FOOD AND BEVERAGE INDUSTRY UPDATE

│ JANUARY 2015

www.harriswilliams.com 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 Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

WHAT WE’RE SEEING CONTENTS

MARKET UPDATE M&A activity in the food and beverage sector in 2014 was at or near record levels in terms of both total number of deals and aggregate deal value. In total, there were 305 deals announced in the North America with an aggregate deal value of $120.7 billion. Strategic buyers were particularly active, accounting for over 80% of announced deals in the sector. During the fourth quarter, M&A activity remained robust, with the announcement of 62 deals totaling over $17 billion in aggregate deal value. There were several notable deals involving strategic acquirors, including Grupo Bimbo’s acquisition of Saputo Bakery and Chef’s Warehouse acquisition of Del Monte Capitol Meat. HW&Co. anticipates an active marketplace for 2015 as strategic and private equity buyers continue to pursue high quality assets in the food and beverage sector.

WHAT WE’VE BEEN DOING CLOSED HW&CO. TRANSACTIONS

a portfolio company of

a portfolio company of

has divested selected assets to has acquired

has been acquired by

has been acquired by

and

      

INDUSTRY VITAL SIGNS EQUITY MARKET OVERVIEW M&A MARKET OVERVIEW DEBT MARKET OVERVIEW RECENT M&A ACTIVITY PUBLIC COMPARABLES EARNINGS CALENDAR

GROUP OVERVIEW Harris Williams & Co. is a leading advisor to the food and beverage market. Our significant experience covers a broad range of end markets, industries, and business models. This particular report focuses on trends and metrics in the following areas:

            

Agribusiness Baked and Prepared Goods Beverages Branded and Private Label Dairy Distribution Ingredients Meat and Protein Natural and Organic Processing Produce Restaurant and Retail Snacks

CONTACTS

a portfolio company of

a portfolio company of

has been acquired by

has been acquired by

Glenn Gurtcheff Managing Director [email protected] +1 (612) 359-2702

a portfolio company of has been acquired by has been acquired by

and

Tim Alexander Managing Director [email protected] +1 (612) 359-2716 Ryan Budlong Director [email protected] +1 (415) 217-3409

a portfolio company of

has been acquired by

a portfolio company of

has been acquired by

a portfolio company of

a portfolio company of

has been acquired by

has been acquired by

Brant Cash Vice President [email protected] +1 (612) 359-2709 Ryan Freeman Vice President [email protected] +1 (612) 359-2703 Matt Whebbe Vice President [email protected] +1 (612) 359-2727 www.harriswilliams.com

PAGE | 1

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

WHAT WE’RE READING DR PEPPER SNAPPLE GROUP, KEURIG TO BRING PRODUCTS TO KEURIG COLD SYSTEM Dr Pepper Snapple and Keurig recently announced a partnership in which Dr Pepper Snapple will develop fountain syrup-based products for Keurig’s at-home cold beverage system. Pursuant to the agreement, Keurig will serve as the sole provider of Dr Pepper Snapple-branded single-serve, carbonated drink pods. Keurig’s cold beverage system is currently in development with an expected rollout in fall 2015. Access to the full article here. SURVEY UPENDS CONVENTIONAL WISDOM ABOUT PRIVATE BRANDS A recent survey conducted by Daymon Worldwide revealed interesting consumer behavior in the wake of collapsing gas prices. Approximately 35% of grocery shoppers plan to use extra money previously earmarked for fuel to expand private label purchases rather than shifting to branded purchases. Another 22% of respondents will explore private label products for the first time. Further private label growth will come from “expansion into non-commoditized categories that are presently led by strong national brands, like carbonated soft drinks.” Access to the full article here. THE 2015 PIZZA POWER REPORT Data from CHD expert and Technomic shows that pizza remains a go-to item, with US pizza sales for the year ended September 2014 amounting to $38.5 billion, a 3.1% increase over 2013. Independent locations grabbed a 41% share, with regional and national chains accounting for the other 59%. As with other restaurant verticals, key trends affecting the pizza industry are the Affordable Care Act, local and healthier ingredient sourcing, and commodity volatility. Access to the full article here.

VITAL SIGNS COMMODITY PRICE INDICES1 Wheat: (12.0%)

150

Soybeans: (21.7%)

100

Crude Oil: (28.4%)

Commodity Price Index

200

50 Dec-10

Corn: (28.7%) Jun-11

Dec-11 Corn

Jun-12 Dec-12 Soybeans

Jun-13 Wheat

Dec-13

Jun-14 Crude Oil

Dec-14

PROTEIN PRICE INDICES2,3

Protein Price Index

140

Beef: 41.3%

130

Pork:

120

14.7%

110

Poultry: 2.9%

100

90 Nov-10

May-11

Nov-11

May-12 Beef

Nov-12 Pork

May-13 Poultry

Nov-13

May-14

Nov-14

PAGE | 2

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

VITAL SIGNS CONT. RESTAURANT AND GROCERY STORE SALES INDICES4

Sales Index

140

Restaurant: 24.9%

120

Grocery: 10.0%

100

80 Nov-10

May-11

Nov-11

May-12

Nov-12

Restaurant

May-13

Nov-13

May-14

Nov-14

Grocery

CONSUMER FOOD PRICE INDEX INFLATION2

Inflation (%)

5.5 4.0 2.5

1.0 -0.5 Nov-10

May-11

Nov-11

May-12

Nov-12

May-13

Nov-13

May-14

Nov-14

PUBLIC EQUITY MARKET OVERVIEW KEY TRADING STATISTICS5

Consumer and Retail

Food and Beverage

Inputs

Industry and Segment Protein Processing Fruit and Vegetable Ingredients / Flav ors

Stock Price % Change 3 Month 1 Year

EV/EBITDA % Change 3 Month 1 Year

Current Valuation Stats Fwd PE LTM PE EV/EBITDA

Net Debt / EBITDA

(10.1%) 5.7% 13.6%

15.6% 20.1% 19.0%

(14.5%) 17.1% 23.7%

(21.3%) 27.6% 11.9%

11.7x 20.1x 19.9x

15.2x 22.8x 33.1x

6.6x 18.2x 15.2x

3.3x 0.7x 1.5x

Agribusiness Branded Processed Foods Priv ate Label Foods Natural / Organic Foods

9.2% 8.0% (0.8%) (7.5%)

4.4% 5.6% 10.0% 10.1%

2.9% 11.3% 26.5% (12.3%)

(4.9%) 2.5% 65.7% (3.3%)

14.2x 20.4x 21.4x 28.4x

16.3x 23.2x 42.7x 43.0x

9.6x 14.0x 16.8x 16.4x

0.9x 2.2x 7.1x 3.2x

Baked Goods / Snack Foods Dairy Non-Alcoholic Bev erages Alcoholic Bev erages Food Retail

5.2% 13.3% 3.7% 3.7% 20.6%

6.3% 6.5% 8.8% 5.2% (5.7%)

(2.3%) 22.4% 7.2% 8.8% 14.2%

(1.1%) 34.6% 10.9% 10.2% 6.6%

20.9x 20.7x 21.2x 20.5x 23.4x

26.1x 25.7x 22.5x 25.5x 23.7x

11.9x 14.0x 13.5x 15.8x 7.6x

2.7x 2.6x 1.6x 3.1x 2.3x

Grocery Distribution Foodserv ice Quick Serv ice Restaurant Fast Casual

23.8% 9.8% 26.0% 9.0%

7.0% (20.9%) 14.0% 0.6%

6.2% 9.3% 19.4% 4.7%

5.0% 8.6% 28.1% (9.4%)

25.4x 21.2x 27.0x 41.0x

32.3x 33.1x 29.4x 32.6x

11.3x 11.3x 14.2x 18.8x

1.8x 3.5x 1.8x 0.8x

Differentiated Casual Casual Dining Restaurant Pizza Bev erage / Snack Retail Family Restaurant

19.3% 23.5% 33.8% 10.6% 18.4%

10.2% 21.2% 36.1% 6.6% 16.5%

13.7% 13.9% 23.7% 10.9% 17.1%

(1.5%) 15.1% 14.5% 0.2% 24.7%

30.8x 22.0x 30.8x 28.5x 25.0x

29.9x 27.0x 37.3x 31.4x 23.0x

13.5x 11.1x 18.5x 17.8x 12.1x

0.3x 2.4x 2.7x 1.7x 2.2x

9.4%

7.8%

10.9%

8.4%

21.4x

25.9x

12.9x

2.1x

Overall Median

PAGE | 3

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

PUBLIC EQUITY MARKET OVERVIEW CONT. PUBLIC COMPANY SECTOR PERFORMANCE5 (ONE YEAR CHANGE IN STOCK PRICE) Pizza Casual Dining Restaurant

Fruit and Vegetable Ingredients / Flav ors Family Restaurant Protein Processing Quick Serv ice Restaurant S&P Differentiated Casual Natural / Organic Foods Priv ate Label Foods Non-Alcoholic Bev erages Grocery Distribution Bev erage / Snack Retail Dairy Baked Goods / Snack Foods Branded Processed Foods Alcoholic Bev erages Agribusiness Fast Casual Food Retail Foodserv ice

-40.0%

-27.5%

-15.0% Inputs

-2.5% 10.0% Food and Beverage

22.5% Consumer and Retail

35.0%

47.5%

RECENT EQUITY OFFERINGS6 Gross Proceeds Close Date

Filing Date

12/30/14

12/30/14

12/11/14

Issuer

Ticker

Transaction Type

($mm)

ZRHO Beverages Inc

N/A

IPO

$0.1

12/11/14

Sweets & Treats Inc

N/A

IPO

$0.0

Marketing & Sales Working Capital Secondary

Use of Funds

12/04/14

12/04/14

Captiva Verde Industries Ltd

VEG.H

Follow-On

$2.2

General Corp. Purp.

