Food & Beverage Industry Update 10/5/2010 Member FINRA/SIPC www.harriswilliams.com Food & Beverage Industry Update 10/5/2010 Key Trading Stock Price % Change EV/EBITDA % Change Current Valuation Stats Net Debt / Statistics 1 Industry Segment 3 Month 1 Year 3 Month 1 Year Fwd PE LTM PE EV/EBITDA EBITDA Food and Beverage Branded Processed Foods 3.3% 20.6% (3.5%) (2.6%) 14.7x 15.9x 9.4x 1.8x Private Label Foods 3.5% 0.8% 0.8% 14.9% 15.4x 17.4x 8.4x 1.9x Baked Goods / Snack Foods 3.5% 8.6% (0.6%) (13.5%) 15.8x 16.8x 6.9x 1.9x Natural / Organic Foods 19.4% 29.5% (11.1%) (4.8%) 18.9x 25.1x 10.7x 2.0x Dairy 7.9% 3.7% 5.8% (1.3%) 13.1x 14.0x 10.2x 1.7x Non-Alcholic Beverages 14.2% 25.3% 8.4% (1.3%) 16.8x 18.6x 10.5x 1.4x Alcoholic Beverages 12.7% 12.7% 5.9% 11.4% 18.8x 21.3x 11.1x 2.7x Inputs Protein Processing (3.2%) 17.8% (23.4%) (38.6%) 9.1x 10.3x 6.4x 4.9x Fruit and Vegetable 9.5% (5.7%) 3.5% 5.3% 8.8x 10.6x 6.9x 1.9x Ingredients / Flavors 19.6% 32.4% 11.0% 13.2% 14.2x 18.3x 10.3x 1.8x Agribusiness 29.4% 18.5% 15.4% 13.4% 12.8x 20.5x 10.2x 1.5x Consumer Food Retail 8.3% 10.3% 5.3% 6.2% 14.7x 14.4x 5.9x 1.7x Foodservice / Distribution 16.0% 33.6% 16.9% 23.3% 13.3x 14.4x 6.8x 2.0x Fast Food 13.3% 32.1% 11.2% 11.9% 16.2x 16.2x 8.8x 1.5x Casual Dining 21.2% 38.3% 17.4% 4.9% 20.0x 25.4x 8.0x 0.9x Overall Median* 10.1% 18.2% 4.1% 0.6% 14.8x 16.8x 8.8x 1.8x *Fast Food and Casual Dining excluded from overall median calculation. Announced Last 10 Deals Announced Quarterly M&A Activity Food and 80 Beverage 1/0/1900Announced Target 0 Buyer 0 9/30/2010 Elena's Food Specialties, Inc. ADF Foods Limited 70 M&A1 9/29/2010 John Harvard's Brew House, Inc. Centerplate, Inc. 11 11 5 12 9/28/2010 Francisco Imported Foods, Inc. Heintz & Weber Co, Inc. __ 60 9/20/2010 Noble House Wine Gotham Wine Group 9 15 8 50 7 6 9/14/2010 California Creative Foods, Inc. Sabra Dipping Co. LLC 3 5 9/14/2010 Van Houtte Inc. Green Mountain Coffee 2 40 7 5 2 9/13/2010 S.T. Specialty Foods, Inc. Treehouse Foods, Inc. 4 5 9/9/2010 Butterball, LLC Seaboard Corp. 30 58 58 57 55 5 9/6/2010 Tellory Inc. Sartori Food Corporation Transactions ofNumber 49 48 46 47 47 47 3 46 43 9/6/2010 Don Miguel Mexican Foods, Inc. MegaMex Foods, LLC. 20 36 36 35 34 34 LTM Deal Statistics 25 10 22 Aggregate Number Transaction Multiples Value ($bn) of Deals EV / Revenue EV / EBITDA 0 $104.3 181 1.15x 9.4x Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Note: Transaction statistics based on publically available information. PEG Acquirer Strategic Acquirer Contacts Boston Cleveland London Minneapolis Philadelphia Richmond San Francisco Phone: (617) 482-7501 Phone: (216) 222-9870 Phone: +44 203 170 8838 Phone: (612) 359-2700 Phone: (267) 675-5900 Phone: (804) 648-0072 Phone: (415) 288-4260 Fax: (617) 482-7503 Fax: (216) 222-0158 Fax: +44 207 681 1907 Fax: (612) 359-2701 Fax: (267) 675-5901 Fax: (804) 648-0073 Fax: (415) 288-4269 For more information regarding our food and beverage experience, please contact Glenn Gurtcheff at (612) 359-2702 or [email protected]. 2 of 13 Food & Beverage Industry Update 10/5/2010 Industry . United Natural Foods, Inc. will offer 3,850,000 shares of common stock at a price of $33.00 per share to the public. The offering is expected to close October 6, 2010. The Company plans to use the proceeds to repay a portion of its revolving credit facility. Link . ADF Foods, Ltd. announced that it has entered into an agreement to acquire a substantial portion of the assets of Elena’s Food Specialties, Inc. Terms of the deal were not disclosed. Link . Centerplate, Inc. announced the acquisition of John Harvard’s Brew House, a Boston- based beer manufacturer. Terms of the deal were not disclosed. Link . Heintz & Weber Co., a manufacturer of condiments, announced the acquisition of Francisco Imported foods. Terms of the deal were not disclosed. Link . The Barterhouse, Inc. and Noble House Wine announced a merger agreement and the creation of a new company, Gotham Wine Group. Terms of the