IndustryUpdateQ4’2013FoodIndustry

ValuationOpinions&TransactionAdvisoryMPI

www.mpival.com

FoodIndustry– FourthQuarter2013

Contents

MPI

1www.mpival.com

02 Industry OverviewGrowthofOrganics,ConsolidationinProtein,OutlookforVegetableConsumption

03 IntheNews• RestaurantPerformanceIndex(RPI)hitsafive‐monthhighinNovember2013.• Mondelez InternationaltosellcontrollinginterestinSnackWell toPrivateEquityfirm.• CattlePriceIndexrises6%sinceJune,supplytoremaintightinQ12014.• AramarkHoldingsCorpraised$725millionfromitsinitialpublicoffering.• Country’slargestfamily‐ownedporkproducertobuyU.S.chickencompany.• FDAtakesfirststeptowardpotentiallyeliminatingtransfatfromfoodsupply.• NorthAmericanshoppersseekalternativetodairy,almond‐basedbeveragesalessoar.• NestlésellsJennyCraigbrandtoConnecticutprivateequityfirm.

04 KeyIndicators• ProteinandCornPrices• KeyInputPrices• FoodConsumption

05 M&AOverview• U.S.Activity• HighlightedTransactions• IndustryTrends• RecentTransactions

07 PublicMarketDataComparablemetricsofselectedpubliccompaniesintheFoodIndustry

11 AboutMPI

FoodIndustry– FourthQuarter2013 MPI

0.0%

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450.0%

500.0% QuarterlyBenchmarkPerformance*Agricultural Conglomerates Fruits&Veggies S&P500 Organic

Poultry Retail Snacks Ingredients

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IndustryOverview

Source:S&PCapitalIQ.*Includesselectedcompaniespresentedonpages7‐10.Chartaboveispresentedonanindexbasis:Q42008.

This publication focuses on major events, developments and trends happening within the natural and organic,retail, protein processing, snack products, agricultural, and ingredients segments of the Food Industry.

The majority of the companies operating within the Food Industry are currently in the mature stage of theirlifecycles. Nonetheless, unique industry dynamics, volatile input prices and evolving consumer preferenceshave spurred divergent recent performance and a changing competitive landscape.

• Organic foods: The global market for organic foods has expanded in light of heightened awareness ofhealthy living from consumers, increased government regulation, expanded distribution channels, etc.

• Meat, Beef and Poultry Processing: Acquisition activity remains high, as larger firms seek to drivegrowth and increase margin through additional economies of scale. Many larger operators are usingM&A as tool to expand product offerings and diversify into additional meat products.

• Fruits and Vegetables: Notwithstanding the increased focus on healthy living, per capital consumptionof fruits and vegetables is projected to decline over the next several years. High oil prices are increasingdemand for vegetable‐based biofuels, thereby driving many vegetable prices higher.

Asthestockpriceperformancegraphbelowsuggests,theFoodIndustryasawholehasoutpacedtheS&P500overthelastfiveyears.Theorganicsegmenthasclearlyleadthecharge.

+328.9%

+160.7%+158.4%+146.3%+135.1%+129.8%+105.0%+104.6%

+13.6%

FoodIndustry– FourthQuarter2013 MPI

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IntheNews…

• “Driven by improving same‐store sales and customer traffic levels, the National RestaurantAssociation’s Restaurant Performance Index (RPI) hit a five‐month high in November 2013.”(QSRweb, 1/2).

• “Mondelez International Inc. has agreed to sell a controlling interest in its SnackWell's cookie andcracker business, which helped fuel a low‐fat‐food craze two decades ago, to a private‐equity firmthat specializes in revitalizing big companies' faded brands.” (Wall Street Journal, 12/30).

• “The Rabobank Global Cattle Price Index has risen by 6% since June, driven by lower‐than‐expectedbeef supply in the main exporting countries and strong Asian demand. According to a report fromRabobank, supply will remain tight, especially in 1H 2014, driven by lower feed costs, induced herdrebuilding in the US and the strong export demand from Brazil and Argentina.” (Rabobank, 12/19).

