RubinBrown Food & Beverage Mid-Year Review 2014

Public Company Subsector Constituents: Beverage Companies

Projected Revenue Growth (NTM)

EBITDA Margin (LTM)

EBITDA Margin (NTM)

Enterprise Value Market Cap

Revenue (LTM)

Revenue (NTM)

EBITDA (NTM)

EV/Revenue (LTM)

EV/EBITDA (LTM)

EV/Revenue (NTM)

EV/EBITDA (NTM)

Company Name

EBITDA (LTM)

Boston Beer Co Inc . . National Beverage Corp. Craft Brew Alliance, Inc. Primo Water Corporation

2 883 4 $ 2,

.

2 914 1 $ 2,

.

837 2 $ 8 . 641.1 186.4 92.4 41.7 38.1 73 6 7 . 13.2 21.6 118.7

156 6 $ 1 .

18 7% 919 1 $ .

9 .

9 8% 184 3 $ .

1 .

20 1% 3 4x . . n/a 1.4x 8.2% 1.2x 10.9% 1.5x

18 4x . 11.5x 14.9x 16.1x

3 1x . 1.4x 1.1x 1.3x 1.7x n/a n/a n/a 1.0x 1.0x 1.7x 1.4x

15 6x .

872.0 219.2 136.4 118.5

876.6 210.3 115.5 109.6

76.1 14.7

11.9% 636.3 7.9% 206.9 9.1% 103.0 -1.1% 53.9 0.6% 44.9 1.8% n/a 8 3% n/a . 21.6% n/a 2.8% 31.4 -1.1% 31.4 8.2% 285.0 8.1% 103.0 21.6% 919.1 $

-0.8% n/a 11.0% 17.0 11.4% 11.3 29.2% 1.1 17.7% 1.6 n/a n/a n/a n/a n/a n/a 45.5% 3.0 -0.8% 1.1 17.7% 36.4 11.4% 7.1 45.5% 184.3 $

n/a

12.9x 12.1x

8.4

Castle Brands Inc.

(0.5)

2.0% 2.8x -257.8x 3.6% 2.0x 323.8x

2.2x 107.7x

REEDS, Inc.

74.8 38.9 36 0 3 .

68.2 45.0 17 3 1 . 28.6 18.0

0.2 2.1 6 1 6. 2.9 0.6

46.8x

Coffee Holding Company, Inc. Crystal Rock Holdings Inc , .

n/a 0.3x n/a 0 5x . n/a 2.6x 9.7% 1.5x

18.7x

n/a n/a n/a

5 9x .

Willamette Valley Vineyards Inc 34.8

12.2x 55.0x

Truett-Hurst, Inc.

32.7

10.8x

Maximum Minimum

2,883.4 $

2,914.1 $

837.2 $

156.6 $

20.1% 3.4x 323.8x 2.0% 0.3x -257.8x

3.1x 107.7x

32.7

17.3

13.2

(0.5) 26.7

10.8x 34.3x 14.3x

Mean Median

444.7

440.3

206.4

9.1% 1.7x 8.9% 1.5x

21.9x 15.5x

96.6

88.9

83.0

4.5

$ in millions Source: Capit al IQ Includes Beverage Companies wit h LTM Revenue less t han $1 billion.

Food & Beverage Sector: 2014 Mid-Year Update

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