 6.3% 13.7x 0.35x 5.6x 0.35x NA Whole Foods Market, Inc. WFM 87.50 85.9% 16,223 25 926 15,322 12,164 1,121 15.9% 14.0% 35.6% 9.2% 33.0x 1.26x 13.7x 1.12x 12.0x Mean 4.8% 4.0% 23.6% 5.8% 16.9x 0.39x 6.5x 0.36x 6.6x Median 4.1% 4.2% 24.8% 5.9% 13.7x 0.35x 5.7x 0.27x 5.3x

7 of 13 Food & Beverage Industry Update Trading Statistics Detail (continued)1 2/20/2013

Foodservice / Distribution Core-Mark Holding Company, Inc. CORE $49.54 95.5% $571 $22 $13 $579 $6,832 $76 15.4% 11.9% 6.8% 1.1% 19.6x 0.08x 7.6x 0.06x 5.6x Nash Finch Co. NAFC 20.92 71.0% 257 389 1 644 4,784 125 (0.7%) (2.6%) 8.1% 2.6% NM 0.13x 5.1x 0.13x 5.5x Sysco Corporation SYY 32.03 98.9% 18,769 3,105 321 21,553 43,434 2,590 5.9% 6.7% 18.0% 6.0% 17.6x 0.50x 8.3x 0.47x 8.6x United Natural Foods, Inc. UNFI 54.63 89.2% 2,692 150 9 2,834 5,429 207 15.6% 16.0% 17.2% 3.8% 27.6x 0.52x 13.7x 0.46x 11.8x Mean 9.0% 8.0% 12.5% 3.4% 21.6x 0.31x 8.7x 0.28x 7.9x Median 10.6% 9.3% 12.6% 3.2% 19.6x 0.32x 8.0x 0.30x 7.1x Quick Service Restaurant Domino's Pizza, Inc. DPZ $44.79 93.5% $2,543 $1,567 $35 $4,075 $1,641 $310 0.6% 6.2% 29.6% 18.9% 25.1x 2.48x 13.2x 2.34x 13.1x Jack in the Box Inc. JACK 29.75 98.2% 1,285 421 8 1,698 1,545 206 (7.1%) (14.5%) 22.2% 13.3% 21.3x 1.10x 8.2x 1.07x 7.6x McDonald's Corp. MCD 93.56 92.6% 93,932 13,264 2,188 105,008 27,567 9,831 2.1% 6.6% 39.2% 35.7% 17.5x 3.81x 10.7x 3.63x 10.0x Sonic Corp. SONC 11.30 97.4% 629 509 43 1,095 541 132 (0.7%) (6.3%) 52.8% 24.4% 18.2x 2.02x 8.3x 2.00x 8.1x The Wendy's Company WEN 5.29 99.2% 2,069 1,457 454 3,073 2,505 332 3.0% 0.9% 24.9% 13.3% NM 1.23x 9.2x 1.18x 8.6x Yum! Brands, Inc. YUM 63.89 85.5% 28,866 2,942 776 31,032 13,633 2,861 8.0% 8.0% 26.8% 21.0% 18.9x 2.28x 10.8x 2.25x 11.1x Mean 1.0% 0.1% 32.6% 21.1% 20.2x 2.15x 10.1x 2.08x 9.8x Median 1.3% 3.6% 28.2% 19.9% 18.9x 2.15x 10.0x 2.13x 9.3x Casual Dining Restaurant Biglari Holdings Inc. BH $367.78 85.2% $527 $260 $338 $449 $740 $63 3.3% 4.6% 23.2% 8.6% 28.3x 0.61x 7.1x NA NA Bob Evans Farms, Inc. BOBE 42.09 92.8% 1,183 198 5 1,376 1,662 199 0.2% (1.3%) 37.5% 11.9% 17.9x 0.83x 6.9x 0.95x 7.4x Brinker International, Inc. EAT 32.05 88.4% 2,269 712 93 2,887 2,844 378 2.1% (0.9%) 18.4% 13.3% 15.8x 1.02x 7.6x 0.99x 6.9x Buffalo Wild Wings Inc. BWLD 77.27 81.5% 1,439 0 31 1,408 1,041 153 32.6% 24.5% 24.2% 14.7% 25.3x 1.35x 9.2x 1.12x 7.6x Chipotle Mexican Grill, Inc. CMG 317.72 71.8% 9,859 4 473 9,390 2,731 545 20.3% 21.6% 37.6% 20.0% 36.3x 3.44x 17.2x 2.97x 15.1x Darden Restaurants, Inc. DRI 45.52 78.6% 5,888 2,933 61 8,760 8,220 1,103 6.2% 4.8% 23.2% 13.4% 13.0x 1.07x 7.9x 0.98x 7.5x Panera Bread Co. PNRA 159.96 91.3% 4,758 0 290 4,468 2,130 378 16.9% 16.3% 35.5% 17.7% 27.2x 2.10x 11.8x 1.83x 10.2x The Cheesecake Factory Incorporated CAKE 33.20 91.6% 1,744 56 56 1,744 1,822 225 7.4% 4.4% 42.9% 12.4% 17.3x 0.96x 7.7x 0.92x 7.2x Mean 11.1% 9.3% 30.3% 14.0% 22.6x 1.42x 9.4x 1.39x 8.8x Median 6.8% 4.7% 29.9% 13.4% 21.6x 1.04x 7.8x 0.99x 7.5x