11/27/14

11/27/14

Naturally Splendid Entrp Ltd

NSP

Follow-On

$1.3

11/18/14

09/08/14

Pinnacle Foods Inc

PF

Follow-On

$775.6

Working Capital Property Development Secondary

10/31/14

10/31/14

Calavo Growers Inc

CVGW

Follow-On

$64.0

Secondary

10/28/14

10/28/14

RiceBran Technologies

RBIT

Follow-On

$10.8

General Corp. Purp.

10/23/14

10/23/14

Innovative Food Holdings Inc

IVFH

Follow-On

$13.0

Secondary

09/30/14

09/30/14

Xylitol Canada Inc

XYL

Follow-On

$1.5

09/18/14

09/18/14

KonaRed Corp

N/A

Follow-On

$14.0

Prod Dev / R&D General Corp. Purp. Secondary

09/11/14

06/16/14

Inventure Foods Inc

SNAK

Follow-On

$46.2

Secondary

08/04/14

08/04/14

Youngevity International Inc

YGYI

Convertible

$4.4

General Corp. Purp.

07/30/14

07/30/14

Tyson Foods Inc

TSN

Convertible

$1,500.0

Acquisition Fin. Pay Fees & Expenses

PAGE | 4

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

TRADING STATISTICS DETAIL5 Price at ($ in millions, except per share data) Food and Beverage Branded Processed Foods Associated British Foods plc B&G Foods Inc. Campbell Soup Company ConAgra Foods, Inc. General Mills, Inc. Hormel Foods Corporation Kellogg Company Kraft Foods Group, Inc. McCormick & Company, Incorporated Mondelez International, Inc. Nestlé S.A. Post Holdings, Inc. The Hain Celestial Group, Inc. The Hershey Company The J. M. Smucker Company

Private Label Foods Seneca Foods Corp. Treehouse Foods, Inc.

Natural / Organic Foods Boulder Brands, Inc. SunOpta Inc. The Hain Celestial Group, Inc. The WhiteWave Foods Company

Baked Goods / Snack Foods ARYZTA AG Diamond Foods, Inc. Flowers Foods, Inc. George Weston Limited Golden Enterprises Inc. Grupo Bimbo, S.A.B. de C.V. Inventure Foods, Inc. J&J Snack Foods Corp. John B Sanfilippo & Son Inc. Lancaster Colony Corporation Penford Corporation Snyder's-Lance, Inc.

Ticker

ABF BGS CPB CAG GIS HRL K KRFT MKC MDLZ NESN POST HAIN HSY SJM

SENE.A THS

BDBD TSX:SOY HAIN WWAV

SWX:ARYN DMND FLO WN GLDC BIMBO A SNAK JJSF JBSS LANC PENX LNCE

As a % of

1/14/15 52-wk High

$46.21 $29.57 45.58 35.51 52.92 50.59 66.73 62.76 73.86 36.55 72.90 41.20 53.04 107.02 100.96

26.73 86.96

10.60 11.21 53.04 32.64

$75.02 26.55 19.70 79.78 3.70 2.67 12.02 111.60 41.46 92.37 18.44 29.80

92.2% 85.4% 97.7% 94.8% 95.1% 91.3% 96.0% 97.3% 95.8% 92.4% 99.4% 68.0% 87.7% 98.5% 93.7%

81.9% 94.3%

57.4% 82.6% 87.7% 84.5%

86.1% 74.6% 88.7% 91.6% 75.5% 89.9% 82.9% 99.0% 85.2% 92.6% 96.6% 95.4%

Market Cap

$36,354 $1,587 14,282 15,124 31,950 13,337 23,691 36,955 9,535 61,393 232,640 1,848 5,394 23,637 10,279

298 3,681

648 752 5,394 5,691

$6,615 834 4,136 10,204 43 12,541 235 2,084 459 2,526 236 2,094

Cash & Debt

$1,566 $1,045 4,072 8,479 10,535 250 7,712 10,019 1,368 17,911 26,355 3,897 887 2,462 2,437

349 1,563

308 151 887 1,555

$3,150 659 817 12,698 8 4,499 89 1 59 0 79 452

Equiv.

$842 $6 242 132 895 334 426 935 101 1,813 4,244 268 93 580 122

14 31

19 7 93 226

$930 11 8 2,061 2 268 1 92 2 228 0 113

Enterprise Last Twelve Months (LTM)

Revenue Growth

Value (EV)

1 Year

$37,078 $2,626 18,112 23,471 41,591 13,253 30,977 46,039 10,802 77,491 254,751 5,476 6,189 25,519 12,594

634 5,212

937 895 6,189 7,020

$8,834 1,482 4,944 20,841 49 16,772 323 1,993 516 2,298 315 2,432

Revenue

$19,708 $822 8,358 17,617 17,642 9,316 14,567 18,104 4,240 34,902 88,650 2,411 2,307 7,368 5,505

1,324 2,703

514 1,276 2,307 3,205

$5,679 877 3,730 33,580 133 12,654 271 919 807 1,053 438 1,821

EBITDA

3 Years

LTM Margins Gross

EBITDA

P/E Multiple

EV / LTM Revenue

EV / 2014E

EBITDA

Revenue

EBITDA

$2,397 $188 1,571 2,336 3,229 1,049 3,755 4,484 728 5,323 16,526 318 282 1,603 1,181

(2.8%) 19.6% 4.3% 7.9% (2.5%) 6.5% (1.9%) (0.1%) 3.4% (1.1%) (2.2%) 133.2% 24.6% 6.2% (5.2%)

5.4% 15.3% 2.7% 11.0% 3.8% 5.7% 3.8% 0.6% 5.9% (13.2%) 1.2% 35.5% 26.6% 7.1% 1.9%

24.3% 31.4% 34.8% 20.2% 34.4% 16.8% 43.2% 35.1% 40.7% 37.1% 47.8% 27.2% 24.9% 44.9% 36.5%

12.2% 22.8% 18.8% 13.3% 18.3% 11.3% 25.8% 24.8% 17.2% 15.3% 18.6% 13.2% 12.2% 21.8% 21.5%

31.5x 33.0x 18.2x NM 22.1x 22.7x 13.9x 16.0x 23.2x 34.5x 24.9x NM 40.5x 29.1x 18.5x

1.88x 3.20x 2.17x 1.33x 2.36x 1.42x 2.13x 2.54x 2.55x 2.22x 2.87x 2.27x 2.68x 3.46x 2.29x

15.5x 14.0x 11.5x 10.0x 12.9x 12.6x 8.2x 10.3x 14.8x 14.6x 15.4x 17.2x 22.0x 15.9x 10.7x

1.81x 2.95x 2.19x 1.46x 2.28x 1.33x 2.11x 2.49x 2.49x 2.29x 2.74x 1.26x 2.19x 3.21x 2.24x

15.3x 12.4x 11.6x 10.4x 11.5x 11.4x 11.1x 12.2x 14.5x 13.7x 14.3x 9.7x 16.3x 14.3x 10.5x

Mean Median

12.6% 3.4%

7.6% 5.4%

33.3% 34.8%

17.8% 18.3%

25.2x 23.2x

2.36x 2.29x

13.7x 14.0x

2.20x 2.24x

12.6x 12.2x

35 340

2.1% 21.4%

2.2% 10.1%

6.2% 21.4%

2.6% 12.6%

NM 42.7x

0.48x 1.93x

18.2x 15.3x

NA 1.45x

NA 11.2x

Mean Median

11.8% 11.8%

6.2% 6.2%

13.8% 13.8%

7.6% 7.6%

42.7x 42.7x

1.20x 1.20x

16.8x 16.8x

1.45x 1.45x

11.2x 11.2x

68 70 282 366

14.4% 9.3% 24.6% 29.7%

26.6% 8.2% 26.6% 20.7%

38.1% 11.6% 24.9% 34.0%

13.3% 5.5% 12.2% 11.4%

NM NM 40.5x 45.4x

1.82x 0.70x 2.68x 2.19x

13.7x 12.8x 22.0x 19.2x

1.66x 0.66x 2.19x 1.88x

12.1x 9.5x 16.3x 14.6x

Mean Median

19.5% 19.5%

20.5% 23.7%

27.1% 29.4%

10.6% 11.8%

43.0x 43.0x

16.9x 16.4x

1.6x 1.8x

13.2x 13.4x

6.8% 4.4% 2.0% 20.1% (3.4%) 5.4% 35.2% 6.0% 10.0% 8.4% (4.4%) 18.1%

7.4% (4.3%) 11.5% 7.7% (0.3%) 14.6% 21.4% 7.3% 5.7% (1.4%) 2.3% 6.5%

27.8% 23.9% 47.9% 26.4% 49.0% 53.2% 18.0% 31.3% 15.4% 23.6% 14.1% 33.6%

13.8% 9.7% 11.4% 7.1% 4.8% 10.9% 8.4% 15.7% 7.1% 16.3% 7.0% 10.6%

NM NM 22.6x NM 45.7x 34.2x 26.1x 29.1x 18.2x 25.5x 25.6x 29.9x

11.3x 17.4x 11.6x 8.8x 7.6x 12.1x 14.3x 13.8x 9.0x 13.4x 10.2x 12.6x

1.40x 1.58x 1.29x 0.54x NA 1.20x 1.07x 2.08x 0.61x 2.11x 0.65x 1.44x

9.7x 12.5x 11.0x 6.3x NA NA 11.0x 12.9x NA NA 9.0x 12.1x

9.1% 6.4%

6.5% 6.9%

30.3% 27.1%

10.2% 10.2%

28.6x 26.1x

11.8x 11.9x

1.3x 1.3x

10.6x 11.0x

$783 85 426 2,381 6 1,381 23 145 57 172 31 192 Mean Median

1.8x 2.0x 1.56x 1.69x 1.33x 0.62x 0.37x 1.33x 1.19x 2.17x 0.64x 2.18x 0.72x 1.34x 1.3x 1.3x

PAGE | 5

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

TRADING STATISTICS DETAIL5 CONT. Price at ($ in millions, except per share data) Dairy Danone Dean Foods Company Glanbia plc Lifeway Foods Inc. Saputo Inc.

