Deal Detail

Whole Foods Market, Inc. to Leonard Green & Partners

EV / LTM EBITDA

6.8x

EV / LTM Sales

Enterprise Value

Primary Source

Fairness Opinion

Comparable Transactions

Grocery Retail transactions announced in the five years to November 2008. 11 with a disclosed multiple.

Date	Target	Acquiror	Enterprise Value	EV/Sales	EV/EBITDA	Type
Mar 2007	Pathmark Stores Inc.	The Great Atlantic & Pacific Tea Company	-	-	10.0x	Strategic
Feb 2007	Smart & Final Inc.	Apollo Global Management, LLC	-	-	10.5x	Financial
Feb 2007	Wild Oats Marketplace	Whole Foods	-	-	15.3x	Strategic
Apr 2006	Marsh Supermarkets Inc.	Sun Capital Partners, Inc.	-	-	8.9x	Financial
Feb 2006	Foodarama	Management	-	-	6.1x	Financial
Jan 2006	Albertson's, Inc. (non-core food retailing)	Cerberus led consortium	-	-	4.0x	Financial
Jan 2006	Albertsons Companies, Inc.	SuperValu Inc.	-	-	7.0x	Strategic
Dec 2005	Piggly Wiggly Midwest	Certified Grocers Midwest	-	-	5.9x	Strategic
Mar 2005	Pathmark Stores, Inc.	Yucaipa	-	-	5.8x	Financial
Dec 2004	BI-LO / Bruno’s	Lone Star Funds	-	-	5.8x	Financial
Mar 2004	Shaw’s Supermarkets, Inc.	Albertsons, Inc.	-	-	6.9x	Strategic
	Mean			-	7.8x
	Median			-	6.9x

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	-	-	6.8x	-	-	Open