Exhibits 1 & 2

Exhibit 1 Sacred Heart historical income statements (in 000s)

2008 2009 2010

Revenue € 45,033 € 46,941 € 49,059
Cost of goods sold 22,721 23,307 24,812
Gross profit 22,312 23,634 24,247
Selling, general & administration 6,323 6,574 6,612
EBITDA 15,989 17,060 17,635
Depreciation & amortisation 1,410 1,469 1,573
EBIT 14,579 15,591 16,062
Interest expenses (income) 1,261 890 1,024
EBT 13,319 14,701 15,037
Taxes 5,423 6,418 6,271
Net profit € 7,896 € 8,283 € 8,766

Exhibit 2 Sacred Heart historical balance sheets (in 000s)

2008 2009 2010

Assets
Cash & cash equivalents € 9,547 € 6,788 € 5,902
Accounts receivable 4,701 5,122 5,864
Inventory 2,198 3,028 3,206
Other current assets 3,396 3,989 3,759
Total current assets 19,842 18,927 18,731

Property, plant & equipment 9,739 10,042 11,078

Trademarks & other intangibles 1,283 2,455 2,872
Goodwill 850 2,370 2,483
Other assets 596 616 650
Total fixed assets 12,468 15,483 17,083

Total assets € 32,310 € 34,409 € 35,814

Liabilities & Shareholders' Equity

Accounts payable € 3,142 € 3,838 € 4,002
Other current liabilities 2,987 3,053 3,211
Total current liabilities 6,129 6,891 7,213

Long-term debt 5,633 6,001 6,675

Other long-term obligations 1,189 1,027 784
Total long-term obligations 6,822 7,028 7,459

Shareholders' equity 19,359 20,490 21,142

Total liabilities & shareholders' equity € 32,310 € 34,409 € 35,814

 Exhibit 3

Exhibit 3 Selected data on public ice cream and dessert companies (in 000s except otherwise stated)
Tax
Market Net debt Equity beta LTM revenue LTM net EBITDA margin EBIT margin Net profit
capitalisation earnings margin
Beta
Glace Doree 25,402 14,088 1.19 50,901 8,292 36.0% 32.7% 16.3% 0.89288
Gelatalia 18,116 9,287 1.21 26,271 3,044 31.9% 26.8% 11.6% 0.92537
Green Farm Organic 326,693 174,367 1.49 364,478 70,044 36.1% 33.8% 19.2% 1.12858
Fat Cow Ice Cream 44,524 (235) 0.99 46,188 7,586 32.1% 29.1% 16.4% 0.99315
Morimoto Dessert Creation 283,456 101,108 1.07 248,306 33,234 33.0% 27.4% 13.4% 0.88137
Winkelmann 143,206,021 9,011,000 0.62 49,267,345 5,635,000 36.2% 15.0% 11.4% 0.59744
Mount Pitman 30,040 23,017 1.33 54,670 10,036 34.8% 29.3% 18.4% 0.91113
Fast Luxury Food 219,213 160,201 1.87 193,236 38,834 38.5% 34.7% 20.1% 1.29998

Average 18,019,183 1,186,604 1.22 6,281,424 725,759 34.8% 28.6% 15.8% 0.95374
 Exhibits 4 & 5

Exhibit 4 I Scream Ice Cream historical income statements (in 000s)

2008 2009 2010

Revenue € 39,823 € 41,098 € 43,777
Cost of goods sold 15,754 16,734 17,435
Gross profit 24,069 24,364 26,342
Selling, general & administration 10,010 10,534 10,998
EBITDA 14,059 13,830
### 15,344
Depreciation & amortisation 1,540 1,600 1,901
EBIT 12,519 12,230 13,443
Interest expenses (income) - - -
EBT 12,519 12,230 13,443
Taxes 4,812 5,234 5,687
Net profit € 7,707 € 6,996 € 7,756

Exhibit 5 I Scream Ice Cream historical balance sheets (in 000s)

2008 2009 2010

Assets
Cash & cash equivalents € 1,121 € 896 € 1,001
Accounts receivable 5,523 5,731 6,899
Inventory 2,071 2,164 2,630
Other current assets 1,562 2,162 2,790
Total current assets 10,277 10,953 13,320

Property, plant & equipment 8,618 8,890 10,011

Trademarks & other intangibles 5,111 5,567 5,732
Other assets 1,131 2,377 2,832
Total fixed assets 14,860 16,834 18,575

Total assets € 25,137 € 27,787 € 31,895

Liabilities & Shareholders' Equity

Accounts payable € 2,568 € 2,951 € 3,753
Other current liabilities 2,608 2,914 3,309
Total current liabilities 5,176 5,865 7,062

Long-term debt - - -
Other long-term obligations 1,953 2,314 2,489
Total long-term obligations 1,953 2,314 2,489

Shareholders' equity 18,008 19,608 22,344

Total liabilities & shareholders' equity € 25,137 € 27,787 € 31,895

CFO € 8,938
### € 9,967
NWC 5,101
### 5,088
### 6,258
dNWC 1,170

€ 11,136
 Exhibit 6

Exhibit 6 I Scream Ice Cream income statement projections in the next 5 years (in 000s)

2011 2012 2013 2014 2015

Yoghurt-based ice cream
Revenue € 21,037 € 22,987 € 24,001 € 24,282 € 25,237
Cost of goods sold 8,934 9,245 9,995 10,786 11,023

Fruit-based ice cream/smoothie

Revenue 8,989 9,823 10,257 10,999 11,548
Cost of goods sold 2,902 3,154 3,876 4,903 5,234

