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 $2 AverageSpread Over LIBOR L + 100 Loan VolumeLoan byQuarter ($ 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 $165,000,000 Revolver/Line >= 1 Yr. NR / NR 200 4 of 13 Food & Beverage Industry Update Trading Statistics Detail1 2/20/2013 Member FINRA/SIPC Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins P/E EV / LTM EV / 2013E ($ 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 Food and Beverage Branded Processed Foods Campbell Soup Co.