1. Ying Li Sherry Liu

2. Ben & Jerry’s Myth 1977, Jerry’s parents’ house in Merrick, Long Island Jerry: Salt of the earth, man of the people Ben: Adventurer, challenges everything The perfect Duo! Wanted to start a business… Must be something we enjoy!

3. Ben & Jerry’s Myth Brainstorming: –Becoming popular in big cities –College town –A lot of interaction with customers –What we like to eat… –What about: Ice-cream! Research, research, research! –Weather, population, competition, etc. Burlington, Vermont By Jan, 2000, major premium ice cream producer with over 170 stores worldwide Ben & Jerry’s Myth

4. Social Consciousness Socially progressive cause and strong commitment to community –Generous donation –Recruiting volunteers from its staff and public –Annual free cone day –Social-value-led marketing strategy Special flavor – social awareness for tropical-rainforest

5. Financing Decisions May, 1984, first public equity financing 75,000 shares at $10.50 a share for Vermont residents However, not always follow traditional investor-relations practices Conversation with the Wall Street Journal: –“I got no idea.” »Ben Cohen

6. Corporate Operating Decisions Interest in community welfare New plant in Waterbury –Feed pigs in local farm with disposed milky water –Loaned local farmer to buy more pigs –Win-win situation Mission Statement: –Product, Economic & Social –Problem!!!

7. What’s next? Dreyer’s Grand Ice Cream Pro: Distribution by direct store-delivery system, Pro-community support Con: Ben & Jerry’s obligation, Stock purchase price Unilever Pro: Diversified portfolio, largest producer of ice cream, bid price Con: Social mission, quality vs. quantity

8. Meadowbrook Lane Capital Pro: Socially responsible, tender offer indeed Con: New management team, portfolio Chartwell Investments Pro: Independence, experience Con: Board of Directors, new management team What’s next?

9. Fighting Back Will the social mission survive? What about the shareholders? Which bid is the best bid? How do we optimize shareholder value? Can we continue to grow?

10. Choose your flavor Who did you recommend? A.Dreyer’s Grand B.Unilever C.Meadowbrook Lane D.Chartwell E.None - Stay the same!

11. The End…or is it?