Weekly Update Monday, October 2, 2017

S&P 500, Nasdaq End At Records, As Stocks Extend Quarterly Win

Streaks Mary Burke

Partner U.S. stocks wrapped up the week, the month and the quarter on a high note. Traders tried to find their footing after a week marked by hawkish 312.348.7081 comments from Federal Reserve Chairwoman Janet Yellen and the long- [email protected] awaited announcement on tax reform from President Donald Trump’s administration. William Whipple Partner The Dow Jones Industrial Average increased 0.2% on the week, 312.348.7076 finishing at 22,405. [email protected]

The S&P 500 rose 0.7% on the week, finishing at 2,519.

Lakeshore Food Advisors, LLC

The NASDAQ Composite gained 1.1% on the week, finishing at 20 North Wacker Drive 6,496. Suite 1701 Chicago, IL 60606 Yield on the 10-year Treasury increased seven basis during the week, ending at 2.33%.

Crude oil increased 2.0% on the week, ending at $51.67 per barrel.

Corn rose 0.5% on the week, ending at $3.55 per bushel.

NASDAQ Highs: Nathan’s Famous Inc. Lows: None

NYSE Highs: American Vanguard Corporation, Darling Ingredients Inc., Dollar General Corporation, International

Flavors & Fragrances Inc., Intrepid Potash Inc., Monsato Company Lows: Kellogg Company, The Kroger Co.

Featured Stocks of the Week: Nathan’s Famous, Inc. (NASDAQ: NATH) 10-Year History Kellogg Company (NYSE: K) 10-Year History

The Lakeshore Food Chain

Price Price as Compared to Enterprise Value to Total Debt Price Compared to 52-Week Range YE: Forward LTM: to LTM Company Name 9/29/17 9/22/17 High Low 2016 2015 P/E Revenue EBITDA EBITDA Dow Jones Industrial Average 22,381 0.1% 22,413 17,888 13.3% 28.4% 21.2x S&P 500 2,510 0.3% 2,510 2,085 12.1% 22.8% 18.5 NASDAQ Composite Index 6,453 0.4% 6,461 5,046 19.9% 28.9% 25.3 Sector Average: 15.1% 26.7%

AGRICULTURAL LAND HOLDINGS Farmland Partners Inc. $9.04 3.6% $11.97 $8.06 (19.0%) (17.6%) NM 24.07x 38.9x 20.2x Gladstone Land Corporation 13.62 2.1% 14.09 9.51 21.2% 57.5% 227.0 23.08 31.5 19.4 Limoneira Company 23.17 2.3% 24.50 16.39 7.7% 55.1% 37.8 3.56 20.0 4.6 Sector Average: 3.3% 31.7% 37.8x 16.90x 30.2x 14.7x 22381.20 INPUTS *Agrium Inc. $133.72 0.4% $146.99 $115.16 (0.9%) 8.1% 19.9x 1.44x 11.6x 3.5x American Vanguard Corporation 22.90 5.3% 23.35 14.20 19.6% 63.5% 27.6 2.20 16.0 0.6 CF Industries Holdings, Inc. 35.16 (0.2%) 37.17 22.00 11.7% (13.8%) NM 4.07 20.0 6.5 DowDuPont Inc. 69.23 (1.0%) 70.70 64.01 NA NA 19.2 3.39 18.1 2.3 FMC Corporation 89.31 (0.7%) 93.44 45.77 57.9% 128.2% 30.8 4.12 19.3 2.5 Intrepid Potash, Inc. 4.36 8.2% 4.43 0.93 109.6% 47.8% NM 4.44 NM NM Monsanto Company 119.82 0.0% 120.38 97.35 13.9% 21.6% 22.3 4.20 14.6 2.4 The Mosaic Company 21.59 3.5% 34.36 19.23 (26.4%) (21.7%) 23.4 1.52 10.1 3.6 * Potash Corporation of Saskatchewan Inc. 24.02 1.0% 26.62 20.67 (1.1%) 1.4% 33.5 5.13 14.4 3.6 S&W Seed Company 3.15 0.0% 5.35 2.90 (31.5%) (25.4%) NM 1.37 56.0 NM The Scotts Miracle-Gro Company 97.34 0.7% 99.91 81.48 1.9% 50.9% 22.7 2.49 14.6 NM *Syngenta AG 445.75 (0.1%) 471.20 371.30 10.7% 13.6% NA 3.62 18.0 2.2 Terra Nitrogen Company, L.P. 81.75 1.6% 115.86 75.20 (20.4%) (19.5%) NA 3.81 7.7 NM Zoetis Inc. 63.76 (0.6%) 65.83 46.86 19.1% 33.1% 25.3 6.99 20.3 2.6 Sector Average: 12.6% 22.1% 25.0x 3.49x 18.5x 3.0x