8 of 13 Food & Beverage Industry Update 2/20/2013

Food and Beverage 200 S&P 500: Industry Stock 84.2%

Performance1 Food: 66.6%

150 Beverage:

64.4% Index

100

50 Feb-09 Aug-09 Feb-10 Aug-10 Feb-11 Aug-11 Feb-12 Aug-12 Feb-13 Dow Jones Beverage Index Dow Jones Food Products Index S&P 500 Index

Commodity Price Indices5 300

250 Crude Oil: 139.2%

Corn: Corn: 75.1% 200 95.7% Soybeans: Crude Oil: 44.2% 87.2% 150 Wheat: Soybeans: 40.2%

Index 61.9% 100 Wheat: 59.1%

0 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13

Corn Wheat Soybeans Crude Oil

9 of 13 Food & Beverage Industry Update 2/20/2013

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

Food and 16x 1.75x $120 300 $110.2 14.3x Beverage M&A 14x

1.50x $100 250 __

1 Multiple Sales EV LTM /

of Transactions Number Trends 12x 11.0x 11.3x 10.5x 1.25x 9.9x $80 200 10x 8.8x 8.3x 8.0x 1.00x 8x $60 $55.1 150 0.75x 6x $40 100 0.50x $24.0

4x __ $25.5 $24.6 __

EV /LTM EV EBITDA Multiple $19.0 $20 50 2x 0.25x $12.0

$4.5 AggregateTransaction Value in($ billions) 0x 0.00x $0 0 2005 2006 2007 2008 2009 2010 2011 2012 2005 2006 2007 2008 2009 2010 2011 2012

