Food & Beverage Industry Update 12/12/2012 Member FINRA/SIPC www.harriswilliams.com Food & Beverage Industry Update 12/12/2012 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 3.6% 14.4% (0.8%) (13.7%) 16.2x 19.0x 11.0x 2.0x Private Label Foods 5.5% 17.5% 1.3% 12.6% 20.8x 24.9x 11.3x 2.6x Natural / Organic Foods (9.1%) 35.1% 13.8% (6.0%) 23.0x 29.0x 14.9x 1.8x Baked Goods / Snack Foods 6.8% 20.4% (2.7%) 3.9% 17.5x 21.4x 8.8x 2.0x Dairy 2.0% 17.0% 2.0% (3.1%) 16.6x 21.8x 11.4x 1.4x Non-Alcholic Beverages (0.7%) 13.0% (1.7%) 8.2% 16.3x 19.2x 9.7x 1.8x Alcoholic Beverages 2.7% 28.5% 13.2% 17.4% 17.6x 19.9x 15.3x 3.4x Inputs Protein Processing 9.7% (3.7%) 10.9% 21.1% 10.5x 12.4x 7.0x 1.9x Fruit and Vegetable 5.5% 6.9% 2.1% (0.6%) 12.7x 13.1x 9.3x 4.5x Ingredients / Flavors 5.9% 21.3% 4.5% 14.1% 14.1x 21.9x 11.2x 1.5x Agribusiness (0.5%) 22.0% (1.2%) 30.5% 11.7x 15.2x 7.4x 2.1x Consumer Food Retail 2.4% 10.4% (1.1%) (1.5%) 10.0x 13.1x 5.6x 2.4x Foodservice / Distribution (0.6%) 16.0% (2.7%) 0.8% 14.3x 18.8x 7.9x 0.8x Fast Food 3.6% 18.6% (1.4%) 5.3% 18.4x 19.5x 9.7x 2.6x Casual Dining (6.8%) 16.4% (10.3%) (2.7%) 16.2x 19.6x 7.7x 1.7x Overall Median* 1.6% 16.3% 1.1% 2.7% 15.8x 19.7x 9.9x 2.0x *Fast Food and Casual Dining 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 12/7/2012 Agriventures USA, Inc. Rocket Farms, Inc. 1 60 M&A 12/6/2012 Chocolate Candy Creations, Inc. Energy Innovative Products, Inc. 4 7 15 9 12/2/2012 Morningstar Foods, LLC Saputo Cheese USA Inc. __ 7 8 7 7 50 3 6 11/30/2012 Associated Milk Producers, Inc. Treehouse Foods, Inc. (NYSE:THS) 5 5 11/28/2012 Stockade Brands, Inc. Ridley USA Inc. 40 7 11/26/2012 Ralcorp Holdings Inc. (NYSE:RAH) ConAgra Foods, Inc. (NYSE:CAG) 5 2 7 4 6 11/26/2012 Whitehall Specialties, Inc. Mason Wells 13 30 11/21/2012 Paradise Restaurant Group, LLC Luby's Inc. (NYSE:LUB) 5 2 53 52 48 49 48 46 47 47 47 3 46 47 11/20/2012 La Creme Inc. Common Plea Catering, Inc. Transactionsof Number 42 20 11/19/2012 The Balance Bar Company NBTY, Inc. 35 36 36 34 33 34 27 25 25 22 LTM Deal Statistics 10 Aggregate Number Transaction Multiples Value ($bn) of Deals EV / Revenue EV / EBITDA 0 $346.6 152 1.00x 9.6x Q307 Q208 Q308 Q408 Q309 Q409 Q410 Q111 Q112 Q212 Q407 Q108 Q109 Q209 Q110 Q210 Q310 Q211 Q311 Q411 Q312 Q412 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 12/12/2012 Industry . The USDA reports that “fiscal 2013 agricultural exports are forecast at a record $145 billion, up $1.5 billion from the August forecast and $9.2 above fiscal 2012 exports.” Link . The New York Times’ Dealbook reports that Saputo has expanded its U.S. presence by agreeing to buy the Morningstar division of Dean Foods for $1.45 billion. Link . According to Reuters, Hostess Brands Inc. was given permission by a bankruptcy judge to begin shutting down operations and selling its brands. Link . ConAgra Foods has announced the purchase of Ralcorp. The transaction is valued at $6.8 billion, including the assumption of debt. Link Recent Equity Transaction Gross Proceeds Close Date Filing Date Issuer Ticker Type ($mm) Use of Funds Offerings2 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. 