RubinBrown Food & Beverage Year in Review 2013

M&A Activity Overview: Most Acquisitive in 2012 and 2013

Highlights • DS Waters of America was extremely active during 2013, acquiring 8 different companies with operations spanning bottling, distribution, and filtration of drinking water. • Diageo acquired 5 more companies (including both brewers and distillers) in 2013 , in addition to the 4 acquisitions it closed during 2012. • Cargill was once again active in 2013, acquiring 6 targets that operate in various stages of the farming supply chain. • Jackson Family Wines continued its trend of above- average deal activity in 2013, acquiring 5 more vineyards during the year . • After a relatively quiet 2012, Jimmy Sanders, Inc. closed 5 transactions during 2013, consisting primarily of seed and fertilizer companies.

Cargill, Incorporated Diageo plc DSWaters of America, Inc. ConAgra Foods, Inc. Jimmy Sanders, Inc. Jackson FamilyWines, Inc.

Foley FamilyWines Inc LandO Lakes Inc. CHS, Inc. Flowers Foods, Inc. The Coca‐ColaCompany Post Holdings, Inc. RaboAgriFinance, Inc. Golden State Foods Corporation , . h d VintageWine Estates, Inc. Gladstone Land Corporation S&WSeed Company LimoneiraCompany Darling InternationalInc. SazeracCompany, Inc. The Hain Celestial Group, Inc. ContinentalMills, Inc. DuckhornWine Company, Inc. PreceptWine Tree ouse Foo s, Inc.

Source: Capital IQ Based on all Food & Beverage transactions, regardless of size. 0 1

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# of Acquisitions Made per Year 2012 2013

Food & Beverage Sector: 2013 Review

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