EV / LTM EBITDA EV / LTM Sales Aggregate Deal Value # of deals

Enterprise Enterprise Value Private Equity Recent North Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement American Food 2/14/2013 H. J. Heinz Company - Berkshire Hathaway Inc.; 3G Capital $27,354.7 2.35x 13.6x 16.4x P 2/12/2013 Target Logistics Management LLC - Algeco Scotsman $625.0 - 11.0x - and Beverage 2/11/2013 Farmers Cooperative Dairy Limited - Agropur Cooperative - - - - 2/7/2013 Forty Creek Distillery - Magnotta Winery Corp. - - - - M&A1 2/6/2013 Romano's Macaroni Grill, Inc. Golden Gate Capital Ignite Restaurant Group, Inc. $55.0 - - - P 2/6/2013 Ark Restaurants Corp. - Landry's, Inc. $71.6 0.52x 5.1x 7.3x 1/31/2013 Kittling Ridge Ltd. - Magnotta Winery Corp. - - - - 1/30/2013 Hostess Brands Snack Cake Brands Hostess Brands, Inc. Apollo Global Management $410.0 - - - P 1/28/2013 Hostess Brands Drake's Brand Hostess Brands, Inc. McKee Foods Corporation $27.5 - - - 1/28/2013 Mimi's Café, LLC Bob Evans Farms, Inc. Le Duff America Inc. $50.0 - - - 1/25/2013 Emge Foods, LLC - Peer Foods Group, Inc. - - - - 1/23/2013 Zacky Farms, LLC - Pitman Family Farms $32.1 - - - 1/21/2013 Beam, Inc., Collection of Brands Beam, Inc. Luxco Corporation $65.0 2.17x - - 1/15/2013 Classe Catering, LTD. - Mazzone Management Group Ltd. - - - - P 1/14/2013 Yogurtini, LLC and YHI, Inc. - Rocky Mountain Chocolate Factory $2.2 - - - 1/14/2013 Arrowhead Water Products - Ice River Springs Water Co. $1.7 0.39x - - 1/11/2013 The Longaberger Company - Computer Vision Systems Laboratories - - - - 1/11/2013 Certain Hostess Bread Brands Hostess Brands, Inc. Flowers Foods, Inc. (NYSE:FLO) $390.0 0.39x - - 1/11/2013 Phelps Industries, LLC - Wafra Partners LLC - - - - P 1/11/2013 Goldco, LLC - PNC Riverarch Capital - - - - P 1/10/2013 Attune Foods, Inc. - Post Foods, LLC - - - - 1/9/2013 Old Dominion Peanut Company Spring Capital Partners, L.P. Hammond's Candies - - - - P 1/8/2013 Cooper Spirits International Cooper Spirits International, LLC Bacardi Limited - - - - 1/7/2013 Organic Avenue, LLC - Kohlberg Kravis Roberts & Co. - - - - P 1/4/2013 Carmela's Pizzeria - Greenfield Farms Food, Inc. - - - - 1/3/2013 TC Global, Inc. - Baristas Coffee Company Inc. $9.2 - - - 1/3/2013 Agricon Global Corporation - Africa Farmlands, Inc. - - - - 1/2/2013 Skippy Peanut Butter Unilever United States, Inc. Hormel Foods Corporation $700.0 1.89x - - 1/2/2013 Gusto Packing Company, Inc. - Butterball, LLC - - - - 12/28/2012 Wilmar Oils & Fats Gavilon JV HoldCo, LLC WONA Inc. $14.8 - - - 12/27/2012 Tacala LLC - Altamont Capital Partners - - - - P 12/27/2012 Villa Veneto Corporation - Nonni's Foods LLC - - - - 12/26/2012 Pacific Island Restaurants, Inc. Brentwood Associates, Inc. Nimes Capital, LLC - - - - P 12/26/2012 Carlyle Cocoa Co, LLC - GCB America Inc. $7.1 - - - 12/19/2012 Ry-Con Specialty Foods, Inc. - Panos Brands, LLC - - - - 12/19/2012 Colorado Bean Company - Sun Garden-Gangi Canning Company - - - - 12/18/2012 Rocky Mountain Chocolate Factory - - $79.4 2.20x 11.5x 13.2x 12/17/2012 Caribou Coffe Company, Inc. - Joh. A. Benckiser GmbH $310.0 0.90x 9.5x 16.8x 12/17/2012 Bell American Inc. - Flynn Restaurant Group LLC - - - - 12/17/2012 Verity, LLC - Aqualiv Technologies, Inc. $4.9 - - - 12/17/2012 Wise Foods, Inc. Palladium Equity Partners, LLC Arca Continental, S. A. B. de C. V. - - - - P 12/14/2012 Laughing Planet Cafe LLC ------12/11/2012 Appert's, Inc. - Sysco Corporation (NYSE:SYY) - - - - 12/10/2012 Southern California Pizza Company, LLC Sentinel Capital Partners Sterling Investment Partners - - - - P 12/10/2012 Sun Country Foods, Inc. Brynwood Partners Continental Mills, Inc. - - - - P 12/7/2012 Agriventures USA, Inc. The Riverside Company Rocket Farms, Inc. - - - - P 12/6/2012 Chocolate Candy Creations, Inc. - Energy Innovative Products, Inc. - - - - 12/2/2012 Morningstar Foods, LLC Suiza Dairy Group, LLC Saputo Cheese USA Inc. $1,450.0 0.89x 9.3x - 11/30/2012 Associated Milk Producers, Inc. Associated Milk Producers, Inc. Treehouse Foods, Inc. (NYSE:THS) - - - - 11/28/2012 Stockade Brands, Inc. - Ridley USA Inc. - - - - 11/26/2012 Ralcorp Holdings Inc. (NYSE:RAH) - ConAgra Foods, Inc. (NYSE:CAG) $6,733.8 1.56x 11.9x 18.4x 10 of 13 Food & Beverage Industry Update 2/20/2013

