Organic Industry Structure: July 2007 Seeds of Change Lightlife 1997 July 2000 Acquisitions by the Top 25 Food Processors in North America M&M Mars General Mills ConAgra #21 December 1999 #7 #9 Cascadian Farm March 1998 Muir Glen Boca Foods Millina's Finest Fruitti di Bosca February 2000 Earth's Best #24 Walnut Acres September 2003 White Wave/Silk May 2002 $189 M Horizon April 1999 Dean #6 July 1998 13% Equity January 2004 100% Equity $216 M The Organic Cow of Vermont TofuTown Bearitos October 1997 $23.5 M Westsoy Little Bear March 2000 $390 M Breadshop April 1999 $80 M December 2002 Casbah Imagine/Rice Dream/Soy Dream Celestial Seasonings #14 Pepsi #3 Dagoba Phil Howard, Assistant Professor Dept. of Community, Agriculture, Recreation and Resource Studies Michigan State University Food Processors# Kellogg #15 June 2000 October 2001 $181 M Odwalla Cargill Health Valley #23 Coca-Cola May 2002 #19 August 2003 Hershey Foods October 2006 April 1998 $80 M Arrowhead Mills #85 Westbrae French Meadow DeBole's Hain Celestial June 2007 From Dean Garden of Eatin' August 2005 $33 M September 1999 $100 M 19.5% Equity; December 2005 0% Equity ShariAnn's May 1999 Spectrum Organics June 2003 Mountain Sun October 2001 Alta Dena December 1998 Heinz #2 Back to Nature Nile Spice September 1999 From Heinz June 2001 Kraft November 2006 Naked Juice Kashi November 1999 $307 M Morningstar Farms/Natural Touch Organic Brand Acquistions Strategic Alliances # Numbers refer to rank in North American food sales according to Food Processing, August, 2006