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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.

The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be

considered all inclusive. It is not to be construed as an offer or consultation of an offer to sell or buy any securities.

Source: CapIQ

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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.

*Note: These data represent the recorded transactions, are not all inclusive of completed transactions, and are meant to be

representative of the industry.

Source: CapIQ

Source: CapIQ

Source: CapIQ

Date TargetValue

($mm)Buyer(s) Transaction Comments

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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.

•

•

•

Source: CapIQ

Source: CapIQ

Market Cap Stock Price Price/ Price/ TEV/ TEV/

Company Symbol State ($ in Mil) Price Quarter Change YTD Change LTM EPS Book Rev EB ITDA

Wal-Mart Stores Inc. NYSE:WMT AR 228,434$ 70.9$ (13.76%) (17.41%) 15.9x 3.0x 0.6x 7.7x

Anheuser-Busch InBev SA/NV ENXTBR:ABI 192,016$ 119.7$ (2.05%) 5.40% 28.1x 3.7x 4.9x 12.8x

The Coca-Cola Company NYSE:KO GA 170,992$ 39.2$ (3.26%) (7.08%) 24.5x 5.9x 4.2x 14.3x

Pepsico, Inc. NYSE:PEP NY 137,775$ 93.3$ (2.38%) (1.29%) 25.1x 8.6x 2.4x 13.0x

Starbucks Corporation NasdaqGS:SBUX WA 80,401$ 53.6$ 13.23% 30.69% 39.4x 13.4x 4.6x 19.4x

Monster Beverage Corporation NasdaqGS:MNST CA 27,375$ 134.0$ (3.16%) 23.69% 46.2x 15.5x 10.3x 31.6x

Keurig Green Mountain, Inc. NasdaqGS:GMCR VT 11,799$ 76.6$ (31.42%) (42.12%) 22.1x 4.4x 2.6x 10.3x

The WhiteWave Foods Company NYSE:WWAV CO 8,560$ 48.9$ 10.24% 39.70% 60.4x 7.9x 2.9x 25.8x

Natural Grocers by Vitamin Cottage, Inc. NYSE:NGVC CO 554$ 24.6$ (10.83%) (12.60%) 35.4x 5.1x 1.0x 12.2x

Rocky Mountain Chocolate Factory Inc. NasdaqGM:RMCF CO 78$ 13.2$ (5.73%) 0.38% 19.6x 4.2x 1.9x 9.5x

Industry Average 11,156$ (3.00%) (2.36%) 31.7x 5.6x 2.0x 15.6x

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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.

Source: CapIQ

Source: CapIQ

Average Price/ Price/ TEV/ TEV/

Market Segment Market Cap Quarter YTD LTM LTM EPS Book Sales EB ITDA

Beverage Products 170,992$ (3.5%) 3.2% 7.6% 36.81x 6.18x 2.53x 16.40x

Retail 13,946$ (9.4%) (7.4%) 6.4% 23.36x 5.11x 0.97x 11.31x

Food Products 9,918$ (0.1%) 0.0% 4.0% 32.13x 6.89x 2.03x 13.50x

Distributors 3,824$ (4.0%) (3.7%) 2.8% 36.37x 2.96x 1.20x 11.55x

Industry Average 11,156$ (3.0%) (2.4%) 4.6% 31.71x 5.64x 2.01x 15.59x

S&P 500 Average 37,900$ (0.2%) 0.2% 5.2% 28 .56x 5.65x 3.34x 12.49x

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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.

* Revenue in millions

*Note: These data represent the recorded transactions, are not all inclusive of completed transactions, and are meant to be

representative of the industry.

Source: CapIQ

Source: CapIQ Source: CapIQ

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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.

Source: CapIQ

Source: GF Data*

*The most current source of GF Data if as of May 2015 and lags one quarter behind the current quarter.

The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be

considered all inclusive. It is not to be construed as an offer or consultation of an offer to sell or buy any securities.

Source: GF Data*

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Investment Banking and Securities Offered Through SDR Capital Markets, Inc.,Member FINRA and SIPC.

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