1. Market Update 21 st January 2013

2. Clifton Buying Group Clifton Buying Group is a leading supply solution business, which specialises in negotiating with suppliers to improve pricing, and reduce costs in order to enhance profits for our clients. Our services are specifically developed for all business sectors including Healthcare, Hospitality, Education and Retail. Clifton Buying Group works with over 2,000 businesses with a combined client spend of over 30 million through a network of over 200 national and local suppliers allowing our customers to make savings across all product categories. At Clifton Buying Group we firmly believe in the personal touch, so as a customer you will work with a dedicated account manager, their role is to work closely with you and your team to ensure you get the most out of Clifton Buying Group. We offer a full purchasing support system, not only do we secure your prices we undertake all invoice checking, market benchmarking, monitor global product trends and supply our clients with full financial diagnostics on a monthly basis. 3 Neptune Court, Hallam Way, Whitehills Business Park, Blackpool, FY4 5LZ Contact: Steve Lawton Tel: 07768 802319 Jonathan Stamp Tel: 07791 796628 Holly Hawthornthwaite Tel: 07867 458931 Office Tel: 01253 607921 Fax: 01253 763400

3. Content  Currency Exchange Rates  Food Prices Analysis  Feed Prices to go up  Wholesale Eggs and Dairy Prices  On the Radar

4. Currency Exchange Rate Source: http://www.xe.com/ CurrencyRate GBP – EUR1.23 GBP - USD1.61 EUR – USD1.30 EUR – GBP0.81 USD – GBP0.62 USD – EUR0.77 7 th January 2013 CurrencyRate GBP – EUR1.19 GBP - USD1.59 EUR – USD1.33 EUR – GBP0.84 USD – GBP0.63 USD – EUR0.75 21st January 2013 Increase/ Decrease = Decrease = No Change = Increase

5. Food Prices : Analysis Fruit & Veg : Fruit & Veg prices soared by nearly 10% due to the weather, Apples being hit the hardest Potatoes: Cold and Wet Weather delayed harvest and reduced yields. The average price of a fresh potato product soared by nearly 20% Bread & Bakery: The US drought pushed up grain prices. Overall, prices rose by 8.5% in 2012 Meat: High grain prices also pushed up prices in animal proteins, with Pork among those in the firing line Poultry & Eggs: With 60% of costs from feed, Poultry was vulnerable. Egg prices rose by 8%, with some lines soaring as much as 40% Milk: Own-label milk moved up by 10% and closer to the £1.30 mark. Overall, dairy rises were largely in line with general food inflation Olive Oil: Drought in the Mediterranean and a supply squeeze pushed prices up. The average unit price for extra-virgin olive oil was 5% higher at the end of 2012 Bagged Snacks: Rising Potato & Maize prices made 2012 difficult for suppliers, but prices remained stable. Chocolate: Pack size adjustment proved popular in confectionary. The price of cocoa butter nearly doubled, but retail prices stayed the same. Beer, Wine & Spirits: Standard lager unit prices rose by 1%, helped by pack size changes & ABV reductions

6. High Demand to push feed prices up further Wheat: A ban on neonicotinoid seed treatments could reduce winter wheat yields in the UK by 20% & cost the UK economy £630m Citrus: The season’s Brazilian citrus harvest could be down by 20% on last season’s – coming in at about 300 million boxes instead of 364 million Seeds: Seed breeder Limagrain has published technical guides on Spring barley and pulse crops to help UK growers choose their right varieties for their target markets, at home and abroad. Barley: Swiss malting barley trader Evergrain has bought Germany based Grainexx for an undisclosed sum. Grainexx markets Barley and animal feeds across Germany and Western Europe

7. Wholesale Eggs & Dairy Prices ProductPrices £/tChange m-o-m % Change y-o-y % Egg White Liquid (EU) 8504.139.0 Egg Yolk Powder (EU) 5,341-1.634.7 Shell Eggs (UK) 1,455-4.927.4 Shell Eggs, Processing (EU) 1,006-6.912.3 Whole Milk Powder (EU) 2,085-3.96.3 Milk (EU) 2780.02.0 Skimmed Milk Powder (EU) 2,4160.0-0.3 Cheddar (UK) 2,9870.0-0.4 Whey Powder (UK) 8521.9-1.8 Butter (UK) 2,800-5.1-11.1 Source: Mintec

8. On the Radar Easter Eggs go off the boil falling 3.3% in value & 2.7% in volume Kellogg’s unveils more low-sugar kids cereals – All the cereals comply with Ofcom rules devised using the notorious nutrient profiling model Walkers gives a local flavour to its crisps in British sourcing drive – New packs will feature a Union Jack potato image Does Carling have what it takes to be a Stella success – Molson Coors is hoping to “do a cidre” with carling, but it lacks first-mover advantage and is also entering a declining market