deal were not disclosed. Link Recent Equity Transaction Gross Proceeds Close Date Filing Date Issuer Ticker Type ($mm) Use of Funds Offerings 2 10/06/10 10/01/10 United Natural Foods Inc UNFI Follow-On $127.1 General Corp. Purp. Reduce Indebtedness 08/11/10 08/04/10 Cott Corp COTT Follow-On $74.7 Acquisition Fin. 06/24/10 12/11/09 Synutra International Inc SYUT Follow-On $62.7 General Corp. Purp. 03/31/10 10/09/08 Sanderson Farms Inc SAFM Follow-On $106.0 General Corp. Purp. 03/31/10 03/18/10 Rogers Sugar Income Fund RSI.UN Convertible $49.3 General Corp. Purp. Reduce Indebtedness 03/04/10 09/30/09 Diamond Foods Inc DMND Follow-On $191.5 Acquisition Fin. 02/23/10 02/16/10 Treehouse Foods Inc THS Follow-On $116.2 Acquisition Fin. 02/09/10 11/19/09 Celsius Holdings Inc CSUH Follow-On $14.5 General Corp. Purp. 11/18/09 03/03/08 Central European Distn Corp CEDC Follow-On $317.8 General Corp. Purp. Reduce Indebtedness 10/22/09 08/14/09 Dole Food Co, Inc DOLE IPO $446.4 General Corp. Purp. 09/14/09 07/02/09 B&G Foods, Inc BGF Follow-On $92.0 General Corp. Purp. Pay Fees and Expenses 08/12/09 8/10/2009 Bunge Ltd BG Follow-On $687.8 General Corp. Purp. 08/06/09 08/03/09 Green Mtn Coffee Roasters, Inc GMCR Follow-On $386.7 General Corp. Purp. 3 of 13 Food & Beverage Industry Update 10/5/2010 Food and Quarterly Loan Volume Average Spread on Food and Beverage Loans Beverage Loan $12 L + 500 3 Activity ___ $10 __ L + 400 $8 L + 300 $6 L + 200 $4 L + 100 $2 LIBOR Over Spread Average Loan VolumeLoan byQuarter ($ billions)in $0 L + 0 2Q04 4Q04 2Q05 4Q05 2Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 2004 2005 2006 2007 2008 2009 1H10 Pro Rata Institutional Revolving Credit / Term Loan A Weighted-Average Institutional Credit Statistics Average Secondary Spreads 6.0x L + 1000 2004 2005 2006 2007 2008 2009 1H10 __ L + 800 __ 4.0x L + 600 L + 400 2.0x EBITDA Multiple EBITDA L + 200 Average Spread Over LIBOR Over Spread Average 0.0x L + 0 Debt/EBITDA Senior EBITDA/Cash EBITDA - Debt/EBITDA Interest Capex/Cash Interest Recent Debt Date Effective Borrower Name Description Deal Amount Type Rating Spread 10/02/10 Cargill Food preparations $2,500,000,000 Revolver/Line >= 1 Yr. A / A2 N/A 4 Offerings 10/02/10 Cargill Food preparations 2,500,000,000 364-Day Facility A / A2 N/A 09/30/10 Maui Land & Pineapple Co Canned fruits and vegetables 30,000,000 Term Loan A NR / NR 425 09/24/10 Fieldbrook Foods Corp Ice cream and frozen desserts 45,000,000 Term Loan NR / NR 475 09/24/10 Fieldbrook Foods Corp Ice cream and frozen desserts 20,000,000 Revolver/Line >= 1 Yr. NR / NR 475 09/23/10 J&F Oklahoma Holdings Beef cattle feedlots 800,000,000 Revolver/Line >= 1 Yr. NR / NR 225 09/17/10 Branding Iron Holdings Sausages and other prepared meats 25,000,000 Term Loan A NR / NR 350 09/17/10 Branding Iron Holdings Sausages and other prepared meats 11,100,000 Other Loan NR / NR 350 09/17/10 Branding Iron Holdings Sausages and other prepared meats 20,000,000 Revolver/Line >= 1 Yr. NR / NR 350 09/15/10 Pacific Coast Producers Canned fruits and vegetables 240,000,000 Revolver/Line >= 1 Yr. NR / NR 150 09/14/10 CSC Sugar LLC Farm-product raw materials 80,000,000 Revolver/Line >= 1 Yr. NR / NR 300 09/14/10 Green Mountain Coffee Roasted coffee 350,000,000 Term Loan B NR / NR N/A 09/14/10 Green Mountain Coffee Roasted coffee 750,000,000 Revolver/Line >= 1 Yr. NR / NR N/A 09/14/10 Green Mountain Coffee Roasted coffee 250,000,000 Term Loan A NR / NR N/A 09/09/10 Campbell Soup Canned specialties 975,000,000 364-Day Facility A / A2 N/A 09/09/10 Campbell Soup Canned specialties 975,000,000 Revolver/Line >= 1 Yr. A / A2 N/A 09/02/10 Sylvan Inc Food crops grown under cover 30,000,000 Revolver/Line >= 1 Yr. NR / NR N/A 4 of 13 Food & Beverage Industry Update Trading Statistics Detail1 10/5/2010 Price at As a % of Market Cash & Enterprise Last Twelve Months (LTM) Revenue Growth LTM Margins P/E EV / LTM EV / 2010E ($ in millions, except per share data) Ticker 10/1/10 52-wk High Cap Debt Equiv.