• “Food services provider Aramark Holdings Corp raised $725 million from its initial public offeringafter its shares were priced at the low end of its planned $20 to $23 price range, an underwriter toldReuters.” (Reuters, 12/11).

• “The Maschhoffs, LLC, the country's largest family‐owned pork producer, agreed to buy U.S. chickencompany GNP Company for an undisclosed amount, the two companies announced on Friday.”(Reuters, 11/22).

• “The Food and Drug Administration on Thursday took a first step toward potentially eliminatingmost trans fat from the food supply, saying it has made a preliminary determination that a majorsource of trans fats ‐‐ partially hydrogenated oils ‐‐ is no longer ‘generally recognized as safe.’"(CNN, 11/13).

• “North American sales of WhiteWave Foods’ almond‐based beverages under the Silk Pure Almondbrand surged 60% in the third quarter as more shoppers sought alternatives to dairy.“(Food Navigator, 11/11).

• “Nestlé, the Swiss food giant, said on Thursday that it had agreed to sell its Jenny Craig brand inNorth America and Australia, New Zealand and other parts of the Pacific region to North CastlePartners, a Connecticut private equity firm focused on health and wellness businesses.”(DealBook, 11/7).

FoodIndustry– FourthQuarter2013 MPI

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IndexedReturn

ProteinandCornPricesDuringthePast12Months

Cattle Hogs Corn

80

90

100

110

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

IndexedReturn

FoodConsumptionperCapita

DairyConsumption EggConsumption Fruit&VegetableCon. MeatConsumption

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KeyIndicators

Sources:S&PCapitalIQ,IBISWorld.

Actual Forecast

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85

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105

115

125

IndexedReturn

Inputs/IngredientsPricesDuringthePast12Months

Sugar Cocoa Wheat Barley Cheese Butter

FoodIndustry– FourthQuarter2013 MPI

U.S. Activity

M&A activity generally remains strong across the segment in the food industry addressed in this study.Eighteen deals were announced in our subset in the fourth quarter of 2013, bringing the total deal countfor the year to 76. Not surprisingly, the headlines were dominated by high profile deals such as Sysco’s$8.2 billion acquisition of US Foods or the $23 billion acquisition of Heinz. Nonetheless, the mediantransaction value in 2013 was less than $30 million, indicating a persistent, strong appetite for middlemarket deals.

Highlighted Transactions

SyscotoacquireUSFoods

• Sysco Corp. agreed to acquire closely held US Foods for $3.5 billion onDecember 9, 2013. The transaction is the largest North American food‐distribution deal in eight years.

• Sysco will pay $3 billion in common stock (about 13% if its shares),and $500 million in cash.

• The deal is expected to generate cost savings of at least $600 millionafter three to four years, coming from supply chain efficiencies andmerchandising.

• Enterprise Value: $8.2 billion, Revenue Multiple: 0.4x, EBITDAmultiple: 10.5x.

WhiteWave tobuyEarthboundFarm

• WhiteWave Foods agreed to acquire organic produce firm EarthboundFarm for $600 million in cash on December 9, 2013.

• The transaction provides WhiteWave with significant positioning inboth the organic milk and produce categories – the two primary“gateway” segments for consumers to try organic items.

• Enterprise Value: $600 million, Revenue Multiple: 1.3x, EBITDAmultiple: 8.0x.

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M&AOverview

FoodIndustry– FourthQuarter2013 MPI

Industry Trends

Recent Transactions

11.2x

10.1x9.7x

10.5x

8.0x 8.2x

10.7x

9.2x

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2006 2007 2008 2009 2010 2011 2012 2013

MedianM&AEBITDAMultiples

Median EBITDA Multiple Avg EBITDA

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M&AOverview(Continued)

Source:S&PCapitalIQ.

AnnouncedDate

12/27/2013 YildizHoldingA.S. DeMet'sCandyCompany DeMet'sCandyCompanyproducescandyandsnackproducts.

12/20/2013 TPGCapital,L.P.;TPGPartnersVI,L.P.