Enterprise Enterprise Value Private Equity Recent North Announced Target Seller Buyer Value ($mm) Sales EBITDA EBIT Involvement 11/26/2012 Whitehall Specialties, Inc. - Mason Wells - - - - P American Food 11/21/2012 Paradise Restaurant Group, LLC - Luby's Inc. (NYSE:LUB) $11.0 0.22x - - 11/20/2012 La Creme Inc. - Common Plea Catering, Inc. - - - - and Beverage 11/19/2012 The Balance Bar Company Brynwood Partners NBTY, Inc. $78.0 - - - P M&A1 11/16/2012 Hydrive Energy LLC Dr Pepper Snapple Group, Inc. Big Red, Inc. - - - - 11/15/2012 Schiff Nutrition International Inc. (NYSE:SHF) TPG Capital, L.P. Reckitt Benckiser LLC $1,433.0 5.01x 33.4x 39.8x P (continued) 11/14/2012 Teavana Holdings, Inc. - Starbucks Corporation $619.7 2.40x 12.2x 15.1x 11/13/2012 El Burrito Mexican Food Products, Inc. - House Foods America Corporation - - - - 11/8/2012 Fortitech, Inc. Trilantic Capital Management LLC Royal DSM N.V. $634.0 - - - P 11/5/2012 Diversified Marketing Solutions LLC - Continental Mills, Inc. - - - - 11/2/2012 Abstract International, Inc. - Solanbridge Group, Inc. - - - - 11/2/2012 Katadyn North America Foods, LLC - Katadyn North America, Inc. - - - - 11/1/2012 Sweet Ovations LLC Vision Capital LLP Zentis GmbH & Co. KG - - - - P 11/1/2012 The Puratone Corporation Matrix Asset Management Inc. Maple Leaf Foods Inc. (TSX:MFI) $42.1 - - - 10/26/2012 North American Breweries, Inc. KPS Capital Partners, LP Cerveceria Costa Rica S.A. $388.0 - - - P 10/25/2012 J. Christopher's Restaurant, LLC J. Christopher's Restaurant, LLC First Watch Restaurants, Inc. - - - - 10/23/2012 Vermont Hard Cider Company, LLC - C&C Group plc (ISE:GCC) $305.0 - - - 10/23/2012 Take and Bake, Inc. Fresh Harvest Products, Inc. Better For You Foods LLC - - - - 10/18/2012 Feed-Rite Inc. Ridley Inc. (TSX:RCL) Masterfeeds Inc. - - - - 10/18/2012 Columbus Manufacturing, Inc. Endeavour Capital, Inc. Arbor Private Investment Company - - - - P 10/3/2012 Feihe International, Inc. Sequoia Capital Morgan Stanley PE Asia Ltd $260.8 0.90x 11.7x 17.1x P 10/2/2012 Mamaki of Hawaii, Inc. - UMED Holdings, Inc. - - - - 10/2/2012 Nealanders International Inc. Birch Hill Equity Partners Management Caldic B.V. - - - - P 9/28/2012 Century Concepts, Inc. - TriMark South - - - - 9/28/2012 To Go Brands, Inc. - MedPodium Health Products, Inc. $2.0 - - - 9/25/2012 Texas Steakhouses & Saloons Boddie-Noell Enterprises Inc. Charlie Brown's Steakhouse - - - - 9/25/2012 Centerplate, Inc. Kohlberg & Company, L.L.C. Olympus Partners - - - - P 9/19/2012 Chipita America, Inc. Chipita America, Inc. B&G Foods North America, Inc. $62.5 - - - 9/18/2012 Decas Botanical Synergies Inc. Decas Cranberry Products, Inc. Naturex, Inc. - - - - 9/14/2012 Tyson Refrigerated Processed Meats, Inc. Tyson Refrigerated Processed Meats Pita Pal Industries, Inc. - - - - 9/12/2012 Snows Lake Vineyard LLC - E. &. J. Gallo Winery, Inc. - - - - 9/11/2012 Brasserie Montmartre - Not Disclosed - - - - 9/11/2012 Big O Wine Company - Ste. Michelle Wine Estates Ltd. - - - - 9/7/2012 The Sands Regent Affinity Gaming, LLC. Not Disclosed $19.2 - - - 9/6/2012 Hoopeston Foods, Inc. - Sun Garden-Gangi Canning Company - - - - 9/6/2012 Hinsdale Farms, Ltd. - Monogram Food Solutions, LLC - - - - 9/6/2012 