Non-Alcoholic Beverages A.G.Barr p.l.c. Cott Corporation Dr Pepper Snapple Group, Inc. Keurig Green Mountain, Inc. Lassonde Industries Inc. Monster Beverage Corporation National Beverage Corp. Pepsico, Inc. Starbucks Corporation The Coca-Cola Company

Alcoholic Beverages Anheuser-Busch InBev SA/NV Brown-Forman Corporation Constellation Brands Inc. Diageo plc Heineken NV Kirin Holdings Company, Limited Pernod-Ricard SA SABMiller plc Sapporo Holdings Ltd.

Inputs Protein Processing Cal-Maine Foods, Inc. JBS S.A. Sanderson Farms, Inc. Seaboard Corp. Tyson Foods, Inc.

Ticker

BN DF GL9 LWAY TSX:SAP

LSE:BAG BCB DPS GMCR LAS.A MNST FIZZ PEP SBUX KO

ENXTBR:ABI BF.B STZ DGE ENXTAM:HEIA TSE:2503 RI LSE:SAB TSE:2501

CALM BOVESPA:JBSS3 SAFM SEB TSN

As a % of

1/14/15 52-wk High

$63.31 18.59 15.67 18.98 28.08

$8.84 7.57 74.81 129.41 114.30 117.74 22.53 96.67 80.42 42.56

$113.44 89.14 108.43 27.84 71.70 12.63 114.87 50.26 4.08

$35.04 3.87 77.99 3,962.43 39.85

93.3% 94.6% 100.0% 93.4% 94.4%

86.4% 95.7% 99.9% 81.5% 98.2% 99.2% 82.5% 96.0% 95.5% 94.6%

Market Cap

$37,939 1,744 4,632 310 10,968

$1,021 704 14,544 20,966 799 19,737 1,044 144,677 60,178 186,418

97.9% $182,287 91.0% 18,842 99.3% 20,948 89.5% 69,793 94.9% 41,228 93.4% 11,521 98.6% 30,308 85.6% 80,759 86.2% 1,589

72.5% 81.6% 75.1% 93.3% 90.1%

$1,695 11,191 1,806 4,640 14,952

Cash & Debt

$16,239 978 762 9 1,811

$25 609 2,555 282 374 0 20 32,742 2,048 41,817

$55,511 1,122 7,346 16,258 13,949 7,128 12,175 16,581 2,159

$56 15,659 20 35 8,178

Equiv.

$4,208 30 121 6 45

$19 47 280 861 0 996 42 12,906 1,844 23,738

$8,845 235 71 1,064 1,147 482 653 3,015 99

$201 5,126 166 465 439

Enterprise Last Twelve Months (LTM)

Revenue Growth

Value (EV)

1 Year

$49,970 2,692 5,274 314 12,734

$1,027 1,265 16,819 20,386 1,173 18,740 1,022 164,513 60,383 204,497

$228,953 19,729 28,223 84,986 54,030 18,167 41,829 94,325 3,649

$1,550 21,725 1,660 4,210 22,691

Revenue

$24,452 9,404 2,881 115 8,500

$398 2,043 6,075 4,708 934 2,400 639 66,853 16,448 46,166

$46,756 3,053 5,963 15,619 22,581 18,717 9,382 16,967 4,451

$1,503 43,275 2,775 6,553 37,580

EBITDA

3 Years

LTM Margins Gross

EBITDA

P/E Multiple

EV / LTM Revenue

EV / 2014E

EBITDA

Revenue

EBITDA

$3,713 220 251 7 912

(3.5%) 2.5% 3.8% 25.0% 22.9%

4.1% (10.0%) 1.7% 19.2% 16.3%

47.2% 17.8% 29.0% 25.4% 10.7%

15.2% 2.3% 8.7% 6.2% 10.7%

29.7x NM 25.7x NM 23.6x

2.04x 0.29x 1.83x 2.73x 1.50x

13.5x 12.2x 21.0x 44.2x 14.0x

1.95x 0.30x 1.69x 2.32x 1.46x

12.0x 8.2x 17.2x 21.7x 13.1x

Mean Median

10.2% 3.8%

6.3% 4.1%

26.0% 25.4%

8.6% 8.7%

26.3x 25.7x

1.68x 1.83x

21.0x 14.0x

1.54x 1.69x

14.4x 13.1x

$73 176 1,460 1,208 98 721 81 12,787 3,541 13,132

6.7% (4.1%) 0.9% 8.0% 7.8% 10.2% (2.0%) 0.9% 10.6% (2.3%)

4.8% (4.1%) 1.2% 21.1% 20.9% 14.2% 1.5% 1.2% 12.0% 0.1%

46.2% 11.8% 59.5% 38.6% 27.3% 53.5% 34.0% 53.5% 58.3% 61.3%

18.3% 8.6% 24.0% 25.7% 10.5% 30.0% 12.6% 19.1% 21.5% 28.4%

21.8x NM 21.0x 34.6x 21.0x 47.1x 22.5x 21.4x 29.8x 23.7x

2.58x 0.62x 2.77x 4.33x 1.26x 7.81x 1.60x 2.46x 3.67x 4.43x

14.1x 7.2x 11.5x 16.9x 12.0x 26.0x 12.7x 12.9x 17.1x 15.6x

2.53x 0.59x 2.73x 3.86x NA 6.84x 1.55x 2.47x 3.18x 4.45x

13.2x 7.3x 11.5x 15.6x NA 21.0x NA 12.5x 13.9x 16.2x

Mean Median

3.7% 3.8%

7.3% 3.1%

44.4% 49.9%

19.9% 20.3%

27.0x 22.5x

3.15x 2.68x

14.6x 13.5x

3.13x 2.73x

13.9x 13.6x

$18,010 1,015 1,746 5,185 4,730 2,288 2,646 5,839 366

11.9% 4.3% 39.6% (9.2%) 0.9% 12.5% (7.3%) (0.9%) 2.5%

6.6% 3.7% 29.6% 1.2% 4.1% 7.0% 1.5% 2.1% 6.6%

60.2% 69.7% 43.5% 60.9% 38.6% 42.7% 62.8% 70.8% 35.1%

38.5% 33.2% 29.3% 33.2% 20.9% 12.2% 28.2% 34.4% 8.2%

21.9x 28.7x 27.8x 19.7x 25.7x NM 25.5x 23.8x NM

4.90x 6.46x 4.73x 5.44x 2.39x 0.97x 4.46x 5.56x 0.82x

12.7x 19.4x 16.2x 16.4x 11.4x 7.9x 15.8x 16.2x 10.0x

4.73x 4.64x NA 5.10x 2.33x 0.95x 4.26x 5.34x 0.79x

11.7x 17.6x 14.6x 15.0x 10.0x 7.7x 14.8x 14.0x 9.5x

Mean Median

6.0% 2.5%

6.9% 4.1%

53.8% 60.2%

26.5% 29.3%

24.7x 25.5x

3.97x 4.73x

14.0x 15.8x

3.52x 4.45x

12.8x 14.0x

10.5% 29.5% 3.4% (1.3%) 9.3%

12.6% 24.2% 11.9% 5.7% 5.5%

23.8% 15.0% 18.8% 9.3% 7.4%

15.6% 8.3% 16.1% 6.7% 5.6%

12.2x 18.7x 7.2x 15.2x 16.8x

1.03x 0.50x 0.60x 0.64x 0.60x

6.6x 6.1x 3.7x 9.5x 10.8x

0.98x 0.43x 0.56x 0.63x 0.54x

6.9x 4.9x 3.4x NA 7.3x

10.3% 9.3%

12.0% 11.9%

14.8% 15.0%

10.4% 8.3%

14.0x 15.2x

0.68x 0.60x

7.4x 6.6x

0.63x 0.56x

5.6x 5.9x

$234 3,571 446 442 2,093 Mean Median

PAGE | 6

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

TRADING STATISTICS DETAIL5 CONT. Price at ($ in millions, except per share data) Fruit and Vegetable Calavo Growers Inc. Fresh Del Monte Produce Inc. Seneca Foods Corp.