ArdenGroupInc. ArdenGroup,Inc.,throughitssubsidiaries,operatessupermarketsinSouthernCalifornia.

12/16/2013 SenecaFoodsCorp. Allens,Inc. Allens,Inc.engagesinprocessingandsupplyingcannedandfrozenvegetablestofoodserviceandindustrialcustomersintheUnitedStates.

12/11/2013 TheChefs'Warehouse,Inc. AllenBrothers,Inc. AllenBrothers,Inc.providesmeatproductsforsteakhousesandrestaurants.

12/10/2013 GladstoneLandLimitedPartnership

RickL.HaleFarms,Inc.,1,895AcresofLandinMorrowCounty,Oregon

AsofDecember27,2013,1,895AcresofLandinMorrowCounty,OregonofRickL.HaleFarms,Inc.wasacquiredbyGladstoneLandLimitedPartnership.

12/8/2013 TheWhiteWaveFoodsCompany

NaturalSelectionFoods,LLC NaturalSelectionFoods,LLC,doingbusinessasEarthboundFarm,growsorganicproduce.

12/8/2013 SyscoCorporation USFoods,Inc. USFoods,Inc.operatesasafoodservicedistributorintheUnitedStates.

12/6/2013 VietnamDairyProductsJointStockCompany

DriftwoodDairyHoldingCorporation

DriftwoodDairyHoldingCorporationproducesandmarketsdairyproductsinCalifornia.

12/2/2013 Roundy's,Inc. Safeway,Inc.,11Dominick'sStores

AsperthetransactionannouncedonDecember2,2013,Safeway,Inc.,11Dominick'sStoreswereacquiredbyRoundy's,Inc.Safeway,Inc.,11Dominick'sStorescomprises11grocerystoresinIllinoisoperatingunderthenameDominick’s.

11/18/2013 FrutaromIndustriesLtd. PTIGlobalZAO TPTIGlobalZAOisbasedinMoscow,RussianFederationandmanufacturesanddistributesfoodingredients.Itoffersfoodadditives,suchasstabilizers,texturates,preservatives,colorants,flavorsandfragrances,liquidsmokes,andspicesextracts.

10/24/2013 EbroFoodsSA OlivieriFoodsLimited OlivieriFoodsLimitedofferspastas,sauces,dips,spreads,marinades,preparedmeals,andfrozen/frozenreadymeals.

10/17/2013 ArlonGroupLLC AlicoInc. Alico,Inc.,togetherwithitssubsidiaries,operatesasanagribusinessandlandmanagementcompanyintheUnitedStates.

10/7/2013 B&GFoodsInc. RicklandOrchards,LLC RicklandOrchards,LLCproducesGreekyogurtcoatedgranolabarsandbitesforcustomersintheUnitedStatesandCanada.

Buyer Target TargetDescription

$25.0$27.7

$37.8

$4.3

$22.2

$6.8

$16.7

$55.8

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IndustryM&AActivity(AnnouncedTransactions)

Volume($bn) DealCount

FoodIndustry– FourthQuarter2013 MPI

12/31/2013 EnterpriseClose(2) High Low Value(EV)(3) LTM NFY LTM NFY LTM NFY EBITDA EPS

Natural/Organic

UnitedNaturalFoods,Inc. 75.39 76.85 47.20 3,993 16.6x 15.0x 3.8% 3.9% 32.8x 29.5x 15.0% 14.5%

TheHainCelestialGroup,Inc. 90.78 91.41 52.12 4,926 20.1x 16.9x 13.2% NA 34.5x 29.0x 17.8% 17.0%

Annie's,Inc. 43.04 52.38 33.05 717 29.7x 23.7x 12.9% 14.7% 55.1x 42.6x 21.2% NA

AmiraNatureFoodsLtd. 15.76 17.41 6.25 675 11.0x 9.9x 12.9% 13.4% 27.2x 19.0x 28.1% 35.0%

