Deal Detail

BI-LO / Bruno’s to Lone Star Funds

EV / LTM EBITDA

5.8x

EV / LTM Sales

Enterprise Value

Primary Source

Fairness Opinion

Comparable Transactions

Grocery Retail transactions announced in the five years to December 2004. 4 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Mar 2004	Shaw’s Supermarkets, Inc.	Albertsons, Inc.	-	-	6.9x	Strategic
Apr 2002	Roundy’s Supermarkets, Inc.	Willis Stein & Partners	-	-	6.1x	Financial
May 2001	Copps	Roundy’s	-	-	6.5x	Strategic
Apr 2001	Dick’s Supermarket	Piggly Wiggly Midwest	-	-	6.0x	Strategic
	Mean			-	6.4x
	Median			-	6.3x

Source-specific multiples and notes for this transaction.

Comp	Primary?	Source Type	Source	Source Advisor	Source Year	EV (USD)	EV/Sales	EV/EBITDA	EV/Fwd EBITDA	Note	Citation
	Primary	Fairness Opinion	HTSI FO	JPMorgan	2013	-	-	5.8x	-	-	Open
	-	Fairness Opinion	SWY FO	Goldman Sachs	2014	-	-	-	-	-	Open