AGRICULTURAL EQUIPMENT *Ag Growth International Inc. $53.25 1.6% $57.24 $34.70 1.4% 60.2% 17.0x 2.10x 13.2x 5.7x AGCO Corporation 73.77 1.6% 74.40 48.11 27.5% 62.5% 21.1 0.98 11.6 3.1 Art's-Way Manufacturing Co., Inc. 2.30 4.6% 4.70 2.00 (32.3%) (25.8%) NA 0.81 NM NM * Buhler Industries Inc. 4.45 0.0% 5.00 4.14 0.2% (18.2%) NA 0.48 43.9 10.5 CNH Industrial N.V. 12.01 0.3% 12.13 7.03 38.2% 75.6% 22.6 1.56 14.8 10.4 Deere & Company 125.59 1.5% 132.50 84.18 21.9% 64.7% 18.9 2.62 16.8 8.7 Lindsay Corporation 91.90 1.5% 95.04 69.11 23.2% 26.9% 32.0 1.90 17.3 2.0 Titan Machinery Inc. 15.53 2.4% 19.22 8.68 6.6% 42.1% NM 0.59 27.7 16.9 Sector Average: 10.8% 36.0% 22.3x 1.38x 16.9x 6.7x

AGRIBUSINESS AGT Food and Ingredients Inc. $24.44 (0.9%) $42.16 $31.56 (33.3%) (28.1%) 16.1x 0.55x 11.2x 5.5x The Andersons, Inc. 34.25 0.9% 44.90 30.80 (23.4%) 8.3% 16.3 0.40 10.9 4.7 Archer-Daniels-Midland Company 42.51 (2.0%) 47.88 40.22 (6.9%) 15.9% 15.8 0.49 9.7 2.6 Bunge Limited 69.46 (2.6%) 83.75 58.19 (3.8%) 1.7% 12.6 0.34 12.1 4.5 Darling Ingredients Inc. 17.52 (4.1%) 18.65 11.51 35.7% 66.5% 32.0 1.31 9.4 4.1 * Gruma, S.A.B. de C.V. 266.23 1.5% 288.99 227.00 1.2% 10.1% 17.7 1.80 11.2 1.3 Ingredion Incorporated 120.64 0.7% 137.62 113.07 (3.5%) 25.9% 15.4 1.76 9.7 1.9 Landec Corporation 12.95 5.7% 15.50 11.20 (6.2%) 9.5% 23.1 0.78 15.8 2.3 * Olam International Limited 2.02 0.5% 2.17 1.86 2.5% 11.0% 15.6 0.75 14.0 11.3 Omega Protein Corporation 16.65 1.8% 26.99 14.50 (33.5%) (25.0%) 18.4 1.01 4.5 0.0 Sector Average: (7.1%) 9.6% 18.3x 0.92x 10.9x 3.4x

DIVERSIFIED FOODS B&G Foods, Inc. $31.85 6.0% $49.49 $29.50 (27.3%) (9.1%) 15.0x 2.56x 12.2x 5.7x Campbell Soup Company 46.82 3.7% 64.23 45.00 (22.6%) (10.9%) 15.4 2.19 8.6 1.8 Conagra Brands, Inc. 33.74 1.8% 48.86 32.16 (14.7%) (20.0%) 17.7 2.21 11.7 2.4 General Mills, Inc. 51.76 1.0% 64.18 50.40 (16.2%) (10.2%) 16.5 2.59 11.8 3.0 The Hain Celestial Group, Inc. 41.15 3.9% 45.61 31.01 5.4% 1.9% 24.7 1.71 18.7 2.9 The J. M. Smucker Company 104.93 0.3% 143.68 103.50 (18.1%) (14.9%) 13.3 2.32 10.5 3.3 Kellogg Company 62.37 (1.6%) 78.37 62.30 (15.4%) (13.7%) 15.4 2.31 13.0 3.7 The Kraft Heinz Company 77.55 0.0% 97.77 77.40 (11.2%) 6.6% 20.7 4.75 15.0 3.8 Lancaster Colony Corporation 120.12 2.2% 149.30 113.34 (15.0%) 4.0% 25.5 2.62 14.4 0.0 Mondelez International, Inc. 40.66 1.5% 47.23 40.04 (8.3%) (9.3%) 18.2 3.09 17.1 4.4 * Nestlé S.A. 81.10 0.7% 86.00 67.00 11.0% 8.8% 22.1 3.04 15.0 1.5 Pinnacle Foods Inc. 57.17 0.3% 66.67 46.36 7.0% 34.6% 21.6 3.08 14.4 4.5 Post Holdings, Inc. 88.27 2.5% 89.04 68.76 9.8% 43.1% 22.0 1.98 11.2 7.4 SunOpta Inc. 10.81 4.8% 13.53 7.58 13.0% 14.3% 74.4 0.97 18.1 6.7 Treehouse Foods, Inc. 67.73 2.6% 90.42 62.64 (6.2%) (13.7%) 19.58 1.0 9.7 4.0 Unilever N.V. 50.04 1.9% 51.31 36.22 27.9% 24.8% 21.6 2.82 15.6 2.0 Sector Average: (5.0%) 2.3% 22.7x 2.45x 13.6x 3.8x