SunOptaInc. 10.62 11.73 5.58 914 15.0x 13.4x 5.2% 5.7% NM NM 12.8% 17.1%

BoulderBrands,Inc. 15.86 17.98 7.74 1,196 18.2x 15.6x 14.6% 16.6% NM NM 38.2% 48.0%

Median 17.4x 15.3x 12.9% 13.4% 33.6x 29.2x 19.5% 17.1%

FoodRetail/Grocery

WholeFoodsMarket,Inc. 57.83 65.59 40.70 20,525 16.6x 14.7x 9.6% 9.6% 39.1x 34.0x 15.2% 16.1%

TheKrogerCo. 39.53 43.85 25.20 28,353 6.3x 6.4x 4.6% 4.5% 13.1x 14.0x 4.7% 8.6%

SafewayInc. 32.57 36.90 17.08 13,151 6.1x 8.3x 4.9% 4.3% 18.4x 30.8x (14.5%) (14.2%)

SproutsFarmersMarket,Inc. 38.43 49.45 35.58 6,048 NM NM 8.6% 7.9% NM NM NA NA

WeisMarkets,Inc. 52.56 54.13 37.90 1,312 7.4x NA 6.6% NA 18.1x NA NA NA

Casey'sGeneralStores,Inc. 70.25 77.58 51.45 3,402 9.1x 8.7x 5.4% 5.0% 19.9x 19.3x 13.4% 15.3%

FairwayGroupHoldingsCorp. 18.16 28.87 15.37 949 NM NM (0.3%) 6.4% NM NM 20.6% NA

InglesMarkets,Incorporated 27.10 29.33 16.90 1,512 7.0x 6.5x 5.8% 6.1% 29.7x NA 5.2% 3.8%

VillageSuperMarketInc. 31.01 39.71 28.26 386 6.3x NA 4.2% NA 32.8x NA NA 3.3%

ArdenGroupInc. 126.51 136.99 89.22 364 9.9x NA 8.1% NM 20.5x NA NA NA

Roundy's,Inc. 9.86 10.96 4.30 1,055 6.1x 6.2x 4.4% 4.3% NM 13.7x (6.2%) (20.0%)

SpartanStoresInc. 24.28 24.78 15.20 1,068 10.0x 10.0x 4.0% 4.0% 36.1x 28.0x 2.3% 6.4%

Median 7.2x 8.3x 5.1% 5.0% 20.5x 23.6x 5.0% 5.1%

Company

52‐Week EV/EBITDA EBITDAMargin MarketCap/Earnings ConsensusGrowth(4)

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PublicMarketData(1)

13.5x12.8x 13.2x

13.0x 11.6x13.8x

17.4x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

2007 2008 2009 2010 2011 2012 2013

MedianEBITDAMultiples‐ Natural/Organic

AverageofMedians13.6x

7.4x6.5x

5.9x5.9x 5.5x 5.4x

7.2x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

2007 2008 2009 2010 2011 2012 2013

MedianEBITDAMultiples‐ FoodRetail/Grocery

AverageofMedians6.2x

FoodIndustry– FourthQuarter2013 MPI

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PublicMarketData(1)

12/31/2013 EnterpriseClose(2) High Low Value(EV)(3) LTM NFY LTM NFY LTM NFY EBITDA EPS

Fruits/Vegetables

FreshDelMonteProduceInc. 28.30 30.82 24.67 1,695 8.8x 9.5x 5.4% 5.0% 14.5x 16.4x (5.8%) (9.5%)

ChiquitaBrandsInternationalInc. 11.70 13.68 5.90 1,098 8.9x 8.1x 4.1% NA ‐1.7x 75.6x 58.6% NA

SenecaFoodsCorp. 31.89 36.33 27.46 659 9.8x NA 5.2% NA 12.8x NA NA NA

AlicoInc. 38.87 47.60 34.22 294 13.6x NA 21.3% NA 14.4x 34.3x NA 20.6%

Median 9.3x 8.8x 5.3% 5.0% 13.6x 34.3x 26.4% 5.6%

Snack/ConfectionaryProducts

TheHersheyCompany 97.23 101.37 72.54 22,957 15.2x 14.5x 21.7% 22.3% 27.7x 26.2x 9.3% 12.4%