Ingredients / Flavors Givaudan SA International Flavors & Fragrances Inc. Kerry Group plc Sensient Technologies Corporation Symrise AG Tate & Lyle plc

Agribusiness Archer-Daniels-Midland Company Bunge Limited CF Industries Holdings, Inc. Darling Ingredients Inc. Monsanto Company The Andersons, Inc. The Mosaic Company

Consumer and Retail Food Retail Costco Wholesale Corporation Establishments Delhaize Freres Fairway Group Holdings Corp. Ingles Markets, Incorporated J. Sainsbury plc Koninklijke Ahold N.V. Natural Grocers by Vitamin Cottage Roundy's, Inc. Safeway Inc. Sprouts Farmers Market, Inc. SUPERVALU Inc. The Kroger Co. The Pantry, Inc. Village Super Market Inc. Weis Markets, Inc. Whole Foods Market, Inc.

Ticker

CVGW FDP SENE.A

SWX:GIVN IFF ISE:KRZ SXT XTRA:SY1 TATE

ADM BG CF DAR MON ANDE MOS

COST DELB FWM IMKT.A LSE:SBRY ENXTAM:AH NGVC RNDY SWY SFM SVU KR PTRY VLGE.A WMK WFM

As a % of

1/14/15 52-wk High

$47.79 32.64 26.73

$1,871.99 103.96 69.79 58.88 61.62 9.81

$47.45 89.83 289.34 17.66 117.51 46.84 45.50

139.31 77.16 3.47 44.42 3.70 18.23 25.98 4.16 35.24 34.39 9.08 65.75 36.75 27.71 47.42 51.45

96.6% 93.3% 81.9%

97.7% 98.2% 97.8% 93.0% 97.8% 80.8%

88.0% 96.4% 95.5% 82.5% 91.2% 67.0% 88.8%

94.9% 98.5% 23.1% 98.9% 65.2% 99.6% 58.3% 43.7% 87.6% 85.8% 91.3% 98.6% 98.6% 91.0% 89.9% 91.2%

Market Cap

$826 1,836 298

$17,233 8,418 12,269 2,835 7,999 4,571

$30,548 13,030 14,390 2,908 56,791 1,345 16,895

61,367 7,841 151 900 7,078 15,017 584 200 8,123 5,202 2,373 32,305 861 390 1,276 18,523

Cash & Debt

$38 140 349

$1,603 944 1,861 461 1,818 1,291

$5,545 6,885 4,592 2,283 8,179 367 3,816

5,034 3,434 257 937 4,981 3,993 22 657 2,817 385 3,223 11,536 933 47 0 62

Equiv.

$9 37 14

$401 405 317 26 266 527

$4,887 3,380 2,651 193 3,152 327 2,971

7,619 1,769 37 9 2,304 2,219 5 47 1,415 118 418 264 82 69 94 743

Enterprise Last Twelve Months (LTM)

Revenue Growth

Value (EV)

1 Year

$855 1,939 634

$18,435 8,957 13,813 3,270 9,550 5,335

$31,206 16,535 16,332 4,998 61,818 1,385 17,740

58,782 9,506 370 1,829 9,755 16,791 601 811 9,525 5,469 5,178 43,577 1,713 367 1,181 17,842

Revenue

$772 3,878 1,324

$4,262 3,058 6,826 1,461 2,314 4,311

$84,450 60,305 4,853 3,323 15,582 4,853 8,007

114,489 25,167 798 3,836 36,440 38,006 521 4,229 36,542 2,841 17,411 106,480 6,765 1,541 2,749 14,194

EBITDA

3 Years

LTM Margins Gross

EBITDA

P/E Multiple

EV / LTM Revenue

EV / 2014E

EBITDA

Revenue

EBITDA

$42 233 35

20.3% 8.3% 2.1%

17.0% 2.3% 2.2%

9.3% 8.7% 6.2%

5.4% 6.0% 2.6%

22.8x NM NM

1.11x 0.50x 0.48x

20.4x 8.3x 18.2x

1.01x 0.49x NA

15.6x 7.9x NA

Mean Median

10.2% 8.3%

7.2% 2.3%

8.1% 8.7%

4.7% 5.4%

22.8x 22.8x

0.70x 0.50x

15.6x 18.2x

0.75x 0.75x

11.7x 11.7x

$873 660 821 269 493 571

(0.5%) 5.1% (1.7%) (0.5%) 7.9% (11.5%)

2.3% 3.3% 3.7% 0.7% 7.6% 0.2%

45.9% 44.4% 43.2% 33.9% 43.5% 26.2%

20.5% 21.6% 12.0% 18.4% 21.3% 13.2%

33.8x 21.9x NM 35.0x 33.1x 16.5x

4.33x 2.93x 2.02x 2.24x 4.13x 1.24x

21.1x 13.6x 16.8x 12.2x 19.4x 9.3x

4.15x 2.85x 1.97x 2.24x 3.23x 1.30x

17.3x 12.5x 14.8x 11.5x 15.0x 9.0x

Mean Median

(0.2%) (0.5%)

3.0% 2.8%

39.5% 43.3%

17.8% 19.4%

28.0x 33.1x

2.81x 2.58x

15.4x 15.2x

2.62x 2.55x

13.3x 13.6x

$3,650 1,757 2,151 462 4,686 144 1,443

(6.8%) (2.8%) (13.8%) 93.2% 3.4% (14.9%) (20.7%)

(1.4%) 3.1% (4.8%) 27.8% 7.8% 3.1% (9.6%)

5.3% 4.6% 39.7% 25.2% 54.2% 8.1% 13.9%

4.3% 2.9% 44.3% 13.9% 30.1% 3.0% 18.0%

16.3x 21.9x 10.4x NM 23.3x 11.6x NM

0.37x 0.27x 3.37x 1.50x 3.97x 0.29x 2.22x

8.5x 9.4x 7.6x 10.8x 13.2x 9.6x 12.3x

0.36x 0.27x 3.67x 1.34x 3.79x 0.29x 1.90x

7.4x 7.2x 7.5x 8.6x 12.0x 5.8x 7.7x

Mean Median

5.4% (6.8%)

3.7% 3.1%

21.6% 13.9%

16.6% 13.9%

16.7x 16.3x

1.71x 1.50x

10.2x 9.6x

1.66x 1.34x

8.0x 7.5x

4,374 1,395 29 220 2,113 2,523 41 142 1,516 244 759 4,883 221 55 160 1,322

7.5% 1.6% 11.5% 2.6% 0.4% (1.9%) 20.9% 21.5% 6.1% 23.1% 1.8% 7.4% (3.5%) 4.5% 1.8% 9.9%

7.8% 0.9% NA 2.4% 3.2% 2.4% 25.3% 3.4% (5.2%) NA (21.9%) 6.2% (2.4%) 4.9% 0.9% 12.0%

12.6% 24.0% 31.5% 22.0% 6.2% 26.5% 29.1% 26.8% 27.2% 29.9% 14.8% 21.3% 12.3% 27.1% 27.0% 35.5%

3.8% 5.5% 3.7% 5.7% 5.8% 6.6% 8.0% 3.3% 4.1% 8.6% 4.4% 4.6% 3.3% 3.5% 5.8% 9.3%

29.0x 28.1x NM 19.5x NM 17.9x 43.3x NM NM NM 19.0x 20.5x NM 25.0x 22.4x 33.2x

0.51x 0.38x 0.46x 0.48x 0.27x 0.44x 1.15x 0.19x 0.26x 1.92x 0.30x 0.41x 0.25x 0.24x 0.43x 1.26x

13.4x 6.8x 12.5x 8.3x 4.6x 6.7x 14.5x 5.7x 6.3x 22.4x 6.8x 8.9x 7.8x 6.7x 7.4x 13.5x

0.48x 0.36x 0.46x 0.47x 0.27x 0.42x 0.97x 0.20x 0.25x 1.61x 0.28x 0.39x 0.24x 0.23x 0.42x 1.14x

12.4x 5.8x 8.5x 8.0x 5.0x 6.5x 12.8x 6.4x 5.9x 18.2x 6.6x 8.3x 7.3x NA NA 12.4x

7.2% 5.3%

2.9% 2.8%

23.4% 26.6%

5.4% 5.1%

25.8x 23.7x

0.56x 0.42x

9.5x 7.6x

0.51x 0.40x

8.9x 7.6x

Mean Median

PAGE | 7

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

TRADING STATISTICS DETAIL5 CONT. Price at ($ in millions, except per share data) Grocery Distribution AMCON Distributing Co. Core-Mark Holding Company, Inc. SpartanNash Company United Natural Foods, Inc.

Ticker

DIT CORE SPTN UNFI

As a % of

1/14/15 52-wk High

$79.00 65.00 26.39 77.87

85.0% 97.2% 97.3% 97.8%

Market Cap

$49 1,502 990 3,894

Cash & Debt

$19 65 557 547

Equiv.

$0 24 8 18

Enterprise Last Twelve Months (LTM)

Revenue Growth

Value (EV)

1 Year

$68 1,543 1,538 4,424

Revenue

$849 8,056 7,355 7,185

EBITDA

$12 104 201 275

TSX:GCL SYY CHEF

$2.81 40.27 21.92

64.1% 97.2% 74.7%

$77 23,674 549

$170 3,040 145

$0 385 5

$247 26,329 689

$1,196 47,248 802

Fast Casual Chipotle Mexican Grill, Inc. El Pollo Loco Holdings, Inc. Fiesta Restaurant Group, Inc. Noodles & Company Panera Bread Company Potbelly Corporation Zoe's Kitchen, Inc.