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Price Price as Compared to Enterprise Value to Total Debt Price Compared to 52-Week Range YE: Forward LTM: to LTM Company Name 9/29/17 9/22/17 High Low 2016 2015 P/E Revenue EBITDA EBITDA

ETHANOL Green Plains Inc. $20.15 (1.0%) $29.85 $16.35 (27.6%) (12.0%) 26.9x 0.52x 9.2x 5.3x Pacific Ethanol, Inc. 5.55 0.9% 10.95 4.15 (41.6%) 16.1% 14.3 0.24 12.1 6.6 Renewable Energy Group, Inc. 12.15 (7.6%) 13.55 8.10 25.3% 30.8% 118.5 0.31 6.4 2.7 Sector Average: (8.2%) 23.4% 53.2x 0.35x 9.2x 4.9x

FRUIT & VEGETABLE Calavo Growers, Inc. $73.20 4.3% $76.85 $48.75 19.2% 49.4% 28.0x 1.26x 19.4x 0.6x Fresh Del Monte Produce Inc. 45.46 (8.4%) 66.86 45.32 (25.0%) 16.9% 13.7 0.61 8.6 0.8 Lamb Weston Holdings, Inc. 46.89 3.3% 49.94 28.75 23.9% NA 20.4 2.93 13.1 3.7 Seneca Foods Corporation 34.50 15.0% 42.65 27.75 (13.9%) 19.0% NA 0.56 13.3 7.3 * Total Produce plc 2.30 1.9% 2.30 1.60 17.0% 56.5% 17.8 0.29 9.1 2.6 Sector Average: 4.3% 35.5% 20.0x 1.13x 12.7x 3.0x

PROTEIN Cal-Maine Foods, Inc. $41.10 0.4% $46.15 $33.40 (7.0%) (11.3%) 81.7x 1.72x NM NM Hormel Foods Corporation 32.14 2.8% 38.84 30.50 (7.7%) (18.7%) 20.1 1.78 11.5 0.2 Industrias Bachoco, S.A.B. de C.V. 66.50 (1.2%) 67.50 45.32 35.7% 35.1% 13.8 0.85 5.9 0.5 * JBS S.A. 8.52 2.4% 12.95 5.25 (25.3%) (31.0%) 7.1 0.46 6.0 4.9 Nathan's Famous, Inc. 73.95 3.6% 74.35 47.20 13.9% 43.4% NA 3.87 14.0 4.8 Pilgrim's Pride Corporation 28.41 (0.9%) 29.86 17.15 49.6% 28.6% 10.9 1.00 8.2 NM Sanderson Farms, Inc. 161.52 (1.4%) 165.50 74.07 71.4% 108.4% 13.6 1.02 6.2 0.0 Seaboard Corporation 4505.00 (0.3%) 4551.00 3178.01 14.0% 55.6% NA 0.81 11.3 1.9 Tyson Foods, Inc. 70.45 7.7% 75.55 55.72 14.2% 32.1% 13.1 0.98 9.6 2.9 Sector Average: 17.7% 26.9% 22.9x 1.39x 9.1x 2.5x