09/27/12 09/27/12 Post Holdings Inc POST Follow-On $206.7 General Corp. Purp. 08/07/12 8/7/2012 Bloomin' Brands BLMN IPO $176.0 General Corp. Purp. 07/26/12 7/26/2012 Del Frisco's Restaurant Group DFRG IPO $75.4 General Corp. Purp. 07/24/12 7/24/2012 Feronia Inc FRN.V Follow-On $4.7 Working Capital General Corp. Purp. 07/23/12 7/23/2012 Chuy's Holdings CHUY IPO $75.8 General Corp. Purp. 06/29/12 6/28/2012 Metcash Ltd. MTS Follow-On $326.3 Future Acquisitions Eval. of Prospects 05/18/12 5/18/2012 S&W Seed Co. SANWU Follow-On $5.5 Working Capital General Corp. Purp. 05/10/12 5/10/2012 Ignite Restaurant Group IRG IPO $81.2 General Corp. Purp. 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 12/12/2012 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 $2 AverageSpread Over LIBOR L + 100 Loan VolumeLoan byQuarter ($ billions)in $0 L + 0 3Q06 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 2006 2007 2008 2009 2010 2011 2012YTD 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 YTD 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 12/18/12 ConAgra Foods Inc Consumer and commercial foods $1,500,000,000 Term Loan BBB / Baa2 175 12/18/12 ConAgra Foods Inc Consumer and commercial foods $4,500,000,000 Bridge Loan BBB / Baa2 175 12/14/12 B&G Foods Canned fruits and vegetables $225,000,000 Term Loan B B+ / B1 300 11/18/12 Brown-Forman Corp Wines, brandy, and brandy spirits $800,000,000 Revolver/Line >= 1 Yr. A- / A1 75 11/16/12 Peet's Coffee & Tea Inc Roasted coffee $275,000,000 Revolver/Line >= 1 Yr. NR / NR 200 11/15/12 OSI Group LLC Meat packing plants $575,000,000 Term Loan NR / NR 250 11/15/12 OSI Group LLC Meat packing plants $650,000,000 Revolver/Line >= 1 Yr. NR / NR N/A 11/13/12 Della Coletta Bioenergia SA Cane sugar refining $24,000,000 Term Loan NR / NR N/A 11/09/12 Whitehall Specialties Inc Cheese, natural and processed $94,000,000 Term Loan A NR / NR 475 11/09/12 Whitehall Specialties Inc Cheese, natural and processed $15,000,000 Revolver/Line >= 1 Yr. NR / NR 475 11/08/12 Milk Specialties Global Food preparations $35,000,000 Revolver/Line >= 1 Yr. NR / B2 N/A 11/08/12 Milk Specialties Global Food preparations $250,000,000 Term Loan B NR / B2 575 11/08/12 Milk Specialties Global Food preparations $30,000,000 Delay Draw Term Loan NR / B2 N/A 10/22/12 China Resources Snow Malt beverages $150,000,000 Term Loan NR / NR N/A 10/22/12 Corn Products Intl. Wet corn milling $1,000,000,000 Revolver/Line >= 1 Yr. BBB / Baa2 125 10/12/12 WhiteWave Foods Fluid milk $850,000,000 Revolver/Line >= 1 Yr. NR / NR 175 4 of 13 Food & Beverage Industry Update Trading Statistics Detail1 12/12/2012 Member FINRA/SIPC Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins P/E EV / LTM EV / 2012E ($ in millions, except per share data) Ticker 12/7/12 52-wk High Cap Debt Equiv. Value (EV) Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple Revenue EBITDA Revenue EBITDA Food and Beverage Branded Processed Foods Campbell Soup Co. CPB $36.63 98.6% $11,517 $4,523 $370 $15,670 $7,882 $1,573 2.3% 1.5% 38.4% 20.0% 15.5x 1.99x 10.0x 1.82x 9.7x ConAgra Foods, Inc.