Differentiated Casual BJ's Restaurants, Inc. Buffalo Wild Wings Inc. Chuy's Holdings, Inc. Ignite Restaurant Group, Inc. The Cheesecake Factory Incorporated

BKW JACK MCD PLKI SONC WEN YUM

CMG LOCO FRGI NDLS PNRA PBPB ZOES

BJRI BWLD CHUY IRG CAKE

9.95 84.45 91.54 57.76 31.79 10.04 72.31

709.74 24.45 58.40 26.61 175.23 14.26 32.83

$48.37 184.71 20.84 7.28 52.29

81.4% 96.5% 88.2% 95.1% 99.2% 97.8% 86.5%

97.5% 58.6% 91.0% 64.1% 90.7% 56.0% 85.5%

94.3% 98.0% 48.0% 44.7% 98.3%

1,477 3,263 89,087 1,348 1,701 3,667 31,635

22,011 911 1,539 793 4,726 413 633

$1,262 3,496 343 191 2,495

306 508 15,130 110 461 1,447 3,387

0 189 69 22 100 1 22

$32 0 9 163 102

20 11 3,233 10 45 342 1,011

790 42 2 2 146 69 41

$24 100 3 33 22

1,763 3,760 100,984 1,448 2,117 4,771 34,011

21,221 1,058 1,606 812 4,680 345 614

$1,269 3,395 348 320 2,575

547 1,484 27,962 227 566 2,152 13,461

3,883 331 591 387 2,518 317 160

$831 1,449 234 847 1,952

EBITDA

P/E Multiple

EV / LTM Revenue

EV / 2014E

EBITDA

Revenue

EBITDA

6.6% 10.8% 40.8% 15.2%

9.0% 7.0% 14.8% 16.4%

1.4% 1.3% 2.7% 3.8%

11.7x 34.9x 37.8x 29.6x

0.08x 0.19x 0.21x 0.62x

5.7x 14.9x 7.6x 16.1x

NA 0.14x 0.19x 0.52x

NA 11.6x 6.8x 13.3x

8.6% 8.0%

18.4% 13.0%

11.8% 11.9%

2.3% 2.1%

28.5x 32.3x

0.27x 0.20x

11.1x 11.3x

0.28x 0.19x

10.5x 11.6x

(1.3%) 4.9% 28.7%

5.1% 5.6% 28.7%

2.2% 17.6% 24.7%

2.1% 4.9% 5.0%

NM 26.0x 40.2x

0.21x 0.56x 0.86x

9.6x 11.3x 17.1x

0.20x 0.53x 0.69x

7.1x 10.7x 11.5x

10.8% 4.9%

13.2% 5.6%

14.8% 17.6%

4.0% 4.9%

33.1x 33.1x

0.54x 0.56x

12.7x 11.3x

0.47x 0.53x

9.8x 10.7x

10.5% (0.4%) (0.0%) 10.7% 4.1% (14.8%) 3.1%

1.8% (3.1%) 1.9% 14.4% 1.2% (3.6%) 3.7%

30.7% 26.1% 38.4% 65.7% 53.9% 30.2% 26.6%

11.6% 18.1% 35.5% 31.0% 26.0% 15.6% 21.8%

17.6x 37.9x 18.3x 38.0x 35.6x 29.4x 22.6x

3.22x 2.53x 3.61x 6.37x 3.74x 2.22x 2.53x

27.7x 14.0x 10.2x 20.6x 14.4x 14.2x 11.6x

3.02x 2.47x 3.75x 5.45x 3.56x 2.44x 2.47x

13.0x 13.2x 10.3x 17.0x 13.0x 11.9x 11.6x

Mean Median

1.9% 3.1%

2.3% 1.8%

38.8% 30.7%

22.8% 21.8%

28.5x 29.4x

3.46x 3.22x

16.1x 14.2x

3.31x 3.02x

12.9x 13.0x

764 56 79 43 406 32 4

26.5% 12.8% 17.3% 17.3% 17.3% 17.3% 47.9%

21.7% NA 36.0% 36.0% 36.0% 36.0% NA

37.8% 25.4% 25.2% 20.2% 34.4% 30.3% 20.3%

19.7% 17.0% 13.4% 11.2% 16.1% 10.0% 2.8%

NM 39.2x NM NM 26.0x NM NM

5.47x 3.19x 2.72x 2.10x 1.86x 1.09x 3.83x

27.8x 18.8x 20.3x 18.8x 11.5x 10.8x 137.3x

4.56x 2.90x NA 1.76x 1.73x 0.98x 2.97x

21.6x 16.5x 17.1x 14.9x 11.3x 10.5x 37.0x

Mean Median

22.4% 17.3%

33.2% 36.0%

27.7% 25.4%

12.9% 13.4%

32.6x 32.6x

2.89x 2.72x

35.1x 18.8x

2.48x 2.33x

18.4x 16.5x

$84 236 26 24 233

9.4% 17.9% 16.9% 17.3% 4.5%

12.6% 25.8% 23.6% 36.0% 4.8%

17.1% 25.0% 18.5% 29.9% 43.0%

10.1% 16.3% 11.1% 2.8% 12.0%

NM 37.8x 29.9x NM 25.2x

1.53x 2.34x 1.49x 0.38x 1.32x

15.1x 14.4x 13.3x 13.5x 11.0x

1.39x 1.96x 1.26x 0.38x 1.23x

12.3x 12.5x 10.5x 8.3x 10.1x

Mean Median

13.2% 16.9%

20.6% 23.6%

26.7% 25.0%

10.5% 11.1%

30.9x 29.9x

1.41x 1.49x

13.5x 13.5x

1.24x 1.26x

10.8x 10.5x

$26 2,326 40 Mean Median

Quick Service Restaurant Brickworks Limited Jack in the Box Inc. McDonald's Corp. Popeyes Louisiana Kitchen, Inc. Sonic Corp. The Wendy's Company Yum! Brands, Inc.

LTM Margins Gross

2.9% 8.0% NA 14.8%

Mean Median Foodservice Colabor Group Inc. Sysco Corporation The Chefs' Warehouse, Inc.

3 Years

64 269 9,917 70 147 336 2,930

PAGE | 8

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

TRADING STATISTICS DETAIL5 CONT. Price at ($ in millions, except per share data) Casual Dining Restaurant Bloomin' Brands, Inc. Brinker International, Inc. Darden Restaurants, Inc. DineEquity, Inc. Red Robin Gourmet Burgers Inc. Ruby Tuesday, Inc. Texas Roadhouse, Inc.

Fine Dining Del Frisco's Restaurant Group, Inc. Ruth's Hospitality Group Inc.

Pizza Domino's Pizza, Inc. Papa John's International Inc.

Beverage / Snack Retail Dunkin' Brands Group, Inc. Jamba, Inc. Krispy Kreme Doughnuts, Inc. Starbucks Corporation Tim Hortons Inc.

Ticker

BLMN EAT DRI DIN RRGB RT TXRH

DFRG RUTH

DPZ PZZA

DNKN JMBA KKD SBUX THI

As a % of

1/14/15 52-wk High

25.58 60.86 59.28 107.85 81.54 5.98 34.44

20.65 15.32

98.91 62.52

$45.08 15.82 19.61 80.42 82.90

96.7% 98.2% 96.4% 99.1% 98.5% 69.8% 96.6%

69.7% 100.0%

95.2% 98.1%

85.0% 95.9% 92.1% 95.5% 98.8%

Market Cap

3,214 3,868 7,353 2,044 1,143 370 2,391

484 542

5,441 2,511

$4,715 275 1,270 60,178 11,368

Cash & Debt

1,414 893 1,554 1,365 156 252 53

6 30

1,524 225

$1,817 0 9 2,048 1,290

Equiv.

145 64 158 133 20 48 59

1 3

31 17

$156 30 44 1,844 105

Enterprise Last Twelve Months (LTM)

Revenue Growth

Value (EV)