BAKING & INGREDIENTS * ARYZTA AG $29.74 0.8% $45.87 $26.14 (33.7%) (41.7%) 15.7x 1.07x 9.2x 5.6x Balchem Corporation 81.29 1.5% 89.50 67.71 (3.1%) 33.7% 32.5 5.02 20.9 2.0 Flowers Foods, Inc. 18.81 3.8% 21.00 14.60 (5.8%) (12.5%) 21.5 1.22 11.7 2.1 * Grupo Bimbo, S.A.B. de C.V. 43.97 2.7% 53.60 41.96 (6.5%) (4.3%) 25.8 1.05 8.9 2.4 J&J Snack Foods Corp. 131.30 2.0% 143.21 102.81 (1.6%) 12.5% 29.5 2.25 15.3 0.0 *Kerry Group plc 81.29 2.3% 81.91 61.03 19.7% 6.5% 22.9 2.49 18.4 2.1 McCormick & Company, Incorporated 102.64 6.8% 106.50 88.64 10.0% 20.0% 22.9 4.08 22.4 6.7 *Tate & Lyle plc 6.49 2.6% 8.50 6.22 (8.3%) 8.3% 13.7 1.24 7.8 1.7 Sector Average: (3.7%) 2.8% 23.1x 2.30x 14.3x 2.8x

CANDY, NUTS, & SNACKS Amplify Snack Brands, Inc. $7.09 5.2% $16.41 $6.09 (19.5%) (38.5%) 17.6x 3.25x 13.8x 7.2x The Hershey Company 109.17 2.5% 116.49 94.03 5.5% 22.3% 22.2 3.45 15.1 1.7 Inventure Foods, Inc. 4.69 0.2% 10.15 2.96 (52.4%) (33.9%) NM 0.71 54.6 27.5 John B. Sanfilippo & Son, Inc. 67.31 6.2% 74.69 46.34 (4.4%) 24.6% 20.2 0.97 11.3 0.8 Rocky Mountain Chocolate Factory, Inc. 11.82 (0.1%) 13.23 9.65 16.0% 10.0% NA 1.70 9.4 0.5 Snyder's-Lance, Inc. 38.14 3.1% 40.86 31.03 (0.5%) 11.2% 31.2 2.18 18.1 4.3 Tootsie Roll Industries, Inc. 38.00 2.3% 40.44 33.19 (1.5%) 27.6% NA 4.29 19.6 0.1 Sector Average: (8.1%) 10.3% 22.8x 2.36x 20.3x 6.0x

PET FOOD AND PRODUCTS Blue Buffalo Pet Products, Inc. $28.35 3.6% $28.96 $21.51 17.9% 51.5% 28.9x 4.78x 20.1x 1.4x Central Garden & Pet Company 38.84 5.1% 39.33 22.97 17.4% 187.3% 24.0 1.20 11.7 2.2 Freshpet, Inc. 15.65 7.9% 18.25 7.60 54.2% 84.3% NM 3.83 68.0 0.9 Sector Average: 29.8% 67.9% 26.4x 3.27x 33.3x 1.5x

WINE & BEVERAGE The Boston Beer Company, Inc. $156.20 1.3% $180.45 $128.70 (8.0%) (22.6%) 25.4x 2.02x 9.6x 0.0x Brown-Forman Corporation 54.30 0.1% 59.71 43.72 20.9% 9.4% 28.2 7.56 21.4 2.1 The Coca-Cola Company 45.01 (1.1%) 46.98 39.88 8.6% 4.8% 23.6 5.52 18.1 4.6 Constellation Brands, Inc. 199.45 (1.2%) 205.12 144.00 30.1% 40.0% 24.1 6.48 18.3 3.6 *Cott Corporation 18.71 1.4% 20.21 13.42 23.1% 22.8% 75.5 1.14 11.1 6.1 Craft Brew Alliance, Inc. 17.55 1.2% 19.40 12.00 3.8% 109.7% 72.6 1.75 28.7 1.9 Crimson Wine Group, Ltd. 10.75 (1.8%) 11.50 8.65 14.7% 22.2% NA 3.92 23.4 2.3 Dr Pepper Snapple Group, Inc. 88.47 (0.3%) 99.47 81.05 (2.4%) (5.1%) 19.0 3.12 13.0 3.0 Monster Beverage Corporation 55.25 (1.0%) 57.25 40.64 24.6% 11.3% 34.9 9.49 23.7 0.0 Co. 0.40 4.4% 0.60 0.30 (11.1%) 4.6% NA 1.19 NM NM National Beverage Corp. 124.05 4.9% 129.82 42.07 142.9% 173.0% 39.6 6.44 29.5 0.0 Pepsico, Inc. 111.43 (0.4%) 119.39 98.50 6.5% 11.5% 21.0 2.86 14.6 3.2 Corporation 53.71 (2.5%) 64.87 50.84 (3.3%) (10.5%) 23.8 3.50 14.2 0.8 Willamette Valley Vineyards, Inc. 7.91 0.5% 8.36 7.35 (1.2%) 11.7% NA 2.35 8.9 1.7 Sector Average: 17.8% 27.3% 31.5x 4.10x 18.0x 2.2x

