Blue Buffalo Pet Products, Inc. acquired by General Mills, Inc.

Basis

• The announcement reports approximately $8.0 billion enterprise value. FY2017 net sales were $1,274.6 million and adjusted EBITDA was $319.2 million. The derived standalone multiples use the approximate announcement EV and those FY2017 target metrics. The separately reported approximately 22x EBITDA multiple includes anticipated $50 million cost synergies and is not used as a standalone multiple. The closing filing reports an aggregate purchase price of $8.0 billion including $103.0 million of consideration for net debt repaid. The release also reports three-year compound annual growth of 12% in net sales and 18% in adjusted EBITDA, and 2017 e-commerce net revenues over $250 million, growing over 75% versus the prior year. These are reported historical figures; no annualization is applied. Approximate USD 8.0 billion EV divided by USD 1,274.6 million net sales and USD 319.2 million adjusted EBITDA; rounded to two decimals. Blue Buffalo FY2017 net sales and adjusted EBITDA are reported in the announcement’s non-GAAP reconciliation.