TootsieRollIndustriesInc. 32.54 35.25 25.22 2,014 22.1x NA 17.0% NA 36.8x NA NA NA

Snyder's‐Lance,Inc. 28.66 32.49 24.15 2,534 13.7x 12.5x 10.7% 11.5% 31.5x 24.4x 16.1% 20.6%

MondelezInternational,Inc. 35.30 35.43 25.78 78,093 15.3x 14.3x 14.5% 15.4% 22.6x 22.1x 3.6% 10.7%

KelloggCompany 61.07 67.98 56.04 29,325 13.2x 11.1x 14.9% 17.8% 23.1x 17.1x 7.1% 9.4%

J&JSnackFoodsCorp. 88.59 90.79 63.00 1,557 11.9x 10.9x 15.1% 15.8% 25.7x 24.0x 7.2% 7.2%

DiamondFoods,Inc. 25.84 26.39 13.35 1,176 29.1x 10.7x 4.8% 12.9% NM NM 8.6% 48.4%

FlowersFoods,Inc. 21.47 25.67 15.69 5,393 13.4x 12.5x 11.0% 11.3% 19.4x 20.5x 22.0% 23.9%

GoldenEnterprisesInc. 4.10 4.36 3.30 55 8.8x NA 4.5% NM 38.9x NA NA NA

InventureFoods,Inc. 13.26 13.75 6.59 291 18.4x 16.9x 7.9% 8.1% 36.9x 38.3x 29.4% 20.0%

JohnBSanfilippo&SonInc. 24.68 26.29 17.80 340 6.2x NA 7.5% NM 12.9x NA NA NA

RockyMountainChocolateFactoryInc. 11.61 13.98 10.52 68 10.2x NA 17.6% NA 39.6x 16.7x NA 29.0%

PostHoldings,Inc. 49.27 53.90 33.72 2,617 12.8x 9.7x 19.8% 19.6% 106.0x NA 14.9% 3.7%

Median 13.4x 12.5x 14.5% 15.4% 29.6x 23.1x 9.3% 16.2%

Company

52‐Week EV/EBITDA EBITDAMargin MarketCap/Earnings ConsensusGrowth(4)

9.3x 7.5x6.5x 8.1x 7.8x 8.5x

9.3x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

2007 2008 2009 2010 2011 2012 2013

MedianEBITDAMultiples‐ Fruits/Vegetables

AverageofMedians8.2x

10.9x9.6x 9.0x 9.3x

10.9x 11.4x

13.4x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

2007 2008 2009 2010 2011 2012 2013

MedianEBITDAMultiples‐ SnackandConfectionary

AverageofMedians10.6x

FoodIndustry– FourthQuarter2013 MPI

Company 12/31/2013 EnterpriseClose(2) High Low Value(EV)(3) LTM NFY LTM NFY LTM NFY EBITDA EPS

FoodConglomerates/BrandedProcessedFood/Other

PinnacleFoodsInc. 27.46 28.81 22.15 5,098 12.1x 11.1x 17.2% 18.5% 41.6x 33.8x NA 70.8%

TreehouseFoods,Inc. 68.92 75.86 51.63 3,303 10.9x 10.4x 13.6% 13.9% 28.1x 24.4x 10.2% 13.6%

DeanFoodsCompany 17.19 42.12 16.36 2,294 3.6x 5.7x 5.5% 4.4% NM NM (31.1%) (35.9%)

ConAgraFoods,Inc. 33.70 37.28 29.75 23,730 11.0x 9.8x 12.4% 13.6% 20.1x 14.6x 4.0% 9.5%

CampbellSoupCompany 43.28 48.83 34.84 18,144 12.7x 11.4x 17.8% 19.0% 35.4x 17.3x 0.5% 3.4%

GeneralMills,Inc. 49.91 53.07 40.44 40,505 11.7x 11.2x 19.2% 19.8% 17.6x 16.6x 4.6% 7.6%