1 Year

4,484 4,698 8,750 3,277 1,279 575 2,385

488 568

6,934 2,718

$6,376 245 1,234 60,383 12,554

Revenue

4,385 2,932 6,423 648 1,106 1,147 1,554

293 418

1,917 1,561

$739 218 478 16,448 2,888

EBITDA

426 431 643 272 115 80 186

BOBE CBRL DENN FRS LUB

$56.11 $133.33 10.90 27.29 4.80

98.8% 93.6% 100.0% 88.3% 66.2%

$1,324 $3,188 924 140 137

$469 $402 172 6 48

$4 $106 1 3 2

$1,789 $3,485 1,094 142 183

$1,326 $2,718 458 211 395

LTM Margins Gross

EBITDA

P/E Multiple

EV / LTM Revenue

EV / 2014E

EBITDA

Revenue

EBITDA

7.5% 3.0% 29.9% 1.1% 8.9% (3.6%) 14.6%

6.5% 1.9% (6.0%) (17.0%) 7.1% (4.2%) 13.0%

16.3% 19.3% 20.1% 60.2% 22.7% 17.0% 33.0%

9.7% 14.7% 10.0% 41.9% 10.4% 7.0% 12.0%

25.4x 26.2x NM 27.0x 33.7x NM 28.8x

1.02x 1.60x 1.36x 5.05x 1.16x 0.50x 1.53x

10.5x 10.9x 13.6x 12.1x 11.1x 7.2x 12.8x

0.98x 1.54x 1.28x 4.97x 1.01x 0.50x 1.40x

9.4x 9.9x 10.7x 12.0x 9.6x 9.7x 11.2x

Mean Median

8.8% 7.5%

0.2% 1.9%

26.9% 20.1%

15.1% 10.4%

28.2x 27.0x

1.75x 1.36x

11.2x 11.1x

1.67x 1.28x

10.4x 9.9x

41 49

15.0% 2.9%

16.8% 4.8%

24.4% 21.6%

14.0% 11.8%

31.5x 40.1x

1.66x 1.36x

11.9x 11.5x

1.43x 1.46x

9.9x 10.4x

Mean Median

8.9% 8.9%

10.8% 10.8%

23.0% 23.0%

12.9% 12.9%

35.8x 35.8x

11.7x 11.7x

1.4x 1.4x

10.2x 10.2x

364 151

8.0% 10.0%

5.6% 9.2%

30.1% 33.5%

19.0% 9.7%

36.4x 38.2x

3.62x 1.74x

19.1x 18.0x

3.39x 1.66x

17.1x 15.8x

Mean Median

9.0% 9.0%

7.4% 7.4%

31.8% 31.8%

14.3% 14.3%

37.3x 37.3x

2.68x 2.68x

18.5x 18.5x

2.52x 2.52x

16.4x 16.4x

6.7% (4.9%) 2.6% 10.6% 8.8%

6.6% (0.9%) 6.7% 12.0% 8.3%

78.8% 36.2% 18.3% 58.3% 24.8%

48.4% 3.0% 12.6% 21.5% 24.6%

29.6x NM 35.5x 29.8x 32.9x

8.63x 1.12x 2.58x 3.67x 4.35x

17.8x 37.9x 20.4x 17.1x 17.7x

NA 1.25x 2.29x 3.18x 4.15x

16.0x 13.6x 15.8x 13.9x 16.7x

4.8% 6.7%

6.5% 6.7%

43.3% 36.2%

22.0% 21.5%

32.0x 31.4x

4.07x 3.67x

22.2x 17.8x

2.72x 2.73x

15.2x 15.8x

(1.0%) 1.9% (1.4%) 3.0% 1.2%

(7.2%) 3.7% (5.6%) 7.4% 3.9%

35.0% 67.3% 37.6% 10.5% 30.9%

8.5% 10.6% 16.9% 10.2% 3.9%

NM 23.0x 35.5x 13.7x NM

1.35x 1.28x 2.39x 0.68x 0.46x

15.9x 12.1x 14.1x 6.6x 12.0x

1.28x 1.23x 2.29x NA 0.45x

10.9x 11.5x 12.4x NA NA

0.8% 1.2%

0.4% 3.7%

36.2% 35.0%

10.0% 10.2%

24.1x 23.0x

1.23x 1.28x

12.2x 12.1x

1.31x 1.26x

11.6x 11.5x

$358 6 60 3,541 711 Mean Median

Family Restaurant Bob Evans Farms, Inc. Cracker Barrel Old Country Store, Inc. Denny's Corporation Frisch's Restaurants, Inc. Luby's, Inc.

3 Years

$112 $289 77 21 15 Mean Median

1.5x 1.5x

PAGE | 9

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

PUBLIC EQUITY MARKET OVERVIEW CONT. FOOD AND BEVERAGE INDUSTRY STOCK PERFORMANCE5

135

17.8%

125

11.5%

115

8.9%

105

8.4%

95

7.8% 85

(16.8%) 75 Jan-14

Mar-14 Restaurant

May-14

Protein Processing/Dairy

Jul-14 Natural/Organic

Sep-14 Beverage

Nov-14

Private Label Food Manufacturing

Jan-15 S&P 500

M&A MARKET OVERVIEW

Highlighted Food and Beverage M&A Transactions GRUPO BIMBO ACQUIRES SAPUTO BAKERY GROUP

 Enterprise Value: $103.4 mm Revenue Multiple: 0.8x EBITDA Multiple: 8.4x Announced: December 18, 2014

 

Grupo Bimbo SAB de CV agreed to acquire Saputo Bakery Group, a subsidiary of Saputo Inc., for $103.4 million (CAD$120 million). Grupo Bimbo intends to combine Saputo Bakery Group with its Canada Bread subsidiary, which it purchased in May 2014 for $1.7 billion. The acquisition provides Canada Bread with a complementary product portfolio along with a host of manufacturing and distribution synergies.

SILVER SPRINGS CITRUS ACQUIRES COUNTRY PURE FOODS

 Enterprise Value: $100.0 mm Revenue Multiple: 0.6x EBITDA Multiple: N/A Announced: December 25, 2014

 

Silver Springs Citrus agreed to acquire Country Pure Foods for about $100 million (¥12 billion). The buyer, Silver Springs Citrus Inc., is a joint venture between Japanese firms Sapporo Group and Toyota Tsusho Group. The transaction will help expand Silver Springs Citrus’ presence in North America, specifically in the foodservice segment.

DEL MONTE CAPITOL MEAT ACQUIRED BY THE CHEF’S WAREHOUSE

 Enterprise Value: $191.2 mm Revenue Multiple: N/A EBITDA Multiple: N/A Announced: January 12, 2015

 

The Chef’s Warehouse agreed to acquire Del Monte Capitol Meat for approximately $191.2 million, with a potential earnout of $25.5 million. The merger consideration consists of cash, CHEF common stock, and convertible subordinated notes. The deal will provide The Chef’s Warehouse with a complementary customer base and expanded set of “center of the plate” offerings.

PAGE | 10

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

M&A MARKET OVERVIEW CONT.

North American Food and Beverage M&A Trends5 ANNOUNCED FOOD & BEV. TRANSACTIONS 2.00x

14x

1.75x

10x

1.50x

11. 3x

9.9x

9.2x

8.8x

8.3x

8x

9.7x

8.0x

1.25x 1.00x

6x

0.75x

4x

0.50x

2x

0.25x

0x

2009

2010

2011

EV / LTM EBITDA

2012

2013

$120

300

$110. 2

$100

250 $67.2

$80

200

$55.7

$60 $40

150 100

$24.0

$20

$9. 3

50

$8.2

$0

0.00x

2008

350 $120.7

0 2008

2014

2009

2010

2011

2012

Aggregate Deal Value

EV / LTM Sales

2013

2014

# of deals

Latest Deals and Announced Private Equity Activity5 LAST 10 DEALS ANNOUNCED

Announced 1/0/1900 1/12/2015 1/12/2015 1/8/2015 1/7/2015 1/5/2015 1/5/2015 1/5/2015 1/5/2015 1/5/2015 12/26/2014

Target

0 Cargill, IncorporatedBuyer Del Monte Capitol Meat Co. Inc. The Chefs' Warehouse, Inc. B. Roberts Foods, LLC Bakkavör Group Ltd Halpern’s Steak & Seafood Company Gordon Food Service Saratoga Sweets, Ltd. The Candy Company of Saratoga Springs Sun Orchard, Inc. Centre Partners Management LLC Lucini Italia Company LLC California Olive Ranch Inc Daystar Desserts LLC Dianne's Fine Desserts Inc. Sauce Pizza & Wine PNC Mezzanine Capital KB Wines, LLC J.W. Childs Associates, L.P. Roy's Restaurants United Ohana, LLC

Number of Transactions

PRIVATE EQUITY INVESTMENTS & EXITS

60 46

50 40

30

27 27

26

20

21

36

32 34

27

26

25 14

17

38

48

43 31

18 5

10

2

0 2006

2007

2008 2009 2010 Number of Investments

2011

2012 2013 Number of Exits

2014

2015

PAGE | 11

Number of Trans act ions

12x

$140

Aggregat e Deal Value ( $ inbillions )

16x

EV / LTM Sales Multiple

EV / LTM EBI TDA M ultiple

MEDIAN FOOD & BEV. TRANSACTION MULTIPLES

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

DEBT MARKET OVERVIEW

Food and Beverage Loan Activity7 QUARTERLY LOAN VOLUME

AVERAGE SPREAD ON FOOD & BEVERAGE LOANS

$16

L + 600 Av erage Spread Ov er LI BOR

Loan Volume by Quart er ($ in billions)

$14 $12

$10 $8 $6

$4 $2

L + 500 L + 400 L + 300 L + 200 L + 100

$0

L+0 4Q08

4Q09 4Q10 Inst it utional

4Q11

4Q12 4Q13 Pro Rata

4Q14

CREDIT STATISTICS 201 0

200 9

201 0

201 1

201 2

201 3

201 4

Weighted- Av erage Institutional

AVERAGE SECONDARY SPREADS 201 1

201 2

201 3

L + 100 0

201 4 Av erage Spread Ov er LI BOR

EBI TDA Mult iple

6.0x

200 8

Revolving Credit / Term Loan A

4.0x

2.0x

L + 800

L + 600 L + 400 L + 200 L+0

0.0x Debt / EBITDA

Senior Debt/ EBITDA/ EBITDA - Capex/ EBITDA Cash Interest Cash Interest

Recent Debt Offerings8 Effective Date

Borrower Name

Description

Tranche Amount

Type

Rating

Spread

12/26/14

Imuraya Group Co Ltd

Candy & other confectionery

JPY 3,000,000,000

Revolver/Line >= 1 Yr.

