RubinBrown Food & Beverage Mid-Year Review 2014

M&A Activity Overview: Most Acquisitive in 2013 and Through June 2014

Highlights • Following its aggressive buying spree in 2013, DS Waters of America acquired 3 more companies during the first half of 2014 with operations spanning bottling, distribution, and filtration of drinking water. • was also active in the first half of 2014, acquiring 4 different agricultural products companies. • Post Holdings closed 3 deals during the first half of 2014, highlighted by its $2.5 billion acquisition of Michael Foods discussed previously. Its other transactions in 2014 were a nutritional supplement company and a private label • Wilbur-Ellis Company closed 3 transactions during the first half of 2014, acquiring an agricultural products company and 2 companies that produce feed and supplements for pets and farm animals. Pinnacle Agriculture Holdings pasta producer.

Gladstone Land Corporation (NasdaqGM:LAND) Pinnacle Agriculture Distribution, Inc DS Services of America, Inc. N troganics Inc (OTCPK:NUTT) Green Plains Inc. (NasdaqGS:GPRE) Flotek Industries Inc. (NYSE:FTK) Wilbur-Ellis Company Post Holdings, Inc. (NYSE:POST) PinnacleAgriculture Holdings, LLC Farmland Partners Inc. (AMEX:FPI) Coca-Cola BottlingCompany UNITED, Inc. Dairy Farmers of America, Inc. CHS, Inc. The Coca-Cola Company (NYSE:KO) u , .

Brynwood Partners BBX Sweet Holdings Youngevity Essential Life Sciences

Tyson Foods, Inc. (NYSE:TSN) Briess Malt & Ingredients Co.

Seneca Foods Corp. (NasdaqGS:SENE.A) Bunge NorthAmerica, Inc. Foley FamilyWines, Inc. FrutaromUSA, Inc. B&G Foods NorthAmerica, Inc.

The Hillshire Brands Company (NYSE:HSH)

0 1 2 3 4 5 6 7 8 9 10 11

Source: S&P Capital IQ Based on all closed Food & Beverage transactions, regardless of size.

# of Acquisitions Made per Year 2013 First Half of 2014

Food & Beverage Sector: 2014 Mid-Year Update

www.rubinbrown.com

6