Low-fat ice cream

Revenue 11,302 12,545 13,434 14,289 15,353
Cost of goods sold 3,945 4,294 4,889 6,001 6,989

Full-fat ice cream

Revenue 3,123 - - - -
Cost of goods sold 903 - - - -

Sales, general and administration 11,999 12,483 13,023 13,444 14,010

Estimated capital expenditures 2,412 2,580 2,669 2,853 2,987

Estimated depreciation 1,568 1,897 1,805 2,242 838

EBIT 14,200
### 14,282
### 14,104
### 12,194
### 14,044
NOPAT Growin rate
Tax rate 0.4
 Exhibit 7

Exhibit 7 I Scream Ice Cream balance sheet projections in the next 5 years (in 000s)

2011 2012 2013 2014 2015

Assets
Cash & cash equivalents € 1,021 € 993 € 1,010 € 979 € 1,026
Accounts receivable 7,214 7,826 8,802 9,946 11,010
Inventory 2,978 3,331 4,056 4,305 4,934
Other current assets 2,895 2,953 3,201 3,444 3,477
Total current assets 14,108 15,103 17,069 18,674 20,447

Property, plant & equipment 11,485 12,329 13,012 13,876 14,487

Trademarks & other intangibles 6,132 6,132 6,132 6,132 6,132
Other assets 2,832 2,832 2,832 2,832 2,832
Total fixed assets 20,449 21,293 21,976 22,840 23,451

Total assets € 34,557 € 36,396 € 39,045 € 41,514 € 43,898

Liabilities
Accounts payable € 3,844 € 3,988 € 5,001 € 5,432 € 5,977
Other current liabilities 3,501 3,645 3,735 3,920 4,079
Total current liabilities 7,345 7,633 8,736 9,352 10,056

Other long-term obligations € 2,489 € 2,489 € 2,489 € 2,489 € 2,489

 Exhibit_8_RJ

Exhibit 6 I Scream Ice Cream income statement projections in the next 5 years (in 000s)

2011 2012 2013 2014 2015

Yoghurt-based ice cream
Revenue € 21,037 € 22,987 € 24,001 € 24,282 € 25,237
Cost of goods sold 8,934 9,245 9,995 10,786 11,023

Fruit-based ice cream/smoothie

Revenue 8,989 9,823 10,257 10,999 11,548
Cost of goods sold 2,902 3,154 3,876 4,903 5,234

Low-fat ice cream

Revenue 11,302 12,545 13,434 14,289 15,353
Cost of goods sold 3,945 4,294 4,889 6,001 6,989

Full-fat ice cream

Revenue 3,123 - - - -
Cost of goods sold 903 - - - -

Sales, general and administration 11,999 12,483 13,023 13,444 14,010

Estimated capital expenditures 2,412 2,580 2,669 2,853 2,987

Estimated depreciation 1,568 1,897 1,805 2,242 838

EBIT 14,200
### 14,282
### 14,104
### 12,194
### 14,044
NOPAT 8,520
### 8,569
### 8,462
### 7,316
### 8,426 Growin rate
Tax rate 0.4

2011 2012 2013 2014 2015

Assets
Cash & cash equivalents € 1,021 € 993 € 1,010 € 979 € 1,026
Accounts receivable 7,214 7,826 8,802 9,946 11,010
Inventory 2,978 3,331 4,056 4,305 4,934
Other current assets 2,895 2,953 3,201 3,444 3,477
Total current assets 14,108 15,103 17,069 18,674 20,447

Property, plant & equipment 11,485 12,329 13,012 13,876 14,487

Trademarks & other intangibles 6,132 6,132 6,132 6,132 6,132
Other assets 2,832 2,832 2,832 2,832 2,832
Total fixed assets 20,449 21,293 21,976 22,840 23,451

Total assets € 34,557 € 36,396 € 39,045 € 41,514 € 43,898

Liabilities
Accounts payable € 3,844 € 3,988 € 5,001 € 5,432 € 5,977
Other current liabilities 3,501 3,645 3,735 3,920 4,079
Total current liabilities 7,345 7,633 8,736 9,352 10,056

Other long-term obligations € 2,489 € 2,489 € 2,489 € 2,489 € 2,489

2010 2011 2012 2013 2014 2015 2016 Grow rate 4.96 Info from prof
CFO 10,088
### 10,466
### 10,267
### 9,558
### 9,264 Tax 40%
CAPEX 2,412
### 2,580
### 2,669
### 2,853
### 2,987 Cost debt 9.50% Beta
Working capital 6,763
### 7,470
### 8,333
### 9,322
### 10,391 Risk free rat 3% Buzz and Fin
dNWC 505 708 863 989 1,069 MRP 8% Buzz only no debt
FCF 11,136 7,171
### 7,179
### 6,736
### 5,716
### 5,209 5,467 Target dept 20%
Cost of equt 11.77%
WACC 10.56% asset beta A Beta 95.37% asset beta pr unlevered beta unleveing beta/taking out the debt
equity beta B beta 109.68% equti beta or levered beta relevering beta
Terminal value 2015 5,467 from slide
Terminal value of 2016 97,632 calculating until 6 period

1 2 3 4 5
PV Discounting of FCF 6,486
### 5,873
### 4,984
### 3,826
### 3,153 59,104
vs
Sum of PV of FCF 24,322 D D
Enterprase value 83,426 E D+E
Debt equt Debt ratio
ratio WACC

ABC kada različite zemlje imaju različit porez

40% corporate effective
TAX/EBT 27%