Chicory Cafe - Not Disclosed - - - - 9/4/2012 GPB International, LLC GPB International, LLC Claridge Ventures, Inc $1.3 - - - P 9/4/2012 Garden of the Gods Gourmet Inc. - Pinery Enterprises, LLC - - - - 9/3/2012 Snack Factory, LLC VMG Tax-Exempt, L.P. Snyder's-Lance, Inc. $340.0 - - - P 8/31/2012 Fazoli's Restaurant at 1398 Conant - SBW Capital Partners LLC - - - - P 8/31/2012 Millennium Foods, LLC - Kerry Group plc - - - - 8/29/2012 Pure Treats Inc. Champion Freeze Dry LP 4186770 Canada Inc. - - - - 8/27/2012 T. J. Harkins Basic Commodity Brokers Co. - Bay State Milling Company - - - - 8/27/2012 Shearer's Foods, Inc. Mistral Equity Wind Point Partners; Mistral Equity $500.0 - - - P 8/27/2012 El Loco Taco, Inc. - Not Disclosed - - - - 8/27/2012 RCM Smith, Inc. - American Food Styles, LLC - - - - 8/25/2012 Green Hills Inn Inc. - Dans Restaurant, Inc. - - - - 8/25/2012 The Bachman Company - UTZ Quality Foods, Inc. - - - - 8/22/2012 Kingston Tobacco Co., LLC - Kolstad Enterprises, LLC - - - - 8/22/2012 The Red Cap Garage and Aura - Project Ecological Development - - - - 8/21/2012 Back to Nature Foods Company Kraft Foods Inc. Brynwood Partners - - - - P 8/14/2012 Kettle Creations, LLC - BEF Foods, Inc. $50.0 - - - 8/13/2012 Michael's Finer Meats & Seafoods, Inc. Sorenson Capital The Chefs' Warehouse $54.3 0.68x - - P 8/10/2012 Courtside Cellars, LLC - E. &. J. Gallo Winery, Inc. - - - - 8/8/2012 Seapak QCI Processing Limited - Haida Enterprise Corporation - - - - 7/24/2012 Healds Valley Farms, Inc. Healds Valley Farms Holdings AG Paramount Citrus, Inc. - - - - 7/21/2012 Peet's Coffee & Tea, Inc. Franklin Advisers, Inc. JAB Holdings B.V. $956.1 2.53x 21.0x 34.4x P 7/18/2012 Pilgrim's Corp., Commercial Egg Operations Pilgrim's Corp. Cal-Maine Foods, Inc. - - - - 7/12/2012 Yard House USA, Inc. TSG Consumer Partners Darden Restaurants, Inc. $585.0 2.23x 20.2x - P 7/12/2012 AFA Foods, TX Beef Processing Plant AFA Foods, Inc. Cargill, Incorporated $14.1 - - - 7/9/2012 Smoothie King Franchises, Inc. - SK USA, Inc. - - - - 7/9/2012 Wm. Bolthouse Farms, Inc. Madison Dearborn Partners Campbell Investment Company $1,550.0 2.25x - 16.9x P 7/6/2012 Blue Moose of Boulder, Inc. - Sartori Inspirations - - - - 7/6/2012 Cilion, Inc. - Aemetis Advanced Fuels Keyes, Inc. $37.3 - - - 6/30/2012 Alpine Cheese Company - Tine SA - - - - 6/29/2012 Solis Brands, Inc. - The Jel Sert Company - - - - 6/27/2012 H.C. Schau & Son Inc. - Greencore Group plc $19.3 0.60x - - 6/25/2012 The Brass Tap Inc. - Family Sports Concepts, Inc. - - - - 6/22/2012 J. Alexander's Corp. Dimensional Fund Advisors LP American Blue Ribbon Holdings $80.9 0.51x 7.4x 16.3x P 6/20/2012 Pacific Pure-Aid Company Givaudan AG DIANA Group SA - - - - 6/12/2012 Ramal West Vineyard - Jackson Family Wines, Inc. - - - - 6/11/2012 Trimcare Holdings, LLC - Cannabis Science, Inc. - - - - 6/8/2012 Kim & Scott's Gourmet Pretzels, Inc. - J&J Snack Foods Corp. - - - - 6/7/2012 Cabin Fever Maple Flavored Whisky - Diageo plc - - - - 6/7/2012 Amrest LLC, 98 Applebee Restaurants Amrest LLC Apple American Group $100.0 - - - 6/7/2012 Arctic Glacier Income Fund Arctic Glacier Income Fund H.I.G. Capital, LLC - - - - P 11 of 13 Food & Beverage Industry Update 2/20/2013