N/A / NR

N/A

12/22/14

Ito Ham Foods Inc

Sausages and other prepared meats

JPY 5,000,000,000

Term Loan

N/A / NR

N/A

12/23/14

Quality Sausage Co

Sausages and other prepared meats

USD 60,000,000

Revolver/Line >= 1 Yr.

N/A / NR

200

12/23/14

Rosendo Mila SL

Bread, cake, and related products

EUR 2,000,000

Term Loan

N/A / NR

N/A

12/23/14

Rosendo Mila SL

Bread, cake, and related products

EUR 4,000,000

Term Loan

N/A / NR

N/A

12/23/14

Rosendo Mila SL

Bread, cake, and related products

EUR 570,000

Term Loan

N/A / NR

N/A

12/23/14

Rosendo Mila SL

Bread, cake, and related products

EUR 8,430,000

Term Loan

N/A / NR

N/A

12/22/14

Silver Springs Bottled Water

Bottled and canned soft drinks

USD 63,650,000

Term Loan

N/A / NR

250

12/22/14

Silver Springs Bottled Water

Bottled and canned soft drinks

USD 6,750,000

Revolver/Line >= 1 Yr.

N/A / NR

250

12/17/14

Top Food Industry Corp

Food preparations

TWD 300,000,000

Revolver/Line >= 1 Yr.

N/A / NR

150

12/17/14

Top Food Industry Corp

Food preparations

TWD 400,000,000

Term Loan

N/A / NR

48

12/17/14

Top Food Industry Corp

Food preparations

USD 10,000,000

Standby Letter of Credit

N/A / NR

N/A

12/12/14

Archer Daniels Midland Co

Wet corn milling

USD 1,000,000,000

364-Day Facility

N/A / NR

N/A

12/12/14

Archer Daniels Midland Co

Wet corn milling

USD 1,500,000,000

Revolver/Line >= 1 Yr.

N/A / NR

N/A

12/12/14

Hain Celestial Group

Food preparations

USD 1,000,000,000

Revolver/Line >= 1 Yr.

N/A / NR

N/A

PAGE | 12

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

RECENT NORTH AMERICAN FOOD AND BEVERAGE M&A ACTIVITY

Median LTM Trading Multiples & Quarterly Food & Beverage M&A5 MEDIAN LTM TRADING MULTIPLES

QUARTERLY M&A ACTIVITY

14.0x 100

80

Number of Trans act ions

M edian Trading M ult iple

6

90

13.0x

12.0x

11.0x

10.0x

10

70 10

60 50

5

40 30

2 5

20 10

Dec-14

Oct-14

Nov-14

Sep-14

Retail and Restaurants

36

13

34 36

53 52

49

25

33

34

42

48

5

89

6

7

6

46 47

22

13 8

9

5

7

3

25

7

7

7

10

39

70 46 47

58 57

52

33 5 4

0

Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115

Food Products, Processing, and Ingredie nts

Aug-14

Jul-14

Jun-14

May-14

Apr-14

Feb-14

Mar-14

Jan-14

Dec-13

9.0x

4

4 7

Strategic Acquirer

Private Equity Acquirer

Recent North American Food and Beverage M&A5 Announced

Target

Seller

Buyer

1/12/2015

Del Monte Capitol Meat Co. Inc.

-

The Chefs' Warehouse, Inc.

1/12/2015

B. Roberts Foods, LLC

SCP Management, LLC

1/8/2015

Halpern’s Steak & Seafood Company

-

1/7/2015

Saratoga Sweets, Ltd.

1/5/2015

Sun Orchard, Inc.

1/5/2015

Enterprise Value ($mm)

Enterprise Value Sales

EBITDA

Private Equity

EBIT

Involvement

$191.2

-

-

-

Bakkavör Group Ltd

-

-

-

-

Gordon Food Service

-

-

-

-

-

The Candy Co. of Saratoga Springs

-

-

-

-

-

Centre Partners Management LLC

-

-

-

-

Lucini Italia Company LLC

Molinos USA, Corp.

California Olive Ranch Inc

-

-

-

-

1/5/2015 1/5/2015

Daystar Desserts LLC Sauce Pizza & Wine

Fox Restaurant Concepts LLC

Dianne's Fine Desserts Inc. PNC Mezzanine Capital

-

-

-

-

P P

1/5/2015

KB Wines, LLC

Vincraft Group

J.W. Childs Associates, L.P.

12/26/2014 12/25/2014

Roy's Restaurants Distant Lands Trading Co.

Bloomin' Brands, Inc. Centre Partners Management LLC

United Ohana, LLC ITO EN (North America) Inc.

12/24/2014

Country Pure Foods, Inc.

Mistral Equity Partners

Silver Springs Citrus Inc.

12/24/2014

Maxfield Candy Company

-

1/23/2014

Dori Foods

12/22/2014

Blue Buddha Beverages LLC

12/19/2014 12/18/2014

P

P

-

-

-

-

P

$20.0 $83.2

0.06x

4.0x -

15.0x

P

$100.0

0.65x

-

-

P

Mrs. Fields Confections

-

-

-

-

-

Good Source Solutions

-

-

-

-

-

Wholesome Tea Company, LLC

-

-

-

-

Bumble Bee Seafoods The Pantry, Inc. (NasdaqGS:PTRY)

-

Thai Union Frozen Products PCL Alimentation Couche-Tard (TSX:ATD.B)

$1,510.0 $1,744.1

1.50x 0.23x

8.6x 7.9x

15.8x

12/18/2014

Saputo Bakery Group, Inc.

Saputo Inc. (TSX:SAP)

Grupo Bimbo SAB de CV

$103.4

0.80x

8.4x

-

12/17/2014

Freedom Seed and Feed, LLC

-

IMD Companies, Inc. (OTCPK:ICBU)

$1.9

-

-

-

12/17/2014 12/15/2014

Mattingly Foods of Louisville, LLC ADM's Global Cocoa Business

Mattingly Foods, Inc. Archer-Daniels-Midland (NYSE:ADM)

Creation Gardens, Inc. Olam International Limited (SGX:O32)

$1,300.0

-

7.6x

-

12/14/2014

PetSmart, Inc. (NasdaqGS:PETM)

-

BC Partners, Apollo Global Mgmt.

$8,706.5

1.20x

9.1x

-

12/4/2014 12/4/2014

Laughing Man Coffee and Tea Brand Bread & Company

Laughing Man Worldwide, LLC -

Keurig Green Mountain, Inc. First Watch Restaurants, Inc.

-

-

-

-

12/3/2014

Varied Industries Corporation

-

Church & Dwight Co. Inc. (NYSE:CHD)

12/2/2014 12/2/2014

734 Citrus Holdings, LLC Talenti Gelato e Sorbetto

734 Agriculture, LLC -

Alico Inc. (NasdaqGS:ALCO) Unilever plc (LSE:ULVR)

12/2/2014

Limestone Branch Distillery, Inc.

-

12/2/2014

Legend Distributing, LLC

-

12/1/2014 11/24/2014

Orange-Co LP., Certain Assets and Liabilities Multibar, Inc.

Orange-Co, LP Alico Inc. (NasdaqGS:ALCO) Bank of Montreal (TSX:BMO); Novacap Nellson Nutraceutical, LLC

11/21/2014

Noosa Yoghurt, LLC

-

Advent International Corporation

11/20/2014 11/19/2014

Primo Smallgoods Group Chief Super Market, Inc.

Affinity Equity Partners -

JBS S.A. Fresh Encounter, Inc.

11/17/2014

Pro View Foods, LLC

-

John Soules Foods, Inc.

11/16/2014 11/14/2014

Mitchell's Restaurants Garden Protein International, Inc.

Ruth's Hospitality Group TSG Consumer Partners

Landry's, Inc. Pinnacle Foods Inc.

11/12/2014

Poppy's Teas LLC

-

Lexaria Corp.

11/12/2014

Puget Technologies,Inc

Allanwater Enterprises Corp.

11/10/2014

De Sousa Wine Cellars Corporation

Diamond Estates Wines & Spirits Inc.

P

P

-

-

-

-

$72.0 -

-

-

-

Luxco, Inc.

-

-

-

-

Lipman Produce, Inc.

-

-

-

-

$274.0 -

-

-

-

P

-

-

-

-

P

$1,250.0 -

0.90x -

8.1x -

-

P

-

-

-

-

$10.0 $154.8

-

-

-

$0.1

-

-

-

Qest Acquisition Corporation

-

-

-

-

Oakwest Corporation Limited

$1.6

-

-

-

P

PAGE | 13

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

RECENT NORTH AMERICAN FOOD AND BEVERAGE M&A ACTIVITY CONT.

Recent North American Food and Beverage M&A5 cont. Announced

Target

Seller

Buyer

Enterprise Value ($mm)

Enterprise Value Sales

EBITDA

Private Equity

EBIT

Involvement

11/10/2014

Dahl's Foods Inc.

-

Associated Wholesale Grocers, Inc.

-

-

-

-

11/10/2014 11/7/2014

The Alpine Beer Company Nature's Pantry, Inc.

-

Green Flash Brewing Co. Natural Grocers by Vitamin Cottage

-

-

-

-

11/7/2014

Van Houtte Café Franchise Network

Keurig Canada Inc.

MTY Food Group Inc.