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Price Price as Compared to Enterprise Value to Total Debt Price Compared to 52-Week Range YE: Forward LTM: to LTM Company Name 9/29/17 9/22/17 High Low 2016 2015 P/E Revenue EBITDA EBITDA

DAIRY * Danone $66.37 (0.5%) $69.52 $57.66 10.2% 6.6% 18.5x 2.60x 14.5x 5.4x Dean Foods Company 10.88 3.6% 22.31 10.30 (50.0%) (36.6%) 12.2 0.24 4.9 2.4 Lifeway Foods, Inc. 8.90 (1.7%) 18.48 7.20 (22.7%) (19.8%) 55.6 1.13 21.6 1.0 * Saputo Inc. 43.19 (1.8%) 48.98 39.74 (9.1%) 30.5% 20.5 1.58 13.6 1.1 Sector Average: (17.9%) (4.8%) 26.7x 1.39x 13.7x 2.5x

WHOLESALE, FOOD SERVICE, & DISTRIBUTION The Chefs' Warehouse, Inc. $19.30 2.4% $19.95 $10.80 22.2% 15.7% 37.8x 0.63x 14.1x 5.7x Core-Mark Holding Company, Inc. 32.14 7.3% 44.12 26.08 (25.4%) (21.6%) 22.9 0.15 15.2 2.8 Performance Food Group Company 28.25 (0.5%) 29.90 19.95 17.7% 22.1% 24.1 0.25 12.4 3.8 Sysco Corporation 53.95 1.1% 57.07 47.15 (2.6%) 31.6% 19.6 0.65 11.8 2.7 SpartanNash Company 26.37 3.0% 40.38 22.90 (33.3%) 21.9% 11.6 0.20 7.1 2.9 SUPERVALU Inc. 21.75 2.3% 38.43 19.16 (33.5%) (54.2%) 8.8 0.16 4.5 3.2 United Natural Foods, Inc. 41.59 (3.3%) 49.74 29.53 (12.8%) 5.7% 15.3 0.27 7.8 1.2 Sector Average: (9.7%) 3.0% 20.0x 0.33x 10.4x 3.2x

MASS MERCHANDISE & CLUB STORES Wholesale Corporation $164.29 1.9% $183.18 $142.11 2.6% 1.7% 26.1x 0.57x 13.6x 0.8x Wal-Mart Stores, Inc. 78.14 (1.7%) 81.99 65.28 13.0% 27.5% 17.3 0.57 8.4 1.5 Sector Average: 7.8% 14.6% 21.7x 0.57x 11.0x 1.1x

DOLLAR STORES Dollar General Corporation $81.05 4.4% $80.67 $65.97 9.4% 12.8% 17.0x 1.10x 10.3x 1.3x Dollar Tree, Inc. 86.82 2.6% 91.41 65.63 12.5% 12.4% 17.5 1.21 10.9 2.4 Fred's, Inc. 6.44 (5.4%) 21.77 5.62 (65.3%) (60.7%) NM 0.18 NM NM Sector Average: (14.5%) (11.8%) 17.3x 0.83x 10.6x 1.9x

TRADITIONAL RETAIL * Ahold Delhaize $15.82 2.6% $21.10 $14.72 (21.0%) (23.5%) 11.8x 0.37x 5.7x 1.7x Ingles Markets, Incorporated 25.70 4.9% 52.40 20.75 (46.6%) (41.7%) 10.9 0.36 6.1 3.8 The Kroger Co. 20.06 (0.4%) 36.44 19.89 (41.9%) (52.0%) 10.0 0.26 5.6 2.5 Village Super Market, Inc. 24.74 3.0% 36.42 22.43 (19.9%) (6.1%) NA 0.20 4.8 0.7 Weis Markets, Inc. 43.50 2.1% 68.88 41.30 (34.9%) (1.8%) NA 0.34 6.6 0.3 Sector Average: (32.9%) (25.0%) 10.9x 0.30x 5.5x 2.2x