Median LTM Median LTM Trading Multiples PEG Investments and Exits Trading 12.0x 50 46 Multiples and 11.2x 10.9x 45 10.9x 10.8x Announced 11.0x 10.7x 10.6x 10.6x 10.6x 10.5x 10.6x 10.6x 10.2x 10.2x 40 Private Equity 36 9.9x 35 10.0x 34 1 ' 35 Activity 9.4x 9.4x 9.4x 9.4x 32 9.2x 9.3x 9.2x 9.3x 9.2x 9.1x 9.1x 9.0x 8.9x 30 28 9.0x 8.7x 27 27 27 26 25 25 24 21 8.0x 20 18 Number ofInvestmentsNumber 17 Median Trading Multiple Trading Median 16 15 14 7.0x 15 13

10 7 6.0x 5

5.0x 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Processing and Ingredients Retail and Restaurants Number of Investments Number of Exits

Earnings Call February 2013 Calendar1 Date Company Description 2/21/2013 Safeway Inc. (NYSE:SWY) Earnings Call 2/21/2013 Premier Foods (LSE:PFD) Earnings Release Date 2/21/2013 The Chefs' Warehouse (NasdaqGS:CHEF) Earnings Call 2/25/2013 Amira Nature Foods (NYSE:ANFI) Earnings Call 2/28/2013 British American Tobacco plc (LSE:BATS) Earnings Release Date

March 2013 Date Company Description 3/7/2013 Costco Wholesale Corporation (NasdaqGS:COST) Earnings Release Date 3/7/2013 The Kroger Co. (NYSE:KR) Earnings Release Date 3/20/2013 General Mills, Inc. (NYSE:GIS) Earnings Release Date 3/22/2013 Darden Restaurants, Inc. (NYSE:DRI) Earnings Call 3/27/2013 Naturex SA (ENXTPA:NRX) Earnings Release Date 3/28/2013 Hilton Food Group plc (LSE:HFG) Earnings Release Date

April 2013 Date Company Description 4/3/2013 ConAgra Foods (NYSE:CAG) Earnings Call 4/11/2013 Rite Aid Corporation (NYSE:RAD) Earnings Release Date 4/12/2013 Lotus Bakeries NV (ENXTBR:LOTB) Earnings Release Date 4/17/2013 Tesco PLC (LSE:TSCO) Earnings Release Date 4/23/2013 Associated British Foods (LSE:ABF) Earnings Release Date 4/25/2013 Bunge Limited (NYSE:BG) Earnings Release Date

12 of 13 Food & Beverage Industry Update 2/20/2013

Sources: 1. Capital IQ 2. Thomson Financial 3. S&P 4. Reuters 5. IMF

Harris Williams & Co. (www.harriswilliams.com) is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise, and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements, and capital markets advisory services.

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Services Authority (FRN #540892). Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

THIS REPORT MAY CONTAIN REFERENCES TO REGISTERED TRADEMARKS, SERVICE MARKS AND COPYRIGHTS OWNED BY THIRD-PARTY INFORMATION PROVIDERS. NONE OF THE THIRD- PARTY INFORMATION PROVIDERS IS ENDORSING THE OFFERING OF, AND SHALL NOT IN ANY WAY BE DEEMED AN ISSUER OR UNDERWRITER OF, THE SECURITIES, FINANCIAL INSTRUMENTS OR OTHER INVESTMENTS DISCUSSED IN THIS REPORT, AND SHALL NOT HAVE ANY LIABILITY OR RESPONSIBILITY FOR ANY STATEMENTS MADE IN THE REPORT OR FOR ANY FINANCIAL STATEMENTS, FINANCIAL PROJECTIONS OR OTHER FINANCIAL INFORMATION CONTAINED OR ATTACHED AS AN EXHIBIT TO THE REPORT. FOR MORE INFORMATION ABOUT THE MATERIALS PROVIDED BY SUCH THIRD PARTIES, PLEASE CONTACT US AT +1 (804) 648-0072.

The information and views contained in this report were prepared by Harris Williams & Co. (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable, but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The financial instruments discussed in this report may not be suitable for all investors, and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

13 of 13