TheJ.M.SmuckerCompany 103.62 114.72 86.48 12,967 10.7x 10.4x 20.9% 21.5% 19.3x 18.5x 6.1% 7.8%

B&GFoodsInc. 33.91 37.66 27.61 2,665 15.0x 14.3x 25.9% 25.9% 42.0x 26.7x 11.2% 13.1%

KraftFoodsGroup,Inc. 53.91 58.76 45.15 40,871 10.1x 11.8x 22.3% 18.9% 17.1x 17.6x 10.9% (5.4%)

Median 11.0x 11.1x 17.8% 18.9% 24.1x 18.0x 5.4% 7.8%

ProteinProcessing/Poultry

SandersonFarms,Inc. 72.33 75.53 47.97 1,623 6.1x 5.7x 10.0% 11.4% 12.8x 12.2x (5.9%) (1.8%)

TheHillshireBrandsCompany 33.44 37.28 28.04 4,696 9.5x 9.2x 12.6% 12.8% 18.0x 21.6x 1.9% 4.9%

JBSS.A. 8.77 8.99 5.66 48,623 9.2x 8.3x 6.0% 6.4% 29.5x 16.8x 26.6% 26.7%

HormelFoodsCorporation 45.17 46.18 31.46 11,731 12.8x 11.1x 10.5% 11.7% 22.6x 19.6x 10.7% 13.1%

Pilgrim'sPrideCorporation 16.25 19.23 7.30 4,794 7.1x 5.9x 7.9% 9.6% 9.8x 7.8x 40.9% 54.2%

TysonFoods,Inc. 33.46 34.38 19.61 12,790 6.8x 6.1x 5.5% 5.9% 14.8x 11.8x 9.5% 14.6%

Median 8.1x 7.2x 8.9% 10.5% 16.4x 14.5x 10.1% 13.9%

52‐Week EV/EBITDA MarketCap/Earnings ConsensusGrowth(4)EBITDAMargin

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PublicMarketData(1)

10.2x8.8x 8.7x 9.4x

10.4x10.0x

11.0x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

2007 2008 2009 2010 2011 2012 2013

MedianEBITDAMultiples‐ FoodConglomerates

AverageofMedians9.8x

9.5x

7.0x8.0x

7.2x7.3x 7.8x 8.1x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

2007 2008 2009 2010 2011 2012 2013

MedianEBITDAMultiples‐ ProteinProcessing

AverageofMedians7.9x

FoodIndustry– FourthQuarter2013 MPI

12/31/2013 EnterpriseClose(2) High Low Value(EV)(3) LTM NFY LTM NFY LTM NFY EBITDA EPS

Ingredients

IngredionIncorporated 68.46 74.31 60.62 6,419 7.6x 7.8x 13.0% 12.8% 13.0x 13.2x 0.2% 1.7%

McCormick&Company,Incorporated 68.92 75.26 60.82 10,333 15.1x 14.5x 16.7% 17.1% 22.3x 22.0x 6.4% 5.8%

PenfordCorporation 12.85 15.98 7.50 240 10.6x 7.4x 4.9% 6.6% NM 16.4x 28.2% 65.8%

InternationalFlavors&FragrancesInc. 85.98 90.30 67.50 7,601 12.5x 12.2x 20.8% 21.3% 19.5x 19.1x 8.9% 11.0%

ArcherDanielsMidlandCompany 43.40 43.99 27.90 31,974 11.3x 10.0x 3.1% 3.5% 19.3x 18.3x 19.9% 18.8%

Cal‐MaineFoods,Inc. 60.23 61.34 38.81 1,350 9.7x NA 10.2% NA 23.6x NA NA 25.2%

Median 11.0x 10.0x 11.6% 12.8% 19.5x 18.3x 8.9% 14.9%

AgriculturalBusiness

ArcherDanielsMidlandCompany 43.40 43.99 27.90 31,974 11.3x 10.0x 3.1% 3.5% 19.3x 18.3x 19.9% 18.8%

BungeLimited 82.11 84.18 65.74 22,150 14.2x 11.2x 2.5% 3.2% ‐28.1x 18.7x 16.2% 28.9%