SPECIALTY RETAIL Natural Grocers by Vitamin Cottage, Inc. $5.58 1.1% $13.79 $5.41 (53.1%) (72.6%) 18.4x 0.24x 4.1x 1.4x Sprouts Farmers Market, Inc. 18.77 0.1% 25.98 17.38 (0.8%) (29.4%) 19.1 0.69 10.1 1.5 Sector Average: (26.9%) (51.0%) 18.7x 0.39x 4.7x 1.4x

TRADITIONAL RESTAURANTS Bob Evans Farms, Inc. $77.51 0.3% $78.18 $36.98 45.7% 99.5% 34.3x 3.88x 25.1x 1.4x Brinker International, Inc. 31.86 (1.0%) 55.84 29.50 (35.7%) (33.6%) 9.7 0.91 6.6 3.1 The Cheesecake Factory Incorporated 42.12 1.4% 67.14 38.34 (29.7%) (8.7%) 15.7 0.85 6.8 0.4 Darden Restaurants, Inc. 78.78 (4.9%) 95.22 60.16 8.3% 23.8% 17.4 1.44 11.0 1.0 DineEquity, Inc. 42.98 4.7% 88.00 36.71 (44.2%) (49.2%) 10.2 3.32 8.8 6.0 Jack in the Box Inc. 101.92 4.7% 113.30 90.89 (8.7%) 32.9% 22.2 2.59 11.9 3.4 McDonald's Corporation 156.68 (1.4%) 161.72 110.33 28.7% 32.6% 23.4 6.32 15.7 3.0 The Wendy's Company 15.53 3.3% 16.66 10.47 14.9% 44.2% 31.2 4.93 16.0 7.1 Yum! Brands, Inc. 73.61 (3.1%) 91.90 59.57 16.2% 0.8% 25.4 5.46 16.8 4.8 Sector Average: (0.5%) 15.8% 21.1x 3.30x 13.2x 3.3x

HIGH-GROWTH RESTAURANTS Bojangles', Inc. $13.50 (1.8%) $22.35 $12.85 (27.6%) (14.9%) 16.6x 1.23x 8.3x 2.2x Chipotle Mexican Grill, Inc. 307.83 (2.1%) 499.00 295.11 (18.4%) (35.8%) 34.1 1.90 20.6 0.0 El Pollo Loco Holdings, Inc. 12.15 3.0% 14.85 10.08 (1.2%) (3.8%) 17.5 1.42 9.0 1.5 The Habit Restaurants, Inc. 13.05 0.0% 19.75 12.00 (24.3%) (43.4%) 52.0 0.84 8.8 0.4 Noodles & Company 4.40 3.5% 6.00 3.16 7.3% (54.6%) 89.1 0.50 19.2 4.9 Papa Murphy's Holdings, Inc. 5.95 3.7% 6.88 3.50 41.0% (47.2%) 31.6 1.63 12.3 6.3 Potbelly Corporation 12.40 6.9% 14.55 10.50 (3.9%) 5.9% 37.4 0.70 7.3 0.0 Shake Shack Inc. 33.23 (0.1%) 39.70 30.12 (7.2%) (16.1%) 63.2 2.66 16.9 0.2 Wingstop Inc. 33.25 (2.1%) 35.91 24.74 12.4% 45.8% 46.8 11.28 31.4 4.0 Zoe's Kitchen, Inc. 12.63 1.1% 27.41 10.77 (47.4%) (54.9%) NM 0.97 12.6 1.9 Sector Average: (6.9%) (22.7%) 37.4x 2.31x 14.7x 2.1x

Notes: * Denotes local currency. Source: Capital IQ. Summary multiples adjusted for extraordinary and non-recurring items; outliers excluded from mean calculation.

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Major Indices (1-year & 12-year History)

S&P 500 Dow Jones Industrial Average

10-year Treasury CBOE Market Volatility Index – VIX

Lakeshore Sector Indices vs. S&P 500 (1-year Only)

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Food For Thought…

Partner Column My view- is the growth in U.S. meat volumes, will Written By William Whipple overwhelm our U.S. export markets ability to sell this increased volume. Low Meat Prices will be necessary to Drowning-in-Corn / Best-of-Technology- Monsanto is clear-out the market. working to develop a new fast-maturing variety of corn hybrid for Western Canada, the Ukraine and other inhospitable climates. As an example, North Dakota Beef Cow Slaughter- Beef cow slaughter during the first Farmers now plant/harvest corn in 80 days, doubling the half of 2017 was up 11% from the same period in 2016. state's production in five years. In the 20 years since GMO (There is a thought the Dakota drought might contribute c