-

-

-

-

11/7/2014

Henry's Foods, Inc.

-

Crosby's Markets, Inc.

-

-

-

-

11/6/2014

DSS Group, Inc.

Crestview Partners, L.P.

Cott Corporation

$1,246.5

-

-

-

11/6/2014

McAlister's Deli of Georgetown

-

The Saxton Group, Inc.

-

-

-

-

11/5/2014

10 Barrel Brewing Company

-

Anheuser-Busch Companies, LLC

-

-

-

-

11/3/2014

Best Maid Cookie Co., Inc.

-

Arbor Private Investment Company

-

-

-

-

11/3/2014

Howard and Associates, Inc.

-

Acosta, Inc.

-

-

-

-

10/31/2014

McArthur's Bakery & Cafe

-

Live to Venture Holdings, LLC

$3.5

-

-

-

10/31/2014 10/31/2014

Harrell Nut Company Maui Beverages, Inc.

Thirsty Ventures, Inc.

Golden Peanut and Tree Nuts Lyons-Magnus, Inc.

-

-

-

-

10/28/2014

Teasdale Foods Inc.

Palladium Equity Partners

Snow Phipps Group, LLC

-

-

-

-

10/28/2014

Crunchies Food Company, LLC

-

Chaucer Foods, Ltd.

-

-

-

-

10/26/2014

High Country Shrimp Company

-

Alkame Holdings, Inc.

10/24/2014 10/23/2014

Gloria Jean's Gourmet Coffees Corp. Café de Coral Holdings Limited, North America

Café de Coral Holdings Limited

Retail Food Group Limited MTY Food Group Inc.

10/21/2014 10/16/2014

The Filling Station Peter Piper, Inc.

Acon Investments, L.L.C.

Messenger Coffee Co. CEC Entertainment Inc.

10/15/2014 10/14/2014

Hewitt's Dairy Limited Penford Corporation

Equity Group Investments

Gay Lea Foods Co-operative Ltd. Ingredion Incorporated

10/14/2014 10/14/2014 10/13/2014

Masada Bakery, Inc. Savor Coffee Inc. The Chocolate Gecko

-

Nashville Bun Company, LLC American Diversified Holdings Corp. Uncle Sam's All American Chocolate

10/10/2014 10/8/2014

Crunchies Food Company, LLC The Toffee Box, LLC

-

Chaucer Foods, Ltd. BBX Sweet Holdings

10/8/2014 10/3/2014

Heinold Feed Company and Farmers Pellet Mill Merisant Company, Inc.

MSD Capital, L.P.

10/2/2014 10/1/2014

Anastasia Confections, Inc. SALOV S.p.A.

9/29/2014 9/29/2014 9/26/2014

P

P

P

$0.0

-

-

-

$158.4 $7.0

-

-

-

-

-

-

-

P

$339.1

0.75x

16.2x

42.1x

P

-

-

-

-

$3.8 -

-

-

-

Belstra Milling Co., Inc. Flavors Holdings Inc.

-

-

-

-

-

BBX Sweet Holdings ShangHai YiMin NO.1 Foods Co.,Ltd.

-

-

-

-

Einstein Noah Restaurant Group, Inc. Mountaire Farms Statesville Breeder Rivertown Brewing Company, LLC

GreenLight Capital -

BDT Capital Partners; JAB Beech Inc. Mountaire Farms, Inc. Individuals

$463.1 -

1.05x -

10.3x -

16.9x -

9/26/2014 9/26/2014

Daily's Foods, Inc. Crunchies Food Company, LLC

Seaboard Foods LLC -

Triumph Foods, LLC Family Trust and DD Revocable Trust

$145.0 $3.1

-

-

-

9/25/2014 9/25/2014

Fasta Pasta Restaurant Concept English Bay Batter (Vancouver), Inc.

-

SCS Direct Inc. Kilmer Van Nostrand Co. Limited

-

-

-

-

9/23/2014 9/19/2014

P&G, European Pet Food Business Shine Coffee LLC

The Procter & Gamble Company -

Spectrum Brands Holdings, Inc. Short Leash, LLC

-

-

-

-

9/19/2014 9/18/2014

Tea Station Chinese Bistro, Inc. Guilliams Vineyards

-

Individuals Kieu Hoang Winery, LLC

$0.8 -

-

-

-

9/18/2014 9/17/2014 9/17/2014

Pabst Brewing Company, Inc. Hispanic Specialty Brands, LLC Turtle Mountain, LLC

C. Dean Metropoulos & Co. Wasserstein & Co., LP

TSG Consumer Partners Dream Foods International, LLC The WhiteWave Foods Company

$195.0

1.70x

-

-

P

9/16/2014 9/15/2014

Grocery Outlet Inc. Pine Mountain Springs, Inc.

Berkshire Partners; Prospect Capital -

Hellman & Friedman LLC DS Services of America, Inc.

-

-

-

-

P

9/15/2014 9/15/2014

Rockside Vineyards LLC 981,000-Bushel Grain Facility in Silica

-

Wyandotte Winery LLC Gavilon Grain, LLC

-

-

-

-

9/12/2014 9/10/2014

The Isopure Company, LLC Windsor Quality Food Company, Ltd

Encore Consumer Capital -

Glanbia plc Ajinomoto North America, Inc.

$153.0 $800.0

2.05x 1.19x

-

-

9/9/2014 9/8/2014

The Burger Company LLC Annie's, Inc.

-

American Roadside Burgers, Inc. General Mills, Inc.

$0.6 $821.4

3.95x

38.6x

41.9x

9/2/2014

Harry & David Holdings, Inc.

Wasserstein & Co., LP

1-800-Flowers.com Inc.

$101.8

0.27x

5.0x

8.4x

9/2/2014 9/2/2014

ADM Global Chocolate Business Inko's LLC

Archer-Daniels-Midland Company -

Cargill, Incorporated Braintrust Investments, LLC

$440.0 -

-

-

-

9/2/2014 8/29/2014

Manzen, LLC SC Zaharul Liesti SA

Manchester Consolidated Corp. Lemarco SA

Big Red, Inc. AGRANA Zucker GmbH

-

-

-

-

8/26/2014 8/26/2014

CCA Industries, Inc., Mega-T Brand Tim Hortons Inc.

CCA Industries Inc. -

Casla Partners Burger King Worldwide, Inc.

$2.3 $13,351.0

4.35x

17.4x

21.5x

8/26/2014

The Cook & Baker, LLC

-

Portable Pantry LLC

-

-

-

-

8/25/2014

Rusty Taco, Inc.

-

Buffalo Wild Wings Inc.

-

-

-

-

8/21/2014 8/20/2014

HDOS Enterprises Nice N Easy Grocery Shoppes, Inc.

-

Global Franchise Group, LLC CST Brands, Inc.

-

-

-

-

P

P

P

P

P

P

PAGE | 14

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

FOOD AND BEVERAGE EARNINGS RELEASE CALENDAR

Earnings Release Calendar5 February 2015 Date

Company

2/3/2015 2/3/2015 2/3/2015 2/4/2015 2/5/2015 2/10/2015 2/10/2015 2/11/2015 2/11/2015 2/12/2015 2/12/2015 2/12/2015 2/12/2015 2/13/2015 2/18/2015 2/19/2015 2/20/2015 2/24/2015 2/24/2015 2/24/2015 2/25/2015 2/26/2015

The Wendy's Company (NasdaqGS:WEN) Archer-Daniels-Midland Company (NYSE:ADM) Chipotle Mexican Grill, Inc. (NYSE:CMG) Yum! Brands, Inc. (NYSE:YUM) Dunkin' Brands Group, Inc. (NasdaqGS:DNKN) Molson Coors Brewing Company (NYSE:TAP) The Coca-Cola Company (NYSE:KO) Pepsico, Inc. (NYSE:PEP) Mondelez International, Inc. (NasdaqGS:MDLZ) Tate & Lyle plc (LSE:TATE) Pernod-Ricard SA (ENXTPA:RI) Treehouse Foods, Inc. (NYSE:THS) Kellogg Company (NYSE:K) The J. M. Smucker Company (NYSE:SJM) Denny's Corporation (NasdaqCM:DENN) Nestlé S.A. (SWX:NESN) Danone (ENXTPA:BN) Kerry Group plc (ISE:KRZ) Domino's Pizza, Inc. (NYSE:DPZ) Papa John's International Inc. (NasdaqGS:PZZA) Campbell Soup Company (NYSE:CPB) Anheuser-Busch InBev SA/NV (ENXTBR:ABI)

March 2015 Company

3/5/2015 3/5/2015 3/18/2015 3/26/2015

The Chefs' Warehouse, Inc. (NasdaqGS:CHEF) The Kroger Co. (NYSE:KR) General Mills, Inc. (NYSE:GIS) ConAgra Foods, Inc. (NYSE:CAG)

PAGE | 15

FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

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FOOD AND BEVERAGE INDUSTRY UPDATE │ JANUARY 2015

HARRIS WILLIAMS & CO. SOURCES

1. IMF 2. U.S. Bureau of Labor Statistics 3. Unweighted Average 4. U.S. Census Bureau 5. Capital IQ 6. Thomson Financial 7. S&P 8. Reuters DISCLOSURES 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 Conduct Authority. 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 THE ABOVE ADDRESSES OR NUMBERS. 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. Copyright© 2015 Harris Williams & Co., all rights reserved.

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