DarlingInternationalInc. 20.88 23.95 16.09 3,546 11.9x 11.3x 17.4% 18.1% 28.7x 26.9x 46.5% 15.1%

Median 11.9x 11.2x 3.1% 3.5% 19.3x 18.7x 19.9% 18.8%

Company

52‐Week EV/EBITDA EBITDAMargin MarketCap/Earnings ConsensusGrowth(4)

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PublicMarketData(1)

Notes:(1)Source:AsreportedbyS&PCapitalIQ.(2)Reportedinlocalcurrency.(3)Inmillionsoflocalcurrency.(4)Representstwo‐yearanalystestimates.

Definitions:EnterpriseValue– definedbyS&PCapitalIQas“marketcap.+totaldebt+preferredequity+totalminorityinterest– cashandequivalents”LTM– thelatesttwelvemonths.EBITDA– adjusted earningsbeforeinterest,taxes,depreciationandamortization.NFY– nextfiscalyear.EPS– earningspershare.NA– notavailable,NM– notmeaningful.

12.1x

4.0x

10.1x10.1x 7.7x 9.5x

11.9x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

2007 2008 2009 2010 2011 2012 2013

MedianEBITDAMultiples‐ AgriculturalBusiness

AverageofMedians9.3x

9.9x6.5x

9.9x9.2x 7.5x 8.6x

11.6x

0.0x2.0x4.0x6.0x8.0x10.0x12.0x14.0x16.0x18.0x20.0x

2007 2008 2009 2010 2011 2012 2013

MedianEBITDAMultiples‐ Ingredients

AverageofMedians8.9x

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AboutMPI

FoodIndustry– FourthQuarter2013 MPI

MPI is a full service valuation and investment banking firm serving both private and publicly held companies.Since 1939, MPI has prepared thousands of valuations in a wide variety of industries and for many purposes. Ourvaluation and investment banking practices are national in scope, with clients in every state. We have significantexperience providing advisory services to Boards and management teams on topics such as shareholder liquidityoptions and the valuation implications of various strategic initiatives. Our valuation services can be broadlycategorized into Corporate, Transaction Advisory, Financial Reporting, Litigation Support and Tax‐Basedapplications.

For additional information pertaining to MPI or MPIS and our valuation and advisory services, visitwww.mpival.com.

DISCLAIMERS: The information provided in this publication is only general in nature. It has been prepared without taking into account any specificobjectives, financial circumstances or needs. Accordingly, MPI disclaims any and all guarantees, undertakings and warranties, expressed or implied,and shall not be liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or actual, incidental,consequential or any other loss or damage) arising out of or in connection with any use or reliance upon the information or advice contained withinthis publication. The viewer must accept sole responsibility associated with the use of the material in this publication, irrespective of the purpose forwhich such use or results are applied. This material should not be viewed as advice or recommendations. This information is not intended to, andshould not, form a primary basis for any investment, valuation or other decisions. MPI is not acting as a fiduciary, an expert or advisor in any capacitywhatsoever in providing the information set forth herein. The information set forth herein may not be relied upon and is not a substitute forcompetent legal and financial advice. The viewer of this material is cautioned and advised to consult with his or her own legal and financial counsel inevaluating the information provided herein.

The information provided in this publication is based on public information. MPI makes every effort to use reliable and comprehensive information,but makes no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the information provided herein andMPI shall not have liability for any damages of any kind relating to any reliance on such data. Further, the information set forth herein is continuouslysubject to change and may fluctuate. MPI has no obligation to update the information set forth herein or to advise the viewer when opinions orinformation may change.

Investment banking and transaction advisory services are provided by MPI Securities, Inc., member FINRA/SIPC. Persons affiliated with MPI Securities,Inc. are registered representatives of and securities are offered through MPI Securities, Inc. This publication is not a solicitation or offer to buy or sellsecurities. The information contained in this publication was prepared for information purposes only and was not intended or written to be used asinvestment or tax advice or as a recommendation to buy or sell securities.

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